REC ASA - 1st quarter of 2007

Oslo, April 27, 2007: Renewable Energy Corporation ASA (REC) reported revenues of NOK 1,616 million in the first quarter 2007, an increase of 85 percent from the NOK 872 million reported in the first quarter of 2006.
 
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to NOK 869 million in the first quarter 2007, compared with NOK 380 million in the first quarter 2006.  The EBITDA margin of 54 percent in the first quarter 2007 compares with 44 percent in the same quarter last year.
 
The operating profit (EBIT) was NOK 737 million in the first quarter, compared with NOK 298 million in the same quarter in 2006. The EBIT margin increased to 46 percent from 34 percent.
 
Profit before tax was NOK 782 million in the first quarter 2007, compared with NOK 243 million, excluding and effect of convertible loans, in the first quarter 2006.
 
Earnings per share were NOK 1.08 in the first quarter 2007, compared with NOK -1.27 in the first quarter 2006, on both a basic and diluted basis.
 
Please see the attachments on www.newsweb.no
 
For more information, please contact;
Jon Andre L√łkke, SVP & Investor Relation Officer, +47 67 81 52 65
 
About REC
REC is uniquely positioned in the solar energy industry as the only company with a presence across the entire value chain. REC Silicon and REC Wafer are the world's largest producers of polysilicon and wafers for solar applications. REC Solar produces solar cells and solar modules. REC Group had revenues in 2006 of NOK 4,334 million and an operating profit of NOK 1,574 million. Please also see www.recgroup.com
Q1 2007 resultsPresentation Q1 2007
Attachments:
Q1 2007 results
Presentation Q1 2007