REC ASA - 3rd quarter of 2007

Høvik, October 25, 2007: Renewable Energy Corporation ASA (REC) reported revenues of NOK 1,480 million in the third quarter 2007, an increase of 30 percent from the NOK 1,139 million reported in the third quarter of 2006. Revenues for the first nine months of 2007 were NOK 4,768 million compared with the NOK 3,014 million reported for the first nine months of 2006, representing an increase of 58 percent.
 
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to NOK 643 million in the third quarter 2007, compared with NOK 522 million in the third quarter 2006.  The EBITDA margin of 43 percent in the third quarter 2007 compares with 46 percent in the same quarter last year. Nine months over nine months, the EBITDA increased 80 percent from NOK 1,289 million in 2006 to NOK 2,324 million in 2007.
 
The operating profit (EBIT) was NOK 495 million in the third quarter, compared with NOK 422 million in the same quarter in 2006. The EBIT margin decreased to 33 percent from 37 percent. For the first nine months of 2007 the EBIT was NOK 1,911 million compared with NOK 1,023 million for the same period of 2006, representing an increase of 87%.
 
Profit before tax was NOK 451 million in the third quarter 2007, compared with NOK 512 million in the third quarter 2006. For the first three quarters of 2007 the adjusted profit before tax, excluding effect of convertible loans, was NOK 1,949 million and NOK 1,030 million in 2006.
 
Earnings per share were NOK 0.63 in the third quarter 2007 and 2.71 year to date, compared with NOK 0.69 in the third quarter 2006 and 0.29 for the first nine months of 2006, on both a basic and diluted basis.
 
Please see the attachments on www.newsweb.no
 
For more information, please contact;
Jon André Løkke, 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
Q3 2007 resultsPresentation Q3 2007
Attachments:
Q3 2007 results
Presentation Q3 2007