REC ASA - Second quarter and first six months 2008

Oslo, August 12, 2008: Renewable Energy Corporation ASA (REC) reported revenues of NOK 2,121 million in the second quarter 2008, an increase of 27 percent from the NOK 1,673 million reported in the second quarter of 2007. Revenues for the first half of 2007 were NOK 3,892 million compared with the NOK 3,288 million reported for the first half of 2007, representing an increase of 18 percent.
 
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to NOK 889 million in the second quarter 2008, compared with NOK 812 million in the second quarter 2007.  The EBITDA margin of 42 percent in the second quarter 2008 compares with 49 percent in the same quarter last year. First half over first half, the EBITDA decreased slightly from NOK 1,681 million in 2007 to NOK 1,631 million in 2008.
 
Mainly due to higher production and revenues, operating profit (EBIT) increased by six percent to NOK 716 million in the second quarter 2008, compared with NOK 679 million in the same quarter last year. The EBIT margin of 34 percent was a down from 41 percent in the second quarter last year. For the first half of 2008, EBIT declined nine percent to NOK 1,295 million compared with NOK 1,416 million for the same period of 2007.
 
Profit before tax was NOK 708 million in the second quarter 2008, compared with NOK 671 million in the second quarter 2007. For the first two quarters of 2008 profit before tax was NOK 1,036 million in 2008 and NOK 1,305 million in 2007.
 
Profit after tax was NOK 496 million in the second quarter 2008, compared to NOK 466 million in the same period last. EPS for the quarter was NOK 1.00, compared to NOK 0.94 in the second quarter last year and NOK 0.43 in the first quarter 2008.
 
For the first six months, profit after tax amounted to NOK 706 million, compared with NOK 893 million in the first half of 2007. EPS declined to NOK 1.43, from NOK 1.81 in the first half 2007.
 
Please see the attachments on www.newsweb.no or www.recgroup.com
  

Morning program:
REC will release its second quarter results for 2008 on Tuesday August 12, 2008 just after 07:00 AM CET.
 
On the release day, President and CEO Erik Thorsen of REC ASA will give a presentation and other members of the management team will also be present. The presentation will take place at 08:00 hrs Norwegian time/CET at the conference centre Oslo Konserthus, Munkedamsveien 14, 0250 Oslo (www.oslokonserthus.no).
 
The presentation, held in English, will be broadcasted live over the Internet, and can be accessed from: www.recgroup.com.
 
It will also be possible to listen to the presentation through a conference call. Please use one of the following numbers (conference ID, 4991654):
 
Norway free call: 800 196 40
UK free call: 0800 028 1299
USA free call: 1888 935 4575
International dial in: +44 (0)20 7806 1968
 
Afternoon program:
REC will further host an analyst conference call with possibilities for questions and answers later the same day at 15:00 CET. Please make sure to dial inn at least 5 minutes ahead of time to finalize your registration:
 
Norway free call: 800 80 119
International dial in: +47 23 00 04 00
 
Immediately after the call, a replay of the conference call will be made available. To access, please dial +47 67 89 40 91 and use the following procedure:
1. Type account number 1524 followed by # (pound-sign) and press 1
2. Continue by typing the conference number: 524 followed by # (pound-sign) and press 1 to play
 
 
For more information, please contact;
Jon Andre L√łkke, SVP & Investor Relation Officer, +47 907 44 949
 
About REC
REC is uniquely positioned as one of the most integrated company in the solar energy industry. 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 and engage in project development activities in selected segments of the PV market. REC Group had revenues in 2007 of NOK 6,642 million and an operating profit of NOK 2,588 million. Please also see www.recgroup.com
Q2 2008 results
Attachments:
Q2 2008 results