REC ASA - 4th quarter 2008

Sandvika, February 18, 2008: Renewable Energy Corporation ASA (REC) reported revenue of NOK 2,380 million in the fourth quarter 2008, an increase of 27 percent from NOK 1,874 million in the fourth quarter 2007. For the full year 2008, revenue increased by 23 percent to NOK 8,191 million.
 
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to NOK 936 million in the fourth quarter 2008, which was an increase of 10 percent from NOK 848 million in the fourth quarter 2007.  The EBITDA margin of 39 percent in the fourth quarter 2008 compares with 45 percent in the same quarter last year.
 
For the full year 2008, EBITDA increased by three percent to NOK 3,279 million, and the EBITDA margin decreased by eight percentage-points to 40 percent.
 
The operating profit (EBIT) was NOK 696 million in the fourth quarter, compared to NOK 677 million in the same quarter in 2007, and the EBIT margin decreased to 29 percent from 36 percent. For the full year 2008 the EBIT was NOK 2,529 million, compared to NOK 2,588 million in 2007, representing a decrease of two percent.
 
REC reported net financial items of NOK 885 million in the fourth quarter, including net gains on derivatives of NOK 759 million. In the same quarter last year, net financial items were a negative NOK 61 million, including net losses on derivatives of NOK 90 million. Net financial items for the full year 2008 were NOK 1,850 million, compared to a negative of NOK 610 million in 2007. 
                                     
Including these effects, profit before tax was NOK 1,581 million in the fourth quarter 2008, compared to NOK 616 million in the fourth quarter 2007. Profit before tax for the full year 2008 was NOK 4,379 million, compared to NOK 1,977 million in 2007.
 
Earnings per share were NOK 2.25 in the fourth quarter 2008 and 6.20 for the full year. This compares to NOK 0.84 in the fourth quarter 2007 and NOK 2.70 for the full year 2007, on both a basic and diluted basis.
 
Please see the attachments on www.newsweb.no
 
On the release day, Wednesday February 18, 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, 3132724):
 
Norway free call: 800 196 40
UK free call: 0800 028 1299
USA free call: 1888 935 4577
International dial in: +44 (0)20 7806 1967
 
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 companies 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 2008 of NOK 8,191 million and an operating profit of NOK 2,529 million. Please also see www.recgroup.com
Q4 2008 results
Attachments:
Q4 2008 results