Second quarter 2010

Sandvika, July 20, 2010: Renewable Energy Corporation ASA (REC) reported revenue of NOK 2,758 million in the second quarter 2010, an increase of 17 percent from the first quarter 2010. 

REC saw strong overall market demand for all products in the quarter. Operational performance improved in all divisions in the quarter and the ramp-up of the new integrated wafer, cell and module plant in Singapore is progressing well.

 

Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to NOK 455 million in the second quarter, compared to NOK 415 million in the first quarter. The EBITDA margin decreased to 16 percent from 18 percent in the previous quarter.

 

Operational results in the second quarter were positively affected by higher sales volumes and improved polysilicon prices, but continue to be negatively affected by assets under ramp-up.

 

Operating profit (EBIT) was a negative NOK 146 million in the second quarter, compared to a negative NOK 125 million in the previous quarter.

 

Net financial items amounted to NOK 1,012 million in the second quarter, up from NOK 855 million in the first quarter. Profit before tax was thus NOK 866 million in the second quarter 2010, compared to NOK 730 million in the first quarter 2010.

 

For more information, please see the attached documents.

 

 

Morning program:
President and CEO Ole Enger of REC will today give a presentation together with other members of the management team. The presentation will take place at 08:00 hrs Norwegian time/CET at the conference centre Høyres Hus, Stortingsgaten 20, 0161 Oslo (www.hoyreshus.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 make sure to dial in 10 minutes prior to scheduled start time on one of the following numbers: 

Conference ID: 6790649
 
Norway free call: 800 19 640
UK free call: 0800 028 1243
USA free call: 1888 935 4575
International dial in: +44 (0)20 7806 1951

Afternoon program:
REC will further host an analyst conference call with possibilities for questions and answers later the today at 15:00 CET. Please make sure to dial in at least 5 minutes ahead of time to finalize your registration:
 
Norway free call: 800 80 119
International dial in: +47 2318 4501
 
Immediately after the call, a replay of the conference call will be made available. To access, please dial +47 2318 4502 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:
Mikkel Tørud. VP and Investor Relations Officer, Tel: +47 976 99 144
 
About REC
REC is a leading vertically integrated player in the solar energy industry. REC is among the world's largest producers of polysilicon and wafers for solar applications, and a rapidly growing manufacturer of solar cells and modules. REC is also engaged in project development activities in selected PV segments. Founded in Norway, REC is an international solar company, employing close to 4,000 people worldwide. REC had revenues in excess of NOK 9 billion in 2009.  Please visit www.recgroup.com to learn more about REC.
 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
REC Q2 2010 report
Attachments:
REC Q2 2010 report