REC ASA - 4th quarter and full year 2009

(Thomson Reuters ONE) - Sandvika, February 10, 2010: Renewable Energy Corporation ASA (REC) reportedrevenue of NOK 2,676 million in the fourth quarter 2009, an increase of 12percent the fourth quarter 2008. Revenue for the full year 2009 amounted to NOK9,156 million, which was also a 12 percent increase from 2008.Earnings before interest, taxes, depreciation and amortization (EBITDA) amountedto NOK 567 million in the fourth quarter 2009, compared to NOK 936 million inthe fourth quarter 2008.  The EBITDA margin thus declined to 21 percent from 39percent in the fourth quarter 2008. The main reasons for the decline in EBITDAand margin are reduced prices and negative contribution from ramp-up of newplants.For the full year 2009, EBITDA declined by 47 percent to NOK 1,741 million andthe EBITDA margin declined to 19 percent from 40 percent in 2008.Operating profit (EBIT) was a negative NOK 1,364 million in the fourth quarter,including impairment charges of NOK 1,485 million primarily related to the monowafer operations, REC ScanModule, and Sovello. In the fourth quarter 2008, EBITwas a positive NOK 696 million.For the full year EBIT was a negative NOK 1,824 million, including impairmentcharges of NOK 2,214 million. In 2008, the company reported a positive EBIT ofNOK 2,529 million in 2008.Net financial items amounted to NOK 146 million in the fourth quarter, down fromNOK 885 million in the fourth quarter 2008. Net financial items for the fullyear were a negative NOK 658 million, compared to a positive NOK 1,850 millionin 2008.Loss before tax was thus NOK 1,218 million in the fourth quarter 2009, comparedto a profit before tax of NOK 1,581 million in the fourth quarter 2008. Lossbefore tax for the full year 2009 was NOK 2,482 million, compared to a profit ofNOK 4,379 million in 2009.For more information, please see the attachments onwww.newsweb.noOn the release day, President and CEO of REC, Ole Enger, will give apresentation together with members of the management team. The presentation willtake place at 08:00 hrs Norwegian time/CET at the conference centre OsloKonserthus, 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 conferencecall. Please use one of the following numbers (conference ID,2576246):Norway free call: 800 19 640UK free call: 0 800 028 1243USA free call: 1 888 935 4575International dial in: +44 (0) 20 7806 1950Afternoon program:REC will further host an analyst conference call with possibilities forquestions and answers later the same day at 15:00 CET. Please make sure to dialinn at least 5 minutes ahead of time to finalize your registration:Norway free call: 800 80 119International dial in: +47 23 18 45 01Immediately after the call, a replay of the conference call will be madeavailable. To access, please dial +47 67 89 40 91 and use the followingprocedure:Type account number 1524 followed by # (pound-sign) and press 1Continue by typing the conference number: 524 followed by # (pound-sign) andpress 1 to playFor more information, please contact:Mikkel T?, SVP and Investor Relations Officer, Tel: +47 907 44 949About RECREC is the leading vertically integrated player in the solar energy industry.REC Silicon and REC Wafer are among the world's largest producers of polysiliconand wafers for solar applications. REC Solar is a rapidly growing manufacturerof solar cells and modules, and is also engaging in project developmentactivities in selected segments of the PV market. REC had revenues of NOK 8,191million and an operating profit of NOK 2,529 million in 2008. More than 3,000employees work in REC's worldwide organization. Please visitwww.recgroup.com to learn more about REC.This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)This announcement was originally distributed by Hugin. The issuer is solelyresponsible for the content of this announcement.[HUG#1382599] Q4 2009 results: http://hugin.info/136555/R/1382599/341502.pdf

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Datum: 10.02.2010 - 01:01 Uhr
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