News Column

REC Solar ASA - Fourth Quarter 2013 results

February 27, 2014



ENP Newswire - 27 February 2014

Release date- 26022014 - REC Solar ASA was listed on Oslo Bors on 25 October 2013, the same day that it acquired the solar entities previously owned by REC Silicon ASA.

Therefore, as of 31 December 2013, the Company has a financial history of only two months.

In order to provide better understanding of the Company's trading performance, consolidated re-presented results based on the full Q4 2013 have been prepared.

Key highlights (based on re-presented figures)

Revenues of USD 182.4 million, up 17% from Q3 2013

EBITDA of USD 18.2 million, up 102% from Q3 2013

Module EBITDA of USD 21.1 million, up 103% from Q3 2013

REC exiting European System business

EBIT of USD 13.7 million, up 149% from Q3 2013

Closing cash balance of USD 67.2 million

Continued debottlenecking, general efficiency gains and cost improvements

Solar panel cash costs down 10% last 12 months

European anti-dumping legislation on Chinese modules reduced unfair competition

Strong markets in Japan, US and China contributed to stabilized pricing Oyvind Hasaas, CEO of REC Solar ASA said: 'The successful IPO has established REC as a leading provider of solar energy solutions with a strong balance sheet. REC is now well positioned to exploit strategic and operational opportunities in the solar sector.

2013 has been a turning point for REC after a challenging period for the solar sector. Improving market conditions, our strong market position as a supplier of high quality solar panels and continued cost reductions have contributed to the improved margins

In order to further capitalise on the improved market conditions and to meet strong demand, we have embarked on an investment program to increase our module manufacturing capacity to 1.0 GW by Q3 2014. In addition, we are exploring opportunities to further increase our module capacity to 1.3 GW by 2015'

Morning program

A presentation is scheduled the same day at 8:00 am CET at Arctic Securities' office, Haakon VIIs gate 5, 0123 Oslo, Norway (8th floor). The event will be webcasted live and available for replay shortly after. To watch the webcast over the internet, please visit REC's web site, www.recgroup.com,at least 10 minutes early to register and to download and install any necessary software.

Afternoon program

REC will further host a conference call with possibilities for questions and answers later the same day at 15:00 CET. Please make sure to dial in at least 5 minutes ahead of time to finalize your registration.

To access the conference call scheduled at 15:00 pm CET, please dial-in at the number provided below, corresponding to your location. The conference ID is 9622375

Location Dial-in number

Norway: 23 16 27 87

International: +44(0)20 3427 1917

UK: +44(0)20 3427 1917

US: + 1 212 444 0481

The telephone will be open for questions at the conclusion of management's remarks. A digital replay will be available shortly after the conference call and until Feb 28, 2014. The access number for this service is 9622375.

Please access the replay by dial-in at the number provided below

Location Dial-in number

Norway: + 47 21 00 04 98

Contact:

REC Solar ASA

Kim Boman

Investor Relations

Tel: +47 959 63 912

Email: kim.boman@recgroup.com

Martin Cooper

CFO

Tel: + 65 8518 2537

Email: martin.cooper@recgroup.com

About REC Solar ASA

REC Solar ASA is a leading global provider of solar energy solutions. With more than 15 years of experience, we offer sustainable, high performing products, services and investments for the solar industry. Together with our partners, we create value by providing solutions that better meet the world's growing energy needs. REC Solar ASA is headquartered in Norway and listed on the Oslo Stock Exchange (ticker: RECSOL). Our 1,600 employees worldwide generated revenues of USD 647 million in 2013.


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Source: ENP Newswire


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