Renewable Energy Corporation ASA (REC) reported first quarter 2012 revenues of NOK 2,138 million and EBITDA of NOK 455 million. REC reduced net debt by NOK 0.5 billion in the first quarter to NOK 4.2 billion. Attractive return on PV-investments for the end-users in key markets, expected feed-in tariff cuts in Germany as well as growing demand from a number of emerging markets led to high module installation volumes in the first quarter of 2012. Despite the high volumes, industry wide overcapacity continued to put pressure on market prices throughout the quarter.
For more information, please see the attached first quarter 2012 report and presentation as well as a spreadsheet with detailed financial information.