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Second quarter 2012

Renewable Energy Corporation ASA (REC) reported second quarter 2012 revenues from continuing operations of NOK 1,987 million and EBITDA of NOK 267 million.

HIGHLIGHTS

  • Strong sales volumes but continued price pressure
  • Revenues from continuing operations of NOK 2.0 billion, in line with the previous quarter
  • EBITDA from continuing operations of NOK 267 million, down from NOK 311 million in the previous quarter.  Adjusted EBITDA up NOK 102 million from previous quarter
  • Continued operational improvements: FBR cash cost of 12.0 USD/kg, excluding SG&A, Module cash cost of 71 Eurocents/Watt, including SG&A
  • Net cash flow from operating activities of NOK 0.6 billion and net debt reduced to NOK 4.1 billion
  • Suggested refinancing package for approval by an Extraordinary General Meeting on July 27 for equity issuance of up to gross NOK 1.675 billion and new NOK 2.0 billion bank loan facility maturing in 2014
  • Impairment of fixed assets in Singapore of NOK 3.5 billion

For more information, please see the attached second quarter 2012 report and presentation as well as a spreadsheet with detailed financial information.

(NOK in million) Q2 2012 Q2 2011 Jun 30, 2012 Jun 30, 2011
Revenues 1 987 2 375 3 947 4 857
EBITDA 267 820 578  1 756
Second quarter 2012
juillet 19, 2012

Høyres Hus, Oslo, Norway