Oslo, January 30, 2014 - REC Solar ASA (the "Company") was listed on Oslo Børs 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[1] results based on the full Q4 2013 have been prepared. These financials are unaudited. Following a concern that the fourth quarter re-presented results are higher than market expectations, a brief update is provided. 

The Company's re-presented consolidated revenues for Q4 2013 are expected to be USD 182 million, of which USD 181 million are related to the Module business. Re-presented EBITDA for the same period is estimated to be approximately USD 21 million in the Module Business and USD 18 million on a consolidated group basis. The improvement in the results is primarily caused by continued cost reductions and sales volume growth for the Company's premium solar panels. 

As of 31 December 2013 the Company had a cash balance of USD 68 million. 

The Board of Directors has decided that the European based Systems business is not part of the future strategy of the Company. The re-presented EBITDA of USD 18 million is after the European based Systems business incurred a re-presented EBITDA loss of USD 3 million.

In Q4 2013 the Company's solar panel production was 228 MW.

The Company will account for the acquisition of the solar entities as a business combination according to IFRS 3. The Company's Q4 2013 interim report will be prepared in accordance with IAS 34 and will be based on the period starting from 25 October 2013 and ending 31 December 2013. The Company expects these consolidated results to show revenues of USD 123 million and an EBITDA of USD 14 million. The EBITDA profit excludes a preliminary estimate of USD 121 million of negative goodwill. 

The Company will release its complete Q4 2013 financial results on Tuesday, 25 February 2014 at approximately 7:00 am (CET).


For further information, please contact:

Øyvind Hasaas, CEO
Phone: +65 9770 4708
E-mail: oyvind.hasaas@recgroup.com

Martin Cooper, CFO
Phone: +65 8518 2537
E-mail: martin.cooper@recgroup.com

Kim Boman, IR
Phone: +65 9035 9062
E-mail: kim.boman@recgroup.com

Please note:

[1] The re-presented figures assume that the acquisition of the solar entities occurred on the 1st October and represent 3 months of operations. The re-presented figures exclude certain accounting effects that arise in connection with the acquisition. Some of these could have had effect on the Q4 figures if the acquisition had not occurred and the solar operations had been presented as part of REC Silicon ASA. The re-presented figures for Q4 2013 have therefore not been prepared in compliance with IAS 34 Interim Financial Reporting ("IAS 34") and are unaudited.

REC Solar ASA announces certain preliminary estimates of its financial condition and results from operations for the period ended 31 December 2013. The preliminary financial estimates are subject to change. Any such changes could be material. These preliminary estimates are not intended to be, and should not be construed as a comprehensive statement of the Company's financial condition or results for Q4 2013 and year ended 31 December 2013. Actual results may ultimately materially differ.

With the exception of the change of presentational currency from NOK to USD the accounting policies and methods of computation used in the preparation of the preliminary financial information for the two month period are consistent with the policies described in the prospectus dated 3 October 2013.

The re-presented EBITDA is not in accordance with IFRS, and among other things exclude some effects that are accounted for in the preliminary purchase price allocation according to IFRS 3, and should not be viewed as financial information complying with IFRS. This prospectus includes a full description of the Company's accounting policies.

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 703 million in 2012.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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