Oslo, August 11, 2009: Renewable Energy Corporation ASA (REC) reports revenue of NOK 2,308 million in the second quarter 2009, an increase of 9 percent from NOK 2,121 million in the second quarter 2008. For the first six months of 2009, revenue increased by 11 percent to NOK 4,321 million.

Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to NOK 218 million in the second quarter 2009.

The significant decline in EBITDA mainly relates to; (i) weaker market demand and reduced capacity utilization in REC Solar and REC Wafer, (ii) expansion cost and negative contribution from the ramp-up of new plants of NOK 198 million, (iii) a provision in REC Solar of approximately NOK 308 million for repairs of malfunctioning junction boxes, and (iv) loss on sales and write-down of cell and module inventories of NOK 107 million.

When adjusting for junction box, expansion/ramp-up cost and inventory write-downs (total of NOK 613 million), the underlying EBITDA margin was 36 percent.

The operating profit (EBIT) was NOK -97 million in the second quarter, compared to NOK 716 million in the same quarter in 2008.

REC reported net financial items of NOK -624 million in the second quarter, including net loss on derivatives of NOK 499 million. In the same quarter last year, net financial items were a negative NOK 8 million, including net losses on derivatives of NOK 28 million. Net financial items for the first six months 2009 were NOK -326 million, compared to NOK -259 million in 2008.

Including these effects, loss before tax was NOK 721 million in the second quarter 2009, compared to a profit before tax of NOK 708 million in the second quarter 2008. Loss before tax for the first six months in 2009 was NOK 121 million compared to NOK 1,036 million in 2009.

Earnings per share for the quarter was negative NOK 1.38, compared to positive NOK 1.00 in the second quarter 2008 and positive NOK 0.80 in the first quarter 2009. The earnings per share is calculated on the base of the average number of shares of 494.3 million in the second quarter 2009.

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