Oslo, October 27, 2009: Renewable Energy Corporation ASA (REC) 
reported revenue of NOK 2,160 million in the third quarter 2009, an 
increase of 13 percent from NOK 1,919 million in the third quarter 
2008. 
 
Earnings before interest, taxes, depreciation and amortization 
(EBITDA) amounted to NOK 429 million in the third quarter 2009, a 
decline of 40 percent from NOK 711 million in the third quarter 2008. 
The EBITDA margin of 20 percent in the third quarter 2009 compares 
with 37 percent in the same quarter last year. 
 
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 168 million, (iii) loss on sales and write-down 
of cell and module inventories of NOK 100 million, and (iv) a 
further increase of the provision in REC Solar of approximately NOK 
21 million for repairs of malfunctioning junction boxes. 
 
When adjusting for expansion/ramp-up cost, inventory write-downs and 
junction box (total of NOK 289 million), the underlying EBITDA 
margin was 33 percent. 
 
The operating profit (EBIT) was NOK -665 million in the third 
quarter, compared to NOK 537 million in the same quarter in 2008, and 
the EBIT margin decreased to -31 percent from 28 percent. Excluding 
the impairment charge relating to Sovello, EBIT for the third quarter 
amounted to NOK 7 million. 
 
REC reported net financial items of NOK -478 million in the third 
quarter, including net loss on derivatives of NOK 51 million. In the 
same quarter last year, net financial items were NOK 1,224 million, 
including net gains on derivatives of NOK 932 million. 
 
Including these effects, loss before tax was NOK 1,143 million in the 
third quarter 2009, compared to a profit before tax of NOK 1,761 
million in the third quarter 2008. 
 
Earnings per share for the quarter was negative NOK 1.52, compared to 
positive NOK 2.20 in the third quarter 2008 and negative NOK 1.20  in 
the second quarter 2009. The earnings per share are calculated on the 
base of the average  number of shares of  664.8 million in the  third 
quarter 2009. 
 
For more information, please see the attachments on www.newsweb.no 
 
Morning program: 
REC will  release  its third  quarter  results for  2009  on  Tuesday 
October 27, 2009 just after 07:00 AM CET. 
 
On the release day, President  and CEO Ole Enger  of REC will give  a 
presentation together with other members of the management team.  The 
presentation will take place at  08:00 hrs Norwegian time/CET at  the 
conference centre  Oslo  Konserthus,  Munkedamsveien  14,  0250  Oslo 
(www.oslokonserthus.no). 
 
The presentation, held in English, will be broadcasted live over  the 
Internet, and can be accessed from: www.recgroup.com. 
 
It will also  be possible  to listen  to the  presentation through  a 
conference call. Please use one of the following numbers  (conference 
ID, 3435489): 
 
Norway free call: 800 51 070 
UK free call: 0 800 028 1243 
USA free call: 1 888 935 4575 
International dial in: +44 (0) 20 7806 1951 
 
Afternoon program: 
REC will further host an  analyst conference call with  possibilities 
for questions and  answers later the  same day at  15:00 CET.  Please 
make sure to dial inn  at least 5 minutes  ahead of time to  finalize 
your registration: 
 
Norway free call: 800 80 119 
International dial in: +47 23 00 04 00 
 
Immediately after the call, a replay  of the conference call will  be 
made available. To access, please  dial +47 67 89  40 91 and use  the 
following procedure: 
 
 1. Type account number 1524 followed by # (pound-sign) and press 1 
 2. Continue by typing the conference number: 524 followed by # 
    (pound-sign) and press 1 to play 
 
 
For more information, please contact: 
Jon André Løkke, SVP and Investor Relations Officer, Tel: +47 907  44 
949 
 
 
About REC 
REC is uniquely positioned as one of the most integrated companies in 
the solar energy industry. REC Silicon and REC Wafer are the  world's 
largest producers of polysilicon  and wafers for solar  applications. 
REC Solar  produces  solar cells  and  solar modules  and  engage  in 
project development activities in selected segments of the PV market. 
REC Group had revenues in 2008 of NOK 8,191 million and an  operating 
profit of NOK 3,279 million. Please also see www.recgroup.com 
 
This information is  subject of the  disclosure requirements acc.  to 
§5-12 vphl (Norwegian Securities Trading Act) 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 
http://hugin.info/136555/R/1350238/325695.pdf 
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