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2014-04-25

REC Solar ASA : First Quarter 2014 Results

Key highlights
* Revenues of USD 175.4 million, down 3.9% from Q4 2013
* EBITDA of USD 16.2 million, down 11.0% from Q4 2013
* Closing cash balance of USD 86.5 million
* REC's selling price for solar panels in Q1 2014 were in line with Q4 2013
* Solar panel cash cost up USD 3 cents/W from Q4 2013 * The increase is due
to phase in of new equipment, furnace upgrade and the fire at the cell
plant in March 2014 * Target cost reduction for full year 2014 remains
unchanged. However, more likely to be in the lower range
* 216 MW of module production, down 5.3% from Q4 2013
* Capacity expansion approved, module capacity to increase to 1.3 GW by 2H
2015

Øyvind Hasaas, CEO of REC Solar ASA said: "We are experiencing good demand in
our main markets in Europe and Japan. Together with our partners, we are
continuously working to improve our product offering and improve our market
presence. Our expansion of 300 MW module capacity through two new module
lines will facilitate introduction of new technologies and broaden our
product offering to our client base. This is an important step for us to
strengthen our position in the "high end" market segment"

For more information, please see the attached first quarter 2014 report.

Morning program:
A presentation is scheduled the same day at 8:00 am CET at Swedbank's office, Filipstad Brygge 1, 0115 Oslo, Norway. The event will be webcasted live and available for replay shortly after.
To watch the webcast over the internet, please visit REC's web site, www.recgroup.com,at least 10 minutes early to register and to download and install any necessary software.
The presentation, held in English, will be broadcasted live over the internet,
and can be accessed from:www.recgroup.com.

The earnings release concerning the first quarter 2014 results and a corresponding slide presentation will be posted on www.newsweb.no and on REC Solar's web sitewww.recgroup.com.
Afternoon program:

REC will further host a conference call with possibilities for questions and
answers later the same day at 15:00 CET. Please make sure to dial in at least
5 minutes ahead of time to finalize your registration.

To access the conference call scheduled at 15:00 pm CET, please dial-in at the number provided below, corresponding to your location. The conference ID is 9801526.
-----------------------------------
|Location Dial-in number |
|Norway 21 00 69 17 |
|International +44(0)20 3427 1917 |
|UK +44(0)20 3427 1917 |
|US + 1 646 254 3365 |
-----------------------------------

The telephone will be open for questions at the conclusion of management's remarks. A digital replay will be available shortly after the conference call and until April 28, 2014. The access number for this service is 9801526. Please access the replay by dial-in at the number provided below.
----------------------------
|Location Dial-in number |
|Norway + 47 21 00 04 98 |
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For further information, please contact:

Kim Boman
Investor Relations
Telephone: +47 959 63 912
Email:kim.boman@recgroup.com

Martin Cooper
CFO
Telephone: + 65 8518 2537
Email: martin.cooper@recgroup.com

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 647 million in 2013

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

Q1 2014 presentation
http://hugin.info/158783/R/1779711/608348.pdf
Q1 2014 report
http://hugin.info/158783/R/1779711/608347.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: REC Solar ASA via Globenewswire

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