Solar — Earnings Release 2013

Feb 25, 2014

REC Solar ASA: Fourth Quarter 2013 results

REC Solar ASA: Fourth Quarter 2013 results

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 results based on the full Q4

2013 have been prepared.

Key highlights (based on re-presented figures)

- Revenues of USD 182.4 million, up 17% from Q3 2013

- EBITDA of USD 18.2 million, up 102% from Q3 2013

- Module EBITDA of USD 21.1 million, up 103% from Q3 2013

- REC exiting European System business

- EBIT of USD 13.7 million, up 149% from Q3 2013

- Closing cash balance of USD 67.2 million

- Continued debottlenecking, general efficiency gains and cost improvements

- Solar panel cash costs down 10% last 12 months

- European anti-dumping legislation on Chinese modules reduced unfair

competition

- Strong markets in Japan, US and China contributed to stabilized pricing

Øyvind Hasaas, CEO of REC Solar ASA said:

"The successful IPO has established REC as a leading provider of solar energy

solutions with a strong balance sheet. REC is now well positioned to exploit

strategic and operational opportunities in the solar sector.

2013 has been a turning point for REC after a challenging period for the solar

sector. Improving market conditions, our strong market position as a supplier of

high quality solar panels and continued cost reductions have contributed to the

improved margins

In order to further capitalise on the improved market conditions and to meet

strong demand, we have embarked on an investment program to increase our module

manufacturing capacity to 1.0 GW by Q3 2014. In addition, we are exploring

opportunities to further increase our module capacity to 1.3 GW by 2015"

For more information, please see the attached fourth quarter 2013 report

Morning program:

A presentation is scheduled the same day at 8:00 am CET at Arctic Securities'

office, Haakon VIIs gate 5, 0123 Oslo, Norway (8th floor). 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 fourth quarter 2013 results and a

corresponding slide presentation will be posted on www.newsweb.no and on REC

Solar' web site www.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

9622375

Location                                 Dial-in number

Norway                                  23 16 27 87

International                           +44(0)20 3427 1917

UK                                        +44(0)20 3427 1917

US                                        + 1 212 444 0481

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 Feb 28, 2014. The access number for this service is 9622375.

Please access the replay by dial-in at the number provided below

Location                                 Dial-in number

Norway                                  + 47 21 00 04 98

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.

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