REC Board of Directors has approved the 2012 financial statements

Fri Mar 22, 2013 3:20am EDT

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Sandvika, March 22, 2013: The Board of Directors of Renewable Energy Corporation ASA (REC) has
approved the financial statements for 2012 for both the Group and the parent company. 

In the preparation of the annual financial statements, REC has made further work and evaluations
related to the impairment test and identified the need to increase the discount rate used for the
REC Silicon cash generating unit at December 31, 2012, from 9.2% to 10.6%. This increased the
impairment loss by NOK 1,102 million compared to what was presented in REC's financial report for
the fourth quarter 2012. This has also reduced deferred tax liabilities. The total impairment loss
for the Group is consequently NOK 6,550 million in 2012. 

After these adjustments, the loss after tax from continuing operations for the REC Group for 2012
is NOK 6,615 million and the loss from total operations is NOK 6,027 million. 

No other changes to the 2012 financial statements have been made. 

Attached is an overview of REC's 2012 consolidated statement of financial position and statement
of income. 

For further information, please contact

Mikkel Tørud, SVP Investor Relations & Business Development, REC   

Telephone: +47 976 99 144

About REC

REC is a leading global provider of solar electricity solutions. With nearly two decades of
expertise, we offer sustainable, high-performing products, services and investment opportunities
for the solar and electronics industries. Together with our partners, we create value by providing
solutions that better meet the world's growing electricity needs. Our 2,300 employees worldwide
generated revenues of more than NOK 7 billion in 2012, approximately EUR 1 billion or USD 1.3
billion. To see more of what REC can offer, visit www.recgroup.com.

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian
Securities Trading Act)

2012 Consolidated Financial Statements http://hugin.info/136555/R/1687381/553354.pdf 


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Source: Renewable Energy Corporation ASA via Thomson Reuters ONE


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