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REC Solar ASA Reports 4Q 2013 Results

Revenues are $182.4 million, up 17 percent from Q3 2013

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

REC Solar ASA was listed on Oslo Børs Oct. 25, 2013, the same day that it acquired the solar entities previously owned by REC Silicon ASA. Therefore, as of Dec. 31, 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) included revenues of US$182.4 million, up 17% from Q3 2013, and EBITDA of US$18.2 million, up 102% from Q3 2013.

“The successful IPO has established REC as a leading provider of solar energy solutions with a strong balance sheet,” said Øyvind Hasaas, CEO of REC Solar ASA. “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.”

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