Renewable Energy Corporation ASA : REC Board of Directors has approved the
2012 financial statements
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
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
Thisinformation is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
2012 Consolidated Financial Statements
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information contained therein.
Source: Renewable Energy Corporation ASA via Thomson Reuters ONE
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