REC Board of Directors has approved the 2012 financial statements

Sandvika, Norway - 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.

Source: IWR Online, 22 Mar 2013