renewable energy corp asa (R3Q) Snapshot

Renewable Energy Corporation ASA elected M¡mi K. Berdal, Jan Christian Opsahl, Oystein Stray Spetalen, Knut Øversjøen and Ragnhild Wiborg as directors, for a period of one year until the next AGM, at the AGM held on May 3, 2013.

Following Orkla's sale of all shares in Renewable Energy Corporation ASA, Karl Otto Tveter has announced that he will resign from the Nomination Committee of REC after one year. The Nomination Committee therefore proposed that the general meeting adopts the resolution: Tom Ruud and Live Haukvik Aker are elected as members of the Nomination Committee for two years. Rune Selmar is elected as the Chairman of the Nomination Committee.

Renewable Energy Corporation ASA reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company has reported revenues of NOK 1,278 million against NOK 1,960 million for the same period last year. EBITDA was NOK 46 million against NOK 314 million for the same period last year. LBIT was NOK 159 million against NOK 72 million for the same period last year. Loss before tax from continuing operations was NOK 322 million against NOK 340 million for the same period last year. Loss from continuing operations was NOK 209 million NOK 0.10 per basic and diluted share against NOK 290 million NOK 0.22 per basic and diluted share for the same period last year. Loss for the period attributable to the company was NOK 209 million or NOK 0.10 per basic and diluted share against NOK 209 million or NOK 0.16 per basic and dilute share for the same period last year. Net cash flow from operating activities was NOK 6 million against NOK 730 million for the same period last year. Payments for property, plant and equipment and intangible assets and prepaid lease were NOK 28 million against NOK 92 million for the same period last year. Net debt was NOK 1.9 billion at March 31, 2013.