2013-08-15 08:03:01 -
Solid operating result
(Oslo, 15 August 2013) In the second quarter of 2013, Statkraft achieved an
underlying(1) operating profit before depreciation (EBITDA) of NOK 2555 million,
an improvement of NOK 190 million compared with the corresponding quarter in
2012. Unrealised currency effects resulted in a net loss of NOK 908 million,
compared with a net profit of NOK 2443 million in the second quarter of 2012.
"Higher power prices in the Nordic region offset lower production and generated
a good operating result in the second quarter. The quarter includes new power
production from Sheringham Shoal offshore wind farm in the UK. Offshore wind
power is a strategic
focus area for Statkraft, and it is gratifying to see this
production make a positive contribution to the result," says President and CEO
A weakening of the NOK and other currency fluctuations in the second quarter of
2013 had major negative effects on the result, while the corresponding period in
2012 was buoyed by positive currency effects. The negative net result is offset
by positive currency effects, strengthening equity by NOK 3.1 billion.
The average Nordic power price was 36 per cent higher than in the same quarter
in 2012. The Group's power production was 10.9 TWh in the quarter. This was a
decline of 27 per cent compared with the second quarter of 2012, which was a
quarter with relatively high production.
During the quarter, Statkraft and Norfund signed a Heads of Agreement concerning
future ownership structures and cooperation within renewable energy, with
particular focus on hydropower in emerging markets. Statkraft will own 67 per
cent and Norfund 33 per cent of SN Power's existing portfolio in South Asia and
South America. SN Power's portfolio will consist of SN Power's current portfolio
in Southeast Asia and Agua Imara's portfolio in Africa and Central America.
Statkraft and Norfund will own about 40 per cent each, and the power companies
BKK and TrønderEnergi will be invited to participate as owners.
The share purchase agreement with the Austrian company EVN was concluded, and
Statkraft now wholly owns Devoll Hydropower Sh.A., a hydropower project
developer in Albania. The final investment decision for two power plants has
"Our ambition is to become a leading international company in pure energy.
Statkraft's international investments in renewable energy make an increasing
contribution to the Group's result. We have achieved an annual return from our
international business of about 10 per cent since the mid-1990s, an achievement
we are very pleased with," says Rynning-Tønnesen.
The leased power plants Sauda I-IV, Svelgen I and II as well as Tysso II were
transferred from Statkraft SF to Statkraft AS. The power plants have a total
installed capacity of 620 MW. The transfer will have no consequences for the
lease agreements, the lessees or the municipalities in which the power plants
are located. The transaction has a value of about NOK 3.5 billion.
(1 )Adjusted for unrealised changes in value and significant non-recurring items
Statkraft is Europe's largest producer of renewable energy and the leading power
company in Norway.
The Group owns, produces and develops hydropower, wind power, gas-fired power
and district heating. Statkraft is a major player in European power trading and
has 3600 employees in more than 20 countries.
For additional information:
VP Investor Relations Yngve Frøshaug, tel.: +47 900 23 021. email:
Press spokesperson Knut Fjerdingstad, tel.: +47 901 86 310. email:
SVP Corporate Communications Bente E. Engesland, tel.: +47 911 59 952. email:
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Statkraft AS Q22013 Presentation:
Statkraft AS Q22013 Interim Report:
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Source: Statkraft via Thomson Reuters ONE