Statkraft AS - result for the second quarter of 2012
(Thomson Reuters ONE) -
Satisfactory second quarter result
(Oslo, 22 August 2012) In the second quarter of 2012, Statkraft achieved an
underlying(1) operating profit before depreciation (EBITDA) of NOK 2324 million,
compared with NOK 1822 million in the corresponding quarter in 2011. The profit
after tax was NOK 2443 million, compared with a loss of NOK 514 million during
the second quarter of 2011.
" The operating result shows that good contract coverage and high production
more than compensated for lower spot prices. In addition unrealised currency
gains and lower unrealised negative non-recurring items explain the improved
result after tax compared with the second quarter of last year," says President
and CEO Christian Rynning-Tønnesen.
Overall for the first six months of the year, the underlying EBITDA ended at NOK
6459 million, compared with NOK 6072 million in the corresponding period in
2011. The profit after tax was NOK 5873 million, compared with NOK 2295 million
during the same quarter last year. In 2011, the result after tax was
significantly impacted by unrealised changes in value and write-downs.
Market conditions in the second quarter were characterised by a lot of
precipitation and high reservoir water levels in the Nordic region. Together
with good availability of wind and solar power, combined with lower economic
activity in Europe, this resulted in lower power prices. The Nordic power prices
were on average 46 per cent lower than in the corresponding quarter in 2011 and
the system price for the period ended at 28.4 EUR/MWh, compared with 52.2
EUR/MWh in 2011. The average spot price in the German market fell 24 per cent
and ended at 40.5 EUR/MWh for the quarter, compared with 53.6 EUR/MWh in 2011.
The Group's power production was 14.9 TWh in the second quarter, an increase of
48 per cent compared with the second quarter of last year. The increase was
largest in hydropower production, up 74 per cent from 2011, while gas-fired
power production was very low.
"An increasing percentage of renewable energy in Europe, as well as growth in
the need for energy outside Europe create unique business opportunities for
Statkraft. The strategy entails a high project activity level in hydropower as
well as onshore and offshore wind power," says Rynning-Tønnesen.
(1 )Adjusted for unrealised changes in value and significant non-recurring items
Statkraft is Europe's leader in renewable energy. The Group develops and
produces hydropower, wind power, gas power and district heating, and is a major
player on the European energy exchanges. Statkraft has 3400 employees in more
than 20 countries.
For additional information:
VP Investor Relations Yngve Frøshaug, tel.: +47 24 06 78 76 / +47 900 23 021
Press spokesperson Knut Fjerdingstad, tel.: +47 24 06 71 61 / +47 901 86 310
SVP Corporate Communications Bente E. Engesland, tel.: +47 24 06 75 01 /
+47 911 59 952
or www.statkraft.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Statkraft AS Q22012 Key figures:
http://hugin.info/133427/R/1635408/525334.xls
Statkraft AS Q22012 Interim Report:
http://hugin.info/133427/R/1635408/525328.pdf
Statkraft AS Q22012 Presentation:
http://hugin.info/133427/R/1635408/525335.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Statkraft via Thomson Reuters ONE
[HUG#1635408]
Unternehmensinformation / Kurzprofil:
Datum: 22.08.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 176610
Anzahl Zeichen: 4322
contact information:
Town:
Oslo
Kategorie:
Business News
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