Statkraft AS: Result for the third quarter of 2013
(Thomson Reuters ONE) -
Solid operating profit
(Oslo, 7 November 2013) In the third quarter of 2013, Statkraft achieved an
underlying(1) operating profit before depreciation (EBITDA) of NOK 1867 million,
an improvement of NOK 614 million compared with the corresponding quarter in
2012. Unrealised currency effects resulted in a net loss of NOK 1681 million,
compared with a profit of NOK 638 million in the third quarter of 2012.
"Higher power prices contributed to a good operating profit, and the underlying
EBITDA was 49 per cent higher than in the third quarter of last year. The weaker
NOK yielded a negative result, but this is fully offset by other currency
effects which strengthen equity," says President and CEO Christian Rynning-
Tønnesen.
A further weakening of the NOK and other currency fluctuations resulted in major
negative effects for the result also in the third quarter, while the
corresponding period in 2012 was buoyed by positive currency effects. The loss
after tax was therefore NOK 1681 million, a decline of NOK 2319 million. The
currency effects are mainly unrealised, and are fully offset by translation
effects which strengthen equity. So far in 2013, the equity has been
strengthened by NOK 4933 million.
The average Nordic power price was 72 per cent higher than in the same quarter
in 2012. The increase was primarily driven by less precipitation and lower
reservoir water levels. The Group's power production was 11.2 TWh in the
quarter, a decline of 2 per cent compared with the third quarter of 2012.
The project activity level is in accordance with the Group's strategy, with a
number of large development and rehabilitation projects within renewable energy
in Norway and internationally. A new district heating plant in Ås in Norway came
online, and the rehabilitation of a hydropower plant in the Philippines was
completed. Total investments in the quarter amounted to NOK 2.2 billion.
"Statkraft's position in wind power is strengthened by new production capacity
and new licenses. Two new wind farms came online in the quarter, while another
five wind farms are under development in Sweden and the UK. The Group received
several licences for wind farms in Central Norway," says Christian Rynning-
Tønnesen.
Statkraft entered into an agreement to sell the power plants Svelgen 1 and 2 to
Svelgen Kraft, while buying Sogn og Fjordane Energiverk's 35 per cent
shareholding in Leirdøla power plant. The transaction will help contribute to
optimise power production in the companies.
In emerging markets, the growth in demand is expected to continue. The letter of
intent recently signed by Statkraft and Norfund aims to restructure the
companies' international cooperation within renewable energy. The Statkraft
Group's overall expertise within power development, operation and market can
thereby be utilised even better.
(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:
Head of Investor relations Thomas Geiran, tel.: +47 905 79 979. Email:
thomas.geiran(at)statkraft.com
Press spokesperson Knut Fjerdingstad, tel.: +47 901 86 310. Email:
knut.fjerdingstad(at)statkraft.com
SVP Corporate Communications Bente E. Engesland, tel.: +47 911 59 952. Email:
bente.engesland(at)statkraft.com
or www.statkraft.no
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Statkraft AS Q32013 Presentation:
http://hugin.info/133427/R/1741186/584924.pdf
Statkraft AS Q32013 Interim Report:
http://hugin.info/133427/R/1741186/584920.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 AS via Thomson Reuters ONE
[HUG#1741186]
Unternehmensinformation / Kurzprofil:
Datum: 07.11.2013 - 08:01 Uhr
Sprache: Deutsch
News-ID 313788
Anzahl Zeichen: 5048
contact information:
Town:
Oslo
Kategorie:
Business News
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