Statkraft AS: Result for the second quarter of 2015
(Thomson Reuters ONE) -
Solid underlying operations - Impairments and currency effects gave negative net
profit
(Oslo, 23 July 2015) In the second quarter of 2015, Statkraft achieved an
underlying[1] operating profit before depreciation (EBITDA) of NOK 2633 million,
an increase of NOK 105 million compared with the corresponding period in 2014.
The quarterly net profit is negative due to impairments and currency effects.
Average Nordic power prices were 20.7 EUR/MW which is 19 per cent lower than in
the corresponding period last year. Lower prices were counterbalanced by higher
power production, increased contributions from market operations in the Nordics
and international hydropower.
"Given the market development the underlying operating profit is solid, but
lower forward power prices have resulted in impairments," says President and CEO
Christian Rynning-Tønnesen.
The net profit was NOK -2042 million, a decrease of NOK 2080 million compared
with the second quarter of 2014. The decline was due to impairments triggered by
lower long term price forecasts and negative currency effects. Statkraft
recorded impairments of NOK 1820 million on wind assets in Sweden and NOK 384
million on hydro assets in India. Currency effects constitute NOK -2040 million
in the financial items. Currency effects are largely counterbalanced by currency
translation effects in equity.
Statkraft decided to upgrade Øvre Røssåga power plant in Northern Norway. This
is the final part of a full modernisation of the Røssåga power plant system with
a total investment of NOK 2.2 billion.
The Board of Directors decided in June not to invest in the planned Fosen and
Snillfjord onshore wind power project in Norway due to lack of profitability.
Statkraft and its partners have started a new study for an alternative plan for
developing onshore wind power in the same area. The outcome of the study will
provide a basis for assessing whether it is possible to obtain profitability.
Statkraft's position in Turkey was strengthened by the completion of the 102 MW
hydropower plant Kargi in the second quarter. The purchase of shares in the
Brazilian company Desenvix Energias Renováveis S.A. was completed 13th July.
Statkraft's new ownership share is 81.3%. Desenwix develops hydropower and wind
power and has an installed capacity of 316 MW.
Statkraft is a leading company in hydropower internationally and Europe's
largest generator of renewable energy. The Group produces hydropower, wind
power, gas-fired power and district heating and is a global player in energy
market operations. Statkraft has 4200 employees in more than 20 countries.
For additional information:
SVP Investor Relations Thomas Geiran, tel.: +47 905 79 979, e-mail:
thomas.geiran(at)statkraft.com
Press spokesperson Knut Fjerdingstad, tel.: +47 901 86 310, e-mail:
knut.fjerdingstad(at)statkraft.com
SVP Corporate Communication Bente E. Engesland, tel.: +47 911 59 952, e-mail:
bente.engesland(at)statkraft.com
or www.statkraft.com
--------------------------------------------------------------------------------
[1] Adjusted for unrealised changes in value and material non-recurring items
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Interim report Q2 2015:
http://hugin.info/133427/R/1940556/700841.pdf
Presentation Q2 2015:
http://hugin.info/133427/R/1940556/700842.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1940556]
Unternehmensinformation / Kurzprofil:
Datum: 23.07.2015 - 08:01 Uhr
Sprache: Deutsch
News-ID 408651
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