Statkraft AS - Q2 2009
(Thomson Reuters ONE) - Acceptable results in a turbulent market(Oslo, 18 August 2009) The Statkraft Group's gross operating revenuesrose by 8 per cent in the six months to 30 June. The increase isprimarily attributable to earnings from the power plants acquiredfrom E.ON AG at the turn of the year. The rise in revenues was,however, less than expected owing to the sharp fall in Germanelectricity prices compared with first-half 2008. Lower gas powerproduction in Germany coincided with a fall in earnings fromNorwegian hydropower, bringing about a weaker underlying result.Statkraft's EBITDA, adjusted for unrealised changes in value andmaterial non-recurring items, was NOK 6 654 million for the firsthalf of the year (NOK 6 794 million)1, which is 2% down year-on-year.In the second quarter underlying EBITDA was NOK 2 047 million (NOK 2503 million). Profit after tax for the first half of the year was NOK3 293 million (NOK 3 218 million), and for the second quarter NOK570 million (loss of NOK 585 million). Adjusted for unrealisedchanges in value and material non-recurring items, the profit aftertax for the first half was NOK 3 326 million (NOK 4 513 million), andfor the second quarter NOK 1 540 million (NOK 1 570 million)."In the first six months, Statkraft strengthened its position asEurope's largest generator of renewable energy and laid thefoundation for further growth. We have entered into a number of majoragreements, including offshore wind power in the United Kingdom andhydropower in Southeast Europe," says Bård Mikkelsen, Statkraft'sPresident and CEO.Electricity prices in the Nordic market in the first half-year wereon a par with prices in the corresponding prior-year period, whileprices in the German market were significantly lower. The averageNordic system price ended at 36.1 EUR/MWh (36.4 EUR/MWh) and theaverage German spot price was 39.9 EUR/MWh (61.0 EUR/MWh) for thefirst six months of the year.The Group's output in the second quarter was 10.2 TWh (12.1 TWh), andin the first half-year 27.3 TWh (27.7 TWh). Hydropower productionrose in the first half as a result of the consolidation of SN Poweras a subsidiary from 13 January and the takeover of new power plantsfrom the swap deal with E.ON AG. Norwegian hydropower production was,however, down as a result of lower inflow into water courses. Gaspower production in Germany was also lower owing to the fact thatthere have been several periods this year when it has beenunprofitable to generate energy because of a fall in demand forelectricity on the back of the global financial crisis.The Group's gross operating revenues for the second quarter totalledNOK 4 898 million (NOK 4 781 million). Accumulated for the firsthalf, gross operating revenues were NOK 12 929 million (NOK 11945 million), which represents an increase of 8%. The increase isprimarily due to the new assets from the swap deal with E.ON AG.The underlying operating profit for the second quarter was NOK 1420 million (NOK 2 054 million), and for the first half-year NOK 5363 million (NOK 5 892 million), a decrease of 31% and 9%respectively.Highlights in the quarterStatkraft and Boliden Odda have entered into a large-scale agreementthat was finalised in the second quarter and became effective as of1 July. As part of this agreement, Statkraft and Boliden Odda signedtwo long-term industrial power agreements for the period 2009-2030.The agreement for delivery of around 20 TWh is the largest industrialpower agreement Statkraft has entered into since 1998. Statkraft SFowns the power facilities in Tyssedal, but the waterfall rights andpower plants are leased out to AS Tyssefaldene on terms set by theauthorities. In line with the agreement, Statkraft acquired Boliden's39.88% shareholding in Tyssefaldene, and now owns 60.17% of theshares in Tyssefaldene. The remaining shares are owned by Erametthrough the company DNN Industrier AS.Power delivery to Ortviken Pappersbruk began on 1 June as a result ofthe agreement between Statkraft and the Swedish paper manufacturerSCA. The agreement with SCA was signed in the third quarter 2007 andincluded a ten-year contract to deliver 500 GWh annually to OrtvikenPappersbruk.On 23 June, Statkraft acquired 95% of the shares in Yesil Enerji fromthe Turkish company Global Investment Holdings. This acquisition hasgiven Statkraft the rights to six hydropower projects in Turkey withthe potential to generate a total of approximately 2 TWh annually.Statkraft has commenced construction of the Group's first solar park.The solar power plant is being built in the Latina region of Italy,60 kilometres south of Rome, and will be completed during 2009.Installed capacity will be 3.3 MW, at an investment cost of about NOK120 million.In response to a large proportion of French hydropower licences beingput out to tender in the years up until 2030, Statkraft set up anoffice in Lyon in France during the second quarter.At the annual general meeting on 30 June, Hilde M. Tonne and BertilTiusanen were elected to serve as new members of the board ofdirectors of Statkraft AS. The board now consists of Arvid Grundekjøn(chair), Ellen Stensrud (deputy chair), and board members HalvorStenstadvold, Berit Rødseth, Hilde M. Tonne, Bertil Tiusanen,Thorbjørn Holøs, Astri Botten Larsen and Odd Vanvik.Statkraft is Europe's largest generator of renewable energy. TheGroup develops and generates hydropower, wind power, gas power anddistrict heating, and is a major player on the European energyexchanges. Statkraft also develops solar power, marine energy,osmotic power and other innovative energy solutions. Through ownerparticipation in other companies, Statkraft delivers electricity andheating to about 600 000 customers in Norway. For 2008 the Groupposted operating revenues of NOK 25.1 billion and an underlyingprofit after tax of NOK 8.1 billion. The Group employs more than 3200 staff in over 20 countries.For further information, please contact:EVP/CFO Stein Dale, tel.: +47 24 06 72 11 /+47 450 02 111IRO Yngve Frøshaug, tel.: +47 24 06 78 76 / +47 900 23 021EVP Ragnvald Nærø, tel.: +47 24 06 71 00 / +47 900 80 303or www.statkraft.com1 Comparative figures for 2008 are shown in brackets.http://hugin.info/133427/R/1335424/317357.pdfhttp://hugin.info/133427/R/1335424/317358.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 18.08.2009 - 08:02 Uhr
Sprache: Deutsch
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