Statkraft AS: Result for the fourth quarter and full year 2016
(Thomson Reuters ONE) -
Strong operating result
(Oslo, 16 February 2017) Statkraft AS recorded an underlying EBITDA of NOK 4947
million in the fourth quarter of 2016. This is an increase of NOK 1717 million
compared with the corresponding period in 2015. The result was held back by
unrealised currency effects and showed a quarterly net profit of NOK 748
million.
The increase in EBITDA was mainly driven by both higher Nordic power prices and
production. The average Nordic power price in the fourth quarter was 34.5
EUR/MWh. This is an increase of 57% compared with the modest price level
experienced in the same period in 2015. Statkraft's total production increased
by 3.7 TWh to 19 TWh in the fourth quarter 2016, compared to the same period in
2015.
- The underlying EBITDA is strong and reflects successful energy management. We
have been able to utilise our large Nordic hydro reservoirs and optimised the
production, says CEO Christian Rynning-Tønnesen.
Statkraft's production in 2016 reached a record high 66 TWh compared to 56.3 TWh
in 2015. The average system price at Nord Pool was 26.9 EUR/MWh, an increase of
28% from the previous year. For 2016, the underlying EBITDA ended at a solid NOK
13 863 million, compared to NOK 10 853 million in 2015. The result for 2016 was
negatively influenced by impairments mainly caused by reduced market
expectations, partly offset by positive currency effects. Net profit before tax
was NOK 5223 million and net profit after tax ended at NOK -179 million.
- The energy market is challenging and Statkraft is implementing a performance
improvement programme and a revised strategy. This will enable Statkraft to be
one of the most competitive companies in our industry and strengthen our
position for further growth in renewable energy, says Christian Rynning-
Tønnesen.
Statkraft's performance improvement programme is progressing according to plan.
The aim is to increase competitiveness and reduce costs by NOK 0.8 billion
annually, measured against the actual costs for 2015. The majority of savings
are planned to be realised in 2017 and the remainder in 2018.
The revised strategy underpins Statkraft's position as a leading company in
renewable energy. Responsible and effective operations have first priority in
all markets. Refurbishment of Statkraft's Nordic hydropower plants will continue
to be prioritised. Statkraft will broaden the technology scope to include
onshore wind- and solar power, in addition to hydropower, in selected
international markets. Furthermore, Statkraft will strengthen the focus on
business development in Norway in order to explore new opportunities arising
from the energy transition.
The Board of Directors of Statkraft AS has approved the final 2016 financial
statements for the Statkraft AS Group. For financial information, please see the
interim report for fourth quarter and annual results for 2016 for Statkraft AS.
The Annual Report and the Report from the Board of Directors for 2016 will be
disclosed 2 March 2017.
For further information, please contact:
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
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 3800 employees in more than 20 countries.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Presentation Q4 2016:
http://hugin.info/133427/R/2079102/782666.pdf
Interim report Q4 2016:
http://hugin.info/133427/R/2079102/782665.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Statkraft AS via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 16.02.2017 - 08:00 Uhr
Sprache: Deutsch
News-ID 524612
Anzahl Zeichen: 4827
contact information:
Town:
Oslo
Kategorie:
Business News
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