Statkraft AS: Result for the first quarter 2017
(Thomson Reuters ONE) -
Strong result
(Oslo, 4 May 2017) Statkraft AS recorded an underlying EBITDA of NOK 5186
million in the first quarter of 2017. This is an increase of NOK 1185 million
compared with the corresponding period in 2016. The result showed a quarterly
net profit of NOK 2749 million.
The increase in EBITDA was mainly driven by increased contributions from market
operations. The higher Nordic power prices were offset by lower production and
currency effects.
The average Nordic power price in the first quarter was 31.2 EUR/MWh. This is an
increase of 30 % compared with the price level experienced in the same period in
2016. Statkraft's total production was 17.1 TWh. This is a reduction of 12 %
compared with the first quarter in 2016 which had record high production.
Hydropower production was down by 2.8 TWh as a result of reduced production in
the Nordics. Gas-fired power production was up by 0.3 TWh due to improved gas-
to-power margins. Production of wind power was up by 0.2 TWh.
- Statkraft's operational assets continue to provide a solid cash flow.
Increased operating result and net profit were driven primarily by contributions
from market operations. We are pleased to see return on capital exceeding 9 %,
says CEO Christian Rynning-Tønnesen.
Operating expenses were reduced mainly as a result of a decrease in property tax
in Norway and Sweden. Currency effects have further contributed to reduce the
operating expenses.
Statkraft's performance improvement programme is progressing according to plan
and will result in a stronger and more competitive company going forward.
Statkraft divested the 25 % stake in the Dogger bank offshore wind projects.
This is in line with Statkraft's strategy for divesting offshore wind assets to
strengthen the financial solidity.
For further information, please contact:
Debt Capital Markets:
Funding manager Stephan Skaane, tel: +47 905 13 652, e-
mail:Stephan.skaane(at)statkraft.com
Head advisor Yngve Frøshaug, tel: +47 900 23 021, e-mail:
Yngve.Froshaug(at)statkraft.com
Media:
Press spokesperson Knut Fjerdingstad, tel: +47 901 86 310, e-mail:
knut.fjerdingstad(at)statkraft.com
SVP 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 to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Presentation Q1 2017:
http://hugin.info/133427/R/2101503/796741.pdf
Interim report Q1 2017:
http://hugin.info/133427/R/2101503/796740.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: 04.05.2017 - 08:00 Uhr
Sprache: Deutsch
News-ID 540209
Anzahl Zeichen: 3619
contact information:
Town:
Oslo
Kategorie:
Business News
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"Statkraft AS: Result for the first quarter 2017"
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