Statkraft AS - first quarter 2011 financial results
(Thomson Reuters ONE) -
Lower power generation yielded reduced profit
(Oslo, 19 May 2011) A weaker resource situation and lower energy generation as a
result of high production in 2010 yielded an underlying(1) EBITDA of NOK 4249
million for Statkraft in the first quarter of 2011 - compared with NOK 5912
million in the corresponding quarter in 2010. Net profit amounted to NOK 2809
million, compared with NOK 4533 million in the first quarter of 2010.
"The quarterly result reflects that Statkraft reduced its power generation due
to low water reservoir levels. During the last winter and at the end of 2010,
Statkraft contributed with high production in a strained power market, while
there was less inflow than normal to the water reservoirs. The result therefore
illustrates good and sensible energy management over several periods," says
President and CEO Christian Rynning-Tønnesen.
The Group's consolidated energy production for the first quarter was 14.9 TWh,
compared with 18.3 TWh in the corresponding period in 2010. The reduction is due
to lower than normal reservoir water levels. At the end of the quarter, the
total water level in Nordic reservoirs was 45% of normal, according to NVE
(Norwegian Water Resources and Energy Directorate). The reservoir levels were
characterised as strained during the quarter, but early and intense snow melting
resulted in an improvement in April. At the end of April, the Nordic reservoir
water level was close to normal - 26% of the total reservoir capacity.
The decline in production was offset by higher power prices. In the first
quarter, the average system price in the Nordic market was 66.2 EUR/MWh (59.8),
while the average spot price on the German energy exchange EEX was 51.8 EUR/MWh
(41.1).
Statkraft has entered into new long-term industrial power contracts during the
quarter, with a total annual volume of about 1.3 TWh. Statkraft now delivers a
volume of more than 20 TWh per year to Nordic power-intensive industry, about
one-third of the Group's total annual power generation.
"Power-intensive industry is an important customer group for Statkraft, and the
rising number of new industrial power agreements shows that we are able to
fulfil our ambitions. It is important to arrive at competitive, commercial power
agreements that provide predictability for both parties," says Rynning-Tønnesen.
Statkraft's gross operating revenues amounted to NOK 7553 million (NOK 10 507
million) in the first quarter. The reported accounts is affected by unrealised
changes in value, and the fiscal EBITDA was NOK 5831 million (NOK 5922 million).
(*)Adjusted for unrealised changes in values and significant non-recurring items
Statkraft is Europe's leader in renewable energy. The Group develops and
generates hydropower, wind power, gas power and district heating, and is a major
player on the European energy exchanges. Statkraft has more than 3300 employees
in more than 20 countries.
For additional information:
Senior vice president /CFO Stein Dale, tel.: +47 24 06 72 11 / +47 450 02 111
Spokesperson Knut Fjerdingstad, tel.: +47 24 06 71 61 / +47 901 86 310
Investor Relations Johan Ailo Kalstad, tel.: +47 24 06 84 81 / +47 952 45 568
orwww.statkraft.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Statkraft AS Q12011 - Presentation:
http://hugin.info/133427/R/1517055/453545.pdf
Statkraft AS Q12011 - Key Figures:
http://hugin.info/133427/R/1517055/453546.xls
Statkraft AS Q12011 - Interim Report:
http://hugin.info/133427/R/1517055/453544.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 via Thomson Reuters ONE
[HUG#1517055]
Unternehmensinformation / Kurzprofil:
Datum: 19.05.2011 - 08:02 Uhr
Sprache: Deutsch
News-ID 54822
Anzahl Zeichen: 4570
contact information:
Town:
Oslo
Kategorie:
Business News
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