Statkraft AS: Result for the third quarter 2017
(Thomson Reuters ONE) -
Strong quarter
(Oslo, 26 October 2017) Statkraft recorded an underlying EBITDA of NOK1413
million in the third quarter of 2017. This was a decrease of NOK 181 million
compared with the corresponding period in 2016. The quarterly net profit amounts
to NOK 1783 million, an increase of NOK 3199 million from the same quarter in
2016. The result is characterised by strong underlying operations, impairments
and gains from transactions.
The average Nordic system price in the quarter was 28.5 EUR/MWh, an increase of
13 per cent compared with the price level experienced in the same period in
2016. Statkraft's total production was 13.5 TWh, a slight increase from the
third quarter in 2016.
- Statkraft has sold its 50 per cent share in SN Power and acquired the
remaining 18.1 per cent shares in Statkraft IH Invest, which is the holding
company for assets in South America, India and Nepal. The transaction is in line
with the strategy to build stronger positions in fewer markets, says CEO
Christian Rynning-Tønnesen.
Statkraft's long term price expectations for certain markets have seen a decline
mainly due to lower technology costs for wind and solar power. This is very
positive for the competitiveness for new renewables, but has also led to
impairments of existing assets.
In total, NOK 1367 million of impairments were recognised in consolidated
operations and NOK 1187 million in joint ventures. The negative effect of the
impairments was offset by gains amounting to NOK 2178 million, stemming
primarily from the sale of shares in SN Power.
Approximately NOK 220 million has so far been achieved under the performance
improvement programme. The target is to strengthen performance and reduce annual
costs by NOK 800 million.
Statkraft inaugurated the Ringedalen hydropower plant in Norway. It has an
installed capacity of 23 MW and will generate around 60 GWh renewable energy
annually.
In October, Statkraft sold its 50 per cent share in the offshore wind project
Triton Knoll to innogy. The financial effects will be recognized in the fourth
quarter. The transaction is in accordance with Statkraft's strategy to exit
offshore wind 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
Senior Financial Advisor Arild Ratikainen, tel: +47 971 74 132, e-mail:
arild.ratikainen(at)statkraft.com
Media:
Press spokesperson Knut Fjerdingstad, tel: +47 901 86 310, e-mail:
knut.fjerdingstad(at)statkraft.com
Media spokesperson Lars Magnus Günther, tel: +47 912 41636, e-mail:
lars.gunther(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, solar power, gas-fired power and supplies district heating. Statkraft is
a global company in energy market operations. Statkraft has 3800 employees in
16 countries.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Presentation Q3 2017:
http://hugin.info/133427/R/2144572/822000.pdf
Interim report Q3 2017:
http://hugin.info/133427/R/2144572/821875.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: 26.10.2017 - 08:00 Uhr
Sprache: Deutsch
News-ID 565371
Anzahl Zeichen: 4125
contact information:
Town:
Oslo
Kategorie:
Business News
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