Statkraft - third quarter 2009
(Thomson Reuters ONE) - Lower prices curbed the result(Oslo, 12 November 2009) Statkraft's underlying profit[1] before taxwas NOK 6668 million in the first three quarters of the year (NOK8419 million)[2], and NOK 888 million in the third quarter(NOK 1698 million). The year-to-date underlying profit after tax wasNOK 3559 million (NOK 5205 million), and NOK 233 million (NOK 693million) for the quarter. The result is influenced by lower powerprices than last year. The Group will now implement measures to adaptto the weaker market outlook and the company's capital situation."Statkraft's results reflect a demanding market situation. Weakermarket outlook, combined with the fact that the capital situationremains unresolved, will result in the implementation of measures tosafeguard the Group's financial strength. We are currentlyconsidering extraordinary efficiency measures to increase short-termprofitability. We will also be revising the investment plans -depending on the final outcome for the application for strongerequity and an amended dividend policy. In addition, we areconsidering a restructuring of the balance sheet in the intermediateterm," says President and CEO Bård Mikkelsen.Statkraft's result for the first three quarters of the year has beeninfluenced by lower prices. However, the incorporation of newactivities from the asset swap with E.ON AG and the consolidation ofSN Power are positive contributions. Operating revenues increased asa result of these transactions, but lower power prices have resultedin a lower capacity utilization and the Group's income hasconsequently not experienced the same relative growth compared tothat of the costs in the Group.The power prices in the Nordic and German markets during the firstthree quarters of the year were 34.5 EUR/MWh (42.7 EUR/MWh) and38.9 EUR/MWh (65.1 EUR/MWh), respectively. The prices arecharacterized by lower demand - particularly in energy-intensiveindustry - and lower commodity prices on the Continent.The Group produced 11.9 TWh in the third quarter (10.4 TWh), and39.1 TWh in the first three quarters of the year (38.1 TWh).Hydropower production increased during the first nine months of theyear as a result of the consolidation of SN Power and the new powerplants from the asset swap with E.ON AG. However, Norwegianhydropower production was significantly lower as a result of lowerpower prices. Gas and wind power production held steady compared withthe same period last year.The reported accounts have been influenced by large unrealisedchanges in value and the year-to-date unadjusted accounting resultafter tax is NOK 5938 million (NOK 4599 million), and NOK2645 million during the quarter (NOK 1381 million).The Group generated gross operating revenues of NOK 4588 million inthe third quarter (NOK 4778 million). The accumulated gross operatingrevenues for the first nine months of the year wereNOK 17 518 million (NOK 16 723 million), representing an increase of5%. The increase is primarily due to the new activities.The underlying operating profit was NOK 814 million in thethird quarter (NOK 2065 million), and NOK 6177 million year to date(NOK 7957 million), corresponding to a reduction of 61% and 22%,respectively.Important events during the quarterIn August, Statkraft and the Swedish forest industry company Södrasigned a letter of intent relating to renewable energy. The agreementincludes all electricity deliveries to the Södra group in Norway,development and construction of wind power at Södra's properties inSweden, construction of Sweden's longest residual heat pipeline andsupply of biofuel from Södra to Statkraft's district heating plantsin Sweden. The projects in this portfolio have an investmentpotential of up to NOK 8.5 billion leading up to 2017. On 1October, a wind power cooperation agreement was signed, which entailsthat Statkraft will buy 90.1% of Södra's wind power developmentcompany. The activities will be continued in two companies, one forinvestment, ownership and operation, where Statkraft will own 90.1%of the shares, and one for early-phase project development, whereStatkraft will own 40% of the shares. The portfolio contains projectsin various stages of development, with an overall potential of about608 MW of installed capacity and an annual production of 1.6 TWh.On 16 September, Trondheim Energi and TrønderEnergi agreed on theprinciples for a grid merger in Sør-Trøndelag County. The companieshave started commercial negotiations with a shared intention ofmerging the grid companies Trondheim Energi Nett and TrønderEnergiNett. The merger will be implemented by TrønderEnergi, from theassumed merger date on 1 January 2010, buying shares to increase itsstake to 51% in the merged company, and at the same time committingitself to buying the remaining 49% of the company from 1 January2013.On 24 September, Statkraft and the Italian company Solar Utility SpAsigned an agreement for the acquisition of eight ready-to-build solarpower projects in the Puglia region in southeast Italy. The projectshave a total capacity of almost 20 MW, and represent the first steptowards an ambition to develop a nexus for renewable energy in Italy.In the third quarter, Statkraft and the Scottish company Duke Energyreceived a license for the construction of the Berry Burn wind farm(Statkraft ownership 50%) in Scotland. The park will consist of29 turbines with a total installed capacity of up to 78.3 MW.Elkem and Statkraft have agreed on the framework for a joint energyrecovery project for the silicon smelting plant at Thamshavn inOrkanger in Central Norway. Following a pledge of financial supportfrom Enova, the Norwegian state agency for the promotion of greenenergy, a joint venture agreement was signed in September. Theparties will collaborate on a main study that will form the basis foran investment decision in the first half of 2010.All physical installations for the prototype osmotic power plant atTofte have been completed. The installation underwent successfultesting on 2 October, and the official opening will take place on24 November. A continuous effort is underway to further developmembranes in cooperation with a number of external partners.The power sales company Fjordkraft's customer centre has won theenergy industry award for best customer service. The award is aresult of a comprehensive test of the customer service in 56companies from nine different industries.Statkraft is Europe's largest producer of renewable energy. The Groupdevelops and produces hydropower, wind power, gas power and districtheating, and is a major player on the European energy exchanges.Statkraft also develops solar energy, marine energy, osmotic powerand other new energy solutions. Through ownership in other companies,the Group supplies power and heating to about 600 000 customers inNorway. In 2008, the Group achieved sales of NOK 25.1 billion and anunderlying profit after tax of NOK 8.1 billion. Statkraft has morethan 3200 employees in more than 20 countries.For further information:Executive vice president/CFO Stein Dale, tel.: +47 24 06 72 11 / +47450 02 111Vice president investor relations Yngve Frøshaug, tel.: +47 24 06 7876 / +47 900 23 021Executive vice president Ragnvald Nærø, tel.: +47 24 06 71 00 / +47900 80 303or www.statkraft.no[1] Adjusted for unrealised changes in value and significantnon-recurring items in the Group and associates.[2] Figures in parentheses show comparable figures for thecorresponding period in 2008.http://hugin.info/133427/R/1354420/328409.pdfhttp://hugin.info/133427/R/1354420/328410.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 12.11.2009 - 08:00 Uhr
Sprache: Deutsch
News-ID 8266
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 386 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Statkraft - third quarter 2009"
steht unter der journalistisch-redaktionellen Verantwortung von
Statkraft (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
