Statkraft AS - Agreement on sales of green certificates terminated
Statkraft has today entered into an agreement to terminate the obligation on the group's operative wind farms to sell green certificates. The Dutch company NUON had undertaken to purchase these certificates from the wind farms for a period of 15 years after each farm went into operations. NUON retains a right to 50 per cent of profits from possible future sales of green certificates from the wind farms. The agreement will give Statkraft an estimated increased net profit of NOK 720 million in the fourth quarter of 2005.
Statkraft AS - upgraded rating from Moody's
Moody's Investors Service has today upgraded the senior unsecured issuer rating of Statkraft AS to Baa1. The outlook is stable.
Statkraft - Process to sell TEV is cancelled
Following today's decision by the Norwegian government to cancel the obligation imposed upon Statkraft by the competition authorities to sell Trondheim Energiverk (TEV), Statkraft has decided to cancel with immediate effect the process to sell TEV. TEV is an important strategic investment and the sales process was initiated to comply with the obligation that has now been cancelled.
Statkraft - Information concerning Trondheim Energiverk
The Norwegian Ministry of Modernisation has resolved to revoke the order issued to Statkraft to sell Trondheim Energiverk (TEV). Now that it has the opportunity, Statkraft will - as previously stated - retain TEV.
Statkraft Third Quarter 2005: Financial results continue to rise
(Oslo, 10 November 2005) Profits for the Statkraft Group continued to strengthen in the 3rd quarter as a result of high production levels. Revenues from financial power hedging were considerable, financial expenses were reduced and gains from the sale of assets were taken to income during the quarter. Statkraft made a profit before tax of NOK 1,317 m (NOK 241 m) in the 3rd quarter, while the group's net profit totalled NOK 904 m (NOK 380 m). In the first 9 months of the year Statkraft made a profit before tax of NOK 5,343 m (NOK 2,874 m), while its net profit totalled NOK 3,534 m (NOK 2,205 m).
Statkraft SF Third Quarter 2005
The Statkraft SF Group made a profit before tax of NOK 1,333 million in the third quarter 2005, while the group's net profit totalled NOK 1,000 million. This is an increase of NOK 1,025 million and NOK 564 million respectively compared with the third quarter 2004.
Statkraft releases material regarding 3rd quarter on 10.11.2005
Statkraft will report third quarter results on Thursday 10 November 2005. The results will be available at 8:00 a.m.CET, and will be presented in a conference call in English at 10:00 a.m.CET.
Statkraft AS - Result 2nd quarter 2005
(Oslo, 18 August 2005) The Statkraft Group's second quarter results were boosted by continued high levels of electricity production, substantial revenues from financial power sales, and a reduction in financial expenses, but were cut back slightly by non-recurring costs charged during the period. Pretax profit for the second quarter was NOK 1,554 m (NOK 511 m), while net profit was NOK 891 m (NOK 334 m). Pretax profit for the first half year as a whole was NOK 4,026 m (NOK 2,633 m), while net profit was NOK 2,630 m (NOK 1,825 m). "The results for the first half year are very good, and are our highest ever. We have coped with a cut in market prices and successfully managed our water resources and output," says CEO Bård Mikkelsen.
Statkraft SF - Result 2nd quarter 2005
Pretax profit before tax NOK 1,576 m. Net profit NOK 1,135 m in the 2nd quarter 2005, up NOK 1,020 m and NOK 765 m respectively compared with the same period last year.
Statkraft - Release of material regarding 2nd quarter on 18.8.2005
Statkraft will report second quarter results on Thursday 18 August 2005. The results will be available at 8:00 a.m. Norwegian time, and will be presented to investors, analysts and journalists.
Acquires hydropower plants in Sweden and Finland
Statkraft and Sydkraft, the Swedish energy group, have today signed an agreement whereby Statkraft will acquire 24 hydropower plants in Sweden and Finland with an average annual production of approximately 1.6 TWh. The acquisition is based on an agreement in principle entered into last October between Statkraft and the German power company E.ON, a majority shareholder of Sydkraft.
Statkraft - Stamp duty related to reorganisation reduced
A liability for stamp duty is assumed to accrue as a result of Statkraft's transition to a limited company and the transfer of real estate from Statkraft SF to Statkraft Energi AS. The Ministry of Finance has now passed an opinion on the principles on which to calculate the stamp duty. Based on these principles the outstanding liability is roughly estimated to approx NOKm 500. Statkraft has earlier stated that the amount may reach NOK 1.8 bn.
Investment in gas-fired power plant near Cologne, Germany
Statkraft has decided to invest in a gas-fired power plant in Knapsack, near Cologne, Germany. The plant will be owned and operated as a subsidiary of Statkraft. It is estimated that the total investment will come to around EUR 400 million. The plant will have an annual output of 4-5 TWh. The power plant is the second planned by Statkraft in Germany.
Statkraft - Go-ahead for gas-fired power plant in Norway
Statkraft and Hydro have been working on plans for the construction of a gas-fired power plant in Kårstø, on the Norwegian west coast. The planning work has been carried out by Naturkraft AS, a 50-50 joint venture between Statkraft and Hydro. Naturkraft's board of directors has decided to go ahead with construction of the plant. For further details please see the enclosed press release from Naturkraft.
Statkraft - Repurchase of bonds completed
At the expiry of the acceptance deadline today, Statkraft SF had repurchased bonds with a nominal value of NOK 675,400,000 in STAKR01 ((ISIN NO 001 016710.9) and NOK 1,079,000,000 in STAKR02 (ISIN NO 001 016760.4). Following this repurchase, the amounts outstanding on the two loans are NOK 1,398,900,000 in STAKR01 and NOK 1,421,000,000 in STAKR02. The bonds were repurchased at a price of 106.64 for STAKR01 and 114.18 for STAKR02.
Statkraft - Offer to repurchase Norwegian bonds
Statkraft SF is making a repurchase offer to the holders of the two bond issues STAKR01 (ISIN NO 001 016710.9) and STAKR02 (ISIN NO 001 016760.4).
German gas power plant investment
Statkraft's board of directors today announced its decision to acquire a 50% stake in the Herdecke gas-fired power plant in Germany. The remaining 50% will be held by the German energy company Mark-E. The total investment (100%) will amount to an estimated EUR 220 million.
Statkraft - Redemption of loan
In bondholders meetings on May 20, approval was given for redemption of the outstanding amounts in 3 bond issues, totalling NOK 4,5 billion. Payment will take place on May 31. For details concerning each loan, please refer to specific stock exchange notices. Loans which were not redeemed will continue on original terms.
Statkraft First Quarter 2005: High production levels give strong financial results
(Oslo, 11 May 2005) The Statkraft Group's first quarter income was boosted by high levels of electricity production. In addition, revenues from financial power hedging were substantial and financial costs were reduced.The major costs incurred by the associated company Sydkraft following a hurricane in southern Sweden did, however, pull down the group's overall financial result slightly. Statkraft achieved a pre-tax income of NOK 2,472 million (NOK 2,124 million), and a net income of NOK 1,739 million (NOK 1,493 million) in the first quarter 2005.
Statkraft SF - Result first quarter 2005
The Statkraft SF Group had a pre-tax income of NOK 2,523 million and a net income of NOK 1,786 million in the first quarter 2005. This is an improvement of NOK 329 million and 234 million (15 per cent), respectively, compared with the first quarter 2004.
First Quarter 2005: High production levels give strong financial results
(Oslo, 11 May 2005) The Statkraft Group's first quarter income was boosted by high levels of electricity production. In addition, revenues from financial power hedging were substantial and financial costs were reduced. The major costs incurred by the associated company Sydkraft following a hurricane in southern Sweden did, however, pull down the group's overall financial result slightly. Statkraft achieved a pre-tax income of NOK 2,472 million (NOK 2,124 million), and a net income of NOK 1,739 million (NOK 1,493 million) in the first quarter 2005.
Statkraft - Redemption of loan - bond holder meeting
On behalf of Statkraft SF Norsk Tillitsmann ASA gives notice of a bond holder meeting regarding an offer of a premature redemption of the following bond issues;
Statkraft - Release of material regarding 1st quarter on 20050511
Statkraft will report first quarter results on Wednesday 11 May 2005. The results will be presented in a conference call in English at 15:00 p.m. CET.
Statkraft: Long-term physical power contract
(Oslo, 25 April 2005) Statkraft and Fesil today signed a long-term contract for the supply of electricity to Fesil's production facilities in Mo i Rana. According to the agreement, Statkraft will supply approx. 0.9 TWh per year from 1 Jan. 2006 to 31 Dec. 2020. Commercial terms and conditions apply, partly based on pre-defined prices. Up to now Statkraft has supplied electricity to Fesil for NOK 55/MWh under a statutory-priced industrial contract. This contract has now expired.
Statkraft - Potential redemption of bonds issued by Statkraft SF
Statkraft SF is considering to offer a premature redemption of a major part of its outstanding bonds in the domestic market, issued before 31 December 2002. Nordea Markets has been mandated to assist in the process, which is expected to lead to a bid being submitted to relevant bond holders during the month of May.
Statkraft - Creation of legal group structure
To create an effective legal structure appropriate to the Statkraft AS Group's business and financial requirements, the board of Statkraft AS has decided to transfer shares currently owned by Statkraft Energi AS to Statkraft AS. As part of the further development of the Statkraft AS Group, the board of directors decided today to take over Statkraft Energi AS's shareholdings in Statkraft Holding AS, Statkraft Energy Enterprise AS, Statkraft Energy Europe AS, Statkraft Development AS (formerly Statkraft Vind AS), Statkraft Forsikring AS, Naturkraft AS, SN Power AS and Hydra Tidal Energy Technology AS.
Statkraft in the fourth quarter 2004: Good financial trading and significant capital gains
(Oslo, 17 February 2005) Significant capital gains had a positive effect on the Statkraft Group's fourth-quarter income. The preliminary pre-tax income for the year after adjusting for non-recurring items was NOK 4,039 million (NOK 4,754 million) and the net income was NOK 3,354 million. The improvement in the net income is attributed primarily to the reversal of tax provisions made in earlier years.
Stock exchange notification: Release of material regarding 4th quarter on 17.2.2005
Statkraft will report fourth quarter results and preliminary results for 2004 on Thursday 17 February 2005. The results will be available at 8:00 a.m. Norwegian time, and will be presented to investors, analysts and journalists.