Statkraft SF First Quarter 2007
10.05.2007 08.04 | stock exchange information
In the first quarter of 2007, the Statkraft SF Group posted a profit before tax of NOK 3,551 million, compared with NOK 2,304 million in the corresponding prior-year period.
Electricity prices continued to fall in the first three months of the year. The average price for the quarter was NOK 218/MWh, which represents a decrease of 41% compared with the fourth quarter of 2006. Production was 33% lower than in the first quarter of 2006.
The dynamic hedging portfolio posted a strong profit of NOK 865 million in the first quarter 2007, which represents an improvement of NOK 956 million compared with the first quarter of 2006.
New bond loans with a total volume of EUR 900 million and NOK 1500 million were issued under the EMTN (Euro Medium Term Note Programme) scheme.
Together with its partner Catamount Energy Corporation, Statkraft was granted its first final licence in the United Kingdom during the first quarter. Blaengwen Wind Farm in Wales will consist of 10 turbines and have a total capacity of 20-30 MW.
In Norway Småkraft AS was granted six licences for the construction of hydropower plants.
Statkraft opened a new regional office in Belgrade during the first quarter.
The Group introduced a new profile on 30 March 2007 through the adoption of a joint logo for Statkraft, Skagerak Energi and Trondheim Energiverk, with the latter company changing its name to Trondheim Energi from the same date.
Statkraft SF's business
Statkraft SF's purpose is to own all the shares in Statkraft AS and provide that company with loans. In addition, Statkraft SF owns certain assets that may not be formally owned by Statkraft AS. This applies to power plants that have reverted to state ownership and which have subsequently been leased out to third parties, and to plants which will return to Statkraft on their reversion to state ownership. It also applies to certain international investments (Asian Power Invest AB and Nordic Hydropower AB).
Statkraft SF's consolidated financial statements will, with the exception of the retained assets and individual items on the liabilities side, be identical with the consolidated financial statements for the Statkraft AS subgroup.
Total assets in Statkraft SF Group's closing balance sheet for the first quarter of 2007 were NOK 817 million higher than the corresponding figure in Statkraft AS Group's balance sheet. NOK 847 million of this difference is attributable to the book value of the power plants that have been leased to third parties and international investments, while changes in current items, and cash and cash equivalents were NOK 30 million lower.
The Statkraft SF Group had almost NOK 3 billion more in long-term interest-bearing liabilities than the Statkraft AS Group, due to the fact that Statkraft SF borrowed NOK 3 billion under an established line of credit in order to finance the dividend payment for the 2004 financial year. At the end of the first quarter interest-bearing liabilities totalled NOK 42.4 billion, compared with NOK 33.5 billion at the end of the corresponding prior-year period. The interest-bearing debt ratio stood at 48.9%, compared with 45.3% at the end of the previous year. Current assets, excluding cash and cash equivalents, totalled NOK 14.1 billion, while short-term interest-free liabilities totalled NOK 17.1 billion.
Differences between Statkraft SF's and Statkraft AS's respective income statements largely relate to revenues and expenses linked to the ongoing operation of the retained assets. These differences are modest.
EVP/CFO Eli Skrøvset, tel: +47 2406 7914/+47 909 86 495
VP Investor Relations Yngve Frøshaug, tel: +47 2406 7876/+47 900 23 021
The full report including tables and the IFRS document can be downloaded from the following links:
|Report 1st quarter 2007|