Statkraft AS: Result for the first quarter 2019

09.05.2019 08.00 | stock exchange information

Solid earnings

(Oslo, 9 May 2019) Statkraft recorded an underlying EBIT amounting to NOK 6430 million in the first quarter of 2019. This was an increase of NOK 469 million from the same period last year. The increase was mainly driven by higher contribution from market activities and wind power generation.

The average Nordic system price in the quarter was 46.8 EUR/MWh, an increase of 21 per cent from the price level in the first quarter in 2018. Total generation was 16.1 TWh, a reduction of 4.9 TWh compared with the record high production in the corresponding quarter last year.

The quarterly net profit ended at a solid NOK 4752 million. This was a decrease of NOK 5.5 billion compared with the first quarter of 2018 which included gains from divestments of almost NOK 6.8 billion.

Cash flow from operating activities reached NOK 3891 million in the quarter.

- We are pleased with a solid result, reflecting strong operations and a significant contribution from Norwegian and international market activities, says CEO Christian Rynning-Tønnesen.

Statkraft combines flexible hydropower with intermittent wind- and solar power to deliver reliable and renewable energy to the customers. Maintenance and refurbishment of existing hydropower plants in the Nordics remain a key priority.

In April, Statkraft decided to build the Vesle Kjela hydropower plant in Norway. The installed capacity will be 8.5 MW and the investment will increase the annual generation with approximately 40 GWh. The powerplant is included as a new section in an already existing regulation.

Electrification of the transport sector will have a significant impact on the European energy market. This is the reason for Statkraft's acquisition of 61 per cent of the electrical vehicles charging company eeMobility in Germany.

For further information, please contact:

Debt Capital Markets:
Funding manager Stephan Skaane, tel: +47 905 13 652, e-mail: stephan.skaane@statkraft.com
Senior Financial Advisor Arild Ratikainen, tel: +47 971 74 132, e-mail: arild.ratikainen@statkraft.com

Media:
Press spokesperson Knut Fjerdingstad, tel: +47 901 86 310, e-mail: knut.fjerdingstad@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 3600 employees in 16 countries.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Interim Report Q1 2019 .PDF
Presentation Q1 2019 .PDF