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CORRECTION: Statkraft AS - result for the first quarter of 2012

16 May, 2012
This is a correction of the announcement from 08:00 16.05.2012 CEST. Reason for the correction: Misprint in Financial Statement table on page 14 and note 5 on page 19 in the Interim report.

Statkraft AS - result for the first quarter of 2012

Satisfactory result in spite of lower power prices

(Oslo, 16 May 2012) In the first quarter of 2012, Statkraft achieved an underlying1 operating profit before depreciation (EBITDA) of NOK 4135 million, compared with NOK 4249 million in the corresponding quarter in 2011. The pre-tax result was also in line with the first quarter of last year and ended at NOK 4853 million.

"The quarterly result is satisfactory and in line with last year. Lower power prices have been offset by high production, higher contractual volume and profitability from market activities. At the beginning of the second quarter, water levels in the Nordic hydropower reservoirs are high, and prices in the short term are expected to remain relatively low," says President and CEO Christian Rynning-Tønnesen.

Market conditions in the first quarter were characterised by high reservoir water levels, a lot of precipitation, high wind power production and higher-than-normal temperatures, resulting in a surplus of power in the market. The Nordic power prices were on average 42 per cent lower than in the corresponding quarter in 2011 and the system price for the period ended at 38.5 EUR/MWh, against 66.2 EUR/MWh in 2011. The average spot price in the German market fell 12 per cent and ended at 45.5 EUR/MWh for the quarter, compared with 51.8 EUR/MWh in 2011.

In the first quarter, the Group's power generation was 17.4 TWh, an increase of 18 per cent compared with the first quarter of last year. The increase was mainly due to the hydropower production being 26 per cent higher than in 2011. The wind power production was higher than normal, while the gas fired power production was lower due to weak margins. At the end of the quarter, the overall water level in the Nordic region's reservoirs was 127 per cent of normal.

"In the first quarter, Statkraft has made important investment decisions in Norway and Brazil. In Norway, decisions have been made as regards development of the Kjensvatn hydropower plant in Nordland County, and for Agder Energi's and Skagerak Energi's development of the Brokke Nord/Sør hydropower plant in Setesdal. I Brazil, SN Power has acquired 40.65 per cent of the shares in the company Desenvix for NOK 2.4 billion," says Rynning-Tønnesen.

The Group's result development is also affected by associated companies, where the profit contribution improved compared with the first quarter of 2011. Otherwise, negative unrealised changes in the value of energy contracts were offset by unrealised currency gains.

1 Adjusted for unrealised changes in the value of energy contracts and significant non-recurring items

Statkraft is a European leader within renewable energy. The Group develops and produces hydropower, wind power, gas power and district heating, and is a major player on the European energy exchanges. Statkraft has 3400 employees in more than 20 countries.

For additional information:
VP Investor Relations Yngve Frøshaug, tel.: +47 24 06 78 76 / +47 900 23 021
Press spokesperson Knut Fjerdingstad, tel.: +47 24 06 71 61 /+47 901 86 310
SVP Corporate Communication Bente E. Engesland, tel.: +47 24 06 75 01 / +47 911 59 952


Disclosure of this information is required pursuant to Section 5-12 of the Securities Trading Act