Statkraft AS : Result for the first quarter of 2015
Solid result and strengthened international position
(Oslo, 30 April 2015) In the first quarter of 2015, Statkraft achieved an underlying operating profit before depreciation (EBITDA) of NOK 3547 million, a decline of NOK 289 million compared with the corresponding period in 2014. Statkraft is strengthening its position in Brazil and Chile through the acquisition of majority interests in two companies.
"Statkraft delivered a solid operating profit before depreciation with positive contributions from all business areas", says President and CEO Christian Rynning-Tønnesen. Nordic power prices measured in EUR were 7 per cent lower than in the corresponding period last year, but this was offset by somewhat higher power generation.
The net profit was NOK 3683 million, an improvement of NOK 882 million compared with the first quarter of 2014. Negative currency effects in the financial items as a result of a stronger NOK against EUR had a positive impact on the quarterly profit. The currency effects are counterbalanced by currency translation effects in equity.
Statkraft's international position within renewable energy has been strengthened through acquisitions of hydropower in Brazil and Chile. Statkraft has entered into an agreement to purchase shares in the Brazilian company Desenvix Energias Renováveis S.A. The transaction is scheduled to be completed in the third quarter of 2015 and will increase Statkraft's shareholding to 81.3 per cent.
In April, Statkraft also completed the purchase by 98.2 per cent of Empresa Eléctrica Pilmaiquén S.A. in Chile. "Brazil and Chile have a rising need for energy. These acquisitions will strengthen Statkraft's position in South America within renewable power generation and add new hydropower projects", says Rynning-Tønnesen.
Statkraft has acquired 50 per cent of the rights to the offshore wind power project Triton Knoll (up to 900 MW). This latest investment represents Statkraft's third offshore wind project in the UK. "Statkraft will spearhead the development of the project leading up to the investment decision and will be the operator of a potential future construction. This will contribute toward developing Statkraft as a leading company within offshore wind power", says Christian Rynning-Tønnesen.
Statkraft is a leading company in international hydropower and Europe's largest generator of renewable energy. The Group produces hydropower, wind power, gas power and district heating, and is a global player in energy market operations. Statkraft has 3 700 employees in more than 20 countries.
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 Adjusted for unrealised changes in value and material non-recurring items