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Statkraft AS: Result for the first quarter of 2016

28 Apr, 2016

Record high production and solid results

(Oslo, 28 April 2016) In the first quarter of 2016, Statkraft achieved an underlying[1] operating profit before depreciation (EBITDA) of NOK 4250 million, an increase of NOK 289 million compared with the corresponding period in 2015. The quarterly net profit ended at NOK 2389 million.

The average Nordic power prices were 23.9 EUR/MWh in the first quarter. This is a decrease of 15 % compared with 28.2 EUR/MWh in the corresponding quarter in 2015, but higher than in the fourth quarter last year. Total Nordic production was 17.9 TWh, which is an increase of 3.1 TWh compared with the same period last year. The increased hydropower production in Norway and Sweden more than counterbalanced the effect of lower prices. New capacity from International Hydropower contributed to further increase the EBITDA.

- The Statkraft Group's total production was 19.4 TWh. This was record high and resulted in a solid EBITDA. We continue to see increased production from our international assets which provides stable contributions, says President & CEO Christian Rynning-Tønnesen.

The net profit ended at NOK 2389 million.This is a decrease from the same quarter in 2015, which was highly influenced by large unrealised, positive currency effects.

In the first quarter, Statkraft, TrønderEnergi and a consortium led by Credit Suisse decided to invest in the 1000 MW wind power project comprising six onshore wind farms in Central Norway. Statkraft's share in the project is 52.1 %. The construction work has started. The project is eligble for el certificates and commissioning will be completed in 2020.

For additional information:
SVP Investor Relations Thomas Geiran, tel.: +47 905 79 979, e-mail: thomas.geiran@statkraft.com
Press spokesperson Knut Fjerdingstad, tel.: +47 901 86 310, e-mail: knut.fjerdingstad@statkraft.com

SVP Corporate Communication Bente E. Engesland, tel.: +47 911 59 952, e-mail: bente.engesland@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, gas-fired power and district heating and is a global player in energy market operations. Statkraft has 4200 employees in more than 20 countries.

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

[1] Adjusted for unrealised changes in value and material non-recurring items

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