Statkraft AS: Result for the first quarter 2017

Strong result

(Oslo, 4 May 2017) Statkraft AS recorded an underlying EBITDA of NOK 5186 million in the first quarter of 2017. This is an increase of NOK 1185 million compared with the corresponding period in 2016. The result showed a quarterly net profit of NOK 2749 million.

The increase in EBITDA was mainly driven by increased contributions from market operations. The higher Nordic power prices were offset by lower production and currency effects.

The average Nordic power price in the first quarter was 31.2 EUR/MWh. This is an increase of 30 % compared with the price level experienced in the same period in 2016. Statkraft's total production was 17.1 TWh. This is a reduction of 12 % compared with the first quarter in 2016 which had record high production. Hydropower production was down by 2.8 TWh as a result of reduced production in the Nordics. Gas-fired power production was up by 0.3 TWh due to improved gas-to-power margins. Production of wind power was up by 0.2 TWh.

- Statkraft's operational assets continue to provide a solid cash flow. Increased operating result and net profit were driven primarily by contributions from market operations. We are pleased to see return on capital exceeding 9 %, says CEO Christian Rynning-Tønnesen.

Operating expenses were reduced mainly as a result of a decrease in property tax in Norway and Sweden. Currency effects have further contributed to reduce the operating expenses.

Statkraft's performance improvement programme is progressing according to plan and will result in a stronger and more competitive company going forward.

Statkraft divested the 25 % stake in the Dogger bank offshore wind projects. This is in line with Statkraft's strategy for divesting offshore wind assets to strengthen the financial solidity.

For further information, please contact:
Debt Capital Markets:
Funding manager Stephan Skaane, tel: +47 905 13 652, e-mail:Stephan.skaane@statkraft.com
Head advisor Yngve Frøshaug, tel: +47 900 23 021, e-mail: Yngve.Froshaug@statkraft.com

Media:
Press spokesperson Knut Fjerdingstad, tel: +47 901 86 310, e-mail: knut.fjerdingstad@statkraft.com
SVP 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 3800 employees in more than 20 countries.