Statkraft published its Q3 results today, which show that in the third quarter of 2013 the company achieved an underlying1 operating profit before depreciation (EBITDA) of NOK 1867 million, an improvement of NOK 614 million compared with the corresponding quarter in 2012.
Unrealised currency effects resulted in a net loss of NOK 1681 million, compared with a profit of NOK 638 million in the third quarter of 2012.
“Higher power prices contributed to a good operating profit, and the underlying EBITDA was 49 per cent higher than in the third quarter of last year. The weaker NOK yielded a negative result, but this is fully offset by other currency effects which strengthen equity,” says President and CEO Christian Rynning-Tønnesen .
The project activity level is in accordance with the Group’s strategy, with a number of large development and rehabilitation projects within renewable energy in Norway and internationally. A new district heating plant in Ås in Norway came online, and the rehabilitation of a hydropower plant in the Philippines was completed. Total investments in the quarter amounted to NOK 2.2 billion.
“Statkraft’s position in wind power is strengthened by new production capacity and new licenses. Two new wind farms came online in the quarter, while another five wind farms are under development in Sweden and the UK. The Group received several licences for wind farms in Central Norway,” says Christian Rynning-Tønnesen .
In emerging markets, the growth in demand is expected to continue. The letter of intent recently signed by Statkraft and Norfund aims to restructure the companies’ international cooperation within renewable energy. The Statkraft Group’s overall expertise within power development, operation and market can thereby be utilised even better.
Press release, November 7, 2013; Image: scira