Statkraft AS: Result for the fourth quarter and the year 2020
Satisfactory result and successful strategy execution
(Oslo, 18 February 2021) Statkraft achieved an underlying EBIT (operating profit) of NOK 1.6 billion in the fourth quarter. Net profit in the quarter ended at NOK 3.7 billion.
Underlying EBIT for 2020 was NOK 6.7 billion and net profit NOK 3.5 billion.
- The financial results for 2020 was satisfactory given the very low Nordic power prices. The main reasons were successful hedging and solid contribution from other market activities. The reservoir filling in the Nordics has normalised at the start of 2021, leading to an increase in the power prices, says CEO Christian Rynning-Tønnesen.
The average Nordic system price in the quarter was 13.7 EUR/MWh, a decrease of 65 per cent compared with the same quarter in 2019. Total generation was 17.2 TWh in the quarter, a decrease of 3 per cent. The decrease in generation was related to both Nordic hydropower and German gas-fired power, and was partly offset by higher generation from new wind power assets.
Underlying EBIT in the quarter ended at NOK 1580 million, a decrease of NOK 3844 million compared with the corresponding quarter. The decrease was mainly due to significantly lower Nordic power prices. Positive currency effects contributed to a net profit of NOK 3663 million.
Highlights in the quarter
- Acquired Solarcentury, a global solar developer headquartered in London
- Decided to start construction of two wind farms in Ireland
- Signed a new 15-year financial contract and received NOK 2.3 billion in prepayment
- Signed several new long-term PPAs in Europe and Brazil
- We are very satisfied with the strategic execution across markets and technologies. The acquisition of Solarcentury, new wind projects and power sales agreements are strengthening Statkraft’s position as a leading developer of renewable energy, says CEO Christian Rynning-Tønnesen.
Full year 2020
Financial statements for Statkraft AS Group for 2020 has been approved by the Board of Directors of Statkraft AS. Statkraft's generation reached 65.4 TWh, up 7 per cent from 2019. The average system price at Nord Pool was 10.9 EUR/MWh, a decrease of 72 per cent year-on-year. The underlying EBIT ended at NOK 6670 million, compared with NOK 16 744 million in 2019. Net profit was NOK 3532 million. This was NOK 7795 million lower than in 2019. Proposed dividend amounts to NOK 3673 million.
Statkraft has a solid financial foundation to deliver on the growth strategy. The project pipeline continues to increase and Statkraft is on track to deliver on the target of developing 9 GW of renewable energy by 2025.
Statkraft does not publish a separate external report for the fourth quarter as the annual report is disclosed together with this stock exchange notice. Selected statements for the fourth quarter are attached as an appendix.
In connection with the preparation of the accounts for the fourth quarter, an error was discovered in the reported financial statement for the third quarter. The errors were related to the segments European flexible generation and International power, and have a negative effect on the third quarter figures of NOK 194 million on operating profit and NOK 457 million on share of profit/loss in equity accounted investments respectively. Corrected statements for the third quarter are attached to this stock exchange notice.
For further information, please contact:
Debt Capital Markets:
Funding manager Stephan Skaane, tel: +47 905 13 652, e-mail: email@example.com
Senior Financial Advisor Arild Ratikainen, tel: +47 971 74 132, e-mail: firstname.lastname@example.org
Head advisor Lars Magnus Günther, tel: +47 912 41 636, e-mail: email@example.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 4500 employees in 17 countries.
- Annual report 2020
- Q4 2020 Selected Financial Statements
- Q3 2020 Restated Financial Statements
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
Feedzai recognized in NowTech: Enterprise Fraud Management, Q1 2021 Report2.3.2021 17:46:42 CET | Press release
SAN MATEO, Calif., March 02, 2021 (GLOBE NEWSWIRE) -- Feedzai, the world’s leading cloud-based risk management platform announced today that it has been recognized in Forrester’s NowTech: Enterprise Fraud Management, Q1 2021 report. The report provides an overview of 37 Enterprise Fraud Management (EFM) providers. The report is designed to help security and risk professionals understand the value they can expect from an EFM provider, while also providing guidance on selecting vendors based on their respective expertise. In addition, the report addresses critical elements in EFM solutions that reduce fraud, minimize customer friction, and provide explainable fraud models - an increasingly important element as Responsible AI discussions take place from a regulatory perspective. “The days of closed risk scoring models for fraud management are over,” writes Andras Cser, Vice President, and Principal Analyst - Security and Risk Management at Forrester Research in the report:“EFM solutions h
Karolinska Development’s portfolio company OssDsign announces a fully guaranteed rights issue and launches new corporate strategy2.3.2021 17:02:24 CET | Press release
STOCKHOLM, SWEDEN – March 2, 2021. Karolinska Development AB (Nasdaq Stockholm: KDEV) announces today that its portfolio company OssDsign has decided to carry out a fully guaranteed rights issue of SEK 240 million in combination with overallotment options of up to approximately SEK 30 million – a total of approximately SEK 270 million. The purpose of the financing is, among other things, to accelerate the company's development through the new strategy program ASCENT25. The guarantors of the rights issue include several of the company's previous major shareholders, including Karolinska Development, SEB Venture Capital and Fouriertransform. In connection with the rights issue, OssDsign presents a new corporate strategy with the purpose of realizing its potential and accelerating the development towards a positive cash flow by 2025. The great interest in the issue reflects confidence in OssDsign's capacity to advance to a new level. The new strategy, ASCENT25, aims to accelerate the compa
Karolinska Developments portföljbolag OssDsign genomför en fullt garanterad företrädesemission och lanserar ny bolagsstrategi2.3.2021 17:02:24 CET | Pressemelding
STOCKHOLM, SVERIGE 2 mars 2021. Karolinska Development AB (Nasdaq Stockholm: KDEV) meddelar idag att styrelsen i portföljbolaget OssDsign har beslutat att genomföra en fullt garanterad företrädesemission om SEK 240 miljoner i kombination med övertilldelningsoptioner om upp till cirka SEK 30 miljoner – totalt cirka SEK 270 miljoner. Syftet med finansieringen är bland annat att acclerera bolagets utveckling genom det nya strategiprogrammet ASCENT25. Företrädesemissionens garanter inkluderar flera av bolagets tidigare storägare, bland annat Karolinska Development, SEB Venture Capital och Fouriertransform. I samband med emissionsbeslutet presenterar OssDsign en ny bolagsstrategi vars syfte är att realisera dess potential och acclerera utvecklingen mot ett positivt kassaflöde senast 2025. Den stora intresset för emissionen speglar förtroendet för OssDsigns kapacitet att avancera till en ny nivå. Den nya strategin, ASCENT25, avser att accelerera företagets tillväxt, värdeskapande och inno
USD TENDER OPERATION ANNOUNCEMENT2.3.2021 16:20:00 CET | Press release
Bid date, 2021-03-04Bid Date2021-03-04Bid times14.00-14.30 (CET/CEST) on the Bid dateOfferent AmountUSD 10 billionMaximum Permitted Volume of BidsUSD 4 billion from an individual institutionSettlement Date2021-03-08Minimum Permitted Bid Volume100 USD million per bidMaximum Allocation40 per cent of the Offerend amountAllocation timeNot later than 15.00 (CET/CEST) on the Bid dateMaturity Date2021-05-28Maximum Number of Bids10 per individual institutionLowest Interest Supplement0.25 percentage pointsConfirmation of bids to firstname.lastname@example.org Stockholm, 2021-03-02 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms and conditions can be retrieved at www.riksbank.se.
RAPALA VMC CORPORATION - FINANCIAL STATEMENTS AND CORPORATE GOVERNANCE STATEMENT 2020 PUBLISHED2.3.2021 16:00:00 CET | Press release
Rapala VMC Corporation Stock Exchange Release March 2, 2021 at 5:00 p.m. RAPALA VMC CORPORATION - FINANCIAL STATEMENTS AND CORPORATE GOVERNANCE STATEMENT 2020 PUBLISHED Rapala VMC Corporation’s Financial Statements and Corporate Governance Statement 2020 have been published as attachments to this stock exchange release. These statements and other investor information as well as report on corporate responsibility and remuneration report are available on the Group’s corporate website at www.rapalavmc.com in English and Finnish. For the first time, Rapala VMC Corporation publishes the Financial Statements in accordance with European Single Electronic Format (ESEF) reporting requirements. In line with the ESEF requirements, the primary statements have been labelled with XBRL tags. These XBRL tags have not been subject to audit. RAPALA VMC CORPORATION Nicolas Warchalowski President and Chief Executive Officer For further information: Olli Aho, Investor Relations, tel. +358 9 7562 540 Distri
Novartis shareholders approve all resolutions proposed by the Board of Directors at the Annual General Meeting2.3.2021 15:26:23 CET | Press release
Shareholders approve 24th consecutive dividend increase to CHF 3.00 (+1.7%) per share for 2020; representing a 3.8% yield1 and approximately 63% payout of free cash flow Shareholders confirm Dr. Joerg Reinhardt as Chairman of the Board of Directors as well as all other members who stood for re-election Shareholders approve all other proposals of the Board of Directors, including the 2020 Compensation Report in an advisory vote, as well as the future Board and Executive Committee compensation in separate binding votes Basel, March 2, 2021 — Novartis shareholders today agreed to the Board of Directors’ recommendations for all proposed resolutions at the Group’s Annual General Meeting (AGM). In accordance with the Swiss COVID-19 Ordinance 3, the 2021 AGM was held without shareholders being physically present. Accordingly, shareholders exercised their shareholder rights via the Independent Proxy and could follow the AGM via a live webcast. In addition, shareholders had the opportunity to s
project44 Unveils Supply Chain Visibility Conference Transform 20212.3.2021 15:00:00 CET | Press release
project44 Brings Together Global Community at Virtual Conference for Supply Chain Innovators CHICAGO and AALBORG, Denmark, March 02, 2021 (GLOBE NEWSWIRE) -- project44, the world’s leading Advanced Visibility Platform™ for shippers and logistics service providers, today announced Transform, a virtual conference for supply chain innovators taking place on March 9, 2021 in North America and March 10, 2021 in Europe. Through thought leadership sessions, product training and networking opportunities, this event will provide a global platform for supply chain professionals across sectors to discuss topics ranging from visibility solutions to digitization. The conference will feature thought leaders from across the industry, including: Jett McCandless, CEO and founder at project44 Vernon O’Donnell, Chief Product Officer at project44 Travis Schmidt, Head of NA Transportation at Alcon Laboratories Martynas Sarapinas, CIO at Girteka Bart De Muynck, VP, Research at Gartner Steffen Wagner, Global