Statkraft AS: Results for the fourth quarter and year end 2022
Record resultsand dividend to owner
- Net operating revenues rose strongly to record-high NOK 73.9 billion in 2022 (41.3 in 2021)
- Operating profit (EBIT underlying) rose to record NOK 54.4 billion in 2022 (26.8 in 2021)
- Stable operations, strong energy management performance and record-high contribution from market activities
- Strengthened financial position, investing in ambitious green growth plan
- The proposed dividend amounts to NOK 17.2 billion for 2022
Volatile markets caused by the energy crisis and war in Ukraine continue to cause a challenging situation for people and businesses across Europe. Statkraft achieved record revenues and results in both the fourth quarter and the full year 2022, driven by high prices, stable operations, successful energy management and excellent market operations.
“High power prices and solid value creation from Statkraft’s market operations contributed to a very strong 2022 result. Dividend to our owner is proposed at record 17.2 billion kroner. We are executing our ambitious green growth strategy to develop much needed renewable energy in Norway and internationally”, says Statkraft CEO, Christian Rynning-Tønnesen.
Statkraft had solid cash positions at the end of the fourth quarter to cover market volatility and large tax and dividend payments due in 2023.
In 2022, Statkraft increased its strategic ambition to grow the company’s renewable energy generation by 50 percent to 100 TWh by 2030. The majority of new investments will be within hydropower, onshore wind and solar in Norway and in Europe. Statkraft plans to start five major capacity upgrade projects in Norway by 2030 to balance the increasing amounts of intermittent wind- and solar power generation.
“As Europe’s largest renewable energy producer, we are uniquely positioned and have a strong commitment to contribute to more renewable power and speeding up the energy transition in Norway and abroad. Our ambition is to complete one new renewable power plant every nine days from 2025, mainly solar and onshore wind farms”, says Rynning-Tønnesen.
Statkraft’s project pipeline continues to increase and Statkraft is on track to deliver on the target to develop 2500-3000 MW of capacity annually by 2025, increasing to 4000 MW every year by 2030.
The average Nordic system price was 135 EUR/MWh compared with 96 EUR/MWh in the same quarter in 2021. Total power generation was 15.4 TWh, 3.1 TWh lower than the fourth quarter generation the previous year.
The underlying EBIT was NOK 23.7 billion, an increase of NOK 14.4 billion compared with the fourth quarter of 2021, despite lower power generation. The increase was driven by the significant increase in Nordic power prices and positive contribution from hedging of Nordic and European assets, as well as strong results from trading and origination activities and improved results from the dynamic asset management portfolio (DAMP).
Net profit was NOK 14.5 billion, an increase of NOK 10.7 billion from the same quarter in 2021.
Cash flow from operating activities in the quarter was solid at NOK 12.5 billion. Statkraft has a strong financial position, giving ample room for large new investments within renewable energy.
Important events in the quarter:
- Statkraft entered into three long-term power contracts with a total volume of 3.8 TWh
- First mover on fixed-price contracts in Norway to supply retailers serving the business segment. As per the fourth quarter contracted volume was 0.6 TWh
- Regulatory changes in Norway were enacted, leading to an increase of NOK 2.8 billion in resource-rent tax expense and NOK 1.7 billion in regulatory fees (“høyprisbidrag”)
- An impairment of NOK 0.7 billion was recognised on the Norwegian wind assets reflecting the impact from the new resource-rent tax for onshore wind that is expected to be effective from 1 January 2023
- The merger between Agder Energi and Glitre Energi was completed, resulting in a non-cash gain of NOK 4.2 billion
- The Taghart wind farm (23 MW) in Ireland reached full operation and was divested with a gain of NOK 81 million
- Commercial operation started for 5 of 91 wind turbines in the Brazilian Ventos de Santa Eugenia wind complex (28 MW)
- Two wind and solar projects in Peru with a planned capacity of up to 630 MW were acquired.
Full year 2022
Statkraft's generation reached 60.2 TWh, down 13.9 per cent from 2021. The average Nordic system price was 193 EUR/MWh, an increase of 118 EUR/MWh year-on-year. The underlying EBIT ended at NOK 54.4 billion, compared with NOK 26.8 billion in 2021. Net profit was NOK 28.6 billion (NOK 16.1 billion).
The proposed dividend amounts to NOK 17.2 billion.
The annual report for Statkraft AS Group for 2022 has been approved by the Board of Directors of Statkraft AS.
Note: 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.
For further information, please contact:
Debt capital markets:
Vice President 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
Press spokesperson 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.
AttachmentsTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified 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 by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Tenaris Files 2022 Annual Report / Annual Report on Form 20-F, and 2022 Sustainability Report, and Convenes Annual General Meeting of Shareholders31.3.2023 23:47:41 CEST | Press release
LUXEMBOURG, March 31, 2023 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) filed today its 2022 Annual Report / Annual Report on Form 20-F, and its 2022 Sustainability Report with the Luxembourg Stock Exchange, with the U.S. Securities and Exchange Commission (SEC), and with the other securities regulators of the markets where its securities are listed. These reports (which contain the financial and non-financial information required by applicable Luxembourg law for the year ended December 31, 2022, including Tenaris’s consolidated financial statements as of and for the year ended December 31, 2022, Tenaris’s annual accounts as at December 31, 2022, and their related external auditors’ reports and consolidated management report and certifications) may be downloaded from the Luxembourg Stock Exchange’s website at www.bourse.lu/regulated-information-oam, from the SEC’s website at www.sec.gov, and are available on Tenaris’s website at ir.tenaris.com. Holders of T
BALTIC HORIZON FUND CONSOLIDATED AUDITED RESULTS FOR 202231.3.2023 23:10:00 CEST | Press release
Management Board of Northern Horizon Capital AS has approved the audited financial results of Baltic Horizon Fund (the Fund) for the year 2022. The financial results remained unchanged compared to the preliminary disclosure on 15 February 2023. Net result and net rental income In 2022, the Group recorded a net profit of EUR 3.9 million against EUR 1.4 million for 2021. The net result was mainly driven by strong recovery of the Galerija Centrs operating performance as fewer COVID-19 rent reliefs were granted to tenants in 2022 and increased rent indexation. The net result in 2021 was significantly impacted by the one-off negative valuation result of EUR 7.1 million. In 2022, the valuation resulted in a net fair value loss of EUR 2.9 million (-1.8% of portfolio value). The positive impact of the increase in net rental income was partly offset by non-recovered property costs. Earnings per unit for 2022 were EUR 0.03 (2021: EUR 0.07). In 2022, the Group earned net rental income of EUR 17.4
Magna Posts 2022 Annual Report31.3.2023 22:43:18 CEST | Press release
AURORA, Ontario, March 31, 2023 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG; NYSE: MGA) today announced that its 2022 Annual Report, including Management’s Discussion and Analysis and Audited Consolidated Financial Statements, Annual Information Form (AIF) and Form 40-F, are now available on the company’s website, www.magna.com. Magna has also filed these documents with the Canadian Securities Administrators (accessible through its website at www.sedar.com) and the U.S. Securities and Exchange Commission (accessible through its website at www.sec.gov/edgar). Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 11, 2023, commencing at 10:00 a.m. (Eastern Daylight Time). The meeting is being conducted as a virtual-only meeting accessible at www.virtualshareholdermeeting.com/MGA2023. Magna will provide a hard copy of its audited financial statements as contained in our 2022 Annual Report to Shareholders, free of charge, on request through our website or in writi
SFL - Sale of suexmax and chemical tankers31.3.2023 22:37:14 CEST | Press release
SFL Corporation Ltd. (NYSE: SFL) (“SFL” or the "Company") announces that it has agreed to sell the two 2008-built chemical tankers SFL Weser and SFL Elbe to an unrelated third party. The sales proceeds to SFL are approximately $19.5 million for the debt free vessels. Both vessels have been employed in the spot market the last two years and delivery of the vessels to the buyer is expected to take place in the second quarter. A book impairment of approximately $7 million is expected to be recorded in the first quarter relating to the sales. The 2009-built suezmax tanker Glorycrown, which was announced sold in February, has been delivered to its new owner in March. The final sales price of approximately $43.5 million is higher than previously disclosed, and a book gain of approximately $9 million is expected to be recorded in the first quarter relating to the sale. Divesting of older vessels is part of SFL’s strategy to continuously renew and diversify its fleet, and the net cash proceeds
Information on the Total Number of Voting Rights and Shares31.3.2023 22:30:00 CEST | Press release
REGULATED INFORMATION Information on the Total Number of Voting Rights and Shares Mont-Saint-Guibert (Belgium), March 31, 2023, 10:30 pm CET / 4:30 pm ET – In accordance with article 15 of the Law of 2 May 2007 on the disclosure of large shareholdings, Nyxoah SA(Euronext Brussels and Nasdaq: NYXH) publishes the below information following the issue of new shares. Share capital: EUR 4,859,382.45 Total number of securities carrying voting rights: 28,286,985 (all ordinary shares) Total number of voting rights (= denominator): 28,286,985 (all relating to ordinary shares) Number of rights to subscribe to securities carrying voting rights not yet issued: 55 “2016 ESOP Warrants” issued on November 3, 2016, entitling their holders to subscribe to a total number of 27,500 securities carrying voting rights (all ordinary shares); 100 “2018 ESOP Warrants” issued on December 12, 2018, entitling their holders to subscribe to a total number of 50,000 securities carrying voting rights (all ordinary sh