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Statkraft AS: Result for the fourth quarter of 2015

Robust operations and impairment

(Oslo, 4 February 2016)In the fourth quarter of 2015, Statkraft achieved an
[1]operating profit before depreciation (EBITDA) of NOK 2846 million, a
of NOK 640 million compared with the corresponding period in 2014. The
quarterly net result ended at NOK -70 million.

The average Nordic power prices were 22.0 EUR/MWh in the fourth quarter, a
decrease of 29 % compared with 30.7 EUR/MWh in the corresponding quarter in
2014. Total production was 15.4 TWh which is on a level with the same period
last year. Reduced hydropower production in Norway was counterbalanced by
increased production from new international hydropower and wind assets.

- The underlying operations are robust in a challenging market. Statkraft's
strategy for long term contracts and increased revenues from international
activites contributes to offset the decline in Nordic power prices, says
President&CEO Christian Rynning-Tønnesen.

The fourth quarter is influenced by an impairment and the result ended at NOK
-70 million. This is an increase of NOK 3027 million from the fourth quarter
of 2014 which had large negative currency effects. The equity increased by
NOK 3 billion in the quarter.

The security situation in South-East Turkey has resulted in increased risk
related to the Cetin project, and there have been major challenges related to
project execution. Statkraft has therefore decided to suspend the majority of
the construction works. This has led to an impairment and related costs of
NOK 2086 million. Going forward, Statkraft will assess different alternatives
for the project.

Statkraft has completed the last phase of the Björkhöjden wind farm and thus
finalized all its Swedish wind farms. Statkraft also divested Småkraft AS.

Statkraft's investment capacity has been reduced as a result of a revised
dividend policy from the Norwegian State.

- As a consequence of the reduced investment capacity, Statkraft will no
longer invest in new offshore wind projects. Some international hydropower
projects will also be postponed, says Rynning-Tønnesen.

For 2015 overall, the underlying EBITDA ended at NOK 10 169 million, compared
with NOK 12 132 million in 2014. Recorded net result is characterised by
large currency effects and impairments, and ended at NOK -2369 million. The
currency changes for the year are fully offset by positive currency
translation effects in equity.
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.

For additional information:

SVP Investor Relations Thomas Geiran, tel.: +47 905 79 979, e-mail:
Press spokesperson Knut Fjerdingstad, tel.: +47 901 86 310, e-mail:
SVP Corporate Communication Bente E. Engesland, tel.: +47 911 59 952, e-mail:

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

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

Interim report Q4 2015
Presentation Q4 2015


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Statkraft AS via Globenewswire


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