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2016-07-21

Statkraft AS: Result for the second quarter of 2016

Solid operations - Negative result caused by impairment(Oslo 21 July 2016)In the second quarter of 2016, Statkraft AS recorded an
underlying operating
profit (EBITDA) of NOK 2665 million, an increase of NOK 303 million compared
with the corresponding period in 2015. The quarter showed a net result of NOK
-1899 million which is mainly due to impairments of German assets.

The average Nordic power price in the second quarter was 24.0 EUR/MWh. This is
on the same level as the first quarter, but an increase of 16% compared with
the corresponding quarter in 2015. Statkraft's total production was in line
with the same period last year and amounted to 14.3 TWh. Production in the
Nordic's was 13.0 TWh, which was a decrease of 0.3 TWh mainly due to lower
hydropower production in Sweden. This was offset by higher production from
International Hydropower.

Reduced market expectations have led to impairments related to gas fired power
plants and other assets in Germany which in total amounts to NOK 2229
million. The remaining book value of these assets is NOK 1423 million.

- We are pleased with strong underlying operations, but reduced market
expectations have led to impairment of German assets, says CEO Christian
Rynning-Tønnesen.

The half year's operating result shows solid performance with an underlying
EBITDA of NOK 6915 million. The net result was held back by impairments and
ended at NOK 490 million.

Both the Continental and Nordic power markets are undergoing changes with
reduced technology cost and new renewable capacity coming online combined
with low demand growth. This development has contributed to a decline in
power prices.

Low power prices and fundamental changes in the power sector make it important
for Statkraft to strengthen the competitiveness. Statkraft has therefore
launched a performance improvement programme with the aim to reduce
controllable cost by 15% or approximately NOK 800 million by 2018.

For further information, please contact:
SVP Investor Relations Thomas Geiran, tel.: +47 905 79 979,
e-mail:thomas.geiran@statkraft.com

Press spokesperson Knut Fjerdingstad, tel.: +47 901 86 310,
e-mail:knut.fjerdingstad@statkraft.com

Press spokesperson Lars Magnus Günther, tel.: +47 912 41 636,
e-mail:lars.gunther@statkraft.com

SVP Corporate Communication Bente E. Engesland, tel.: +47 911 59 952,
e-mail:bente.engesland@statkraft.com

orwww.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 4200 employees in more than 20 countries.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Presentation Q2 2016
http://hugin.info/133427/R/2029694/754803.pdf
Interim report Q2 2016
http://hugin.info/133427/R/2029694/754804.pdf

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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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