FINANCIAL RESULTS Q3 2015

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1 FINANCIAL RESULTS Q CEO Christian Rynning-Tønnesen CFO Hallvard Granheim 28 th October 2015

2 Financial highlights Decline in underlying results (EBITDA) - Nordic prices are down 58 % Q-on-Q - Production from flexible Nordic hydropower assets held back - Improved contribution from International Hydropower - Underlying EBITDA of NOK 1142 million Large currency effects million in negative currency effects under financial items, but counterbalanced by 5101 million in translation effects in equity - Net profit at NOK million 2

3 Health, safety and environment Total Recordable Injuries rate 1 TRI-rate Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Target Health and safety - Positive quarterly injuries rate reaching target - still top priority to improve safety performance - Sick leave ytd 2.9 % - within target Environment - No serious environmental incidents 1 TRI rate: Number of injuries per million hours worked 3

4 Strategic development in Q3 European Flexible Generation Several hydropower refurbishments and upgrade projects in Norway and Sweden Market operations Effective energy management Increased market access JV on solar with Bharat Light and Power Hydropower in Emerging Markets Completion of acquisition of Desenvix Opening of 172 MW Cheves hydropower plant Wind Power Decision to continue studies of a 1000 MW project in Norway Investment decision of 36 MW Andershaw, windfarm District Heating Acquisition of Gardermoen Energi AS 4

5 Outlook Long-term contract portfolio stabilizes earnings Large hydro reservoir capacity gives high production flexibility Several projects and positive impact from new capacity 5

6 Key figures NOK million Q Q YTD 2015 YTD 2014 Gross revenues EBITDA Net profit/loss Nordic prices down 58% measured in EUR/MWh Q-on-Q Production down 9% Financial items affected negatively by currency effects - Counterbalanced by translation effects in equity 6 1 Adjusted for unrealised changes in value on energy contracts and significant non-recurring items

7 Gross operating revenues NOK million Underlying gross operating revenues 1 in Q3 influenced by: - Higher contribution from International Hydro - Increased volumes in supplying market access to minor renewable energy producers - Lower power prices and production Average Nordic system price 13.4 EUR/MWh Total power generation 11.1 TWh (- 9%) Q Q YTD 2014 YTD 2015 Q3 15/Q % 7 1 Adjusted for unrealised changes in value on energy contracts and significant non-recurring items

8 Net operating revenues NOK million Net operating revenues Q Net physical spot sales Consessionary and statutory priced sales Long-term contracts Dynamic Asset Management/ Trading and Origination Distribution grid, End users and District heating Other sales & operating revenues Energy purchase and transmission costs Net operating revenues 1 down by NOK 893 million (- 21%) - Physical spot sales up due to increased market access activities but this also leads to an increase in energy purchase - Dynamic asset management and trading and origination down due to reduced results from Nordic trading and Global environmental portfolio - End users down due to reduced prices counterbalanced by reduced purchase price Net operating revenues Q Adjusted for unrealised changes in value on energy contracts and significant non-recurring items

9 Statkraft production Monthly power generation TWh Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Q3 production is down -9% Q-on-Q Technology TWh Change in TWh Hydropower Wind power Gas power Bio power Total

10 Price development in Q3 Electricity, average monthly price 80 EUR/MWh Nord Pool, system price EEX, base Nord Pool, system forward EEX, base forward Q3 Nordic power prices lower than in 2014 due to strengthened hydrological balance - System price: 13.4 EUR/MWh - 58% German power prices on a level with Q Spot price (base): 32.8 EUR/MWh + 4% Forward prices down in the Nordic region and somewhat down in Germany 10

11 Nordic reservoir levels Nordic reservoir water levels % Week Median 1 Inflow highly above normal through the quarter At the end of September Nordic reservoirs were 111 TWh corresponding to 108% of median Reservoirs filled to 91% of maximum capacity of TWh 11 1 Median

12 NOK 1.1 billion in underlying EBITDA NOK million Underlying EBITDA 1 was down by NOK million in Q3 Lower Nordic price and lower hydropower production Improved contributions from International Hydropower - Particularly due to acquisitions in Chile and Brazil Q Q YTD 2014 YTD 2015 Q3 15/Q % 1 Adjusted for unrealised changes in value on energy contracts and significant non-recurring items 12

13 Weakened NOK against EUR Exchange rate EUR/NOK 10,0 9, per , per ,5 8,0 7,5 Q3-15 Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 Q1-14 Q

14 Q3 currency effects of NOK million Breakdown Net financial items Q NOK million Debt in foreign currency Currency hedging and short-term positions Currency effects subsidiaries and associates Other financial items Net financial items Q Most of currency effects are offset by positive translation effects in equity 14

15 Net profit influenced by currency items NOK million Q Q FY 2015 FY 2014 Net profit/loss Weakening of NOK against EUR gave large negative currency effects under financial items Net profit held back by lower prices and production 15

16 Q3 net profit breakdown Underlying 1 EBITDA Q => Q Underlying 1 EBITDA Q => Net Profit Q NOK million Q Adj. EBITDA Revenues Operating expenses ex. dep. Q Adj. EBITDA Unrealised changes in energy contracts Depreciation Impairments/ nonrecurring items Share of profit from associates and JVs Net financial items Tax Q Net profit Underlying EBITDA -50% vs. Q3/14 Booked net profit affected by negative currency effects amounting to NOK million. 1 Adjusted for unrealised changes in value on energy contracts and significant non-recurring items 16

17 Q3 segment financials NOK million Underlying 1 EBITDA Share of profit from associates Nordic Hydropower Continental Energy and Trading International Hydropower Wind Power District Heating Industrial Ownership Others/ eliminations 1 Adjusted for unrealised changes in value on energy contracts and significant non-recurring items 17

18 Q capital expenditure 1 Internat. Hydropower 55% NOK 3.7 billion Nordic Hydropower 14% Ind. Ownership 4% Wind Power 23% Other 2 4% Distribution of CAPEX in the quarter: - 50% expansion investments - 37% investments in shareholdings - 13% maintenance investments New hydropower capacity under construction mainly in Norway, Turkey, Albania and Chile Wind power developments in UK and finalise ongoing projects in Sweden Ownership interests primarily related to the acquisition of shares in Desenwix in Brazil 18 1 Exclusive loans to associates 2 Including District heating, Small-scale hydropower and Continental energy and trading

19 Solid cash flow Cash flow year-to-date NOK million Cash reserves From operations Change in short and long term items Dividend from associates Investment activities Changes in debt Dividend/ group contribution paid Share issue to minorities, currency effects Cash reserves

20 Long-term debt Debt repayment profile NOK million >2025 Net interest-bearing debt NOK 37.4 billion (23.6 at end of 2014) - NOK 38%, EUR 42%, GBP 14%, USD 3%, BRL 2% - 63% floating interest - Interest-bearing net debt ratio 30.4% (21.2% at end of 2014) NOK 2.3 billion debt matures in rest of

21 Strong credit ratings A- / Stable Baa1 / Stable Maintaining current ratings with S&P and Moody s Strong support from owner: - New equity in Reduced dividends for CAPEX adapted to financial capacity 21

22 Summary Net result held back by low prices, reduced production and currency effects Strong resource situation in the Nordics Currency effects counterbalanced in Other Comprehensive Income Solid low cost position in the Nordics as strategic advantage 22

23 THANK YOU Contact information for Investor Relations: Thomas Geiran: Phone: Yngve Frøshaug: Phone:

24 APPENDIX

25 Statement of Comprehensive Income The year N OK millio n C OM PR EHEN SIV E IN C OM E PR OF IT A N D LOSS Sales revenues Other operating revenues Gro ss o p erat ing revenues Energy purchase Transmission ocsts N et o p erat ing revenues Salaries and payroll costs Depreciation, amortisation and impairments Property tax and licence fees Other operating expenses Op erat ing exp enses Op erat ing p ro f it / lo ss Share of profit / loss from associates and joint ventures Financial income Financial expenses Net currency effects Other financial items N et f inancial it ems Pro f it / lo ss b ef o re t ax Tax expense N et p ro f it / lo ss Of which non-controlling interest Of which majority interest OTHER COM PREHENSIV E INCOM E Items in other comprehensive income that recycle over profit / loss: Changes in fair value of financial instruments Income tax related to changes in fair value of financial instruments Items recorded in other comprehensive income in associates and joint arrangements Currency translation effects Reclassification currency transalton effects related to foreign operations disposed of in the year Items in other comprehensive income that will not recycle over profit / loss: Third quarter Y ear to date Estimate deviation pensions Income tax related to estimate deviation pensions Ot her co mp rehensive inco me C o mp rehensive inco me Of which non-controlling interest Of which majority interest

26 Statement of Financial Position N OK millio n STA TEM EN T OF FIN A N C IA L POSITION A SSET S Intangible assets Property, plant and equipment Investments in associates and joint ventures Other non-current financial assets Derivatives N o n- current asset s Inventories Receivables Short-term financial investments Derivatives Cash and cash equivalents (included restricted cash) C urrent asset s A sset s EQU IT Y A N D LIA B ILIT IES Paid-in capital Retained earnings Non-controlling interest Eq uit y Provisions Long-term interest-bearing liabilities Derivatives Lo ng - t erm liab ilit ies Short-term interest-bearing liabilities Taxes payable Other interest-free liabilities Derivaties C urrent liab ilit ies Eq uit y and liab ilit ies

27 Statement of Cash Flow Year to date The year NOK million STA TEM EN T OF C A SH FLOW CASH FLOW FROM OPERATING ACTIV ITIES Profit before tax Profit/loss on sale of non-current assets Depreciation, amortisation and impairments Profit/loss from the sale of business Profit/loss from the sale of shares, and associates and joint ventures Profit from restructuring of SN Power Share of profit/loss from associates and joint ventures Unrealised changes in value Taxes Cash flow from operating activities Changes in long term items Changes in short term items Dividend from associates Net cash flow operating activities A CASH FLOW FROM INV ESTING ACTIV ITIES Investments in property, plant and equipment* Proceeds from sale of non-current assets Business divestments net liquidity inflow to the Group Business combinations and asset purchase, net liquidity outflow from the Group** Restructuring of SN Power, net liquidity outflow from the Group Loans to third parties Repayment of loans from third parties Considerations regarding investments in other companies ** Net cash flow from investing activities B CASH FLOW FROM FINANCING ACTIV ITIES New debt Repayment of debt Capital increase Dividend and group contribution paid Share issue in subsidiary to non-controlling interests Net cash f low f rom f inancing act ivit ies C Net change in cash and cash equivalents A+B+C Currency exchange rate effects on cash and cash equivalents Cash and cash equivalents Cash and cash equivalents 30.09/31.12*** Unused commited credit lines Unused overdraft facilities Restricted Cash *Investments in the cash flow are NOK 560 million lower than investments in fixed assets in the segment reporting due to prepayments in earlier periods and also acquisition of assets from investments not yet paid as of third quarter ** Investments in business combinations, asset purchase and investment in other companies are NOK 618 million lower than for investments in other companies shown in the segment reporting. This is mainly due to cash in the aquired companies of NOK 329 million, part of the acquisition cost not yet paid as of third quarter of NOK 337 as well as investments by Statkraft Forsikring not presented as investment in the segment reporting of - NOK 55 million. **Included in cash and cash equivalents are NOK 446 million related to joint operations as of third quarter 2015.

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