FINANCIAL RESULTS Q2 2015

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1 FINANCIAL RESULTS Q CEO CHRISTIAN RYNNING-TØNNESEN CFO HALLVARD GRANHEIM 23 July 2015

2 Highlights Solid underlying results (EBITDA) - Lower Nordic prices offset by increased production and contribution from market activities and international hydropower - Underlying EBITDA of NOK 2633 million Impairments and currency effects - Reduced long term price expectations resulted in impairments of NOK 1820 million in Sweden and NOK 384 million in India (JV) - Negative currency effects under financial items, but a major part of this is offset by translation effects in equity - Net profit at NOK million Norwegian projects - Full modernization of Røssåga power plants - Wind power in Mid-Norway not decided, but alternative project initiated New capacity in Turkey and Brazil - Turkey: 102 MW hydropower completed - Brazil: Completion of Desenvix transaction (81.3 % of 316 MW) 2

3 Health, safety and environment Total Recordable Injuries rate 1 TRI-rate Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Target Health and safety - Injuries rate up compared to previous quarters - Top priority to improve safety performance in operations and projects - Sick leave 2.8 % - within target Environment - No serious environmental incidents 1 TRI rate: Number of injuries per million hours worked 3

4 Projects in Norway Røssåga power plants modernized New study of Fosen and Snillfjord projects 4

5 New capacity in Turkey and Brazil 102 MW in Turkey 316 MW in Brazil New hydropower plant completed Completion of transaction 81.3 % 5

6 Statkraft s ambition: Leading international company in pure energy European flexible generation Market operations International hydropower Wind power District heating 6

7 Outlook Nordic forward prices are at a moderate level Long-term contract portfolio stabilizes earnings Large hydro reservoir capacity gives high production flexibility Positive impact from consolidation in Brazil and new production capacity 7

8 FINANCIAL RESULTS CFO HALLVARD GRANHEIM

9 Solid underlying results NOK million Q Q YTD 2015 YTD 2014 Gross revenues EBITDA Net profit/loss Nordic prices down 19% measured in EUR/MWh Q-on-Q Production up 1.3 TWh Negative effect from non-recurring impairments reduces net profit Financial items affected negatively by currency effects, mostly unrealized - Partly counterbalanced by translation effects in equity 9 1 Adjusted for unrealised changes in value on energy contracts and significant non-recurring items

10 Gross operating revenues NOK million Q Q YTD YTD 2015 Underlying gross operating revenues 1 in Q2 influenced by - Higher contribution from market activities and International Hydro - Lower power prices offset by increased production Average Nordic system price 20.7 EUR/MWh (- 19%) Total power generation 14.2 TWh (+ 10%) Q2 15/Q % 10 1 Adjusted for unrealised changes in value on energy contracts and significant non-recurring items

11 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 Net operating revenues 1 increased by NOK 198 million (+ 4.3%) - Physical spot sales up due to increased market access activities but this also leads to an increase in energy purchase - Long-term contracts reduced due to lower volume on contracts in Brazil Distribution grid, End users and District heating Other sales & operating revenues Dynamic asset management and trading and origination are up from a high level in Q Energy purchase and transmission costs Net operating revenues Q Adjusted for unrealised changes in value on energy contracts and significant non-recurring items

12 Statkraft production Monthly power generation TWh Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Q2 production is up +10% Q-on-Q Technology TWh Change in TWh Hydropower Wind power Gas power Bio power Total

13 Price development in Q2 Electricity, average monthly price 80 EUR/MWh Nord Pool, system price EEX, base Nord Pool, system forward EEX, base forward Q2 Nordic power prices lower than in 2014 due to large accumulated snow reservoirs - System price: 20.7 EUR/MWh - 19% Significantly lower coal prices drive German power prices down - Spot price (base): 28.4 EUR/MWh - 9% Forward prices somewhat down in the Nordic region and in Germany 13

14 Nordic reservoir levels Nordic reservoir water levels % Week Median 1 Inflow below normal through the quarter due to delayed snow melting At the end of June Nordic reservoirs were 69.1 TWh corresponding to 83% of median Reservoirs filled to 57% of maximum capacity of TWh 14 1 Median

15 NOK 2.6 billion in underlying EBITDA NOK million Underlying EBITDA 1 increased by NOK 105 million in Q2 reaching a satisfactory level Lower price partly compensated by higher production Improved contributions from Market operations and International Hydropower Q Q YTD 2014 YTD 2015 Q2 15/Q % 15 1 Adjusted for unrealised changes in value on energy contracts and significant non-recurring items

16 Q2 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 Of currency effects NOK million is unrealised and NOK -653 million realised. 16

17 Net profit influenced by currency and non-recurring items NOK million Q Q FY 2015 FY 2014 Net profit/loss Weakening of NOK against EUR and NOK/SEK fluctuations gave large negative currency effects under financial items Impairments: NOK million in Sweden and NOK -384 million in India (JV) 17

18 Q2 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 +4% vs. Q2/14 Booked net profit affected by impairments of NOK million and negative currency effects amounting to NOK million. 1 Adjusted for unrealised changes in value on energy contracts and significant non-recurring items 18

19 Q2 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 19

20 Q capital expenditure 1 Nordic Hydropower 11% Ind. Ownership 4% Other 2 3% Distribution of CAPEX in the quarter: - 39% expansion investments - 51% investments in shareholdings - 10% maintenance investments Internat. Hydropower 70% NOK 4.0 billion Wind Power 12% 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 Pilmaiquén in Chile 20 1 Exclusive loans to associates 2 Including District heating, Small-scale hydropower and Continental energy and trading

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

22 Long-term debt Debt repayment profile NOK million >2025 Net interest-bearing debt NOK 27.0 billion (23.6 at end of 2014) - NOK 43%, EUR 36%, SEK 1%, GBP 17%, USD 3% - 55% floating interest - Interest-bearing net debt ratio 24.3% (21.2% at end of 2014) NOK 3.1 billion debt matures in rest of

23 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 23

24 Summary Delivering on strategy through solid underlying results from Nordic hydropower, Market Operations and International Hydropower Net result pulled down by currency effects and impairments Solid low-cost position 24

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

26 APPENDIX

27 Statement of Comprehensive Income Second quarter Year to date The year NOK million COMPREHENSIVE INCOME PROFIT AND LOSS Sales revenues Other operating revenues Gross operating revenues Energy purchase Transmission costs Net operating revenues Salaries and payroll costs Depreciation, amortisation and impairments Property tax and licence fees Other operating expenses Operating expenses Operating profit/loss Share of profit/loss from associates and joint ventures Financial income Financial expenses Net currency effects Other financial items Net financial items Profit/loss before tax Tax expense Net profit/loss Of which non-controlling interest Of which majority interest OTHER COMPREHENSIVE INCOME 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 translation effects related to foreign operations disposed of in the year Items in other comprehensive income that will not recycle over profit/loss: Estimate deviation pensions Income tax related to estimate deviation pensions Other comprehensive income Comprehensive income Of which non-controlling interest Of which majority interest

28 Statement of Financial Position NOK million STATEMENT OF FINANCIAL POSITION ASSETS Intangible assets Property, plant and equipment Investments in associates and joint ventures Other non-current financial assets Derivatives Non-current assets Inventories Receivables Short-term financial investments Derivatives Cash and cash equivalents (included restricted cash) Current assets Assets EQUITY AND LIABILITIES Paid-in capital Retained earnings Non-controlling interest Equity Provisions Long-term interest-bearing liabilities Derivatives Long-term liabilities Short-term interest-bearing liabilities Taxes payable Other interest-free liabilities Derivatives Current liabilities Equity and liabilities

29 Statement of Cash Flow Year to date The year NOK million STATEMENT OF CASH FLOW CASH FLOW FROM OPERATING ACTIVITIES 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, associates and joint ventures Profit from restructuring of SN Power Share of profit/loss from associates and joint ventures Unrealised changes in value Taxes payed 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 INVESTING ACTIVITIES 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 ACTIVITIES New debt Repayment of debt Capital increase Dividend and group contribution paid Share issue in subsidiary to non-controlling interests Net cash flow from financing activities 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 30.06*** Unused commited credit lines Unused overdraft facilities Restricted cash * Investments in the cash flow are NOK 442 million lower than investments in fixed assets in the segment reporting due to prepayments in earlier period and also aquisition of assets from investments not yet paid as of second quarter ** Investments in business combination and asset purchase and investments in other companies are NOK 242 million lower than investments in other companies as shown in the segment reporting. This is mainly due to cash in the aquired companies of NOK 232 million. *** Included in the cash and cash equivalents are NOK 300 million related to joint operations as of second quarter 2015.

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