FINANCIAL RESULTS Q May 2012

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1 FINANCIAL RESULTS Q May 2012

2 Highlights Q Satisfactory Q1 financials underlying EBITDA and profit before tax on a par with Q Lower power prices partly offset by increased power generation - Higher share of long-term contracts - Increased Nordic and Continental portfolio management - Increased share of profit from associates - Negative unrealised changes in the value of energy contracts countered by unrealised currency gains Investment decisions to construct hydropower plants in Norway - Kjensvatn (11 MW) and Brokke Nord/Sør (24 MW) The construction of the offshore wind farm Sheringham Shoal is in progress 60 wind turbines (medio May) out of 88 installed, planned completion in Q The SN Power acquisition of a 40.65% stake in the Brazilian company Desenvix was completed in March 2

3 Health, safety and environment Total Recordable Injuries Rate Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Operations Employees Projects Contractors Operations Contractors Projects Employees Health and safety Q1 - Total Recordable Injuries (TRI) rates for operations and for contractors in projects are exdeeding target - Training program ongoing in operational activities Environment Q1 - No serious environmental incidents reported 3

4 Financial highlights NOK million Underlying gross operating revenues Q vs. Q1 /11 FY % Underlying EBITDA % Net Profit % 40 Net cash flow from operations Return On Average Capital Employed (ROACE) % % % points 13.9% Gross investments % Net interest-bearing debt % Interest-bearing debt ratio 35.2% +0.9% points 36.0% Significant increase in gross operating revenues due to gross accounting of new energy services Satisfactory underlying business giving underlying EBITDA and profit before tax on a par with Q Net profit increased following lower taxation compared with Q months rolling ROACE reduced due to lower results in previous quarters Investments increased according to strategy 4 1 Calculated 12 months rolling 2 NOK 14bn new equity injected in December 2010 reduced net debt in Q1 2011

5 EBITDA development Q1 Underlying 1 EBITDA NOK million % 60 % Q is satisfactory compared with earlier first quarters - Q was extraordinarily high following both high prices and high production % 57.7 % 57.3 % 41.9 % 40 % EBITDA margin is reduced due to gross accounting of energy services Q Q Q Q % EBITDA EBITDA margin 1 Adjusted for changes in value on energy contracts and significant non-recurring items 5

6 Major revenue drivers Electricity, average monthly price 80 EUR/MWh Nord Pool, system price EEX, base Nord Pool, system forward EEX, base forward Nordic reservoir water levels High water inflow, high wind power production and mild temperatures in January and March gave low average power prices - Nordic system price was 38.5 EUR/MWh (-42% vs. Q1/11) - German spot price was 45.5 EUR/MWh (-12% vs. Q1/11) Forward prices influenced negatively 100 % Median Above normal Nordic reservoir levels (+27%) provide increased flexibility for high production Median

7 TWh Statkraft s Q1 power generation (TWh) Hydro Wind Gas Total Q Q FY FY Monthly power generation 8 6 High hydropower production - In total 26% above Q Production following high water reservoir inflow Wind power production well above normal level Low spark spreads resulting in reduced gas-fired power production Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

8 Net revenues breakdown 1 NOK million Net operating revenues Q Net physical sales Consessionary and statutory priced sales Long-term contracts Dynamic Asset Management/ Trading and Origination Distribution grid, Retail and District heating Other sales & operating revenues Energy purchase and transmission costs Net operating revenues Q Net operating revenues on a par with Q Significant increase in physical sales and energy purchases due to gross accounting of new energy services Expired statutory priced contracts are replaced by new industrial contracts Improvement in Dynamic Asset Management Lower prices and volume sold reduces revenues within retail, district heating and distribution grid Other sales increased by divestments 1 Adjusted for changes in value on energy contracts and significant non-recurring items 8

9 Net profit breakdown Underlying 1 EBITDA Q > Q Underlying 1 EBITDA Q > Net Profit Q NOK million Q Adj. EBITDA Revenues Operating expences ex. dep. Underlying EBITDA -3% vs. Q1/11. 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 Booked net profit affected by unrealised changes in value of energy contracts, countered by unrealised currency gains under net financial items. One off divestment gain and increased share from associates lift net profit. 1 Adjusted for changes in value on energy contracts and significant non-recurring items 9

10 Segment financials Q (NOK million) Nordic Hydropower Continental Energy and Trading International Hydropower Wind Power District Heating Industrial Ownership Other/ eliminations Group Underlying 1 EBITDA Share of profit from associates and JVs Investments Adjusted for changes in value on energy contracts and significant non-recurring items 2 Exclusive loans to third parties

11 Q1 Cash flow NOK million Cash reserves From operations Dividend from associates Change in short and long term items Net investment activities Changes in debt Share issue to minorities, currency effects Cash reserves Changes in short and long term items manly due to changes in working capital and cash collateral Gross investments of NOK 4 708m (1 073) - Maintenance 4%, new capacity 45%, shareholdings 51% Debt redemption NOK 758m countered by new borrowings NOK 643m 11

12 Debt DEBT REPAYMENT PROFILE NOK million Net interest-bearing liabilities NOK 29.3bn (NOK 17.4bn) >2022 Gross interest-bearing liabilities NOK 37.1bn (NOK 40.3bn) - NOK 42%, EUR 44%, SEK 7%, USD 7% 63% floating interest Net interest-bearing debt ratio 35.2% 12

13 Financial strength and rating FFO/NET DEBT (UNADJUSTED 1 ) RATING TARGETS 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % 72.0 % 37.9 % 33.1 % 31.1 % 20.6 % 21.9 % Maintaining current ratings with S&P and Moody s, and a minimum of BBB+/Baa1 - Current ratings A-/Baa1 Indicated FFO/Net Debt thresholds 2 - S&P: 18-20% - Moody s: High mid-teens FFO of NOK million (9 468 in 2011) Net interest bearing debt of NOK million ( in 2011) 13 1 Calculated 12 months rolling 1 Rating agencies apply own adjustments 2 Please see rating publications on Statkraft s web page, under Financial information, for full assessments

14 Outlook Favourable Nordic resource situation due to high inflow and mild temperatures - Flexibility regarding high power generation when required by demand - Short-term weakened market with relatively low prices expected to improve in the longer term Focusing on project activities according to strategy - Based on international growth of energy demand and need for low-carbon emissions High activity within hydropower, onshore and offshore wind power and district heating 14

15 APPENDIX

16 Statement of Comprehensive Income 1st Quarter The year Figures in NOK million 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 w hich non-controlling interest Of w hich majority interest OTHER COMPREHENSIVE INCOME Changes in fair value of financial instruments Estimate deviation pensions Items recorded in other comprehensive income in associates and joint arrangements Currency translation effects Other comprehensive income Comprehensive income Of w hich non-controlling interest Of w hich majority interest

17 Statement of Financial Position Figures in NOK million 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

18 Statement of Cash Flow Year to date The year Figures in NOK million 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, and associates and joint ventures 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 activites A CASH FLOW FROM INVESTING ACTIVITIES Investments in property, plant and equipment, maintanance Investments in property, plant and equipment, new capacity* Proceeds from sale of non-current assets Business divestments, net liquidity inflow to the Group Business combinations, net liquidity outflow from the Group** Loans to third parties Repayment of loans Proceeds from sale of other companies Considerations regarding investments in other companies Net cash flow from investing activities B CASH FLOW FROM FINANCING ACTIVITIES New debt Repayment of debt 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 Unused commited credit lines Unused overdraft facilities Restricted Cash

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