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Statkraft : Statkraft AS: Result for the fourth quarter of 2012

       Statkraft : Statkraft AS: Result for the fourth quarter of 2012

Solid operating profit but write-downs

(Oslo, 14 February 2013) In the fourth quarter of 2012, Statkraft achieved  an 
underlying^1  operating  profit  before  depreciation  (EBITDA)  of  NOK  3416 
million, compared with NOK 3028 million in the corresponding quarter in  2011. 
The net loss amounted  to NOK 1840  million, compared with a  loss of NOK  673 
million in the fourth quarter of 2011.

"Increased production from Nordic hydropower, market activities and high
contract coverage secured a good operating result for Statkraft in the fourth
quarter of 2012. However, the result is characterised by write-downs,
particularly in connection with the market situation for European gas power,"
says President and CEO Christian Rynning-Tønnesen.

High gas  prices, low  coal and  carbon prices  resulting in  high coal  power 
production, high production  of renewable  energy and flat  demand trends  for 
power combine  to create  challenges  for European  gas power.  Statkraft  has 
accepted the consequences of  the situation by writing  down the value of  the 
company's German gas  power plants  by about NOK  2 billion.  In addition,  an 
unrealised loss of NOK 2 billion for the shareholding in German power  company 
E.ON SE was recognised in the fourth quarter.

Challenges in connection with grid access and power markets have resulted in a
write-down of NOK 460 million for hydropower in India in the fourth quarter.

"Statkraft's long-term international investments within renewable energy  make 
an overall positive  contribution to  operations in the  quarter. Capacity  in 
emerging economies is being  developed through the  shareholding in SN  Power. 
The overall value of  the portfolio has had  a positive development in  recent 
years, driven primarily by results from the activities in the Philippines  and 
Peru," says Christian Rynning-Tønnesen.

For the Nordic market, the quarter was characterised by low precipitation, low
temperatures and  high production.  The average  power price  was 9  per  cent 
higher than in the same quarter in the preceding year. Reservoir water  levels 
were normal at year-end.  The Group's overall power  production rose by 4  per 
cent to 16.3 TWh compared with the same quarter in 2011.

For the year in total, underlying EBITDA ended at NOK 11 060 million, compared
with NOK 10 851 million in 2011. The net profit amounted to NOK 4671  million, 
compared with NOK 40 million in the preceding year.

Accumulated production in 2012 was 60.0 TWh, the highest ever and 17 per  cent 
higher than  in  2011.  The  Group's overall  hydropower  production  in  2012 
increased by 25 per cent compared with 2011, while Nordic power prices were on
average 34 per  cent lower than  in the preceding  year. Increased  hydropower 
production, high contract coverage and good results from the market activities
generated an  operating result  (EBITDA) that  was up  2 per  cent from  2011. 
Unrealised currency gains lifted the annual result.

^1 Adjusted  for unrealised  changes in  value and  significant  non-recurring 
items

Statkraft is  Europe's leader  in  renewable energy.  The Group  develops  and 
produces hydropower, wind  power, gas  power and  district heating,  and is  a 
major player on the European energy exchanges. Statkraft has 3500 employees in
more than 20 countries.

For additional information:
VP Investor Relations Yngve Frøshaug, tel.: +47 24 06 78 76 /+47900 23 021
Press spokesperson Knut Fjerdingstad, tel.: +47 24 06 71 61 /+47 901 86310
SVP Corporate Communications Bente E. Engesland, tel.: +47 24 06 75 01 /+47
911 59 952

or www.statkraft.com

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Statkraft AS Q42012 key figures
Statkraft AS Q42012 Interim Report
Statkraft AS Q42012 presentation

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Source: Statkraft via Thomson Reuters ONE
HUG#1678046
 
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