Statnett SF - Results Q3 2012

2/14/2013 9:22 AM EST

Statnett - Results Q4 2012

The Statnett Group reports profit after tax of NOK 
115 million in the fourth quarter of 2012. The 
corresponding figure for the same period in 2011 was 
NOK 226 million. Profit after tax for 2012 was NOK 
837 million, compared to NOK 1 000 million for 2011. 
The reduction in profit after tax was due to lower 
revenues and build-up of resources to handle the 
increased project activities in 2012. 

In the fourth quarter of 2012 total operating 
revenues for the Statnett Group amounted to NOK 1 341 
million, compared to NOK 1 317 million for the same 
period in 2011. The Group's operating revenues for 
2012 amounted to NOK 5 334 million. The corresponding 
figure for 2011 was NOK 5 497 million. The reduction 
in operating revenues was due to planned tariff 
adjustment downwards for 2012, somewhat offset by 
increased congestion revenues.

Statnett's revenues are regulated by the Norwegian 
water resources and energy directorate (NVE) which 
each year calculates the revenue cap of the 
enterprise based on firm predefined criteria. 
Revenues exceeding the revenue cap will be returned 
to consumers over time through a reduction in 
tariffs. The higher revenue for 2012 was NOK 1 065 
million, compared to NOK 1 021 million for 2011. 
Accumulated higher revenue was NOK 3 455 million at 
the end of 2012. 

The Group's operating costs totaled NOK 1 114 million 
in the fourth quarter of 2012 (NOK 973 million). The 
increase was mainly due to buildup of resources and 
staff, increased activity related to international 
interconnectors, and preparedness measures for the 
Ytre Oslofjord subsea connection. Lower system 
services costs reduced the deviation somewhat. 

In 2012, the Group's profit after tax adjusted for 
changes in higher/lower revenue after tax and 
calculated interest on higher revenue was NOK 234 
million. 

In 2012, the Statnett Group invested NOK 3 152 
million compared to NOK 2 384 million in 2011.

Outlook
Statnett's Grid Development Plan 2011 and updated 
investment plan 2012 form the basis for the next 
generation central grid, which will be completed by 
2030. In the next ten years, Statnett will invest NOK 
50-70 billion in new capacity in the main grid. 
Consequently, the years to come will be characterized 
by further buildup of resources, strengthening of the 
supplier capacity and implementation of a 
comprehensive project volume.  The investment program 
aims to maintain the future security of supply, 
contribute to value creation and pave the way for 
better environmental solutions in Norway. 

Contact person:
Knut Hundhammer
Chief Financial Officer 
Mobile: +47 901 65 299