Press release
(Oslo, 19 March 2003) Statkraft's Board of Directors has today approved the annual accounts for 2002. Statkraft Group recorded gross pre-tax revenues of NOK 4,098 million and net income of NOK 2,478 million. The results now presented are the same as the preliminary figures presented on 6 March.
Results
Compared to the accounts for 2001, the 2002 results show a decline in pre-tax revenues of NOK 2,471 million and in net income of NOK 1,864 million. However, the 2001 results were unusually high due to special one-time revenues. When adjusted for the one-time items, the results of 2002 are in line with the results in the preceding year.
Statkraft's gross operating revenues rose as a result of acquisitions of ownership stakes in other companies and totalled NOK 10,889 million in 2002. Operating income in 2002 amounted to NOK 5,476 million.
Statkraft's financial costs rose considerably compared to the preceding year as a result of the significant acquisitions. Net financial costs amounted to NOK 2,249 million.
Balance sheet and investments
In 2002, Statkraft used close to NOK 16 billion to purchase shares in other companies. Statkraft acquired 100 per cent of the shares in Trondheim Energiverk AS and 45.5 per cent of the shares in Agder Energi AS. In addition, Statkraft raised its interest in Bergenshalvøens kommunale kraftselskap (BKK) from 26 per cent to 49.9 per cent and its interest in the Swedish company Sydkraft from 35.7 per cent to 44.6 per cent. With regard to the acquisitions of shares in Agder Energi and Trondheim Energiverk, the Norwegian competition authorities have decided that Statkraft must divest other ownership interests/ power production in Norway.
As a result of the acquisitions, long-term liabilities rose to NOK 50.6 billion at the end of 2002 and total assets rose to NOK 89.3 billion. Equity amounted to NOK 30.8 billion and the equity ratio stood at 34.5 per cent.
For more detailed information, please refer to the press release dated 6 March and the 4th Quarter Report to be found on Statkraft's web site www.statkraft.no. Statkraft plans to publish its annual report for 2002 on its website in week 17.
Statkraft is Norway's largest producer of electric power. The group's own production capacity is a good 42 TWh p.a., or about 1/3 of the country's total hydropower production. Statkraft has a staff of about 2,400, including the subsidiaries Skagerak Energi, Trondheim Energiverk and Statkraft Grøner. The company is Norway's largest land-based taxpayer. Statkraft has ownership interests in the following Norwegian energy companies: BKK, Agder Energi and Fjordkraft. In terms of size the Statkraft Alliance is the third largest in the Nordic production market and the second largest in the Norwegian consumer market.
