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Vattenfall's op profit, sales grow in Q1

EOWDC. Source: Vattenfall AB (group.vattenfall.com)

April 26 (Renewables Now) - Swedish state-owned utility Vattenfall AB on Thursday posted increased operating profit and revenues for the first quarter of 2019, and said its wind segment made “a positive contribution”.

The company’s underlying earnings before interest and tax (EBIT) grew slightly driven by higher earnings from its power generation business and an expanded wind portfolio. These effects, however, were partly offset by a drop in production from nuclear and hydropower plants, and in the heat segment. Vattenfall also reported a drop in earnings from the distribution operating segment caused by storm-related costs at home.

Earnings before interest and tax (EBIT) rose to SEK 8.17 billion (USD 856.3m/EUR 769.4m) from SEK 6.98 billion.

Profit for the period totalled SEK 6.42 billion, up from SEK 4.16 billion a year back. The difference was mainly due to larger negative one-off items in the first quarter of 2018 and higher fair value of the Swedish Nuclear Waste Fund.

Net sales rose to SEK 49.55 billion, mainly thanks to higher spot prices and increased sales in the Nordics, Germany and the Netherlands. More details can be seen in the table.

SEK billions Q1 2019 Q1 2018
Net sales 49.55 43.86
Underlying operating profit 9.67 9.36
Operating profit (EBIT) 8.17 6.98
EBITDA 12.59 10.94
Profit for the period 6.42 4.16
Electricity generation (TWh) 35.9 37.2
- of which wind power (TWh) 2.5 2.2

WIND BUSINESS

The wind division's underlying operating profit came at SEK 1.49 billion, rising from SEK 1.04 billion a year back. The improvement mirrors the addition of fresh capacity and positive price effects. Net sales of the segment increased to SEK 3.66 billion from SEK 2.96 billion.

During the three months, Vattenfall brought online the 29-MW Slufterdam wind farm in the Netherlands and commissioned 141 MW of the 407 MW Horns Rev 3 offshore wind complex in Denmark. The utility is participating in the tender for the sites III and IV of the Hollandse Kust Zuid offshore wind zone in the Netherlands, and the Dunkirk offshore wind tender in France.

At the end of March 2019, the company had 3,007 MW of installed wind capacity, of which 1,840 MW offshore.  

(SEK 1.0 = USD 0.105/EUR 0.094)

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