Press release | 2010-04-29 | 09:00 AM

Vattenfall’s first quarter 2010: Good underlying result

Vattenfall today presents its interim report for the first quarter 2010.

• Net sales rose 34.5% to SEK 70,657 million (52,528).
• Operating profit decreased by SEK 21.3% to SEK 10,115 million (12,860) – excluding items affecting comparability, operating profit increased by 19.6% to SEK 15,376 million (12,857).
• Profit for the period (after tax) decreased by 53.2% to SEK 3,787 million (8,091) – excluding items affecting comparability, profit for the period increased by 11.8% to SEK 9,045 million (8,092).

Consolidated net sales rose 34.5% to SEK 70,657 million (52,528), of which approximately SEK 15,400 million is attributable to the consolidation of N.V. Nuon Energy (Nuon) in the Vattenfall Group as from 1 July 2009. Currency movements had a negative impact on net sales by approximately SEK 3.5 billion, due to the stronger Swedish krona.

Operating profit decreased by 21.3% to SEK 10,115 million (12,860). Excluding items affecting comparability, operating profit increased by 19.6% to SEK 15,376 million (12,857). Items affecting comparability for the first quarter of 2010 amounted to SEK -5,261 million, net, of which SEK -5,322 million is attributable to the ongoing sale of Vattenfall’s German transmission business.

“Vattenfall is reporting a good underlying result for the first quarter of 2010, despite difficult market conditions with continued low industrial demand for electricity. However, profitability is below the owner’s required rate of return, and we must reverse this negative trend,” says Vattenfall’s CEO Øystein Løseth.  

Vattenfall discloses the information provided herein pursuant to the Swedish Securities Market Act.

The entire report is available at www.vattenfall.com (select “Investors” -> “Financial Reports”).  

Commencing at 10:00 (CET) Øystein Løseth, CEO, and Dag Andresen, CFO, will host a conference call presenting the results, followed by a Question & Answer session. The conference call will be webcast.

Details regarding the Conference Call:
To participate in the Conference Call please dial one of the following numbers a few minutes before 10:00 CET:           
+44 (0) 20 7107 0611 (UK)             
+46 (0) 8 5069 2105 (Sweden)   
+45 80 883 140 (Denmark)
+33 (0) 1 7070 0543 (France)   
+49 (0) 69 2 22220593 (Germany)

Replay:
A recorded version of the conference call will be available one hour after the conference call for a further 72 hours. To request the replay please dial +44 207 108 6233 (number in UK) and enter the code 19169#.

Presentations slides:
To download the presentation slides, please visit www.vattenfall.com / Investors / Presentations

Webcast:
To follow Vattenfall’s presentation on the Internet (audio and slides), please click on the link “webcast” which will be displayed on www.vattenfall.com. Please note that you will need “Real Player” or “Windows Media Player” to follow the presentations.

For further information, please contact:
Maria Parent, Group Media Relations, phone: +46 (0)8 739 65 50, mobile: +46 (0)76 807 65 50.
Klaus Aurich, Head of Investor Relations, phone +46 (0) 8 739 65 14, mobile +46(0) 70 539 65 14.
Monica Edblad, Investor Relations, phone +46 (0) 8 739 71 33, mobile +46 (0) 70 282 70 66.

From Vattenfall's Press Office, telephone: +46 8 739 50 10, press@vattenfall.com.

The press release for download:
Vattenfall’s first quarter 2010: Good underlying result (PDF 123 kb)