Swedish power utility Vattenfall has reported a net profit of SEK17.76 billion for the year 2008, a 14.1% decrease compared to SEK20.69 billion for the year 2007.
The company has reported consolidated net sales of SEK164.55 billion for the year 2008, a 14.6% increase compared to SEK143.64 billion for the year 2007.
Operating profit for 2008 benefited from currency effects of approximately SEK 800 million from Swedish krona. Sharply lower electricity prices during the autumn had limited impact on earnings, said the company.
Vattenfall has reported operating profit of SEK6.56 billion for the fourth quarter of 2008, a 2.8% decrease compared to SEK6.75 billion for the same period of 2007.
The power utility said that consolidated net sales rose 14.6% to SEK 164,549 million (143,639), of which approximately SEK 5,500 million was attributable to currency effects. Profit for the year (after tax) fell 14.1% to SEK 17,763 million (20,686). This is explained by a nonrecurring positive tax effect of SEK 3,800 million in Germany in 2007 stemming from the German government’s decision to reduce the company tax rate by approximately 10 percentage points.
Vattenfall has reported that its electricity generation decreased by 2.7% to 163.1TWh in 2008, compared to 167.6TWh in 2007.
