Vattenfall reported an operating profit of
· Net sales amounted to
Profit for the period after tax was negatively affected by
“The Group’s operations have performed well, with good availability for all types of our generation,” comments Øystein LØseth, President and CEO of Vattenfall.
“However, demand continues to be weak, the surplus of generation capacity remains, electricity prices have fallen further in 2014, and CO2 prices are low. This is a pattern in the market that we have lived with for quite some time.
“We have managed to counteract this trend to some extent through substantial cost-cutting and by lowering our debt through the sale of some of the company’s non-core businesses. We have improved efficiency and increased the availability of our power plants, particularly in nuclear power, and we have strengthened our cash flow by scaling back on investments. Our ongoing cost-cutting programme is on track, and by year -end our accumulated cost reductions are expected to amount to approximately 25% compared with the cost base in 2010. I am proud about what we have achieved at Vattenfall.”
Vattenfall discloses this information pursuant to the Swedish Securities Market Act.
Issued by Vattenfall’s
Vattenfall is a Swedish owned energy company with operations in
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
http://mb.cision.com/Main/865/9619863/269146.pdf Vattenfall Q2 2014
http://mb.cision.com/Public/865/9619863/9e575114360be799.pdf Press release
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