Vattenfall has presented a third-quarter report that turns the preliminary annual result from red to black figures. There are therefore positive trends, despite turbulent times, concludes outgoing CEO Magnus Hall.
In the third quarter, Vattenfall has maintained almost the same turnover and fell by 1.6 percent, while profits are down by 47 percent compared to the same period the year before.
Nevertheless, the third-quarter profit of just over DKK 2.6 billion has sent the preliminary annual result back into the black, with Vattenfall recording a profit of DKK 1.4 billion for the first three quarters of the year.
However, there is a long way to go to last year's profit, where Vattenfall had recorded a profit of DKK 10.4 billion. DKK in the same period last year.
The revenue for the first three quarters of 2020 is close to the level from 2019, where revenue fell by just over four percent.
The lower profit comes especially on the back of a number of large write-downs on coal-fired power plants, which have cost more than seven billion DKK, while the market has been pressured by low electricity prices.
In addition, Vattenfall was pleased to have cut the red ribbon for the largest Dutch onshore wind farm with the 301 MW Princess Ariane Wind Farm.
Anna Borg replaces Magnus Hall as CEO as of November 1.
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