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German nuclear energy policy hard pressed Vattenfall’s yearThursday, 09 February 2012
Although the Swedish government’s energy company, Vattenfall did a good final quarter of 2011, the full-year results became significantly worse than in 2010. In large part, it was due to energy policy in Germany were there it was decided to close down nuclear power plants.
Vattenfall's earnings for 2011 dropped by a third to just over Skr14 billion before taxes.
Much of the deterioration was as a result of the German government's decision to close down nuclear plants, But lower revenues from electricity sales is also being blamed for the decline.
The energy company’s saving scheme, by contrast, worked well in 2011. It has now succeeded in bringing down its annual costs by Skr4 billion. 2011 also meant big sales for Vattenfall. As part of its strategy to dispose of non-core assets, it sold plants for Skr23 billion in 2011.
Despite this, the company is still in a very high net debt level of Skr140 billion, which affect Vattenfall's credit rating negatively.
By Scancomark.se Team
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