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Annual Report 2018 Annual Report 2018 2 Fjordkraft.No Contact Tel: +47 23 00 61 00 fjordkraft.no Tel: +47 23 00 61 00 Fjordkraft Holding ASA and the Fjordkraft Group Annual Report 2018 Annual report 2018 2 fjordkraft.no Contact Tel: +47 23 00 61 00 MAIN OFFICE, BERGEN: SANDEFJORD: TRONDHEIM OSLO: STAVANGER: Fjordkraft AS Fjordkraft AS TrøndelagKraft AS Fjordkraft AS Fjordkraft AS Folke Bernadottes vei 38 Østre Kullerød 3 Sluppenvegen 17 B, 5 etg. Lilleakerveien 6 DNB Arena, Ishockeyveien 1 5147 Fyllingsdalen 3241 Sandefjord 7037 Trondheim 0283 Oslo 4021 Stavanger Contents PREFACE PART 3 0.1 Key figures 3 3.1 Strategy and strategy planning 37 PART 1 PART 4 1.1 Letter from the CEO 4 4.1 Board of Directors’ Report 41 Market 43 PART 2 Organisation 44 2.1 Fjordkraft at a glance 7 Environment 46 Our business 8 Finances 46 Outlook 48 2.2 Management 9 Organisation 10 4.2 Financial statement Fjordkraft Group 50 2.3 Corporate social responsibility 15 4.3 Notes Fjordkraft Group 58 2.4 Corporate Governance Report 25 4.4 Financial statement Fjordkraft Holding ASA 122 2.5 Board of Directors 32 4.5 Notes Fjordkraft Holding ASA 127 4.6 Auditor’s report 142 Annual Report Fjordkraft Holding ASA and the Fjordkraft Group Annual report 2018 3 fjordkraft.no Preface – 0.1 Key figures Tel: +47 23 00 61 00 Key figures Key figures NOK in millions 2018 2017 Number of switches between elctricity providers in Norway per year Gross revenue 6 720 948 4 452 510 Net revenue 1 097 422 911 989 700 Net revenue adjusted 1 087 893 924 145 600 EBIT reported 326 883 322 620 500 EBIT adjusted 390 142 355 730 400 Net income 253 569 251 941 300 Earnings per share (in NOK) 2,43 2,41 200 EBIT margin 30 % 35 % 100 EBIT margin adjusted 36 % 38 % 0 2012 2013 2014 2015 2016 2017 2018 Net interest bearing debt (cash) -131 209 -363 212 Capex excl. M&A 33 783 29 352 1) Supplier change figures from NVE. Not included churn from relocations and/or Volume sold (GWh) 13 197 11 965 churn from financial inability to pay for customer (hence cancellation of subscrip- Number of deliveries ('000) 605 528 tion by electricity supplier). Electricity price (Nord Pool System price) y= NOK/MWh 505,72 500 450 400 350 305,74 317,90 300 269,06 285,54 287,16 250 282,05 277,55 200 150 100 50 0 2012 2013 2014 2015 2016 2017 2018 2018 jan jan jan jan jan jan jan des Annual report 2018 4 fjordkraft.no Part 1 – 1.1 Letter from the CEO Tel: +47 23 00 61 00 Part 1 1.1 Letter from the CEO The first year as a listed company has been completed, and good results from the previous year have been reproduced. Demand for electricity is rising steadily. Greater complexity in market conditions are paving the way for consolidation in the industry and for Fjordkraft to exploit its process efficiency, brand and distribution capacity. Annual report 2018 5 fjordkraft.no Part 1 – 1.1 Letter from the CEO Tel: +47 23 00 61 00 Letter from the CEO Fjordkraft became listed on 21 March 2018 and has seen its first fiscal year as a listed company on the Oslo Stock Exchange. Fjordkraft had the honour of becoming the first Norwegian consumer company in the electricity industry to be publicly traded. Finding directly comparable companies internationally has proven to be difficult. The process up to listing and the time after- wards has been an interesting and evolving period for the board, executives and employees of the company. We went from having three owners to having almost 2,200 owners in Norway and inter- nationally. The transition to quarterly presentation of the results to the market has been great, while at the same time challenging and interesting. In February 2019 we had the pleasure of hosting our first ever capital markets day. In Oslo we presented a “deep delve” into the company for analysts and investors. The company became listed in a year which turned out to be characterised by major inter- national events and movements related to mac- ro-economic conditions. Whether we like it or not, we have now become a part of an international financial market. At the same time, we are for- tunate that Fjordkraft’s core operations to a very great extent are protected from the consequences of macro-economic movements. CEO Rolf Barmen Photo: Hanne Solheim Annual report 2018 6 fjordkraft.no Part 1 – 1.1 Letter from the CEO Tel: +47 23 00 61 00 Stable and increasing demand ceeded in acquiring three customer portfolios. Our It becomes even more difficult to compete, mar- Good result Norwegian consumers and the country’s industry observation is that the complexity in this industry keting requires great resources and margins come Last but not least, it is very satisfying to ascertain are large consumers of electricity. The average is on the increase, and that in the years ahead it under pressure. These are good arguments for that in 2018 the company succeeded in repro- electricity consumption in a Norwegian home is will become even more difficult to be a small player. consolidation, which in turn results in economies ducing and improving on the good financial result approximately 17,000 kilowatt hours per year, and The proportion of volatile production capac- of scale and diversification opportunities. I am from the previous year. A good strategy that is consumption is to a very minor extent impacted by ity such as sun and wind will increase and lead therefore of the opinion that we should exploit the known, understood and implemented at all levels other external factors than the outdoor temper- to greater price variations in the spot prices for increasing complexity and volatility for our benefit. in the business is the most important reason for ature. In comparison, the average electricity con- electricity. In combination with increased trans- our success. sumption of a Danish home is approximately 4,500 mission capacity as a consequence of more inter- Sustainable development I am particularly grateful to have a team of com- kilowatt hours per year. Norway and the Arab gulf national cables, this will lead to greater volatility Work on the “Klimanjaro initiative” has been impor- mitted and competent associates who do their states are among the countries in the world that in the wholesale market. The Norwegian Water tant to us in 2018, and it was a great inspiration utmost every day to help customers, win new use the most electricity per person in homes. The Resources and Energy Directorate’s (NVE) planned for us to accept a climate action award from the customers and resolve small and large issues for majority of consumption in homes is for heating. introduction of a new model for power pricing of UN’s “Momentum for Change” in Katowice in the future. Electricity in Norway is produced from renewable the grid tariff for households, where the custom- December 2018. energy and mainly from hydroelectric power. In a ers are charged for power withdrawal, will become The UN climate panel has in all sincerity shown number of areas in Norwegian society, measures challenging for consumer companies to manage. that developments are headed in the wrong are being implemented to replace carbon-based How the producer-consumer trend will develop direction. Since 2016 we have therefore devoted energy sources with electricity from renewable depends on both technical and regulatory assump- special attention to The UN’s sustainability goal production. Norway is already established as a tions. It is however certain that this will impact our number 13, and Fjordkraft shall contribute to stop- world leader in the prevalence of electric vehicles operations, and that Fjordkraft will take a strong ping climate change. It goes without saying that a in relation to population, and a transition to electri- position in the producer-consumer segment accelerating problem also requires an accelerating fication is ongoing in a number of areas, including related to solar panels in 2019. solution. Fjordkraft’s response is “Klimanjaro”; the Rolf Barmen goods transport and ferries. Fjordkraft is thus in Competition for customers is intense, and requirement that our suppliers must be climate CEO the fortunate position of operating in a market according to NVE’s statistics, switching between neutral from 2019. with stable and rising demand. suppliers has increased. As a company with a By imposing requirements on our suppliers, in large sales force, numerous distribution arenas 2019 we will achieve an impact that is 100 times Three acquisitions and extensive marketing, we are a part of driving greater than what Fjordkraft could manage alone. The barriers for starting up as an electricity retailer these switching statistics. In this regard we, and If other business impose the same requirements are relatively low , and the Norwegian market cur- other companies that are amongst the most active on their suppliers, we will see a domino effect that rently comprises more than 100 electricity retail- in the market, are an assumption for tough and exceeds the impact of all other climate actions. ers. Our consolidation strategy is known, and we well-functioning competition for customers in the “Klimanjaro” can be reproduced by any business believe we are capable of fruitful discussions electricity market. Electricity must be actively sold, in any market all over the world. All it takes is a with most of the electricity retailers in the indus- and Fjordkraft is the player most people switch to, decision. If we are to have any hope of limiting the try. We believe very many vertically integrated according to a survey from TNS Kantar.
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