DOCSLIB.ORG

The Investment Wave – Today Or Tomorrow?

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Investment Wave – Today Or Tomorrow? The investment wave – today or tomorrow? A view on the power transmission and distribution service industry December 2013 www.pwc.se A step change – New market place Contents In this report we outline Introduction Furthermore the industry as a whole The landscape for servicing our electric- is in a state of flux with Fortum having how we view the current announced that it will divest its grid and A step change – New market place .............3 ity grid and network is rapidly changing and coming market, and there are new demands to develop on-going regulatory uncertainty with About electricity networks .........................5 opportunities and impact the infrastructure across the Nordics. respect to the overall revenue for distri- bution companies. Power transmission ...................................8 on the Power Transmission End-consumers and regulators place Power distribution ................................... 19 and Distribution (PT&D) increasing demands on network reliabil- Finally, how much consumers should pay ity. During the last decade storms such to reinvestment is a key topic in several Contacts .................................................26 industry as Gudrun, and recently Simone, have Nordic countries with regulation driving how Transmission System Operators APPENDIX ............................................... 27 hit the Nordic grid owners resulting in major expenditure on repairing and (TSOs) and Distribution System Op- renewing the networks. erators (DSOs) can invest in building, upgrading and renewing the networks. Current power networks approaching end of technical life combined with the Coupled together this creates new busi- expansion of renewable electricity pro- ness opportunities in a changing market. duction require large investments in new connections and new power capacity. In particular the major investment pro- gram in the Nordics create opportunities Integration of the European electricity for PT&D service providers and other market and introduction of grid codes related market players. and homogenized practices across the EU is also driving new expenditure and The PT&D service market has during changing the business environment. the last years mainly been a low-mar- gin industry in fierce competition. New The above leads to a market that is set for entrants and owners of PT&D service a step-change in expenditure levels and companies need to realise higher than new ownership structures – what will historic EBITDA-margins by developing this imply for the PT&D industry? new business models and achieving economies of scale to fully tap a rapidly growing total market. 2 The investment wave – today or tomorrow 2013 2013 The investment wave – today or tomorrow 3 “Electricity is very valuable – especially when it is not there” Ståle Eirik Johansen, Head of Energy & Utilities PwC Norway Key messages Main players on the power service mar- The PT&D industry is becoming more ket have had low profitability and many complex through technology develop- have been acquired by private equity About electricity networks ments and rapid introduction of inter- expecting to realising higher future mittent power sources such as wind and margins. solar. The coming expenditure wave and mar- ket flux will have a significant impact on Capex in the transmission grid is expec- The regional grids transport electricity the industry but it will vary depending Electricity networks ted to grow significantly over the coming from the national grid to local grids, on market participant with key areas Electricity networks comprise of both years – national TSOs estimate total and occasionally directly to high volume being: transmission infrastructure and distribu- expenditure in the Nordics to be approx- consumers such as heavy industry. imately EUR 10 bn in 2013-2017 which • Deliverability of capex – prioritising tion infrastructure. is significantly higher than the historical and managing the capex build-out PT&D system can be likened to our Transmission can be defined as the trans- spend. public road network, both being among a fer of large amounts of power around a • Managing complex grids – integrating country’s most important infrastructure country or region or between countries, The investment wave in the Nordics has renewables into the system and – and both subject to frequent congestion from generating power plants to substa- just been initiated but may be delayed prioritising investments and bottlenecks. caused by regulatory delays in conces- tions located near where it is consumed. Power transmission is carried out via sions resulting in the operators inability • Driving higher margins – how service • The voltage level of the power network the national grid (or transmission grid) to materialise the current expenditure companies can focus on profitable determines the transmission capacity which consists of high-voltage power plans on time. PwC estimated that the projects just as the maximum speed on our lines. investments can be delayed at least public roads. 1-2 years leading to a shift in the wave. • Reducing expenditure level – creating Distribution is the final stage in the de- competition in PT&D service market • For both the road network and the livery of electricity from to end users via The power distribution market is in for power network, high capacity for long smaller power lines at medium and/or a similar shift as in power transmission • Procurement strategy – how to distance is used, while lower capacity lower voltage. Power distribution include driven by similar trends. procure service efficiently is primarily used in cities and nearest both medium-voltages power lines form- households. In the same way that no ing the regional grids and low-voltage However the Nordics is a highly frag- • Balance between increasing outsour- Nordic Power Transmission household has freeway access, they local grids. mented marketed with different structu- cing or maintaining control inhouse and Distribution Industry are not directly connected to the res in each country with respect to DSO high-voltage power lines either. ownership and level of outsourcing. Nord Pool Power exchange Electricity producers The investment wave will lead to a significiant increase in expenditure in renewing the Nordic electricity grid in the next decade which represents a step-change. This will lead to new market opportunities and impact all participants from Electricity trader owners and regulators to service providers. However there is a significant risk that plans may be delayed, postponed or create bottlenecks resulting in a challenging future. Local grid National grid Regional grid Power transmission Consumers Power distribution 4 The investment wave – today or tomorrow 2013 2013 The investment wave – today or tomorrow 5 The power transmission and distribution industry is Today and becoming more complex tomorrow Complexity & Scale • Technology developments are making the market increasingly complex • Cross border initiatives drive the need for international players • Increased need for advanced services and know-how • Higher demands on system security and availability also 2000 drive complexity New players due to unbundling • Suppliers are consolidating to benefit from scale and scope advantages • Unbundling in some markets begins • Creating a new service industry and new players 90’s to take advantage of a new market Beginning of electricity market • Emergence of a new outsourcing and service de-regulation industry • Few and dominating state owned players • Market regulated with few private enterprises • Not seen as a “growth market” Increased complexity and the need for scale advantages is character- ising the PT&D service industry today and going forward increas- ing the demand for players with a broad competence base and geo- graphic reach 6 The investment wave – today or tomorrow 2013 2013 The investment wave – today or tomorrow 7 Transmission of electricity in the Power Nordics is challenging. An electric future requires stronger grids, transmission availability and faster communication. Transmission of electricity Physical limits on power lines and The bidding areas may get different pric- The Nordic Power system is dominated transformers create bottlenecks in the es, due to bottlenecks in the transmission by hydropower accounting for approxi- transmission system. Due to these bottle- system. mateley 50% of the total Nordic genera- necks, the Nordic region is divided into a tion capacity. The rest of the generation number of bidding areas. As such, bidding areas give a signal consists of a mixture of sources: nuclear where investing in additional transmis- power, thermal power and renewables. The complexity of managing balance in sion capacity is required. the system has increased given the rapid Electricity production differs consid- introduction of renewables – and peak erably among the Nordic countries. prices will be ever more frequent. Hydropower stations are located mainly in northern areas, while the majority of The different bidding areas help indicate our electricity consumption occurs in the constraints in the transmission systems, south. and ensure that regional market condi- tions are reflected in the price. Just as there can be traffic congestions in the road network, constraints can also arise in the power network. A constraint arises where the electricity system is unable to transmit the power supplied to the location of demand due SE1 to congestion at one or more parts of the A significant amount of transmission
Load more

Recommended publications
  • Focused Financial Report 2013 of HSH Nordbank AG Strong for Entrepreneurs 2 HSH NORDBANK AG Lagebericht
    FOCuseD FinANCIAL RePORT 2013 OF HSH NORDBANK AG STROng FOR enTREPReneuRS 2 HSH NORDBANK AG Lagebericht CONTENT MANAGEMENT REPORT OF HSH NORDBANK AG 03 Basis 03 Business model 03 Objectives and strategy 04 Management system 05 Remuneration system 06 Economic report 07 Underlying economic and industry conditions 07 Business developments 10 Earnings, net assets and financial position 14 Report on events after the reporting period 23 Forecast, opportunities and risks report 23 Forecast report including opportunities and risks 23 Risk report 30 Risks within HSH Nordbank Group 30 Risk management system 30 Default risk 38 Market risk 47 Liquidity risk 50 Operational risk 57 Other material risks 59 Summary and outlook 60 FINAL DECLARATION TO THE DEPENDENT COMPANY REPORT 62 ANNUAL ACCOUNTS OF HSH NORDBANK AG 63 Balance sheet 63 Income statement 67 Notes 69 AUDITOR’S REPORT 126 RESPONSIBILITY STATEMENT BY THE MANAGEMENT BOARD 127 3 HSH NORDBANK AG Management Report MANAGEMENT REPORT of HSH NORDBANK AG BASIS of the newly formed Savings Banks & Institutional Clients division, which is also part of the Corporates & BUSINESS MODEL Markets segment. Furthermore, the Capital Markets and Products divisions remain assigned to this segment. HSH Nordbank AG was created in June 2003 by the merger of Hamburgische Landesbank – Girozentrale – The administrative and service divisions as well as Over- with Landesbank Schleswig-Holstein Girozentrale (LB all Bank positions and equity holdings not assigned to Kiel) and is managed in the form of a German public segments are included in the Corporate Center segment. limited company (Aktiengesellschaft – AG). The head- quarters of the Bank are located in Hamburg and Kiel.
    [Show full text]
  • Nordea Group Annual Report 2018
    Annual Report 2018 CEO Letter Casper von Koskull, President and Group CEO, and Torsten Hagen Jrgensen, Group COO and Deputy CEO. Page 4 4 Best and most accessible advisory, with an 21 easy daily banking experience, delivered at scale. Page 13 Wholesale Banking No.1 relationship Asset & Wealth bank in the Nordics Management with operational Personal Banking 13 excellence. Page 21 Commercial & Business Banking Our vision is to become the lead- ing Asset & Wealth Manager in the 25 Nordic market by 2020. Page 25 Best-in-class advisory and digital experience, 17 ef ciency and scale with future capabilities in a disruptive market. Page 17 Annual Report 2018 Contents 4 CEO letter 6 Leading platform 10 Nordea investment case – strategic priorities 12 Business Areas 35 Our people Board of Directors’ report 37 The Nordea share and ratings 40 Financial Review 2018 46 Business area results 49 Risk, liquidity and capital management 67 Corporate Governance Statement 2018 76 Non-Financial Statement 78 Conflict of interest policy 79 Remuneration 83 Proposed distribution of earnings Financial statements 84 Financial Statements, Nordea Group 96 Notes to Group fi nancial statements 184 Financial statements Parent company 193 Notes to Parent company fi nancial statements 255 Signing of the Annual Report 256 Auditor’s report Capital adequacy 262 Capital adequacy for the Nordea Group 274 Capital adequacy for the Nordea Parent company Organisation 286 Board of Directors 288 Group Executive Management 290 Main legal structure & Group organisation 292 Annual General Meeting & Financial calendar This Annual Report contains forward-looking statements macro economic development, (ii) change in the competitive that reflect management’s current views with respect to climate, (iii) change in the regulatory environment and other certain future events and potential fi nancial performance.
    [Show full text]
  • Nordic Broadband City Index 2012
    Nordic Broadband City Index How cities facilitate a digital future June 2012 - Nexia DA - Nordic Broadband City Index Document history Title Nordic Broadband City Index Date and version June 2012 – Version 1.0 About this report The Nordic Broadband City Index has been prepared by Marit Wetterhus and Harald Wium Lie at Nexia DA on behalf of Telenor ASA and IKT-Norge in the period from January to May 2012. Special thanks to We would not have been able to obtain information on the Swedish market if it was not for Anna- Carin Mattson, Tommy Y. Andersson and Per Gundersen at Skanova, Stefan Albertsson at Eltel Networks, Mats Gustavson and Lars-Eric Gustavsson at TeliaSonera and several other people at Eltel Networks, TeliaSonera and Skanova. In Denmark Peder Hansen at Telcon was of invaluable importance, and we would also like to thank Anders Poulsen at Global Connect. In Norway we would like to thank Svein Nassvik, Herleik Johansen, Sverre Lysnes, Morten Skjelbred, at Sønnico, Roar Salen, in Eltel Networks and Tom Bakke Pedersen, Øystein Knudsen, Knut Beving and Erik Sikkeland in Relacom provided us with valuable information we needed in order to develop the index, and we are very grateful that they all took time out of their busy schedule to talk to us. We would also like to thank all the municipalities for their time and efforts, Liv Freihow at IKT-Norge and last, but not least the people in Telenor Denmark, Telenor Norway and Telenor Sweden and Erlend Bjørtvedt in Telenor Group for their support and expert knowledge.
    [Show full text]
  • Eltel 210226 Company Report
    ELTEL Construction & Engineering/Sweden, February 26, 2021 Company report Initiating coverage with BUY Rating BUY We initiate coverage of Eltel with BUY rating and a TP of SEK 30. 70 We see that Eltel has the potential to succeed in its turnaround and, as such, we expect Eltel’s profitability to improve in the 60 coming years and net sales to turn to growth in H2/2021. In our 50 view, the margin improvement potential is not fully reflected in 40 the current share price. 30 Eltel is in the midst of its turnaround journey Price/SEK Eltel is the leading Nordic field service provider for critical power and 20 communication networks. Eltel’s development since the IPO in 2015 did 10 not meet expectations, and following a strategic review in 2017, Eltel 0 has focused on its core businesses, Power and Communication in the 02/16 02/17 02/18 02/19 02/20 02/21 Nordics, and the company is currently in the midst of a turnaround journey. The focus is on improving profitability, restructuring non- Eltel DJ STOXX 600 performing businesses, and strengthening its financial position, with first signs of operational improvement already visible. Share price, SEK (Last trading day’s 27.05 closing price) We expect the recovery in margins to continue Target price, SEK 30.0 In 2021E, we expect that net sales will decrease by 2.3% to EUR 916.8 million due to the focus on improving profitability and restructuring Latest change in recommendation 26-Feb-21 non-performing businesses. We expect net sales to turn to growth in Latest report on company 26-Feb-21 H2/2021 and we see the targeted growth rate of 2-4% in the Nordics Research paid by issuer: YES achievable from 2022 onwards.
    [Show full text]
  • Nordea Annual Report 2016
    Annual Report 2016 Report Annual Annual Report 2016 Casper von Koskull, President and CEO Letter Group CEO, and Torsten Hagen Jørgensen, Group COO and Deputy CEO. Page 6 Strengthened customer relationships built on 6 core capabilities and a winning culture. Page 19 Long-term Personal Banking ambition to be Wholesale Banking No. 1 in profitability, customer and employee satisfaction. Page 11 19 Wealth Management 11 Commercial & Business Banking Largest private bank, asset manager and 23 life and pensions provider. Page 23 Leading position in corporate banking in 15 the Nordics with best in class advisory and digital experience. Page 15 Annual Report 2016 Contents 4 Leading platform 6 CEO letter 8 Nordea Investment Case – Strategic Priorities 01 Business Areas 72 Group Corporate Centre 92 The Nordea share and ratings 23 Financial targets 33 Our people shape the future 34 Sustainability Board of Directors’ report 36 Financial Review 2016 40 Business area results 43 Risk, Liquidity and Capital management 59 Corporate Governance Report 66 Remuneration 69 Proposed distribution of earnings Financial statements 71 Financial statements Nordea Group 84 Notes to Group financial statements 175 Financial statements Parent company 186 Notes to Parent company financial statements 227 Signing of the Annual Report 228 Auditor’s report Organisation 232 Board of Directors 234 Group Executive Management 235 Legal structure 235 Group Organisation 236 Annual General Meeting 236 Financial calendar This Annual Report contains forward-looking statements macro economic development, (ii) change in the competitive that reflect management’s current views with respect to climate, (iii) change in the regulatory environment and other certain future events and potential financial performance.
    [Show full text]
  • Annual Report 2017
    Annual Report 2017 Report Annual Annual Report 2017 Casper von Koskull, President and CEO Letter Group CEO, and Torsten Hagen Jørgensen, Group COO and Deputy CEO. Page 4 No.1 relationship bank in 4 the Nordics with operation- al excellence. Page 19 Long-term Personal Banking ambition to be Wholesale Banking No. 1 in profi tability, customer and employee satisfaction. Page 11 19 11 Wealth Management Commercial & Business Banking Our vision is to become the leading Wealth Manager in the 23 Nordic market by 2020. Page 23 Best-in-class advisory and digital experience, 15 effi ciency and scale with future capabilities in a disruptive market. Page 15 Annual Report 2017 Contents 4 CEO letter 6 Leading platform 8 Nordea investment case – strategic priorities 10 Business Areas 31 The Nordea share and ratings 34 Our people Board of Directors’ report 36 Financial Review 2017 40 Business area results 43 Risk, liquidity and capital management 59 Corporate Governance Report 67 Statutory Sustainability Report 69 Remuneration 72 Proposed distribution of earnings Financial statements 73 Financial statements Nordea Group 86 Notes to Group fi nancial statements 176 Financial statements Parent company 187 Notes to Parent company fi nancial statements 231 Signing of the Annual Report 232 Auditor’s report Organisation 236 Board of Directors 238 Group Executive Management 239 Legal structure 240 Annual General Meeting 240 Financial calendar This Annual Report contains forward-looking statements macro economic development, (ii) change in the competitive that reflect management’s current views with respect to climate, (iii) change in the regulatory environment and other certain future events and potential fi nancial performance.
    [Show full text]
  • Embarking on a Successful Future
    FINANCIAL REPORT 2015 OF HSH NORDBANK AG STRONG FOR ENTREPRENEURS EMBARKING ON A SUCCESSFUL FUTURE MANAGEMENT REPORT OF HSH NORDBANK AG 2 Basis 2 Business activities 2 Objectives and strategy 4 Management system 5 Remuneration system 8 Economic report 10 Underlying economic and industry conditions 10 Business developments 15 Earnings, net assets and financial position 21 Report on events after the reporting period 30 Forecast, opportunities and risks report 31 Forecast report including opportunities and risks 31 Risk Report 49 Risks within HSH Nordbank Group 49 Risk management system 49 Default risk 54 Market risk 62 Liquidity risk 65 Operational risk 69 Other material risks 71 Summary of risk assessment and outlook 72 Final declaration to the dependent company report 73 ANNUAL ACCOUNTS OF HSH NORDBANK AG 74 Balance sheet 74 Income statement 78 Notes 80 General information and notes 80 Accounting and valuation principles 84 Notes on balance sheet assets 96 Notes on balance sheet liabilities 103 Notes on the income statement 109 Other disclosures 113 AUDITOR’S REPORT 141 RESPONSIBILITY STATEMENT BY THE MANAGEMENT BOARD 142 2 HSH NORDBANK AG 2015 MANAGEMENT REPORT OF HSH NORDBANK AG BASIS BUSINESS ACTIVITIES rate Clients division as at 1 July 2015 in the segment Corporates & Markets in order to focus on the business and streamline the organisa- Headquarters, regional focus and products tional structure. Since then the strategic focus of the new Corporate HSH Nordbank AG was established in June 2003 by the merger of Clients division has been primarily on the Logistics & Infrastructure, Hamburgische Landesbank – Girozentrale – with Landesbank Energy & Utilities, Healthcare, Trade & Food and Industry & Services Schleswig-Holstein Girozentrale (LB Kiel) and is managed in the form business fields.
    [Show full text]
  • Stylus Magazine Indesign Template
    SUSTAINABILITY REPORT RELACOM GROUP 2015 Contents: 3 About this report 4 About Relacom 6 Sustainability Management 8 Stakeholder Engagement 12 Relacom Sweden 16 Relacom Norway 20 Relacom Denmark 24 Relacom Finland 30 GRI Cross-Reference Index Contact information [email protected] Phone: 08 553 90000 © Relacom 2016 About this Report About this Report Relacom offers a broad range of services based the best Group, Relacom Sweden, Relacom Norway, Relacom Fin- competence and experience in the industry. We connect land and Relacom Denmark. smart products, electronic devices and sensors to the network. We take part in the planning, construction and The report is based on the guidelines for sustainability re- maintenance of telecommunications and fibre networks. porting issued by the Global Reporting Initiative (GRI). Energy companies hire us to collect data from industries and properties to determine their exact energy consumption. This is the Relacom Group’s fourth report issued in accor- dance with the framework of GRI’s guidelines. This report We often act as the link between operators, power compa- deviates from 2014 report. This year we choose to do a nies, end users and suppliers. With this role, we also have lighter version. We have not conducted a materiality analy- an opportunity to influence processes so that they are sus- sis for 2015. And therefor use 2014 materiality analysis. tainable for customers, employees, suppliers and the society at large. By demonstrating how we work with sustainability, Our first report was published in 2012 and followed the GRI we send an important signal to the market, our customers, G3 guidelines.
    [Show full text]
  • Stylus Magazine Indesign Template
    RELACOM GROUP SUSTAINABILITY REPORT 2016 Contents: 3 CEO Message 4 About Relacom 6 The Relacom way 8 Sustainability Management 10 Stakeholder Engagement 14 Relacom Sweden 20 Relacom Norway 26 Relacom Denmark 30 Relacom Finland 38 About this Report 40 GRI Cross Reference Index © Relacom April 2017 CEO Message We aim for the future Within Relacom we have in recent years worked hard to We are very aware of sustainability’s growing importance to refine and develop our services. Our motto is “We aim for the company, our employees, our customers, as well as to the future”. That refers not only to the commercial activities, the society as a whole. A wise man once said: No one can securing a solid basis for a continued growth with competiti- do everything, but everyone can do something. Aiming for ve services within Telecommunications, Power and Internet the future, we are determined to contribute with what we of Things. It stands as much for our commitment to take can. responsibility for people and the environment. In our role as one of the leading service partners within technical infrastructure in the Nordic region, we are actively driving our business to ensure we create a positive impact in society and for the environment. Not only are we implementing methodology and technology to minimize the environmental impact from our own opera- tions. We are also teaming up with clients in several projects to develop solutions aiming to reduce the environmental footprint from their operations, e.g. power production and power consumption. Taking responsibility for people and the environment is a strategic choice for Relacom.
    [Show full text]
  • Transtema Group AB Sweden
    Commissioned Equity Research • 28 September 2020 Business Services Transtema Group AB Sweden KEY DATA Impressive transformation offers major discount We initiate coverage of Transtema with a DCF-based fair value range of Stock country Sweden Bloomberg Trans ss SEK 12.6-15.6 per share, based on a WACC of 8.2-9.5%. We are impressed Reuters Trans.st by Transtema's strategy shift from the Fiber-to-the-home (FTTH) Share price (close) SEK 9.90 installation market to operation and maintenance (O&M) and believe that Free Float 100% the company is well-positioned to continue delivering operational Market cap. (bn) EUR 0.04/SEK 0.38 Website /www.transtemagroup.se/ improvements at higher margins and more solid cash flow. The company Next report date 05 Nov 2020 recently won three important contracts and is set for explosive revenue and EBITA growth in 2021. All in all, we expect a 2019-22 EBITA CAGR of 20%. PERFORMANCE Transtema at a glance Transtema is active in design, construction, maintenance and other services 75 related to communication networks and data centre infrastructure. The 60 company is undergoing a restructuring and strategy shift, where it has exited the FTTH installation market and is in the process of divesting non- 45 performing operations. It now generates most of its revenue from O&M 30 operations, where revenue is more stable (four- to five-year contracts) and 15 margins are more attractive. 0 Sep17 Sep18 Sep19 Sep20 Strategy shift set to drive strong EBITA growth Transtema Group AB Source: Thomson Reuters Sweden OMX Stockholm All-Share (Rebased) We find Transtema's financial development after it initialised its restructuring to be highly encouraging.
    [Show full text]
  • National and EU Regional Policy in the Nordic Countries
    Nordic ‘intercity connectivities’ in a multi-scalar perspective Peter Schmitt and Lukas Smas NORDREGIO WORKING PAPER 2012:7 Nordic ‘intercity connectivities’ in a multi-scalar perspective Nordic ‘intercity connectivities’ in a multi-scalar perspective Peter Schmitt & Lukas Smas in collaboration with Vera Lehto, Asli Tepecik Dis, Moa Hedström, Mitchell Reardon & Johanna Roto Nordregio Working Paper 2012:7 ISSN 1403-2511 ISBN 978-91-89332-94-2 © Nordregio 2012 Nordregio P.O. Box 1658 SE-111 86 Stockholm, Sweden [email protected] www.nordregio.se www.norden.org Analyses & text: Peter Schmitt and Lukas Smas Linguistic editing: Chris Smith Nordic co-operation Nordic co-operation takes place among the countries of Denmark, Finland, Iceland, Norway and Sweden, as well as the autonomous territories of the Faroe Islands, Greenland and Åland. The Nordic Council is a forum for co-operation between the Nordic parliaments and governments. The Council consists of 87 parliamentarians from the Nordic countries. The Nordic Council takes policy initiatives and monitors Nordic co-operation. Founded in 1952. The Nordic Council of Ministers is a forum of co-operation between the Nordic governments. The Nordic Council of Ministers implements Nordic co-operation. The prime ministers have the overall responsibility. Its activities are co-ordinated by the Nordic ministers for co-operation, the Nordic Committee for co-operation and portfolio ministers. Founded in 1971. Nordregio – Nordic Centre for Spatial Development works in the field of spatial development, which includes physical planning and regional policies, in particular with a Nordic and European comparative perspective. Nordregio is active in research, education and knowledge dissemination and provides policy-relevant data.
    [Show full text]
  • Financial Report 2011 STARK FÜR UNTERNEHMER
    Financial RepoRt 2011 STARK FÜR UNTERNEHMeR STARK FÜR UNTERNEHMER [Strong for entrepreneurs] 3 HSH NORDBANK AG Lagebericht CONTENT MANAGEMENT REPORT OF HSH NORDBANK AG 04 Underlying conditions and business overview 04 Underlying conditions 04 Business overview 06 Business developments 09 Earnings situation 11 Net assets and financial position 14 Outlook 18 Anticipated underlying conditions 18 Anticipated business situation 19 Anticipated refinancing situation 21 Risk Report 21 Risks within HSH Nordbank Group 21 Risk management system 22 Default risk 29 Market risk 37 Liquidity risk 42 Operational risk 49 Strategic risk 52 Summary and outlook 52 Final declaration to the report on relations with affiliated companies 53 ANNUAL ACCOUNTS OF HSH NORDBANK 54 Balance sheet 54 Income statement 58 Notes 60 AUDITOR’S REPORT 120 RESPONSIBILITY STATEMENT BY THE MANAGEMENT BOARD 121 4 HSH NORDBANK AG Management Report UNDERLYING CONDITIONS AND BUSINESS Increased turbulence on the financial markets OVERVIEW The escalation in the European sovereign debt crisis was reflected in the developments on the financial markets. UNDERLYING CONDITIONS Concerns about the developments in Greece and the con- tagion of other member states, especially Italy and Spain, but also about the global economy, led to increased uncer- Global economic growth in a challenging envi- tainty in the financial markets in the summer. Investors ronment The global economy started dynamically last year but was thereupon moved their investments into “safe havens” with slowed down by several shocks during the course of the year. the effect that yields on US Treasuries and German govern- Pressures ranged from the increase in the oil prices caused ment bonds fell to new record lows.
    [Show full text]