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Annual Report 2019 .Pdf 18MB Annual Report Statkraft AS 2019 CONTENT 3 Introduction 3 Statkraft at a glance 6 The Board of Directors 7 The Corporate Management 8 Letter from the CEO 9 Report from the Board of Directors 12 Strategy – Powering a green future 16 Financial performance 20 Segments 25 Risk management 29 Sustainability 31 Sustainability management 33 Statkraft’s contribution 35 Social disclosures 41 Environmental disclosures 45 Economic disclosures 49 Corporate Governance 59 Statements 59 Group Financial Statements 59 Financial Statements 64 Notes 129 Statkraft AS Financial Statements 129 Financial Statements 133 Notes 150 Auditor’s Statement 155 Sustainability Statement 170 Auditor’s Statement 176 Declaration from the Board of Directors and CEO 177 Key figures and Alternative Performance Measures Statkraft is a leading renewable energy company with activities on three continents within hydro, wind and solar. Through our market activities and production assets we create value for our owner, our customers and the societies we operate in. Statkraft at a glance USA Statkraft has 4.000 employees Peru Brazil in 16 countries Chile Europe’s largest producer of renewable energy EBIT underlying Net profit Cash flow from operations 17.6 11.3 12.0 NOK BILLION NOK BILLION NOK BILLION ROACE Net interest-bearing debt Dividend paid in 2019 16.3 16.0 8.5 PER CENT NOK BILLION NOK BILLION Norway Sweden The Netherlands United Kingdom Ireland Germany France Spain Nepal Albania Turkey India Power generated in 2019 Share renewable energy Investments in 2019 61 93 7.4 TWH PER CENT NOK BILLION Standard & Poor's Fitch Ratings' long-term rating long-term rating A- BBB+ 59% Norway 27% Europe 14% Outside Europe 5 ANNUAL REPORT 2019 | STATKRAFT AS 6 The Board of Directors From the left: Vilde Eriksen Bjerknes, Mikael Lundin, Ingelise Arntsen, Asbjørn Sevlejordet, Thorhild Widvey, Peter Mellbye, Bengt Ekenstierna, Hilde Drønen and Thorbjørn Holøs Thorhild Widvey Peter Mellbye Hilde Drønen Born 1956, Norwegian Born 1949, Norwegian Born 1961, Norwegian Chair of the board, member since 2016. Vice Chair of the board, member since 2016. Board member, member since 2014. Chair of the Compensation Committee Member of the Compensation Committee Chair of the Audit Committee Current board positions: Chair: Antidoping Norway, Current board positions: Chair: Wellesley petroleum, Current board positions: Board member: DOF Subsea Concert Hall Stavanger, Bergen International Festival. Otovo, Westgass. Board member: TechnipFMC, Altus and various subsidiaries in the DOF ASA Group, Board member: Kværner. Intervention, Competentia, Halfwave, Resoptima. Beerenberg. Experience: Minister of Culture. Experience: Statoil: EVP. Norwegian Export Council, Experience: DOF ASA: CFO (present). Minister of Petroleum and Energy. Norwegian Ministry of Trade Bergen Yards AS (today Bergen Group ASA): CFO. The Ministry of Foreign Affairs: State Secretary. and Commerce: various positions. Møgster Group: various positions. The Minister of Fisheries: State Secretary. Mikael Lundin Bengt Ekenstierna Ingelise Arntsen Born 1966, Swedish Born 1953, Swedish Born 1966, Danish Board member, member since 2018. Board member, member since 2016. Board member, member since 2017. Member of the Audit Committee Current board positions: Chair: Wrams Gunnarstorp Member of the Audit Committee Experience: Administrative Director Polhem Infra Castle. Current board positions: Chair of the board: Asplan Viak. (present).Nord Pool: CEO. Vattenfall Power Consultant: Experience: Beken: Senior advisor (present). Several Board member: Export Credit Norway, Beerenberg. CEO. Vattenfall Poland: CFO. Vattenfall Europe CEO positions within E.ON Group. Sydkraft Bredband Experience: Aibel: EVP. Sway Turbine: CEO. Statkraft: Trading: CFO. Birka Kraft: Director. and Baltic Cable. Sydkraft Elnät: COO. EVP. Arthur Andersen Business Consulting/ Bearing Point: Director: Sogn og Fjordane Energiverk: CEO. Kværner Fjellstrand: CFO. Vilde Eriksen Bjerknes Thorbjørn Holøs Asbjørn Sevlejordet Born 1975, Norwegian Born 1957, Norwegian Born 1960, Norwegian Employee-elected board member, member since 2014. Employee-elected board member, member since 2002. Employee-elected board member, member since 2014. Employee in Statkraft since: 2001 Member of the Audit Committee Member of the Compensation Committee Current work position: Statkraft: Vendor Manager IT. Employee since: 1976, Skagerak Energi Employee in Statkraft since: 1978 Current board positions: Chair: EL og IT Forbundet Current work position: Statkraft: Head union Vestfold/Telemark. representative, Mechanical maintenance worker. Current work position: Skagerak Energi: Head union representative. ANNUAL REPORT 2019 | STATKRAFT AS 7 The Corporate Management From the left: Jon Vatnaland, Anne Harris, Steinar Bysveen, Christian Rynning-Tønnesen, Hallvard Granheim, Hilde Bakken and Jürgen Tzschoppe. Christian Rynning-Tønnesen Anne Harris Hallvard Granheim Born 1959, Norwegian Born 1960, Norwegian Born 1976, Norwegian Group management since 2010 Group management since 2019 Group management since 2014 Position: CEO Position: CFO Position: EVP Markets and IT With Statkraft in 1992-2005 and since 2010 Education: MSc Finance BI, Oslo. With Statkraft since 2012 Education: MSc NTH, Trondheim Former positions: Multiconsult AS: CFO. Entra Eiendom Education: MSc Finance NHH, Bergen Norwegian Army officer education AS: Acting CEO and CFO. Norsk Hydro: EVP HR and Former positions: Statkraft: EVP & CFO, Former positions: Norske Skog: CEO and CFO. Organization, SVP Corporate Financial Reporting and SVP Financial Reporting, Accounting and Tax. Statkraft: CFO and other executive positions. Performance. Deloitte: Director, Advisory & Auditor. McKinsey: Consultant. Current board positions: Board member IFE (Institutt Norske Skog: VP Energy Sourcing & Trading. Esso Norge: Refinery commercial coordinator. for energieteknikk) Current board positions: Board member: Klaveness, UMOE. Chair: VCOM. Advisory board member: Det Norske Veritas. Hilde Bakken Jon Vatnaland Jürgen Tzschoppe Born 1966, Norwegian Born 1975, Norwegian Born 1968, German Group management since 2010 Group management since 2017 Group management since 2015 Position: EVP Production Position: EVP Corporate Staff and Industrial Ownership Position: EVP International Power With Statkraft since 2000 With Statkraft since 2009 With Statkraft since 2002 Education: MSc NTH, Trondheim and TU Delft, Education: Cand. polit. sociology and Ph.D. innovation Education: Ph.D. Electrical engineering, RWTH Aachen Netherlands studies, UiO. Former positions: Statkraft: EVP Market Operations Former positions: Statkraft: EVP Corporate Staff Former positions: Statkraft: SVP Strategy in Wind and IT, SVP Continental Energy. MD Statkraft Markets and various positions within the Generation and Power and Technologies, MD Statkraft UK ltd, Senior GmbH and Knapsack Power GmbH & Co. KG. Market business. Norsk Hydro: various mgmt. and advisor Corporate Strategy. McKinsey: Engagement mgr. Enron: Power Trading Europe Associate. engineering positions Current board positions: Chair: Skagerak Energi. IAEW Aachen: Chief engineer. Current board positions: Board member: Yara Deputy chair: BKK. Board Member: Agder Energi, Energi International. Norge, Oslo Energy Forum. Steinar Bysveen Born 1958, Norwegian Group management since 2010 Position: EVP European Wind and Solar With Statkraft since 2010 Education: MSc NTH, Trondheim. Business studies BI. Former positions: Statkraft: EVP Wind, Technology and Strategy, EVP Production and Industrial Ownership, EVP Corporate Development. Energi Norge: CEO. Industrikraft Midt-Norge: MD. Current board positions: Chair: Fosen Vind DA. ANNUAL REPORT 2019 | STATKRAFT AS 8 Letter from the CEO 2019 was a solid year for Statkraft and the company continued to deliver on its strategy. High standards of health, safety, security and environment, We also acquired three wind power projects in Chile with a human rights and business ethics are integral parts of our planned installed capacity of 110 MW. business models and form the basis for interaction with all our business partners. A fatal accident occurred in India in In Norway, three of the wind farms in Fosen are now in full January 2020, while there were no serious injuries in 2019. production, while the remaining three will open in 2020, We will continue to strengthen and improve Statkraft’s safety completing the largest onshore wind project in Europe. culture and performance across the organisation. It is our ambition to be a leading provider of market solutions Statkraft reported a record-high underlying EBIT of NOK 17.6 for renewable energy to large customers in all our markets. We billion, equivalent to 16.3 per cent return on average capital entered into new industrial power supply agreements in employed. Net profit ended at a solid NOK 11.3 billion. The Norway and confirmed our leading position within the fast- proposed dividend for 2019 amounts to NOK 6.5 billion. Net growing European market for power purchase agreements by profit, taxes and salaries contributed with NOK 22 billion in signing several new long-term power contracts in 2019. total value creation from Statkraft to the Norwegian society in 2019. Statkraft also continued to develop new business opportunities including advanced biofuel, data centres and hydrogen. We Statkraft’s ambition is to be one of the world’s leading sold our first data centre site to Google, paving the way for renewable energy companies by 2025. The strategy is to hyperscale data centres
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