Annual Report 2012
Total Page:16
File Type:pdf, Size:1020Kb
Annual Report 2012 Content Part 1 About Statkraft Part 3 Financial Statements 4 Letter from the CEO 47 Group Financial Statements 5 Statkraft Group Management 48 Statement of Comprehensive Income 6 Statkraft at a glance 49 Balance Sheet 8 Growth from hydropower 50 Statement of Cash Flow 10 International growth with pure energy 51 Statement of Changes in Equity 13 Offshore power 52 Notes 14 Wind power with the wind at its back 16 Statkraft in facts and figures 99 Statkraft AS Financial Statements 18 Statkraft around the world 100 Income statement 101 Balance Sheet Part 2 Report from the Board of Directors 102 Statement of Cash Flow 102 Notes 116 Auditor’s Report 119 Corporate Responsibility Statement 120 Statement 128 Auditor’s Statement Read the full report at: annualreport2012.statkraft.com Financial key figures Non-financial key figures The following tables present Statkraft’s most significant results within the areas environmental impact, health and safety, society and employees for the Statkraft AS Group Unit 2012 2011 2010 2009 2008 From the income statement period 2008-2012. More detailed results can be found in the corporate responsibility statement. Gross operating revenues***** NOK mill 32 331 22 203 29 252 25 675 25 061 a Net operating revenues NOK mill 17 659 17 094 23 176 16 983 23 601 Power generation and district heating production b EBITDA NOK mill 9 908 9 767 15 955 9 769 18 171 Unit 2012 2011 2010 2009 2008 Operating profit NOK mill 5 365 6 203 12 750 7 027 16 618 Installed capacity MW 16 967 16 430 16 010 15 806 15 478 Share of profit from associates NOK mill 1 024 898 766 1 179 935 Of which hydropower MW 13 522 13 249 12 969 12 774 12 546 c Net financial items NOK mill 2 417 -3 635 -917 4 281 20 267 Of which wind power MW 528 321 304 305 245 c MW 2 178 2 178 2 178 2 160 2 130 Profit before tax NOK mill 8 806 3 466 12 599 12 487 37 820 Of which gas power MW 29 16 16 16 16 Net profit NOK mill 4 671 40 7 451 7 716 33 262 Of which biofuel MW 710 666 544 548 541 Items exluded from underlying business** Of which district heating Capacity under developmentd MW 1 792 1 923 - - - Unrealised changes in value energy contracts NOK mill -1 328 -1 152 62 -2 182 3 921 Of which hydropower MW 910 1 037 - - - Non-recurring items NOK mill -1 881 -1 035 70 -108 307 Of which wind power MW 361 344 - - - Underlying business** Of which gas powerc MW 430 430 - - - Gross operating revenues NOK mill 34 098 22 298 28 990 25 044 25 422 Of which district heating MW 91 112 - - - Net operating revenues NOK mill 18 811 18 120 22 721 19 165 19 680 Power production, actual TWh 60.0 51.5 57.4 56.9 53.4 EBITDA NOK mill 11 060 10 851 15 161 11 951 14 250 Of which hydropower TWh 57.6 46.0 50.1 50.1 47.4 Operating profit NOK mill 8 573 8 390 12 618 9 316 12 390 Of which wind power TWh 0.8 0.8 0.6 0.6 0.6 From the balance sheet Of which gas powerc TWh 1.5 4.6 6.6 6.1 5.4 Property, plant & equipment and intangible assets NOK mill 86 271 84 348 80 772 80 516 77 035 Of which biofuel TWh 0.1 0.1 0.1 0.1 - Investments in associates NOK mill 17 974 16 109 17 090 16 509 14 387 District heating TWh 1.1 0.9 1.1 0.9 0.5 Other assets NOK mill 40 747 43 420 58 105 46 980 52 877 Proportion of renewable power productione % 97.2 90.8 88.1 89.1 89.7 Total assets NOK mill 144 992 143 878 155 967 144 005 144 299 a Includes Statkraft’s shareholdings in subsidiaries where Statkraft has a majority interest. Total equity NOK mill 62 437 65 651 75 302 64 901 72 324 b Installed capacity includes power plants and district heating plants included in the E.ON transaction and the consolidation of SN Power, effective January 2009. Interest-bearing debt NOK mill 40 263 36 887 40 486 45 660 40 791 c Includes the jointly controlled Herdecke (Germany), Kårstø (Norway) and Scira (United Kingdom) power plants. 1) Capital employed, basic NOK mill 64 811 62 546 66 722 65 486 67 584 d Includes projects where an investment decision has been made. Cash flow e Non-renewable production includes gas power and district heating based on fossil fuels. Net change in cash flow from operating activities NOK mill 9 948 9 521 13 577 12 714 11 499 Dividend for the year to owner(incl. minority interests) NOK mill 4 293 9 400 7 964 10 260 8 396 Emissions and environmental incidents Depreciation NOK mill 4 543 3 564 3 205 2 743 1 553 Unit 2012 2011 2010 2009 2008 Maintenance investments 2) NOK mill 1 065 1 129 1 000 1 308 796 Emission of CO2 equivalents Expansion investments in new generating capasity 3) NOK mill 6 085 5 217 1 852 2 447 1 196 Total Tonnes 483 900 1 161 900 1 693 400 1 600 100 1 604 700 Investments in shareholdings 4) NOK mill 3 523 1 923 888 1 152 581 In relation to total production kg/MWh 11 34 44 42 Cash and cash equivalents NOK mill 5 045 8 282 20 052 6 663 2 209 Environmental incidents a Unused drawing rights NOK mill 14 205 14 200 9 074 8 785 8 400 Serious environmental incidents Number 0 0 0 0 1 a Financial variables Less serious environmental incidents Number 128 185 92 118 24 FFO interest coverage 5) 7.1 7.3 10.5 5.7 7.5 a Only covers July-December. FFO/debt % 23.7 33.1 72.0 21.9 37.9 Interest-bearing debt ratio 6) % 39.2 36.0 35.0 41.3 36.1 Health and safety Equity ratio 7) % 43.1 45.6 48.3 45.1 50.1 Unit 2012 2011 2010 2009 2008 Fatalities, consolidated operations Long-term rating - Standard &Poor’s A- A- A- A- BBB+ Employees Number 0 0 0 0 0 Long-term rating - Moody’s Baa1 Baa1 Baa1 Baa1 Baa1 Contractors Number 2 1 0 1 0 Key figures, accounts Third parties Number 2 0 0 1 0 8) EBITDA-margin, accounts % 31 44 55 38 73 Fatal accidents, associated activities 8) EBITDA-margin, underlying % 32 49 52 48 56 Employees Number 0 1 0 0 0 9) ROACE before tax % 13.6 13.9 19.7 14.2 27.2 Contractors Number 0 3 1 6 8 10) Net return on investments in associated companies % 5.7 5.6 4.5 7.1 6.5 Third parties Number 0 0 4 0 1 Return on total assets after tax 11) % 3.8 0.8 6.0 7.0 27.9 Lost-time injury rate 12) Return on total assets after tax % 7.2 0.1 11.8 11.9 57.0 Employees Frequencya 4.1 4.5c 3.4 3.8 4.6 Tax rate 13) % 47.0 98.9 40.9 38.2 12.1 Contractors Frequencya 3.6 3.4c 13.6 8.0 - Key figures, upstream business* Injury frequency Production cost/MWh 14) Øre/kWh 7.8 7.3 7.1 7.0 6.4 Employees Frequencyb 7.1 10.0c 6.8 8.4 12.1 Production capacity*** TWh 50.4 50.1 49.8 49.9 48.9 Contractors Frequencyb 6.3 6.2c 16.4 - - Production, actual TWh 60.0 51.5 57.4 57.0 53.4 Absence due to illness % 3.1 3.4 3.4 3.3 3.9 Installed capacity****** MW 16 055 15 800 15 510 14 942 15 163 a Lost-time injuries per million hours worked. Key figures, downstream business* b Injuries per million hours worked. No. of distribution grid customers 1000 183 181 181 275 273 c From 2011, all businesses with a shareholding >20% are included in the results. Earlier, only businesses with a shareholding >50% were included. Energy supplied TWh 7.1 7.1 7.8 10.0 9.1 Distribution grid capital (NVE capital) 15) NOK mill 2 685 2 690 2 782 3 627 3 614 Ethics No. of end user costumers 1000 400 408 400 397 401 Unit 2012 2011 2010 2009 2008 Total volume supplied TWh 13.2 11.9 13.0 11.6 11.4 Whistleblower issues registered by the corporate audit Number 0 0 2 0 1 No. of distric heating customers 1000 11 12 11 10 8 Distric heating supplied TWh 1.1 0.8 1.0 0.9 0.5 Contributions to society Market variables* Unit 2012 2011 2010 2009 2008 Distribution of value created System price, Nord Pool EUR/MWh 31.3 47.2 53.1 35.0 44.7 Ownera NOK mill. 2 900 4 288 7 985 3 740 10 000 Spotprice, European Energy Exchange EUR/MWh 42.6 51.1 44.6 38.9 65.8 The Norwegian state and municipalitiesb NOK mill. 5 801 4 987 6 679 6 202 5 524 Electricity consumption in the Nordic market TWh 385 376 393 381 390 Lenders NOK mill.