Annual Report 2015
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III ANNUAL REPORT 2015 Trainee mechanic Ida Gunstveit Foss (left) and mechanic Halldis Marita Fagerbakke of Agder Energi Vannkraft working at Skjerka power station in Åseral. IntroductionIntruduction Corporate governance The Agder Energi Group Agder Energi AS CSR III < > CONTENT Click on the text to go to the page of your choice Key Figures 3 Group management 6 Group structure 7 Where we operate 8 Agder Energi in brief 9 Our business 10 Important events in 2015 11 CEO 13 Corporate governance 15 Enterprise risk management 18 Corporate sosial responsibility 21 Directors’ report 23 Declaration from Board of Directors 33 The Agder Energi Group 34 Income statement 36 Comprehensive income 37 Statement of financial position 38 Statement of cash flow 39 Statement of changes in equity 40 Accounting principles 41 Notes 49 Agder Energi AS 88 Income statement 90 Statement of financial position 91 Statement of cash flows 92 Accounting principles 93 Notes 95 Auditor’s report 105 Corporate sosial responsibility (CSR) 108 CSR report 109 AGDER ENERGI ANNUAL REPORT 2015 2 Intruduction Corporate governance The Agder Energi Group Agder Energi AS CSR III < > KEY FIGURES RESULTS NOK mill. % 3,200 2,800 35 2,400 30 2,000 25 1,600 20 1,200 15 800 10 400 5 0 0 2015 2014 2013 2015 2014 2013 EBITDA Operating income Net income EBITDA margin Return on equity after tax Return on capital employed (after tax) Def. 2015 2014 2013 2012 2011 AS PRESENTED IN INCOME STATEMENT Operating revenues NOK millions 8,361 7,808 9,391 8,946 10,684 EBITDA 1 NOK millions 2,975 2,303 2,856 2,283 2,908 Operating profit NOK millions 2,399 1,715 2,354 1,818 2,470 Profit before tax NOK millions 1,929 998 1,726 1,581 2,163 Net income from discontinued operations NOK millions 1,220 475 846 1,045 1,161 ITEMS EXCLUDED FROM UNDERLYING OPERATIONS Unrealised gains/losses on energy contracts NOK millions 740 -156 552 326 984 Unrealised gains/losses on currency and interest rate contracts NOK millions -138 -449 -403 -25 -111 Major exceptional items NOK millions 0 -7 0 0 0 Resultat fra ikke videreført virksomhet NOK millions 0 -33 -35 145 6 UNDERLYING OPERATIONS EBITDA NOK millions 2,235 2,466 2,304 1,957 1,924 Operating profit NOK millions 1,658 1,878 1,802 1,492 1,486 Profit before tax NOK millions 1,221 1,609 1,577 1,280 1,290 Net income for the year NOK millions 664 875 772 683 526 STATEMENT OF FINANCIAL POSITION Total assets NOK millions 18,520 16,418 16,091 15,243 14,647 Equity NOK millions 4,569 3,760 4,210 3,917 3,123 Interest-bearing liabilities NOK millions 9,029 8,299 7,668 7,222 7,028 Capital employed 2 NOK millions 13,597 12,058 11,878 11,139 10,151 Unrestricted liquidity 3 NOK millions 1,969 1,416 1,412 1,265 1,460 Net interest-bearing liabilities 4 NOK millions 8,560 8,257 7,647 7,155 6,976 Interest-bearing liabilities due over coming 12 months NOK millions 1,745 1,184 1,773 2,433 1,769 Bank deposits excluding restricted assets NOK millions 469 42 21 67 52 CASH FLOW Net cash provided by operating activities NOK millions 1,502 1,512 1,486 970 2,097 Dividends paid NOK millions 706 713 626 653 902 Maintenance investments NOK millions 571 331 509 355 355 Investments in expansion NOK millions 715 805 790 601 373 Net change in loans to associates and joint arrangements NOK millions -105 22 23 44 -1 Acquisition of shares/ownership interests NOK millions 81 42 56 60 78 AGDER ENERGI ANNUAL REPORT 2015 3 Intruduction Corporate governance The Agder Energi Group Agder Energi AS CSR III < > KEY FIGURES FINANCIAL POSITION 2015 2014 2013 Equity 4,569 3,760 4,210 Interest-bearing liabilities 9,029 8,299 7,668 Capital employed 13,597 12,058 11,878 Total assets 18,520 16,418 16,091 Def. 2015 2014 2013 2012 2011 FINANCING FIGURES Funds from operation (FFO) 5 NOK millions 1,865 1,992 1,611 1,438 1,398 FFO/Net interest-bearing liabilities % 21.9 25.1 21.8 20.0 19.8 Net interest-bearing liabilities/Underlying EBITDA 3.8 3.3 3.3 3.7 3.6 FFO interest cover 6 6.7 6.8 5.4 4.6 4.1 Equity ratio 7 % 24.7 22.9 26.2 25.7 21.3 KEY FIGURES EBITDA margin 8 % 35.6 29.5 30.4 25.5 27.2 EBITDA margin, underlying % 29.3 31.0 26.1 22.7 19.8 Return on capital employed before tax 9 % 17.3 10.8 17.6 17.8 23.5 Return on capital employed after tax 10 % 11.1 5.8 9.2 11.9 13.0 Return on equity after tax 11 % 29.3 11.9 20.8 29.7 35.1 HYDROELECTRIC POWER Underlying EBITDA NOK millions 1,920 1,920 1,675 1,570 1,440 Actual electricity generation 12 GWh 8,995 9,060 7,738 8,138 6,550 Expected electricity generation 12 GWh 7,900 7,900 7,700 7,700 7,700 Reservoir reserves at 31 Dec. GWh 5,185 3,900 4,250 4,450 4,500 Reservoir capacity GWh 5,250 5,250 5,250 5,250 5,250 Average spot price øre/kWh 17.7 22.8 29.1 21.8 36.0 Electricity price realised øre/kWh 25.8 28.2 29.0 26.3 30.0 Cost of generation/kWh øre/kWh 10.9 10.6 9.1 8.7 8.3 NETWORK Underlying EBITDA NOK millions 410 359 685 324 328 Number of transmission and distribution customers 1,000 190 190 188 184 178 Energy supplied GWh 5,624 5,454 5,308 5,295 5,422 Power grid capital (NVE capital) 13 NOK millions 3,833 3,691 3,523 3,322 3,139 KILE cost 14 NOK millions 61 50 45 27 55 AGDER ENERGI ANNUAL REPORT 2015 4 Intruduction Corporate governance The Agder Energi Group Agder Energi AS CSR III < > KEY FIGURES Def. 2015 2014 2013 2012 2011 ELECTRICITY SALES Underlying EBITDA NOK millions 104 114 101 61 81 EBITDA margin % 4.6 4.2 2.6 1.8 1.7 Electricity sales GWh 8,470 8,670 9,849 9,777 10,409 CONTRACTING Underlying EBITDA NOK millions -8 22 16 -31 40 EBITDA margin % -0.8 2.4 1.9 -2.0 2.8 Share of turnover from intra-group transactions % 17.5 20.1 25.1 15.2 16.5 Order backlog NOK millions 791 625 810 823 842 DISTRICT HEATING Underlying EBITDA NOK millions 28 25 29 29 20 District heating supplied GWh 125 118 130 122 105 Price of energy sold øre/kWh 56 57 60 56 70 Gross margin øre/kWh 24 25 39 44 39 Share of renewable generation % 98 98 97 97 92 EMPLOYEES, HEALTH AND SAFETY Number of permanent and temporary staff at 31 Dec. 1,294 1,245 1,551 1,529 1,579 Number of permanent and temporary full-time equivalents at 31 Dec. 1,270 1,220 1,526 1,494 1,536 Sickness absence % 3.5 3.6 3.6 3.9 4.7 Lost time injury frequency (H1) 3.0 3.5 3.9 6.8 7.9 Total injury frequency (H2) 6.4 8.4 11.2 12.9 16.2 DEFINITIONS 1. Operating profit/loss before depreciation and impairment 9. (Operating profit/loss + finance income)/average capital losses employed 2. Equity + interest-bearing liabilities 10. (Profit/loss for the year + interest expense after tax)/ 3. Bank deposits and unused credit facilities. average capital employed Excludes restricted assets 11. Profit for the year/average equity 4. Interest-bearing liabilities – unrestricted liquidity 12. All power generation figures are quoted prior to pumping 5. Underlying EBITDA + dividends from A and JV + finance income and losses – tax payable 13. Basis for calculating the income cap. Set by the Norwegian 6. FFO/interest expenses Water Resources and Energy Directorate (NVE) 7. Equity/total assets 14. Adjustment to income cap for energy not supplied 8. EBITDA/operating revenues AGDER ENERGI ANNUAL REPORT 2015 5 Intruduction Corporate governance The Agder Energi Group Agder Energi AS CSR III < > GROUP MANAGEMENT Tom Nysted Steffen Syvertsen Pernille Kring Gulowsen Frank Håland Jan T. Tønnessen Edvard Lauen AGDER ENERGI ANNUAL REPORT 2015 6 Intruduction Corporate governance The Agder Energi Group Agder Energi AS CSR III < > GROUP STRUCTURE CEO Tom Nysted HR AND FINANCE AND RISK MANAGEMENT SHARED SERVICES Pernille K. Gulowsen Frank Håland CSR AND CORPORATE DEVELOPMENT Unni Farestveit MARKET ENERGY MANAGEMENT HYDROELECTRIC POWER NETWORK Steffen Syvertsen Edvard Lauen Jan T. Tønnessen Svein Are Folgerø OTERA AS LOS AS Administrative and shared service Business areas AE VARME AS Subsidiaries AE VENTURE AS AGDER ENERGI ANNUAL REPORT 2015 7 Intruduction Corporate governance The Agder Energi Group Agder Energi AS CSR III < > WHERE WE OPERATE Kraftstasjon Fremmøteplass/kontor Power station Fjernvarme/-kjøling Premises/offices District heating/coolingAnlegg under bygging Oslo Power stations under construction Skien Langhus Stockholm Gøteborg Holen Skarg Brussel Valle Finndøla Brokke Nomeland Rysstad Zürich Hekni Nisserdam Tjønnefoss Hovatn Dynjanfoss Høgefoss Berlifoss Jørundland Logna Kuli Longerak Tonstad Osen Smeland Finså Skjerka dammer Evje Skjerka Uleberg Lislevatn Hanefoss Evenstad Håverstad Stoa ARENDAL Iveland 2 Rygene Kvinesdal Iveland Nomeland Trøngsla GRIMSTAD Steinsfoss FLEKKEFJORD Høylandsfoss Hunsfoss Færåsen Laudal LILLESAND Tryland LYNGDAL KRISTIANSAND FARSUND MANDAL Lindesnes AGDER ENERGI ANNUAL REPORT 2015 8 Intruduction Corporate governance The Agder Energi Group Agder Energi AS CSR III < > AGDER ENERGI IN BRIEF Agder Energi manages natural, rene- tise and an important employer.