Agder Energi Annual Report 2020 2
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III ANNUAL REPORT 2020 We provide clean energy for a sustainable society, now and in the future. Introductrion 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 Our business 9 Mission, vision og values 10 Profitable growth in a renewable future 13 Corporate governance 14 Enterprise risk management 18 Corporate social responsibility (CSR) 21 Director´s report 23 THE AGDER ENERGI GROUP Income statement 38 Comprehensive income 39 Statement of financial position 40 Statement of cash flows 41 Statement of changes in equity 42 Accounting principles 43 Notes 51 AGDER ENERGI AS Income statement 92 Statement of financial position 93 Statement of cash flows 94 Accounting principles 95 Notes 97 Auditor´s report 107 Alternative performance measures (APM) 111 CORPORATE SOCIAL RESPONSIBILITY (CSR) AT AGDER ENERGI IN 2020 Corporate Social Responsibility (CSR) and Sustainability 115 Sustainability at Agder Energi 2020 117 Sustainable energy for future generations 119 Important sustainability topics for Agder Energi 120 Group CSR goals 126 Value added statement 127 AGDER ENERGI ANNUAL REPORT 2020 2 Introductrion Corporate governance The Agder Energi Group Agder Energi AS CSR III < > KEY FIGURES UNDERLYING PERFORMANCE NOK mill. % 3000 25 30 25 2500 20 2000 20 15 1500 15 10 1000 10 5 500 5 0 0 0 2020 2019 2018 2020 2019 2018 2016 2015 2014 EBITDA Operating income Net income Return on the capital employed (after tax) Avkastning sysselsatt kapital etter skatt Return on the equity after tax Egenkapitalavkastning etter skatt Def. 2020 2019 2018 2017 2016 FROM INCOME STATEMENT Operating revenues NOK million 9,382 13,185 13,980 10,358 8,086 EBITDA 1 NOK million 2,583 3,033 1,626 1,770 1,573 Operating profit NOK million 1,855 2,330 967 1,062 972 Profit before tax NOK million 1,691 2,211 853 848 799 Net income for the year (controlling interest's share) NOK million 1,909 1,122 -198 487 251 FROM STATEMENT OF FINANCIAL POSITION Total assets NOK million 24,888 23,021 22,616 20,831 20,319 Equity NOK million 5,569 4,082 3,526 4,565 4,626 Interest-bearing liabilities NOK million 10,937 10,758 9,260 9,240 9,143 Capital employed 2 NOK million 16,506 14,840 12,787 13,805 13,769 Unrestricted liquidity 3 NOK million 5,332 3,018 2,864 2,372 2,023 Net interest-bearing liabilities 4 NOK million 10,605 10,740 8,896 9,188 8,620 Interest-bearing liabilities due over coming 12 months NOK million 2,000 2,372 1,657 1,740 2,243 Bank deposits excluding restricted assets NOK million 332 18 364 52 523 UNDERLYING PERFORMANCE 5 Underlying operating revenues NOK million 8,369 12,329 15,312 11,185 8,705 Underlying EBITDA 1 NOK million 1,569 2,178 2,957 2,597 2,192 Underlying operating profit NOK million 842 1,475 2,298 1,889 1,591 Underlying profit before tax NOK million 626 1,202 2,117 1,645 1,328 Underlying net income for the year (controlling interest's share) NOK million 489 340 874 845 738 CASH FLOW Net cash provided by operating activities NOK million 1,569 502 2,049 1,189 1,779 Dividends paid NOK million 615 592 608 610 660 Maintenance investments NOK million 562 551 397 470 522 New investments NOK million 700 801 1,000 878 733 Acquisition of shares/ownership interests and capital increases NOK million 55 41 94 69 155 AGDER ENERGI ANNUAL REPORT 2020 3 Introductrion Corporate governance The Agder Energi Group Agder Energi AS CSR III < > KEY FIGURES FINANCIAL POSITION 2020 2019 2018 Equity 5 569 4 082 3 526 Interest-bearing liabilities 10 937 10 758 9 260 Capital employedl 16 506 14 840 12 787 Total assets 24 888 23 021 22 616 Def. 2020 2019 2018 2017 2016 KEY FIGURES FOR UNDERLYING PERFORMANCE Return on capital employed before tax 6 % 6.2 10.9 17.8 13.7 11.3 Return on capital employed after tax 7 % 4,5 4.1 8.1 7.5 6.8 Return on equity after tax 8 % 10.8 9.3 21.6 18.4 12.2 Equity ratio 9 % 22.4 17.7 15.6 21.9 22.8 HYDROELECTRIC POWER EBITDA NOK million 836 1,701 2,629 2,034 1 ,749 Actual electricity generation 10 GWh 8,112 7,288 8,686 8,812 8,880 Expected electricity generation 10 GWh 8,700 8,300 8,300 8,500 8,400 Reservoir reserves at 31 Dec. GWh 4,914 3,724 3,180 4,429 3,766 Reservoir capacity GWh 5,321 5 ,321 5,321 5,250 5,250 Average spot price øre/kWh 9.8 38.7 41.5 26.9 23.3 Electricity price realised øre/kWh 18.9 32.8 39.2 30.5 27.8 Cost of generation/kWh øre/kWh 9.5 9.2 10.0 10.6 11.3 NETWORK EBITDA NOK million 578 362 287 531 637 Number of transmission and distribution customers 1,000 207 205 202 199 195 Energy supplied GWh 5,347 5,547 5,670 5,573 5,581 Power grid capital (NVE capital) 11 NOK million 5,510 5,275 5,083 4,644 4,101 KILE cost 12 NOK million 50 48 187 64 53 ELECTRICITY SALES EBITDA NOK million 125 98 75 120 97 EBITDA margin % 3.0 1.5 1.2 2.4 2.8 Electricity sales GWh 18,244 17,060 14,106 14,324 11,500 AGDER ENERGI ANNUAL REPORT 2020 4 Introductrion Corporate governance The Agder Energi Group Agder Energi AS CSR III < > KEY FIGURES Def. 2020 2019 2018 2017 2016 DISTRICT HEATING EBITDA NOK million 35 39 41 40 33 Energy supplied GWh 140 151 155 143 137 Price of heating sold øre/kWh 70 73 72 63 59 Gross margin, heating øre/kWh 40 43 43 38 32 Share of renewable generation % 99 99 99 99 99 EMPLOYEES, HEALTH AND SAFETY Number of permanent and temporary staff at 31 Dec. 915 1,020 1,005 1,210 1,432 Number of permanent and temporary full-time equivalents at 31 Dec. 881 987 976 1,162 1,401 Sickness absence % 2.6 3.1 3.6 3.5 3.5 Total non-lost-time and lost-time injuries per million working hours 2.0 1.8 3.8 3.7 5.4 DEFINITIONS 1. Operating profit before depreciation and impairment losses 6. (Underlying operating profit + financial income) / 2. Equity + interest-bearing liabilities. Average capital employed. 3. Bank deposits and unused credit facilities. Excludes 7. (Underlying net income for the year + interest expense restricted assets. after tax) / Average capital employed. 4. Interest-bearing liabilities - unrestricted liquidity. 8. Underlying net income for the year / Average equity. 5. The underlying figures take the Group’s IFRS profit and 9. Equity / total assets. adjust it for unrealised gains and losses on financial 10. All power generation figures are quoted less pumping instruments, material gains and losses on the disposal of and losses. businesses or ownership interests in businesses and 11. Basis for calculating the income cap. Set by the changes in the way that negative resource rent carry- Norwegian Water Resources and Energy Directorate forwards are calculated. See separate detailed description (NVE). of alternative performance measures on page 112. 12. Adjustment to income cap for energy not supplied THE DISTRIBUTION OF ELECTRICITY PRICES, GRID RENT AND PUBLIC FEES FOR AN AVERAGE CUSTOMER IN 2020: OentligeThe electricity avgifter bill the customer pays consists of: • The electricity price, which the customer pays to its electricity Nettleieretailer. Customers can choose between a fixed or variable rate electricity contract (in the same way as for a mortgage). 20,9% StrømprisThe electricity price also includes a mark-up for the electricity retailer and the cost of legally required electricity certificates. 43,2 % • Network tariffs, which go to the customer’s local distribution system operator, to cover the operation, maintenance and devel- 35,9 % opment of the electrical grid. Each year, the Norwegian Water Resources and Energy Directorate (NVE) sets how much each distribution system operator can charge. • Government taxes: VAT, electricity tax and contributions to the Electricity price Network tariffs Public taxes Enova fund. AGDER ENERGI ANNUAL REPORT 2020 5 Introductrion Corporate governance The Agder Energi Group Agder Energi AS CSR III < > GROUP MANAGEMENT Group Management Team (from left): CFO and Deputy CEO, Pernille Kring Gulowsen; Business Area Director for Energy Management & Trading, Anders Gaudestad; Business Area Director for Distribution, Jan Erik Eldor; CEO Steffen Syvertsen; Business Area Director for Customer, Atle Knudsen; Chief HR and Communication Officer, Kristin A. Dale; Chief Technology Officer, Ingvill H. Mykland; Business Area Director for Production, Jan Tore Tønnessen; Business Area Director for Innovation, Svein Are Folgerø. AGDER ENERGI ANNUAL REPORT 2020 6 Introductrion Corporate governance The Agder Energi Group Agder Energi AS CSR III < > GROUP STRUCTURE CEO Steffen Syvertsen HR & COMMUNICATION FINANCE & RISK MANAGEMENT Kristin A. Dale Pernille K. Gulowsen TECHNOLOGY Board of Directors Ingvill H. Mykland AE Nett*) INNOVATION PRODUCTION EMT**) DISTRIBUTION CUSTOMER Svein A. Folgerø Jan T. Tønnessen Anders Gaudestad Jan Erik Eldor Atle Knudsen AE Venture AE Vannkraft AE Kraftforvaltning AE Nett LOS Enfo AE Varme Entelios CWE Entelios Norden AE Fleksibilitet Baltic Hydroenergy Administrative and shared service Business areas *) Agder Energi Nett AS has its own Board of Directors in accordance with the requirements for legal and functional separation.