ANNUAL REPORT 2014 The spiral casing, which weighs 26 tonnes, is lifted into place at Iveland Agder Energi 2 power station in Aust-Agder. P.O.Box 603 Lundsiden, 4606 Kristiansand Visiting address (head office): Kjøita 18, 4630 Kristiansand Tel. no.: +47 38 60 70 00 Organisation number: NO 981 952 324 Kikkut reklamebyrå AS Photo: Anders Martinsen, Kjell Inge Søreide, Gaute B. Iversen, Arild de Lange Nilsen og LOS. CONTENT Click on the text to go to the page of your choice Key Figures 4 Group structure 8 Here we operate 9 Agder Energi in brief 10 Our business 11 Important events in 2014 12 CEO – Agder Energi in a changing word 13 The areas are linked – the back arrow at the bottom of the page takes you to the previous page Bossvatn in Setesdal. AGDER ENERGI ANNUAL REPORT 2014 3 KEY FIGURES RESULTS FINANCIAL POSITION 2014 2013 2012 NOK mill. % 2,800 35 Equity 3,760 4,210 3,917 2,400 30 Interest-bearing liabilities 8,299 7,668 7,222 2,000 25 1,600 20 Capital employed 12,058 11,878 11,139 1,200 15 800 10 Total assets 16,418 16,091 15,243 400 5 0 0 2014 2013 2012 2014 2013 2012 EBITDA Operating income Net income EBITDA margin Return on equity after tax Return on capital employed (after tax) Def. 2014 2013 2012 2011 2010 Def. 2014 2013 2012 2011 2010 AS PRESENTED IN INCOME STATEMENT FINANCING FIGURES Operating revenues NOK millions 8,267 9,391 8,946 10,684 9,345 Funds from operation (FFO) 5 NOK millions 1,992 1,611 1,438 1,398 1,549 EBITDA 1 NOK millions 2,303 2,856 2,283 2,908 2,047 FFO/Net interest-bearing liabilities % 25.1 21.8 20.0 19.8 23.4 Operating profit NOK millions 1,715 2,354 1,818 2,470 1,634 Net interest-bearing liabilities/Underlying EBITDA 3.3 3.3 3.7 3.6 3.4 Profit before tax NOK millions 998 1,726 1,581 2,163 1,380 FFO interest cover 6 6.8 5.4 4.6 4.1 5.4 Net income for the year NOK millions 492 846 1,045 1,161 751 Equity ratio 7 % 22.9 26.2 25.7 21.3 20.9 ITEMS EXCLUDED FROM UNDERLYING OPERATIONS KEY FIGURES Unrealised gains/losses on energy contracts NOK millions -156 552 326 984 -354 EBITDA margin 8 % 27.9 30.4 25.5 27.2 21.9 Unrealised gains/losses on currency and interest rate contracts NOK millions -449 -403 -25 -111 203 EBITDA margin, underlying % 29.3 26.1 22.7 19.8 23.3 Major exceptional items NOK millions -7 0 0 0 2 Return on capital employed before tax 9 % 10.8 17.6 17.8 23.5 16.1 Net income from discontinued operations NOK millions -33 -35 145 6 2 Return on capital employed after tax 10 % 5.9 9.2 11.9 13.0 9.4 Return on equity after tax 11 % 12.3 20.8 29.7 35.1 20.8 UNDERLYING OPERATIONS EBITDA NOK millions 2,466 2,304 1,957 1,924 2,260 HYDROELECTRIC POWER Operating profit NOK millions 1,878 1,802 1,492 1,486 1,847 Underlying EBITDA NOK millions 1,920 1,675 1,570 1,440 1,728 Profit before tax NOK millions 1,610 1,577 1,280 1,290 1,490 Actual electricity generation 12 GWh 9,060 7,738 8,138 6,550 6,586 Net income for the year NOK millions 892 772 683 526 858 Expected electricity generation 12 GWh 7,900 7,700 7,700 7,700 7,700 Reservoir reserves at 31 Dec. GWh 3,900 4,250 4,450 4,500 2,000 STATEMENT OF FINANCIAL POSITION Reservoir capacity GWh 5,050 5,050 5,050 5,050 5,050 Total assets NOK millions 16,418 16,091 15,243 14,647 16,725 Average spot price øre/kWh 22.8 29.1 21,8 36.0 40.7 Equity NOK millions 3,760 4,210 3,917 3,123 3,488 Electricity price realised øre/kWh 28.8 29.0 26,3 30.0 33.7 Interest-bearing liabilities NOK millions 8,299 7,668 7,222 7,028 7,621 Cost of generation/kWh øre/kWh 9.1 9.1 8,7 8.3 8.3 Capital employed 2 NOK millions 12,058 11,878 11,139 10,151 11,109 Unrestricted liquidity 3 NOK millions 1,416 1,412 1,265 1,460 1,339 NETWORK Net interest-bearing liabilities 4 NOK millions 8,257 7,647 7,155 6,976 7,577 Underlying EBITDA NOK millions 359 685 324 328 563 Interest-bearing liabilities due over coming 12 months NOK millions 1,184 1,773 2,433 1,769 1,727 Number of transmission and distribution customers 1,000 190 188 184 178 176 Bank deposits excluding restricted assets NOK millions 42 21 67 52 44 Energy supplied GWh 5,454 5,308 5,295 5,422 5,873 Power grid capital (NVE capital) 13 NOK millions 3,691 3,523 3,322 3,139 2,986 CASH FLOW KILE cost 14 NOK millions 50 45 27 55 30 Net cash provided by operating activities NOK millions 1,512 1,486 970 2,097 226 Dividends paid NOK millions 713 626 653 902 900 Maintenance investments NOK millions 331 509 355 355 316 Investments in expansion NOK millions 805 790 601 373 442 Net change in loans to associates and joint arrangements NOK millions 22 23 44 -1 53 Acquisition of shares/ownership interests NOK millions 42 56 60 78 142 AGDER ENERGI ANNUAL REPORT 2014 4 AGDER ENERGI ANNUAL REPORT 2014 5 KEY FIGURES Def. 2014 2013 2012 2011 2010 ELECTRICITY SALES Underlying EBITDA NOK millions 114 101 61 81 83 EBITDA margin % 3.6 2.6 1.8 1.7 1.9 Electricity sales GWh 8,670 9,849 9,777 10,409 8,677 CONTRACTING Underlying EBITDA NOK millions 22 16 -31 40 36 EBITDA margin % 2.4 1.9 -2.0 2.8 2.9 Share of turnover from intra-group transactions % 20.1 25.1 15.2 16.5 22.8 Order backlog NOK millions 625 810 823 842 814 DISTRICT HEATING Underlying EBITDA NOK millions 25 29 29 20 23 District heating supplied GWh 118 130 122 105 118 Price of energy sold øre/kWh 57 60 56 70 71 Gross margin øre/kWh 28 39 44 39 33 Share of renewable generation % 98 97 97 92 76 At Bjelland on the Mandal river EMPLOYEES, HEALTH AND SAFETY system in Vest-Agder. Number of permanent and temporary staff at 31 Dec. 1,245 1,551 1,529 1,579 1,692 Number of permanent and temporary full-time equivalents at 31 Dec. 1,220 1,526 1,494 1,536 1,647 Sickness absence % 3.6 3.6 3.9 4.7 4.5 Lost time injury frequency (H1) 3.6 3.9 6.8 7.9 5.1 Total injury frequency (H2) 8.6 11.2 12.9 16.2 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 2014 6 AGDER ENERGI ANNUALANNUAL REPORTREPORT 20142014 7 GROUP STRUCTURE WHERE WE OPERATE CEO Tom Nysted Kraftstasjon Fremmøteplass/kontor HR AND FINANCE AND RISK MANAGEMENT SHARED SERVICES Pernille K. Gulowsen Fjernvarme/-kjøling Frank Håland Power station Vannkraftverk under bygging CSR AND CORPORATE Premises/offices DEVELOPMENT Oslo District heating/cooling Unni Farestveit Langhus Porsgrunn Stockholm Power stations under construction MARKET ENERGY MANAGEMENT HYDROELECTRIC POWER NETWORK Gøteborg Steffen Syvertsen Edvard Lauen Jan T. Tønnessen Svein Are Folgerø OTERA AS AE KRAFTFORVALTNING AS AE VANNKRAFT AS AE NETT AS Edvard Lauen Jan T. Tønnessen Svein Are Folgerø LOS AS Holen AE VARME AS Administrative and shared service Skarg Business areas AE VENTURE AS Brussel Subsidiaries Valle Finndøla Brokke Nomeland Rysstad Zürich GROUP MANAGEMENT Hekni Nisserdam Tjønnefoss Hovatn Dynjanfoss Høgefoss Berlifoss Jørundland Logna Kuli Longerak Tonstad RISØR Osen Smeland Finså Skjerka dammer Evje Skjerka Uleberg Lislevatn Hanefoss Evenstad Håverstad Evenstad Tom Nysted Steffen Syvertsen Pernille Kring Gulowsen Stoa ARENDAL Iveland 2 Rygene Kvinesdal Iveland Nomeland Trøngsla GRIMSTAD Steinsfoss FLEKKEFJORD Høylandsfoss Hunsfoss Færåsen Laudal LILLESAND Tryland LYNGDAL KRISTIANSAND FARSUND MANDAL Lindesnes Frank Håland Jan T. Tønnessen Edvard Lauen AGDER ENERGI ANNUAL REPORT 2014 8 AGDER ENERGI ANNUAL REPORT 2014 9 AGDER ENERGI IN BRIEF OUR BUSINESS Agder Energi manages natural, renewable based in the counties of Aust-Agder and Vest-Agder and Aust-Agder, which Agder Energi has four business areas, which acts on behalf of Agder Energi Vann- implement projects successfully and energy sources and converts them into Vest-Agder in southern Norway, but also comprise 20,600 km of power lines and which reflect the Group’s core activities and kraft AS.
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