ABOUT STAtkraft’S ANNUAL REPORT 01 STAtkraft – CREATOR OF VALUE 03 REPORT FROM THE BOARD OF DIRECTORS STATKRAFT 2011 STATKRAFT 04 FINANCIAL STATEMENTS 26 Statkraft Statkraft AS Group Statement of Comprehensive Income 70 26 Balance Sheet 71 27 ANNUAL REPORT Statement of Cash Flow 72 28 Statement of Changes in Equity 29 Notes 73 30 Auditor’s Report 82 82 84 CORPORATE RESPONSIBILITY STATEMENT ANNUAL REPORT Corporate responsibility statement 84 Auditor’s Statement 92 CREUNA PHOTO: C H R IS T I AN H OU G E , O L E W A L TER J aco BS EN , S Statkraft AS Organisation no: CAN P.O Box 200 Lilleaker Statkraft AS: 987 059 699 PIX, AL NO-0216 Oslo Tel.: +47 24 06 70 00 Internet: E Fax: +47 24 06 70 01 www.statkraft.com X AN Visiting address: D Lilleakerveien 6 ER HA GS ta DI U S, SMÅK RA F T A S P R I NT : R K G RA FISK ABOUT STAtkraft’S ANNUAL REPORT 01 STAtkraft – CREATOR OF VALUE 03 REPORT FROM THE BOARD OF DIRECTORS STATKRAFT 2011 STATKRAFT 04 FINANCIAL STATEMENTS 26 Statkraft Statkraft AS Group Statement of Comprehensive Income 70 26 Balance Sheet 71 27 ANNUAL REPORT Statement of Cash Flow 72 28 Statement of Changes in Equity 29 Notes 73 30 Auditor’s Report 82 82 84 CORPORATE RESPONSIBILITY STATEMENT ANNUAL REPORT Corporate responsibility statement 84 Auditor’s Statement 92 CREUNA PHOTO: C H R IS T I AN H OU G E , O L E W A L TER J aco BS EN , S Statkraft AS Organisation no: CAN P.O Box 200 Lilleaker Statkraft AS: 987 059 699 PIX, AL NO-0216 Oslo Tel.: +47 24 06 70 00 Internet: E Fax: +47 24 06 70 01 www.statkraft.com X AN Visiting address: D Lilleakerveien 6 ER HA GS ta DI U S, SMÅK RA F T A S P R I NT : R K G RA FISK STATKRAFT ANNUAL REPORT 2011 STATKRAFT ANNUAL REPORT 2011 F INANCIAL KEY FIGURES NON-FINANCIAL KEY FIGURES STATKRAFT AS GROUP UNIT 2011 2010 2009 2008 2007 The table presents Statkraft’s most important results as regards environment, health and safety, corporate citizenship and employees for the period 2007-2011. More detailed results can be found in the corporate social responsibility statement. From the income statement Gross operating revenues NOK mill 22 371 29 252 25 675 25 061 17 619 UNIT 2011 2010 2009 2008 b 2007 Net operating revenues NOK mill 17 094 23 176 16 983 23 601 13 261 a EBITDA NOK mill 9 767 15 955 9 769 18 171 8 881 Environmentally friendly energy Operating profit NOK mill 6 203 12 750 7 027 16 618 7 242 Installed capacity MW 16 430 16 010 15 806 15 478 12 335 Share of profit from associates NOK mill 898 766 1 179 935 2 613 Of which hydropower MW 13 249 12 969 12 774 12 546 10 573 Net financial items NOK mill -3 635 -917 4 281 20 267 -1 090 Of which wind power MW 321 304 305 245 245 c Profit before tax NOK mill 3 466 12 599 12 487 37 820 8 765 Of which gas power MW 2 178 2 178 2 160 2 130 1 210 Net profit NOK mill 40 7 451 7 716 33 262 6 632 Of which biopower MW 16 16 16 16 - Of which district heating MW 666 544 548 541 327 Items exluded from underlying business Capacity under development d MW 1 923 - - - - Unrealised changes in value energy contracts NOK mill -1 152 62 -2 182 3 921 -651 Of which hydropower MW 1 037 - - - - Non-recurring items NOK mill -1 035 70 -108 307 - Of which wind power MW 344 - - - - Underlying business ** Of which gas power c MW 430 - - - - Gross operating revenues NOK mill 22 298 28 990 25 044 25 422 17 531 Of which district heating MW 112 - - - - Net operating revenues NOK mill 18 120 22 721 19 165 19 680 13 912 Power production, actual TWh 51.5 57.4 56.9 53.4 44.9 EBITDA NOK mill 10 851 15 161 11 951 14 250 9 532 Of which hydropower TWh 46.0 50.1 50.1 47.4 42.7 Operating profit NOK mill 8 390 12 618 9 316 12 390 7 893 Of which wind power TWh 0.8 0.6 0.6 0.6 0.7 c From the balance sheet Of which gas power TWh 4.6 6.6 6.1 5.4 1.5 Of which biopower 0.1 0.1 0.1 - - Property, plant & equipment and intangible assets NOK mill 84 348 80 772 80 516 77 035 57 817 TWh District heating 0.8 1.1 0.9 0.5 0.5 Investments in associates NOK mill 16 109 17 090 16 509 14 387 32 131 TWh Percentage of renewable power production e 90.8 88.1 89.1 89.7 96.4 Other assets NOK mill 43 421 58 105 46 980 52 877 20 164 % a Includes Statkraft’s shareholdings in subsidiaries where Statkraft has a majority interest. Total assets NOK mill 143 878 155 967 144 005 144 299 110 112 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. Total equity NOK mill 65 651 75 302 64 901 72 324 44 418 c Includes the jointly controlled Herdecke (Germany) and Kårstø (Norway) power plants. Interest-bearing debt NOK mill 36 887 40 486 45 660 40 791 37 284 d Includes projects where an investment decision has been made. Capital employed, basic 1) NOK mill 62 546 66 722 65 486 67 584 42 628 e Non-renewable production includes gas power and district heating based on fossil fuels. Cash flow Net change in cash flow from operating activities NOK mill 9 523 13 577 12 714 11 499 7 720 UNIT 2011 2010 2009 2008 2007 Dividend for the year to owner (incl. minority interests) NOK mill 9 400 7 964 10 260 8 396 6 462 Emissions and environmental incidents Depreciation NOK mill 3 564 3 205 2 743 1 553 1 639 2) Emission of CO2 equivalents Tonnes 1 161 900 1 693 400 1 600 100 1 604 700 291 600 Maintenance investments 1 129 1 000 1 308 796 571 NOK mill a 3) Environmental incidents Expansion investments in new generating capasity 5 217 1 852 2 447 1 196 1 413 NOK mill b 4) Serious environmental incidents Quantity 0 0 0 1 - Investments in shareholdings NOK mill 1 923 888 1 152 581 1 800 Less serious environmental incidents Quantity 185 92 118 21 b - Cash and cash equivalents NOK mill 8 284 20 052 6 663 2 209 3 150 a The definitions for environmental incidents were changed in 2008. Environmental incidents for 2006-2007 are recorded in a different format and results from this period are therefore not Unused drawing rights NOK mill 14 200 9 074 8 785 8 400 5 400 comparable with 2008–2010. Financial variables b Covers only July–December. FFO interest coverage 5) x 7,3 10,5 5,7 7,5 5,3 FFO/net debt % 33,1 72,0 21,9 37,9 20,6 UNIT 2011 2010 2009 2008 2007 Interest-bearing debt ratio 6) % 36,0 35,0 41,3 36,1 45,6 Health and safety Equity ratio 7) % 45,6 48,3 45,1 50,1 40,3 Fatal accidents Long-term rating – Standard &Poor’s A- A- A- BBB+ BBB+ Consolidated operations Quantity 1 0 2 0 0 Long-term rating – Moody’s Baa1 Baa1 Baa1 Baa1 Baa1 Associated operations Quantity 4 5 6 9 5 Key figures,accounts LTI rate 8) EBITDA-margin, accounts % 44 55 38 73 50 Employees Frequency a 4.5 c 3.4 3.8 4.6 5.9 8) EBITDA-margin, underlying % 49 52 48 56 54 Contractors Frequency a 3.4 c 13.6 8 - - 9) ROACE before tax % 13,9 19,7 14,2 27,2 17,5 TRI rate 10) Net return on investments in associated companies % 5,6 4,5 7,1 6,5 8,1 Employees Frequency b 10.0 c 6.8 8.4 12.1 16.5 11) Return on total assets after tax % 0,8 6,0 7,0 27,9 7,4 Contractors Frequency b 6.2 c 16.4 - - - 12) Return on total equity after tax % 0,1 11,8 11,9 57,0 16,7 Absence due to illness % 3.4 3.4 3.3 3.9 3.9 13) Tax rate % 98,9 40,9 38,2 12,1 24,3 a Lost-time injuries per million hours worked. Key figures, upstream business * b Injuries per million hours worked. Production cost/KWh 14) Øre/kWh 7,3 7,1 7,0 6,4 5,9 c From 2011, all businesses with a shareholding > 20% is included in the results. Earlier, only businesses with a shareholding > 50% was included. Production capacity *** TWh 52,2 51,7 51,2 50,0 42,4 Production, actual TWh 51,5 57,4 57,0 53,4 44,9 UNIT 2011 2010 2009 2008 2007 Installed capacity MW 16 430 16 010 15 806 15 478 12 028 Contribution to society Wholly and partly owned power plants Number 301 282 277 264 170 Distribution of value created Key figures, downstream business * Owner a NOK mill 4 288 5 973 3 740 10 000 6 837 b No.