Business segments - key figures
| Power production | Heat | Networks | |||||||
| NOK million | 2011 | 2010 | 2009 | 2011 | 2010 | 2009 | 2011 | 2010 | 2009 |
| INCOME STATEMENT | |||||||||
| Sales revenues | 1 024 | 1 220 | 866 | 1 120 | 1 259 | 796 | 4 202 | 4 804 | 3 385 |
| Other (losses)/gains - net | (24) | 20 | (4) | ||||||
| Cost of sales | (598) | (727) | (406) | (1 909) | (2 608) | (1 217) | |||
| Personalkostnader | (37) | (34) | (35) | (67) | (47) | (49) | (166) | (64) | (177) |
| Other operating expences | (194) | (205) | (176) | (196) | (171) | (133) | (1 143) | (1 054) | (956) |
| EBITDA | 769 | 1 001 | 651 | 259 | 314 | 208 | 983 | 1 077 | 1 035 |
| Depreciation, amortisation and impairments | (43) | (43) | (157) | (151) | (136) | (514) | (546) | (542) | |
| Operating profit | 724 | 958 | 608 | 102 | 163 | 72 | 469 | 532 | 493 |
| OTHER KEY FIGURES | |||||||||
| Investments in operations | 62 | 170 | 174 | 463 | 518 | 572 | 444 | 489 | 528 |
| Capital employed | 4 464 | 4 395 | 4 314 | 5 464 | 5 280 | 4 756 | 9 257 | 9 668 | 9 396 |
| Number of employees | 42 | 40 | 37 | 71 | 72 | 67 | 212 | 203 | 198 |
| Market | Other businesses and elminiations | Group | |||||||
| NOK million | 2011 | 2010 | 2009 | 2011 | 2010 | 2009 | 2011 | 2010 | 2009 |
| INCOME STATEMENT | |||||||||
| Sales revenue | 7 275 | 8 289 | 5 062 | 84 | 257 | 562 | 13 704 | 15 829 | 10 670 |
| Other (losses)/gains - net | (85) | 16 | 19 | (940) | (971) | (72) | (1 050) | (934) | (57) |
| Cost of sales | (6 297) | (7 323) | (4 292) | (211) | (213) | (449) | (9 015) | (10 871) | (6 364) |
| Personalkostnader | (233) | (173) | (154) | (360) | (264) | (357) | (864) | (582) | (772) |
| Other operating expences | (366) | (350) | (278) | 269 | 261 | 143 | (1 630) | (1 520) | (1 401) |
| EBITDA | 293 | 460 | 356 | (1 159) | (930) | (174) | 1 145 | 1 923 | 2 076 |
| Depreciation, amortisation and impairments | (16) | (17) | (12) | (70) | (513) | (149) | (803) | (1 270) | (882) |
| Operating profit | 277 | 442 | 344 | (1 228) | (1 442) | (323) | 343 | 653 | 1 194 |
| OTHER KEY FIGURES | |||||||||
| Investments in operations | 107 | 11 | 10 | 139 | 345 | 375 | 1 215 | 1 533 | 1 663 |
| Capital employed | 1 215 | 3 391 | 2 080 | 519 | 4 294 | 5 324 | 20 919 | 27 028 | 25 870 |
| Number of employees | 492 | 447 | 293 | 390 | 361 | 384 | 1 207 | 1 123 | 979 |
Group - key figures
| Definition | Unit | 2011 | 2010 | 2009 | |
| RESULTAT EKSKLUSIVE REC | |||||
| Sales revenue | NOK million | 13 704 | 15 829 | 10 670 | |
| EBITDA | NOK million | 2 235 | 3 914 | 2 213 | |
| Operating profit | NOK million | 1 433 | 2 644 | 1 331 | |
| Profit before tax and discontinued operations | NOK million | 849 | 2 173 | 670 | |
| Net profit of the year | NOK million | 388 | 1 583 | 335 | |
| REC effect on operating profit | NOK million | (1 090) | (1 991) | (137) | |
| REC effect on net profit for the year | NOK million | (1 086) | (1 975) | (137) | |
| CASH FLOW | |||||
| Net cash flow from operations | 1 | NOK million | 3 510 | 565 | 1 879 |
| Investments in operations and expansion | NOK million | 1 215 | 1 702 | 1 698 | |
| RETURN EXCLUDING REC | |||||
| Return in equity (ROE) | 2 | % | 4,2 | 16,4 | 2,9 |
| Return on capital employed (ROCE) | 3 | % | 6,6 | 11,5 | 6,0 |
| CAPITAL STRUCTURE AS OF 31 DEC | |||||
| Total assets | NOK million | 24 710 | 29 613 | 28 918 | |
| Capital employed | 4 | NOK million | 20 919 | 27 028 | 25 870 |
| Equity | NOK million | 8 131 | 10 464 | 11 154 | |
| Equity ratio | 5 | % | 33 | 35 | 39 |
| Net interest-bearing liabilities | 6 | NOK million | 9 321 | 13 067 | 11 601 |
| Net interest-bearing liabilities/EBITDA | 4,2 | 3,3 | 5,2 | ||
| Unused drawdown facilities | NOK million | 4 400 | 3 692 | 4 558 | |
| Percentage of variable borrowings | % | 53 | 67 | 58 | |
| SHARE-RELATED KEY FIGURES | |||||
| Number of A shares | '000 | 115 428 | 115 428 | 115 465 | |
| Number of B shares | '000 | 79 759 | 79 759 | 79 759 | |
| Number of treasury B shares | '000 | 397 | 451 | 451 | |
| Share price as of 31 Dec A shares | NOK | 58,00 | 70,00 | 69,75 | |
| Share price as of 31 Dec B shares | NOK | 58,00 | 69,25 | 68,75 | |
| Listed price | 7 | NOK | 1,99 | 8,11 | 1,71 |
| Earnings per share excluding REC | 8 | NOK | 17,98 | 2,89 | 9,62 |
| Cash flow per share from operations | NOK | 2,50 | 7,50 | 2,25 | |
| Dividend per share | 9 | % | 126 | 92 | 131 |
| Payout ratio excluding REC | |||||
| Power production | |||||
| Sales price | NOK/MWh | 39 | 27 | ||
| Production volume | GWh | 3 135 | 3 041 | 3 018 | |
| Production as % of normal production | 10 | % | 101 | 101 | 97 |
| Heating | |||||
| District heating (including distribution) | '000 | 71 | 72 | 61 | |
| District heating production cost | '000 | 36 | 39 | 28 | |
| District heating contribution | '000 | 35 | 33 | 33 | |
| District heating production | GWh | 1 548 | 1 782 | 1 382 | |
| Energy production Østfold | GWh | 280 | 246 | 93 | |
| Energy price Østfold | '000 | 26 | 25 | ||
| Waste Østfold | tonnes | 129 | 114 | 57 | |
| Networks | |||||
| NVE capital 31 Dec | NOK million | 6 063 | 6 160 | 6 045 | |
| NVE interest | % | 5,3 | 5,6 | 6,2 | |
| Revenue ceiling excl. transmission costs | NOK million | 2 312 | 2 891 | 2 461 | |
| Adjusted contribution | NOK million | 1 916 | 2 287 | 2 106 | |
| Effect on profit income surplus/(deficit) | NOK million | 212 | (203) | (16) | |
| Cumulative income surplus/ (deficit) as of 31 Dec | NOK million | 155 | (57) | 143 | |
| Number of customers 31 Dec | '000 | 552 | 545 | 541 | |
| Market | |||||
| Sales volume power sales | GWh | 15 474 | 15 867 | 13 238 | |
| Number of wholly or partly owned customers power sales | 000 | 878 | 850 | 656 | |
| Gross margin power sales | øre/kWh | 4,2 | 4,2 | 3,7 | |
| Other business - operating profit/loss | |||||
| Staff and support functions | (133) | (104) | (151) | ||
| BioWood | (80) | (384) | (8) | ||
| Embriq | (1) | (49) | (52) | ||
| Financial income etc. (incl. REC) | (1 014) | (954) | (59) | ||
| Other | -?? | 49 | (53) | ||
| Total operating profit/loss | NOK million | (1 228) | (1 442) | (323) | |
| DEFINITIONS 1. Net cash generated from operations = as defined in the consolidated statement of cash flows 2. Return on equity = Result for the year/Average equity including non-controlling interests 3. Return on capital employed = Operating result/Average capital employed 4. Capital employed = equity + net interest-bearing liabilities + net tax positions 5. Equity ratio = Equity/Total assets 6. Net interest-bearing liabilities = Interest-bearing liabilities | |||||