The Finance department prepares financial management information for managers, the board and the financial markets. Reporting is performed monthly to management and the board, quarterly to the market, whilst more extensive reporting is provided in the Group’s annual report.
The Group has its own in-sourced accounting centre which is responsible for day-to-day accounting for most of the Group’s subsidiaries. Pooling accounting expertise centrally quality-assures the development of accounting staff and establishes common guidelines for the Group.
The risk management function assumes operational responsibility for following up frameworks and mandates established by the board. The function focuses on all risk to which the Group is exposed, and assists and facilitates the subsidiaries in respect of mapping and managing their own risk profiles.
Borrowing and liquidity
The finance unit is responsible for all the Group’s borrowings and managing currency risk and ongoing liquidity management. Finance purposely endeavours to establish an optimal gearing structure in order to minimise the Group’s overall finance costs. Hafslund is a major issuer of bonds in the Norwegian market, but also seeks significant volumes of external capital outside Norway.
The funded pension schemes are organised in Hafslund Offentlige Felles Pensjonskasse and Hafslund Private Felles Pensjonskasse. Total assets under management amount to just under NOK 2.3 billion.
Hafslund is implementing a number of major changes regarding its ICT structures and applications. The introduction of AMS will necessitate the renewal of large areas of the application portfolio. Consequently, in addition to work on stable and efficient operations, the main priority in 2011 was future-proofing the ICT platform. The Group will implement a number of ICT projects in the coming years.