Hafslund E-CO
Investor presentation August 2019
Hafslund E-CO Investor presentation August 2019 Disclaimer This - - PowerPoint PPT Presentation
Hafslund E-CO Investor presentation August 2019 Disclaimer This presentation has been prepared by, and the information contained herein (unless otherwise indicated) has been provided by Hafslund E-CO AS (the "Company"). By viewing
Investor presentation August 2019
This presentation has been prepared by, and the information contained herein (unless otherwise indicated) has been provided by Hafslund E-CO AS (the "Company"). By viewing this presentation you agree to be bound by the following conditions: This document may only be used internally for business purposes and shall not be used for any unlawful or unauthorized purposes. This document and the information therein are being furnished to you solely for your information and may not be reproduced, redistributed or passed on, in whole or in part, to any other person. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of this document, nor the fact of its distribution or reception, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This document is not a prospectus and does not comply with rules or regulations regarding investor information, and has not been approved by or filed with any stock exchange or regulatory authority. Amongst others, this document does not disclose risks and other significant issues related to an investment in any securities. This presentation includes and is based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projection of the Company or assumptions based on information available to the Company. Such forward looking information and statements reflect current views with respect to future events and are subject risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness of such information and statements. Investors should only subscribe for any transferable securities on the basis of information in a relevant prospectus and term sheet, and not on the basis
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which they agreed to look in more detail at the possibility of merging the two groups’ core businesses (the “Transaction”). The Transaction is approved by the companies’ board of directors, and the owners of Eidsiva Energi AS and Hafslund E-CO AS. The Transaction is also approved by all relevant authorities.
1 January 2019.
equipped to meet the energy system of the future. By merging the power- and grid
the capacity to produce around 18 TWh1 per year and a new grid company with almost 900,000 customers. This will ensure synergies through streamlined operations.
– 78.6% (57.2%)2 in the combined power generating unit, – 90% in Hafslund Produksjon Holding AS (the power stations in Glomma, previously owned by Hafslund ASA, is not part of the Transaction), – 50% of the power grid operator and other business activities through Eidsiva Energi.
billion from Eidsiva Energi, to obtain the desired capital structure in the two groups.
4 1) Including ongoing projects 2) 57.2% directly, 78.6% including 50% ownership in Eidsiva Energi AS
This presentation describes the Transaction between Hafslund E-CO and Eidsiva Energi (seen from Hafslund E-CO) and the consequences for the capital structure and for the creditors, including the proposed debt handling process for the bond debt in Hafslund.
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Structure between Aug 4th 2017 and July 3rd 2018 Structure until Aug 4th 2017
Other shareholders
54% 34% 12% Grid Hafslund Produksjon Heat Markets 100% Heat Hafslund Produksjon Markets 100% 100% 50% 10% Grid 100% 50% 100% 90%
City of Oslo City of Oslo
E-CO Energi E-CO Energi 100% 100% 100% 100% 100% 100% 1) As part of the reorganization on 4 August 2017, Hafslund ASA was de-listed from Oslo Børs.
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Current structure pre Eidsiva Transaction Structure until July 2018
100% 100% 100% 100%
Hydropower Grid Hydropower Grid
City of Oslo City of Oslo
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Hydropower
▪ 50 power plants ▪ 14 TWh owned ▪ +6 TWh since year 2000
New Energy1
▪ Development and use of new technology in areas
regulated grid
Grid
▪ 730,000 grid customers ▪ Number of customers doubled since year 2000
TOTAL ASSETS (2018) – NOK 49 billion EBITDA (2018) – NOK 5,5 billion
1) New Energy is currently under development and is not a separate legal entity, but part of Hafslund E-CO AS. For further details regarding the Hafslund E-CO companies, please see appendix page 36-41
E-CO ENERGI AS E-CO ENERGI HOLDING AS HAFSLUND PRODUKSJON HOLDING AS2 HAFSLUND E-CO AS
100% owned by the City of Oslo
HAFSLUND NETT AS HAFSLUND AS HAFSLUND HANDEL AS3
9 1) 10% owned by Svartisen Holding AS. 2) The production assets owned by Hafslund ASA prior to 4 August 2017. 3) Hafslund Handel AS owns 49% in Fredrikstad Energi AS and has a few other insignificant investments.
100% 100% 100% 90%1 100% 100%
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SVP/ Managing Director Hafslund Nett AS CEO SVP New Energy SVP/Managing Director E-CO Energi CFO Deputy CEO / SVP Corporate Strategy SVP Communications and public affairs SVP HR and Organizational Development Alf Inge Berget Toril Benum Kristin Lian Per-Arne Torbjørnsdal Heidi Ulmo1 / Martin S. Lundby (acting) Siw Hellesen Tore Olaf Rimmereid Finn Bjørn Ruyter SVP Power Markets Anders Østby
1) Parental leave until mid August 2019
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1) Direct and indirect Hafslund E-CO still own 78.6% of E-CO Energi AS 12
exchange for Hafslund Nett and 21.4%1 of E-CO Energi.
structure in the groups.
risk diversification.
and district-based grid increases regulatory robustness.
Western Norway: different weather conditions and separate price areas.
synergies through streamlined
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Eidsiva networks supply area Eidsiva power plants Hafslund E-CO power plants Hafslund E-CO networks supply area Hafslund E-CO and Eidsiva power plants
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Current structure (simplified)
100% City of Oslo
Production 14 TWh Grid 730’ cu.
Structure after Transaction (simplified)
78.6% 1 (57.2%2) City of Oslo
Production 18 TWh Grid 900’ cu.
50%
Broadband Heat Markets
1) 57.2% directly, 78.6% including 50% ownership in Eidsiva Energi AS 2) This is only the ownership share of E-CO Energi AS, in addition Hafslund Produksjon Holding AS will be owned 90 % by Hafslund E-CO
400 GWh 65’ cu. 250’ cu.
42.8% 100% 100% 50% 100% 100% 100% 100%
Detailed legal structure of the Hafslund E-CO group after closing of the Transaction
1) As part of the Transaction a company called “Ny Energi” will be established in which Hafslund E-CO owns 65% and Eidsiva Energi 35% 2) Innlandet Energi Holding AS (49.4%) and Åmot kommune (0.6%) will combined own 50% of Eidsiva Energi AS 3) Svartisen Holding owns 10% of Hafslund Produksjon Holding AS 15 50% 42.8% City of Oslo Hafslund E-CO AS1 E-CO Energi Holding AS E-CO Energi AS E-CO (existing assets) Eidsiva Vannkraft AS Eidsiva Energi AS2 Hafslund AS Hafslund Nett AS Eidsiva Nett AS Other Eidsiva (Broadband, Heat, Markets) 57.2% Hafslund Produksjon Holding AS3
90% 100% 100% Hafslund Handel AS 100% 100% 100% 100% 100% = has external debt
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– Quarterly dividend payments – The owners agree on a yearly dividend of minimum NOK 700 million (CPI adjusted) from and including the year 2020 from Eidsiva Energi AS – The owners have agreed on a dividend policy in E-CO Energi AS of 60-90% of the yearly underlying result
– Hafslund E-CO will have majority and full control in E-CO Energi AS – None of the owners have majority or control in Eidsiva Energi AS
1) All public documents related to the Transaction can be found here: https://einnsyn.no/moeteregistrering?id=http%3A%2F%2Fdata.einnsyn.no%2F2b30a757-ff7d-4804-88c7-0fc5a8933079
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Danske Bank sector report 31 July 2019 E-CO: “We see the deal as marginally positive for E-CO Energi Holding AS, as its adjusted credit metrics will improve marginally. We estimate that ECO’s bonds (OSLENE) should trade tighter than the ‘BBB’ fair value index when cleansing for the liquidity premium and incorporating owner support.” Hafslund: “Following the business tie-up, we estimate that Hafslund’s bonds should trade in line with a ‘BBB’ fair value index when cleansing for the liquidity premium.”
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Scope rating report 3 July 2019 Eidsiva Energi: “… in which we upgraded Eidsiva’s issuer rating by two notches to BBB+. […] Eidsiva’s corporate issuer rating of BBB+/Stable primarily reflects the high share of EBITDA from monopolistic grid business (around 80%) with its predictable cash flow.” DNB Markets Credit research 13 August 2019 E-CO: “E-CO will strengthen its position as an investment grade credit, following the structural changes. The output of our Automated Credit Score (ACS) for utilities based on pro forma figures for 2018 is bbb+. We consider E-CO to have a satisfactory to strong business risk profile and an intermediate financial risk profile. The strong ownership from Oslo municipality (rated AAA by S&P), boosts the company’s credit quality further.” Hafslund: “Taking the proposed transaction into account, the credit strength of Hafslund will remain well within investment grade, in our view, with a satisfactory business risk profile and an intermediate financial risk profile. The strong ownership with Oslo municipality (AAA rated by S&P) as the top owner increases the credit quality of the company further, to some extent.”
1) Detailed proforma figures can be found in the appendix page 44. 2) Including shareholder loan from the City of Oslo of NOK 2.3 billion. Please see appendix page 42 for more details regarding the shareholder loan. 19
Amounts in MNOK
2018 Actual 2018 Proforma PERFORMANCE Revenue 5,164 7,051 EBITDA 4,036 4,550 EBIT 3,669 4,114 Profit before taxes 3,364 3,713 Net profit 1,223 1,346 KEY FIGURES Total assets 33,738 52,795 Net interest bearing debt2 9,464 11,434 FFO 2,441 2,739 Net interest bearing debt / EBITDA (x)2 2.3x 2.5x FFO / net interest bearing debt (%)2 26% 24%
1) Detailed proforma figures for Hafslund AS can be found in the appendix page 45. Proforma figures for Eidsiva Energi AS can be found in the appendix page 46. 20
Amounts in MNOK
2018 Actual 2018 Proforma PERFORMANCE Revenue 5,621 50 Result from associated companies
683 EBITDA 1,481 679 EBIT 758 674 Profit before taxes 582 579 Net profit 483 595 KEY FIGURES Total assets 15,438 21,456 Net interest bearing debt 7,161 3,861 FFO 1,244 456 Net interest bearing debt / EBITDA (x) 4.8x 5.7x FFO / net interest bearing debt (%) 17% 12%
1) Proforma figures for Hafslund E-CO consolidated is the sum of Hafslund AS and E-CO Energi Holding AS proforma figures 2) Including shareholder loans from the City of Oslo of NOK 2.3 billion to E-CO Energi Holding AS, and NOK 1.5 billion to Hafslund E-CO AS 21
Amounts in MNOK
2018 Actual 2018 Proforma1 PERFORMANCE Revenue 10,786 7,101 Result from associated companies
512 EBITDA 5,504 4,974 EBIT 4,413 4,533 Profit before taxes 3,908 4,037 Net profit 1,605 1,686 KEY FIGURES Total assets 49,180 71,115 Net interest bearing debt2 18,139 16,795 FFO 3,674 2,940 Net interest bearing debt / EBITDA (x)2 3.3x 3.4x FFO / net interest bearing debt (%)2 20% 18%
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Unutilized credit facilities of NOK 1,500 mill (E-CO) and NOK 2,500 mill (Hafslund) to support short term funding and reduce refinancing risk
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Hafslund AS
70 70 280 2019 2023 1,240 2020 2021 356 2026 2022 2025 2024 2027+ 1,551 470 370 813 NOK Bonds (MNOK 3,948) NIB (MNOK 1,272)
E-CO Energi Holding AS1
310 429 143 848 600 2023 2031 2019 2025 2024 2020 1,269 2026 2021 2022 2027 2028 2029 1,100 2030 2032 2033 550 370 980 1,201 1,473 NIB USPP NOK Bonds JPY PP Schuldschein
9,273 MNOK 5,220 MNOK
1) E-CO Energi Holding: Currency loans are converted to NOK with exchange rates in the swap agreements, ref. Note 15 in the annual accounts
24 1) Hafslund Handel AS will continue to own 49% of Fredrikstad Energi AS after the Transaction
– and fully standalone funding of Eidsiva Energi AS.
external debt in Hafslund AS – will seek to transfer the NIB loans to E-CO Energi Holding AS.
Energi AS to Hafslund AS may enable Hafslund AS to reduce debt prior to maturity.
profile post Transaction, but still well within “investment grade” credit metrics, and no breach of clauses in bond agreements.
billion, net bond debt of NOK 0.6 billion post the
Eidsiva Energi AS (> NOK 350 million per year).
Detailed legal structure post Transaction
50% 42.8% City of Oslo Hafslund E-CO AS E-CO Energi Holding AS E-CO Energi AS E-CO (existing assets) Eidsiva Vannkraft AS Eidsiva Energi AS Hafslund AS Hafslund Nett AS Eidsiva Nett AS Other Eidsiva (Broadband, Heat, Markets) 57.2% Hafslund Produksjon Holding AS
90% 100% 100% Hafslund Handel AS 100% 100% 100% 100% 100%
= has external debt
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25 1) Hafslund Handel AS will continue to own 49% of Fredrikstad Energi AS after the Transaction
5) Not do anything with the debt in Hafslund AS – let it mature
Detailed legal structure post Transaction
4) Merge Hafslund E-CO AS, Hafslund AS and E-CO Energi Holding AS – no need for specific debt management or approvals from creditors – which is also a potential long term solution 2) Propose a voluntary pro rate buyback offer inn all outstanding bond issues in Hafslund AS for an amount up to NOK 3.3 bn – and keep remaining debt to maturity 3) Merge Hafslund AS with E-CO Energi Holding AS – no need for specific debt management or approvals from creditors 1) Preferred solution: i. Repay all bond debt in Hafslund AS with maturity prior to December 2021 with the NOK 3.3bn cash consideration ii. Request change of debtor from Hafslund AS to E-CO Energi Holding AS for remaining bond debt in Hafslund AS iii. After closing: merge E-CO Energi Holding and Hafslund E-CO AS Alternative solutions:
50% 42.8% City of Oslo Hafslund E-CO AS E-CO Energi Holding AS E-CO Energi AS E-CO (existing assets) Eidsiva Vannkraft AS Eidsiva Energi AS Hafslund AS Hafslund Nett AS Eidsiva Nett AS Other Eidsiva (Broadband, Heat, Markets) 57.2% Hafslund Produksjon Holding AS
90% 100% 100% Hafslund Handel AS 100% 100% 100% 100% 100% = has external debt
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There will be given a fair compensation to investors for both buyback and change of debtor
26 Name Ticker Maturity Principal amount Preferred solution Hafslund AS 14/19 FRN HNA131 17.09.2019 600,000,000 Will mature Hafslund AS 08/19 6.25% HNA85 12.11.2019 305,000,000 Buyback Hafslund AS 15/20 FRN HNA133 13.02.2020 750,000,000 Buyback Hafslund AS 13/20 3.65% HNA123 06.05.2020 300,000,000 Buyback Hafslund AS 18/20 FRN HNA138 28.08.2020 400,000,000 Buyback Hafslund AS 16/21 FRN HNA136 04.11.2021 750,000,000 Buyback Hafslund AS 12/22 5.05% HNA109 14.02.2022 400,000,000 Change of debtor Hafslund AS 13/23 4.90% HNA119 25.01.2023 300,000,000 Change of debtor Hafslund AS 14/24 4.25% HNA128 24.01.2024 450,000,000 Change of debtor Hafslund AS 12/24 LNK HNA114 27.09.2024 293,000,000 Change of debtor Sum buyback / to mature 3,105,000,000 Sum change of debtor 1,443,000,000
Key target: to establish one bank facility for the Hafslund E-CO group Hafslund E-CO will work in close dialogue with the bank group to establish a robust structure for the bank facilities
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Hafslund AS E-CO Energi Holding AS
restatement agreement with the bank group prior to closing to harmonize the agreement to the legal structure after the Transaction.
million to 2020+1 year
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producer in Norway
– Controls approx. 18 TWh production (including current projects) and operate 21 TWh – approx. 17% of Norway’s annual production. – Eidsiva Vannkraft provides approx. 3.8 TWh hydro production and comes with well maintained assets and highly experienced management team. – Consolidation of hydropower assets is based on strong industry logic and clear strategic rationale. – E-CO Energi Holding AS will still own 90% of Hafslund Produksjon Holding AS (annual production approx. 3 TWh) – Following the Transaction, Hafslund E-CO will increase its annual production with approx. 600 GWh (direct and indirect).
– Regulated asset base of approx. NOK 16 billion – The combined grid company will continue to be one of the most cost efficient grid companies in Norway – 900,000 customers
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1) Hafslund Handel AS (owned by Hafslund AS) will continue to own 49% of Fredrikstad Energi AS after the Transaction 2) Svartisen Holding owns 10% of Hafslund Produksjon Holding AS 30 50% 42.8% The City of Oslo Hafslund E-CO AS E-CO Energi Holding AS E-CO Energi AS E-CO (existing assets) Eidsiva Vannkraft AS 57.2% Hafslund Produksjon Holding AS
90% 100% 100% Hafslund AS Eidsiva Energi AS Hafslund Nett AS Eidsiva Nett AS Other Eidsiva (Broadband, Heat, Markets) 100% 100%
Potential merger to obtain
all assets below the debt
1) 2)
31 101 490 70 848 600 2026 1 183 2030 2020 1 339 2019 2021 2023 2022 799 2024 2025 2027 2028 2029 2031 2032 2033 1 271 360 1 020 213 1 050 1 170 1 473 USPP NIB Schuldschein JPY PP NOK Bonds
11,988
MNOK
Debt maturity profile new Hafslund E-CO group Distribution of funding sources
1) Proforma financials for 2018 for new Hafslund E-CO group
Net debt / EBITDA1
3.4x
FFO / Net debt1
18%
relevant authorities and is expected to close on 30 September 2019
grade” credit
no immediate debt challenges following the Transaction
all external debt in one company, being the parent company of the Group
Hafslund AS where bondholders are requested to approve the following: – Early redemption of 5 bonds maturing in the period November 2019 to November 2021, totaling NOK 2.5 billion – Change of debtor from Hafslund AS to E-CO Energi Holding AS for 4 bonds maturing in the period February 2022 to September 2024, totaling NOK 1.4 billion
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www.hafslundeco.no
heidi.ulmo@hafslundeco.no Tel: + 47 909 19 325
martin.lundby@hafslundeco.no Tel: + 47 416 14 448
andreas.wik@hafslundeco.no Tel: +47 924 97 255
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Amounts in MNOK
2018 2017 PERFORMANCE EBITDA 4,036 2,575 Operating result 3,669 2,236 Profit before tax 3,364 1,987 Net profit 1,223 1,038 BALANCE SHEET Net interest bearing debt1 9,653 10,663 Capital employed 27,588 27,070 Equity 12,956 12,364 KEY FIGURES Investments 650 549 ROE (%) 10% 8% ROCE (%) 13% 8% Debt / EBITDA (x) 1 2.4x 4.1x FFO / Debt (%) 1 25% 15% Power production (TWh) 14.3 12.2 Power price obtained (øre/kWh) 39.6 28.1
1) Including shareholder loan from the City of Oslo of NOK 2.3 billion.
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Amounts in MNOK
2018 2017 PERFORMANCE EBITDA 1,481 1,629 Operating result 758 957 Profit before tax 582 756 Net profit 483 612 BALANCE SHEET Net interest bearing debt 7,161 6,554 Capital employed 13,548 12,404 Equity 5,150 4,762 KEY FIGURES Investments 1,580 1,574 ROE (%) 10% 15% ROCE (%) 6% 8% Debt / EBITDA (x) 4.8x 4.0x FFO / Debt (%) 17% 19% Regulated asset base 10,875 9,817
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Amounts in MNOK
2018 2017 PERFORMANCE EBITDA 5,504 4,458 Operating result 4,413 3,421 Profit before taxes 3,908 2,970 Net profit 1,605 1,741 BALANCE SHEET Net interest bearing debt1 18 139 16,993 Capital employed 41 108 39,474 Equity 16 501 17,126 KEY FIGURES Investments 2,231 2,169 ROE (%) 10% 10% ROCE (%) 11% 9% Debt / EBITDA (x) 1 3.3x 3.9x FFO / debt (%) 1 20% 18% Number of employees 623 612
1) Including subordinated shareholder loans from the City of Oslo of NOK 2.3 billion and NOK 1.5 billion (in 2018).
Norway’s second largest power producer Flexible production Solid
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position to take advantage
commitment and an active ownership in the energy sector
Norway’s largest grid company Efficient
Innovative and solid
base (2018)
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Norway
cornerstone
showed commitment and an active ownership in the energy sector
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350 000 527 000 570 000
2002 2000 2014 2004 2010 2006 2008 2012 2016 2018 2020 2022
730 000 9.4 7.8 9.7 10 14 Grid customers Production (TWh) Rosten
Spring 2018 200 GWh Share: 44 % Some of the largest hydropower plant construction projects in Norway
Vamma
Spring 2019 230 GWh Share: 90 %
Nedre Otta
Spring 2020 315 GWh Share: 27 %
Mork
Fall 2021 44 GWh Share: 65 %
Tolga
Spring 2021 205 GWh Share: 40 %
= completed projects = projects under construction
City of Oslo
a conservative capital structure, the loan has since been extended and increased
acquisition of Hafslund Produksjon AS in 2017
investors priorities and equity content for credit valuations purposes
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Production
production and 48 power plants
hydro production
production
Grid
grid business
regulated asset base
Heat
district heating plants
delivery
Innlandet
energy sources
Broadband
Innlandet
and significant growth
Markets
through Innlandskraft
50% by Eidsiva and 50% by Gudbrandsdal Energi
customers
regionally and nationally
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Reported Proforma Balance sheet 2018-12-31 2018-12-31 Goodwill 2,936 10,693 Immaterielle eiendeler og utsatt skattefordel 13,234 13,386 Varige driftsmidler 12,588 15,594 Investeringer i aksjer og andeler 137 4,289 Øvrige anleggsmidler 1,126 1,687 Anleggsmidler 30,021 45,649 Kundefordringer 233 384 Andre fordringer og varelager 636 3,802 Bankinnskudd 2,847 2,961 Omløpsmidler 3,716 7,147 Eiendeler 33,737 52,795 Innbetalt kapital (aksjekapital, overkurs og annen innbetalt kapital) 7,606 11,666 Fond for vurderingsforskjeller og -urealiserte gevinster
Opptjent egenkapital 3,277
Ikke kontrollerende eierinteresser 2,071 16,919 Sum egenkapital 12,954 27,802 Langsiktig rentebærende gjeld 12,168 14,085 Andre langsiktige forpliktelser og utsatt skatt 4,765 6,146 Sum langsiktige forpliktelser 16,933 20,232 Kortsiktig rentebærende gjeld 533 699 Betalbar skatt 2,158 2,336 Leverandørgjeld og annen kortsiktig gjeld 1,159 1,727 Sum kortsiktig gjeld 3,850 4,762 Sum gjeld 20,783 24,993 Sum egenkapital og gjeld 33,737 52,795 Reported Proforma P&L 2018 2018 Salgsinntekter 5,163 7,051 Driftskostnader
Resultat fra tilknyttede selskap 17 83 EBITDA 4,035 4,550 Av- og nedskrivninger
EBIT 3,668 4,114 Netto finans
Resultat før skatt 3,363 3,713 Skattekostnad
Resultat etter skatt 1,222 1,346 Årsresultat avhendet virksomhet
1,222 1,346 Utvidet resultat 27
Totalresultat 1,249 1,340
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Reported Proforma Balance sheet 2018-12-31 2018-12-31 Goodwill 624 Immaterielle eiendeler og utsatt skattefordel
Varige driftsmidler 12 782 22 Investeringer i aksjer og andeler 279 20 657 Øvrige anleggsmidler 587 170 Anleggsmidler 14 272 20 901 Kundefordringer 228 1 Andre fordringer og varelager 778 394 Bankinnskudd 160 160 Omløpsmidler 1 166 555 Eiendeler 15 438 21 456 Innbetalt kapital (aksjekapital, overkurs og annen innbetalt kapital) 2 016 2 016 Fond for vurderingsforskjeller og -urealiserte gevinster
3 134 12 187 Ikke kontrollerende eierinteresser
5 150 14 203 Langsiktig rentebærende gjeld 4 864 1 564 Andre langsiktige forpliktelser og utsatt skatt 1 112
Sum langsiktige forpliktelser 5 976 1 504 Kortsiktig rentebærende gjeld 2 519 2 519 Betalbar skatt 189 Leverandørgjeld og annen kortsiktig gjeld 1 604 3 229 Sum kortsiktig gjeld 4 312 5 749 Sum gjeld 10 288 7 253 Sum egenkapital og gjeld 15 438 21 456 Reported Proforma P&L 2018 2018 Salgsinntekter 5,621 50 Driftskostnader
Resultat fra tilknyttede selskap
683 EBITDA 1,480 679 Av- og nedskrivninger
EBIT 756 674 Netto finans
Resultat før skatt 581 579 Skattekostnad
16 Resultat etter skatt 482 595 Årsresultat avhendet virksomhet
482 595 Utvidet resultat 210 226 Totalresultat 692 821
1) The proforma figures are adjusted for significant extraordinary items in 2018. 2) Final accounting principle for the derecognition of Eidsiva Vannkraft AS is not decided. Total assets with alternative treatment is NOK 40,192 million. 46
Oppdatere + bilde?
Amounts in MNOK
2018 Actual 2018 Proforma1 PERFORMANCE Revenue 4,430 8,418 EBITDA 1,489 2,978 EBIT 974 1,814 Profit before taxes 413 1,594 Net profit 235 1,460 KEY FIGURES Total assets2 19,718 43,376 Net interest bearing debt 7,889 11,287 Net interest bearing debt / EBITDA (x) 5.3x 3.7x