q3 QUARTERLY REPORT 09 E-CO ENERGI
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1 P.O. Box 255 Sentrum 0103 Oslo Phone Fax q3 QUARTERLY REPORT 09 E-CO ENERGI
2 QUARTERLY REPORT FOR THE GROUP 1 JANUARY SEPTEMBER 2009 (2008 figures in parentheses) key figures (Amounts in MNOK) Q3 Q3 at Q3 at Q3 Year Results Operating revenue Operating profit Earnings before tax Net profit Capital structure and cash flow Total assets Equity Liquid assets Equity ratio 43 % 40 % 43 % 40 % 37 % Cash flow from operating activities Other Power production (GWh) E-CO posted good results in Q and YTD. Power prices dropped markedly in the final quarter, but price hedging and high production largely compensated for the price fall. Thus far, the Group has achieved a selling price that is 16 per cent above the system price and 20 per cent above the area price in southern Norway. The YTD profit after taxes was MNOK 1 464, up MNOK 674 from Q Adjusted for gains on the sale of EB Kraftproduksjon, the result was MNOK 75 behind 2008, which had a record-high at Q3. operations The Group s main activities are: The ownership, development, operation and management of hydropower plants; The sale of power on the wholesale market; Business development in energy and related fields The Group owns stakes in Oppland Energi AS (61.4 per cent), Vinstra Kraftselskap DA (66.7 per cent), Opplandskraft DA (25 per cent) and Norsk Grønnkraft AS (20 per cent). Average annual production over the past 10 years, including the above-mentioned stakes, has been 9.6 TWh. The stake in Energiselskapet Buskerud Kraftproduksjon AS (30 per cent) was sold to the majority shareholder, Energiselskapet Buskerud, on 30 June this year for MNOK E-CO is wholly owned by Oslo Municipality. ABOUT THE QUARTERLY REPORT The Quarterly Report for Q is presented in compliance with Norwegian accounting standards and generally accepted Norwegian accounting practices. The same accounting principles and estimation methods have been applied to the quarterly report as were applied to the financial statements for The accounts for Q have not been audited. A significant share of the Group s production is generated by power plants with considerable reservoir capacity and this normally entails large seasonal fluctuations in production. A reservoir station will ordinarily generate the bulk of its annual production in the winter season. This is reflected in operating revenues and results, which are usually significantly lower in Q2 and Q3 than in the other two quarters. Because of this, E-CO generally comments YTD, unless special circumstances arise during a quarter. Q3 E-CO QUARTERLY REPORT 09 2
3 MARKET CONDITIONS, PRODUCTION AND PRICES Early in the year, the power market was characterised by declining prices as a result of lower prices for thermal fuel and CO2 permits. Energy prices stabilised in Q2, at the same time as oil and coal prices also began to rise. A deficit in the hydrological balance in the Nordic countries also had a positive effect on energy prices. Reduced consumption, associated in particular with energy-intensive industry that has been hard hit by the financial crisis, worked in the opposite direction. However, there was a great deal of precipitation in Q3 and, combined with low consumption, this exerted strong downward pressure on energy prices. The system price on NordPool dropped from NOK/kWh in week 26, to NOK/kWh in week 39. As a result of a high production volume and continued reduced exchange capacity with Sweden, the area price in southern Norway dropped more than the system price. From a point of departure where the area price was almost equal to the system price in week 26, the area price dropped to NOK/kWh in week 39. The reduced exchange capacity was due to a breakdown of a cable connection in the Oslo Fjord in spring The cable was repaired and became operative again October 16 this year. Forward prices were also affected. For example, the forward prices for 2010 decreased from NOK/kWh in late June to NOK/kWh in late September. 0,55 0,50 0,45 0,40 0,35 0,30 0,25 0,20 0,15 0,10 PRICES, MONTHLY AVERAGES NOK/kWh JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. Spotprice 2008 Spotprice 2009 Forward pris 2009 Sales price 2009 Thus far this year, the harnessed inflow to reservoirs in Norway has been 5 TWh hgiher than normal, which is about 5 per cent above normal. At the beginning of Q3, there was, however, a deficit of 6 TWh in the balance, so that the inflow in Q3 was nearly 11 TWh above normal. This means the reservoirs in Norway changed from a situation featuring a level that was significantly below the historic median at the outset of Q3 to being slightly higher than the median at the end of the quarter. The filling ratio in the Nordic reservoirs was 100 per cent (93.6 per cent) of the historical median level at 30 September. Norwegian power production totalled 91.6 TWh at end- September 2009 (103.7 TWh), equivalent to a decline of 12.1 TWh or 11.6 per cent year-on-year. Power consumption was 86.1 TWh (93.2 TWh), down 7.1 TWh or 7.6 per cent. Power-intensive industry accounts for most of the decline in the consumption, with a reduction of 20.4 per cent year-on-year. Net exports totalled 5.5 GWh YTD (10.5 GWh) PRODUCTION GWh Q1 Q2 Q3 Q The Group s power production was GWh at end- September this year (8 250 GWh). Q3 production totalled GWh (2 347 GWh). YTD production is 96 per cent of the 10-year mean level (127 per cent). The average system price was NOK/kWh at end- September 2009 (0.342 NOK/kWh). The area price in southern Norway was kwh (0.288 NOK/kWh). The average YTD selling price (excluding the compulsory yield of power) was about NOK/kWh (about NOK/kWh). The YTD selling price was 16 per cent higher than the average system price (7 per cent lower). Relative to the area price in southern Norway, the Group obtained prices that were 20 per cent higher during the first three quarters of the year. Q3 RESULTS Operating revenues came to MNOK (MNOK 2 580) in Q3 2009, entailing a decline of 9 per cent. The average YTD selling price was approx. 12 per cent higher than during the comparable months of last year, while power production was some 18 per cent lower. The increase in the actual selling price contributed some MNOK 260, a significant share of which was ascribable to price hedging. Changes in volume reduced electricity revenues by about MNOK 480. The EBIT at end-september 2008 came to MNOK (MNOK 1 881), i.e. a decline of 12 per cent. Operating expenses aggregated MNOK 703 at end-september 2009 (MNOK 699). The cost of feeding power into the central grid was lower than last year, but wages and other operating expenses showed an increase. Associates generated a profit of MNOK 33 (MNOK 27), comprising E-CO Energi s share of the profits produced by Buskerud Kraftproduksjon AS up to and including Q2, as well as those produced by Norsk Grønnkraft AS. The sale of the stake in EB Kraftproduksjon in June generated a gain for accounting purposes of MNOK 759. Q3 E-CO QUARTERLY REPORT 09 3
4 Net financial expenses were MNOK 183 (MNOK 313). The reduction was partly due to lower net interest expenses as a result of reduced interest-bearing liabilities and a lower level of interest. The decline is also partly ascribable to increased foreign exchange earnings recognised to income and a positive return on financial investments, compared with a negative yield during the comparable months of last year. Average net interest-bearing debt from 1 January to 30 September was MNOK less than during the first nine months of The effective interest rate on loans (excl. subordinated loans) was 4.7 per cent at the end of Q3 (5.2 per cent). The estimated interest rate on subordinated loans was 4.2 per cent (4.5 per cent). The profit before taxes came to MNOK (MNOK 1 595). Excluding the gain on the sale of associates, the profit before taxes was MNOK 1 498, i.e. an decline of 6 per cent year-on-year. Taxes came to MNOK 793 at end-september 2009 (MNOK 805). The tax rate was 35 per cent during Q3 this year (50 per cent). Adjusted for gains at the sale of EB Kraftproduksjon, the YTD tax rate has been 52 per cent. Payable resource rent tax totalled MNOK 312 (MNOK 390) YTD. At 30 September, a reduced tax asset of MNOK 62 was expensed in connection with negative resource rent income to be carried forward. The reduction in the tax asset is because the forward prices for five consecutive years has declined during the current year, entailing a reduction in the anticipated future utilisation of carried forward negative resource rent income. During the same quarter last year, an increase in the tax asset of MNOK 31 was recognised to income due to an increase in forward prices OPERATING PROFIT NOK million Q1 Q2 Q3 Q Net income at end-september this year totalled MNOK (MNOK 790). Excluding the gain on the sale of an associate, the profit after taxes was approx. MNOK 715, which is equivalent to a decline of 10 per cent. INVESTMENTS, CASH FLOW AND CAPITAL STRUCTURE Investments in tangible fixed assets added up to MNOK 101 (MNOK 55). The most important investments YTD involved renovating and upgrading generator 1 at the Hol 1 power plant and the new Stolsvatn Dam. Both projects were completed. Opplandskraft DA, in which E-CO directly and indirectly owns approx. 40 per cent, has adopted a decision to build a new power plant, Rendalen 2, in connection with the existing water route to the Rendalen power plant. The existing Rendalen power plant is 40 years old and has just one generator with a high load factor. The facility is susceptible to operational disruptions, and it needs extensive revision/upgrading if the existing production pattern is to continue. Production losses during the revision period would be substantial, and the company has concluded that the most profitable alternative is to build a new plant. The cost of the development project has been estimated at some MNOK 450 and it will be expected to generate 750 GWh per year, i.e. about 10 per cent more than today. Completion is scheduled for Cash and cash equivalents have increased by MNOK YTD, totalling MNOK (MNOK 280) at 30 September. The large increase is particularly related to the sale of the stake in EB Kraftproduksjon, which was valued at MNOK 1 630, and the down payment of MNOK 171 on a loan to the company. Cash and cash equivalents totalled MNOK 202 at 1 January E-CO Energi has an ordinary line of banking credit of MNOK 100 linked to the corporate account, as well as a syndicated drawing facility with a framework of MEUR 235 that matures in November At 30 September 2009, MNOK 500 was drawn on the credit facility. The Group s YTD cash flow from operating activities came to MNOK (MNOK 1 316). At 30 September, the Group had MNOK in long- and short-term interest-bearing liabilities, apart from subordinated loans (MNOK 5 124). The interest-rate term was 2.9 years, an increase of 0.2 years since 1 January. The average maturity of the portofolio was 3,4 years, a reduction of 0,8 years since 1. of January. The consolidated equity ratio was 42.8 per cent at the end of Q3 (39.8 per cent), compared with 36.6 per cent at the beginning of the year. In the Board s opinion, E-CO s liquidity situation and financial position are good at the end of Q The company s creditworthiness and opportunities for financing on acceptable terms in today s market are considered good. The company will assess future credit requirements, including the establishment of lines of credit after the current drawing facilities expire in November, based on the company s needs and credit market trends. RISK AND UNCERTAINTY FACTORS E-CO s financial risk is primarily associated with production volume and power prices, including hedging transactions and trends in foreign exchange rates. Since the Group has substantial debt, there is also uncertainty Q3 E-CO QUARTERLY REPORT 09 4
5 associated with the interest trend. E-CO s policy involves hedging prices and exchange rates on parts of future production and using fixed interest rates to a certain extent. The Group s policy is to hedge the price-hedged volume of power against exchange rate fluctuations. Foreign currency loans are fully hedged in NOK against exchange rate fluctuations. There is a risk associated with discrepancies between the system price and the area price and, to a certain extent, the Group is trying to protect itself by procuring Contracts for Difference on NordPool. The problem is the poor liquidity of these products. At 30 September, the Group had hedged a substantial percentage of anticipated production for the rest of 2009, significantly limiting price uncertainty in respect of aftertax earnings, given that the resource rent tax is calculated on spot prices. Fluctuations in forward prices entail unrealised changes in the value of the hedging portfolio which, pursuant to the Group s accounting policies, are not recognised. The unrealised value in the Group s hedging portfolio (included currency hedging) was positive MNOK 419 at 30 September. At year end, the unrealised negative value was MNOK 510. PROSPECTS FOR THE FUTURE The Group s strategy is to invest in hydropower production to the extent there are profitable investment alternatives and to work with several possible alternatives. The Group has considerable expertise in the efficient planning, management and operation of hydropower production, and it enjoys a strong financial position. The Group s reservoir situation was good at the end of Q3. A relatively substantial part of anticipated production for the rest of the year has been hedged against exchange rate fluctuations at satisfactory prices based on today s pricing. Nonetheless, there is uncertainty associated with production and market conditions for the rest of the year. Oslo, 26. October 2009 The Board of Directors of E-CO Energi AS Q3 E-CO QUARTERLY REPORT 09 5
6 income statement (Amounts in MNOK) Q3 Q3 at Q3 at Q3 Year Energy revenue Other operating revenue Operating revenue Energy purchases, transmission Property tax and concession fee Other operating expenses Depreciation Operating expenses Operating income (EBIT) Share of the profit/loss in associates Gain on the sale of affiliates Net financial expenses Earnings before tax (EBT) Taxes Net profit Earnings per share (NOK) BALANCE SHEET (Amounts in MNOK) 30 Sept. 30 Sept. 31 Dec. Assets Intangible assets Tangible fixed assets Financial fixed assets Fixed assets Short-term receivables Short-term investments Cash and cash equivalents Current assets Assets Equity and liabilities Paid-in capital Retained earnings Equity Provisions Subordinated loan Other long-term liabilities Long-term debt Current liabilities Equity and liabilities Q3 E-CO QUARTERLY REPORT 09 6
7 CASH FLOW ANALYSIS (Amounts in MNOK) Q3 Q3 At Q3 At Q3 Year From operating activities Change in working capital items Cash flow from operating activities Investments in tangible fixed assets Other investments/sales Cash flow from investment activities Change in short-term loans New long-term loans Repayment of long-term loans Dividends/other funding Cash flow from financing activities Cash flow throughout the period Liquidity reserve at opening of period Liquidity reserve at closing of period EQUITY (Amounts in MNOK) Q3 Q3 At Q3 At Q3 Year Equity at opening of period Result of the reporting period Provision for dividends Equity at close of period Q3 E-CO QUARTERLY REPORT 09 7
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