Vattenfall at a glance

Size: px

Start display at page:

Download "Vattenfall at a glance"

Maria Rogers
5 years ago
Views:

1 Overview Vattenfall at a glance Vattenfall at a glance Vattenfall is one of Europe s largest generators of electricity and the largest producer of heat. Electricity generation and sales of heat amounted to TWh and 3.2 TWh, respectively, in 213. Vattenfall has approximately 6.2 million electricity customers, 4.3 million electricity network customers and 1.9 million gas customers. The Group has approximately 31,8 employees. The Parent Company, Vattenfall AB, is 1%-owned by the Swedish state, and its headquarters are in Solna, Sweden. Starting on 1 January 214 Vattenfall is organised in two regions: Nordic and Continental/UK. Group Electricity generation, TWh Sales of electricity, TWh 23.3 Sales of electricity, number of retail customers 6,236, Sales of heat, TWh 3.2 Electricity network, number of customers 4,341, Sales of gas, TWh 55.8 Sales of gas, number of customers, 1,911,2 Number of employees 31,819 Nordic Electricity generation, TWh 92.5 Sales of electricity, TWh 96.9 Sales of electricity, number of retail customers 1,296, Sales of heat, TWh 9.9 Electricity network, number of customers 932, Sales of gas, TWh Sales of gas,. number of customers Number of employees 9,518 Continental/UK Electricity generation, TWh 89.2 Sales of electricity, TWh 16.5 Sales of electricity, number of retail customers 4,94, Sales of heat, TWh 2.3 Electricity network, number of customers 3,49, Sales of gas, TWh 55.8 Sales of gas, number of customers 1,911,2 Number of employees 22,292 Electricity generation 213 Group, % Electricity generation 213 Nordic, % Electricity generation 213 Continental/UK, % Hydro power 2 Nuclear power 29 Fossil-based power 48 Wind power 2 Biomass, waste 1 Hydro power 35 Nuclear power 56 Fossil-based power 6 Wind power 2 Biomass, waste 1 Hydro power 3 Nuclear power - Fossil-based power 93 Wind power 3 Biomass, waste 1 Mission Vattenfall s mission, from its owner, is to generate a market rate of return by operating an energy business that enables the company to be among the leaders in developing environmentally sustainable energy production. Core values Vattenfall s core values serve as guiding points in the Group s day-to-day business activities. They embody the means for achieving the company s strategy and represent a shared values base. Safety We care about the health and safety of our employees, contractors and society. Performance We focus on passionately achieving our objectives while acting according to our core values. Cooperation We trust each other and openly work together to achieve our objectives. 4 Vattenfall Annual and sustainability report 213

2 Overview Results 213 Results 213 Net sales rose 2.6% to SEK 171,684 million (167,313). The underlying operating profit 1 rose 1.3% to SEK 27,9 million (27,53). Operating profit amounted to SEK -6,453 million (25,958). As a result of poorer market conditions and higher business risks, Vattenfall recognised SEK 3.1 billion in impairment losses in 213, which were charged against operating profit. Return on capital employed was -2.1%. Excluding items affecting comparability, the return on capital employed was 9.2%. Electricity generation increased by 1.6%, to TWh (178.9). For the nuclear power operations, with generation of 51.9 TWh, 213 was the second-best year since the start of operations nearly 4 years ago. Key data Change, % 213 MEUR MEUR 3 Net sales, SEK million 171, , ,379 18,886 Operating profit before depreciation (EBITDA), SEK million 43, , ,89 6,126 Operating profit (EBIT), SEK million -6,453 25, ,93 Underlying operating profit, 2 SEK million 27,9 27, ,149 3,18 Profit for the year, SEK million -13,543 17,47-1,529 1,924 Funds from operations (FFO), SEK million 31,888 34, ,599 3,885 Net debt, SEK million 16, , ,68 12,632 Adjusted net debt, SEK million 162, , ,354 17,421 Return on capital employed, % Net debt/equity ratio, % Funds from operations (FFO)/adjusted net debt, % Adjusted net debt/operating profit before depreciation and amortisation (EBITDA), times Electricity generation, TWh Sales of electricity, TWh Sales of heat, TWh Sales of gas, TWh Number of employees, full-time equivalents 31,819 32, ) The amount has been adjusted compared with the amount presented in Vattenfall s 213 Year-End Report. 2) The underlying operating profit is defined as operating profit excluding items affecting comparability. 3) Exchange rate SEK /EUR 1. Values in EUR are shown only to facilitate comparisons between SEK and EUR. Sales and underlying operating profit Earnings and return Debt SEK million 24, SEK million 6, SEK million % 18, 15 SEK million % 24, 2 18, 12, 6, , 3, 15, Sales (scale on left) Underlying operating profit 1 (scale on right) 1) Operating profit excl. items affecting comparability 12, 6, -6, -12, , Profit for the year attributable to owners of the Parent Company, SEK million Return on net assets, % Return on capital employed, excluding items affecting comparability, % Return on capital employed, % , 12, 6, Total interest-bearing liabilities, SEK million Net debt, SEK million Debt/equity ratio, % Net debt/equity ratio, % Funds from operations (FFO)/adjusted net debt % 24 Adjusted net debt/ebitda Times Vattenfall Annual and sustainability report 213 5

3 Quarterly overview Quarterly overview Amounts in SEK million Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Income statement items Net sales 48,994 36,73 33,679 47,937 49,659 37,266 36,997 47,762 EBITDA 23,78 9,684 1,521 1,286 15,752 8,662 9,534 9,371 2 Operating profit (EBIT) 18,91 4,729-2,778 5,97 1,86-25,916 4,818 3,839 Underlying operating profit 11,629 4,772 4,474 6,655 11,625 5,325 3,999 6,951 Financial income Financial expenses -3,282-3,368-1,699-2,127-2,542-2,726-2,5-2,636 Profit before tax 16,465 1,534-3,65 3,724 8,4-28,5 3,13 1,759 Profit for the period 13, ,975 6,342 6,195-23,259 1,538 1,983 of which, attributable to owners of the Parent Company 13, ,216 6,45 6,241-23,77 1,57 2,228 of which, attributable to non-controlling interests Cash flow items Funds from operations (FFO) 12,717 3,947 6,172 11,583 12,598 5,999 6,743 6,548 Free cash flow 2,41 4,543 7,928-1,893 2,745 8,362 1,22 2,244 Balance sheet items Cash and cash equivalents and short-term investments 45,71 42,314 46,966 46,495 38,976 35,76 29,59 27,254 Equity 15, , ,84 149, , , ,796 13,718 of which, attributable to owners of the Parent Company 143,719 14, ,39 14, , , ,152 12,37 of which, attributable to non-controlling interests 6,992 7,358 7,81 8,68 8,92 9,833 8,644 1,348 Interest-bearing liabilities 166, , ,297 16, , , , ,295 Net debt 12, ,27 114, ,97 17, ,369 16,923 16,912 Adjusted net debt 155, , , , ,16 162,57 157, ,597 Provisions 96,132 94,546 92,5 13,832 13,549 16,959 16,816 11,188 Noninterest-bearing liabilities 113,115 15,596 15, ,899 11,551 15,988 12,63 111,225 Capital employed, average 32,19 319,421 34, , ,171 33,39 29,561 33, 2 Balance sheet total 526,53 513, , , , , ,4 486,426 The key ratios are presented as percentages (%) or times (x) Operating margin, % Operating margin, % Pre-tax profit margin, % Pre-tax profit margin, % Return on equity, % Return on capital employed, % Return on capital employed, % 3, EBIT interest cover, (x) EBIT interest cover, (x) 3, FFO interest cover, (x) FFO interest cover, net, (x) Cash flow interest cover after maintenance investments, (x) FFO/gross debt, % FFO/net debt, % FFO/adjusted net debt,% EBITDA/net financial items, (x) EBITDA/net financial items, (x) Equity/total assets, % Gross debt/equity, % Net debt/equity, % Gross debt/gross debt plus equity, % Net debt/net debt plus equity, % Net debt/ebitda, (x) Adjusted net debt/ebitda, (x) Other information Investments 5,772 6,2 7,611 9,998 5,3 6,566 6,486 9,49 Electricity generation, TWh Average number of employees 33,14 33,14 33,71 32,794 32,722 32,467 32,77 31,819 1) Certain amounts for 212 have been recalculated compared with previously published information in Vattenfall s 212 Annual Report. See Note 2 to the consolidated accounts, Important changes in the financial statements compared with the preceding year. 2) The amount has been adjusted compared with the amount presented in Vattenfall s 213 Year-End Report. 3) Based on underlying operating profit, i.e., operating profit excl. items affecting comparability. 4) Last 12-month values. Comments Vattenfall s earnings vary sharply during the year. Normally, the large part of annual profit is generated during the first and fourth quarters, when demand for electricity and heat is at its highest. Vattenfall Annual and sustainability report

4 Ten-year overview Ten-year overview Amounts in SEK million Income statement items Net sales 111,16 123, ,82 143, ,549 25,47 213, ,4 167, ,684 EBITDA 33,161 43,175 43,938 45,821 45,96 51,777 6,76 54,538 54,271 43,319 2 Operating profit (EBIT) 17,887 28,363 27,821 28,583 29,895 27,938 29,853 23,29 25,958-6,453 Underlying operating profit 2,12 25,377 27,448 28,497 3,22 31,294 36,838 3,793 27,53 27,9 Financial income 2,969 3,81 3,839 2,276 3,412 2,814 2,514 3,843 2,636 1,196 Financial expenses -6,297-6,13-6,135-6,926-9,89-13,18-1,944-12,754-1,476-9,954 Profit before tax 14,559 26,16 25,525 23,933 23,498 17,734 21,423 14,298 18,118-15,211 Profit for the year 9,64 2,518 19,858 2,686 17,763 13,448 13,185 1,416 17,47-13,543 of which, attributable to owners of the Parent Company 8,944 19,235 18,729 19,769 17,95 12,896 12,997 11,83 16,759-13,668 of which, attributable to non-controlling interests 66 1,283 1, Cash flow items Funds from operations (FFO) 24,32 31,386 35,673 34,49 3,735 36,7 4,18 38,256 34,419 31,888 Free cash flow 15,684 14,341 23,178 19,65 18,963 27,566 23,846 17,637 12,619 23,571 Balance sheet items Cash and cash equivalents and short-term investments 13,616 14,74 22,168 22,659 4,236 56,94 43,873 28,685 46,495 27,254 Equity 85,551 9,99 17, ,132 14, ,44 133, , ,372 13,718 of which, attributable to owners of the Parent Company 75,437 8,565 96, ,79 129, ,62 126,74 131,988 14,764 12,37 of which, attributable to non-controlling interests 1,114 1,344 11, ,25 6,784 6,917 6,943 8,68 1,348 Interest-bearing liabilities 73,13 78,663 71,575 67,189 17, ,277 17,35 16, ,295 Net debt 55,411 64,343 49,47 43,74 66, 154, ,19 141,89 111,97 16,912 Adjusted net debt 176,31 154, ,597 Provisions 61,941 65,123 66,94 73,985 89,799 91,1 87,822 91,719 13,832 11,188 Noninterest-bearing liabilities 64,7 9,373 77,823 72,93 17, , , , , ,225 Capital employed, average 317, ,124 33, 2 Balance sheet total 285,25 325,68 323, , ,827 62, , , , ,426 The key ratios are presented as percentages (%) or times (x) Operating margin, % Operating margin, % Pre-tax profit margin, % Pre-tax profit margin, % Return on equity, % Return on capital employed, % Return on capital employed, % EBIT interest cover, (x) EBIT interest cover, (x) FFO interest cover, (x) FFO interest cover, net, (x) Cash flow interest cover after maintenance investments, (x) FFO/gross debt, % FFO/net debt, % FFO/adjusted net debt,% EBITDA/net financial items, (x) EBITDA/net financial items, (x) Equity/total assets, % Gross debt/equity, % Net debt/equity, % Gross debt/gross debt plus equity, % Net debt/net debt plus equity, % Net debt/ebitda, (x) Adjusted net debt/ebitda, (x) Other information Dividend to owners of the Parent Company 5,6 5,8 7,5 8, 6,9 5,24 6,5 4,433 6,774 4 Investments 12,731 24,497 17,22 18,964 42,296 12,989 41,794 35,75 29,581 27,761 Electricity generation, TWh 167,1 169,1 165,4 167,6 162,1 158,9 172,4 166,7 178,9 181,7 Average number employees 33,17 32,231 32,38 32,396 32,81 36,593 38,459 37,679 33,59 31,819 1) Certain amounts for 212 have been recalculated compared with previously published information in Vattenfall s 212 Annual Report. See Note 2 to the consolidated accounts, Important changes in the financial statements compared with the preceding year. 2) The amount has been adjusted compared with the amount presented in Vattenfall s 213 Year-End Report. 3) Based on underlying operating profit, i.e., operating profit excl. items affecting comparability. 4) Proposed dividend. 124 Vattenfall Annual and sustainability report 213

5 Facts about Vattenfall s markets Facts about Vattenfall s markets Installed capacity electricity, MW Hydro power 2 8, , ,227 Nuclear power 6,984 6,984 Fossil-based power 1,212 1,39 11,422 5,63 19,6 of which, gas 1,77 4,16 5,867 of which, lignite 7,766-7,766 of which, hard coal 1,39 1, ,53 of which, oil 1, ,843 Wind power ,445 Biomass, waste Total electricity 16, ,783 14,439 5, ,16 Installed capacity heat, MW 2, ,424 2,692 17,176 Generated electricity, TWh Hydro power Nuclear power Fossil-based power of which, gas of which, lignite of which, hard coal of which, oil.4.4 Wind power Biomass, waste Total electricity Sales of heat, TWh Fossil-based power of which, gas of which, lignite of which, hard coal of which, oil Biomass, waste Total heat Sales of electricity, TWh Sales of gas, TWh Number of retail customers, electricity 935, 361, 2,87, 2,7, 6,236, Electricity volume, TWh retail customers Electricity volume, TWh resellers Electricity volume, TWh industries Number of network customers 932, 3,49, 4,341, Number of gas customers 136,7 1,774,5 1,911,2 Electricity network Transited volume, TWh Distribution network, km 172, 137, 39, Number of employees (full-time equivalents) Countries 8, , , ,775 Group total 4 31,819 emissions per country, mtonnes emission allowances received (mtonnes) ) Rounding differences of.1 exist for some items. 2) In Germany mainly pumped-storage power plants. 3) Excl. generation transiting. 4) There are 44 (34) employees in other countries. Vattenfall Annual and sustainability report

6 Facts about Vattenfall s markets Facts about Vattenfall s markets (cont.) Installed capacity electricity, MW 2 Hydro power 3 8, , ,224 Nuclear power 6,852 6,852 Fossil-based power 1,212 1,39 11,444 3,357 17,322 of which, gas 1,729 2,474 4,23 of which, lignite 7,766 7,766 of which, hard coal , ,51 of which, oil 1, ,843 Wind power ,325 Biomass, waste Total electricity 16, ,784 14,46 3, ,166 Installed capacity heat, MW 2,313 1,646 1,148 2,472 16,579 Generated electricity, TWh Hydro power Nuclear power Fossil-based power of which, gas of which, lignite of which, hard coal of which, oil Wind power Biomass, waste Total electricity Sales of heat, TWh 2 Fossil-based power of which, gas of which, lignite of which, hard coal of which, oil Biomass, waste Total heat Sales of electricity, TWh Sales of gas, TWh Number of retail customers, electricity 947, 362, 2,788, 2,147, 6,244, Electricity volume, TWh retail customers Electricity volume, TWh resellers Electricity volume, TWh industries Number of network customers 927, 3,41, 4,328, Number of gas customers 75,2 1,854,7 1,929,9 Electricity network Transited volume, TWh Distribution network, km 179, 136, 315, Number of employees (full-time equivalents) Countries 8, , , ,76 Group total 5 32,794 emissions per country, mtonnes emission allowances received (million tonnes /year, trading period ) ) Rounding differences of.1 exist for some items. 2) Certain values for 212 have been adjusted compared with previously published information. 3) In Germany mainly pumped-storage power plants. 4) Excl. generation transiting. 5) There are 44 (34) employees in other countries. 128 Vattenfall Annual and sustainability report 213

7 Facts about Vattenfall s markets Facts about Vattenfall s markets (cont.) 1 Energy use Fuel use, TWh 213 Gas Hard coal Lignite Peat.7.7 Waste, non-organic Biofuel, waste (organic) Other, including oil Total Uranium (tonnes) Gas Hard coal Lignite Peat.6.6 Waste, non-organic Biofuel, waste (organic) Other, including oil Total Uranium (tonnes) ) Rounding differences of.1 exist for some items. 2) Corresponds to 928 PJ, of which 893 PJ fossil and 35 PJ biomass. 3) Corresponds to 884 PJ, of which 846 PJ fossil and 38 PJ biomass. Vattenfall Annual and sustainability report

8 Facts about Vattenfall s markets Pro rata 1 Pro rata Generation data corresponding to Vattenfall s ownership in the respective facilities 213 Installed capacity electricity, MW Hydro power 3 7, , ,867 Nuclear power 4, ,56 Fossil-based power 1,212 1,39 11, ,63 19,468 of which, gas 1,675 4,16 5,835 of which, lignite 7,766 7,766 of which, hard coal 1,39 1, ,24 of which, oil 1, ,843 Wind power ,564 Biomass, waste Total electricity 14, ,782 14, , ,44 Installed capacity heat, MW 2,284 1,646 9, ,261 17, Installed capacity electricity, MW 2 Hydro power 3 7, , ,841 Nuclear power 4, ,969 Fossil-based power 1,212 1,39 11, ,48 17,95 of which, gas 1,696 2,597 4,293 of which, lignite 7,766 7,766 of which, hard coal 1,39 1, ,3 of which, oil 1, ,843 Wind power ,421 Biomass, waste Total electricity 14, ,782 14, , ,588 Installed capacity heat, MW 2,183 1,646 9, ,2 16, Generated electricity, TWh Hydro power Nuclear power Fossil-based power of which, gas of which, lignite of which, hard coal of which, oil Wind power Biomass, waste Total electricity Generated electricity, TWh Hydro power Nuclear power Fossil-based power of which, gas of which, lignite of which, hard coal of which, oil Wind power Biomass, waste Total electricity emissions, pro rata 213 emissions per country, mtonnes emissions per country, mtonnes Footnotes: For explanation, see page Vattenfall Annual and sustainability report 213

Interim Report January March

Interim Report January March 2013 Stable underlying operating profit despite challenging market conditions Net sales rose 1.4% to SEK 49,659 million (48,994) The underlying operating profit 1 was stable