INFRATEK ASA Third quarter 2009
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- Beryl Fitzgerald
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1 INFRATEK ASA Third quarter 2009 HIGHLIGHTS THIRD QUARTER 2009 Third quarter operating revenues of NOK 647 million activity levels up on previous quarter. Operating profit of NOK 13.8 million (NOK 25.8 million) satisfactory profit contribution from Norwegian and Finnish operations downward pressure from Swedish operations. Cash holdings down by NOK 91 million replacement of ERP system has lead to working capital build up and high investment level. Integration to be finalized in 2009 strategic market position established. Continued solid balance sheet: equity ratio of 59 percent. OPERATING PROFIT NOK million EARNINGS PER SHARE NOK EQUITY RATIO % 70% 60% 50% 40% 30% 20% 65% 62% 58% 58% 59% Q08 4Q08 1Q09 2Q09 3Q Q08 3Q08 1Q09 2Q09 3Q09 10% 0% 3Q08 4Q08 1Q09 2Q09 3Q09 INFRATEK ASA SHAREHOLDER REPORT THIRD QUARTER 2009
2 KEY FIGURES PROFIT AND LOSS (NOK million) Operating revenue 1, ,254.1 Profit from sale of alarm portfolio Operating profit before depreciation Operating profit Profit before tax Profit from discontinuing operations (36.0) Profit for the period (25.4) CAPITAL MATTERS ,354.4 Total assets 1, % 59% Equity ratio 59% 65% 62% (163.5) (187.5) Net interestbearing debt (cash) (187.5) (163.5) (211.6) PER SHARE FIGURES* (NOK) Profit (EPS) (0.4) (1.1) Cash flow from operations (1.6) KEY FIGURES 8.2% 2.1% Profit margin 0.9% 6.0% 7.4% Note: Earnings and cash flow per share are determined according to the weighted average number of shares outstanding for the presented reporting period: 63,863,224 for third quarter 2009, 62,705,264 for 13 quarter 2009 and 42,788,360 for Third quarter 2008 figures appear in parentheses figures have not been restated to include business activities acquired from the Fortum Group as of 15 January Unaudited figures are in NOK unless otherwise stated. THIRD QUARTER 2009 The Infratek Group posted a posttax profit for the third quarter of NOK 9.8 million, compared with a profit of NOK 21.2 million in the previous year. This resulted in both diluted and undiluted earnings per share for the third quarter of NOK 0.2 (NOK 0.5). The acquisition of Fortum s Contracting Entities effective 15 January 2009 helped boost operating revenues in the quarter due to the fact that the Fortum s Contracting Entities being included in the consolidated figures for The activity level in the quarter, however, fell against the previous year as a result of a deterioration in the general economy and reduced investments within energyrelated infrastructure. The Group posted a thirdquarter operating profit of NOK 13.8 million (NOK 25.8 million). Adjusted for integration expenses, this corresponds to an operating profit/loss of NOK 18.2 million. The profit contribution is higher than in the previous quarter, adjusted for the sale of the SMBalarm portfolio, but lower than in the previous year. The performance of the Norwegian and Finnish infrastructure operations was up on the previous quarter. Activity levels in the quarter were reduced as a result of staff holidays, but strengthened project profitability contributes to improved Group profitability. Operationenhancing measures implemented within the Group's security business are bearing fruit. However, Infratek Sweden's performance has been significantly impacted by the implementation of integration measures, unsatisfactory operational control and reduced investment volumes among the company's customers. The integration process is proceeding according to plan and the Group s infrastructure business now employs a common ERP system. The migration to the new ERP system has proved more demanding than expected in Sweden. Measures are being implemented in connection with further training and the introduction of routines, while some INFRATEK ASA SHAREHOLDER REPORT THIRD QUARTER
3 staff functions are being reinforced. Integration expenses of NOK 4.4 million were incurred in the third quarter. These relate to migration to a new, common ERP system, and the establishment of internal payroll and accounting functions in the respective countries. Net financial income in the quarter amounted to NOK 0.1 million, compared with NOK 0.9 million in the third quarter of The decrease is attributable to reduced interest rate levels and exchange losses. The tax expense for the quarter was NOK 4.0 million. The third quarter 2009 report and consolidated accounts are based on preliminary, unaudited figures. (NOK 0.8 million). The change in working capital reduces cash flow from operations with NOK 112 million, while change in items without cash flow effect contributes positively with NOK 28.0 million. Replacement of ERP system has lead to working capital tie up, high investment level and weak performance within the Swedish operations. The net cash flow from investments in operations and expansion during the third quarter amounted to NOK 20.9 million (NOK 11.1 million). Investments in the third quarter include NOK 12.6 million in integration investments. The Group has a 12month, NOK 200 million revolving credit facility with the DnB NOR Group which expires in November The facility has not been used. The Group is in dialogue to enter an ongoing overdraft facility. BALANCE SHEET The Group s total assets rose from NOK 897 million as of 30 September 2008 to NOK 1354 million at the end of the period under review. The increase is primarily attributable to the acquisition of the Fortum Contracting Entities. As of 30 September 2009 equity amounted to NOK 795 million. This corresponds to an equity ratio of 59 percent, which trails the figure of 62 percent at the start of the year. The reduction in the consolidated equity ratio is attributable to the consolidation of the balance sheet of the Fortum Contracting Entities. At the end of the third quarter equity was down by NOK 16.6 million on the back of currency effects and translation differences from SEK and EUR to NOK due to a weak NOK value at the time the Fortum Contracting Entities were acquired. At the end of the reporting period the equity per share figure was NOK 12.4, compared with NOK 13.5 at the end of the corresponding prioryear period. At the reporting date the Group s cash and cash equivalents totalled NOK 192 million, compared with NOK 217 million at the end of 2008, and NOK 169 million twelve months previously. The Group s interestbearing liabilities amounted to NOK 4.3 million (NOK 5.6 million). CASH FLOW AND FINANCING The net cash flow from operations in the third quarter of 2009 amounted to NOK 70.2 million SEGMENT INFORMATION Infratek reports three segments: Infrastructure West, Infrastructure East and Security. Segment reporting is based on products and services offered, and geographical presence. The Group operates in Norway, Sweden and Finland. INFRASTRUCTRE WEST The Infrastructure West business area comprises the Group s infrastructure activities in Norway and on the west coast of Sweden. Third quarter YTD NOK million Operating revenues Operating profit before depreciation Operating profit Operating margin 7.4% 11.1% 2.8% 7.8% In the third quarter Infrastructure West posted total operating revenues of NOK 330 million and an operating profit of NOK 24.4 million. The increase in operating revenues compared with the previous year is attributable to the acquisition of the Fortum Contracting Entities. Activity levels within infrastructure in Norway were up on the previous quarter but down on the previous year. The quarter was boosted by high seasonal activity levels, though INFRATEK ASA SHAREHOLDER REPORT THIRD QUARTER
4 performance was adversely affected by staff summer holidays. The profit margin contribution from Norwegian operations in the quarter was 8.5 percent. The district heating networks and fibre optic networks product areas reported higher activity levels compared with the previous year. Activity levels relating to the traditional electrical power market are regarded as satisfactory, but still lag behind those seen in the preceding two years. The percentage of sales of goods and services fell compared with the previous year due to customers increasingly purchasing and transporting power cables for projects themselves. The business acquired from Fortum in Norway was integrated with other infrastructure business during the quarter. This business primarily targets the distribution grid. Fortum's reduced investment volume means the product area will experience a degree of overcapacity. Lower construction activities and a corresponding reduction in associated new connections are also reducing order volumes. A number of measures, including temporary redundancies, are being assessed on an ongoing basis. Salesorientated work has been stepped up for both existing and new customers. Infratek wishes to participate in the increased investment volume notified for the central Norwegian grid. Increased reinvestment requirements have also been notified for the Norwegian distribution grid from The infrastructure business on the west coast of Sweden experienced satisfactory activity levels during the quarter. However, reduced profitability is depressing the operating margin in the Infrastructure West business area. The west coast of Sweden has been awarded two major framework agreements for Rabbalshede Kraft AB and Göteborg Energi AB respectively. The framework agreement with Göteborg Energi was awarded in October and provides Infratek Sweden with a new and strategically important foothold in a densely populated area that offers a number of new marketing opportunities. INFRASTRUCTURE EAST The Infrastructure East business area comprises the Group s infrastructure business in Sweden, other than along the west coast of the country, and the Group s infrastructure business in Finland. Third quarter YTD NOK million Operating revenues Operating profit (6.9) (4.0) before depreciation Operating profit (10.0) (12.7) Operating margin 4.0% 1.8% Infrastructure East generated total operating revenues for the quarter of NOK 252 million and posted an operating loss of NOK 10.0 million, where depreciation, amortisation and impairments in the customer portfolio amounted to NOK 1.1 million. The business area comprises business acquired from Fortum and was not part of the Group in After a weak start to the year order volumes have gradually risen. However, the quarter was strongly impacted by staff holidays and the replacement of the ERP system, which together distracted the focus from ongoing operations. Active measures are being taken to boost expertise concerning the new ERP system in order to be able to leverage economies of scale and secure effective operational control. The finance function is also being strengthened. Weak performance, including unsatisfactory activity levels in relation to cost levels, and the replacement of the ERP system, has resulted in significantly reduced liquidity levels within Swedish operations. In October the head of Infrastructure East decided to step down and changes are also being made to management within the finance function of the Swedish operations. There are hence some degree of uncertainty related to the reported figures for the Swedish operations. The focus on commercial and salesorientated work is also being ramped up with the aim of broadening and strengthening the order book. Region East (Stockholm) is reporting better profitability than other regions thanks to a broader customer and product portfolio and more efficient operations. Cost and efficiency levels within the Swedish business will be reviewed and a number of measures will be implemented. The infrastructure business in Finland reported satisfactory activity levels during the quarter posting a positive profit margin of just under 10 per cent. Several major projects are due to be INFRATEK ASA SHAREHOLDER REPORT THIRD QUARTER
5 completed in the autumn Consequently, activity levels are expected to be down towards the end of the year. The market situation in Finland is proving challenging and the business area has a weak order book going into Two smaller offices are being closed down, while permanent and temporary redundancies are being made in order to align operations with the lower order levels. During the quarter Fingrid awarded the Finnish business a EUR 8 million contract to design and construct a major substation on the west coast of Finland. The station is due to be completed in autumn SECURITY The Security business area comprises the Group s activities within security technology and electrical safety services. Third quarter YTD NOK million Operating revenues Profit from sale of alarm portfolio Operating profit before depreciation Operating profit Operating profit excl. sale of alarm portfolio Operating margin 14.2% 0.1 % 16.7% 4.4 % Security posted total operating revenues of NOK 67 million and an operating profit of NOK 9.5 million in the third quarter. Security reported sales on a par with the previous year, even following the sale of the SMB alarm portfolio at the end of the second quarter. The profit contribution rose significantly, while the operating margin for the quarter came in at 14.2 percent. The high security and oil & gas product areas experienced high activity levels, posting solid margins. Results from the electronic antitheft systems business are improving. Though weak profit contribution in the third quarter the product is expected to contribute positively going forward. The spinoff of the sold guard services business and SMB alarm portfolio to Vakt Service AS has been completed, and the announced downsizing of functions relating to the SMB alarm portfolio has been implemented. The majority of the costs associated with the spinoff and downsizing were recognised in the second quarter. Active measures are being taken to increase new sales and acquire new customers. The agreement between Infratek Finland and Fingrid also includes supplies from the Security business area of camera systems to monitor processes for connecting and disconnecting the voltage for the various parts of the substation. Infratek increased sales to existing customers during the period under review. The company successfully tendered to supply new security passes to Statoil in connection with the company's change of name, as well as to supply several extensions of security systems at production plants. During the quarter the Electrical Safety product area turned in a solid performance posting sound profit contributions that were on a par with the previous quarters. During the quarter new electrical safety contracts were put on tender. On the ground of price, Infratek was unsuccessful in renewing existing contract with Fortum Nett from OTHER The Other business area comprises Group administration and expenses relating to Grouplevel functions. Expenses associated with the integration of the Fortum Contracting Entities are also allocated to the Other business area in order to secure an accurate as possible picture of the profitability of ongoing operations. Third quarter YTD NOK million Operating profit (10.1) (2.3) (35.7) (8.8) Of which integration costs (4.4) (17.9) Group expenses of NOK 10.1 million were incurred in the quarter, compared with NOK 2.3 million in the previous year. Group expenses totalling NOK 10.1 million include integration expenses of NOK 4.4 million relating to the implementation of a common ERP system and internal accounting and payroll units. The increase in Group expenses against last year is also explained by a lack of sublet of parts of the new head office at Breivollveien 31. INFRATEK ASA SHAREHOLDER REPORT THIRD QUARTER
6 EVENTS Resignation of the Group Executive Vice President for Infrastructure East Christer Sundin, who managed the Infrastructure East business area, resigned from his position as Group Executive Vice President at Infratek with effect from the end of October Lars Bangen, head of the Infrastructure West business area, will act as head of the Infrastructure East business area until a permanent replacement has been recruited and employed. Infratek to dispute possible recourse claims from Hafslund On 15 June 2009 the Securing Arrangement of the Transfer Agreement ( Sikringsordningen ) (Sikringsordningen secures pensions rights gained by employees employed by employers which are being liquidated or where premiums are not paid) instigated legal proceedings against the Hafslund Group based on previous insurance agreements entered into between discontinued utility companies and Kommunal Landspensjonskasse (KLP), a Norwegian insurance company. The claim is related to the responsibility for adjustment and increase of pension rights in accordance to the change in base amount as well as gross guarantees. Hafslund has rejected the claim. According to Hafslund, a minor share of the total claim is related to employees who are or were employed by Infratek with subsidiaries. Infratek and Hafslund have agreed that Infratek will not be involved as a party in the legal proceedings initiated by Sikringsordningen. Hafslund has at the same time reserved its rights to file a recourse claim against Infratek for those parts of the claims that pertains to active employees within the Infratek Group. Infratek has rejected the claim. No direct claims have been made against Infratek. Infratek has not deemed it necessary to recognise any provisions relating to this matter in the company's financial statements. Hafslund is of the opinion that the case relates to around 70 Infratek Group employees with total estimated future net pension entitlements in the region of NOK 28 million. EMPLOYEES As of 30 September 2009, the Infratek Group had 1921 employees. Business areas Number of employees Number of manyears Infrastructure West Infrastructure East Security Other Total 1,921 1,876 SHAREHOLDER MATTERS Infratek ASA s share price was NOK as of 30 September 2009, compared with NOK as of 31 December Infratek ASA had the following shareholder structure as of 30 September 2009: # Shareholder Number of shares Holding 1 HAFSLUND ASA 27,652, % 2 FORTUM NORDIC AB 21,074, % 3 SKANDINAVISKA ENSKIL A/C CLIENTS ACCOUNT 2,471, % 4 ODIN NORDEN 2,154, % 5 6 SVENSKA HANDELSBANKE C/O HANDELSBANKEN AS THE NORTHERN TRUST C TREATY ACCOUNT 2,072, % 1,600, % 7 INAK 2 AS 945, % 8 MP PENSJON 830, % CARNEGIE 9 INVESTMENT CLIENT 400, % ACCOUNT 10 SOCIETE GENERALE GLO C/O SVENSKA 387, % HANDELSB 11 KAS DEPOSITARY TRUST CLIENTS ACCOUNT 365, % 12 MIDELFART INVEST AS 326, % VERDIPAPIRFONDET , % NOR 14 DNB NOR SMB VPF 281, % 15 IVAR S LØGE AS 277, % Total 15 largest 61,149, % Other shareholders 2,713, % Total 63,863, % Board and management 418, % INFRATEK ASA SHAREHOLDER REPORT THIRD QUARTER
7 OUTLOOK Acquisition of the Fortum Contracting Entities has reinforced the Group s strategic position. Temporary weakened market activity, establishment of a common ERP system together with mutual governance model and integration costs is characterizing the profit for There are some larger degree of uncertainty related to the reported figures for the Swedish operations due to change of ERP system, the newly establishment of internal accounting and payroll function and change of management. Measures are implemented to meet changes in market conditions, including shifting the business focus toward product segments that are expected to offer satisfactory demand. The underlying, longterm development of the Group is regarded solid. The Group s activity levels and profitability are expected to strengthen through the fourth quarter of Infratek s growth strategy remains unchanged; however, integration and profitable operations will be prioritized. Infratek s Nordicmarket position and solid financial position featuring a strong balance sheet, make the Group market wise well positioned. Oslo, 10 November 2009 Infratek ASA Board of Directors INFRATEK ASA SHAREHOLDER REPORT THIRD QUARTER
8 CONSOLIDATED INCOME STATEMENT NOK million Operating revenues 1, ,254.1 Profit from sale of alarm portfolio Total revenues 1, ,254.1 (129.5) (302.3) Purchased materials (768.7) (343.9) (484.4) (115.4) (227.0) Salaries and other personnel expenses (759.8) (362.6) (503.8) (4.7) (10.9) Depreciation (31.2) (13.4) (18.6) (39.6) (93.4) Other operating expenses (274.0) (105.3) (154.2) Operating profit Financial revenues/expenses Profit before tax (7.4) (4.0) Tax expense (6.8) (16.3) (25.2) 2.0 Profit from discontinuing operations (36.0) Profit for the period (25.4) Majority's share of profit (27.3) Minority's share of profit Other comprehensive income NOK million (6.0) Conversion difference when converting foreign units (16.6) (6.0) Total comprehensive profit before tax (16.6) Tax on comprehensive income 0.2 (6.0) Total comprehensive profit after tax (16.6) Comprehensive income after tax (42.0) Majority's share of profit (43.9) Minority's share of profit CONSOLIDATED BALANCE SHEET NOK million Intangible assets Fixed assets Accounts receivables and other receivables Cash and cash equivalents Assets 1, Equity Pension and other liabilities Longterm debt Current liabilities Equity and liabilities 1, INFRATEK ASA SHAREHOLDER REPORT THIRD QUARTER
9 CONSOLIDATED CASH FLOW STATEMENT NOK million Profit before tax Items without cash flow effect Change in net working capital (112.1) (28.3) (151.9) (0.1) 14.7 Net cash flow from operations (70.2) 0.8 (101.6) Investment in operations and corporate acquisitions (20.9) (11.1) (78.9) (36.6) (57.6) Disposal of operating assets 59.0 Cash flow to investment activities (20.9) (11.1) (20.0) (36.6) (57.6) Change interestbearing liabilities (0.1) (0.2) (1.4) Net received/paid interest rates Dividend, equity issues and other equity changes (66.7) (21.4) (21.4) Cash flow used for financial activities (0.1) 0.7 (66.8) (17.9) (16.4) Cash flow from disposed assets 2.4 (2.7) Change in cash and cash equivalents (91.1) (7.1) (191.1) Cash received from acquisition of Fortum Contracting Entities Cash at beginning of period Cash at end of period CONSOLIDATED STATEMENT OF CHANGES IN EQUITY NOK million Equity at beginning of period Profit for the period (25.4) Currency differences (6.0) 0.2 (16.6) Share programmes for employees Change in minority interests 0.1 (0.5) (2.8) Dividend (59.6) (21.4) (21.4) Equity issues Other equity effects 0.5 Equity at end of reporting period INFRATEK ASA SHAREHOLDER REPORT THIRD QUARTER
10 NOTES TO THE ACCOUNTS 1) FRAMEWORK AND KEY ACCOUNTING PRINCIPLES The first to third quarter 2009 consolidated Group accounts, for the period ending 30 September 2009, have been prepared and presented in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The consolidated accounts comprise those of Infratek ASA and its subsidiaries. The interim figures are unaudited. Infratek prepares and presents its interim consolidated accounts according to IAS 34, Interim Financial Reporting. The information provided by interim accounts is not as comprehensive as that provided in the annual accounts; thus, the interim accounts should be viewed in conjunction with the 2008 annual accounts. Accounting principles applied in the quarterly accounts are the same as those described in Note 2 to the 2008 annual accounts of the Infratek Group. 2) OPERATIONAL SEGMENT REPORTING Income statement NOK million Infrastructure West Infrastructure East Security (2.2) (2.4) Other / eliminations (11.2) (7.1) (10.2) Total operating revenues Infrastructure West (10.0) Infrastructure East (12.7) Security (2.3) (10.1) Other / eliminations (35.7) (8.7) (14.0) Total operating profit ) GEOGRAPHIC SEGMENT REPORTING Income statement NOK million Norway Sweden Finland (0.1) (2.10) Other / eliminations (7.6) (0.1) (1.3) Total operating revenues Norway (14.3) Sweden (24.7) Finland 12.7 (2.3) (10.1) Other / eliminations (35.7) (8.7) (14.0) Total operating profit INFRATEK ASA SHAREHOLDER REPORT THIRD QUARTER
11 4) GEOGRAPHIC SEGMENT REPORTING Balance sheet NOK million Norway Sweden Finland Intangible assets Fixed assets Group / elimination Group total (6.7) Accounts receivables and other receivables Cash and cash equivalents (18.0) Assets ,354.6 Equity Pension and other liabilities (2.6) 3.6 (15.1) Longterm debt (8.4) 4.9 Current liabilities (10.6) Equity and liabilities ,354.6 Equity share 53% 56% 69% 202% 59% 5) EMPLOYEES PER COUNTRY As of 30 September 2009 Number of employees Number of manyears Norway Sweden Finland Total 1,921 1,876 6) MATERIAL TRANSACTIONS AND RESTATEMENT OF HISTORICAL FIGURES Acquisition of the Fortum Contracting Entities On 15 January 2009 Infratek ASA acquired Fortum s Contracting Entities in Norway, Sweden and Finland by issuing 21,074,864 Infratek ASA shares to the Fortum Group. This reduced Hafslund ASA s shareholding from 64.6 percent to 43.3 percent and the Fortum Group became a new owner with a shareholding of 33.0 percent. The acquisition doubled the size of the Group and gave Infratek a position on the Nordic market. The acquisition resulted in a change in the Group s management and operational structure. Sale of Infratek Vakt AS and the SMB alarm portfolio Effective 30 June 2009 Infratek ASA and Infratek Sikkerhet AS entered into an agreement with Vakt Service AS for the sale of Infratek Vakt AS, which comprised Infratek s guard services business, and Infratek Sikkerhet AS s alarm portfolio aimed at small and mediumsized businesses (SMBs). The sale helped sharpen Infratek s business focus and has resulted in a reduction in the Security business area s scope of activities. The profit on the sale of Infratek Vakt AS is recognised in the income statement under the line Result from discontinued operations. Comparative figures for 2009 and 2008 have been restated to reflect the sale of Infratek Vakt AS. The table below provides a breakdown of the result from discontinued operations: INFRATEK ASA SHAREHOLDER REPORT THIRD QUARTER
12 Result on ordinary operations in Infratek Vakt AS NOK million Operating revenues (4.1) Purchased materials (7.3) (12.8) (17.6) (39.4) Salaries and other personnel expenses (73.1) (128.1) (169.7) (0.7) Depreciation (0.9) (1.9) (2.5) (3.1) Other operating expenses (9.5) (9.4) (13.3) 1.3 Operating profit (1.1) Financial revenues/expenses Profit before tax (0.1) (0.8) Tax expense 0.0 (2.4) (2.8) 2.0 Profit for the period (0.1) Calculation of the accounting loss from the sale of the shares in Infratek Vakt AS NOK million Profit / loss sale of the shares (33.7) Selling costs (2.2) Net loss sale of shares before tax (35.9) Tax expense Net loss sale of shares after tax (35.9) 2.0 Total profit discontinued operations (36.0) The profit on the sale of the SMB alarm portfolio is recognised in the line Profit from sale of alarm portfolio and is included as part of the operating profit of NOK 25.5 million. The calculated profit has been reduced by selling costs of NOK 1.7 million. 7) COMMENTS ABOUT THE SEASONALITY AND CYCLICALITY OF THE INTERIM OPERATIONS The operations of Infratek have a seasonal nature. All segments however have historically shown a trend towards improved revenue and profitability level throughout the year, with the second half of the year operating revenues and operating profit wise outperforming the first half of the year. The seasonality is among others driven by colder weather and high voltage level hampering the activity level and resulting in higher operational costs at the start of the year. The customers have historically used the start of the year to plan their investment activities for the year. 8) RELATED PARTY TRANSACTIONS As of 30 September 2009, Hafslund ASA owned 43.3 percent of Infratek ASA shares, and as such is regarded as a closely related party. The ownership share of Hafslund ASA was reduced from 64.6 percent to 43.3 percent as of 15 January 2009 following the new share issue to the Fortum Group. The Infratek Group and the Hafslund Group purchase and sell goods and services between each other. Examples of sales to companies in the Hafslund Group are sales of services associated with engineering, project management, construction, maintenance, and contingency repairs to electric power grids, fiber optic networks, district heating networks, and highway and street lighting networks. In addition are services rendered that are associated with legally mandated safety surveillance by grid companies in their license areas (socalled DLE services), and sales, service, and operations INFRATEK ASA SHAREHOLDER REPORT THIRD QUARTER
13 monitoring of technical, surveillance, and mechanical security solutions. Effective 1 June Infratek transferred 7 accounting and payroll employees from Hafslund ASA as part of the establishment of a separate accounting and payroll unit. Infratek purchased accounting, payroll and ICT services from the Hafslund Group until May As of 30 September 2009, accounts receivables from Hafslund Group companies amounted to NOK 122 million, largely for sales of goods and services. Accounts payable to Hafslund Group companies amounted to NOK 3.4 million as of 30 September 2009, mainly for purchases of goods and services. Sales of goods and services to the Hafslund Group totalled NOK 438 million as of 30 September On 15 January 2009 Infratek became the owner of the Fortum Contracting Entities in Norway, Sweden and Finland. The Fortum Group owns from 15 January percent of the shares in Infratek ASA. The Infratek Group purchase and sell goods and services to/from the Fortum Group. The Fortum Group is a 34.1 percent owner of Hafslund ASA. See also note under Events regarding Infratek to dispute possible recourse claims from Hafslund. 9) EMPLOYEE SHARE BONUS PROGRAM Infratek Group employees participated until the end of 2007 in the Hafslund Group s bonus share program as Infratek was a Hafslund Group business area until listing at the Oslo Stock Exchange 5 December The share bonus program had been treated as a Groupwide measure; thus, costs had not been allocated to the various business units. In 2008 this cost was allocated according to IFRIC 11, IFRS 2 Group and Treasury Share Transactions. Total salary expense for the second quarter and first half year 2008 amounts to NOK 1.1 million and NOK 1.7 million, and for 2008 NOK 2.8 million. IFRIC 11 IFRS 2 Group and Treasury Share Transactions regulates the treatment of sharebased payment arrangements when parent company shares are used for payment of subsidiaries services. INFRATEK ASA SHAREHOLDER REPORT THIRD QUARTER
14 GROUP PRESENTATION mainly performs construction and maintenance of substations and transformers. THE INFRATEK GROUP Infratek is a leading Nordic total supplier in the markets for building, operating, and securing critical infrastructure; energy carriers, telecom and technical security solutions. The company s customers are generally large and mediumsized companies and publicsector organizations. Up until spin off and Oslo Stock Exchange listing on 5 December 2007, Infratek comprised the Hafslund ASA business area Technical Systems. The Group changed its name from Hafslund Infratek ASA to Infratek ASA on 22 December On 15 January 2009, Infratek acquired Fortum s contracting entities and its total of 1,100 employees in Norway, Sweden, and Finland. As of 30 June 2009, Infratek sold it s guard services operations to Vakt Service AS. Today s Infratek Group has approximately 2,000 employees and operations in Norway, Sweden, and Finland. Infratek is headquartered in Oslo, Norway. INFRASTRUCTURE WEST The Infrastructure West business area comprises the Group s infrastructure business in Norway and on the west coast of Sweden. Infrastructure West offers services in planning, design, construction, maintenance, and contingency services for power distribution, fiber optic/telecom, district heating, and highway and street lighting infrastructure. Infratek s operations on the west coast of Sweden are mainly electric power distribution grid services. INFRASTRUCTURE EAST The Infrastructure East business area comprises the Group s infrastructure business in Sweden, with the exception of the west coast, and the Group s infrastructure activities in Finland. Infrastructure East offers services in project planning, construction, maintenance, and contingency services for power grid, fiber optic/telecom, district heating, and highway and street lighting systems. In Finland, Infratek SECURITY The Group s Security business area is a total supplier of technical security solutions. The product and service range spans alarm systems, CCTV surveillance, access control, electronic antitheft systems, locks and lock systems, as well as operation of central alarm and security facilities (ASP) for corporatemarket customers. Power distribution companies contract facility and equipment safety inspection and monitoring services (socalled DLE services) from Security s electrical safety business unit. BOARD OF DIRECTORS GROUP MANAGEMENT Gunnar Gjørtz, Board Chairman Mimi K. Berdal, Deputy Chairman Dag Andresen Hans Kristian Rød Dagne Hordvei Roger André Hansen, employee repr. Otto Rune Stokke, employee repr. Kalle Strandberg, employee repr. FINANCIAL CALENDAR 2010 Bjørn Frogner, CEO Heidi Ulmo, CFO Lars Bangen, Infrastructure West Lars Bangen, acting, Infrastructure East Lars Erik Finne, Security Fourthquarter report February 2010 Firstquarter report May 2010 General Meeting 11 May 2010 Secondquarter report August 2010 Thirdquarter report 10 3 November 2010 ADDRESS AND IR CONTACT Infratek ASA Breivollveien 31, N0668 Oslo, Norway Post address: Infratek ASA, N0247 Oslo Tel: , Fax: IRcontact: Heidi Ulmo, CFO Mobile: Mail: heidi.ulmo@infratek.no INFRATEK ASA SHAREHOLDER REPORT THIRD QUARTER
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