Interim Report
2/2009
Contents
Board’s statement
3
Profit and loss statement
10
Balance sheet
12
Statement of changes in equity
13
Cash flow statement
14
Declaration from the board of directors and CEO
15
Statnett SF (the parent company) is a Norwegian state enterprise established
on 20 December 1991. The State, represented by the Ministry of Petroleum and
Energy, is the sole owner. The enterprise has listed loans.
Highlights
• Generally few grid failures and low KILE costs.
• Total operating revenue, adjusted for higher/lower revenue for the Statnett group amounted to NOK 954 million in the second quarter, compared with NOK 809 million during the same period in 2008.
• The profit before tax, adjusted for higher/lower revenue amounted
to NOK 165 million, compared with NOK 266 million during the same period in 2008.
• In June 2009, Statnett was granted a licence for a new 420 kV power line from Ørskog to Fardal.
• In July 2009, Statnett’s long-term credit rating was upgraded from A+ to
AA by Standard & Poor’s.
• Major investments in the Norwegian transmission grid are under
implementation and planning.
• In a letter to its owner, the Ministry of Petroleum and Energy, Statnett
has signalled the need for injection of new equity.
3
QUALITY AND SECURITY OF SUPPLY
The water level in the reservoirs was 59.4 per cent
of capacity at the end of June, 15.7 percentage
points less than at the same time in 2008, and 8.1
percentage points less than normal at this time of
year. During the second quarter, there has been a
water inflow of 47.2 TWh to the power system, 6 TWh
less than normal.
The overall power consumption in the second
quarter was 25.5 TWh. The overall energy
production was 26.1 TWh. This resulted in a
net export of 0.6 TWh.
Faults on the 420 kV cables across the Oslo fjord
have caused limitations in the power transmission
capacity to Sweden. Deadline for repairs set by the
Norwegian Water Resources and Energy Directorate
(NVE) was originally 1 June 2009. This deadline has
been postponed due to a fault which occurred in
May 2009. New deadline has not been set. The
repair is scheduled for completion on 16 October.
The NorNed cable was out of service from 11 April
to 15 May due to faults in the Dutch grid at Eemshaven station in the Netherlands.
Generally there have been few errors in the transmission grid in the second quarter. Statnett has a
target to ensure that no end-user is without electricity for more than two hours owing to a fault or
outage in Statnett’s transmission facilities. This
target was achieved for the second quarter.
On 13 April 2009, Statnett reintroduced three
market areas for power trading in Norway. The
northernmost price area was divided in two,
making Central and Northern Norway two different
trading areas. It became necessary to reintroduce
a third market area as a result of low water levels
in the reservoirs in the region, combined with structural limitations in the grid capacity to the area.
INVESTMENTS
Statnett is planning and implementing a number
of investment projects in order to maintain security
4
of supply, facilitate value creation and reduction of
greenhouse gas emissions.
Major investment projects in progress
Nea - Järpströmmen
A new 420 kV power line between Nea in Trøndelag
and the Swedish border runs 25 km and will
replace the existing 300 kV power line which will
be removed. The investment, including two
transformer stations, has an estimated cost of
slightly more than NOK 350 million. Svenska Kraftnät will be responsible for extending the powerline
75 km from the Swedish border to Järpstrømmen
transformer station. During the second quarter, the
pylons were erected and the transformers were
assembled. The Norwegian section of the project
is scheduled for completion in September 2009.
The entire line is scheduled for 420 kV operation
from the autumn of 2009.
Skåreheia – Holen in the valley of Setesdal
The construction of a 420 kV line through the
valley of Setesdal from Skåreheia in Birkenes
Municipality to Holen power station in Bykle
Municipality has an estimated cost of almost
NOK 900 million. The line will be 100 km long. The
construction work on the transformer stations and
the grid took place in the second quarter. The project is scheduled for completion in August of 2009.
Varangerbotn – Skogfoss
Statnett is under way with engineering and
acquisitions to build a new 130 km, 132 kV power
line between Varangerbotn and Skogfoss in
eastern Finnmark County. The project has
estimated cost of about NOK 400 million and the
power line is scheduled for completion in 2013.
Increased station investments
Statnett is presently implementing a voltage
upgrade from 300 to 420 kV and necessary
reinvestments in Hasle transformer station in
Østfold County. The production of three new
transformers at the supplier and major
construction work took place in the second
quarter. Both at Hasle and at several other locati-
ons in Southern Norway, capacitator banks and
reactors will be installed to regulate the voltage within defined limits. At Flesaker transformer station in
Buskerud County, a new transformer
was installed in the second quarter. A major
replacement of the 132 kV apparatus and control
systems at Narvik transformer station is being
planned. In addition, upgrade projects have been
initiated for the Kvandal, Nedre Røssåga, Svartisen
and Vang stations. The projects have an estimated
cost of about NOK 1 070 million, and completion
is expected during the period from 2009 to 2011.
Increased emergency preparedness
Statnett has placed orders for six back-up transformers to reduce the vulnerability of the power
system. Investments are also being made in a new
emergency cable to the Oslofjord connection at
Bastøy to strengthen the security of supply in
Southeastern Norway and secure sufficient
capacity in the transmission grid. These investments come as a result of the faults which arose in
the summer of 2008. In cooperation with
Energinet.dk, two back-up transformers have been
acquired for one of the direct current connections
between Norway and Denmark, Skagerrak 3. The
total estimated cost for these investments is
slightly above NOK 400 million.
Projects for which licence applications are
pending or licence appealed
Sima - Samnanger
In May 2008, NVE granted Statnett a licence for
a new 420 kV power line with associated facilities
between Sima power plant and Samnanger transformer station in Hordaland County. The line will
run via Ulvik, Granvin and Kvam municipalities.
The line will provide increased security of supply
in Western Norway between the Boknafjord and
Sognefjord. The connection is estimated to cost
about NOK 550 million and has a length of 90 km.
The licence decision has been appealed to the
Ministry of Petroleum and Energy. The Ministry
carried out its investigation in connection with the
appeal in May 2009 and the appeal is being processed.
Ørskog – Fardal
In February 2007, Statnett applied for a licence for
a new 420 kV power line between Ørskog Municipality in Sunnmøre and Fardal in Sogn. The connection, with transformer stations, will cost about
NOK 2.5 billion and be about 28 km long. The
power line will contribute to improve the security of
supply for industry and households in both Møre og
Romsdal and Sogn og Fjordane counties, while
also facilitating development of planned wind
power and small-scale hydropower plants in Sogn
og Fjordane County. NVE granted a licence for the
power line in June 2009. The decision has been
appealed to the Ministry of Petroleum and Energy.
Namsos – Roan – Storheia
In November 2007, Statnett applied for a licence to
build a new 420 kV power line between Namsos
and Roan in Trøndelag. Furthermore, in May 2009,
Statnett applied for a licence for the stretch between Roan and Storheia. The power with transformer stations will cost about NOK 850 million and
be about 119 km long. The current power grid on
the Fosen peninsula is not sufficient to receive the
power from the planned windmill farms.
Balsfjord – Hammerfest
In May 2009, Statnett applied for a licence to build
a new 420 kV line between Balsfjord in Troms
County and Hammerfest in Finnmark County.
The connection, with transformer stations, will
cost about NOK 3 billion and be about 360 km
long. A new power line between Balsfjord and
Hammerfest will facilitate greater capacity in the
grid for consumption and production and provide
a more reliable electricity supply. The power line is
one of the preconditions for being able to supply
an expansion of the Snøhvit facility for gas production at Melkøya (Stage 2) with electricity from
the grid. The power line will also be able to facilitate the development of more wind power in the
region. Full utilisation of the power line will only be
achieved with the construction of the Ofoten-Balsfjord connection.
5
Projects for which planning proposals have
been submitted
Ofoten – Balsfjord
In December 2008, Statnett announced the plans
for a new 420 kV power line between Ofoten and
Balsfjord. NVE stipulated the impact assessment
program in June 2009. The power line will be
about 160 km long and entail the expansion of
two or three existing transformer stations. The
power line will provide better and more reliable
supply of electricity in the areas north of Ofoten,
and increased use of the entire Ofoten – Balsfjord
– Hammerfest section. The cost of the project has
been estimated to about NOK 1 billion. The licence
application is scheduled to be submitted in the
first quarter of 2010.
Storheia – Snillfjord – Trollheim/Orkdal
Statnett has submitted plans for a new 420 kV
power line between Roan in Sør-Trøndelag County
and Surnadal in Møre og Romsdal County to the
authorities. The power line will be 165 km long
with the addition of an 8 km submarine power
cable crossing the Trondheimsfjord, and the project will also entail the construction of three new
transformer stations and the expansion of two existing stations. The estimated cost of this project is
about NOK 1.7 billion. The project will be necessary if a lot of wind power is developed along the
Trøndelag coast and south of the Trondheimsfjord,
and if the power surplus in Nordland County
increases. Statnett has already applied for a
licence to build a line between Roan and Storheia
and has now decided to proceed with a licence
application for the stretch Storheia – Snillfjord –
Trollheim. The licence application is scheduled to
be submitted sometime in the second quarter of
2010. A precondition for the application is that
agreements have been entered into concerning
the financing with a sufficient number of wind
power players.
New cable between Norway and Denmark
(Skagerak 4)
Statnett and Energinet.dk have initiated a process
vis-à-vis the authorities in Norway and Denmark
to expand the electricity transmission capacity
6
between the two countries with a fourth submarine power cable, with the capacity of 600 MW.
The investment decision will be made after the
authorities have granted the licence. The cable will
be about 130 km long and is estimated to cost
about NOK 3 billion. Statnett’s share is about
NOK 1.5 billion. Parts of the capacity will be reserved for sale of so-called regulating power services
from Norwegian hydropower plants to Denmark.
This will provide useful back-up for Danish wind
power, while also improving the efficiency in the
Nordic energy market and making Norway less
vulnerable in dry years. Statnett notified the authorities in December 2008 and the impact
assessment program was stipulated by NVE in
June 2009. The decision on whether to apply for a
licence is scheduled to be made in the fourth
quarter of 2009.
FINANCIAL RESULTS
This interim report has been prepared in accordance with International Standards for Financial
Reporting (IFRS) and interpretations adapted
by the International Accounting Standards Board
(IASB). The IAS1 and IAS 34 accounting standards
were applied. The accounting principles and calculation methods used in the interim financial statements are the same as in the most recent annual
financial statements. There are no new significant
transactions with related parties as of 30 June
2009 which were not mentioned as of 31 December 2008.
The second quarter of 2009
The group had an operating revenue from power
transmission of NOK 921 million, up NOK 150 million
compared with the same period last year. Power
transmission consists of Statnett’s permissible
income under the revenue cap regulated by the Norwegian Water Resources and Energy Directorate
(NVE). The period generated lower revenue of
NOK 378 million, compared with higher revenue of
NOK 301 million for the same period last year.
Other operating revenue amounted to
NOK 33 million, compared with NOK 38 million
during the same period last year. The lower
revenue of NOK 378 million is due to accrual of
revenue.
The group’s operating costs totalled
NOK 720 million in the second quarter, compared
with NOK 650 million during the same period in the
preceding year. The increase is NOK 70 million.
Compared with the second quarter of 2008, the
depreciation and write-downs have increased by
NOK 32 million, particularly as a result of completion of the NorNed cable and the reserve power
plants facilities. The costs for system services
increased by NOK 29 million, wage costs increased by NOK 17 million and transmission losses
increased by NOK 10 million. Other operating
costs, however, were reduced by NOK 17 million.
The increase in wage costs is due to the increase
in the number of employees. The reduction in
other operating costs in the second quarter of
2009 is due to higher costs for the repairs on the
Oslofjord connection in 2008, compared to 2009.
The power outages in second quarter resulted in
total KILE (Norwegian abbreviation for qualityadjusted revenue cap in the event of non-delivery
of energy) costs of about NOK 3.4 million.
The group operating loss amounted to
NOK 144 million in the second quarter, compared
with a profit of NOK 460 million in the corresponding quarter in 2008. The decline amounts to
NOK 604 million.
The group’s loss after tax was NOK 152 million in
the second quarter, down NOK 615 million from
the same period in the preceding year.
The group’s total assets at the end of the second
quarter of 2009 amounted to NOK 20 585 million,
compared with NOK 17 941 million in the same
period in the preceding year.
The parent company, Statnett SF, posted a loss
after tax of NOK 167 million in the second quarter,
down NOK 480 million from the same period in the
preceding year. The reduction is mainly due to
changes in higher/lower revenue.
In total, Statnett SF has invested NOK 374 million
in Q2 2009, compared with NOK 690 million in the
same period in the preceding year. The main reason
for the reduced investments in the second quarter
is the completion of the NorNed cable and the
reserve power plants in 2008.
Operating revenue for the Statnett Transport
group was NOK 19.7 million in the second quarter,
compared with NOK 19 million during the same
period the preceding year. The profit after tax was
zero, compared with NOK 2 million in the
corresponding period in the preceding year.
The first half of 2009
The Statnett group received a total operating
revenue of NOK 1 328 million, compared with
NOK 2 011 million in the first half of 2008. The
power transmission revenue was NOK 308 million
higher in the first half of 2009, while the higher/
lower revenue was NOK 986 million lower. The
reduction in total operating revenue is therefore to
a large degree due to accrual of revenue.
The operating loss amounted to NOK 178 million in
the first half of 2009, compared with a profit of NOK
720 million in the same period of 2008. The reduction
is mainly due to changes in higher/lower revenue.
Net finance costs were NOK 175 million, compared
with NOK 134 million in the same period last year.
The loss for the period was NOK 249 million, compared with a profit of NOK 614 million in the same
period in 2008.
The group’s operating activities generated a negative cash flow of NOK 458 million in the first half of
2009. Net cash flow from investment activities
totalled NOK 563 million, of which dividend
amounted to NOK 1 129 million. In total, loan repayments were NOK 2 450 million. New borrowings of
NOK 3 493 million were raised. At the end of the
first half of 2009, the group’s cash, cash equivalents and securities amounted to NOK 2 149 million,
an increase of NOK 462 million from the preceding
year.
7
The operating revenue for the Statnett Transport
group totalled NOK 31.3 million in the first half of
2009, compared with NOK 28.2 million in the same
period in the preceding year. The loss after tax was
NOK 5.4 million, compared with a profit of NOK 1.7
million in the corresponding period in the preceding
year.
The Nordic power exchange, Nord Pool
Statnett SF has an ownership interest of 50 percent
in Nord Pool ASA and 30 per cent in Nord Pool
Spot AS. The Nord Pool ASA group and the Nord
Pool Spot group together contributed a total of
NOK 3.7 million to the Statnett group’s result after
tax in the second quarter. The corresponding figure
for the same period in the preceding year was NOK
178 million, of which the sale of the energy
exchange EEX amounted to NOK 164 million.
The enterprise has a credit facility totaling NOK 2.0
billion, which runs until 2012 and is part of
Statnett’s policy for obtaining the necessary financial flexibility to carry out its program of investment
over the next few years. The credit facility was unused as of 30 June 2009.
Statnett is exposed to credit risk when investing
surplus liquidity with issuers of securities. Statnett
has set credit ratings that must be met by counterparties and set maximum exposure for each individual investment.
Statnett has credit ratings for long-term borrowing
of AA and Aa3 from Standard & Poor’s and
Moody’s Investor Service respectively. At the end of
the second quarter, Statnett’s credit rating was
upgraded from A+ to AA with Standard & Poor’s.
HSE
FINANCIAL RISK
Statnett has established a financial policy and
framework for the financial management, including
limits for credit risk, settlement risk and counterparty risk. Control routines have been established,
and these are implemented in an independent
manner.
A large proportion of the revenues from grid operations are calculated as return on the enterprise’s
grid capital. The calculation of the return on grid
capital is based on the interest rate on five-year
Norwegian government bonds and, as a result,
Statnett’s revenues are affected by changes in interest rate levels. To reduce the enterprise’s total interest rate risk, Statnett therefore seeks to achieve as
good a match as possible between movements in
interest rates on loans and the interest rate used to
calculate return on the enterprise’s grid capital.
Currency risk is minimised by among other things
using currency swap agreements to hedge the risk
in the currency obligations in investment projects.
All Statnett’s loans in foreign currency are converted to Norwegian kroner through currency swap
agreements.
8
Environment
Statnett has established an environmental strategy intended to ensure that the enterprise consistently has regard for environmental concerns in
line with the growing emphasis on the environment
among society in general. The objective is for climate change and other environmental concerns to
be clearly taken into account in all decisions made
by Statnett.
This is particularly important in connection with
construction of new power lines, but also in order
to reduce the impact on the environment in all our
activities. For example, the announced 420 kV
power line between Ofoten and Balsfjord will make
it possible to remove regional power lines. The
plan is for the new power line to follow the existing
420 kV power line. It will be 157 km long, while 100
km of 132 kV power line in the area can be removed.
In 2009, Statnett initiated four strategic R&D programs and two major R&D topics. One of the R&D
programs concern environmental adaptation of
power lines. Two of the other programs, Northern
European market for balancing power and Off-
shore power grids, also have a climate/green
dimension. Work has been underway in the
second quarter to detail plans and start up specific projects within these areas.
Statnett is certified in accordance with ISO
14001:2004 Environmental Management Systems.
In April 2009 Statnett accepted a NOK 400 000
fine owing to an accident at Feda during the construction of the NorNed cable connection in the
autumn of 2006. In the aftermath, several measures have been taken to avoid similar accidents in
the future.
Employees
The Lost Time Injury Frequency Rate (LTIFR) for
Statnett SF as of Q2 2009 was 3.1 (compared with
3.3 during the same period in 2008). For the group
overall, the cumulative LTIFR as of Q2 was 3.1
(compared with 3.2 during the same period in
2008). Subcontractors reported one lost time
injury and one undesirable incident with potential
for personal injury in Q2. The sickness absence
rate in the parent company was 3.5 per cent in the
second quarter of 2009, compared with 3.1 per
cent during the same period in the preceding year.
CHANGES IN THE BOARD OF DIRECTORS
AND MANAGEMENT
Christine B. Meyer resigned from the board in
June. Kirsten Indgjerd Værdal was elected as her
replacement.
outlook
Statnett’s activities in the immediate and near
future will continue to be dominated by the high
level of capital investment. In December 2008,
NVE adopted changes to the revenue regulation
which mean that it will take less time than before
between investments being put into operation and
the corresponding increase in the revenue cap.
This will contribute to less volatile net profits over
time. The year 2009 will be a transitional period
between old and new regulation, and the revenue
effects will not be fully realized until 2010. This will
significantly affect the results until the end of
2009, since major investments such as the NorNed cable and the reserve power plants are not
included in the tariff revenue until 2010, while the
costs will be recognised in the income statement
from and including 2009.
Oslo, 27 August 2009
The Board of Directors
9
Profit and loss statement
Statnett Group
Q2
Year to date
(Amounts in NOK million) 30.06.09 30.06.08 30.06.07 30.06.09 30.06.08 30.06.07 31.12.08
OPERATING REVENUE
Power transmission
921
771
748
1 916
1 608
1 572
3 355
Higher/lower revenue for the period
-378
301
-31
-651
335
-49
721
Other operating revenue
33
38
52
63
68
83
180
Total operating revenue
576
1 110
769
1 328
2 011
1 606
4 256
OPERATING COSTS
System services
93
64
83
175
154
170
376
Transmission losses
127
117
85
376
316
225
850
Wage costs
144
127
109
289
251
213
505
Depreciation and write-down of tangible fixed assets
158
126
115
320
239
229
528
Other operating costs
199
216
136
347
331
247
803
Total operating costs
720
650
528
1 506
1 291
1 084
3 062
Operating profit/loss
-144
460
241
-178
720
522
1 194
Income from joint ventures and associated companies
4
178
15
16
195
25
962
Financial income
31
32
19
69
51
38
132
Financial costs
104
103
59
244
185
131
546
Profit/loss before tax
-213
567
216
-337
781
454
1 742
Tax
-61
104
56
-88
167
120
225
Net Profit/loss for the period
-152
463
160
-249
614
334
1 517
OTHER COMPREHENSIVE INCOME
Changes in value,
available-for-sale financial assets
-
-230
2
-
-206
-
-148
Exchange differences on translating foreign operations
1
-
-
-
-
-
Change in value, cash flow hedges
7
18
17
4
10
17
-39
Other tax-related profit/loss elements
-2
53
-5
-1
55
-5
11
OTHER COMPREHENSIVE INCOME
6
-159
14
3
-141
12
-176
Comprehensive income
-147
304
174
-247
473
346
1 341
10
Profit and loss statement
Statnett SF (parent company)
Q2
Year to date
(Amounts in NOK million) 30.06.09 30.06.08 30.06.07 30.06.09 30.06.08 30.06.07 31.12.08
OPERATING REVENUE
Power transmission
921
771
748
1 916
1 608
1 572
3 355
Higher/lower revenue for the period
-378
301
-31
-651
335
-49
721
Other operating revenue
34
25
44
60
50
69
172
Total operating revenue
577
1 097
761
1 325
1 993
1 592
4 248
OPERATING COSTS
System services
93
64
83
175
154
170
376
Transmission losses
126
118
85
375
317
225
850
Wage costs
142
122
106
276
242
205
483
Depreciation and write-down of tangible fixed assets
155
125
114
315
238
228
524
Other operating costs
205
210
139
358
329
252
816
Total operating costs
721
639
527
1 499
1 280
1 080
3 049
Operating profit/loss
-144
458
234
-174
713
512
1 199
Income from joint ventures and associated companies
-
-
-
-
-
-
Financial income
19
72
27
1 175
99
55
169
Financial costs
106
110
58
233
183
130
511
Profit/loss before tax
-231
420
203
768
629
437
857
Tax
-64
107
52
-91
163
115
227
Net Profit/loss for the period
-167
313
151
859
466
322
630
OTHER COMPREHENSIVE INCOME
Changes in value,
available-for-sale financial assets
-
-
-
-
-
-
1
Exchange differences on translating foreign operations
-
-
-
-
-
-
Change in value, cash flow hedges
7
18
18
4
10
18
-39
Other tax-related profit/loss elements
-2
-5
-5
-1
-3
-5
11
OTHER COMPREHENSIVE INCOME
5
13
13
3
7
13
-27
Comprehensive income
-162
326
164
862
473
335
603
11
Balance sheet
Statnett Group
Parent
Company
Group
31.12.08 30.06.07 30.06.08 30.06.09 (Amounts in NOK million)
30.06.09 30.06.08 30.06.07 31.12.08
ASSETS
FIXED ASSETS
-
114
-
- Deferred tax assets
-
-
74
14 635
9 578
12 231
14 424 Tangible fixed assets
14 645
12 443
9 584 14 850
1 554
3 400
2 681
2 022 Plant under construction
2 022
2 681
3 400
1 554
109 49
49
109 Investments in subsidiaries
-
-
-
138
102
138
139 Investments in other group companies
198
544
343
1 311
1 776
169
375
1 216 Financial fixed assets
1 067
172
169
1 634
18 212
13 412
15 474
17 910Total fixed assets
17 932
15 840
13 570 19 349
CURRENT ASSETS
Trade accounts receivable
608
411
416
528 and other short-term receivables
504
414
431
575
225
326
309
290 Investments in market-based securities
519
557
552
439
512
413
1 099
1 596 Liquid assets
1 630
1 130
432
556
1 345
1 150
1 824
2 414Total current assets
2 653
2 101
1 415
1 570
19 557
14 562
17 298
20 324Total assets
20 585
17 941
14 985 20 919
Parent
Company
31.12.08 30.06.07 30.06.08 30.06.09 (Amounts in NOK million)
Group
30.06.09 30.06.08 30.06.07 31.12.08
EQUITY AND LIABILITIES
EQUITY
2 700
2 700
2 700
2 700 Contributed capital
2 700
2 700
2 700
2 700
2 566
2 010
2 436
2 929 Other equity
3 139
3 017
2 401
3 885
5 266
4 710
5 136
5 629Total equity
5 839
5 717
5 101
6 585
LONG-TERM LIABILITIES
173
-
53 80 Deferred tax
127
96
-
212
342
291
301
304 Pension liabilities
304
302
293
342
-
-
-
- Other liabilities
-
-
22
11 690
6 955
9 441 11 299 Long-term interest-bearing debt
11 291
9 442
6 955 11 690
12 205
7 246
9 795 11 683Total long-term liabilities
11 722
9 840
7 270 12 244
CURRENT LIABILITIES
650
1 245
1 025
1 650 Short-term interest-bearing debt
1 650
1 025
1 245
650
1 436
1 259
1 272
1 358 Trade accounts payable and other short-term debt 1 370
1 288
1 264
1 438
-
102
70
4 Tax payable
4
71
105
2
2 086
2 606
2 367
3 012Total current liabilities
3 024
2 384
2 614
2 090
19 557
14 562
17 298 20 324Total equity and liabilities
20 585 17 941
14 985 20 919
12
Statement of changes in equity
Statnett Group
Parent
Contributed
capital
Company
Other
equity
Total
Group
Total
Other
equity
2 700
2 281
4 981Equity as of 01.01.20085 562
2 862
-
603
603 Annual total profit1 341
1 341
-
-318
-318 Dividend paid -318
-318
2 700
2 566
5 266Equity as of 31.12.20086 585
3 885
2 700
1 827
4 527Equity as of 01.01.20074 907
2 207
-
335
335 Annual total profit 346
346
-
-152
-152 Declared dividends -152
-152
2 700
2 010
4 710Equity as of 30.06.20075 101
2 401
2 700
2 281
4 981Equity as of 01.01.20085 562
2 862
-
473
473 Annual total profit 473
473
-
-318
-318 Declared dividends -318
-318
2 700
2 436
5 136Equity as of 30.06.20085 717
3 017
2 700
2 566
5 266Equity as of 01.01.20096 585
3 885
-
862
862 Annual total profit -247
-247
-
-499
-499 Declared dividends -499
-499
2 700
2 929
5 629Equity as of 30.06.20095 839
3 139
Contributed
capital
2 700
2 700
2 700
2 700
2 700
2 700
2 700
2 700
13
Cash flow statement
Statnett Group
Parent Company Group
31.12.08 30.06.07 30.06.08 30.06.09
(Amounts in NOK million)
30.06.09 30.06.08 30.06.0731.12.08
Cash flows
from operating activities
857 437 629 769 Profit/loss before tax
-337 781 454 -3 -4 -1 -3 Loss/gain (-) on sales of fixed assets
-3 -1 -4 524 227 238 315 Ordinary depreciation and write-downs
320 239 228 Interest for the period recognised
531 164 241 223 in profit and loss statement
219 238 -50 55 9
26 23 Interest received for the period
21 29 162 -549 -202 -266 -310 Interest paid for the period
-307 -266 11 358 278 -121 -419 Changes in trade accounts receivable/payable
-412 -103 -202 -287 295 210 -1 071 Changes in other accruals
41 190 265 Profit/loss from companies consolidated
-
-
-
-
using equity method - - 329 1 486 1 204 956 -473 Net cash flow from operating activities
-458 1 107 1 193 Cash flow from
investing activities
1 742
-3
528
541
56
-556
398
-227
-950
1 529
94 4
281 8
Proceeds from sale of tangible fixed assets
8
76 4
94
Purchase of tangible fixed assets
-5 422 -144 -2 922 -97 and intangible assets
-106 -2 923 -147 -5 636
2 802 -1 229 1 769 -468 Changes in plant under construction
-468 1 769 -1 229 2 863
-142 -
-
-8 Changes in long-term loan receivables
-
-
-
-
-
-
4
Changes in short-term loan receivables
-
-
-
13 -
-36 1 129 Dividends received 1 129 -173 -9 9
Net cash flow
-2 655 -1 369 -908 568 from investing activities
563 -1 251 -1 381 -2 670
Cash flow
from financing activities
4 257 1 931 2 630 3 500 Proceeds from new interest-bearing borrowings
3 493 2 630 1 931 4 256
-2 806 -1 560 -2 004 -2 450 Repayment of interest-bearing debt
-2 450 -1 801 -1 560 -2 806
132 81 52 87 Proceeds from sale of market-based securities
169 95 184 204
-24 -35 -67 -148 Purchase of market-based securities
-243 -126 -120 -115
-318 -
-
-
Dividends paid
-
-
-
-318
1 241 417 611 989 Net cash flow from financing activities
969 798 435 1 221
72 252 659 1 084 Net cash flow for the period
1 074 654 247 80
Cash and cash equivalents
440 160 440 512 at the start of the period
556 476 185 476
Cash and cash equivalents
512 412 1 099 1 596 at the close of the period
1 630 1 130 432 556
Restricted tax deductions payable amounting to NOK 37 million for the Parent Company and NOK 38 million for the group are included
in cash and cash equivalents as of 30 June 2009. Unused credit facilities of NOK 2 000 million are not included in cash and cash equivalents above.
14 14
The accounts in this interim report are unaudited.
Declaration from the board
of directors and CEO
We declare that, to the best of our knowledge, the accounts for the period 1 January to 30 June 2009
have been prepared in accordance with IAS 34 – Interim Financial reporting, and that the information in
the accounts provides a correct impression of the group’s assets, liabilities, financial position and result
as a whole. We also declare that, to the best of our knowledge, the half-year report provides a correct
overview of important events in the accounting period and their influence on the half-year accounts, the
most important risk and uncertainty factors facing the business in the next accounting period, as well
as significant transactions with closely related parties.
Oslo, 27 August 2009
The board of Statnett SF
Bjarne Aamodt
Chair of the board
Grethe Høiland
Thor Håkstad
Vice Chair of the board
Heidi Ekrem
Per Hjorth
Kirsten Indgjerd Værdal
Bjørn Solberg
Kirsten Faugstad
Steinar Jøråndstad
Auke Lont
President and CEO
15
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Statnett
Husebybakken 28 B
PB 5192 Majorstuen
0302 Oslo
Tel: 22 52 70 00
Fax: 22 52 70 01
Web:statnett.no