Financial results

All loans and liabilities that were previously with E-CO Energi Holding AS have been transferred to Hafslund E-CO AS.

For financial information from the fiscal year 2019 please refer to the Hafslund E-CO website.

See the menu on the left for previous financial information and annual and semi-annual reports for E-CO Energi Holding AS.

Key figures
(E-CO Energi Holding AS)

(Amounts in MNOK)

2018

2017

2016

Performance

Operating revenue 5 164    3 592    2 710
EBITDA 1) 4 036    2 575    1 752
Operating profit 3 669    2 236    1 444
Profit before taxes 3 364    1 987    1 248
Net profit for the year 1 223    1 038       505

Statement of financial position

Equity 12 954  12 364    7 163
Employed capital 2) 27 760  27 285  16 321
Net interest-bearing debt 3) 9 653  10 663    8 217

Cash flow

Net cash flow from operating activities 2 473    1 592    1 322
Dividends paid to owner 663 610 685
Investments 684 549 335

Investment performance – financial strength

EBITDA margin 4) % 78 72 64
ROCE (Return on employed capital) 5) % 13 10 9
ROE (Return on equity) 6) % 10 11 7
Equity ratio % 38 41  37
FFO/net interest-bearing debt 7) % 25 11 12
Debt/EBITDA 8) 2,4 4,1 4,7

Other key figures

Power production TWh 14,1 12,2  11,2
Market price power 9) NOK/kWh 41,6 26,8 23,5
Achieced power price NOK/kWh 39,6 28,1 25,4
Achived power price / Market price % 95 105 108
Influenceable costs per kWh 10) NOK/kWh 3,7 4,0 3,7
Operating cost per kWh11 NOK/kWh 10,6 11,1 11,4
Number of employees 185 197       172
1) EBITDA = Operating profit + depreciation
2) Capital employed = Equity + Net interest-bearing liabilities + Net tax positions
3) Net interest-bearing liabilities = Interest-bearing liabilities – short-term investments and bank deposits
4) EBITDA margin = EBITDA/operating revenue
5) ROCE = Operating profit/capital employed (mean of opening balance and closing balance)
6) ROE = Net profit or loss for the year/Equity (mean of opening balance and closing balance)
7) FFO = EBITDA – interest paid and tax paid
8) Debt/EBITDA = Closing balance net interest-bearing liabilities/EBITDA
9) Influenceable costs per kWh = personnel expenses and other operating expenses/the year’s power production
10) Operating expenses per kWh = Operating expenses, incl. depreciation/the year’s power production
11) Market price for power = weighted hourly spot price for price areas Oslo (NO1) and Bergen (NO5)

 

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