Financial results

E-CO Energi is headquartered in Oslo and owns or has stakes in 50 power plants distributed all across southern Norway, accounting for annual mean Production of some 14 TWh and a production capacity of about 3 350 MWh. Its largest Production facilities are located in Hallingdal, Aurland and Nedre Glomma. In addition, E-CO Energi has significant interests in power plants in Hedmark County and Oppland County. The Group’s main activities are related to the planning and implementation of the upgrading, operation and maintenance of the power plants, as well as to achieving the highest possible power production.

Key figures

(Amounts in MNOK) 2017 2016 2015*
Performance
Operating revenue    3 592    2 710    2 511
EBITDA 1    2 574    1 747    1 621
Operating profit    2 235    1 439    1 347
Profit before taxes    1 987    1 248    1 116
Net profit for the year    1 038       505       533
Balance sheet
Total assets  30 458  19 203  15 636
Equity  12 364    7 163    5 911
Employed capital 2  24 272  16 596  13 527
Cash and cash equivalents    1 243    1 216       349
Loans due in the next 12 months    1 000       219       703
Interest-bearing debt  11 907    9 433    7 617
   share of subordinated loan    2 347    3 347    3 347
Net interest-bearing debt 3  10 664    8 217    7 268
Cash flow
Cash flow from operating activities    1 587    1 322       689
Dividends paid to owner 610 685 740
Interest paid on subordinated loan from owner 60 74 81
Key figures
EBITDA margin 4 %         72         64         65
Return on total assets 5 %           9           8           9
Return on equity 6 %         11           7           9
Return on employed capital 7 %         11           9         10
Equity ratio %         41         37         38
FFO 8    1 153    1 022       880
FFO/net interest-bearing debt % 11 % 12 % 12 %
Net interest-bearing debt/EBITDA        4,1        4,7        4,5
FFO interest coverage 9        3,7        4,6        3,8
Other
Power production GWh 12 194  11 215  10 561
Number of employees 197       172       177
* Key figures for 2013-2015 are based on consolidated accounts drawn up in accordance with Norwegian Generally Accepted Accounting Principles (NGAAP).
1) Operating profit + depreciation
2) Equity + interest-bearing liabilities
3) Interest-bearing liabilities – short-term investments and bank deposits
4) EBITDA/operating revenue
5) Earnings before taxes + financial expenses/average total assets
6) Net profit/average equity
7) Earnings before taxes + financial expenses/average employed capital
8) EBITDA adjusted for unrealised changes in value and one-off items – net Interest expenses – taxes payable
9) FFO/Interest expenses

 

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