Last ned Skagerak Energis Ã¥rsrapport 2003 - Skagerak Energi AS

More documents

Recommendations

Info

Summary of Annual Report Summary of Annual Report Skagerak recorded a turnover of NOK 1,85 billion and a net profit of NOK 308 million in 2003. A fair result, but to keep up the pace, we need to change. INTRODUCTION Skagerak Energi AS is the result of a merger between Skiensfjordens kommunale kraftselskap (SKK) and Vestfold Kraft (VK). The merger came into effect in January 2001. The company’s first year of operations was dominated by extensive reorganisation projects in the wake of the merger. Establishing the new organisation required considerable internal and external resources, and the work was given priority even in 2002 and 2003. The re-organisation is now nearly finished. One of the tasks that required special attention was the restructuring of network operations. Skagerak Nett is an amalgamation of thirteen previously independent network distributors and, among other things, it was necessary to introduce shared systems and standards. This work was fully completed in 2003. There were no considerable changes in the ownership structure during the year. Statkraft Holding AS is still the majority shareholder with 66,62 % of available shares. In 2001, the power sales to consumers were hived off into a new energy sales company together with BKK Kraftsalg to become Fjordkraft AS from April 2001. Skagerak Energi AS has a stake of 48 % in Fjordkraft’s ownership structure. RESULTS AND FINANCIAL STRENGTHS Skagerak recorded a turnover of NOK 1,85 billion in 2003, a decrease of 6 % from the previous year. Network operations accounted for NOK 903 million, while generated power sales accounted for NOK 819 million. Skagerak’s operating profit for 2003 was NOK 570 million, a decrease of 31 % from 2002. The net profit for 2003 was NOK 308 million. The Board recommends that NOK 154 million are to be paid in share dividends for 2003. On 31 December 2003, the Group’s total assets stood at NOK 10 billion, and recorded equity capital amounted to NOK 7,4 billion. The Group’s total capital expenditure on power generation amounted to NOK 5,1 billion. The book value of the network was NOK 3,4 billion. POWER GENERATION AND NETWORK OPERATIONS Skagerak Kraft AS is responsible for the Group’s power generation and wholesale power sales activities. The company also manages a relatively large physical and financial portfolio. Just like the year before, 2003 turned out to be an extraordinary year in the power market. There was very little precipitation in the autumn 2002, cold weather followed, and as a result, the spot price for electricity was extremely high during the early winter months. The total production volume of 4 052 GWh was approx. 20 % under the normal capacity. Still, the company managed to raise their turnover, due to the high spot price. In the autumn of 2003, Skagerak Kraft officially announced their ambition to establish a gas-fired power plant. Skagerak will continue to work with these plans in 2004. skagerak årsrapport 2003 56
Summary of Annual Report Skagerak’s network operations are managed by the wholly owned Skagerak Nett AS, and involve the transmission of power through the distribution network in Vestfold and Grenland. The company experienced a lot of attention from media and customers during the winter months following the high spot prices for electricity. When the prices decreased halfway through the year, the attention normalised, even if the annual network rental fee increased during the autumn. In 2003, Skagerak Nett transmitted 4 354 GWh to consumers through the company’s own network. In comparison Skagerak Nett transmitted 4 574 GWh in 2002. A warm summer and extraordinary high spot prices are the main reasons for the decline. HUMAN RESOURCES AND THE ENVIRONMENT At year-end, Skagerak Energi AS had 733 permanent employees and 19 apprentices, equivalent to 704 FTEs. In 2001, the employees received a guarantee with the merger that no one would be dismissed because of the merger, and that any excessive capacity would be trimmed through voluntary redundancy packages. companies into one large has been a challenge – and it still is. The work will continue with effort in 2004. As mentioned, many hurdles are passed, but new challenges are looming. The power business in general and Skagerak in particular, have received a lot of unwanted attention lately. Because of the high prices, our public relation is seriously damaged and requires special attention in the future. In more than one way, the market has changed during the last few years. To fulfil our vision to become the most important source in a pulsating and forceful community, we need to change as well. A new organisation model was introduced early in 2004. New goals are set, a new strategy plan is worked out. Skagerak is ready for the future, we know what it takes and we want to play a major role in our region. THE FUTURE As Skagerak Energi enters 2004 – after three years running – the Group has already passed a considerable amount of hurdles since the merger. Turning many small 57 skagerak årsrapport 2003
Page 1 and 2:
ÅRSRAPPORT 2003
Page 3 and 4:
22 30 55 58 Årsberetning Årsregns
Page 5 and 6: Hva er Skagerak Hovedtall Skagerak
Page 7: Konsernsjefens ord Fremtiden skaper
Page 10 and 11: Virksomhet Virksomhetsstyring Skage
Page 12 and 13: Virksomhet Skagerak Kraft Skagerak
Page 14 and 15: Virksomhet Åbjøra kraftstasjon bl
Page 16 and 17: Virksomhet Skagerak Nett Skagerak N
Page 18 and 19: Virksomhet fra prosjektet vil bli e
Page 20 and 21: Virksomhet Øvrig virksomhet Skager
Page 23 and 24: Årsberetning Tom Rune Fjellstad (4
Page 25 and 26: Årsberetning finansinntektene og k
Page 27 and 28: Årsberetning RISIKOFORHOLD Skagera
Page 29: Årsberetning ønsker selskapet å
Page 32 and 33: Resultatregnskap Skagerak Energi Ko
Page 34 and 35: Balanse Skagerak Energi Konsern (al
Page 36 and 37: Noter Espen Eriksen (40), postmann
Page 38 and 39: Noter Inntektsføring Kraftproduksj
Page 40 and 41: Noter Eiendomsskatt Eiendomsskatt f
Page 42 and 43: Noter (Alle tall i hele 1 000 krone
Page 44 and 45: Noter NOTE 8 ANDRE DRIFTSKOSTNADER
Page 46 and 47: Noter Fallrettigheter og goodwill:
Page 48 and 49: Noter Aksjer i tilknyttede selskap
Page 50 and 51: Noter NOTE 17 BUNDNE LIKVIDE MIDLER
Page 52 and 53: Noter NOTE 21 RENTEBÆRENDE KORTSIK
Page 55: Summary of Annual Report Ingar Øst
Page 59 and 60: Asle Johansen (36), prosjektmedarbe
show all

Last ned Skagerak Energis Ã¥rsrapport 2003 - Skagerak Energi AS

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?