First-quarter 2016 · Netto debt / EBITDA (x)1. EBITDA per business area 5 384 285 95 208 971...
47
First-quarter 2016 Finn Bjørn Ruyter Oslo, 3 May 2016 Presentation to analysts
Transcript of First-quarter 2016 · Netto debt / EBITDA (x)1. EBITDA per business area 5 384 285 95 208 971...
First-quarter 2016
Finn Bjørn Ruyter
Oslo, 3 May 2016
Presentation to analysts
Agenda
2
1 First-quarter 2016 results
2 Theme: The Energy and Infrastructure company Hafslund
3 Appendix
First-quarter 2016 highlights
• A solid EBITDA of NOK 971 million, up NOK 194 million on last
year.
• Cold weather early in the quarter prompted higher demand for
energy than last year.
• Sound operations and a 34 per cent increase in profits for
Networks, Heat and Production.
• The Markets segment increased its customer base during the
quarter and achieved higher profits.
• A normally strong seasonal cash flow in the first quarter, with a
NOK 1.5 billion reduction in net interest-bearing liabilities.
• Will not complete the IPO of Power Sales business in 2016.
3
Key figures
1. EBITDA for the group last 12 months4
777684 663
796971
Q1 2016Q4 2015Q3 2015Q2 2015Q1 2015
+194
1.8
2.5
Q3 2015
1.2
Q2 2015
+0.7
Q1 2016Q4 2015Q1 2015
2.1
1.4
30.06.15
3.4
31.03.15
3.3
-0.6
31.12.15
3.32.7
3.4
31.03.1630.09.15
EBITDA (NOK mill) Earnings per share (NOK)
Earnings per share
2.5 kr
Netto debt / EBITDA (x)1
EBITDA per business area
5
384
285
95
208
971
EBITDA
Q1 2016
Production OtherHeat Markets
2
Network
81
84
31
22 24
777
EBITDA
Q1 2015
ProductionHeat
971
EBITDA
Q1 2016
MarketsNetwork Other
EBITDA Q1 2016 (NOK mill) Change in EBITDA from Q1 2015 (NOK mill)
Slight decrease in the number of injuries the last 12 months of the previous report
HSE
1 last 12 months, the total number of injuries per million manhours on own employees and suppliers in our facilities in Hafslund Group excl. Market
2 Industry average for total injuries acc. To Energy Norway's statistics for 2014, for companies in the energy industry, incl. the contractors, but without suppliers6
0injuries
Goal
7.8injuries per million
hours (H2)
12.7injuries per million
hours (H2)
Industry average 2Last 12 months per
Q1 2016 1
High volume in all business areas due to cold weather in January against last year
Production and distribution
7
Heat and Production (GWh)
616
9441 050
681 618
627
278 151
511 722
Q1 2015 Q3 2015Q2 2015
+97
Q1 2016Q4 2015
ProductionHeat
Network (TWh)
Q1 2015
6.1
3.2
Q2 2015
4.1
Q3 2015 Q4 2015
5.6
0.5
Q1 2016
6.6
Network
Power price development
Source NordPool Spot, and Nasdaq OMX Commodities per
31.03.20168
0.30
0.25
0.20
0.00
0.10
0.05
0.15
AprMarJan Feb SepJulJunMay DecAug NovOct
NOK/kWh
20152016
Results per business area
9
NETWORK HEAT PRODUCTION MARKETS
10
• Operating profit up 27% against last year.
• Cold weather in January led to increased energy
supply against last year.
• Lower maintenance and contingency costs, together
with integration costs in last year's quarter gave
NOK 58 million in reduced operating costs.
1 000
250
400
200
500
300
500
750
1 250
1 500
100
00
Last 12 monthsQuarter
350
Q4 2015
403
Q3 2015
384304
Q1 2014
378312
Q1 2015Q3 2014 Q4 2014
345
Q2 2015Q2 2014
279332
Q1 2016
• Expected operating profit for 2016 approximately
20% higher than 2015.
Development EBITDA (NOK mill)
Q1 2016
Year 2016
Network
NOK million Q1 2016 Q1 2015 2015 2014
Operating revenue 1 182 1 071 4 361 4 147
Gross margin 690 668 2 943 2 829
EBITDA 384 304 1 388 1 314
Operating profit 236 186 822 757
Energy delivery (TWh) 6.6 6.1 19.0 17.5
Number of customers (in 1,000) 690 685 689 683
Investments 142 162 926 674
* Given normal demand for energy through the rest of the year, today’s grid tariffs and forward power prices11
Year 2016
• Tariff income expected to increase from 2015 due to
higher energy delivery and increased network tariffs.
• Tariffs increased from January 1 due to increased
tariffs in overlying power grid and increased
investment activity.
• Allowed (regulated) revenue includes positive one-
offs incl. expected harmony income after acquisition
of network activities in Østfold county.
• Substantial reduction of income surplus in 2016
expected.
Prognosis 2016 tariff income and income surplus/shortfall
800
600
400
200
0
1 000
mill
2016 P20152014201320122011
Development accumulated surplus revenues per 31.12.
NOK million 2014 2015 2016 P *
Tariff income 3 871 4 149 4 400
- Regulated revenue own network 2 659 2 829 3 600
- Costs to overlying grid 1 006 1 166 1 300
= Income surplus-/shortfall 206 154 (500)
Status AMS
12
500 meters 8,000 meters 700,000 metersTest and development
Nov 15 April 16 June 16 End of 18
• Hafslund Network’s AMS project is now in a pilot phase in which both meters,
communications, collection system and deployment is tested.
• Full deployment planned during the 2nd half of 2016.
• Accumulated investment of NOK 350 million per Q1.
Preperation DeploymentPilot 1 Pilot 2
13
150
300
0
200
-50
250
150
300
100
50
0
600
450
Q2 2015 Q3 2015 Q4 2015 Q1 2016Q3 2014
285
157
6
Q2 2014 Q1 2015
-9 19
201
Q4 2014
161116
Q1 2014
9
Quarter Last 12 months
• A good result with increased energy demand compared
to last year.
• Seasonally normally clearly the best quarter.
• District heating revenue high due to high power
consumption for business customers because of cold
weather in January.
• Hedge ratio next six months at 61%.
• Increased maintenance costs in order to further secure
the pipe system.
Development EBITDA (NOK mill)
Q1 2016
Heat
NOK million Q1 2016 Q1 2015 2015 2014
Operating revenue 545 439 977 952
Gross margin 345 256 619 529
EBITDA 285 201 383 277
Operating profit 250 166 231 70
Production volume (GWh) 722 627 1 567 1 547
Gross margin (NOK/kWh) 0.49 0.42 0.41 0.32
Investments 14 10 112 85
Volume and fuel mix
1: Normal = expected production in 2016 provided normal temperatures14
0
50
100
150
200
250
300
350
Feb MarJan OctSepJunMay DecAugApr Jul Nov
Normal120152016
Prodution volume (GWh) Fuel mix (GWh)
722
Q3 2015 Q1 2016Q4 2015
511
151
Q2 2015
278
Q1 2015
627
WasteBio oil, natural gas, oil Electricity
Pellets Heat pumps
15
0
40
80
750
600
150
0
450
300
160
120
Q4 2015
91
Q2 2015
65
Q4 2014
117
Q3 2015Q1 2015
119
Last 12 months
95
Q1 2016
Quarter
Q1 2014
153
Q2 2014
129
Q3 2014
135148
Development EBITDA (NOK mill)
• Last year with high grid costs and non-recurring
costs rel. to pre-project costs Vamma 12.
• Volume and power price in line with last year.
Revenue (kWh) 0.02 NOK/kWh higher than power
price NO1.
• Improved results due to lower costs.
• Investments mainly relate to Vamma 12.
Q1 2016
Other
• Hedge ratio next six months at 40%.
• Estimated production in Q2 at normal levels (~ 940
GWh).
Production
NOK million Q1 2016 Q1 2015 2015 2014
Operating revenue 152 150 654 822
EBITDA 95 65 391 564
Operating profit 84 53 346 519
Revenue (NOK/kWh) 0.25 0.25 0.20 0.24
Production volume (GWh) 618 616 3 290 3 452
Investments 65 12 156 24
Production and water flow
1:Normal production = 3100 GWh based on 10 years data adjusted for efficiency improvements.
2: Normal = Median waterflow last 10 years16
0
500
1 000
1 500
2 000
2 500
3 000
DecSep Oct NovJan AugAprMarFeb JulMay Jun
Normal 22015 Max. capacity utilization2016
0
100
200
300
400
DecJun OctSepFebJan Aug NovMayMar Apr Jul
2016 Normal 12015
Water flow and capacity utilization (m3/sec)Production (GWh)
17
200
600
300
150
00
450
40
240
80
160
120
153
Last 12 months
208
Q1 2016
145
Q2 2015Q1 2015 Q4 2015Q4 2014 Q3 2015
137186
85
Q2 2014
134
Q1 2014
147
Q3 2014
Quarter
92
• Good results in a quarter with normally high energy
demand.
• Results reflects good power margins and increased
sales of benefit products.
• Operating profit per customer of NOK 172 (NOK 121).
• Customer growth of 22,000 in the quarter.
Development EBITDA (NOK mill)
Q1 2016
Markets
NOK million Q1 2016 Q1 2015 2015 2014
Operating revenues 2 353 2 101 5 939 6 453
Gross margin 465 408 1 524 1 435
EBITDA 208 186 560 519
Operating profit 186 166 476 435
Number of customers (in 1,000) 1 072 1 074 1 050 1 073
Sold volume (GWh) 6 632 5 775 17 872 17 764
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Will not complete the IPO of the power sales business in 2016
The city council wants to
consider such a change in
Hafslund's activities in
connection with the City of
Oslo's overall ownership
strategy, that also
includes the energy sector,
says City council leader
Raymond Johansen. ”
”
Stock exchange notice 21 April 2016
1 Equals sales revenue minus cost of purchase of electricity 2 Includes among others services to other Hafslund companies (billing, call center services and collections)19
Markets - Power Sales in Norway, Sweden and Finland
Gross contribution margin1
2015
NOK 1.472m
Energi AB
Norway Finland
Sweden
Nordic brands
• Focused Nordic electricity sales
business
• No. 1 position in Norway and no. 5 in
the Nordic region
• Customer platform with 1.1 million
customers
• Clear multi brand strategy
• Capital light business
• Nordic growth strategy
Markets
Finland/
Sweden
Other 2
Norway
20
Markets’ Nordic growth strategy
Comments
Growth
periods
• Regional player focusing
on Oslo and Akershus
• Also engaged in activities
not related to electricity
sales
• Broad national presence
across Norway
• Sales of businesses not
related to electricity sales
• Established in Sweden
and Finland through
acquisitions
• Stronger activity in Sweden
and Finland for the
establishment of Nordic
growth platform
• Focus on growth in Sweden
and Finland to establish
Markets as the Nordic
market leader
Nordic market leader
2013
National market leader
2007
Regional playerHafslund
Markets today
2020
From regional to leading pan-Nordic player through organic and acquisition growth
Strategic development Markets
NETWORK HEAT PRODUCTION MARKETS
Group summary
21
Change in EBITDA, and profit after tax
22
165
42
971
777
Operating
expenses
Gain/loss
financial items
13
Gross marginEBITDA
Q4 2015
EBITDA
Q1 2016
229
59
192
491
971
Depreciation Financial
expenses
Profit after
tax Q1 2016
TaxEBITDA
Q1 2016
Earnings per
share NOK 2.52
Profit after tax Q1 2016 (NOK mill)Change in EBITDA from Q1 2015 (NOK mill)
Investments 2013 – 2018P
23
Investments, excluding acquisitions (NOK mill) Growth investments
1 298
786
2016 P2015 2018 P2017 P
901
20142013
AverageGroup
Average 2016P-2018P: NOK 1,8 bn
Vamma 12
920 NOK bln.towards 2019
District heating
+260 GWhtowards 2020
Markets
Organiccustomer
growth
Network
AMS 2,4NOK bln. towards
2019
~10.000 new customers
yearly
Hafslund's goal is to maintain BBB+ shadow rating
Capital structure
1: EBITDA for for the group last 12 months24
280
115
914
971
EBITDANet debt
31.12.15
9 752
Net debt
31.03.16
Change in
working
capital etc
Net
investments
Paid interest
and tax
8 262
3.3 3.4
31.03.15
3.3
31.03.16
2.7
31.12.1530.09.15
3.4
30.06.15
30.06.1531.03.15
31%
31.03.1630.09.15
35%32%
31.12.15
34%33%
Equity ratio (%)
Net debt / EBITDA (x)1Change in net interest-bearing debt in the quarter (NOK mill)
Outlook
• Operating profit 2016 Network expected about 20% higher than for 2015.
• At the end of Q1 2016 Oslo price for delivery of power in 2016 (spot price Q1 and forward prices of the year) quoted at 0.19 NOK/kWh against 0.18 NOK/kWh in 2015.
• Increased levels of investment driven by AMS and Vamma 12. Average annual investment level of NOK 1.8 billion next three years, compared to an average of NOK 1.0 billion (excl. acquisitions) last three years.
• Growth strategy for Power sales business remain unaffected even if the planned IPO of the Markets business will not be implemented in 2016.
• Profit after tax for 2016 is assumed to be on par with 2015, despite solid earnings progress against last year in Q1.
25
Agenda
26
1 First-quarter 2016 results
2 Theme: The Energy and Infrastructure company Hafslund
3 Appendix
Hafslund – four business areas
27
HEAT1.8 TWh
Capital employed NOK billion (31.03.2016)
4.6
1.5
10.2
4.6
PRODUCTION3.1 TWh
NETWORK690,000 customers
MARKETS>1,050,000 customers
Regulation of business areas
28
NETWORK HEAT PRODUCTION
• Natural monopoly
• NVE’s income framework
model sets regulated
income
• Measured against other
companies through an
efficiency score
• Natural monopoly
• The price for district heating
shall not exceed the cost of
electric heating in the
relevant supply area
• Grid tariff and surcharges
part of the sales price -
regulated. Exposed to
power price
• Free competition
• Buying and selling at market
prices
• Resource tax dampens
fluctuations in earnings
Income regulated Price regulated Free competition
MARKETS
• Free competition
• Buying and selling at market
prices
• Hedging of fixed price
contracts
Free competition
Regulation of business area Network
29
• Industry as a whole receives a normal return
(NVE interest rate) for 2016 estimated at 6.4%
– The companies‘ returns vary with the
companies' efficiency score
– Low cost and high quality is rewarded
• Total revenue for 2015 approximately 16 billion
– Hafslund’s share approximately 2.8 mrd.
ConsequencesRequirements
• NVE measures network companies against
each other in the calculation of regulated
income
• Revenue model provides incentives to operate
network companies cost-effectively and with
good delivery quality
Income framework model
• NVE revenue model will ensure that the grid is
used and expanded in a safe and socially
efficient manner
~ 140
companies
Return > NVE interest if efficiency > 100 %
1: Operating profit - income surplus/shortfall
2: Operating profit adjusted for income surplus/shortfall / regulated asset base30
Operating profit and return on regulated asset base
0
1 500
3 000
4 500
6 000
7 500
9 000
Regulated asset base
(NOK mill)
201520142012 2013
0
200
400
600
800
1 000
Operating profit
(NOK mill)
8.0% 6.0%
NVE interestAverage 2012-2015
Return on RAB 2
Average 2012-2015
>Operating profit
Operating profit adjusted for income surplus/shortfall 1
RAB
Regulation of business area Heat
*The graph illustrates the price caps for residential customers. Rates for business customers is governed by the same model, but the
pricing is dependent on the individual customer's network tariff and power output.31
Energy Code 5-5 regulates allowed price for the supply of district heating:
"The price for district heating shall not exceed the cost of electric heating in the relevant supply area»
NOK/kWh
Grid tariffsEl. taxPower price, NO1El. certificatesAverage markup from electricity supplier
Regulert
0.0
0.3
0.7
0.6
0.8
0.1
0.2
0.4
0.5
2014 2015
Regulated
2016
> 60 percent of capital and EBITDA in regulated business
Capital allocation and EBITDA
1 Capital employed and EBITDA for the four business areas
2 Regulated EBITDA is defined as Network and Heat, parts of Heat power price exposed32
21.7
11.1
2014
10.5
21.0
2015
4.8
4.4
9.3
1.51.6
2013
4.7
4.4
21.4
4.3
8.9
4.8
1.7
5.6
2.0
2012
21.0
5.5
NetworkHeatProductionMarkets
2015
2.7
61%
2.2
2013
59%
2012 2014
2.7
65%60%
2.4
Free competition Regulated 2
Capital employed 2012 – 20151 (NOK billion) Share of regulated EBITDA 2012 – 20151,2
Stable and growing profit with some seasonal fluctuations
Quarterly profit development
33
EBITDA (NOK million) Profit per share adjusted for one-offs (NOK)
755624 656
760 777684 663
796
971
0
200
400
600
800
1 000
0
500
1 000
1 500
2 000
2 500
3 000
3 500
Last 12 monthsQuarter
Q1
2014
Q1
2015
Q1
2016
1,61,0
1,6 1,4 1,21,6
2,5
0,71,0
-1
0
1
2
3
4
0
1
2
3
4
5
6
7
Last 12 monthsQuarter
Q1
2015
Q1
2014
Q1
2016
Profit per share (excl. One-offs)
Last 12 months (excl. One-offs)One-offs
Hafslund - a pure play energy and infrastructure company
34
NETWORK
Organic and structural growth
and operational optimization
MARKETS
Nordic growth strategy
PRODUCTION
Uptime and growth
HEAT
Organic growth
and operational optimization
Capital employed100% = NOK 21.4 billion per 31.03.16
22%
Heat
21%
Production
7% Markets
Other2%
48%Network
Agenda
36
1 First-quarter 2016 results
2 Theme: The Energy and Infrastructure company Hafslund
3 Appendix
Oslo price (NO1) historic and forward
Source: NordPool Spot, Nasdaq OMX
Prices per 31.03.201637
0.25
0.00
0.40
0.30
0.45
0.05
0.15
0.20
0.10
0.35
2009 20192013 201820162006
NOK/kWh
201420112000 2015 201720102008200720031999 202020052002 2004 20122001
Period averagePower price - Oslo price
0.17 NOK/kWh
Group profit and loss account
38
NOK million Q1 2016 Q1 2015 2015 2014
Operating revenue 4 222 3 777 445 11 905 12 396
Cost of energy (2 590) (2 311) (280) (6 264) (6 866)
Gross margin 1 632 1 466 165 5 641 5 530
Gain/loss financial items (2) 11 (13) 112 116
Operating expenses (658) (701) 42 (2 833) (2 851)
EBITDA 971 777 194 2 920 2 795
Depreciation and write-downs (229) (204) (25) (947) (1 045)
Operating profit 742 573 169 1 973 1 750
Interest expences (69) (95) 26 (425) (480)
Market value change loan portfolio 10 28 (18) 137 (73)
Financial expenses (59) (67) 8 (288) (553)
Pre-tax profit 683 506 177 1 686 1 197
Tax (192) (149) (43) (401) (194)
Profit after tax 491 357 134 1 284 1 003
Earnings per share (EPS) in NOK 2.52 1.83 0.69 6.58 5.14
Group balance sheet
39
NOK million 2016-03-31 2015-12-31 Q4 15 2014-12-31
Intangible assets 2 923 2 933 (10) 2 970
Fixed assets 19 310 19 302 8 19 011
Financial assets 761 841 (80) 786
Accounts receivables and inventory 2 420 2 752 (333) 2 703
Cash and cash equivalents 1 676 724 951 742
Assets 27 090 26 552 538 26 212
Equity (incl. min. int.) 9 452 9 013 439 7 877
Allocation for liabilities 3 613 3 528 85 3 858
Long-term debt 8 332 8 330 2 8 692
Other current liabilities 1 653 2 156 (503) 2 668
Short-term debt 4 040 3 526 514 3 117
Equity and liabilities 27 090 26 552 538 26 212
Net interest-bearing debt 8 262 9 752 (1 490) 10 577
Equity ratio 35 % 34 % 1 % 30 %
Group cash flow
40
NOK million Q1 2016 Q1 2015 2014
EBITDA 971 777 194 2 795
Paid interests (144) (173) 29 (452)
Paid tax (136) (105) (31) (58)
Marketvalue changes and other liquidity adjustments 7 (6) 13 (67)
Change in working capital, etc. 916 1 035 (119) (64)
Total cash flow from operations 1 614 1 528 86 2 154
Net operations and expansion investments (236) (205) (31) (1 896)
Net purchase/sale of shares etc. 121 0 121 (379)
Cash flow from investments activities (115) (205) 90 (2 275)
Cash flow to down payments and interests 1 499 1 323 176 (121)
Capital employed and return on capital employed
1: Includes write-downs in Bio-El and secondary networks at Søndre Nordstrand of NOK -127 million..
2: Last 12 months41
22%
Markets
Production
21%
48%
2%
7%
Heat
Network
Other
8.3%
20141 2015 20162
9.2%
9.9%
Capital employed 21.4 bn as of 31.03.2016 Return on capital employed (%)
Loans – portfolio data
42
Debt maturity profileNOK million
Loans at maturity next 12 monthsNOK millions
2 000
0
1 000
202120182016
470
20202019
1 643
1 960
490
2017
1 410
701
1 706
2023
370
2022 2026+
350
70
2024
813
2025
BondsCommercial papers Other loans
200
600
0
400
Sep
350
Oct JanDecNov MarFeb
500 493
Apr
300
May AugJulJun
Commercial paper Bonds
Q1 16 Q4 15
Bonds 72 % 74 % -2 %
Commercia l papers 3 % 3 % 0 %
Other loans 25 % 23 % 2 %
NOK million Q1 16 Q4 15
Nominal value - market value of loans (207) (217) 10
Market value interest rate and fx derivatives* (23) (57) 34
Average interest incl. derivatives (%) 3.4 % 3.4 % -0.1 %
Loans at maturity next quarter 300 500 (200)
Unused drawdown facilities 3 800 3 800 0
*) Incl. currency derivatives under hedge accounting
Key figures
43
Group YTD 2016 YTD 2015
Capital matters
Total assets 27 090 26 182
Capital employed 21 377 20 960
Equity 9 452 8 246
Market capitalization 13 055 11 339
Equity ratio 35 % 31 %
Net interest-bearing debt 8 262 9 263
Profitability
EBITDA 971 777
Earnings per share (EPS) 2.52 1.83
Cash flow per share 8.27 7.83
Network YTD 2016 YTD 2015
Capital employed 10 205 9 627
Gross margin 690 668
Energy delivery (TWh) 6.6 6.1
Number of customers (in 1,000) 690 685
NVE-capital (regulatory) 7 848 7 477
Production YTD 2016 YTD 2015
Capital employed 4 578 4 401
Sales price (NOK/kWh) 0.25 0.25
Production volume (GWh) 618 616
Markets YTD 2016 YTD 2015
Capital employed 1 492 1 561
- of this working capital (115) (19)
Number of customers (in 1,000) 1 072 1 074
Volume power sales (GWh) 6 632 5 775
Heat YTD 2016 YTD 2015
Capital employed 4 638 4 280
Avg. district heating income (NOK/kWh) 0.78 0.72
Gross margin (NOK/kWh) 0.49 0.42
Sales volume (GWh) 722 627
Shareholders as of 31.03.2016
44
# ShareholderClass A shares
held
Class B share
heldTotal Ownership
Share of
voting rights
1 City of Oslo 67 525 37 343 104 868 53.7 % 58.5 %
2 Fortum Forvaltning AS 37 853 28 706 66 559 34.1 % 32.8 %
3 Kommunal Landspensjonskasse 5 327 3 953 9 280 4.8 % 4.6 %
4 MP Pensjon PK 5 1 929 1 934 1.0 % 0.0 %
5 Folketrygdfondet 74 784 859 0.4 % 0.1 %
6 Greenwich Land Securities AS 84 323 408 0.2 % 0.1 %
7 Nordnet 64 298 362 0.2 % 0.1 %
8 New Alternatives Fund Inc 328 0 328 0.2 % 0.3 %
9 JP Morgan Chase Bank 18 310 328 0.2 % 0.0 %
10 Skandinavisk Enskilda banken 17 246 263 0.1 % 0.0 %
Total, 10 largest shareholders 111 295 73 892 185 187 94.9 % 96.4 %
Other shareholders 4 133 5 866 9 999 5.1 % 3.6 %
Total 115 428 79 758 195 186 100 % 100 %
Definitions
45
Group
Capital employed Equity + Net Interest-bearing debt + Net tax positions
Equity ratio (in %) (Equity incl. Minority interests / Total assets) X 100
Debt / EBITDA Net debt at the end of the quarter / EBITDA last 12 months
Earnings per share Profit after tax / Average no. of shares outstanding
Cash flow per share Net cash from operations / Average no. of shares
Return on capital employed last 12 months Operating profit last 12 months / Average capital employed last 12 months
Hedge ratio Hydro powerRatio of the estimated production portfolio hedged in the period (excluding fixed-price
contracts)
Hedge ratio District heatingRatio of the estimated net power price exposure hedged, by: Sales reduced with
electricity use and 1/3 heat pumps
Investor information
• Additional information is available from Hafslund’s website:
– www.hafslund.no
– You can subscribe to Hafslund press releases
• Group CFO, Heidi Ulmo
– Tel: + 47 909 19 325
• Head of Finance and Investor Relations, Martin S. Lundby
– Tel: +47 416 14 448
46
