Interim Report 02:11 Page 1 | Statnett Report 2:2011
Table of contents 02:11
Page 2 | Statnett Report 2:2011
Statement of comprehensive income
Statement of changes in equity
Cash flow statement
In short Highlights Total operating revenues for the Group in the second quarter of 2011 amounted to NOK 1 189 million (NOK 1 573 million in the second quarter of 2010). The Group's operating revenues for the first half of the year totalled NOK 2 841 million (NOK 3 843 million in the first half of 2010). The Group reported a profit after tax of NOK 126 million in the second quarter of 2011 (NOK 446 million). The Group's profit after tax for the first half of 2011 was NOK 520 million (NOK 1 286 million). The reduction was due to a reduction in tariff revenues, due to a downward adjustment of tariffs, and lower congestion revenues as a consequence of lower price differences in the Nordic region. This is also reflected in the higher revenue which totalled NOK 161 million in the second quarter of 2011 (NOK 429 million) and NOK 490 million in the first half of the year (NOK 1 309 million). The higher revenue will be returned to Statnett's customers over time through adjustment of tariffs. In the second quarter, Statnett’s facility operations were characterised by high inflow, a significantly improved power situation and increased maintenance activities. Statnett experienced more stable operations than in the first quarter, which was characterised by several outages. Statnett has a significant project portfolio and, in general, there has been steady progress in Statnett’s development projects throughout the quarter. This resulted in a high activity level and extensive utilisation of capacity. Furthermore, Statnett has seen a positive development in terms of the number of lost-time injures which were reduced in the second quarter, and has intensified its focus on Health, Safety and the Environment in line with the increased activities in the company.
Important events Statnett has received notification of a final decision from the Ministry of Petroleum and Energy (MPE) and has
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been granted a permit to construct two sections of the Ørskog – Fardal (Sogndal) project. The Board of Statnett has decided to initiate the construction work on these sections and has made a decision in principle to invest in the rest of the project. The construction work is scheduled to start in the autumn of 2011 and the construction period is estimated to four years following a final licence decision for the whole section. The construction of the power line between Sima and Samnanger has not progressed as planned in the last quarter. The main reason for the delay is that Statnett has not been granted access to start the construction work on the whole section. The power line is now scheduled for completion in 2013. The current vulnerable power supply to the Bergen area will thus be extended by one winter. Statnett and BKK have implemented several measures to prevent extensive power outages, but consider the situation to be serious. Should a fault occur on one of the main power lines, the current grid will not have sufficient capacity to supply the entire area on cold winter days. In a dry year, the situation may be very strained. On 18 April, a fault occurred on the NorNed cable, approximately 300 metres off the Dutch coast. The repair work progressed faster than expected and the connection was re-established and made available to the market on 5 June. A helicopter belonging to Nordlandsfly crashed in Trofors in Nordland during upgrades of the Statnett power line between Nedre Røssåga and Tunnsjødal. The two people on board, the pilot and a representative from Statnett’s supplier, were injured, but did not sustain any life-threatening injuries. The reason for the accident has not been determined. However, Statnett has launched an internal investigation of the accident in addition to the police and the Accident Investigation Board investigations. Kolbjørn Almlid was appointed the new chair of Statnett at the Enterprise General Meeting on 29 June 2011. The new chair replaces Bjarne Aamodt, who has been chairman of the Statnett Board of Directors since May 2008.
Normal Alert Strained Very tight Rationing
The power situation at the end of june.
Quality and security of supply
The power situation was characterised as alert in Northern and Central Norway at the start of the second quarter. The situation in Southern Norway was considered strained. The power situation improved throughout the quarter. As a result of high temperatures in April, the inflow from snow melting started at the beginning of April, rather than at the normal time at the end of April. High inflow in the second quarter resulted in a significantly improved energy balance and the power situation was changed to normal from 15 April.
Statnett has major development projects under planning and implementation in order to maintain security of supply, create value and facilitate lower greenhouse gas emissions.
Reservoir levels at the end of June were at 62 percent, 10 percentage points higher than at the same time in 2010 and two percentage points above the median (for the measuring period 1993 to 2010).
In total, Statnett has invested NOK 1 399 million in the first half of the year (NOK 705 million), which is the sum of commissioned and ongoing investment projects.
Investments Statnett Group MNOK 900 800
Despite the high temperatures, high inflow and reservoir levels above normal in the second quarter, there was a hydrological balance deficit in Norway of 11.5 TWh at the end of June. The reason for this was very little snow in the mountains. The overall power consumption in the second quarter was 26 TWh and the overall power production was 25 TWh. This resulted in net imports of one TWh for the quarter. Net imports for the corresponding period in 2010 were five TWh. The lower consumption and higher inflow than normal for the season reduced prices from first quarter significantly. In addition, the prices for each area took a turn in the second quarter; from high prices and imports in NO1, NO2 and NO5 until May, to low prices and exports in June. NO5 had the lowest average price in the Nordic region during this period, primarily due to a large surplus in reservois in June. There were few significant power system incidents in the second quarter. • On 7 April, there was an outage in Viklandet - Ørskog and a short blackout between Ørskog and Åskåra, which included the town of Ålesund. • On 18 April, a fault occurred on the NorNed cable. Repair work was completed and the cable was made available to the market on 5 June.
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700 600 500 400 300 200 100 2010 Q1
Overview of major investement projects Project
Ongoing major investment projects Sauda - Liastølen
Funds granted Estimated completion
NOK 190 million
Increased preparedness: New back-up transformers
NOK 250 million
Major investment in transformer stations
NOK 700 million
Oslofjorden (Teigen - Evje)
NOK 1 200 million
Sima - Samnanger
NOK 1 140 million
Varangerbotn - Skogfoss
NOK 500 million
Statnett share NOK 1 700 million
Licences pending or appealed Voltage upgrade in Central Norway Subsection Klæbu – Namsos
Namsos – Roan – Storheia
NOK 430 million
NOK 350-500 million
NOK 850 million
Voltage upgrade in southern Norway Subsection Kristiansand - Bamble (eastern corridor)
Ofoten – Balsfjord
Grid reinforcement Grenland region
Ørskog – Fardal
NOK 650 million
NOK 1 500 million
NOK 850 million
NOK 4 500 million
Voltage upgrade in southern Norway Subsection Feda - Tonstad (western corridor)
NOK 460 million
Balsfjord – Hammerfest
NOK 3 500 million
Storheia – Snillfjord – Trollheim/Orkdal
Sør-Trøndelag / Møre og Romsdal NOK 2 300 million
Planning proposal submitted «Arctic Circle» Skaidi – Varangerbotn
Estimated cost NOK 2 300 million
Earliest completion 2018-2020
Funds granted Estimated completion
Modernisation of ICT infrastructure in Statnett stations
NOK 110 million
Computer network for power system management
NOK 220 million
Renewal of Statnett's central operations system
NOK 490 million
New Regulation and Market System
NOK 240 million
1 Two 2
alternatives are under evaluation
Licence granted for to sections
See www.statnett.no and Statnett's grid development plan for more information about the projects.
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Important project events in the second quarter • Ongoing major investment projects • Sima - Samnanger: The construction of the line has now started on several sections along the route. However, Statnett has not gained access to all properties. Furthermore, a final clarification has not yet been made relating to conservation of a few cultural heritage sites along the licensed route. Despite the delays that this has entailed, Statnett has made positive progress in this respect and assumes that land acquisition and handling of the cultural heritage sites will be concluded in the autumn of 2011. Moreover, a number of demonstrations have taken place in connection with the project. Statnett has made a choice to avoid confrontation with demonstrators and has chosen to move the work away from the demonstration sites. So far, the demonstrations have not resulted in any delays of significance. In some cases, Statnett has requested assistance from the police, but primarily to ensure the safety of Statnett and contractor employees. • Sauda - Liastølen: A breakdown of one of the pylons in April, resulted in a temporary halt in the work. Construction was resumed in May. The contractor has been ordered to implement security measures, and Statnett has deployed expertise to assess the quality of the ground and foundations at all pylon points. Implications for progress and costs are being evaluated. Licences pending or appealed • Ørskog - Fardal (Sogndal): Statnett has received notification of a final decision from the Ministry of Petroleum and Energy and has been granted a permit to construct two sections of the project. The Board of Statnett has decided to initiate the construction work on these sections and has made a decision in principle to invest in the rest of the project. Statnett has been asked to assess yet another alternative site for a station in Sykkylven in connection with the ongoing licensing process. A final resolution for the remaining part of the project is expected in the fourth quarter of 2011. • Voltage upgrade Eastern Corridor, Kristiansand – Bamble/ Kragerø: The Board of Directors has made a decision in principle to realise the project. A licence from the Norwegian
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Water Resource and Energy Directorate (NVE) is expected during the summer 2011. Grid developments Grenland (Eastern Corridor, Bamble/ Kragerø – Rød): A licence application has been submitted to the NVE for processing and a consultative process has been implemented. A request for additional assessments is expected in the third quarter of 2011. Ofoten - Balsfjord and Balsfjord - Hammerfest: Additional assessments have been submitted to the NVE together with the required additional applications. The NVE has notified Statnett that the final inspections will be conducted in the autumn of 2011. Voltage upgrades Western Corridor and Nord.Link: The NVE has terminated the consultative process for the licence applications for Nord.Link and the voltage upgrade on the Feda - Tonstad section. A request for additional assessments has not yet been received. Storheia - Snillfjord - Trollheim/Orkdal: Comprehensive requirements relating to additional assessments have been received from the NVE. These are scheduled for submission to the NVE in the fourth quarter of 2011. Namsos - Roan - Storheia: The project has been appealed to the Ministry of Petroleum and Energy.
Planning proposal submitted • Skaidi - Varangerbotn: Impact assessment programme received from the NVE. The work on licence applications including associated impact assessments is scheduled to start in 2012.
Financial results The quarterly report has been submitted in accordance with International Standards for Financial Reporting (IFRS) and interpretations stipulated by the International Accounting Standards Board (IASB). The accounting standards for presentation of financial accounts (IAS1) and interim reports (IAS34) have been adhered to. The accounting principles and calculation methods used in the interim financial statements are the same as in the most recent annual financial statement. Operating revenues The Group's operating revenues in the second quarter of 2011 totalled NOK 1 189 million (NOK 1 573 million in the second
quarter of 2010). Operating revenues from regulated operations totalled NOK 1 154 million (NOK 1 451 million), while other operating revenues amounted to NOK 35 million (NOK 122 million). The reduction in operating revenues was primarily caused by lower tariff revenue on the basis of lower stipulated tariffs for 2011 compared with 2010. Tariffs were higher in 2010 in order to cover accumulated lower revenue. The tariffs for 2011 are considered to be at a long-term level. In addition, congestion revenues were somewhat lower due to lower area price differences in the Nordic Region. The Group's operating revenues for the first half of the year totalled NOK 2 841 million (NOK 3 843 million in the first half of 2010). Operating revenues from regulated operations totalled NOK 2 762 million (NOK 3 675 million), while other operating revenues amounted to NOK 79 million (NOK 168 million). Statnett's operating revenues mainly derive from regulated grid operations. Operating revenues from regulated activities in Statnettâ€™s financial reporting consist primarily of grid tariffs from the customers as well as congestion revenues (price differences between areas in the Nordic region and towards the Netherlands). The grid operations are regulated by NVE which stipulates a cap for Statnett's revenues (permitted revenue). If the total revenues from grid operations for one year diverge from the permitted revenue, a so-called higher or lower revenue will occur. Higher/lower revenue will level out over time through adjustment of future grid tariffs. In the second quarter of 2011 Statnett's higher revenue amounted to NOK 161 million (higher revenue of NOK 429 million). Higher revenue for the first half of the year amounted to NOK 490 million (higher revenue of NOK 1 309 million). At the end of June the accumulated higher revenue including interest was NOK 2 066 million. Operating costs The Group's operating costs totalled NOK 951 million in the second quarter of 2011 (NOK 925 million). System services costs increased by NOK 20 million primarily due to higher purchasing costs of primary reserves in 2011. This was due to an amendment of the rules relating to purchasing of primary reserves
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which came into effect in May 2011. Producers are now paid market prices for all supplies, whereas in 2010 prices were low for the required basic supply of reserves. Wage costs increased by NOK 19 million in the second quarter of 2011 compared with the corresponding period in 2010. This was due to an increase in staff in 2010 and 2011 as a result of increased activities in development projects, operations and maintenance. Due to high utilisation of capacity related to development projects, a higher proportion of the wage costs have been allocated to investment work in the balance sheet, thus reducing the growth in wage costs. Depreciation increased by NOK 20 million in the second quarter of 2011 due to increased investments. Other operating costs were NOK 38 million lower than in the corresponding period in 2010. This was due to repair work on the NorNed cable on behalf of TenneT in 2010. Operating costs in the first half of 2011 amounted to NOK 1 982 million (NOK 1 974 million). System services costs were reduced by NOK 33 million. This was primarily due to reduced costs of special adjustments. Transmission losses were NOK 40 million lower than in the first half of 2010, attributed to lower volume. Wage costs were up NOK 60 million in first half of 2011 compared to the same period 2010. In 2010 costs were reduced by NOK 39 million in connection with changes to the regulations related to pensions. Remaining increase is related to an increase in staff throughout 2010 and 2011. Depreciation increased by NOK 41 million in first half of 2011, in line with the increased investments. Other operating costs reflect an increased activity level, but were down NOK 20 million compared to 2010 due to the repair of the NorNed cable conducted in 2010 on behalf of TenneT. Operating profit The Group's operating profit in the second quarter of 2011 was NOK 238 million (NOK 648 million). The Group's operating profit for the first half of the year was NOK 859 million (NOK 1 869 million).
Financial items The Group's net financial items for the second quarter of 2011 amounted to a loss of NOK 63 million (loss of NOK 41 million). Net financial items for the first half of 2011 amounted to a loss of NOK 132 million (loss of NOK 106 million). Net profit The Group's profit after tax was NOK 126 million (NOK 446 million) in the second quarter of 2011. For the first half of the year, the Group's profit after tax totalled NOK 520 million (NOK 1 286 million). Lower tariff revenues and congestion revenue are the main reasons for the reduction in profit. Cash flow and balance sheet The Group’s operating activities generated an accumulated cash flow of NOK 829 million in the first half of 2011. The net cash flow from investment activities totalled a loss of NOK 1 393 million. In total, loans were paid down by NOK 850 million, and new loans of NOK 1 281 million were raised. At the end of the first half of the year, the Group's liquid assets and market-based securities amounted to NOK 1 619 million (NOK 1 295 million). At the end of the first half of 2011, the Group had total assets of NOK 22 971 million (NOK 20 486 million), and interestbearing debt amounted to 12 469 million. The market value of interest swap and currency swap agreements (fair value hedges) related to interest-bearing debt was NOK 1 382 million. Interest-bearing debt, corrected for this, amounted to NOK 11 087 million.
Statnett has a shareholding of 50 percent in the NorGer project, which entails planning and building a DC subsea interconnector between Norway and Germany. In the third quarter of 2011, Statnett’s share is expected to increase to 100 percent as the partners on 7 July announced that they want to use the option to sell their share in the project to Statnett.
Risk Statnett's activities expose the company to risks. Below follows a description of some of the risks that may influence the supply of electricity and Statnett's value creation. Risks associated with power supply Significant risks relating to the power supply are the risk of outages (faulty components in the power system), power supply risks (the balance between production and consumption) and risks related to the energy situation. Statnett manages power supply risks through daily grid operations combined with grid investments, preventive maintenance and purchase of power reserves. Statnett works continuously to improve the company’s preparedness to minimise the negative impact of any outages. The Board of Directors decided in fall 2010 that Statnett mainly will construct the power grid according to the N-1 criterion. This means that power supply to the end-user will be maintained even after a fault occurs in the transmission system.
Subsidiaries Statnett SF owns Statnett Transport AS a 100 percent. In the first half of 2011, the Statnett Transport Group recorded operating revenues totalling NOK 57 million (NOK 48 million) and a profit before tax of NOK 2 million (NOK 1 million).
Statnett’s goal is to ensure that all end-users have reliable power supply, and if a fault occurs in the transmission system, no end-user will be without electricity for more than two hours at a time. There have been several incidents in 2011 which have impacted end-users. The total cost of energy not supplied for connected end-users (under the KILE scheme) have been NOK 71 million so far in 2011 compared with NOK 17 million in the first half of 2010. Costs in 2011 are mainly related to grid failures in the first quarter.
Statnett SF owns 30 percent of Nord Pool Spot AS. In the first half of 2011 Statnett’s share of the result in Nord Pool Spot AS was a Group profit contribution of NOK 3 million (NOK 2 million). In the first half of 2010, there were additional revenues of NOK 7 million relating to Statnett's shareholding in Nord Pool ASA, which was sold in 2010.
Regulatory risk Statnett’s activities are subject to comprehensive regulatory requirements. Changes in the regulatory framework will affect Statnett's operations. Changes in the processing time of licence applications, for instance, could lead to acceleration or postponement of planned reinforcements of the main grid.
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Project risk Statnett has a substantial portfolio consisting of planned and ongoing maintenance and development projects. Statnett conducts a thorough assessment of risk in connection with the projects. The Board is presented with risk assessments relating to all major investments. Statnett has implemented a uniform project management model with focus on risk management. Risk of serious health, safety and environment incidents (HSE incidents) Statnett's activities entail a risk of incidents associated with health, safety and the environment. This risk is reduced by implementing documented work processes, safe job analyses, a strong management focus on HSE, as well as the reporting of incidents and near misses in a learning perspective. Foreign currency risk Statnett's revenues are mainly in Norwegian Kroner (NOK), whereas some of the Group's expenses are in foreign currencies. Currency risk is minimised through several measures, including 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 NOK through currency swap agreements. Interest rate risk A large proportion of revenues from grid activities are calculated as return on the enterprise's grid capital. The calculation is based on the interest rate on five-year government bonds and a risk supplement. Statnett's revenues are therefore affected by fluctuating interest rates. In order to reduce the enterprise’s total interest rate risk, Statnett 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 capital. Credit risk Statnett assumes credit risk through placing surplus liquidity with securities issuers. Statnett has limits which set credit rating requirements for counterparties and maximum exposure limits for each individual investment of surplus liquidity. Statnett is also exposed to a limited credit risk related to the company's collection of main grid tariffs, and as responsible for balance
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settlement in the regulating power market. Procedures have been established for provision of security relating to trade in the regulating power market. Financial risk The risk of Statnett not being granted refinancing on the company's loans is low. The risk is reduced by Statnett having a spread maturity structure on existing loans. The enterprise has a credit facility totalling NOK 3.5 billion with a five-year term to be able to fund up to 12 months' operation without incurring any new debt. Statnett has long-term borrowing ratings of A+ and A2 from Standard & Poor’s and Moody’s Investor Service, respectively.
Corporate social responsibility Statnett’s objectives involves a comprehensive social responsibility. Statnett has the responsibility to maintain security of power supply in Norway in addition to provide for value creation within the Norwegian energy sector and facilitate lower greenhouse gas emissions. This social responsibility is ensured through a close and long term cooperation with domestic and regional authorities, participants in the power sector, customers, suppliers and other stakeholders, where also social and environmental issues are ensured. Corporate social responsibility (CSR) is embedded in the company’s continuous corporate governance and anchored in the enterprise's management and organisation. See Statnett's annual report 2010 for more information about CSR.
Health, Safety and Environment (HSE) Statnett has a strong focus on HSE at all levels of the organisation. In spite of this, Statnett has experienced several serious incidents in the first half year and has therefore initiated an HSE action plan. The action plan is a tool to ensure that the goal of zero injuries or work-related illnes, and a reduction in near misses is achieved. Two serious contractor incidents occurred in the second quarter (breakdown of a pylon and a helicopter crash). The incidents were reported to the Board of Directors and Statnett has appointed its own investigation committee which will evaluate the causal links of the incidents and how working methods and processes can be improved.
H value rolling 12 months’ average
Absence due to illness
4 3% 3 2%
Reporting of H-value is changed to 12-month's rolling average
Planning of internal HSE audits and emergency drills for projects has been important in the second quarter. The Norwegian Labour Inspection Authority visited Statnett in June and reviewed the Regulations relating to safety and health requirements on construction sites and the company's interpretations and understanding of these. This was an exchange of information related to the Norwegian Labour Inspection Authority's expectations of Statnett. Statnett had no lost-time injures in the second quarter of 2011 and thus a lost-time injury frequency rate (H-value) for the Group of 0. This was the same as in the corresponding period in 2010. Statnett’s contractors reported three lost-time injures in the second quarter of 2011. In the first half of 2011, Statnett had seven lost-time injuries. This resulted in an H-value of 8.2 for the first half of the year, compared to 1.4 for the first half of 2010. Statnett’s contractors reported four lost-time injuries in the first half of 2011. Absence due to illness was 3.2 percent in the Group in the second quarter of 2011, compared to 3.7 percent in the second quarter of 2010.
Outlook Statnett’s main objectives are to ensure a stable supply of electricity and facilitate a well-functioning power market. Experiences last winter with several outages have shown that at times there are tight margins in the power system. The current power balance in the Norwegian system is characterised as good despite less snow in the mountains than normal. This will have a positive effect on security of supply in the immediate future. To secure a stable security of supply for the future, Statnett will make substantial grid investments in the years to come.
Statnett’s future activities will be dominated by high project activity, both within maintenance and through major development projects. In the autumn of 2011 there will be considerable focus on avoiding further delays in the progress of the Sima-Samnanger project. The project is now expected to be completed in 2013. This implies that the vulnerable power supply to the Bergen area will be extended by one winter. In the autumn of 2011 there will also be initiated construction of two sections of the Ørskog-Fardal line. This is an important power line which will ensure power supply to Central Norway. Further, Statnett will continue the development of projects which will secure reliable supply to Southern and SouthWestern Norway, and the Northern areas. To be able to realize the planned development projects, Statnett is dependent on an efficient licensing process. Statnett is concerned to further improve the cooperation with stakeholders in order to obtain important input in the process of planning and realization of new lines. In this regards, several initiatives are taken towards local and regional authorities and other stakeholders.
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 2010 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 halfyear 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, 15 July 2011
The Board of Directors, Statnett SF
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Statement of comprehensive income Statnett Group Second quarter 2011
(Amounts in NOK million) OPERATING REVENUE
Year to date
Operating revenue regulated operations
Other operating revenue
Total operating revenue
Depreciation and write-downs of tangible fixed assets
Other operating costs
Total operating costs
Revenues from joint ventures and associates
Profit before tax
Profit for the period
OTHER COMPREHENSIVE INCOME
Changes in fair value, held-for-sale investments
Changes in fair value for cash flow hedges
Tax related to other comprehensive income
Other comprehensive income
Total comprehensive income
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Balance sheet Statnett Group
Other intangible fixed assets
Total intangible fixed assets
(Amounts in NOK million) assets INTANGIBLE FIXED ASSETS
non current FIXED ASSETS
Deferred tax assets
Tangible fixed assets
Plant under construction
Investment in other group companies
Total fixed assets
Investment in commercial market-based securities
Total current assets
Trade accounts recievable and other short-term receivables
Total current assets EQUITY AND debtLIABILITies EQUITY
provisions for liabilities
Long-term interest-bearing debt
Total long-term liabilities and debt
Short-term interest-bearing debt
Trade account payable and other short-term debt
Total current liabilities
Total equity and debt liabilities
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Statement of changes in equity Statnett Group
(Amounts in NOK million)
Equity as at 1 January 2010
Profit/loss for the year
-132 -50 7 628
Other comprehensive income Dividends paid Non-controlling interest Equity as at 31 December 2010
Non- controlling interest
Total equity allocated to the owner of Statnett SF
Other equity accrued
Equity as at 1 January 2010
Profit for the period
Other comprehensive income Dividends paid Non-controlling interest Equity as at 30 June 2010
Equity as at 1 January 2011 Profit/loss for the period Other comprehensive income Dividends paid Equity as at 30 June 2011
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Cash flow statement Statnett Group
(Amounts in NOK million)
Cash flow from operating activities Profit before tax Loss/gain(-) on sale of fixed assets Ordinary depreciation and write-downs Loss/ gain(-) on sales on investments on associates and joint ventures Interest recognised in the income statement for the period
- 369 - 139
Interest received for the period
Interest paid for the period
Changes in trade accounts receivable/payable
Changes in other accruals
Profit/loss from companies using equity method
Net cash flow from operating activities
Cash flow from investing activities Proceeds from sale of tangible fixed assets
Purchase of tangible fixed assets and plants under construction
Merger NorGer net for cash acquired
Changes in investments in associates and joint ventures
Changes in long-term loan receivables
Proceeds from new interest-bearing borrowings
Repayment of interest-bearing debt
Proceeds from sale of market-based securities
Purchase of market-based securities
Net cash flow from investing activities
Cash flow from financing activities
Dividends paid Net cash-flow from financing activities
Net cash flow for the period
Cash and cash equivalents at the start of the period
Cash and cash equivalents at the close of the period
Included under the item cash and cash equivalents as at 31 March 2011 are reserved tax withholdings to the amount of NOK 43 million in the Group. Unused credit facilities of NOK 3 500 million are not included in cash and cash equivalents above.
Note 1 – Accounting Principles The interim accounts for the first half of 2011 are presented in accordance with IAS 34. The interim accounts do not contain all the additional information required in the annual accounts, and should therefore be read in the context of the consolidated accounts presented on 31 December 2010. The accounting principles that have been applied for the interim accounts for the first half of 2011 are consistent with the accounting principles that were applied for the consolidated accounts presented on 31 December 2010.
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Statnett Husebybakken 28B, Oslo PO Box 5192 Majorstuen N-0302 Oslo Telephone: +47 23 90 30 00 Fax: +47 22 52 70 01 www.statnett.no Page 15 | Statnett Report 2:2011