group Foreword ChArt
it makes seNse to combiNe ouR WellcoNsolidated base iN RaNdeRs With aN iNteRNatioNal outlook aNd focus oN GReeN eNeRGy
Record earnings in a difficult market Turnover of DKK 2.4 billion, EBITDA of DKK 260 million and pre-tax profit of DKK 61 million made 2012 a record year, in which Verdo once again increased its top and bottom line in a market in crisis. Even though there were problems during the course of the year, most of our divisions achieved good results, which is highly satisfactory. This scope of success shows that it makes sense to combine our well-consolidated base in Randers with an international outlook and focus on green energy. Our dealings in biomass abroad have helped us maintain low prices for electricity, water and heat for our customers. Strict controls have meant that we have now been able to maintain our district heating price for four years, and either been able to reduce or maintain prices for water and electricity, which makes us an exception in Denmark. Focus on green energy means that we protect jobs, and in the long-term, will create even more. Growth in a difficult market also shows that there are commercial gains to be made from responsible conduct, clear vision and well-defined values. One of the highlights of the year for Verdo Trading was the arrival of the first consignment of biomass from Ghana. Even though one consignment unfortunately caused an unpleasant smell (since eliminated), seeing the first ship sail in after months of preparation was a proud moment. We increased earnings from trading in fuels for the year as a whole. 2012 was the year when Verdo Generation took over the Grenaa CHP plant, and finally achieved 100% incineration of biomass fuel at our plant in Randers. Verdo
AnnuAl report 2012
Energy took Verdo Randers Electricity network to the top of the annual table comparing the efficiency and supply security of Danish electricity companies, and we experienced an increase in the number of new customers from industry. Verdo Telecom enjoyed significant growth in the sales of fibre networks, and Verdo Contracting experienced a boom in installations of solar cell panels, primarily on the private market. Verdo Renewables is gradually getting back on track after the fire in 2011, even though there are still problems, and results have not been satisfactory. Prospects do however look better for 2013.
kim frimer CEO
sĂ¸ren fischer Chairman of the Board
We expect continued growth for Verdo in 2013. The energy market continues to be more competitive, and the motto seems to be 'grow or be left behind'. That's why we will concentrate on continued growth in green solutions, internationalisation, rationalisation and customer focus. Our goal is to be one of the absolute leaders within Danish energy â€“ with a solid base in Randers.
AnnuAl report 2012