About Hafslund
Definitions and alternative performance measures
Definitions
| Measure | Definition | |
|---|---|---|
| EBITDA | Operating profit/loss + depreciation | |
| Net interest-bearing debt | Gross interest-bearing debt - interest-bearing receivables - bank deposit - money market funds | |
| Capital employed | Equity + net interest-bearing liabilities + Tax payable | |
| ROE* | Profit after tax/ Equity | |
| ROCE* | Operating profit / Capital employed | |
| Debt/EBITDA* | Net interest-bearing debt / EBITDA | |
| FFO/Debt* | (EBITDA - interest paid - taxes paid) / Net interest-bearing debt | |
| Hydropower production | Total production in power plants in TWh | |
| Achieved power price | Power production sold in spot market, industrial contracts and concessionary power, and realised results from financial power hedging | |
| District heating sales | Total district heating volume sold in GWh | |
| Underlying results | Result corrected for non-recurring items and unrealised changes in value |
*We have changed the calculations of the key figures in the annual report in order to better reflect the Group’s financial situation by focusing exclusively on balance sheet values at the end of the period, in contrast to previously when we used average values. We believe this gives a more accurate and relevant indication of the Group’s performance and financial situation. The comparative figures have been changed accordingly.
Alternative performance measures
- Gross and net interest-bearing debt
- Capital employed
- Underlying profit
- ROCE
- ROE
- Debt / EBITDA
- FFO / Debt
| NOK million | 31.12.2023 | 31.12.2022 |
|---|---|---|
| GROSS AND NET INTEREST-BEARING DEBT | ||
| Long-term interest-bearing debt | 18,259 | 20,203 |
| Value change loan portfolio | 109 | 153 |
| Short-term interest-bearing debt | 2,205 | 2,819 |
| Gross interest-bearing debt incl subordinated debt | 20,573 | 23,174 |
| Cash and Cash equivalents | 10,239 | 13,497 |
| Other long-term interest-bearing receivables | 726 | 155 |
| Net interest-bearing debt | 9,608 | 9,523 |
| NOK million | 31.12.2023 | 31.12.2022 |
|---|---|---|
| CAPITAL EMPLOYED | ||
| Equity | 46,706 | 42,604 |
| Net interest-bearing debt | 9,608 | 9,523 |
| Taxes payable | 7,365 | 13,482 |
| Capital employed | 63,679 | 65,609 |
| NOK million | 2023 | 2022 |
|---|---|---|
| UNDERLYING PROFIT | ||
| Operating profit (EBIT) | 13,862 | 19,340 |
| Value changes in power price and foreign exchange contracts | -1,078 | 435 |
| Value change land compensation rights | -95 | 8 |
| Result share Eidsiva Energi - excess or defeat revenue after tax | -197 | 131 |
| Underlying operating profit | 12,492 | 19,914 |
| Profit after tax | 5,153 | 4,344 |
| Value changes and one-offs operating profit | -1,369 | 574 |
| Tax effects adjustments and one-offs | 301 | -100 |
| Underlying profit after tax | 4,085 | 4,817 |
| NOK million | 2023 | 2022 |
|---|---|---|
| ROCE | ||
| Operating profit (EBIT) | 13,862 | 19,340 |
| Capital employed | 63,679 | 65,609 |
| ROCE / return on capital employed | 21.8 % | 29.5 % |
| NOK million | 2023 | 2022 |
|---|---|---|
| ROE | ||
| Profit after tax | 5,153 | 4,344 |
| Equity | 46,706 | 42,604 |
| ROE / return on equity | 11.0 % | 10.2 % |
| NOK million | 2023 | 2022 |
|---|---|---|
| DEBT / EBITDA | ||
| Net interest-bearing debt | 9,608 | 9,523 |
| EBITDA | 15,130 | 20,087 |
| DEBT / EBITDA | 0.6 | 0.5 |
| NOK million | 2023 | 2022 |
|---|---|---|
| FFO / DEBT | ||
| EBITDA | 15,130 | 20,087 |
| Interest paid | -1,148 | -664 |
| Taxes paid | -13,838 | -4,701 |
| Net interest-bearing debt | 9,608 | 9,523 |
| FFO / DEBT | 2 % | 155 % |
