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1 3. Quarterly 2006 Accounts at 30. September

2 Contents 3 Board of directors comments 6 Profit and loss account 8 Balance sheet 10 Cash flow statement Statnett Quarterly Account as of 30 th September 2006

3 3. Quarterly Accounts 2006 The Statnett Group posted a net profit after tax of NOK 112 million for the third quarter ending 30 September That is NOK 50 million up on the second quarter and an improvement of NOK 85 million compared with the third quarter QUALITY AND SECURITY OF SUPPLY Statnett s target to ensure that no end-user is without electricity for more than two hours owing to a fault in Statnett s transmission facilities was achieved during the quarter. Owing to low precipitation in 2006, reservoir levels at the end of the third quarter are considerably lower than the median for the last 15 years. Aggregate power consumption for the nine months to 30 September totalled 88.4 TWh, which is approximately 1 per cent less than the same period in Aggregate power generation for the nine months to 30 September was 90.5 TWh, giving a net export of approximately 2 TWh to date this year. In the third quarter, aggregate power consumption was 23.3 TWh and aggregate power generation was 24.3 TWh. This gave a net export of approximately 1 TWh in the third quarter. In autumn 2005, Statnett applied to the authorities for permission to employ three new measures to manage extremely tight power situations: information measures, agreements for voluntary reduction of consumption by industry (energy options), and a reserve power generation scheme. At the turn of September October 2006, Statnett s application to employ information measures for such purposes was refused, while earlier this autumn our application to employ the other two measures was approved. Following these approvals, in the third quarter Statnett formed agreements with 8 companies in Norway concerning the right to cut their power consumption by in all up to 370 MW or 0.8 TWh in total. The purpose of the scheme is to reduce the risk of power rationing by getting large firms voluntarily to permit Statnett to reduce the amount of power they consume. These agreements will only be used if Statnett considers there is a very high risk of rationing. Reserve power generation will not be established for the coming winter, as there are not enough suitable power generation facilities available in the market. INVESTMENT IN THE TRANSMISSION GRID Operations are currently dominated by Statnett s involvement in a number of substantial investment projects, at both the planning and implementation stage. The need for investment is due in part to a high increase in electricity consumption, particularly in some parts of Norway, but without generation capacity having been increased correspondingly. Statnett will therefore invest in transmission capacity both within and into these areas. Under construction NorNed The North Sea cable between Norway and The Netherlands (NorNed) will be 580 km long and thus the world s longest subsea cable. To date, the project is on budget and on schedule. Statnett s share of the total investment costs will be approximately NOK 2.3 billion. NorNed is expected to be completed by the end of Viklandet - Fræna - Nyhamna The construction of the new 420 kv power line from Viklandet in Sunndal to Fræna is on schedule and will be completed during It is estimated to cost almost NOK 600 million. Statnett will also build a new 420 kv power line from Fræna to Nyhamna for Norsk Hydro. This will strengthen security of the electricity supply in outlying areas of the county of Møre og Romsdal and also facilitate the supply of electricity to the new gas treatment facility for Ormen Lange in Aukra. Statnett Quarterly Account as of 30 th September

4 New vessel Statnett is building a new vessel to replace the existing M/S Elektron. The ship is being built in order to better perform Statnett s preparedness obligation to transport heavy equipment for the electricity industry. The new preparedness vessel will be finished in autumn 2007 and will cost approximately NOK 180 million. FINANCIAL RESULTS Operating revenues, Q 3 The Statnett Group recorded operating revenues for the third quarter totalling NOK 1,752 million, which is NOK 536 million up on the third quarter of Of operating revenues, power transmission accounted for NOK 886 million, which is NOK 129 million higher than the same period the year before. The reason for this is higher electricity prices. Power transmission revenues consist mainly of the Main Grid s revenues, which are set by the Norwegian Water Resources and Energy Directorate (NVE). Statnett operates the entire Main Grid and bills its Main Grid customers through the transmission tariff. Total revenues billed from the Main Grid and shared regional grids amounted to NOK 785 million, which gives lower revenues of NOK 115 million. Accumulated higher revenue recorded on the balance sheet at the end of the third quarter 2006 is NOK 214 million. The higher revenue will be credited to the tariffs in November and December this year, and is therefore booked as a liability on Statnett s balance sheet. Third-quarter power sales totalled NOK 703 million, an increase of NOK 306 million compared with the third quarter Most power sales consist of power sold by Statnett in connection with the balance settlement. Corresponding sums are booked under operating costs so that the effect on the results of the power purchases/ power sales in the balance settlement is zero. Other operating revenues amounted to NOK 163 million for the third quarter, which is NOK 101 million up on the third quarter of The increase is largely made up of revenues earned from the construction of the Fræna- Nyhamna transmission line on behalf of Hydro ASA. Operating revenues for the nine months to 30 September totalled NOK 5,013 million, an increase of NOK 1,246 million compared with the same period in Operating costs, Q 3 The Statnett Group recorded operating costs for the third quarter totalling NOK 1,560 million, compared with NOK 1,129 million for the same period in The rise in costs is largely due to increased costs of transmission losses, amounting to NOK 100 million, and an increase in costs, by NOK 247 million, of purchasing power through the regulating power market. Materials and subcontractors increased by NOK 81 million and are largely the costs of building the Fræna-Nyhamna transmission line on behalf of Hydro ASA. Wage costs were down by NOK 20 million, owing to changed rules for accrual counting for holiday days. Operating costs for the nine months to 30 September totalled NOK 4,652 million, an increase of NOK 1,292 million compared with the same period in Results, Q 3 The Statnett Group s operating profit for the third quarter was NOK 192 million, compared with NOK 87 million for the third quarter of Net financial costs totalled NOK 38 million for the third quarter, as against NOK 52 million for the third quarter of The Group recorded a net profit after tax of NOK 112 million for the third quarter, which is NOK 27 million up on the same period of The Group s net profit for the three quarters to 30 September is NOK 167 million, compared with NOK 175 million for the same period of The Parent Company, Statnett SF, recorded a net profit after tax of NOK 94 million for the third quarter, compared with NOK 9 million for the same period in Investments Statnett SF invested a total of NOK 434 million in the third quarter, compared with NOK 240 million in thirdquarter NOK 280 million was invested in new 4 Statnett Quarterly Account as of 30 th September 2006

5 power lines and transformer stations. Reinvestment in the existing Main Grid totalled NOK 62 million and other investments NOK 92 million. To date this year, Statnett SF has invested NOK 1,131 million, compared with NOK 648 million for the three quarters to 30 September Cash flow and balance sheet Operating activities in the Statnett Group for the nine months to 30 September produced a cash flow of NOK 567 million. To date this year, the Group has carried out investments totalling NOK 1,134 million. In total, loans were repaid for NOK 2,000 million, and new borrowings totalled NOK 2,326 million. At the close of the third quarter the Group s liquid assets totalled NOK 1,173 million, which is NOK 371 million down on the year before. At 30 September the Group had total assets amounting to NOK 13,331 million, compared with NOK 12,712 million at 30 September Statnett has an overdraft facility of NOK 2.0 billion which runs until The credit facility is part of Statnett s strategy to obtain sufficient financial flexibility to enable it to carry out the planned programme of investment over the next few years. Transport operations and preparedness Operating revenues for the third quarter for the subsidiary Statnett Transport AS were NOK 13 million, compared with NOK 7 million the year before. The company recorded a third-quarter net profit of NOK 3 million, an improvement from the loss of NOK 2 million for the third quarter of The improvement in results is owing to a higher level of activity. The company made a net profit of NOK 5 million for the three quarters to 30 September, an improvement on the loss of NOK 3 million for the same period of The Nordic Power Exchange, Nord Pool The Nord Pool Group contributed a net third-quarter profit after tax of NOK 10 million, including Statnett s share of Nord Pool Spot s earnings. The corresponding figure for the third quarter of 2005 was NOK 6 million. WORKING ENVIRONMENT Sickness absence in the Parent Company was 3.5 per cent in the third quarter compared with 3.1 per cent the year before. The injury-absentee frequency rate (H value) for Statnett SF was 4.4 (compared with 0 in 2005), the same as for the Group in total. OUTLOOK The results in 2006 are expected to be slightly weaker than in This is primarily owing to lower revenues as a result of a lower revenue ceiling, and increased operating costs deriving from increased power transmission in the grid. The Group s activities in the coming months will be dominated by the power situation. Reservoir levels at the beginning of October 2006 are at 63.5% of capacity, which is 25.9 percentage points lower than the median for the same date. Statnett will follow closely the developments in reservoir levels. It is at present too early to say whether there will be a need to put into effect the measures that have been prepared to manage extremely critical power situations. In September, the Norwegian Water Resources and Energy Directorate (NVE) published the main features of the new guidelines indicating how grid companies revenues will be set from The new guidelines make greater allowance for the fact that the grid companies, including Statnett, are now in a phase of major investment activity. For Statnett, the biggest change in the revenue regulation system is that the cost base will be updated annually. The risk premium in the so-called NVE interest rate has also been increased. A model which bases itself partly on efficiency measurement is an important signal to Statnett and to Statnett s customers that the company must also for the future endeavour to maintain and develop further its position as one of the most costeffective transmission system operators in Europe. As of 1 January 2007, Statnett will begin reporting under IFRS (International Financial Reporting Standard). Oslo, 23 October 2006 The Board of Directors Statnett Quarterly Account as of 30 th September

6 Profit and loss account Including The Main Grid Commercial Agreement Statnett Group Third Quarter To date this year (Amounts in NOK million) OPERATING REVENUES Power transmission Power sales Other operating revenues Total operating revenues OPERATING COSTS Power purchases System services Transmission losses Leasing of transmission facilities Materials and subcontractors Wage costs Depreciation of tangible fixed assets Write-downs of tangible fixed assets Other operating costs Total operating costs Operating profit/loss Financial income Financial costs Net financial items Profit/loss before tax Tax Net profit/loss for the period Statnett Quarterly Account as of 30 th September 2006

7 Profit and loss account Including The Main Grid Commercial Agreement Statnett SF Third Quarter To date this year (Amounts in NOK million) OPERATING REVENUES Power transmission Power sales Other operating revenues Total operating revenues OPERATING COSTS Power purchases System services Transmission losses Leasing of transmission facilities Materials and subcontractors Wage costs Depreciation of tangible fixed assets Write-downs of tangible fixed assets Other operating costs Total operating costs Operating profit/loss Financial income Financial costs Net financial items Profit/loss before tax Tax Net profit/loss for the period Statnett Quarterly Account as of 30 th September

8 BALANCE SHEET Including The Main Grid Commercial Agreement PARENT COMPANY GROUP (Amounts in NOK million) Assets INTANGIBLE ASSETS Computerised trading systems Deferred tax assets Total intangible assets TANGIBLE FIXED ASSETS Tangible fixed assets Plant under construction Total tangible fixed assets FINANCIAL FIXED ASSETS Investment in group companies Investment in other shares and holdings Loans to companies in the same group Pension assets Total financial fixed assets CURRENT ASSETS Trade accounts receivable Intercompany accounts receivable Other short-term receivables Pre-payments to contractors Short-term lending Investment in market-based securities Liquid assets Total current assets Total assets Statnett Quarterly Account as of 30 th September 2006

9 BALANCE SHEET Including The Main Grid Commercial Agreement PARENT COMPANY GROUP (Amounts in NOK million) Equity and liabilities EQUITY Contributed capital Other equity Total equity PROVISIONS FOR LIABILITIES Pension liabilities Provision, Nat. Fund for Natural Disaster Asst Provision for periodic maintenance Total provisions for liabilities LONG-TERM LIABILITIES Bond loans Government loans Loans from financial institutions Other long-term liabilities Total long-term liabilities CURRENT LIABILITIES Short-term interest-bearing debt Trade accounts payable Group liabilities Tax payable Tax payable, deductions and holiday pay Provisions for dividends Other current liabilities Total current liabilities Total equity and liabilities Statnett Quarterly Account as of 30 th September

10 Cash flow statement Parent company GROUP (Amounts in NOK millions) CASH FLOWS FROM OPERATING ACTIVITIES Profit/loss before tax Loss/ gain(-) on sale of fixed assets Ordinary depreciation and write-downs Change in trade accounts receivable/trade accts payable Change in other accruals Net cash flow from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Receipts from sale of tangible fixed assets Payments on purchase of tangible fixed assets and intangible assets Change in stocks, plant under construction Change in short-term loans receivable Net cash flow from investing activities CASH FLOWS FROM FINANCING ACTIVITIES Receipts on new long-term borrowing Repayments of long-term debt Dividends paid Net cash flows from financing activities Net cash flow for the period Cash and cash equivalents at start of period Cash and cash equivalents at close of period Restricted tax deductions payable amounting to NOK 33 million for the Parent Company and NOK 35 million for the Group are included in cash and cash equivalents at 30 September Unutilised overdraft facilities totalling NOK 2,000 million are not included in cash and cash equivalents above. 10 Statnett Quarterly Account as of 30 th September 2006

11 Statnett Quarterly Account as of 30 th September

12 Statnett SF Husebybakken 28B P.o.Box 5192 Majorstuen N-0302 Oslo Telefon: Telefax: Design Kolonien

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