Torsås. Herrljunga. Hallabro. Bodö. Ulricehamn. Skara. Bromölla. Nynäshamn. Kristianstad. Photographers Petter Duvander (cover), Josefin Hofvander (5)

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1 Financial report 2012

2 Torsås Bodö Nynäshamn Skara Herrljunga Ulricehamn Hallabro Bromölla Kristianstad Photographers Petter Duvander (cover), Josefin Hofvander (5)

3 Höör Landskrona Eslöv Lund Ystad Hörby Örtofta Lomma Skurup Contents Sustainability - part of our business concept Excerpt from the 2012 Annual Report 4 6 Income statement 9 Balance sheet 10 Pledged securities and contingent liabilities 11 Summary of changes in share equity 12 Cash flow analysis 13 Supplementary disclosures regarding cash flow analysis 14

4 Sustainability - part of our business concept Lunds Energikoncernen presented a sustainability report for the first time in At the time, it provided a method for evaluating the present situation and reporting what we have already achieved. We are now taking the next step in this process by allowing sustainability issues to play a central role in our operations and business concept. In 2012, Lunds Energikoncernen commenced a journey of change, entailing innovation and a new approach to our operations and organisation. This journey means that we are actively including sustainability in our core operations, and also establishing a new Strategic Business Development unit. This unit will be responsible for developing and driving the Group s business intelligence, sustainability and CSR/CSV issues and introducing them into the Group s operations and reality. The energy sector is a key player as we move toward a sustainable society and thus has a major responsibility. We have based our work on a future scenario in 2021 and an energy supply based on today s social trends. In the transport sector, fossil fuels are giving way to a full palette of other fuels, and we currently invest in three of them: electricity, gas and biodiesel. This trend also demonstrates how people are increasingly interested in producing their own energy, which is a driving force behind the development of new services in small-scale electricity production and smart grids. The price trend for solar cells entails, for example, that a more wide-scale installation of solar cells in properties in southern Sweden will become profitable. The strong interest in building out wind power will also continue. As an energy company, environmental issues play a key role in our sustainability practices and in 1998, we were one of the first energy companies in Sweden to acquire ISO certification. Our environmental objectives are high and our key figures for 2012 show that we are constantly moving forward. But sustainability involves far more than environmental practices. For us, it also includes accepting responsibility for future generations by contributing to the progress of our owner municipalities and their sustainable development efforts. Our operations are committed to meeting the municipal regulatory requirements of acting in the public interest, while also complying with the Swedish Companies Act in terms of good financial housekeeping. This balance provides the basis of our operations and is both a challenge and one of our greatest strengths in sustainability practices. In today s society, we are increasingly dependent on constant access to different forms of energy. In other words, the energy supply is a vital parameter as we move toward a sustainable society, and welfare and growth are key components. Favourable profitability and financial stability are essential for long-term sustainable development. This year s results were a vast improvement on last year, due to a higher production volume and the insurance compensation we received. In 2012, earnings amounted to SEK 240 million, compared with SEK 68 million in For a municipal energy company, profit maximization is not our primary driver. We provide both commercial and public benefit, by ensuring that municipal residents have the best-possible access to energy while accounting for our social, financial and environmental responsibilities. We are also subject to yield requirements from our owner municipalities, which means that some of our profit is redistributed to municipal residents in the form of municipal services. 4 Annual Report 2012 Lunds Energikoncernen

5 For us, it also includes accepting responsibility for future generations by contributing to the progress of our owner municipalities and their sustainable development efforts. In recent years, we have set an upward trend in terms of customer satisfaction. The new approach to our organisation and operations includes a greater focus on the development of customer relations based on closer collaboration, with clarity and professionalism as our guiding principles. Our investment in research and innovation will also increase, in close collaboration with universities and colleges, to produce new and attractive customer solutions. This will provide latitude for meeting the future challenges and demands we face. Our aim is that all employees and owners will be familiar with our sustainability practices and what they entail at an overall level. We would also like our customers, suppliers and local residents to be aware of our endeavours. Continuous dialogue will increase our understanding of each other and how we can work toward a sustainable society. During the spring of 2013, the Group s vision and strategy work and implementation of the organisational changes that were identified in 2012 will continue. The new organisation, in which sustainability and commitment are the guiding principles, will be launched on 1 May. Lund, March 2013 Sylvia Michel, President and CEO Annual Report 2012 Lunds Energikoncernen 5

6 Excerpt from the 2012 Annual Report This is an excerpt from the Lunds Energi Group s annual report for The complete document is available to order from our Customer Services and on our website, where you can also download a digital copy immediately. The references to notes in tables on the following pages are still there, although the notes themselves can only be found in the 2012 Annual Report. Last year s figures are given in brackets. Operations in general Lunds Energikoncernen AB (publ) is a sub-group that is owned by Kraftringen AB ( ), with its registered office in Lund. This company is in turn owned by the municipalities of Lund (82.4 %), Eslöv (12.0 %), Hörby (3.5 %) and Lomma (2.1 %). The business encompasses energy production and energy distribution, contract operations and IT communication. The company owns and manages properties and facilities for the business requirements, shares and participations in companies in the energy sector, as well as conducting services related to the business. The company is run according to business principles, with due observance of the municipal purpose of the business as well as the principles set out in the Articles of Association and owners directives The Group must have a strong local presence, and must conduct and develop local energy activities with the focus on a good environment, high delivery reliability, a high level of service and rational energy usage. Lunds Energikoncernen has published a Sustainability Report since 2011 as a supplement to the Group s financial reporting. The purpose of the Sustainability Report is to disclose the Group s economic, environmental and social impact. Measuring, presenting and taking responsibility for what the organisation has achieved by implementing sustainability initiatives increases transparency for the Group s stakeholders. Significant events during the year In 2012, the Group conducted an analysis of its existing operations and long-term conditions in the energy sector. This led to a decision concerning a new vision, business concept and changed organisational structure. In 2013, the Group s corporate structure will be consolidated through a number of mergers. Standard & Poor s rating is set at BBB+/negative outlook/a 2/K-1. The Group s small-scale operation is viewed negatively, although this is compensated by strong owner support and the stability within the monopolies. The negative outlook assessment principally reflects the project risks in the Örtofta building project. The Group s changeover from fossil dependence to more efficient electricity and district heating production via renewable energy sources continued during the year. Construction of a biofuel-fired combined heat and power plant, Örtoftaverket, commenced in 2012 and is expected to be in full operation by the first half of The well developed district heating network in the Eslöv-Lund-Lomma area, which is provided with heating from Sweden s largest geothermal heating system (heat storage in bedrock ) makes it possible to utilise surplus heat from the region s industries, agriculture and largescale households. In 2012, the 25 year-old geothermal wells in Värpinge, Lund, were extensively renovated. Electricity production in Norway was negatively impacted by low energy prices and a slightly less favourable exchange rate compared with preceding years. However, the earnings trend improved compared with 2011 due to a higher production volume and insurance compensation received for operational problems in A new model for regulating earnings from electricity supply networks entered into force in As a result, during 2011, the Energy Markets Inspectorate established the permitted extent of electricity supply network earnings, known as the earnings framework, for the period The Group s allocated earnings framework has been appealed, as it is not considered to have been calculated according to applicable regulations. In 2012, extensive reconstruction and reinvestment in the power transmission and distribution network was implemented to further enhance supply reliability. The electricity trading operation showed a positive trend. In 2012, the Group succeeded in maintaining its market position despite intensifying competition. 6 Annual Report 2012 Lunds Energikoncernen

7 The successful launch of new portfolio administration services, combined with strong sales initiatives, resulted in a number of contracts with major consumers of both electricity and gas. At the beginning of 2012, a partnership with Quadracom strengthened operations in the Open City Network. Growth increased in the black fibre operations. Development of the Group s energy contracts was relatively favourable despite a declining market and intense competition. Lunds Energikoncernen AB (publ) is the Parent Company of 12 (14) companies and prepares its own consolidated accounts. The Parent Company s activities include development work and Group-wide support functions. On 1 January 2012, Kviinge Energi AB was divested to Brittedals Elnät Ekonomisk Förening. Turnover and profit trend Operating profit amounted to SEK million (109.5). Profit after financial items amounted to SEK million (68.3). Profit for the year amounted to SEK million (50.0) for the Group. In the closing accounts for 2011, consolidated goodwill, etc. was written down by SEK 41.8 million, and SEK 30.4 million was reserved for future price hedging contracts in respect of fuel purchases. The reversal of provisions in 2011 had a positive impact of SEK 30.4 million in The results were also positively impacted by insurance compensation received and increased profitability in Norwegian electricity production. Net sales rose 2 per cent to SEK 2,682 million (2,623). Of these sales, electricity and electricity distribution accounted for SEK 1,572 million (1,638), district heating for SEK 701 million (662), gas for SEK 219 million (146), district cooling SEK 23 million (21), contracting SEK 6 million (5) and other items SEK 161 million (151). Investments during the year amounted to SEK 648 million (194). Expectations in respect of future developments The Group s profit for 2013 is expected to be on a par with the owners yield requirements. In December 2012, the Board of Directors adopted a new business strategy focus and organisation, including a consolidation of the Group s operations and increased customer focus. Risk exposure and financial instruments By nature of its business, the Group is exposed to various types of financial risk. Financial risks refer to fluctuations in the Group s profits and cash flow as a result of changes in energy prices (principally oil, natural gas and electricity), exchange rates, interest rates, refinancing and credit risks. The Group s risk policy is determined by the Group s Board of Directors, and forms a framework of guidelines and regulations in the form of risk mandates and limits for all financial risks on the energy, interest and currency markets. Responsibility for the Group s market risks associated with energy sales, principally electricity, district heating and natural gas, is handled by the Group s associated company, Modity Energy Trading AB. Correspondingly, the financial transactions and risks are handled by the Parent Company s finance unit. The overall objective is to supply cost-effective financing and hedging of all energy prices, and to minimise the effects of market fluctuations on the Group s results. In order to follow up the development and control of operations that are exposed to risks, the CEO is assisted by a Risk Committee and a Risk Controller. Environmental information In 2012, carbon dioxide emissions decreased compared with the preceding year, despite a somewhat higher level of production. With planned investments in new facilities, including the biopower and heat plant in Örtofta, our focus on fossil-free heating production by 2020 remains firm. The Group has facilities with compulsory licences in Lund, Lomma, Eslöv, Klippan and Ljungbyhed for the production of district heating, district cooling and electricity. All facilities have permits for operations in accordance with the Environmental Protection Act or the Environmental Code. The environmental impact of the business consists primarily of emissions to the air from the combustion of fuels (renewable/non-renewable) for the production of electricity and heat. Since 1998, the Group has held environmental certification in accordance with the ISO standard. Governance of the company The Board of Directors has decided, as far as is deemed appropriate and feasible, to adapt its working methods to the Swedish Code of Corporate Governance. Annual Report 2012 Lunds Energikoncernen 7

8 According to the Code s rules, the Board of Directors must issue a report annually in which it e.g. explains departures from the regulations. A corporate governance report has been prepared for 2012 and will be published separately. Significant events after the balance sheet date In January 2013, as part of the Group s ongoing consolidation process, the Board of Directors decided to merge the following subsidiaries and their operations, Kraftringen Produktion AB, Kraftringen Försäljning AB, Nynäshamn Energi Försäljning AB and Kraftringen Öppet Stadsnät AB with the Parent Company Lunds Energikoncernen AB. A decision was also made to merge the two subsidiaries, Nynäshamn Energi AB and Kraftringen Nät AB. No other events occurred after the balance-sheet date or before the signing of this annual report that are deemed to be significant. The balance sheet and income statement, as well as the allocation of profits, will be determined at the Annual General Meeting on 23 April Proposed allocation of the company s profit or loss The Board of Directors proposes that disposable funds, amounting to SEK 539,871,931.29, be allocated as follows: Balance carried forward 539,871,931 Total 539,871,931 As far as the company s profits and financial position in general are concerned, please refer to the following income statement and balance sheet and the associated notes to the accounts. Financial overview, the past 5 years Amounts in SEK million (if not specified otherwise) Turnover Profits after net interest income/expense 239,6 68,3 139,3 144,0 165,1 Equity ratio 42,9 % 42,1 % 40,1 % 39,7 % 37,0 % Yield equity 9,1 % 2,8 % 5,9 % 6,3 % 7,4 % Dividend per share (SEK) Group contribution per share (SEK) 0, ,33 12,33 12,30 Dividend Group contribution 0,0 0,0 60,0 60,0 59,8 Investments over the past 5 years Amounts in SEK million (if not specified otherwise) Investments Annual Report 2012 Lunds Energikoncernen

9 Income statement Amounts in TSEK Note Net turnover Capitalised work for own account Other operating income Operating expenses Raw materials and consumables Purchase of energy and energy taxes Other external costs 3, Personnel costs Depreciation and write-downs of tangible and intangible assets Other operating expenses Operating profit Profit from financial items Profit/loss from shares in associated companies Result from securities and receivables accounted for as fixed assets Other interest income and similar profit items Interest expenses and similar profit/loss items Profit after financial items Tax on year s profit Minority share of the profit/loss for the year Profit/loss for the year Profit per share Profit per share (SEK) 55,57 10,27 Annual Report 2012 Lunds Energikoncernen 9

10 Balance sheet Assets Amounts in TSEK Note Fixed assets Intangible assets Electricity certificate and emission rights Usage rights hydro-electric power Computer software Goodwill Advance payments regarding intangible assets Tangible assets Buildings and land Machinery and other technical assets Equipment, tools, fixtures and fittings New plants being built and advance payments for tangible assets Financial fixed assets Participations in associated companies Assets in associated companies Other long-term security holdings Deferred tax asset Other long-term receivables Total fixed assets Current assets Stock, etc. 27 Raw materials and consumables Current receivables Accounts receivable Receivables from Parent Company Income taxes recoverable Established but non-invoiced revenue Other receivables Prepaid expenses and accrued income Cash and bank balances Total current assets Total assets Annual Report 2012 Lunds Energikoncernen

11 Balance sheet Equity and debts Amounts in TSEK Note Shareholders equity Share capital Restricted reserves Non-restricted reserves Profit/loss for the year Minority interest Allocations Allocations for pensions and similar obligations Allocations for deferred tax Other provisions Long-term liabilities Other liabilities to credit institutes Other liabilities Current liabilities Liabilities to credit institutions Overdraft Accounts payable Current tax debts Other liabilities Accrued expenses and deferred income Total equity and liabilities Pledged securities and contingent liabilities Amounts in TSEK Pledged assets For own liabilities and provisions Floating charges Contingent liabilities Guarantee commitments for the benefit of associated companies * * According to the division of responsibility in the shareholder agreement between the owner companies (Lunds Energikoncernen AB and Öresundskraft AB) of Modity Energy Trading AB, the Group s right of recourse as at the balance sheet date amounts to SEK thousand (277,377). The corresponding figure for Öresundskraft AB at the same time amounts to SEK 0 thousand (27,527). Annual Report 2012 Lunds Energikoncernen 11

12 Summary of changes in share equity Amounts in TSEK Share capital Non-distributable reserves Non-restricted reserves Group Closing balance in accordance with balance sheet on 31 December Movement between restricted and non-restricted equity Profit/loss for the year Group contribution 38 Tax effect on Group contribution -10 Translation difference * 257 Equity on Movement between restricted and non-restricted equity Profit/loss for the year Group contribution Tax effect on Group contribution Translation difference * Equity on * Accumulated translation difference in foreign subsidiaries net assets amounts to TSEK (-6 576). The share capital consists of 4,867,242 shares and has a quota value of SEK Annual Report 2012 Lunds Energikoncernen

13 Cash flow analysis Amounts in TSEK Current operations Profit after financial items Adjustments for non-cash items, etc Taxes paid Cash flow from operating activities before changes in operating capital Cash flow from changes in operating capital Increase (-) /Decrease (+) in inventories Increase (-) /Decrease (+) in current receivables Increase (+) /Decrease (-) in current liabilities Cash flow from operating activities Investment activities Sale of subsidiary Acquisition of intangible assets Acquisition of tangible assets Sale of tangible assets Acquisition of financial assets Sale/decrease in financial assets Cash flow from investment activities Financing operations Loans raised Amortisation of loans Dividends paid Cash flow from financing activities Cash flow for the year Liquid assets at beginning of year Exchange rate difference in liquid assets 8 1 Liquid assets at end of year Annual Report 2012 Lunds Energikoncernen 13

14 Supplementary disclosures regarding cash flow analysis Amounts in TSEK Paid interest and dividends received Dividends received Interest received Interest paid Adjustments for non-cash items, etc. Less: profit participations in associated companies Received dividends Depreciation and write-downs of assets Unrealised currency rate differences Capital result from sale of fixed assets Capital result from sale of operations/subsidiary Pension allocations Other provisions Other earnings items not affecting liquidity Sale of subsidiaries and other business units Sold assets and liabilities Tangible assets Raw materials and consumables Current receivables 91 Liquid assets Total assets Allocations Current liabilities Total liabilities and provisions Sales price Sales price received Less: Liquid assets in the sold business operation Effect on liquid assets Liquid assets The following are included as liquid assets: Cash and bank balances The above items have been classified as liquid assets on the basis that: There is an insignificant risk of value fluctuations. They can easily be turned into cash. They have a duration of 3 months at the most from date of acquisition Annual Report 2012 Lunds Energikoncernen

15 Annual Report 2012 Lunds Energikoncernen 15

16 Lunds Energikoncernen AB (publ) Box Lund Visiting address: Scheelevägen 16 Telephone +46(0) Fax +46(0) Environmental certification: ISO CIN: Website

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