Definitions and alternative performance measures

Definitions

TermDefinition
EBITDAOperating profit/loss + depreciation
Net interest-bearing liabilitiesGross interest-bearing liabilities - interest-bearing receivables - bank deposits - money market funds
Engaged capitalEquity + net interest-bearing liabilities + Tax payable
ROEProfit after tax/Avg equity 1.1.and 31.12
ROCEOperating profit / Avg committed capital 1.1.and 31.12
Debt/EBITDAAverage net interest-bearing debt 1.1 and 31.12 / EBITDA
FFO/Debt(EBITDA - interest paid - tax paid) / Average net interest-bearing debt 1.1 and 31.12
Hydropower productionTotal production in power plants in TWh
Achieved power pricePower 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 resultsResult corrected for non-recurring items and unrealised changes in value.

Key figures and list of definitions have been expanded in relation to 2021 as a result of Hafslund Oslo Celsio becoming part of the Hafslund Group during 2022.

Alternative performance measures

NOK million31.12.202231.12.2021
GROSS AND NET INTEREST-BEARING DEBT
Long-term interest-bearing debt20,20317,745
Value change loan portfolio153-259
Short-term interest-bearing debt2,819950
Gross interest-bearing debt incl subordinated debt23,17418,436
Cash and cash equivalents13,4976,988
Other long-term interest-bearing receivables155112
Net interest-bearing debt9,52311,336
CAPITAL EMPLOYED
Equity42,60426,816
Net interest-bearing debt9,52311,336
Taxes payable13,4824,895
Capital employed65,60943,046
UNDERLYING PROFIT
Operating profit (EBIT)19,3408,463
Value changes in power price and foreign exchange contracts435647
Value change land compensation rights8220
Result share Eidsiva Energi - excess or defeat revenue after tax131349
Underlying operating profit19,9149,678
Profit after tax4,3442,611
Value changes and one-offs operating profit5741,215
Tax effects adjustments and one-offs-101-272
Underlying profit after tax4,8173,554
ROCE
Operating profit (EBIT)19,3408,463
Capital employed (average)54,32744,052
ROCE / return on capital employed35.6%19.2%
ROE
Profit after tax4,3442,611
Equity (average)34,71026,327
ROE / return on equity12.5%9.9%
DEBT / EBITDA
Net interest-bearing debt (average)10,42914,990
EBITDA20,0878,979
DEBT / EBITDA0.51.7
FFO / DEBT
EBITDA20,0878,979
Interest paid -664-605
Taxes paid-4,701-273
Net interest-bearing debt (average)10,42914,990
FFO / debt 141 %54 %