Financial statement 2011

The consolidated financial statements for Akershus Energi Group for 2011 have been prepared in accordance with the International Financial Reporting Standards (IFRS), with comparable balance sheet figures for 2010 and 2009 and comparable income statement figures for 2010.

Akershus Energi AS is the parent company of Akershus Energi Group. All shares are owned by Akershus county. The Group companies’ operations are primarily located in Akershus county, with the parent company’s headquarters at Rånåsfoss in Sørum municipality. 

The Group’s net profit after tax for 2011 was MNOK 376, an increase of MNOK 334 compared to 2010. The significant improvement is mainly explained by the change in value (not realised) on financial energy contracts. Adjusted for unrealised changes, the Group’s net profit after tax for 2011 is MNOK 143, compared to MNOK 203 for 2010.

The consolidated profit under IFRS is highly influenced by unrealised changes in value of financial contracts (energy and currency). These are items with no effects on cash flows, and the Group has focused on cash flow from operations, which demonstrated significant positive values in 2011 as well as in 2010.

Summary Financial Statement 2011