Quarterly review
| 2007 | 2008 | |||||||
| Amounts in SEK million | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Income statement items | ||||||||
| Net sales | 41,644 | 32,077 | 31,589 | 38,329 | 45,404 | 35,259 | 37,016 | 46,870 |
| EBITDA | 15,119 | 9,432 | 8,768 | 12,502 | 15,203 | 10,078 | 9,272 | 11,407 |
| Operating profit (EBIT) | 11,399 | 5,672 | 4,760 | 6,752 | 11,426 | 6,316 | 5,591 | 6,562 |
| Operating profit (EBIT)1 | 11,321 | 5,655 | 4,745 | 6,776 | 11,357 | 6,300 | 5,579 | 6,561 |
| Financial income | 786 | 845 | 472 | 173 | 714 | 740 | 341 | 1,617 |
| Financial expenses | -1,481 | -1,502 | -1,718 | -2,225 | -2,072 | -1,580 | -2,389 | -3,768 |
| Profit before tax | 10,704 | 5,015 | 3,514 | 4,700 | 10,068 | 5,476 | 3,543 | 4,411 |
| Profit for the period | 7,235 | 6,252 | 3,523 | 3,676 | 7,184 | 4,043 | 2,481 | 4,055 |
| - of which, attributable to equity holders of the Parent Company |
6,866 | 5,963 | 3,145 | 3,795 | 6,809 | 3,808 | 2,584 | 3,894 |
| - of which, attributable to minority interests | 369 | 289 | 378 | -119 | 375 | 235 | -103 | 161 |
| Cash flow items | ||||||||
| Funds from operations (FFO) | 12,206 | 4,932 | 6,002 | 10,909 | 11,828 | -666 | 8,687 | 10,886 |
| Free cash flow | 7,270 | 5,311 | 3,231 | 3,838 | 5,027 | 74 | 7,464 | 6,398 |
| Balance sheet items | ||||||||
| Cash and cash equivalents and short-term investments | 27,865 | 20,849 | 21,480 | 22,659 | 30,582 | 22,896 | 27,878 | 40,236 |
| Equity | 118,455 | 116,102 | 119,679 | 124,132 | 132,822 | 112,372 | 124,068 | 140,886 |
| - of which, attributable to equity holders of the Parent Company |
106,898 | 104,145 | 107,403 | 111,709 | 120,035 | 101,708 | 113,364 | 129,861 |
| - of which, attributable to minority interests | 11,557 | 11,957 | 12,276 | 12,423 | 12,787 | 10,664 | 10,704 | 11,025 |
| Interest-bearing liabilities | 72,774 | 67,996 | 66,341 | 67,189 | 71,082 | 75,968 | 77,501 | 107,347 |
| Net debt | 44,828 | 46,765 | 44,524 | 43,740 | 39,545 | 52,011 | 48,476 | 66,000 |
| Provisions | 67,904 | 67,816 | 69,704 | 73,985 | 74,090 | 74,270 | 76,046 | 89,799 |
| Noninterest-bearing liabilities | 75,828 | 70,567 | 68,892 | 72,930 | 72,352 | 91,322 | 83,972 | 107,795 |
| Net assets, weighted average value | 150,657 | 151,986 | 154,194 | 157,252 | 160,925 | 165,321 | 170,719 | 179,114 |
| Balance sheet total | 334,961 | 322,481 | 324,616 | 338,236 | 350,346 | 353,932 | 361,587 | 445,827 |
| The key ratios are presented as percentages (%) or times (x) | ||||||||
| Operating margin, % | 27.4 | 17.7 | 15.1 | 17.6 | 25.2 | 17.9 | 15.1 | 14.0 |
| Operating margin, %1 | 27.2 | 17.6 | 15.0 | 17.7 | 25.0 | 17.9 | 15.1 | 14.0 |
| Pre-tax profit margin, % | 25.7 | 15.6 | 11.1 | 12.3 | 22.2 | 15.5 | 9.6 | 9.4 |
| Pre-tax profit margin, %1 | 25.5 | 15.6 | 11.1 | 12.3 | 22.0 | 15.5 | 9.5 | 9.4 |
| Return on equity, %2 | 17.9 | 19.9 | 20.5 | 17.6 | 17.0 | 14.8 | 14.0 | 13.6 |
| Return on equity, %1, 2 | 17.6 | 19.8 | 20.4 | 17.5 | 16.9 | 14.7 | 13.8 | 13.5 |
| Return on net assets, %2 | 16.1 | 15.7 | 16.3 | 16.6 | 16.2 | 16.1 | 16.0 | 15.1 |
| Return on net assets, %1, 2 | 16.0 | 15.7 | 16.2 | 16.6 | 16.1 | 16.0 | 16.0 | 15.1 |
| EBIT interest cover, (x) | 12.4 | 6.7 | 4.5 | 4.7 | 8.1 | 7.6 | 3.7 | 2.4 |
| EBIT interest cover, (x)1 | 12.3 | 6.7 | 4.5 | 4.7 | 8.1 | 7.6 | 3.7 | 2.4 |
| FFO interest cover, (x) | 13.8 | 6.3 | 6.5 | 8.2 | 9.1 | 0.3 | 6.3 | 4.6 |
| FFO interest cover, net, (x) | 25.7 | 13.2 | 7.4 | 10.1 | 12.4 | -0.5 | 8.4 | 5.6 |
| Cash flow interest cover after maintenance investments, (x) | 10.6 | 8.4 | 4.7 | 3.9 | 5.0 | 1.1 | 6.3 | 3.3 |
| FFO/gross debt, %2 | 47.5 | 47.5 | 49.2 | 50.7 | 47.4 | 37.0 | 39.7 | 28.6 |
| FFO/net debt, %2 | 77.2 | 69.0 | 73.4 | 77.8 | 85.1 | 54.0 | 63.4 | 46.6 |
| EBITDA/net financial items, (x) | 30.5 | 23.4 | 9.3 | 10.4 | 14.6 | 22.4 | 7.9 | 4.8 |
| EBITDA/net financial items, (x)1 | 30.4 | 23.4 | 9.3 | 10.4 | 14.5 | 22.4 | 7.9 | 4.8 |
| Equity/total assets, % | 35.4 | 36.0 | 36.9 | 36.7 | 37.9 | 31.7 | 34.3 | 31.6 |
| Gross debt/equity, % | 61.4 | 58.6 | 55.4 | 54.1 | 53.5 | 67.6 | 62.5 | 76.2 |
| Net debt/equity, % | 37.8 | 40.3 | 37.2 | 35.2 | 29.8 | 46.3 | 39.1 | 46.8 |
| Gross debt/gross debt plus equity, % | 38.1 | 36.9 | 35.7 | 35.1 | 34.9 | 40.3 | 38.4 | 43.2 |
| Net debt/net debt plus equity, % | 27.5 | 28.7 | 27.1 | 26.1 | 22.9 | 31.6 | 28.1 | 31.9 |
| Net debt/EBITDA, (x) | 1.0 | 1.1 | 1.0 | 1.0 | 0.9 | 1.1 | 1.0 | 1.4 |
| Other information | ||||||||
| Investments | 3,438 | 4,463 | 4,310 | 6,753 | 5,027 | 12,773 | 6,312 | 18,184 |
| Electricity sales, TWh | 56.4 | 44.9 | 43.4 | 49.1 | 54.2 | 44.1 | 41.5 | 49.5 |
| Average number employees | 32,325 | 32,295 | 32,523 | 32,396 | 32,510 | 32,627 | 33,069 | 32,801 |
1) Excl. items affecting comparability.
2) Last 12-months values.
Comments
Vattenfall’s earnings vary sharply during the year. Normally, the majority of annual profit is generated during the first and fourth quarters, when demand for electricity and heat is at its highest.
