ÁRSSKÝRSLA 2013
FINANCIAL STATEMENTS 2013
HS ORKA HF
EFNISYFIRLIT
CONTENTS
Ávarp stjórnarformanns . . . . . . . . . . . . . . . . . . . . . . 3
HS Orka hf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Stjórn og skipulag . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Auðlindagarðar HS Orku
- Fjölnýting auðlynda . . . . . . . . . . . . . . . . . . . . . . . . . 8
Orkuver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Grunnvatns- og jarðhitadeild . . . . . . . . . . . . . . . . . . 15
Innkaupa- og birgðadeild . . . . . . . . . . . . . . . . . . . . . . 17
Starfsmannahald . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Gæðamál . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Öryggis- og heilbrigðismál . . . . . . . . . . . . . . . . . . . . 20
Umhverfismál . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Upplýsingasvið . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Viðhaldsdeild . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Fjármál . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Raforkukaup og raforkusala . . . . . . . . . . . . . . . . . . . 23
Heimsóknir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Starfsmannafélag . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Skýrsla og yfirlýsing
stjórnar og framkvæmdastjórnar . . . . . . . . . . . . . 28
Áritun óháðs endurskoðanda . . . . . . . . . . . . . . . . . . 30
Rekstrarreikningur og yfirlit um heildarafkomu . . 31
Efnahagsreikningur . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Eiginfjáryfirlit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Sjóðstreymisyfirlit . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Skýringar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Viðauki . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
Address of the Chairman of the Board . . . . . . . . . .
HS Orka hf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Boards and organisation . . . . . . . . . . . . . . . . . . . . . .
HS Orka´s resource park
- multi-use of natural resources . . . . . . . . . . . . . .
Power plants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Groundwater and geothermal energy group . . . . .
Procurement and inventory department . . . . . . . .
Human resources . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Quality management . . . . . . . . . . . . . . . . . . . . . . . . .
Health and safety . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Environmental issues . . . . . . . . . . . . . . . . . . . . . . . . .
Information technology department . . . . . . . . . . . .
Maintenance department . . . . . . . . . . . . . . . . . . . . .
Finances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Power purchases and power sales . . . . . . . . . . . . . .
Visits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Employee association . . . . . . . . . . . . . . . . . . . . . . . .
Endorsement by the
Board of Directors and Management . . . . . . . . .
Independent Auditors‘ Report . . . . . . . . . . . . . . . . .
Statement of Comprehensive (Loss) Income . . . . .
Statement of Financial Position . . . . . . . . . . . . . . . .
Statement of Changes in Equity . . . . . . . . . . . . . . . .
Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . .
Notes to the Financial Statements . . . . . . . . . . . . .
Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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105
108
110
111
112
113
114
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ÁRSSKÝRSLA 2013
2
HS ORKA HF
ÁVARP STJÓRNARFORMANNS
Við erum stolt af rekstri félagsins árið 2013, sem
greitt hluthöfum sínum myndarlegan arð frá árinu 2017.
sýndi sterka stöðu framleiðslu okkar, með aukningu á
Félagið hóf á árinu átak í nákvæmari kortlagningu og
raforkuvinnslu um 4,7% og heitavatnsframleiðslu um
framtíðarskipulagningu vinnslu á Reykjanesi, sem m.a.
9,3%, sem leiddi til tekjuaukningar um 2%. Þessi árangur
fól í sér borun niðurdælingarholu til að vinna að auknum
undirstrikar enn og aftur stöðugleika og áreiðanleika
stöðugleika vinnslunnar.
rekstrarins, jafnvel á tímum erfiðra utanaðkomandi
Jafnvel þó mest af fjárstreymi félagsins fari til greiðslu
aðstæðna, s.s. lágs álverðs og harðar samkeppni á
skulda og undirbúnings frekari fjárfestinga, var hluthöfum
innlendum raforkumarkaði.
greiddur arður á árinu 2013 að fjárhæð 150 m.kr., en
Fjárhagslegur árangur ársins var einnig mjög góður,
það jafngildir þeim arði sem félagið fékk frá Bláa Lóninu
en á árinu styrktist efnahagsreikningur félagsins með
á grundvelli 33% eignarhlut sinnar í því. Rekstur Bláa
verulegri lækkun skulda, sem greidd var af tekjustreymi.
Lónsins á árinu 2013 fór enn fram úr væntingum með
Með sama áframhaldi á greiðslu skulda mun félagið geta
auknum gestafjölda.
3
ÁRSSKÝRSLA 2013
Mikil vinna var lögð í að reyna að leysa ágreining
Í þessari ársskýrslu gerum við grein fyrir starfi okkar
við Norðurál Helguvík í tengslum við fyrirhugaða
á sviði fjölnýtingar jarðhitaauðlinda þeirra sem við nýtum,
álversbyggingu í Helguvík, en í orkusölusamningi milli
með hugmyndum okkar um auðlindagarð. Markmið okkar
félaganna eru skilyrði sem ekki hafa verið uppfyllt. HS
er að halda áfram þessari þróun með það að leiðarljósi að
Orka og Norðurál halda áfram að reyna að leysa málið við
bæta stöðu allra þeirra aðila sem að auðlindanýtingunni
erfiðar aðstæður sem helgast af lágu álverði og hækkun
koma og tryggja ávinning samfélags og umhverfis. Við
framkvæmdakostnaðar. Því miður hefur enn ekki fundist
erum stolt af því að nýta jarðhitaauðlindir náttúrunnar,
lausn, sem myndi uppfylla skilyrði áðurnefnds samnings.
framúrskarandi þekkingu og sérhæfingu starfsmanna
HS Orka tilkynnti um ráðningu nýs forstjóra við árslok
2013. Ásgeir Margeirsson tók við starfinu af Júlíusi Jónssyni,
4
okkar og fjárhagslegan styrk félagsins til framleiðslu á
hreinni orku til viðskiptavina okkar.
sem nú starfar sem forstjóri HS Veitna. Júlíus leiddi vöxt HS
Ég vil þakka öllum starfsmönnum HS Orku, stjórnendum
Orku og áður Hitaveitu Suðurnesja sem forstjóri frá 1992 og
og stjórnarmönnum fyrir mikið og óeigingjarnt framlag
starfaði sem fjármálastjóri 1982-1992. Ég vil þakka Júlíusi
þeirra til fyrirtækisins, oft við erfiðar aðstæður. Ég vil
fyrir hans framúrskarandi starf og framlag fyrir félagið
einnig þakka hluthöfum HS Orku, Alterra Power Corp. og
og óska honum velfernaðar í framtíðinni. Við hlökkum til
Jarðvarma, sem hafa sem fyrr unnið í góðu samstarfi og
samstarfsins við Ásgeir nú þegar við sjáum fram á nýtt
af miklum velvilja við að tryggja framgang fyrirtækisins á
vaxtarskeið í starfseminni, sem við erum sannfærð um að
árinu 2013. Það er von mín að árið 2014 verði enn eitt ár
byggt verði á sterkum undirstöðum HS Orku.
stöðugs rekstar og góðrar afkomu fyrir félagið.
HS ORKA HF
HS ORKA HF
Framleiðsla orkuvera HS Orku gekk vel á árinu 2013,
Stærsta verkefni félagsins er varðar aukna orku-
með 4,4% aukningu í raforkuvinnslu (1.350 GWh) sem var
vinnslu- og sölu er sem fyrr samningur við Norðurál
1,9% umfram áætlun ársins. Raforkuvinnsla fyrirtækisins
Helguvík.
hefur verið stöðug undanfarin ár, sem ber áreiðanleika
reynt af fremsta megni að ná ásættanlegri niðurstöðu
auðlindanna í Svartsengi og á Reykjanesi gott vitni.
fyrir báða aðila.
Viðræður um samninginn standa yfir og er
Framleiðslutölurnar endurspegla einnig gæði orkuveranna
Á meðan ekki hefur tekist að ljúka samningum vegna
og færni þeirra starfsmanna sem þau reka. Tekjur HS Orku
álvers í Helguvík eru möguleikar HS Orku á stærri sölu-
af raforkusölu á almennum smásölumarkaði hafa einnig
samningum við aðra aðila afar takmarkaðir. Á árinu 2013
farið vaxandi, 8,5% aukning á milli ára. Rekstrartekjur HS
var gerður samningur við Algalíf um sölu á allt að 5 MW til
Orku jukust á árinu um 2,2% í 7,03 milljarða króna. Tekjur
þörungaframleiðslu á Ásbrú.
af orkuframleiðslu og –sölu voru 83,6% af tekjum ársins
(85,3% 2012)
EBITDA ársins er 2,60 milljarðar króna samanborið
við 2,92 milljarða króna árið 2012. Lækkun skýrist helst
Fjárfestingar á árinu 2013 jukust um 99,9%, í 1,41
milljarða króna, þar af 1,24 milljarða í rekstarfjárfestingar,
fyrst og fremst vegna borana á niðurdælingar- og
vinnsluholum (3 holur) og hreinsiborana.
af skipulögðum viðhaldsverkefnum (hreinsun og viðhald)
Efnahagsreikningur félagsins hefur styrkst verulega
á tveimur borholum, sem og hækkun á flutningskostnaði
á undanförnum árum samfara hraðri greiðslu skulda
á raforku til stórnotenda. Sú hækkun hefur nú að hluta
og sterkri lausafjárstöðu. Eiginfjárhlutfall í árslok 2013
gengið til baka sem mun hafa jákvæð áhrif til framtíðar.
er 58%, sem undirstrikar getu félagsins til frekari fjár-
Frá uppskiptingu Hitaveitu Suðurnesja í HS Orku og HS
festinga í náinni framtíð.
Veitur árið 2008, hafa starfsmenn HS Orku annast rekstur
HS Orka horfir fram á svipað rekstrarár 2014.
á HS Veitum skv. þjónustusamningi, þar sem einn forstjóri
Stærri skref í framtíðarvexti félagsins tengist því hvort
bar ábyrgð á rekstri beggja fyrirtækja. Frá nýliðnum ára-
samkomulag náist við Norðurál Helguvík, mun HS Orka
mótum eru forstjórastörfin aðskilin. Júlíus Jónsson er
eftir sem áður veita mikilvæga þjónustu til uppbyggingar
nú forstjóri HS Veitna og Ásgeir Margeirsson hefur verið
samfélagsins, með sölu á sinni þjónustu, bæði til smærri
ráðinn forstjóri HS Orku.
og stærri viðskiptavina.
HS Veitur eru mikilvægur viðskiptavinur HS Orku, ekki
síst vegna kaupa á heitu vatni á dreifikerfi sitt. Nokkur
aukning hefur orðið á heitavatnsnotkun á undanförnum
árum og er unnið að aukningu heitavatnsframleiðslunnar
í Svartsengi á þessu ári, til að anna framtíðarþörf og auka
tekjur HS Orku.
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ÁRSSKÝRSLA 2013
STJÓRN OG SKIPULAG
Aðalfundur HS Orku hf var haldinn 25. mars 2013 í
Á hluthafafundi þann 12. ágúst tók Lynda Freeman
Eldborg í Svartsengi. Fráfarandi stjórn var öll endurkjörin.
sæti John Carson sem aðalmaður í stjórn vegna laga um
Stjórnarfundur var haldinn 26. mars 2013 þar sem stjórn-
kynjahlutfall. John tók sæti Lyndu sem varamaður í stjórn.
in skipti með sér verkum og var hún þannig skipuð.
Hlutafjáreign í HS Orku hf skiptist þannig þann 31. desFormaður:
ember 2013:
Ásgeir Margeirsson, Magma Energy Sweden A.B.
Hlutir
Hlutfall
Varaformaður:
Magma Energy Sweden A.B. 5.222.188.911
66,6 %
Jarðvarmi slhf.
33,4 %
Ross Beaty, Magma Energy Sweden A.B.
Ritari:
Samtals
2.618.935.580
7.841.124.491100,0%
Gylfi Árnason, Jarðvarmi slhf.
Forstjóri fyrirtækisins árið 2013 var Júlíus Jónsson
Meðstjórnendur:
Anna Skúladóttir, Jarðvarmi slhf.
John Carson, Magma Energy Sweden A. B.
Aðstoðarforstjóri: Albert Albertsson
Þann 1. janúar 2014 var Ásgeir Margeirsson ráðinn
forstjóri HS Orku hf og Ross Beaty tók við sem stjórn-
6
Varamenn í stjórn:
arformaður. John Carson tók aftur sæti í stjórn og Paul
Lynda Freeman, Magma Energy Sweden A.B.
Rapp (Magma Energy Sweden A.B.) tók sæti varamanns, á
Helgi Jóhannesson, Jarðvarmi slhf.
hluthafafundi 9. janúar 2014.
HS ORKA HF
Ross Beaty
Gylfi Árnason
John Carson
Anna Skúladóttir
Lynda Freeman
Ásgeir Margeirsson
Albert Albertsson
aðstoðarforstjóri
forstjóri
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ÁRSSKÝRSLA 2013
AUÐLINDAGARÐUR HS ORKU
– FJÖLNÝTING AUÐLINDA
Auðlindagarðshugsunin og skilgreining Auðlindagarðs
HS Orku á sér liðlega tuttugu ára sögu. Hugmyndin er
•
kröpp kjör íslenskra fjölskyldna á fyrri hluta nítjándu
Jöfn áhersla lögð á jafnvægi í náttúrunni,
hagsæld og framfarir í samfélaginu.
•
aldar. Fræðagrunnur hugsunarinnar er lögmál varmafræðinnar. Indíánarnir horfðu til að minnsta kosti næstu
auðlinda, sem staðurinn býður upp á.
•
meðal annars sótt í líferni Indíána Norður Ameríku og
Samnýting allra hlutbundinna og óhlutbundinna
Byggja brú á milli ólíkra starfsgreina,
menningar- og tækniheima.
sjö kynslóða, veiddu ekki meira en stórfjölskyldan þurfti
•
Rannsóknir, þróun og nýsköpun.
sér til viðurværis, af virðingu við bráðina var hún nýtt
•
Þverfagleg starfsemi.
að fullu, fræðsla og þjálfun ungviðis í hávegum höfð og
•
Menntun, þjálfun, frumkvöðlastarf og liðsheild.
litið var á jörðina og í reynd heiminn allan sem lifandi
•
Grunnur lagður til langs tíma, áratuga.
veru, sem bera átti virðingu fyrir. Kröpp kjör íslenskra
fjölskyldna knúði fólk til að nýta allt til fullnustu, henda
Auðlindagarðurinn er öflugt verkfæri sem stuðlar að
engu. Leiðarljós Auðlindagarðsins kristallaðist í „Samfélag
sjálfbærri þróun samfélagsins eins og þróunin er skilgreind
án úrgangs“. Auðlindagarðshugsunin samanstendur af sjö
af vinnuhópi Brundtland. Auðlind er víðfeðmt hugtak sem
megin þáttum:
vert er að skilgreina í þessu samhengi. Til hlutbundinna
auðlinda teljast m.a. landsvæði, vegir og sameiginlegir innviðir Auðlindagarðs, jarðvegsnámur, jarðhitaforði,
grunnvatnsforði, efni og orka jarðhitavökva, grunnvatn,
sjór, lífríki svæðisins, nálægð við samgöngumannvirki,
nálægð við þéttbýliskjarna o.fl. Til óhlutbundinna auðlinda
teljast m.a. menningar- og náttúrufarsminjar og jarðsaga
lands og svæðis, hnattlega lands, kyrrð og þögn, hreint
loft, myrkur, norðurljós, stirndur himinn, kraftur fjalla og
náttúru, mannauður, hugir og færni manna o.fl. Með jafnvægi í náttúrunni er m.a. átt við: Varðveisla fjölbreytileika
lífríkisins og að jörð sé raskað sem minnst og merkum
jarðminjum hlíft.
Varmafræðin kennir okkur á hvern hátt orkan verði
nýtt sem best og sem minnstu sóað. Við hönnun orkuveranna í Svartsengi og á Reykjanesi var hámarksorkunýtni
leiðarljós. Í Svartsengi er tvinnað saman í órofa heild
framleiðslu á heitu vatni, grunnvatni og rafmagni. Með
þessum hætti náðist fram há orkunýtni. Á Reykjanesi er
virkjunin kæld með sjó og hluti afgangs varmans fólgnum
í kælisjónum er nýttur í fiskeldi Stolt Sea Farm. Talsvert
hefur verið gert til að nýta afgangs varmann en enn er
langt í land að hann hafi verið að fullu nýttur.
Í Auðlindagarðinum er litið svo á að allar auðlindir,
hverju nafni sem nefnast, sem streyma inn í garðinn og
sem nýttar eru af fyrirtækjum hans beri að nýta til fullnustu. Þetta leiðir af sér að allir afgangs straumar, hverju
8
HS ORKA HF
nafni sem nefnast sem koma frá fyrirtækjum garðsins
hafa með sér samstarf. Auðlindagarðarnir á Reykjanesi
ber að líta á sem verðmætar auðlindir. Dæmi um þetta
og í Svartsengi eru hvor um sig vagga rannsókna og
er jarðhitavökvinn og jarðhitagasið frá orkuverinu, sem
þróunar knúin af jarðhitavirkjunum HS Orku. Hvert og eitt
Bláa Lónið nýtir, jarðhitagasið sem Carbon Recycling
fyrirtækja garðanna er frumkvöðlafyrirtæki. Starfsmenn
International umbreytir í metanól og kælisjórinn frá orku-
fyrirtækjanna hver á sínu fagsviði fást við sérhæfð
verinu á Reykjanesi sem fiskeldið nýtir.
úrlausnarefni sem samvinna fyrirtækjanna getur leitt til
Eitt af því sem einkennir Auðlindagarðinn er að fyrir-
lykta. Nægir hér að nefna aðferð við fellingu kíslar (SiO2)
tæki hans skapa marga tekjustrauma og má því færa rök
úr jarðhitavökva, sem Bláa Lónið hefur þróað, í upphafi
fyrir því að áhættan sé að nokkru dreifð. Til samanburð-
grundvallað á þekkingu og reynslu orkuversins, hitarar
ar þá hefur vatnsaflsvirkjun og jarðvarmavirkjun, sem
sem halda baðlóninu á nokkuð stöðugum baðhita þróaðir
einungis framleiðir rafmagn einn tekjustraum sem kemur
í orkuverinu, jarðgassöfnun sem Carbon Recycling nýtir,
frá sölu rafmagns.
síun og hitun kælisjávar sem fiskeldi Stolts nýtir sér og
Starfsemi fyrirtækja Auðlindagarða HS Orku í
fleira er unnt að nefna.
Svartsengi og á Reykjanesi er þverfagleg. Þverfagleg
Fyrirtæki Auðlindagarðsins í Svartsengi eru auk
starfsemi og samstarf fyrirtækja garðanna leiðir af
HS Orku, baðstaður Bláa Lónsins, meðferðarstöð/
sér nýhugsun grundvallaða á rannsóknum og þróun,
Lækningalind Bláa Lónsins, Rannsóknar- og Þróunarsetur
því eru garðarnir á Reykjanesi og í Svartsengi öflug
Bláa Lónsins (framleiðsla salts, þörunga og kíslar auk
frumkvöðlasetur. Fyrirtæki garðanna öll sem eitt stunda
sérhæfðra rannsókna), Carbon Recycling International
merka rannsóknar og þróunarvinnu hvert á sínu sviði og
(framleiðsla Metanóls) og ORF Genetics (framleiðsla sér-
9
ÁRSSKÝRSLA 2013
10
hæfðra proteina í byggfræjum). Í garðinum á Reykjanesi
um og þróun aðferða og nýrra afurða. Í fyrirtækjunum er
eru auk HS Orku Háteigur fiskþurrkun, Haustak sem
menntunarstig hátt og sérfræðistörf mörg. Fyrirsjáanlegt
þurrkar hausa og dálka, vinnur olíu og mjöl úr slógi og
er að fleiri fyrirtæki og þá af öðrum toga en þau sem fyrir
þróar aðferðir til að vinna enzym úr slógi og Stolt sem
eru munu leita inngöngu í garðana og þar með styrkja þá.
elur flatfisk (Sole Benegalensis) í hreinum volgum sjó frá
Fyrirtækjum sem í garðana vilja koma getur reynst
orkuverinu. Í görðunum haldast í hendur jarðvísindi (jarð-
önugt að koma sér fyrir vegna flókinna stjórnsýslureglna
fræði og jarðeðlisfræði), líffræði, efnafræði, verkfræði,
og leyfa sem þau verða að afla sér. Til margra stofnana
erfðafræði, ferðamálafræði, viðskiptafræði, læknisfræði
verður að leita og langur tími getur liðið þar til öll leyfi
og fleiri fræðigreinar.
eru á hendi. Væri Auðlindagarðurinn formgerður með ein-
Nú um stundir veita Auðlindagarðarnir um og yfir 350
hverjum hætti á grundvelli Auðlindagarðshugsunarinnar
manns vinnu við margvísleg störf og hafa þeir því tekið
gæti megin hlutverk hans t.d. verið: halda utanum leyfis-
virkan þátt í atvinnuþróun Suðurnesja og leitt hátækni inn
veitingaferli þannig að ný fyrirtæki gætu sótt á einn stað
á svæðið.
allar nauðsynlegar upplýsingar og fengið sérhæfða aðstoð
Frekari þróun Auðlindagarðanna og þeirrar hugsunar
við að sækja um tilskilin leyfi, að vera upplýsinga- og kynn-
sem þeir byggja á liggur í augum uppi. Í einu og sér-
ingarveita fyrirtækja garðanna grænu, samhæfa og eftir
hverju fyrirtæki garðanna felast miklir þróunar- og vaxta-
atvikum reka sameiginlega starfsemi fyrirtækja garðanna
möguleikar, sem grundvallast á reynslu þeirra, rannsókn-
(öryggisgæsla o.fl.), o.fl.
HS ORKA HF
ORKUVER
JARÐHITAVINNSLA Í SVARTSENGI
Rekstur orkuvera gekk vel á árinu og voru óvæntar
uppákomur fáar, eins og hér fram kemur í samantekt um
Vinnsla úr jarðhitasvæðinu í Svartsengi var um 455
rekstur og viðhald.
kg/s að meðaltali eða alls um 14,4 milljón tonn.
Heildarupptekt jarðhitasvæðisins í Svartsengi var
Niðurdæling affallsvatns í djúpholur SVAH-17 og 24
nettó um 6,7 milljón tonn sem er aukning um 8,5%. Á
var um 7,69 milljón tonn sem eru um 244 kg/sek að
Reykjanesi var heildarupptekt nettó um 13,9 milljón tonn
meðaltali yfir árið. Nettó upptekt á árinu var því um 6,71
sem er minnkun um 2%. Framleiðsla á hitaveituvatni jókst
milljón tonn eða 213 kg/sek.
um 9% milli ára. Raforkuframleiðsla jókst milli ára um
3,7% á Reykjanesi og um 5,1% í Svartsengi.
JARÐHITAVINNSLA Á REYKJANESI
FRAMLEIÐSLA HITAVEITUVATNS
2013 var um 16,35 milljón tonn, sem samsvarar árs
Upptekt úr vinnsluholum á Reykjanesi á árinu
Heitavatnsframleiðsla í Svartsengi árið 2013 var um
meðalvinnslu 518,5 kg/s eða aukningu um 4,6% milli ára.
9% meiri en árið 2012.
Í töflunni hér fyrir neðan er yfirlit yfir framleiðslu
hitaveituvatns.
70
Engar marktækar breytingar hafa komið fram á
70
SV−08
SV−09
SV−11
SV−12
EV−02
68
66
efnasamsetningu upphitaða vatnsins (hitaveituvatns) sem
Þrýstingur (bar−g)
HS Veitur dreifa um Suðurnes frá orkuverum HS Orku í
Svartsengi.
Kaldavatnsframleiðsla HS Orku til HS Veitna var samtals 6.073.951 m3
68
66
64
64
62
62
60
60
58
58
56
56
54
54
52
52
50
50
48
48
46
46
44
44
42
42
40
1980
1984
1988
1992
1996
2000
2004
2008
2012
40
Tími (ár)
Mynd 1: Þrýstingur á 900 m dýpi í fjórum holum í
Svartsengi og í holu EV-2 í Eldvörpum.
FRAMLEIÐSLA HITAVEITUVATNS
Meðal-Orku
rennsliinnihald Meðalafl
Tonn
l/sGWh MW
Framleitt hitaveituvatn 2013
12.748.363
404
697,2
79,5
Allt árið 2013
Hámarks mánaðarframleiðsla
1.230.079
459
72,2
97,1
Desember 2013
Hámarks vikuframleiðsla, sala
266.574
441
18,5
96,2
39.917
462
2,43
104,6
Hámarks sólarhringsframleiðsla
Vika 10 (2. til 9. mars)
7. mars 2013
Hámarks klst. framleiðsla l/s
1.712
475
0,104
103,8
kl. 05:00-06:00 7. mars 2013
Hámarks klst. framleiðsla MW
1.670
464
0,109
108,4
kl. 17:00 - 18:00 6. desember 2013
11
ÁRSSKÝRSLA 2013
Á árinu 2013 var niðurdæling í jarðhitageyminn á
Reykjanesi að jafnaði 81,43 kg/s eða um 2,57 milljón tonn.
Nettó upptekt á árinu 2013 er því um 13,78 milljón tonn.
REKSTUR OG VIÐHALD VIRKJANA
Engin stór upptekt á vélum var skipulögð á þessu ári
Hiti (°C)
Niðurdæling jókst um 81% frá fyrra ári.
fyrir utan árlega upptekt og hreinsun á vél 3 í Svartsengi.
REYKJANES
280
280
275
275
270
270
265
265
260
260
255
255
250
250
245
245
240
240
235
235
230
230
225
225
220
220
215
215
SV−08
SV−09
SV−11
SV−12
EV−02
210
Vélasamstæðurnar tvær á Reykjanesi voru stöðvaðar
205
í eina viku hvor í júní, vegna árlegar vélaskoðunar og við-
200
1980
1984
1988
1992
gerða á gufuveitu. Rekstur Reykjanesvirkjunar gekk að öllu
1996
2000
2004
2008
210
205
200
2012
Tími (ár)
leiti ágætlega fyrir utan bilun 21. ágúst í eiginnotkunar
Mynd 2: Hitastig á 900 m dýpi í borholum í Svartsengi
spenni 16.5/11kV 4MVA, fyrir vél 1. Spennirinn var dæmd-
og 1100 m dýpi í Eldvörpum (EV-02).
ur ónýtur en varaspennir var til á lager. Bilunin hafði ekki
áhrif á rekstrargetu vélar, eiginnotkun var flutt yfir á vél 2
SVARTSENGI
tímabundið á meðan varaspennir var settur við.
SVA Vél 11 (30 MW) var tekin úr rekstri 11.-17. ágúst
Vinnsluhola 31 (REYH031) var tengd inn á kerfi 1.
vegna árlegrar vélarskoðunar ásamt öðru tilheyrandi
Niðurdæling í holu REYH020 var aukin verulega að
viðhaldi. Lokið var við endurnýjun útveggjaklæðningar á
loknu viðhaldsstoppi á vél 2 upp úr miðjum júní.
austurhlið kæliturns. Endurnýjun útveggjaklæðningar er
nú lokið.
125
320
320
120
310
310
300
300
290
290
115
115
110
110
280
280
105
105
270
270
100
100
RN−11
RN−12
RN−13
RN−13B
RN−14
RN−14B
RN−15
RN−16
RN−17
RN−17B
RN−18
RN−19
RN−20
RN−21
RN−22
RN−23
RN−24
RN−26
RN−29
RN−30
95
90
85
80
75
70
1999
2001
95
Hiti (°C)
Þrýstingur (bar−g)
120
125
260
250
240
90
230
85
220
80
210
200
75
2003
2005
2007
2009
2011
2013
70
2015
190
180
1995
260
RN−11
RN−12
RN−13
RN−13B
RN−14
RN−14B
RN−15
RN−16
RN−17
RN−17B
RN−18
RN−19
RN−20
RN−21
RN−22
RN−23
RN−24
RN−26
RN−29
RN−30
1997
250
240
230
220
210
200
190
1999
2001
Tími (ár)
12
2003
2005
2007
2009
2011
2013
180
2015
Tími (ár)
Mynd 3: Þrýstingur á 1.500 m undir sjávarmáli í holum
Mynd 4: Hiti á raundýpi 1.500m undir sjávarmáli í
á Reykjanesi, 2002–2012.
holum á Reykjanesi.
HS ORKA HF
SVA Vél 12 (30 MW) var tekin úr rekstri 26.-31.
Vinnsluhola 8 (SVAH008) í Svartsengi hafði verið
ágúst vegna árlegrar vélaskoðunar og smávægilegrar
að gefa eftir í gufuöflun á s.l. árum svo að ljóst var að
lagfæringar í gufuveitu OV6.
hreinsun yrði að fara fram. Samið var við Jarðboranir hf.
SVA Vél 3 (6 MW) var tekin úr rekstri 20. maí - 7. júní í
hefðbundna árlega upptekt og hreinsun.
Hafist var handa við að endurbæta gufuskiljur fyrir
OV2 og vél 3 með því að hækka gufuúttaksrör ásamt
um hreinsiborun sem var framkvæmd seinnihluta maí og
fram í júní. Aðgerðin heppnaðist það vel að holan skilar
nú fyrri afköstum. Hola 8 var tekin í notkun eftir hreinsun
19. júní.
því að endurnýja og endurbæta gegnumstreymið yfir
Endurbyggður var holukjallari vinnsluholu 7 (SVAH007)
dropasíur í gufuskiljum. Vonast er til að þessi breyting
og hafa nú allir holukjallarar verið endurnýjaðir á elstu
á gufuskiljum skili meiri gufugæðum að vél 3. Hið
vinnsluholum Svartsengis.
árlega ,,stóra stopp“ OV2 og OV3 var 22. ágúst. Þá var
Niðurdæling í Svartsengi var aukin með tilkomu nýrrar
gufuveita og skiljustöð tekin úr rekstri í 12 klst. vegna
pípu út á niðurdælingarsvæði SVAH 17 og 24. Einnig hefur
hreinsunar og skoðunar ásamt minniháttar endurbótum.
allur rekstrarbúnaður þ.m.t. stjórnlokar, stopplokar og
stjórnbúnaður verið endurnýjaður. Einnig var byggt hús/
skýli yfir niðurdælingarholu 24 (SVAH024).
13
ÁRSSKÝRSLA 2013
Mikið álag skapaðist á heitavatnsframleiðsluna í lok
Önnur verkefni sem voru hafin eða lokið við á árinu:
febrúar svo að orkuverin unnu á fullu álagi. Hægt var að
koma í veg fyrir skerðingu til notenda með tímabundum
• Dælustöð Fitjum:
aðgerðum innan orkuvera ásamt ýmsum aðgerðum út í
•
Einn heitavatnsgeymir var hreinsaður
dreifikerfum. Vegna þessa var á árinu hafin undirbúningur
og endurhúðaður.
fyrir stækkun á heitavatnsframleiðslugetu OV2 með
viðbótar framleiðslueiningu rás 5 (turn 5). Er stefnt að því
•Svartsengi:
að viðbótin verði komin í rekstur í lok ársins 2014.
•
Spennir T1 10 MVA stór upptekt; tappaskiptir,
málun, endurnýjun á raflögnum og lagnakerfi.
•
Dælustöð VAS: Endurnýjun á aflskápum lokið.
•
Endurnýjun lagnakerfis og dælu hafin
í kaldavatnsdæluhúsi C.
•
Endurbætur á slökkvivatni að
Ormat virkjun hafin.
•
Endurnýjun vélbúnaðar í skjámyndakerfi
P-Cim (PC vélar).
•
Kaldavatnsdæla HSK 10: Holan blásin
og hreinsuð og ný dæla sett niður.
Stefnt er að frekari styrkingu vatnsöflunar með
endurnýjun eldri djúpdæla.
•Reykjanes:
14
•
Smíði á holuhúsi REYH025.
•
Smíði á blendulokum.
HS ORKA HF
GRUNNVATNS- OG JARÐHITAMÁL
Starfshópur fyrir grunnvatn og jarðhita (GOJ) heldur
Þá var unnið að hönnun turns-5 til að auka afköst
utan um rannsóknar- og þróunarstarfssemi, kemur að
heitavatnsframleiðslu og hönnun ferskvatnsöflunar fyrir
undirbúningi nývirkjana og að rekstri jarðhitasvæðanna
framleiðsluna. Útfellingar voru hreinsaðar úr holu 8 í
sem HS Orka hefur til umráða. Vinna á árinu dreifðist
Svartsengi í júní og fóru afköst holunnar í fyrra horf við
á fjölmörg verkefni, en drjúgur tími fór í undirbúning
það.
umhverfismats rannsóknaborana í Eldvörpum og boranir.
Gerð
var
umhverfismatsskýrsla
fyrir
borun
Farið var yfir stöðu þekkingar á jarðhitakerfi Reykjaness
rannsóknarholna við Eldvörp í samræmi við úrskurð
gagnvart stækkun virkjunar og skilgreind átaksverk frekari
Skipulagsstofnunar og var hún kynnt í lok árs. Gert er ráð
rannsókna í samvinnu við ráðgjafa frá ÍSOR og SKM.
fyrir að þessu ferli ljúki um mitt ár 2014. Lítið þokaðist
Lutu þau m.a. að skoðun jarðfræðilíkans, upplýsingaleit
í viðræðum við Hafnarfjarðarbæ varðandi orkuvinnslu í
um súlfít útfellingar, útvíkkunar viðnámsmælisvæðis,
Krýsuvík, en svæði þar eru í nýtingarflokki rammaáætlunar.
úrvinnslu GPS-, InSAR- og þyngdarmælinga, uppsetningu á
þrívíddarásýnd gagna og hermireikningum. Komið var upp
mælineti til að greina smáskjálfta og kom skjálftahrina í
október vel fram í kerfinu. Þá var hiti og þrýstingur mældur
í blæstri í um helmingi vinnsluholna auk hefðbundinna
eftirlitsmælinga. Á Reykjanesi voru boraðar þrjár holur
á árinu og var borinn í fyrsta sinn hérlendis drifinn með
rafmagni frá virkjun okkar. Borun holu 31 í gufusvæðið
lauk í janúar og tengdist hún gufuveitunni í júní. Lokið var
við holu 32 í apríl og hefur hún verið í upphitun. Þá var
hola 33 boruð sem möguleg niðurdælingarhola vestan
Sýrfells og lauk þeirri borun í nóvember. Byrjað var á
hönnun pípu fyrir niðurdælingarvökva að holunni. Farið
var í viðhaldsvinnu og rannsóknir á holu 22.
Þá var hafin hönnun steypumóts fyrir lagningu
jarðlægra safnæða frá vinnsluholum í samvinnu við
Verkís. Tilraun með loftnám úr borholu var keyrð út árið
og er loftið snautt af H2S.
Fyrsti áfangi pípu fyrir förgun affalls Svartsengis til
sjávar var byggður á árinu og náði að niðurdælingarholunum
vestur af Þorbirni. Sá hluti pípunnar var tekin í notkun
um mitt ár og var þá hægt að auka niðurdælingu í um
300 kg/s sem létti mjög á affalli til Bláa lónsins. Seinni
áfanga pípunnar er ætlað að fara um nýtt iðnaðarsvæði
Grindvíkinga og síðan með útrás utarlega í Arfadalsvík.
Sá hluti er í meðferð hjá úrskurðarnefnd umhverfis- og
auðlindamála og hefur ekki enn fengið umfjöllun þar
þrátt fyrir að allir lögbundnir frestir nefndarinnar séu
löngu liðnir. Þrátt fyrir það hefur hönnun pípunnar og
endabúnaðar haldið áfram svo verkefnið er tilbúið fyrir
útboð. Samið var við aðila sem hyggst nýta varma
úr affallsvökvanum áður en vökvanum er veitt í sjó.
15
ÁRSSKÝRSLA 2013
16
Haldið var utan um eftirlitsmælingar í borholum,
hins íslenska jarðvarmaklasa. Framlengd var þátttaka
efnasýnatöku á jarðhitavökvanum, eftirlitsathuganir á
í djúpborunarverkinu (IDDP) til 2020 og er umsýsla
yfirborði og breytingum á yfirborðsvirkni. Unnið var í
þess nú hjá HS Orku. Hafin var þátttaka í verkefni um
undirbúningi fyrir innleiðingu ISO-9001 vottunar.
rannsóknir á djúphluta jarðhitakerfa (DRG) í samstarfi
HS Orka tekur þátt í ýmsum rannsóknar- og
við GEORG og erlendar rannsóknastofnanir. HS Orka
þróunarverkum. Tvö verkefni sem fengu styrki frá
er þátttakandi í Jarðvangi (GeoPark) á Reykjanesskaga
GEORG um mishraða skjálftabylgna í Krýsuvík og
ásamt sveitarfélögum og fleirum. Þá tók HS Orka þátt
samband eðlisþátta s.s. viðnáms og landsigs við vinnslu
í styrkumsókn fyrir stórt verkefni í FP-7 áætlun EB
á Reykjanesi kláruðust á árinu, en lokaskýrslur í því
með alþjóðlegum rannsóknarhóp, þar sem Reykjanes
síðara tefjast fram á árið 2014. HS Orka heldur áfram
er skilgreint sem eitt af rannsóknarsvæðum hópsins.
þátttöku í (a) GEISER verkefni um skjálfta sem geta orðið
Var verkefnið samþykkt og kallast IMAGE. Einnig er í
vegna breytinga af völdum mannvirkja og í (b) Iceland
undirbúningi þátttaka í styrkumsókn til EB með innlendum
Geothermal sem er fyrirtækjadrifinn samstarfsvettvangur
og erlendum aðilum í verkefni Horizon 2020.
HS ORKA HF
INNKAUPA- OG BIRGÐADEILD
Starfsemi innkaupa- og birgðadeildar var ámóta og á
árinu 2012 en umfang innkaupa jókst nokkuð eins og sést
á meðfylgjandi töflu.
Á árinu voru auglýst tvö útboð, þ.e. á endurbyggingu
holukjallara og á þjónustu við innri endurskoðun. Í kjölfarið
var samið við verktaka um endurbyggingu holukjallara
og endurskoðunarfyrirtækið ENOR var ráðið til innri
endurskoðunar. Í desember 2012 voru opnuð tilboð í
allar tryggingar fyrirtækisins og í byrjun árs 2013 var nýr
samningur um tryggingarvernd við VÍS undirritaður.
Virði birgða HS Orku í árslok 2013 var óbreytt
frá 2012, um 414 m.kr.
Birgðatalningar voru gerðar
reglulega eins og undanfarin ár. Á árinu var unnið við
að fara skipulega í gegnum ýmsar óskráðar vörur og
skrá þær og farga þeim sem dæmdar eru úreltar. Einnig
varð farið í gegnum skráðar vörur og úreltum fargað.
Varahlutir sem keyptir voru með vélunum á Reykjanesi og
í orkuveri 6 voru flokkaðir og skráðir á lager.
INNKAUP
Innlend
Ár
Erlend innkaup Fjöldi
pantana
innkaup Fob-verð Aðfl.gjöld Flutn.kostn.Tryggingar Samtals
m.kr.
m.kr.
m.kr.
m.kr.
m.kr. Fjöldi
Birgðageymslur
Fjöldi Afgreiðslur
pantana afgreiðslna pr. mán.
2009 . . . . . . . . 25
142,47,77,10,5
157,7
200
1.446
121
2010 . . . . . . . . 262.579,7
1,5
47,0
7,82.636,0
250
1.498 125
2011 . . . . . . . . 14
65,31,94,10,3
71,6
385
2.049
171
2012 . . . . . . . . 30
85,83,16,10,3
95,3
264
1.550
129
2013 . . . . . . . . 38
92,25,05,30,3
102,8
320
1.801
150
17
ÁRSSKÝRSLA 2013
STARFSMANNAHALD
Margir starfsmenn HS Orku sinna einnig rekstri HS
Orku og HS Veitna lét af störfum sem forstjóri HS Orku og
Veitna og er sundurliðun sýnd í meðfylgjandi töflu.
gegnir nú starfi forstjóra HS Veitna. Nýr forstjóri, Ásgeir
Árið 2013 létu fjórtán fastráðnir starfsmenn af störfum og 6 þeirra hættu vegna aldurs.
Margeirsson, hóf störf 1. janúar 2014.
Flestar tengdust
Fjöldi starfsmanna HS Orku er 134, á fjórum
þessar breytingar störfum fyrir HS Veitur, sem hafa tak-
starfsstöðum.
mörkuð áhrif á HS Orku.
Eins og fyrr voru nokkrir lausráðnir starfsmenn vegna
Í orkuverum voru nokkrar breytingar og flestar á
framkvæmda og við afleysingar og fengu að meðtöldum
stjórnbúnaðarsviði. Stóru breytingarnar í lok árs urðu
stjórnarmönnum, alls 169 manns greidd laun á árinu.
þær að Júlíus Jónsson sem gegnt hefur starfi forstjóra HS
STARFSMENN
2013 2012
Fj. starfsmanna
Stöðugildi
Fj. starfsmanna
Stöðugildi
Yfirstjórn . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,0
22,0
Sala og markaðsmál . . . . . . . . . . . . . . . . . . . . . . . . 22,0
22,0
Orkuver, stjórnun . . . . . . . . . . . . . . . . . . . . . . . . . . . Orkuver, viðhald og eftirlit . . . . . . . . . . . . . . . . . . . 44,0
2525,0
44,0
2525,0
Þróunarsvið . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,0
11,0
Tæknisvið . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 39,0 5,039,0
5 39,0 5,039,0
Þjónustusvið dreifingar (HS Veitur) . . . . . . . . . . . . 6160,0
6060,0
Skrifstofa sameiginleg . . . . . . . . . . . . . . . . . . . . . . . 34 95,033,193,1
35 95,033,193,1
Samtals134,0 132,1 134,0 132,1
Suðurnes - Njarðvík . . . . . . . . . . . . . . . . . . . . . . . . . 6968,8
6766,8
Suðurnes - Svartsengi . . . . . . . . . . . . . . . . . . . . . . . 2929,0
2929,0
Hafnarfjörður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1918,5
2019,5
Vestmannaeyjar . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1311,8
1412,8
Selfoss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 134,0
4,0133,1
4 134,0
4,0132,1
134,0 132,1 134,0 132,1
18
HS ORKA HF
GÆÐAMÁL
Á árinu 2013 hefur mikil vinna farið í uppbyggingu og
Í lok árs var farið af stað með innri úttektir. Haldið
innleiðingu á gæðastjórnunarkerfi samkvæmt ISO 9001.
var úttektarnámskeið fyrir stjórnendur og starfsfólk sem
Farið var af stað með ferlagreiningu varðandi sölu, fjármál
valið hafði verið til þess að sinna innri úttektum og verða
og þjónustu og aðgangsmál og merkingar í orkuverum.
úttektarmenn. Þeir starfsmenn sátu einnig ítarlegra nám-
Einnig var farið frekar af stað með ferlagreiningu innan
skeið þar sem farið var í gegnum ferlið fyrir innri úttektir.
ISO innleiðingarhóps varðandi mælingar, greiningar og
Í kjölfar námskeiðsins var útbúin úttektaráætlun með 7
umbætur á gæðastjórnunarkerfinu, þar á meðal innri
úttektum sem skipt var niður á úttektarmennina, sem
úttektir og ánægju viðskiptavina. Þá var einnig haldið
fóru í að framkvæma úttektirnar ásamt reyndum úttekt-
áfram með þær ferlagreiningar sem komið var af stað
armönnum. Eftir að hafa lokið námskeiðinu sem og einni
árið 2012, þar á meðal skjalamál, umhverfismál og
úttekt hafði starfsfólkið öðlast réttindi til þess að fram-
öryggismál.
kvæma innri úttekt á eigin vegum.
Í vor var gefin út Gæða-, umhverfis- og öryggisstefna.
Að byggja upp og innleiða gæðastjórnunarkerfi sam-
Ný rekstarhandbók var kynnt starfsfólki sem og ISO 9001
kvæmt ISO 9001 er stórt verkefni sem snertir alla þætti
innleiðingarvinnan.
fyrirtækisins. Við innleiðingu er skuldbinding stjórnenda
Í lok sumars var farið af stað með vinnu við skráningu
mjög mikilvæg sem og þátttaka starfsfólks. Ávinningur
slysa. Unnið var að því að skapa vettvang fyrir starfsmenn
gæðastjórnunarkerfisins er að koma betur í ljós og hefur
til þess að skrá inn slys, atvik og óæskilegar aðstæður. Er
gæðavitund starfsfólk aukist til muna og á eftir að gera
sú vinna komin vel á veg og er verið að þróa þá skráningu
enn frekar með áframhaldandi vinnu. Stefnt er að ISO
enn frekar. Að þróun lokinni verður afurð þessarar vinnu
9001 vottun á árinu 2014.
kynnt starfsfólki.
19
ÁRSSKÝRSLA 2013
ÖRYGGIS- OG HEILBRIGÐISMÁL
Unnið var að margvíslegum öryggis- og heilbrigðismálum á síðasta starfsári. Unnið var að innleiðingu ISO
23 og haldnir á starfstöðvum fyrirtækisins í Reykjanesbæ
og Orkuverinu í Svartsengi
9001 staðalsins, eins og fram kemur í kaflanum um
gæðamál. Útgefin var endurskoðuð Rekstrarhandbók fyrir
SLYSASKRÁNING
HS Orku hf. og við það tækifæri voru kynntar m.a. reglur
HS Orka heldur skrá yfir slys og atvik (nærri slys)..
um notkun öryggisfatnaðar og úthlutun hans. Þá var unnið
Slysum og atvikum er skipt upp í þrjá flokka eftir alvarleika
að endurskoðun á atvika- og slysaskráningu, en markmið
og fjarveru frá vinnustað.
þess er að auðvelda og gera ferlið skilvirkara. Keyptir
voru H2S persónumælar fyrir starfsmenn. Samkvæmt
Tegund 1= Atvik/slys án fjarveru
samningum er fylgst með heilsu starfsfólks með árlegum
Tegund 2= Slys með 1-7 daga fjarveru
læknisskoðunum. Ákveðið var í samráði við starfsmenn
Tegund 3= Alvarlegt slys með fleiri en 7 daga fjarveru
að fylgja fordæmi annarra fyrirtækja í vinnslu jarðhita og
Samtals voru 22 atvik/slys skráð árið 2013 vegna
bæta við prófunum sem miða að því að kanna hvort áhrif
H2S í lágum gildum hafi áhrif á mannslíkamann.
Öryggisnefnd HS Orku hélt fjóra bókaða fundi á árinu
starfsemi HS Orku hf. Í 8 tilvikum voru starfsmenn HS
Orku hf. aðilar máls en 14 slys/atvik voru tilkynnt af verktaka sem var að vinna fyrir HS Orku hf.
auk smærri funda.
Öryggisvika, sem haldin er á þriggja ára fresti,
Eftirfarandi er flokkun slysa/atvika starfsmanna HS
var haldin þann 14.-18. október. Að venju var dagskrá
Orku hf.: 2 fjarveru slys voru tilkynnt, sem orsökuðu sam-
öryggisvikunnar fjölbreytt og þátttaka starfsmanna góð.
tals 11 fjarverudaga frá vinnu. 2 voru flokkuð sem atvik,
Meðal efnis voru m.a. fyrirlestrar um almenn öryggismál,
3 voru flokkuð sem fyrstu hjálpar slys og í 1 tilviki var
tryggingar, vellíðan í vinnunni, fyrirlestur um öryggiskerfi,
tilkynnt um skemmdir á búnaði.
kynning á endurvinnslu og förgun, skyndihjálparnámskeið
Tíðni vinnutengdra fjarveruslysa hjá starfsmönnum
og námskeið um brunavarnir ásamt kennslu og upprifjun
HS Orku hf., borin saman við alþjóðlega staðla, þar sem
á notkun slökkvitækja. Fundir í öryggisviku voru samtals
miðað er við 100 ársverk eða 200.000 unnar vinnustundir
er því eftirfarandi:
SLYS, ATVIK OG ÖNNUR TILVIK
EFTIR SVÆÐUM
FJÖLDI SLYSA OG ATVIKA
7
20
6
15
5
4
10
3
2
5
1
r
se
m
be
er
De
kt
ób
t
ús
O
Tegund 1
Tegund 2
Mynd 1: Heildarfjöldi slysa og atvika fyrir HS Orku hf
Mynd 2: Heildarfjöldi slysa og atvika eftir mánuðum
og verktaka árið 2013.
árið 2013, HS Orka hf og verktakar á vegum HS Orku
hf.
20
Ág
í
Jú
n
Ap
ar
rú
Tegund 2
Fe
b
Tegund 1
rí
l
0
0
HS ORKA HF
Tíðni vinnutengdra fjarveruslysa hjá HS Orku hf. fyrir
2 fjarveruslys = 11 tapaðir dagar
árið 2012 eru því 2,96. Samtals hafa liðið 33 dagar frá
Unnar stundir hjá HS Orku hf um
135.000 stundir
síðasta fjarveruslysi starfsmanna HS Orku hf.
HS Orku hf en verktökum er skylt að tilkynna slys til
2 slys x 200.000 stundir
viðeigandi aðila. Samtal voru 14 slys/atvik tilkynnt. 2
= 2,96
þeirra voru fjarveruslys, með samtals 13 daga fjarveru frá
135.000 stundir
vinnu. 6 voru flokkuð sem atvik, 5 fyrstu hjálpar slys og í 1
tilviki var tilkynnt um skemmdir á búnaði.
HS ORKA HF
Fylgst er með slysatíðni verktaka sem vinna á vegum
Slysatíðni:
UMHVERFISMÁL
HS Orka hf leitast við að lágmarka umhverfisáhrif
HS Orka leggur áherslu á að hafa yfirsýn yfir og
starfsemi sinnar og leggur áherslu á stöðugt aukna
skilja þau áhrif sem fyrirtækið kann að hafa á umhverfið
umhverfisvitund starfsmanna og samfélags. Þessi nálgun
og leggur megináherslu á að minnka slík áhrif.
leiðir af sér jákvætt aðhald og jákvæðara viðhorf til
tryggja slíkan árangur fylgist fyrirtækið með og vaktar
atvinnurekstrar.
alla þýðingarmikla umhverfisþætti tengda starfseminni
Til að
Nýtt úrgangsstjórnunarkerfi var tekið í notkun á
og vinnur stöðugt að úrbótum. Hagsmunir HS Orku
haustmánuðum 2013, en þá hóf HS Orka flokkun á öllum
liggja í því að nýta þær endurnýjanlegu auðlindir sem
föstum úrgangi sem fellur til við starfsemina. Allur úrgangur
fyrirtækinu hefur verið treyst fyrir, á sjálfbæran hátt.
er fluttur til endurvinnslu eða förgunar á viðurkenndan
Hugmyndafræði fyrirtækisins er að umgangast viðkvæma
stað.
og
náttúru Reykjanesskagans af virðingu og ábyrgð sem
sérmerktum ílátum fyrir flokkað sorp var komið upp
Flokkunarstöðvum,
endurvinnslutunnum
jafnframt kallar á stöðugar umbætur til að stuðla að betri
á starfstöðvum fyrirtækisins, um leið var almennum
árangri í umhverfisvernd við daglegan rekstur.
ruslatunnum fækkað og áhersla lögð á að allir starfsmenn
flokkuðu samviskusamlega allan úrgang sem fer frá
fyrirtækinu og leituðust við að minnka hann.
21
ÁRSSKÝRSLA 2013
UPPLÝSINGASVIÐ
Upplýsingasvið HS Orku ber ábyrgð á rekstri
upplýsingakerfa fyrirtækisins, þ.m.t. tölvuhugbúnaðar,
tölvuvélbúnaðar og símabúnaðar, fyrir utan iðntölvustýringar og slíkan tækjabúnað.
Unnið hefur verið að umbótum á verklagsreglum og
skjalavistun vegna innleiðingar á nýju skjalakerfi og ISO
innleiðingu fyrirtækisins.
Nýr afritunarbúnaður var tekinn í notkun, ásamt nýrri
því að þráðlausum nettengibúnaði var algjörlega skipt út
og tengipunktum fjölgað.
Á árinu hafa orkureikningakerfi verið skoðuð þar sem
ljóst er að ekki verður haldið áfram þróun á því orkureikningakerfi sem í notkun er hjá fyrirtækinu.
Starfsmenn Upplýsingasviðs eru tveir og eru
staðsettir á skrifstofu félagsins. Einnig er starfsmaður frá
þjónustufyrirtæki með starfsstöð á skrifstofu félagsins.
diskastæðu og ýmis annar búnaður endurnýjaður, ásamt
VIÐHALDSDEILD
Starfsmenn viðhaldsdeildar eru þrír, viðhaldsstjóri
og tveir trésmiðir. Starfsmenn deildarinnar sinna
viðhaldsverkefnum húsbygginga
og voru verkefni
fjölbreytt eins og undanfarin ár og með svipuðu sniði
og áður. Megináhersla er lögð á að viðhalda sem bestu
ástandi húseigna fyrirtækisins.
Helstu verkefni fyrir HS Orku voru m.a. uppsetning á
aðvörunarskiltum í Krýsuvík, Svartsengi og á Reykjanesi,
uppsetning girðinga um borholur í Krýsuvík og á Reykjanesi,
uppsetning á vinnupöllum í orkuveri 4 í Svartsengi og í
dælustöð á Fitjum í Reykjanesbæ, endurnýjun á klæðningu
á húsi yfir þenslustykki á Njarðvíkuræð, stækkun millilofts
í birgðageymslu í Svartsengi og brunaþéttingar með
lögnum í orkuversbyggingum.
Þau verkefni sem starfsmenn deildarinnar anna ekki
eru ýmist boðin út eða unnin af iðnaðarmönnum skv.
samningsbundnum töxtum. Verkstjóri viðhaldsdeildar
hefur umsjón með og annast samskipti við slíka verktaka/
iðnaðarmenn og hefur eftirlit með vinnu þeirra.
22
HS ORKA HF
FJÁRMÁL
Tap varð á reglulegri starfsemi að upphæð 355
ist nokkuð og flutningskostnaður hefur hækkað vegna
milljónir króna, en árið áður var hagnaður að upphæð
breytinga á gjaldskrá Landsnets. Ráðist var í viðhaldsbor-
653 milljónir króna. Lakari afkoma skýrist að miklu leyti
anir á tveimur holum 2013 en engar slíkar boranir voru
af breytingu á framtíðarvirði raforkusamninga, sem leiddu
á sama tímabili árið 2012. Þá hefur skrifstofu- og stjórn-
til 3,937milljóna króna lakari afkomu á þessum lið en ár
unarkostnaður hækkað, fyrst og fremst vegna kostnaðar
árinu 2012. Á móti þessu vegur að gengishagnaður af
við gerðardómsmál vegna orkusölusamnings við Norðurál
langtímalánum var umtalsverður og er viðsnúningur á
á Grundartanga.
þeim lið sem nemur 2.400 milljónum á milli ára.
Greiddar voru afborganir af langtímaskuldum að fjár-
EBITDA lækkar um 320 milljónir á milli ára og er alls
hæð 2.266 milljónum króna, það ásamt gengishagnaði
um 2.603 m.kr. 2013 en var 2.923 m.kr. á sama tíma árið
veldur því að langtímalán félagsins hafa lækkað um 3.868
2012. Stafar það af því að hækkun tekna varð minni en
milljónir króna frá árinu 2013. Eiginfjárhlutfall 31. desem-
hækkun rekstarkostnaðar.
ber 2013 er því mjög sterkt eða 58,0% samanborið við
Rekstartekjur fyrirtækisins námu 7.031 milljónum
53,4% í árslok 2012.
króna á rekstarárinu 2013, samanborið 6.881 milljón-
Áætlun 2014 gerir ráð fyrir nokkurri hækkun bæði
ir króna árið 2012. Nokkrar ástæður eru fyrir þessari
tekna og gjalda og að hagnaður verði um 1 milljarður
aukningu tekna. Munar þar mest um aukna sölu á smá-
króna. Gert er ráð fyrir að EBITDA verði svipuð og raunin
sölumarkaði en lækkandi álverð dregur svo verulega úr
var á árinu 2013, en ekki gert ráð fyrir jafn slæmri útkomu
tekjuaukningunni á móti.
fjármagnsliða og 2013. Afborganir eru áætlaðar 2.264
Rekstarkostnaður hefur aukist töluvert eða um 16%
milljónir króna.
eða sem nemur 787 m.kr. milli ára. Orkukaup hafa auk-
RAFORKUKAUP OG RAFORKUSALA
Heildar raforkusala HS Orku jókst um rúm 5% á árinu.
vélum virkjananna sem að hluta til skýrir framleiðslu-
Fyrirtækið jók nokkuð markaðshlutdeild sína á almenn-
aukninguna. Til stendur að fara í upptekt á báðum 30 MW
um markaði og var söluaukning í magni rúm 14% sem
vélum Svartsengis á næstu tveimur árum svipað og gert
rekja má að mestu til útboða stærri raforkukaupenda.
hefur verið á Reykjanesi og mun það kalla á aukin orku-
Sala á raforku í heildsölu dróst að sama skapi saman um
kaup til að mæta framleiðslutapi. Mest af þeirri raforku
tæp 14% og munar þar mestu um minni raforkusölu til
sem HS Orka kaupir af öðrum raforkuframleiðendum er
Landsnets fyrir töp í flutningskerfi. HS Orka jók sölu til
samkvæmt langtímasamningum við
Norðuráls um rúm 4% milli ára í kjölfar gerðardómsniður-
litlar vatnsaflsvirkjanir í einkaeigu. Að auki er lítilsháttar
stöðu í tengslum við orkusölu til Norðuráls Grundartanga.
keypt með skammtímasamningum við aðra framleiðend-
Landsvirkjun og
Heildar tekjur HS Orku af raforkusölu jukust lítillega
ur. Jukust þessi kaup í heild sinni um tæp 10% á árinu.
eða um rúm 3%. Tekjur frá almennum markaði jukust um
Á árinu bættist Köldukvíslarvirkjun í hóp smærri raf-
12%, vegna nýrra sölusamninga frá því í árslok 2012 og
orkuframleiðenda en hún er staðsett í Tjörneshreppi norð-
á árinu 2013. Á móti kemur verðlækkun í raforkusölu til
an Húsavíkur. Til að mæta aukinni orkuþörf hefur HS Orka
stóriðju, þrátt fyrir magnaukningu, og skýrist það af lægra
verið að skoða nokkra vatnsaflskosti samhliða fyrirhugaðri
álverði 2013.
framleiðsluaukningu frá nýjum jarðgufuvirkjunum og gæti
Raforkuframleiðsla frá eigin orkuverum í Svartsengi
og Reykjanesi inn á flutnings- og dreifikerfi jókst um
fyrsta vatnsaflsvirkjun fyrirtækisins verið gangsett innan
nokkurra ára.
rúm 4% frá fyrra ári. Ekki var farið í stórar upptektir á
23
ÁRSSKÝRSLA 2013
HS Orka er með samning við Norðurál Helguvík um
samningar við aðila eins og eldsneytisverksmiðju Carbon
raforkusölu til fyrirhugaðs álvers í Helguvík. Ekki hefur
Recycling í Svartsengi, þörungaframleiðslu Algalíf á Ásbrú
tekist að aflétta fyrirvörum í samningi þessum, enda
og fiskeldisfyrirtækið Stolt Sea Farm á Reykjanesi. Standa
skilyrði hans ekki uppfyllt.
Óvissan um samninginn
vonir til þess að fleiri slíkir samningar verði gerðir á
torveldar aðkomu HS Orku að nýjum langtímasamningum
komandi misserum við ný iðnfyrirtæki á Reykjanessvæðinu.
við aðra stóra raforkukaupendur. Nokkur eftirspurn hefur
Þessi þróun er jákvæð fyrir atvinnulífið á Suðurnesjum og
verið eftir raforku frá fyrirtækinu og hafa verið gerðir litlir
vinnur gegn atvinnuleysi á svæðinu.
HEIMSÓKNIR
Á hverju ári koma gestir alls staðar að úr heiminum
Gestum á sýninguna Orkuverið jörð sem er í
í heimsókn í orkuver fyrirtækisins sem og á sýninguna
Reykjanesvirkjun og sýnir hin ýmsu form orkuvinnslu á
Orkuverið jörð i Reykjanesvirkjun. Gestir fá fræðslu um
jörðinni, hefur fjölgað ár frá ári frá því hún var opnuð
jarðvarmann og hvernig mögulegt er að vinna jarðvarma
formlega árið 2008 og fjölgaði um 11% árið 2013. Um
á Íslandi. Auðlindagarðshugsunin er kynnt og fá gestir
6.100 gestir kynntu sér starfsemi fyrirtækisins á árinu.
okkar að sjá inn í orkuver.
Rekstraraðili sér um sýninguna með opnun á laugar-
sína rétt eins og starfsmenn. Hópar sem fara inn í orku-
dögum og sunnudögum á tímabilinu júní – september.
verin skulu ekki vera stærri en 30 manns, allir klæðast
Á öðrum tímum er tekið á móti skipulögðum hópum.
sýnileikavesti og öryggishjálmi.
Fyrirtækið tekur einnig sjálft á móti gestum og þá þeim
eingöngu þeim sem eiga erindi inn í virkjanir fyrirtækisins,
eru í tengdri starfssemi, námsmenn og svo framvegis.
24
Fyrirtækið setur viðeigandi öryggiskröfur fyrir gesti
HS ORKA HF
STARFSMANNAFÉLAG
Aðalfundur Starfsmannafélags HS var haldinn 12. apríl
Jólabingó var haldið í desember og var ákveðið að
2013 og var Sigrún Guðmundsdóttir endurkjörin formað-
gefa ágóða af sölu bingóspjalda og happdrættis til góð-
ur. Aðrir stjórnarmenn eru Heiðar Rafn Sverrisson vara-
gerðamála. Fjöldamörg fyrirtæki gáfu vinninga og fór
formaður, Matthías Örn Friðriksson gjaldkeri, Sigurður
svo að vinningarnir voru langtum fleiri en bingóunnend-
Baldur Magnússon ritari og Skarphéðinn Rúnar Pétursson
ur. Allir fóru heim með vinning eftir kvöldið. Virkilega
meðstjórnandi. Varamenn eru Jóhann S. Sigurbergsson
ánægjuleg kvöldstund. Stjórnin ákvað að Velferðarsjóður
og Sigríður Jenný Svansdóttir.
Keflavíkurkirkju skyldi njóta afraksturs kvöldsins sem var
Á árinu voru haldnar nokkrar skemmtanir á vegum
kr. 76.500 og svo bætti félagið við peninginn svo að gjöfin
félagsins eins og venja er. Árshátíð félagsins var haldin
var kr. 100.000. Vonandi kemur þessi upphæð til með að
2. mars í Officeraklúbbnum á Keflavíkurflugvelli. Þátttaka
hjálpa fjölskyldum í neyð.
var mjög góð og veislustjórinn Örvar Þór Kristjánsson
Stjórn SFHS hlakkar til ársins 2014 og reiknar með að
sá um að halda veislugestum við efnið og fór á kostum.
það verði álíka viðburðaríkt og árið 2013. Það er gefandi
Skemmtiatriðin heppnuðust mjög vel.
þegar að vel tekst til. Við gætum þetta ekki nema með
Sumarið var boðið velkomið með fjölskyldudegi 8.
þátttöku og hjálp frá öllum félagsmönnum.
júní í Svartsengi í þokkalegu veðri og skemmtu allir sér
mjög vel. Hestar, sirkus og hoppukastali, andlitsmálning
og grillaðar pylsur.
Bústaðurinn okkar í Húsafelli var nýttur alla daga í
sumar. Lagfæringar og breytingar sem gerðar voru árinu
áður féllu félagsmönnum vel í geð. Umgengni hefur alltaf
verið mjög góð við bústaðinn en alltaf má gera betur.
Félagsmenn eru hvattir til að láta vita hvað þarf að gera
þar sem við erum öll eigendur að þessum bústað og hann
er okkar allra að halda við. Þó nýtingin hafi ekki verið
eins góð í vetur lofsama gestir dvölina og eiga þar góðar
stundir.
Góð grillveisla var haldin 14. september í Eldborg í
Svartsengi. Þar grilluðu starfsmenn og fjölskyldur þeirra
saman og dönsuðum við undirspil hljómsveitarinnar
„Hljómsveit Hússins” fram yfir miðnætti. Það var einróma
álit veislugesta að vel hafi tekist til og hljómsveitin hafi
haldið þeim allan tímann á dansgólfinu með fjörugum
lögum. Voru uppi óskir um að hafa sömu hljómsveit á
næstu árshátíð félagsins. Stjórnin tók tillit til þess þegar
næsta árshátíð var skipulögð.
Þetta árið var ákveðið að breyta út af venju og
bjóða félagsmönnum uppá villibráðarveislu í Restaurant
Lava Bláa Lóninu þann 9. nóvember í stað þess að fara
á jólahlaðborð eins og síðustu ár. Var góð þátttaka og
maturinn var hreint út sagt dásamlegur. Féll þessi tilbreyting mjög vel í fólk.
25
26
ÁRSREIKNINGUR
2013
27
ÁRSSKÝRSLA 2013
SKÝRSLA OG YFIRLÝSING
STJÓRNAR OG FRAMKVÆMDASTJÓRNAR
Ársreikningur HS Orku hf (félagið) fyrir árið 2013 er
könnuðu stjórnendur hvort vísbendingar væru um virðis-
gerður í samræmi við alþjóðlega reikningsskilastaðla (IFRS)
rýrnun miðað við 31. desember 2013 og var niðurstaða
eins og þeir hafa verið staðfestir af Evrópusambandinu og
stjórnenda að ekki væru til staðar vísbendingar um virð-
íslenskar kröfur um upplýsingagjöf.
isrýrnun.
Samkvæmt rekstrarreikningi og yfirliti um heildaraf-
Hluthafar voru tveir í lok árs, engin breyting varð á
komu námu rekstrartekjur félagsins árið 2013 7.031 millj.
fjölda hluthafa á árinu. Í árslok 2013 átti Magma Energy
kr. (2012: 6.881 millj. kr.) og tap ársins 2013 nam 355
Sweden A.B. 66,6% af hlutafé í HS Orku hf og Jarðvarmi
millj. kr. (2012: hagnaður 653 millj. kr.). Heildartap ársins
slhf 33,4%.
nam 434 millj. kr. (2012: heildarhagnaður 5.509 millj.
Stjórn félagsins leggur til að arður að fjárhæð 150
kr.). Samkvæmt efnahagsreikningi námu eignir félagins
millj. kr. (ISK 0,019 á hlut) verði greiddur til hluthafa á
44.873 millj. kr. í árslok 2013 (2012: 49.826 millj. kr.).
árinu 2014 en vísar að öðru leyti til ársreikningsins um
Eigið fé nam 26.021 millj. kr. í lok árs 2013 (2012: 26.605
jöfnun taps og aðrar breytingar á eigin fé félagsins á árinu.
millj. kr.) eða 58,0% af heildarfjármagni (2012: 53,4%).
Stjórn félagins hélt 12 fundi og endurskoðunarnefnd
Virkjanir félagsins voru endurmetnar til gangvirðis þann 31. desember 2012 með því að reikna núvirði
áætlaðs sjóðstreymis af rekstrarfjármununum. Í lok árs
28
hélt 5 fundi á árinu 2013.
HS ORKA HF
YFIRLÝSING UM STJÓRNARHÆTTI
Stjórn HS Orku hf leggur áherslu á að viðhalda góðum
YFIRLÝSING STJÓRNAR
OG FRAMKVÆMDASTJÓRNAR
Það er álit stjórnar að framkvæmd
Samkvæmt bestu vitneskju stjórnar og fram-
góðra stjórnarhátta sé nauðsynleg tilveru félagsins og
kvæmdastjórnar er ársreikningur félagsins í samræmi
gæti best hagsmuna hluthafa, starfsmanna og annarra
við alþjóðlega reikningsskilastaðla eins og þeir hafa verið
hagsmunaaðila og muni til langs tíma litið skapa viðun-
staðfestir af Evrópusambandinu og er það álit stjórnar
andi hagnað af fjárfestingu hluthafa. Grundvöllur góðra
og framkvæmdastjórnar að ársreikningurinn gefi glögga
stjórnarhátta byggir á 66. gr. C í lögum nr. 3/2006, um
mynd af eignum, skuldum og fjárhagsstöðu 31. desember
ársreikninga, með síðari breytingum. Þessi yfirlýsing
2013 og rekstrarafkomu félagsins og breytingu á hand-
hefur verið staðfest af stjórn og er einnig birt í ársskýrslu
bæru fé á árinu 2013.
stjórnarháttum.
félagsins. Yfirlýsing þessi nær yfir fjárhagsárið sem lauk
þann 31. desember 2013. Stjórn félagsins hefur útbúið
Jafnframt er það álit stjórnar og framkvæmdastjórn-
stjórnarháttayfirlýsingu í samræmi við leiðbeiningar um
ar að ársreikningurinn og skýrsla stjórnar geymi glöggt
stjórnarhætti sem lýst er í stjórnarháttayfirlýsingu í við-
yfirlit um þróun og árangur í rekstri félagsins, stöðu þess
auka við ársreikninginn.
og lýsi helstu áhættuþáttum og óvissu sem félagið býr við.
Það er mat stjórnar að HS Orka hf starfi í samræmi við
leiðbeiningar um stjórnarhætti.
Stjórn og framkvæmdastjórn HS Orku hf hafa í dag
rætt ársreikning félagsins fyrir árið 2013 og staðfest hann
með undirritun sinni. Stjórn og framkvæmdastjórn munu
leggja ársreikninginn fram til samþykktar á aðalfundi
félagsins þann 26. mars 2014.
Reykjanesbæ, 25. febrúar 2014.
STJÓRN:
Ross Beaty, formaður
Gylfi Árnason
John Carson
Anna Skúladóttir
Lynda Freeman
Ásgeir Margeirsson, forstjóri
Albert Albertsson, aðstoðarforstjóri
29
ÁRSSKÝRSLA 2013
ÁRITUN ÓHÁÐS ENDURSKOÐANDA
Til stjórnar og hluthafa í HS Orku hf
skoðandans, þar með talið á þeirri hættu að verulegir
Við höfum endurskoðað meðfylgjandi ársreikning HS
annmarkar séu á ársreikningnum, hvort sem er vegna
Orku hf fyrir árið 2013. Ársreikningurinn hefur að geyma
sviksemi eða mistaka. Við áhættumatið er tekið tillit til
skýrslu stjórnar, rekstrarreikning og yfirlit um heildaraf-
þess innra eftirlits sem varðar gerð og glögga framsetn-
komu, efnahagsreikning, eiginfjáryfirlit, sjóðstreymisyfir-
ingu ársreiknings, til þess að skipuleggja viðeigandi endur-
lit, upplýsingar um helstu reikningsskilaaðferðir og aðrar
skoðunaraðgerðir, en ekki til þess að gefa álit á virkni
skýringar.
innra eftirlits félagsins. Endurskoðun felur einnig í sér mat
á því hvort reikningsskilaaðferðir og reikningshaldslegt
ÁBYRGÐ STJÓRNENDA
Á ÁRSREIKNINGNUM
mat sem stjórnendur nota við gerð ársreikningsins séu
viðeigandi sem og mat á framsetningu hans í heild.
Stjórnendur eru ábyrgir fyrir gerð og glöggri framsetningu ársreikningsins í samræmi við alþjóðlega
reikningsskilastaðla eins og þeir hafa verið staðfestir af
Við teljum að við endurskoðunina höfum við aflað
nægilegra og viðeigandi gagna til að byggja álit okkar á.
Evrópusambandinu. Stjórnendur eru einnig ábyrgir fyrir
því innra eftirliti sem þeir telja nauðsynlegt til að gera
ÁLIT
Það er álit okkar að ársreikningurinn gefi glögga mynd
þeim kleift að setja fram ársreikning sem er án verulegra
annmarka, hvort sem er vegna sviksemi eða mistaka.
af afkomu félagsins á árinu 2013, fjárhagsstöðu þess 31.
desember 2013 og breytingu á handbæru fé á árinu 2013,
ÁBYRGÐ ENDURSKOÐANDA
í samræmi við alþjóðlega reikningsskilastaðla eins og þeir
Ábyrgð okkar felst í því áliti sem við látum í ljós
hafa verið staðfestir af Evrópusambandinu.
á ársreikningnum á grundvelli endurskoðunarinnar. Endurskoðað var í samræmi við alþjóðlega endurskoðunarstaðla. Samkvæmt þeim ber okkur að fara eftir
YFIRLÝSING STJÓRNAR
VIÐ ÁRSREIKNINGINN
settum siðareglum og skipuleggja og haga endurskoðun-
Í samræmi við ákvæði 2. mgr. 104 gr. laga nr. 3/2006
inni þannig að nægjanleg vissa fáist um hvort ársreikn-
um ársreikninga staðfestum við samkvæmt okkar bestu
ingurinn sé án verulegra annmarka.
vitund að í skýrslu stjórnar sem fylgir ársreikningi þessum eru veittar þær upplýsingar sem þar ber að veita í
Endurskoðun felur í sér aðgerðir til staðfestingar á
fjárhæðum og öðrum upplýsingum í ársreikningnum. Val
samræmi við lög um ársreikninga og koma ekki fram í
skýringum.
endurskoðunaraðgerða byggist á faglegu mati endur-
Reykjanesbæ, 25. febrúar 2014.
KPMG hf
Sæmundur Valdimarsson
30
Margrét G. Flóvenz
HS ORKA HF
REKSTRARREIKNINGUR OG YFIRLIT
UM HEILDARAFKOMU FYRIR ÁRIÐ 2013
Skýr. 2013 2012
Rekstrartekjur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.031.390 6.880.577
Framleiðslukostnaður og kostnaðarverð sölu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 ( 5.312.588) ( 4.525.984)
Vergur hagnaður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.718.802 2.354.593
Annar rekstrarkostnaður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 (
437.192) (
433.179)
Rekstrarhagnaður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.281.610 1.921.414
Fjármunatekjur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.962.236 326.655
Fjármagnsgjöld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
501.418) ( 1.424.188)
Gangvirðisbreytingar skiptasamninga . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 463.357 ( 20.018
)
Gangvirðisbreytingar innbyggðra afleiða . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 ( 4.138.090) (
200.736)
Hreinn fjármagnskostnaður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 ( 2.213.915) ( 1.318.287)
Hlutdeild í afkomu hlutdeildarfélaga . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 390.765 170.274
(Tap) hagnaður fyrir tekjuskatt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 541.540
) 773.401
Tekjuskattur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 186.461 ( 120.625
)
(Tap) hagnaður ársins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 355.079
) 652.776
ÖNNUR HEILDARAFKOMA
LIÐIR SEM EKKI VERÐA ENDURFLOKKAÐIR Í REKSTRARREIKNING
Endurmat rekstrarfjármuna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Matsbreyting lífeyrisskuldbindingar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 (
Tekjuskattur af liðum sem ekki verða endurflokkaðir í rekstrarreikning . . . . . . . . . 0 6.090.242
37.765) (
66.072)
7.553 (1.204.835
)
( 30.212
)4.819.335
LIÐIR SEM KUNNA AÐ VERÐA ENDURFLOKKAÐIR Í REKSTRARREIKNING
Þýðingarmunur hlutdeildarfélaga . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 48.528
)
36.923
Önnur heildarafkoma, eftir tekjuskatt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 78.740
)4.856.259
Heildarhagnaður (-tap) ársins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 433.819
)5.509.035
(TAP) HAGNAÐUR Á HLUT
(Grunntap) -hagnaður og þynnt (tap) hagnaður á hlut . . . . . . . . . . . . . . . . . . . . . . . . 25(
0,05
)
0,08
Skýringar á blaðsíðum 36 til 76 eru óaðskiljanlegur hluti ársreikningsins. Fjárhæðir eru í þúsundum króna.
31
ÁRSSKÝRSLA 2013
EFNAHAGSREIKNINGUR 31. DESEMBER 2013
Skýr.
2013 2012
EIGNIR
Rekstrarfjármunir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1231.422.09731.494.192
Rekstrarfjármunir í byggingu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133.841.191 3.664.287
Óefnislegar eignir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141.050.738 990.063
Eignarhlutir í hlutdeildarfélögum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 863.619 740.937
Eignarhlutir í öðrum félögum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
27.075 27.075
Skuldabréfaeign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 313.586 363.028
Innbyggðar afleiður í raforkusölusamningum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 260.580 4.071.213
Fyrirframgreidd leiga og nýtingarréttur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 492.449 475.166
Langtímakröfur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 331.364 289.646
Fastafjármunir samtals38.602.699 42.115.607
Rekstrarvörubirgðir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 414.388 414.088
Skuldabréfaeign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
81.532 78.740
Viðskiptakröfur og aðrar skammtímakröfur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211.003.885 1.234.576
Innbyggðar afleiður í raforkusölusamningum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Skammtímafjárfestingar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 357.020 565.800
Handbært fé . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234.413.403 5.227.728
0 189.458
Veltufjármunir samtals 6.270.228 7.710.390
Eignir samtals44.872.927 49.825.997
EIGIÐ FÉ
Hlutafé. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.841.124 7.841.124
Yfirverðsreikningur hlutafjár . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.038.855 7.038.855
Þýðingarmunur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285.937 334.465
Endurmatsreikningur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.142.790 6.443.110
Óráðstafað eigið fé . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.712.178 4.947.149
Eigið fé samtals
2426.020.884 26.604.703
Vaxtaberandi skuldir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2612.299.097 16.007.219
SKULDIR
Lífeyrisskuldbinding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 271.792.000 1.726.700
Tekjuskattsskuldbinding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 631.964 825.978
Gjaldmiðla- og vaxtaskiptasamningar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 263.495 677.508
Langtímaskuldir samtals14.986.556 19.237.405
Vaxtaberandi skuldir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Viðskiptaskuldir og aðrar skammtímaskuldir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291.094.759 1.142.086
Innbyggðar afleiður í raforkusölusamningum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 137.999 Gjaldmiðla- og vaxtaskiptasamningar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 411.120 460.469
0
Skammtímaskuldir samtals 3.865.487 3.983.889
Skuldir samtals18.852.043 23.221.294
Eigið fé og skuldir samtals44.872.927 49.825.997
Skýringar á blaðsíðum 36 til 76 eru óaðskiljanlegur hluti ársreikningsins. Fjárhæðir eru í þúsundum króna.
32
262.221.609 2.381.334
HS ORKA HF
EIGINFJÁRYFIRLIT ÁRIÐ 2013
Yfirverðs
Hlutafé
reikningur Þýðingar-Endurmats- Óráðstafað
hlutafjár
munur
reikningur
eigið fé
Samtals
2012
Eigið fé 1. janúar 2012 . . . . . . . . . . . . . . 6.962.919 3.218.660 297.542 1.647.187 4.270.960 16.397.268
Hagnaður ársins . . . . . . . . . . . . . . . . . . . 652.776 652.776
Önnur heildarafkoma . . . . . . . . . . . . . . . 36.923 4.872.194 ( 52.858
)4.856.259
Heildarhagnaður ársins . . . . . . . . . . . . . 36.923 4.872.194 599.918 5.509.034
Endurmatsreikningur færður á
óráðstafað eigið fé . . . . . . . . . . . . . . . . . ( 76.271
)
76.271 0
Hlutafjáraukning . . . . . . . . . . . . . . . . . . . 878.205 3.820.195 4.698.401
Eigið fé 31. desember 2012 . . . . . . . . . 7.841.124 7.038.855 334.465 6.443.110 4.947.149 26.604.703
2013
Eigið fé 1. janúar 2012 . . . . . . . . . . . . . . 7.841.124 7.038.855 334.465 6.443.110 4.947.149 26.604.703
Tap ársins . . . . . . . . . . . . . . . . . . . . . . . . . ( 355.079
)( 355.079
)
Önnur heildarafkoma . . . . . . . . . . . . . . . ( 48.528
)( 30.212
)( 78.740
)
Heildartap ársins . . . . . . . . . . . . . . . . . . . ( 48.528
)( 385.291
)( 433.819
)
Endurmatsreikningur færður á
óráðstafað eigið fé . . . . . . . . . . . . . . . . ( 300.320
) 300.320 0
Greiddur arður, 0,02 kr. á hlut . . . . . . . . ( 150.000
)( 150.000
)
Eigið fé 31. desember 2013 . . . . . . . . . 7.841.124 7.038.855 285.937 6.142.790 4.712.178 26.020.884
Skýringar á blaðsíðum 36 til 76 eru óaðskiljanlegur hluti ársreikningsins. Fjárhæðir eru í þúsundum króna.
33
ÁRSSKÝRSLA 2013
SJÓÐSTREYMISYFIRLIT ÁRIÐ 2013
Skýr.
2013 2012
REKSTRARHREYFINGAR
(Tap) hagnaður ársins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 355.079
) 652.776
Rekstrarliðir sem hafa ekki áhrif á fjárstreymi:
(Hagnaður) -tap af sölu rekstrarfjármuna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hækkun lífeyrisskuldbindingar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
16 (
27.535 5.203
)
84.128
Afskriftir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.321.444 1.001.834
Hrein fjármagnsgjöld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 2.213.915 1.318.287
Hlutdeild í hagnaði hlutdeildarfélaga . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 (
390.765) (
170.274)
Tekjuskattur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 (
186.461)
120.625
2.630.605 3.002.173
Birgðir, hækkun . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
Skammtímakröfur, lækkun (hækkun) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242.313 ( 150.918
)
Skammtímaskuldir, (lækkun) hækkun . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 12.478
)
300) (
45.702)
45.638
Handbært fé frá rekstri fyrir vexti og skatta 2.860.140 2.851.191
Innheimtar vaxtatekjur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233.150 185.976
Greidd vaxtagjöld og verðtrygging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
442.597) (
460.978)
Handbært fé frá rekstri 2.650.693 2.576.189
FJÁRFESTINGARHREYFINGAR
Fjárfesting í rekstrarfjármunum og rekstrarfjármunum í byggingu . . . . . . . . . . . . . ( 1.412.756) (
Greiðslur vegna rekstrarfjármuna sem aflað var á fyrra ári . . . . . . . . . . . . . . . . . . . Söluverð seldra rekstrarfjármuna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 706.634)
0 ( 174.394
)
950 6.393
Fjárfesting í óefnislegum eignum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
75.136) (
24.177)
Fjárfesting í hlutdeildarfélögum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
25.000) (
43.638)
Söluverð eignarhluta í hlutdeildarfélögum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.457 0
Móttekinn arður frá hlutdeildarfélögum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217.099 161.802
Sala (kaup) skammtímafjárfestinga . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232.411 ( 550.000
)
Afborganir skuldabréfaeignar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fjárfestingarhreyfingar (
Skýringar á blaðsíðum 36 til 76 eru óaðskiljanlegur hluti ársreikningsins. Fjárhæðir eru í þúsundum króna.
34
82.562 78.514
952.413) ( 1.252.134)
HS ORKA HF
SJÓÐSTREYMISYFIRLIT ÁRIÐ 2013, FRAMHALD
Skýr.
2013 2012
FJÁRMÖGNUNARHREYFINGAR
Hlutafjáraukning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 4.698.401
Greiddur arður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 150.000
)
0
Afborganir langtímalána . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 2.266.454) ( 2.149.166)
Fjármögnunarhreyfingar(2.416.454
)2.549.235
(Lækkun) hækkun á handbæru fé . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 718.174
)3.873.290
Handbært fé í ársbyrjun . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.227.728 1.304.714
Áhrif gengisbreytinga á handbært fé . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 96.151
)
49.724
Handbært fé í árslok . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.413.403 5.227.728
FJÁRFESTINGAR- OG FJÁRMÖGNUNARHREYFINGAR ÁN GREIÐSLUÁHRIFA
Arður frá hlutdeildarfélagi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 Skammtímakröfur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 (
18.502
Kaup á hlutum í hlutdeildarfélagi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 ( 14.801
)
3.701
)
Skýringar á blaðsíðum 36 til 76 eru óaðskiljanlegur hluti ársreikningsins. Fjárhæðir eru í þúsundum króna.
35
ÁRSSKÝRSLA 2013
SKÝRINGAR
1.FÉLAGIÐ
HS Orka hf („félagið“) er íslenskt hlutafélag. Lögheimili þess er að Brekkustíg 36, Reykjanesbæ. Félagið annast framleiðslu og
sölu á raforku og heitu vatni til upphitunar. Félagið er dótturfélag Magma Energy Sweden AB. Ársreikningur félagsins er hluti af
samstæðureikningi móðurfélagsins Alterra Power Corp. sem er með höfuðstöðvar í Kanada.
Ársreikningur félagsins hefur að geyma ársreikning félagsins ásamt hlutdeild í afkomu hlutdeildarfélaga sem færð eru samkvæmt hlutdeildaraðferð.
2. GRUNDVÖLLUR REIKNINGSSKILANNA
a. Yfirlýsing um að alþjóðlegum reikningsskilastöðlum sé fylgt
Ársreikningur félagsins er gerður í samræmi við alþjóðlega reikningsskilastaðla (IFRS) eins og þeir hafa verið staðfestir af
Stjórn félagsins heimilaði birtingu ársreikningsins þann 25. febrúar 2014.
b.Matsaðferðir
Reikningsskil félagsins byggja á kostnaðarverði, að undanskildum eftirfarandi mikilvægum liðum í efnahagsreikningi:
- meirihluti rekstrarfjármuna er færður á endurmetnu kostnaðarverði, sem var gangvirði þeirra á endurmatsdegi
- afleiðusamningar eru metnir á gangvirði (gjaldmiðla- og vaxtaskiptasamningur)
- innbyggðar afleiður í raforkusölusamningum eru metnar á gangvirði
- lífeyrisskuldbinding er metin sem núvirði framtíðar lífeyrisskuldbindinga
- fjármálagerningar á gangvirði gegnum rekstrarreikning eru metnir á gangvirði (hlutabréf og skuldabréf)
Evrópusambandinu og viðbótarkröfur um upplýsingar samkvæmt lögum nr. 3/2006 um ársreikninga.
c. Starfrækslu- og framsetningargjaldmiðill
Ársreikningur félagsins er birtur í íslenskum krónum, sem er starfrækslugjaldmiðill félagsins. Allar fjárhæðir eru birtar í þúsundum króna nema annað sé tekið fram.
d. Mat og ályktanir við beitingu reikningsskilaaðferða
Gerð ársreiknings í samræmi við alþjóðlega reikningsskilastaða krefst þess að stjórnendur taki ákvarðanir, framkvæmi mat og
gefi sér forsendur sem hafa áhrif á beitingu reikningsskilaaðferða og birtar fjárhæðir eigna, skulda, tekna og gjalda. Endanlegar
niðurstöður í framtíðinni kunna að vera frábrugðnar núverandi mati og forsendum og kunna að hafa veruleg áhrif á sögulega
reynslu félagsins og aðrar staðreyndir og kringumstæður. Endurskoðun mats og áhrif þess á bókfært verð eigna og skulda félagsins eru færð framvirkt.
Endanlegar niðurstöður í framtíðinni kunna að vera frábrugðnar núverandi mati og forsendum og kunna að hafa veruleg áhrif á
sögulega reynslu félagsins og aðrar staðreyndir og kringumstæður.
Upplýsingar um mikilvæg atriði, þar sem mikilvægi ákvarðana við beitingu reikningsskilaaðferða hefur mest áhrif á skráðar
fjárhæðir í reikningsskilunum, er að finna í eftirfarandi skýringum:
Fjárhæðir eru í þúsundum króna.
36
HS ORKA HF
2. GRUNDVÖLLUR REIKNINGSSKILANNA, FRAMHALD:
d.
Mat og ályktanir við beitingu reikningsskilaaðferða, framhald
-
Skýring 11 - tekjuskattur
-
Skýring 12 - afskriftir rekstrarfjármuna
-
Skýringar 13 og 14 - virðisrýrnun jarðhitaþróunareigna og eigna í byggingu
-
Skýring 18 og 30 - gangvirði innbyggða afleiða í raforkusölusamningum
-
Skýring 27 - lífeyrisskuldbinding
-
Skýring 28 - gjaldmiðla- og vaxtaskiptasamningar
Upplýsingar um forsendur og mat þar sem umtalsverð hætta er á að verulegar breytingar verði á næsta fjárhagsári er að finna
í eftirfarandi skýringum:
-
Skýring 12 - rekstarfjármunir
-
Skýring 13 - rekstrarfjármunir í byggingu
-
Skýring 14 - óefnislegar eignir
-
Skýring 17 - skuldabréfaeign
-
Skýringar 18 og 30 - ganvirði innbyggða afleiða í raforkusölusamningum
-
Skýring 19 - skatteign (tekjuskattsskuldbinding)
-
Skýring 27 - lífeyrisskuldbinding
-
Skýring 28 - gjaldmiðla- og vaxtaskiptasamningar
e. Mat gangvirðis
Nokkrar reikningsskilaaðferðir og skýringar félagsins krefjast ákvörðunar á gangvirði, bæði vegna fjármálagerninga og annarra
eigna og skulda.
Félagið hefur komið upp eftirlitskerfi vegna ákvörðunar á gangvirði. Í skipulaginu felst að starfsmenn fjármálasviðs bera alhliða
ábyrgð á umsjón með öllum mikilvægum ákvörðunum á gangvirði, þ.m.t. 3. stigs gangvirði, ásamt beinni skýrslugjöf til fjármálastjóra.
Fjármálasvið fer reglulega yfir mikilvægar ósannreynanlegar upplýsingar og matsbreytingar. Ef upplýsingar frá þriðja aðila, s.s.
verð frá verðbréfamiðlara eða verðmatsþjónustu, er notað til að ákvarða gangvirði þá leggja starfsmenn fjármálasviðs mat á þau
gögn sem aflað er frá þriðja aðila til að styðja við þá niðurstöðu að slíkt mat sé í samræmi við kröfur alþjóðlegra reikningsskilastaðla, þ.m.t. það stig í gangvirðisstigakerfinu sem slík möt flokkast undir.
Mikilvæg matsatriði eru tilkynnt til endurskoðunarnefndar félagsins.
Fjárhæðir eru í þúsundum króna.
37
ÁRSSKÝRSLA 2013
2. GRUNDVÖLLUR REIKNINGSSKILANNA, FRAMHALD:
e. Mat gangvirðis, framhald:
Við ákvörðun gangvirðis eigna eða skulda notar félagið markaðsupplýsingar að eins miklu leyti og hægt er. Gagnvirðið er flokkað
í mismunandi stig eftir stigskiptu kerfi á grundvelli þeirra upplýsinga sem notaðar eru í matsaðferðum sem hér segir:
Stig 1: Skráð verð (óbreytt) á virkum markaði fyrir samskonar eignir og skuldir.
Stig 2: Önnur verð en skráð verð samkvæmt 1. stigi sem hægt er að greina fyrir viðkomandi eign eða skuld,
ýmist beint (verð) eða óbeint (afleitt af verði).
Stig 3: Verðgildi fyrir eign eða skuld sem ekki byggir á fáanlegum markaðsupplýsingum (ófáanleg gildi).
Ef þau gildi sem notuð eru við ákvörðun gangvirðis eignar eða skuldar flokkast í mismunandi stig í stigakerfinu er ákvörðun
gangvirðis öll flokkuð á sama stigi og lægsta verulega gildi matsins í heild.
Félagið gerir tilfærslur á milli stiga í stigakerfinu í lok þess reikningstímabils sem breytingin átti sér stað.
Nánari upplýsingar um forsendurnar sem notaðar eru við ákvörðun gangvirðis er að finna í eftirfarandi skýringum:
-
Skýring 12 - rekstrarfjármunir
-
Skýring 17 - skuldabréfaeign
-
Skýring 18 - innbyggðar afleiður í raforkusölusamningum
-
Skýring 28 - gjaldmiðla- og vaxtaskiptasamningar
-
Skýring 30 - fjármálagerningar
3. MIKILVÆGAR REIKNINGSSKILAAÐFERÐIR
Fyrir utan það sem fram kemur hér að neðan hefur reikningsskilaaðferðum sem lýst er í þessari skýringu hefur verið beitt með
samræmdum hætti á öllum þeim tímabilum sem birt eru í ársreikningnum.
Breytingar á reikningsskilaaðferðum
Félagið hefur innleitt alla alþjóðlega reikningsskilastaðla og breytingar á stöðlum sem samþykktir hafa verið af Evrópusambandinu,
og gilda fyrir reikningsárið sem hófst 1. janúar 2013. Af þessum stöðlum höfðu eftirfarandi áhrif á ársreikninginn.
-
IFRS 13, Mat á gangvirði
-
IAS 19 Starfskjör
-
Framsetning liða í annarri heildarafkomu (breytingar á IAS 1)
i) IFRS 13
IFRS 13 setti einn heildstæðan ramma um mat á gangvirði og um upplýsingagjöf um mat á gangvirði þegar slíks mats er krafist
eða það heimilað samkvæmt öðrum alþjóðlegum reikningsskilastöðlum. Staðallinn samræmir skilgreiningu á gangvirði sem það
verð sem fengist við sölu eignar eða yrði greitt við yfirfærslu skuldar í hefðbundnum viðskiptum milli markaðsaðila á matsdegi.
Staðallinn tekur jafnframt yfir og útvíkkar kröfur um upplýsingagjöf vegna mats á gangvirði í öðrum stöðlum, þar með töldum
IFRS 7, Fjármálagerningar: skýringar.
Félagið hefur sett fram skýringar vegna þessa.
Í samræmi við innleiðingarákvæði IFRS 13 hefur félagið beitt leiðbeiningunum um mat á gangvirði framvirkt og hefur ekki birt
samanburðarfjárhæðir vegna nýrra skýringa. Innleiðing staðalsins hafði engin áhrif á mat eigna og skulda félagsins.
Fjárhæðir eru í þúsundum króna.
38
HS ORKA HF
3. MIKILVÆGAR REIKNINGSSKILAAÐFERÐIR, FRAMHALD:
Breytingar á reikningsskilaaðferðum, framhald
ii) IAS 19
Vegna IAS 19 (2011) hefur félagið breytt reikningsskilareglum sínum um framsetningu tekna og gjalda sem tengjast réttindatengdum lífeyriskerfum.
Samkvæmt IAS 19 (2011) er þess krafist að tryggingafræðilegur hagnaður og tap sé fært meðal annarrar heildarafkomu.
Samburðarfjárhæðum hefur verið breytt til samræmis við hina nýju reikningsskilaaðferð. Áhrif breytingarinnar voru þau að
framleiðslukostnaður og kostnaðarverð sölu árið 2012 lækkaði um 66 millj. kr. og gjaldfærður tekjuskattur hækkaði um 13 millj.
kr. Af því leiðir að önnur heildarafkoma árið 2012 lækkaði um 53 millj. kr.
iii) Framsetning liða meðal annarrar heildarafkomu
Vegna þeirra breytinga sem gerðar voru á IAS 1 hefur félagið breytt framsetningu liða í annarri heildarafkomu í rekstrarreikningi
og yfirliti um aðra heildarafkomu með því að sérgreina þá liði sem yrðu endurflokkaðir í rekstrarreikning á síðari tímabilum frá
þeim liðum sem aldrei verða endurflokkaðir í rekstrarreikning. Samanburðarfjárhæðir eru flokkaðar með sama hætti.
Innleiðing breytinga á IAS 1 hafði engin áhrif á eignir, skuldir eða heildarafkomu félagsins.
a. Fjárfestingar í hlutdeildarfélögum
Hlutdeildarfélög eru þau félög sem félagið hefur veruleg áhrif á fjárhags- og rekstrarstefnu, en ekki yfirráð yfir rekstrar- og
fjárhagsstefnu félagsins. Veruleg áhrif eru alla jafna til staðar þegar félagið ræður yfir 20-50% atkvæðisréttar í öðru félagi.
Hlutdeildarfélög eru færð í ársreikning félagsins með hlutdeildaraðferð og er eignarhluturinn upphaflega færður á kostnaðarverði að viðbættum viðskiptakostnaði.
Ársreikningur félagsins inniheldur hlutdeild í hagnaði eða tapi og eiginfjárhreyfingum hlutdeildarfélaga, eftir að reikningsskilaaðferðir hlutdeildarfélagsins hafa verið samræmdar reikningsskilaaðferðum félagsins. Hlutdeildaraðferðinni er beitt frá því að
veruleg áhrif nást og þar til þeim lýkur.
Verði hlutdeild félagsins í tapi meiri en bókfært verð hlutdeildarfélagsins, að meðtöldum langtímafjárfestingum, er bókfærða
verðið fært í núll og færslu frekara taps er hætt nema félagið hafi gengist í ábyrgðir fyrir þessi félög eða innt af hendi greiðslur
vegna þeirra.
Óinnleystur hagnaður sem hefur myndast í viðskiptum við hlutdeildarfélög er færður til lækkunar á bókfærðu verði þessara
félaga í samræmi við eignarhlut félagsins í félögunum. Óinnleyst tap er fært út með sama hætti og óinnleystur hagnaður, en
aðeins að því marki að ekkert bendi til virðisrýrnunar.
Fjárhæðir eru í þúsundum króna.
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3. MIKILVÆGAR REIKNINGSSKILAAÐFERÐIR, FRAMHALD:
b. Erlendir gjaldmiðlar
Viðskipti í erlendum gjaldmiðlum eru færð í starfrækslugjaldmiðil félagsins á gengi viðskiptadags. Peningalegar eignir og skuldir
(i) Viðskipti í erlendum gjaldmiðlum
í erlendum gjaldmiðlum eru færðar miðað við gengi á uppgjörsdegi. Gengismunur sem myndast vegna peningalegra eigna og
skulda er sá mismunur sem myndast á milli afskrifaðs kostnaðarverðs í starfrækslugjaldmiðli í upphafi tímabilsins, að teknu tilliti
til virkra vaxta og greiðslna á tímabilinu, og afskrifaðs kostnaðarverðs í erlendum gjaldmiðli miðað við gengi sem var í gildi í lok
reikningsársins. Ópeningalegar eignir og skuldir, sem metnar eru á gangvirði í erlendri mynt, eru færðar á því gengi sem var í
gildi þegar gangvirði þeirra var ákvarðað. Gengismunur er færður meðal fjármunatekna og fjármagnsgjalda í rekstrarreikningi.
Ópeningalegar eignir og skuldir sem metnar eru á grundvelli kostnaðarverðs í erlendri mynt eru færðar á því gengi sem í gildi
var á viðskiptadegi.
c.Fjármálagerningar
(i) Fjáreignir aðrar en afleiðusamningar
Lán, kröfur og bankainnstæður eru færðar til bókar á þeim degi sem til þeirra er stofnað. Allar aðrar fjáreignir, þ.m.t. fjáreignir
metnar á gangvirði gegnum rekstrarreikning, eru upphaflega færðar á þeim degi sem félagið gerist aðili að samningsbundnum
ákvæðum fjármálagerningsins.
Fjáreignir eru afskráðar ef samningsbundinn réttur félagsins að sjóðstreymi fjáreignanna rennur út eða ef félagið framselur rétt
til sjóðstreymis af eigninni til annars aðila án þess að halda eftir yfirráðum eða því sem næst allri þeirri áhættu og ávinningi sem
í eignarhaldinu felst. Sá hluti framseldra fjáreigna sem stofnað er til eða haldið er eftir af félaginu er færður sem sérstök eign
eða skuld.
Fjáreignum og fjárskuldum er jafnað saman og hrein fjárhæð færð í efnahagsreikning þegar og aðeins þegar lagalegur réttur
félagsins er til staðar um jöfnun og fyrirhugað er að gera upp með jöfnun fjáreigna og fjárskulda eða að innleysa eignina og gera
upp skuldina á sama tíma.
Félagið flokkar fjáreignir aðrar en afleiðusamninga í eftirfarandi flokka: fjáreignir á gangvirði gegnum rekstrarreikning og lán og
kröfur.
Fjáreignir á gangvirði gegnum rekstrarreikning
Fjáreignir eru flokkaðar á gangvirði gegnum rekstrarreikning séu þær veltufjáreign eða ef þær eru tilgreindar á gangvirði gegnum rekstrarreikning við upphaflega skráningu í bókhald. Fjáreignir eru tilgreindar á gangvirði gegnum rekstrarreikning (a) ef
slíkar fjáreignir eyða eða minnka verulega áhættuna á ósamræmi í reikningsskilunum, (b) ef ákvarðanir félagsins um kaup og sölu
byggjast á gangvirði þeirra í samræmi við skrásetta áhættustýringu félagsins eða fjárfestingastefnu og (c) fjáreignin inniheldur
eina eða fleiri innbyggðar afleiður. Við upphaflega skráningu er beinn viðskiptakostnaður færður í rekstrarreikning þegar hann
fellur til. Fjáreignir á gangvirði gegnum rekstrarreikning eru færðar á gangvirði í efnahagsreikning og gangvirðisbreytingar eru
færðar í rekstrarreikning.
Fjáreignir á gangvirði gegnum rekstrarreikning eru eignarhlutir í öðrum félögum, skuldabréfaeign og skammtímafjárfestingar.
Fjárhæðir eru í þúsundum króna.
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3. MIKILVÆGAR REIKNINGSSKILAAÐFERÐIR, FRAMHALD:
c. Fjármálagerningar, framhald:
Lán og kröfur
Lán og kröfur eru fjáreignir með föstum eða ákvarðanlegum greiðslum, sem ekki eru skráðar á virkum markaði. Slíkar eignir
eru upphaflega færðar á gangvirði að viðbættum öllum tengdum viðskiptakostnaði. Eftir upphaflega skráningu eru lán og kröfur
metin á afskrifuðu kostnaðarverði miðað við virka vexti, að frádreginni virðisrýrnun þegar við á.
Lán og kröfur samanstanda af handbæru fé og viðskiptakröfum og öðrum skammtímakröfum.
Til handbærs fjár telst sjóður og óbundnar bankainnistæður sem eru til ráðstöfunar innan þriggja mánaða.
(ii) Fjárskuldir aðrar en afleiðusamningar
Skuldabréf eru upphaflega bókfærð á þeim degi sem til þeirra er stofnað. Allar aðrar fjárskuldir eru upphaflega færðar á þeim
viðskiptadegi þegar félagið gerist aðili að samningsbundnum ákvæðum fjármálagerningsins.
Félagið afskráir fjárskuld þegar samningsbundnum skyldum vegna skuldagerningsins er lokið, þær felldar niður eða falla úr gildi.
Fjáreignum og fjárskuldum er jafnað saman og hrein fjárhæð færð í efnahagsreikning þegar og aðeins þegar lagalegur réttur
félagsins er til staðar um jöfnun og fyrirhugað er annaðhvort að gera upp með jöfnun fjáreigna og fjárskulda eða innleysa eignina
og gera upp skuldina á sama tíma.
Félagið flokkar fjárskuldir aðrar en afleiðusamninga sem aðrar fjárskuldir. Slíkar skuldir eru upphaflega færðar á gangvirði að
viðbættum tengdum viðskiptakostnaði. Eftir upphaflega skráningu eru þessar fjárskuldir metnar á afskrifuðu kostnaðarverði
miðað við virka vexti.
Til fjárskulda félagsins annarra en afleiðusamninga teljast lántökur, viðskiptaskuldir og aðrar skammtímaskuldir.
(iii) Afleiðusamningar
Afleiðusamningar eru upphaflega færðir á gangvirði. Beinn viðskiptakostnaður vegna þeirra er færður í rekstrarreikning eftir því
sem hann fellur til. Eftir upphaflega skráningu eru afleiðusamningar (að meðtöldum innbyggðum afleiðum) færðir á gangvirði í
efnahagsreikning og gangvirðisbreytingar færðar í rekstrarreikning meðal fjármunastekna og fjármagnsgjalda.
Aðskiljanlegar innbyggðar afleiður
Innbyggðar afleiður eru aðskildar frá grunnsamningum og færðar sérstaklega þegar efnahagsleg einkenni og áhætta grunnsamnings og innbyggðrar afleiðu eru ekki nátengd, annar gerningur með sömu ákvæði og innbyggða afleiðan væri skilgreindur
sem afleiðusamningur og blandaði gerningurinn er ekki metinn á gangvirði gegnum rekstrarreikning.
HS Orka hefur gert tvo langtímasamninga um sölu á raforku sem fela í sér innbyggðar afleiður. Tekjur af þessum samningum
tengjast beint breytingum framtíðarverðs áls.
(iv) Hlutafé
Almennir hlutir
Beinn kostnaður við útgáfu almenna hluta er færður til lækkunar á eigin fé að frádregnum tekjuskattsáhrifum.
Fjárhæðir eru í þúsundum króna.
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ÁRSSKÝRSLA 2013
3. MIKILVÆGAR REIKNINGSSKILAAÐFERÐIR, FRAMHALD:
d.Rekstrarfjármunir
Rekstrarfjármunir eru færðir til eignar á kostnaðarverði eða endurmetnu kostnaðarverði, að frádregnum uppsöfnuðum afskrift-
(i) Færsla og mat
um og virðisrýrnun.
Kostnaðarverð samanstendur af beinum kostnaði sem fellur til við kaupin. Kostnaðarverð rekstrarfjármuna sem félagið byggir
sjálft innifelur efniskostnað, launakostnað og annan beinan kostnað sem fellur til við að koma eigninni í notkun og eignfærðan
fjármagnskostnað. Aðkeyptur hugbúnaður sem er nauðsynlegur hluti til að starfrækja viðkomandi búnað eru færður til eignar
sem hluti af kostnaðarverði búnaðar.
Virkjanir og fasteignir félagsins eru skráðar á endurmetnu kostnaðarverði í efnahagsreikningnum, sem er gangvirði eignanna á
endurmatsdegi að frádregnum uppsöfnuðum afskriftum. Endurmat er framkvæmt með reglubundnum hætti. Allar hækkanir
endurmatsins eru færðar á endurmatsreikning meðal eigin fjár að frádregnum tekjuskatti. Afskriftir endurmatsins eru færðar í
rekstrarreikning og er árlega færð leiðrétting sem endurspeglar þá fjárhæð á milli endurmatsreiknings og óráðstafaðs eigin fjár.
Þegar rekstrarfjármunir eru samsettir úr einingum með ólíkan nýtingartíma eru einingarnar aðgreindar meðal rekstrarfjármuna.
Hagnaður eða tap af sölu rekstrarfjármuna er ákvarðað með því að bera saman söluverð og bókfært verð eignarinnar og er jafnað saman og fært í rekstrarreikning meðal annarra tekna eða annars rekstrarkostnaðar. Þegar endurmetnar eignir eru seldar
eru endurmatið flutt á óráðstafað eigið fé.
(ii) Kostnaður sem fellur til síðar
Kostnaður sem fellur til síðar er aðeins eignfærður ef hann eykur væntan framtíðarávinning þeirrar eignar sem hann tengist.
Reglulegar viðgerðir og viðhald er fært til gjalda þegar kostnaður fellur til.
(iii)Afskriftir
Afskriftir eru reiknaðar af kostnaðarverði eða endurmetnu kostnaðarverði eignar að frádregnu niðurlagsverði. Verulegir einstakir
hlutar einstakra eigna eru metnir og ef hlutinn hefur nýtingartíma sem er annar en eignin sjálf, þá er sá hluti afskrifaður sérstaklega.
Afskriftir eru færðar línulega í rekstrarreikning miðað við áætlaðan nýtingartíma einstakra hluta rekstrarfjármuna. Land er ekki
afskrifað.
Rekstrarfjármunir eru afskrifaðir frá þeim degi sem þeir eru uppsettir og tilbúnir til notkunar eða í tilviki eigna sem félagið byggir
sjálft, frá þeim degi sem eignin er fullgerð og tilbúin til notkunar.
Fjárhæðir eru í þúsundum króna.
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HS ORKA HF
3. MIKILVÆGAR REIKNINGSSKILAAÐFERÐIR, FRAMHALD:
d. Rekstrarfjármunir, framhald:
(iii)Afskriftir, framhald:
Áætlaður nýtingartími vegna ársins og samanburðarárs greinist þannig:
Orkuver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 ár
Borholur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 ár
Rafveitukerfi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 ár
50 ár
Hitaveitu- og ferskvatnskerfi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fasteignir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 ár
Aðrir rekstrarfjármunir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 - 20 ár
Afskriftaraðferðir, nýtingartími og niðurlagsverð eru endurmetin á hverjum uppgjörsdegi og breytt ef það er viðeigandi.
e.
Óefnislegar eignir
Kostnaður vegna rannsókna sem gerðar eru í þeim tilgangi að kanna jarðhitasvæði þar sem óvissa ríkir um nýtingarmöguleika
(i) Rannsóknar- og þróunarkostnaður
svo og til að afla nýrrar vísinda- eða tækniþekkingar er færður í rekstrarreikning þegar til hans er stofnað.
Þróun felur í sér könnun á jarðhitasvæðum þar sem líkur eru á nýtingu og virkjun í framtíðinni. Þróunarkostnaður er aðeins eignfærður ef hægt er að meta hann á áreiðanlegan hátt, ef það eru líkur á tæknilegum eða hagrænum ábata í framtíðinni og félagið
ætlar sér og hefur getu til að ljúka þróuninni og nýta eða selja eignina. Eignfærður kostnaður samanstendur af efniskostnaði,
beinum launakostnaði og yfirstjórnarkostnaði sem hægt er að rekja beint til þess sem í þróun er og eignfærðum fjármagnskostnaði. Annar þróunarkostnaður er gjaldfærður þegar hann fellur til.
Þegar ákvörðun um virkjun eða nýtingu jarðhitasvæðis hefur verið tekin og öll tilskilin leyfi hafa fengist, er undirbúningskostnaður
vegna virkjunar eða nýtingarinnar færður á rekstrarfjármuni í byggingu.
Eignfærður þróunarkostnaður er metinn á kostnaðarverði að frádreginni uppsafnaðri virðisrýrnun. Þróunarkostnaður er árlega
prófaður með tilliti til virðisrýrnunar.
(ii) Aðrar óefnislegar eignir
Aðrar óefnislegar eignir keyptar af félaginu, þar með talinn hugbúnaður, sem hafa takmarkaðan nýtingartíma, eru metnar á
kostnaðarverði að frádregnum uppsöfnuðum afskriftum og virðisrýrnun.
(iii) Kostnaður sem fellur til síðar
Kostnaður sem fellur til síðar er aðeins eignfærður ef hann eykur væntan framtíðarávinning þeirrar eignar sem hann tengist.
Allur annar kostnaður er gjaldfærður í rekstrarreikningi þegar hann fellur til.
Fjárhæðir eru í þúsundum króna.
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3. MIKILVÆGAR REIKNINGSSKILAAÐFERÐIR, FRAMHALD:
e. Óefnislegar eignir, framhald
Afskriftir eru reiknaðar af kostnaðarverði eignarinnar að frádregnu niðurlagsverði.
Afskriftir eru færðar línulega í rekstrarreikning miðað við áætlaðan nýtingartíma óefnislegra eigna frá þeim degi þegar þær eru
(iv) Afskriftir
tilbúnar til notkunar. Áætlaður nýtingartími ársins og samanburðarárs greinist þannig:
Hugbúnaður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-10 ár
Afskriftaraðferðir, nýtingartími og niðurlagsverð eru endurmetin á hverjum uppgjörsdegi og breytt ef það er viðeigandi.
f. Leigðar eignir
Leigusamningar teljast rekstrarleigusamningar og eru hinar leigðu eignir ekki færðar til eignar í efnahagsreikningi félagsins.
g.Rekstrarvörubirgðir
Rekstrarvörubirgðir eru metnar á kostnaðarverði eða hreinu söluvirði, hvoru sem lægra reynist. Kostnaðarverð birgða byggir á
fyrst inn - fyrst út reglunni og innifelur kostnað sem fellur til við að afla birgðanna og koma þeim á þann stað og í það ástand
sem þær eru í á uppgjörsdegi. Hreint söluvirði er áætlað söluverð í venjulegum viðskiptum að frádregnum áætluðum kostnaði
við að selja vöruna.
h.Virðisrýrnun
Á hverjum uppgjörsdegi er kannað hvort til staðar sé hlutlæg vísbending um virðisrýrnun fjáreigna sem ekki eru færðar á
(i) Fjáreignir sem ekki eru afleiðusamningar
gangvirði gegnum rekstrarreikning, þar með töldum eignarhlutum í hlutdeildarfélögum. Fjáreign telst hafa orðið fyrir virðisrýrnun ef hlutlægar vísbendingar eru til staðar um virðisrýrnun vegna eins eða fleiri atburða eftir upphaflega skráningu eignarinnar,
og sem leiða til þess að vænt framtíðarsjóðstreymi af eigninni verði lægra en áður var talið og hægt er að meta áhrif atburðarins
með áreiðanlegum hætti.
Við mat á virðisrýrnun einstakra flokka fjáreigna styðst félagið við sögulega leitni á líkum um vanskil, tímasetningu endurheimtu
og innleyst töp, með tilliti til mats stjórnenda á því hvort núverandi efnahags- og lánsaðstæður leiði til að tapið verði í raun hærra
eða lægra en söguleg reynsla segir til um. Vegna fjárfestinga í eiginfjárgerningum er veruleg eða langvarandi lækkun gangvirðis
niður fyrir kostnaðarverð metin sem hlutlæg vísbending um virðisrýrnun. Félagið telur lækkun vera verulega ef hún nær 20% og
langvarandi ef hún nær yfir níu mánaða tímabil.
(ii) Aðrar eignir
Bókfært verð annarra eigna félagsins, að undanskildum birgðum og skatteign, er yfirfarið á hverjum uppgjörsdegi til að meta
hvort vísbendingar séu um virðisrýrnun þeirra. Sé einhver slík vísbending til staðar er endurheimtanleg fjárhæð eignarinnar
metin. Vegna óefnislegra eigna sem ekki hafa verið teknar í notkun er endurheimtanleg fjárhæð metin árlega á sama tíma.
Virðisrýrnun er gjaldfærð þegar bókfært virði eignar er hærra en endurheimtanleg fjárhæð hennar. Virðisrýrnun endurmetinna
rekstrarfjármuna er færð á endurmatsreikning meðal eigin fjár upp að þeirri fjárhæð sem hann stendur í en eftir það í rekstrarreikning. Virðisrýrnun annarra eigna er gjaldfærð í rekstrarreikningi.
Fjárhæðir eru í þúsundum króna.
44
HS ORKA HF
3. MIKILVÆGAR REIKNINGSSKILAAÐFERÐIR, FRAMHALD:
h. Virðisrýrnun, framhald:
Endurheimtanleg fjárhæð eignar er hreint gangvirði hennar að frádregnum sölukostnaði eða nýtingarvirði, hvort sem hærra
(ii) Aðrar eignir, framhald:
reynist. Nýtingarvirði er metið miðað við áætlað framtíðarsjóðstreymi, sem er núvirt með vöxtum fyrir skatta, sem endurspegla
mat markaðarins á tímavirði peninga hverju sinni og þeirri áhættu sem fylgir eigninni.
Virðisrýrnun er bakfærð ef breyting hefur orðið á mati sem notað var við útreikning á endurheimtanlegri fjárhæð. Virðisrýrnun er
einungis bakfærð að því marki að bókfært verð eignar sé ekki umfram það sem verið hefði, að frádregnum afskriftum, ef engin
virðisrýrnun hefði verið færð.
i. Hlunnindi starfsmanna
Iðgjaldatengd lífeyriskerfi eru eftirlaunahlunnindi þar sem félagið greiðir föst framlög til lífeyrissjóða og ber hvorki lagalega né
(i) Iðgjaldatengd lífeyriskerfi
ætlaða skyldu til að greiða frekari framlög. Kostnaður vegna framlaga í iðgjaldatengd lífeyriskerfi er gjaldfærður sem laun og
launatengd gjöld í rekstrarreikningi á þeim tímabilum sem starfsmenn veita félaginu þjónustu. Fyrirframgreidd framlög eru færð
til eignar að því marki sem endurgreiðsla eða lækkun á framtíðargreiðslum er fyrir hendi.
(ii) Réttindatengd lífeyriskerfi
Skuldbinding félagsins vegna réttindatengdra lífeyriskerfa eða lífeyrissjóða er reiknuð sérstaklega fyrir hvert kerfi með því að
áætla framtíðarvirði lífeyrisréttinda sem núverandi og fyrrverandi starfsmenn hafa áunnið sér á yfirstandandi og fyrri tímabilum.
Réttindin eru afvöxtuð til að finna núvirði þeirra. Tryggingastærðfræðingar reikna skuldbindinguna árlega á grundvelli aðferðar
sem miðast við áunnin réttindi. Breytingar á skuldbindingunni vegna tryggingafræðilegra breytinga eru færðar meðal annarrar
heildarafkomu. Annar kostnaður vegna réttindatengdra lífeyriskerfa er færður í rekstrarreikning.
j.Skuldbindingar
Skuldbinding er færð í efnahagsreikninginn þegar félaginu ber lagaleg eða ætluð skylda vegna fyrri atburðar og líklegt er að
kostnaður lendi á því við að gera upp skuldbindinguna. Skuldbinding er metin út frá væntu framtíðarfjárflæði, sem er núvirt með
vöxtum fyrir skatta sem endurspegla markaðsvexti og þá áhættu sem fylgir skuldbindingunni. Bakfærsla núvirðingarinnar er
færð sem fjármagnsgjöld.
k.Tekjur
Tekjur af sölu á raforku og heitu vatni ásamt orkuflutningi eru færðar í rekstrarreikning samkvæmt mældri afhendingu til kaupenda á tímabilinu. Á milli mælinga er notkun áætluð miðað við fyrri reynslu.
Þjónustutekjur frá HS Veitum hf eru byggðar á þjónustusamningi og færðar þegar þjónusta hefur verið innt af hendi.
Aðrar tekjur eru færðar við afhendingu vöru eða þjónustu.
l.Rekstrarleigugreiðslur
Greiðslur vegna rekstrarleigusamninga eru færðar línulega í rekstrarreikning á leigutímanum.
Fjárhæðir eru í þúsundum króna.
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ÁRSSKÝRSLA 2013
3. MIKILVÆGAR REIKNINGSSKILAAÐFERÐIR, FRAMHALD:
m. Fjármunatekjur og fjármagnsgjöld
Fjármunatekjur samanstanda af vaxtatekjum af fjárfestingum, arðtekjum, gangvirðisbreytingum fjáreigna á gangvirði gegnum
rekstrarreikning, gengishagnaði af erlendum gjaldmiðlum og hagnaði af afleiðum sem er færður í rekstrarreikning. Vaxtatekjur
eru færðar í rekstrarreikning eftir því sem þær falla til miðað við virka vexti. Arðstekjur eru færðar í rekstrarreikning á þeim degi
sem réttur félagsins til arðgreiðslu stofnast.
Fjármagnsgjöld samanstanda af vaxtakostnaði af lántökum, bakfærslu núvirðingar skuldbindinga, gengistapi af erlendum gjaldmiðlum, tapi af afleiðum sem fært er í rekstrarreikning, gangvirðisbreytingum fjáreigna á gangvirði gegnum rekstrarreikning
og virðisrýrnun annarra fjáreigna en lána og krafna. Lántökukostnaður sem ekki er vegna kaupa eða bygginga hæfra eigna er
gjaldfærður í rekstrarreikning miðað við virka vexti.
Hagnaði eða tapi vegna gengisbreytinga erlendra gjaldmiðla er jafnað saman og fært annað hvort sem fjármunatekjur eða fjármagnsgjöld eftir því sem við á.
n.Tekjuskattur
Gjaldfærður tekjuskattur samanstendur af tekjuskatti til greiðslu og frestuðum tekjuskatti. Tekjuskattur til greiðslu og frestaður
tekjuskattur er færður í rekstrarreikning nema þegar hann tengist liðum sem eru færðir beint á eigið fé eða meðal annarrar
heildarafkomu í yfirliti um heildarafkomu.
Tekjuskattur til greiðslu er tekjuskattur sem áætlað er að komi til greiðslu á næsta ári vegna skattskylds hagnaðar ársins, miðað
við gildandi skatthlutfall á uppgjörsdegi, auk leiðréttinga á tekjuskatti til greiðslu vegna fyrri ára.
Frestaður tekjuskattur er færður með efnahagsskuldbindingaraðferðinni vegna tímabundinna mismuna á bókfærðu verði eigna
og skulda í ársreikningnum annars vegar og skattverði þeirra hins vegar. Útreikningur á frestuðum skatti byggir á því skatthlutfalli sem vænst er að verði í gildi þegar tímabundnir mismunir koma til með að snúast við, miðað við gildandi lög á uppgjörsdegi.
Skatteign og tekjuskattsskuldbindingu er jafnað saman ef til staðar er lagaleg heimild til að jafna tekjuskatt til greiðslu á móti
skatteign og þær heyra undir sömu skattyfirvöld.
Skatteign er færð vegna yfirfæranlegs skattalegs taps, skattaívilnana og frádráttarbærra tímabundinna mismuna að því
marki sem líklegt er talið að skattskyldur hagnaður verði til ráðstöfunar í framtíðinni sem unnt verður að nýta eignina á móti.
Skatteignin er metin á hverjum uppgjörsdegi og lækkuð að því marki sem talið er líklegt að hún nýtist ekki.
o. Hagnaður á hlut
Í ársreikningnum er sýndur grunnhagnaður á hlut og þynntur hagnaður á hlut fyrir almenna hluti í félaginu. Grunnhagnaður á hlut
er reiknaður sem hlutfall afkomu, sem ráðstafað er til almennra hluthafa í félaginu, og vegins meðalfjölda útistandandi almennra
hluta á árinu. Þynntur hagnaður á hlut er jafn grunnhagnaði þar sem félagið hefur ekki gert kaupréttarsamninga eða gefið út
breytanleg skuldabréf.
p.Starfsþáttayfirlit
Starfsþáttur er eining innan félagsins sem viðhefur starfsemi sem getur aflað tekna og stofnað til útgjalda, þ.m.t. tekjur og gjöld
vegna viðskipta við aðrar rekstareiningar félagsins. Afkoma starfsþátta, sem aðskildar fjárhagsupplýsingar eru fáanlegar fyrir,
eru reglulega skoðaðar af stjórnendum félagsins til þess að taka ákvarðanir um úthlutun auðlinda til starfsþáttarins og við mat
á árangri hans.
Fjárhæðir eru í þúsundum króna.
46
HS ORKA HF
3. MIKILVÆGAR REIKNINGSSKILAAÐFERÐIR, FRAMHALD:
q. Nýir reikningsskilastaðar og túlkanir
Nokkrir nýir reikningsskilastaðlar, breytingar á reikningsskilastöðlum og túlkanir þá þeim hafa tekið gildir fyrir reikningsskilaár
sem hefjast eftir 1. janúar 2013, og hafa ekki verið notaðir við gerð þessa ársreiknings. Ekki er gert ráð fyrir að neinir af þessum
stöðlum muni hafa veruleg áhrif á reikningsskil félagsins.
4.STARFSÞÁTTAYFIRLIT
Félagið er með þrjá starfsþætti sem lýst er hér á eftir:
Orkuframleiðsla
Framleiðsla og sala á raforku, heitu vatni og jarðhitavökva.
Raforkusala
.Kaup og sala á raforku til annarra notenda en stóriðju og orkufyrirtækja.
Annað
Sala á þjónustu, leiga á húsnæði og tækjum og önnur sala.
Orku-Raforku-
framleiðslasala
Annað Samtals
Ytri tekjur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.022.135 3.046.218 963.037 7.031.390
Árið 2013
Innri tekjur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.526.573 1.526.573
Heildartekjur starfsþátta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.548.708 3.046.218 Rekstrarafkoma starfsþátta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 949.510
266.761 963.037 8.557.963
65.339 1.281.610
Óskiptir liðir
Hrein fjármagnsgjöld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 2.213.915)
Hlutdeild í hagnaði hlutdeildarfélaga . . . . . . . . . . . . . . . . . . . . . . 390.765
Tekjuskattur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186.461
Tap ársins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 355.079)
Eignir starfsþátta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.732.144 45.590 536.292 36.314.026
Óskiptar eignir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.558.901
Eignir samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.872.927
Óskiptar skuldir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.852.043
Fjárfestingar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.473.430 3.234 11.230 1.487.894
Afskriftir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.282.836 6.003 32.605 1.321.444
Fjárhæðir eru í þúsundum króna.
47
ÁRSSKÝRSLA 2013
4. STARFSÞÁTTAYFIRLIT, FRAMHALD:
Orku-Raforkuframleiðslasala
Annað Samtals
Árið 2012
Ytri tekjur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.157.068 2.714.883 1.008.626 6.880.577
Innri tekjur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.446.708 1.446.708
Heildartekjur starfsþátta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.603.776 2.714.883 1.008.626 8.327.285
Rekstrarafkoma starfsþátta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.674.650 189.763
57.0011.921.414
Óskiptir liðir
Hrein fjármagnsgjöld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 1.318.287)
Hlutdeild í hagnaði hlutdeildarfélaga . . . . . . . . . . . . . . . . . . . . . . 170.274
Tekjuskattur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 120.625)
Hagnaður ársins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Eignir starfsþátta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.543.225 47.988
652.776
557.329 36.148.542
Óskiptar eignir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.677.455
Eignir samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49.825.997
Óskiptar skuldir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.221.294
Fjárfestingar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 718.418
2.880
Afskriftir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 962.272
6.385
9.513
730.811
33.177 1.001.834
Orkuframleiðsla
Tekjur orkuframleiðslu greinast þannig:
Rafmagn
Heitt vatn
Annað
Samtals
Árið 2013
Ytri tekjur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.092.443 743.448 186.244 3.022.135
Innri tekjur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.526.573 1.526.573
Heildartekjur starfsþáttar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.619.016 743.448 186.244 4.548.708
659.049 173.094 3.157.068
Árið 2012
Ytri tekjur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.324.925 Innri tekjur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.446.708 1.446.708
Heildartekjur starfsþáttar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.771.633 Fjárhæðir eru í þúsundum króna.
48
659.049 173.094 4.603.776
HS ORKA HF
5. MIKILVÆGIR VIÐSKIPTAVINIR
Tekjur frá einum af viðskiptavinum félagsins í orkuframleiðslu nema 1.820 millj. kr. (2012: 2.065 millj. kr.).
Tekjur frá HS Veitum hf greinast þannig:
Orku-Rafmagns-
framleiðslasala
Annað Samtals
Tekjur 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 802.077 293.623 869.176 1.964.876
Tekjur 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 718.756 249.489 862.067 1.830.312
6. FRAMLEIÐSLUKOSTNAÐUR OG KOSTNAÐARVERÐ SÖLU
Framleiðslukostnaður og kostnaðarverð sölu greinist þannig:
2013 2012
Framleiðslukostnaður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.273.318 2.611.469
Kostnaðarverð sölu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.133.491 962.890
Kostnaðarverð þjónustu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 905.779 951.625
Framleiðslukostnaður og kostnaðarverð sölu samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.312.588 4.525.984
Framleiðslukostnaður og kostnaðarverð sölu greinist þannig eftir tegund kostnaðar:
Laun og launatengd gjöld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.065.014 1.074.334
Afskriftir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.307.927 987.937
Orkukaup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.097.264 943.884
Orkuflutningur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 522.440 461.712
Viðhaldskostnaður og annar kostnaður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.319.943 1.058.117
Framleiðslukostnaður og kostnaðarverð sölu samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.312.588 4.525.984
7. ANNAR REKSTRARKOSTNAÐUR
Annar rekstrarkostnaður greinist þannig:
Laun og launatengd gjöld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197.646 156.687
Hækkun lífeyrisskuldbindingar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.583 61.480
Stjórnunarkostnaður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202.448 201.115
Afskriftir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.515 13.897
Annar rekstrarkostnaður samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 437.192 433.179
Fjárhæðir eru í þúsundum króna.
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ÁRSSKÝRSLA 2013
8. LAUN OG LAUNATENGD GJÖLD
Laun og launatengd gjöld greinast þannig:
2013 Laun . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.057.629 2012
993.740
Framlag í iðgjaldatengda lífeyrissjóði . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109.819 104.663
Hækkun lífeyrisskuldbindingar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65.300 150.200
Önnur launatengd gjöld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143.423 143.707
Laun og launatengd gjöld samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.376.171 1.392.310
Meðalfjöldi starfsmanna umreiknaður í heilsársstörf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 135
Laun og launatengd gjöld, að meðtalinni hækkun lífeyrisskuldbindingar, skiptast þannig:
Eignfært á framkvæmdir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.163 33.737
Framleiðslukostnaður og kostnaðarverð sölu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.065.014 1.074.334
Annar rekstrarkostnaður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221.229 218.167
Fært meðal annarrar heildarafkomu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.765 66.072
Laun og launatengd gjöld samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.376.171 1.392.310
Laun stjórnar og framkvæmdastjórnar námu 87 millj. kr. árið 2013 (2012: 52 millj. kr.).
9. AFSKRIFTIR OG VIRÐISRÝRNUN
Afskriftir og virðisrýrnun greinast þannig:
Afskriftir rekstrarfjármuna, sbr. skýringu 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.306.981 985.022
Afskriftir óefnislegra eigna, sbr. skýringu 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.461 16.812
Afskriftir færðar í rekstrarreikning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.321.442 1.001.834
Afskriftir skiptast þannig:
Framleiðslukostnaður og kostnaðarverð sölu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.307.927 987.937
Annar rekstrarkostnaður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.515 13.897
Afskriftir færðar í rekstrarreikning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.321.442 1.001.834
Fjárhæðir eru í þúsundum króna.
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HS ORKA HF
10. FJÁRMUNATEKJUR OG FJÁRMAGNSGJÖLD
Fjármunatekjur og fjármagnsgjöld greinast þannig:
2013 2012
Vaxtatekjur af lánum og kröfum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300.455 266.201
Gangvirðisbreytingar fjáreigna færðra á gangvirði gegnum rekstrarreikning . . . . . . . . . . . . . . . . . . 59.605 60.454
Gengishagnaður gjaldmiðla . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.602.176 0
Fjármunatekjur samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.962.236 326.655
Vaxtagjöld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
414.777) (
518.075)
Verðbætur. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
86.641) (
123.852)
Gengistap gjaldmiðla . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 (
782.261)
Fjármagnsgjöld samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
501.418) ( 1.424.188)
Gangvirðisbreyting gjaldmiðla- og vaxtaskiptasamninga . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 463.357 (
20.018)
Gangvirðisbreyting innbyggðra afleiða í raforkusölusamningum . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 4.138.090) (
200.736)
Hrein fjármagnsgjöld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 2.213.915) ( 1.318.287)
Eignfærðir vextir námu 0 millj. kr. á árinu (2012: 27 millj. kr.).
11.TEKJUSKATTUR
Tekjuskattur í rekstrarreikningi greinist þannig:
Uppruni og bakfærsla á tímabundnum mismun . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2013 2012
186.461 (
120.625)
Virkt skatthlutfall greinist þannig:
2013 2012
Hagnaður (tap) ársins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 355.079
) 652.776
Tekjuskattur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 186.461
) 120.625
Hagnaður (tap) ársins fyrir tekjuskatt . . . . . . . . . . . . . . . . . . . . . ( 541.540
) 773.401
Tekjuskattur skv. gildandi skatthlutfalli . . . . . . . . . . . . . . . . . . . . 20,0% 108.308 20,0% (
Áhrif hlutdeildarfélaga . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,4% 78.153 (
Virkt tekjuskattshlutfall . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,4% 186.461 4,4%
)
154.680)
34.055
15,6% (
120.625)
2013 2012
Tekjuskattur færður meðal annarrar heildarafkomu greinist þannig:
Tekjuskattur af endurmati rekstrarfjármuna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 1.218.048
Tekjuskattur af liðum sem aldrei verða endurflokkaðir í rekstrarreikning . . . . . . . . . . . . . . . . . . . . . 7.553 (
13.214)
7.553 1.204.834
Fjárhæðir eru í þúsundum króna.
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ÁRSSKÝRSLA 2013
12.REKSTRARFJÁRMUNIR
Virðisrýrnunarpróf
Stjórnendur yfirfóru hvort vísbendingar væru um virðisrýrnun á rekstrarfjármunum félagsins í árslok 2013 og var það niðurstaða
stjórnenda að ekki væru til staðar vísbendingar um virðisrýrnun.
Rekstrarfjármunir greinast þannig:Aðrir
rekstrar
Orkuver fjármunir Samtals
Kostnaðarverð
Staða 1.1.2012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.096.245 1.651.42328.747.668
Viðbætur á árinu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525.770 61.043 586.813
Selt og aflagt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 (
169.972) (
169.972)
Endurmat 31.12.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.090.242 0 6.090.242
Jöfnun afskrifta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 ( 3.685.167)
( 3.685.167)
Staða 31.12.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.027.090 1.542.494 31.569.584
Viðbætur á árinu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.204.382 Selt og aflagt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 (
31.471 1.235.853
1.200) (
1.200)
Staða 31.12.2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.231.472 1.572.765 32.804.237
Afskriftir
Staða 1.1.2012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.739.646 Afskriftir ársins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 945.521 Selt og aflagt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jöfnun afskrifta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 Afskriftir ársins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.267.481 Selt og aflagt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 (
Staða 31.12.2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.267.481 39.501 985.022
0 ( 168.782
)( 168.782)
( 3.685.167)
Staða 31.12.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204.673 2.944.319
0 ( 3.685.167)
75.392 75.392
39.500 1.306.981
234) (
234)
114.658 1.382.139
Bókfært verð
1.1.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.356.599 1.446.750 25.803.349
31.12.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.027.090 1.467.102 31.494.192
31.12.2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.963.991 1.458.106 31.422.097
Bókfært verð án endurmats
1.1.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.391.779 1.352.587 23.744.366
31.12.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.058.232 1.382.073 23.440.305
31.12.2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.356.043 1.387.569 23.743.612
Aðrir rekstrarfjármunir innifela land og byggingar að bókfærðu virði 1.092 millj. kr. (2012: 1.108 millj. kr.). Orkuver félagsins voru
endurmetin miðað við 31. desember 2012. Aðrar eignir voru endurmetnar miðað við 1. janúar 2008.
Fjárhæðir eru í þúsundum króna.
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HS ORKA HF
12. REKSTRARFJÁRMUNIR, FRAMHALD:
Skuldbinding vegna öflunar rekstrarfjármuna
Félagið gerir ráð fyrir að þurfa að fjárfesta í nýjum frárennslislögnum frá Svartsengi á næstu þremur árum og að meirihluti
fjárfestingarinnar verði á árunum 2014 - 2015. Þegar frárennsliskerfið hefur verið hannað, byggt og verður komið í fulla notkun
er unnt að auka upptöku jarðhitavökva á svæðinu sem mun auka raforkuframleiðslu og er áætlað að framleiðslugetan aukist um
5 MW með þeim hverflum sem nú þegar eru í notkun.
Veðsetning eigna
Virkjanir félagsins á Reykjanesi og í Svartsengi eru veðsettar til tryggingar bankalánum að fjárhæð 12.182 millj. kr. (2012: 15.581
millj. kr.).
Fasteignamat og vátryggingarverð
Fasteignamat bygginga félagsins nam 2.332 millj. kr. í árslok 2013 (2012: 2.190 millj. kr.). Fasteignamat lands nam 1.653 millj.
kr. (2012: 1.442 millj. kr.). Vátryggingafjárhæð eigna félagsins nam 44.242 millj. kr. (2012: 37.985 millj. kr.).
13. REKSTRARFJÁRMUNIR Í BYGGINGU
Rekstrarfjármunir í byggingu greinast þannig:
2013 2012
Bókfært verð 1.1.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.664.287 3.544.465
Viðbætur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176.904 119.822
Bókfært verð 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.841.191 3.664.287
Virðisrýrnunarpróf
Rekstrarfjármunir í byggingu samstanda af eignfærðum kostnaði vegna stækkunar raforkuvers á Reykjanesi sem áætlað er að
muni afhenda raforku til Norðuráls Helguvíkur ehf (,,Norðurál“ með tengdum félögum) (dótturfélag Century Aluminium) fyrir nýtt
álver í Helguvík (staðsett í Reykjanesbæ). Árið 2007 gerðu HS Orka hf og Norðurál með sér samning um sölu á raforku til nýs
álvers í Helguvík. Ágreiningur var um samninginn við Norðurál sem sótti málið fyrir gerðardómi til að komast að niðurstöðu um
lögmæti samningsins. Úrskurður í málinu var kveðinn upp þann 16. desember 2011. Samkvæmt úrskurðinum er samningurinn
frá 2007 í gildi en sum skilyrði hans hafa ekki verið uppfyllt. Norðurál og HS Orka hafa unnið áfram saman að því að meta hvort
ákvæði samningsins verði uppfyllt í framtíðinni eða hvort unnt sé að breyta samningnum um afhendingu orku miðað við aðra
skilmála.
Rekstrarfjármunir í byggingu voru prófaðir með tilliti til virðisrýrnunar miðað við 31. desember 2013 með því að ákvarða endurheimtanlega fjárhæð þeirra. Virðisrýrnunarprófið er byggt á mörgum forsendum, þar á meðal að afhending orku hefjist á árinu
2018. Óvissa ríkir um tímasetningu verkefnisins (stækkun Reykjanesvirkjunar) bæði vegna samningaviðræðna við Norðurál,
forsenda um verð og markaðsaðstæður, viðeigandi ávöxtunarkröfu og fjármögnun verkefnisins, sem kynnu að hafa áhrif á endurheimtanlegt virði eignanna.
Fjárhæðir eru í þúsundum króna.
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ÁRSSKÝRSLA 2013
14. ÓEFNISLEGAR EIGNIR
Óefnislegar eignir greinast þannig:
Þróunar
Hugbúnaður kostnaður Samtals
Kostnaðarverð
Staða 1.1.2012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Viðbætur á árinu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aflagt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
Staða 31.12.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Viðbætur á árinu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Staða 31.12.2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339.965 992.694 1.332.659
509 23.667 48.265)
0 (
24.176
48.265)
292.209 1.016.361 1.308.570
3.064 72.072 75.136
295.273 1.088.433 1.383.706
Afskriftir
Staða 1.1.2012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203.719 146.241 349.960
Afskriftir ársins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.812 0 16.812
Aflagt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.265)
0 (
48.265)
(
Staða 31.12.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172.266 146.241 318.507
Afskriftir ársins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.463 0 14.463
Staða 31.12.2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186.729 146.241 332.970
Bókfært verð
1.1.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136.246 846.453 982.699
31.12.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119.944 870.121 990.065
31.12.2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108.545 942.192 1.050.737
Virðisrýrnunarpróf 2013
Þróunarkostnaður samanstendur af kostnaði vegna tilraunaborunar við Trölladyngju, Krýsuvík og Eldvörp. Viðeigandi kostnaður
er eignfærður að því marki sem talið er að mögulegur framtíðarhagnaður muni vega upp kostnaðinn við fjárfestinguna. HS Orka
hefur fengið rannsóknarleyfi fyrir þessi svæði og samkvæmt stjórnendum þess eru niðurstöður greininga jákvæðar. Ef ljóst þykir
að þróunarkostnaður verði ekki nýttur af félaginu til tekjusköpunar gjaldfærist hann sem virðisrýrnun. Stjórnendur hafa staðfest
að framangreind verkefni eru framkvæmanleg og að þau muni að öllum líkindum skapa framtíðartekjur. Í árslok 2013 hafa ekki
orðið neinar verulegar breytingar á forsendum um virðisrýrnun óefnislegra eigna og væntar framtíðartekjur eru umfram eignfærðan kostnað.
Fjárhæðir eru í þúsundum króna.
54
HS ORKA HF
15. EIGNARHLUTIR Í HLUTDEILDARFÉLÖGUM
Eignarhlutir í hlutdeildarfélögum greinast þannig:
2013
2012
Bókfært Eignarhlutur verð Bókfært
Eignarhlutur verð
Eignarhlutir í hlutdeildarfélögum greinast þannig:
Bláa Lónið hf, Íslandi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,0% 643.280 33,2% 461.793
Hreyfing Eignarhaldsfélag ehf, Íslandi . . . . . . . . . . . . . . . . . . . . . 0,0% - 23,9% 79.914
Hótel Bláa Lónið ehf, Íslandi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0,0% - 24,4% 472
Blue Lagoon International ehf, Íslandi . . . . . . . . . . . . . . . . . . . . . 0,0% - 22,4% 3.139
DMM-lausnir ehf, Íslandi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,1% 17.202 22,9% 17.482
Suðurorka ehf, Íslandi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,0% 202.637 50,0% 177.637
HS Orkurannsóknir ehf, Íslandi . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,0% 500 100,0% 500
Samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 863.619 740.937
Hlutdeild félagsins í hagnaði hlutdeildarfélaga á árinu 2013 nam 438 millj. kr. (2012: 170 millj. kr.). Hlutdeild í afkomu hlutdeildarfélaga er byggð á óendurskoðuðum fjárhagsupplýsingum. Þýðingarmunur á árinu var neikvæður um 49 millj. kr. (2012:
jákvæður um 37 millj. kr.).
Félagið seldi á árinu hluti sína í Hótel Bláa Lóninu ehf og Blue Lagoon International ehf með hagnaði að fjárhæð 8 millj. kr. Tap
varð af sölu hluta í Hreyfingu Eignarhaldsfélagi ehf að fjárhæð 55 millj. kr. Fjárhæðirnar eru færðar meðal hlutdeildar í hlutdeildarfélögum.
Félagið jók hlut sinn í Suðurorku ehf ,sameiginlegu verkefni um þróun Búlandsvirkjunar, um 25 millj. kr. á árinu.
Afkoma HS Orkurannsókna ehf er ekki færð meðal hlutdeildar í hlutdeildarfélögum þar sem engin starfsemi var í félaginu á árinu.
16. FJÁRFESTING Í ÖÐRUM FÉLÖGUM
Eignarhlutir í öðrum félögum greinast þannig:
2013
2012
Bókfært Eignarhlutur verð Bókfært
Eignarhlutur verð
Keilir ehf, Íslandi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,2%
17.500 10,2%
17.500
Vistorka hf, Íslandi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,1%
9.575 8,1%
9.575
27.075 27.075
Samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fjárhæðir eru í þúsundum króna.
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17.SKULDABRÉFAEIGN
2013 2012
Langtíma skuldabréfaeign
Fjáreignir á gangvirði gegnum rekstrarreikning, skuldabréf Reykjanesbæjar . . . . . . . . . . . . . . . . . . 313.586 363.028
313.586 363.028
Skammtíma skuldabréfaeign
Fjáreignir á gangvirði gegnum rekstrarreikning, skuldabréf Reykjanesbæjar . . . . . . . . . . . . . . . . . . 81.532 78.740
81.532 78.740
Samtals395.118 441.768
Vaxtaberandi fjáreignir á gangvirði gegnum rekstarreikning, að fjárhæð 395 millj. kr. þann 31. desember 2013 (2012: 442 millj.
kr.) bera 5% nafnvexti að viðbættum verðbótum. Skuldabréfið er með jafnar árlegar afborganir með lokagjalddaga á árinu 2019.
Skuldabréfið er metið með 5,0% vöxtum. Mat skuldabréfsins er flokkað í stigi 2 í stigveldi gangvirðis.
18. INNBYGGÐAR AFLEIÐUR Í RAFORKUSÖLUSAMNINGUM
Á árinu 2004 gerði félagið samning við Norðurál um sölu á raforku til ársins 2026. Félagið gerði á árinu 1999 samning við
Landsvirkjun um sölu á raforku til ársins 2019. Samningarnir eru í bandaríkjadollurum og eru að hluta til tengdir við álverð.
Raforkusölusamningar félagsins til langs tíma fela í sér innbyggðar afleiður þar sem tekjur af þeim eru háðar breytingum á
álverði í framtíðinni.
Við mat á virði innbyggðra afleiða er beitt viðurkenndum matsaðferðum þar sem markaðsverð liggur ekki fyrir. Gangvirði
samninganna er reiknað miðað við framvirkt verð á áli. Vænt núvirði greiðsluflæðis á uppgjörsdegi er reiknað miðað við skráð
framvirkt verð á áli hjá LME (London Metal Exchange) næstu 10 árin eftir uppgjörsdag og væntingar um verðþróun á áli þegar
framvirkum markaði lýkur. Framtíðarvöxtur fyrir útreikninginn var 2,19% (2012: 1,99%). Frá þessu virði hefur verið dregið vænt
núvirði greiðsluflæðis á samningsdegi miðað við forsendur um álverð sem lágu til grundvallar samningsgerðinni. Mismunurinn er
gangvirðisbreyting afleiðunnar sem færð er í rekstrarreikning. Gert er ráð fyrir að innbyggðar afleiður í raforkusölusamningum
séu verðlausar á upphafsdegi samninga.
Við útreikning núvirðis notar félagið núverandi vaxtakúrfu vaxtalausra bandarískra ríkisverðbréfa að viðbættu mótaðilaálagi sem
reiknað er á grundvelli lánshæfis mótaðila.
Félagið hefur að auki gert raforkusölusamninga við Landsvirkjun þar sem verð orku er háð gjaldskrá Landsvirkjunar, sem byggir
á verðtryggingu í íslenskum krónum. Ekki eru skilgreindar innbyggðar afleiður í þeim samningum.
Fjárhæðir eru í þúsundum króna.
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HS ORKA HF
18. INNBYGGÐAR AFLEIÐUR Í RAFORKUSÖLUSAMNINGUM, FRAMHALD:
Gangvirði innbyggðra afleiða greinist þannig:
2013 2012
Gangvirði innbyggðra afleiða 1.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.260.671 4.461.407
Breyting á gangvirði . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 4.138.090) (
Gangvirði innbyggðra afleiða 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200.736)
122.581 4.260.671
Vextir við mat á gangvirði innbyggðra afleiða er eftirfarandi:
Innbyggðar afleiður í raforkusölusamningum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,64 - 4,84%1,9 - 3,94%
Vísað er til skýringar 30 um næmni álverðs og vaxta.
19. SKATTEIGN (TEKJUSKATTSSKULDBINDING)
Skatteign (tekjuskattsskuldbinding) félagsins greinist þannig:
2013 2012
(
825.978)
499.481
Breytingar færðar í rekstrarreikning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186.461 (
120.625)
Skattseign (tekjuskattsskuldbinding) 1.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Breytingar færðar í aðra heildarafkomu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Skatteign (tekjuskattsskuldbinding) 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
7.553 ( 1.204.834)
631.964) ( 825.978)
Skatteign (tekjuskattsskuldbinding) félagsins greinist þannig:
Rekstrarfjármunir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.200.566) ( 1.250.750)
Afleiður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110.407 (
648.996)
Rekstrarvörubirgðir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.399 3.398
Viðskiptakröfur og aðrar kröfur. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.366 7.555
Lífeyrisskuldbinding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292.127 287.411
Frestun gengistaps (gengishagnaðar) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
161.472)
160.681
Yfirfæranlegt skattalegt tap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318.775 614.723
Tekjuskattsskuldbinding 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
631.964) (
825.978)
Yfirfæranlegt skattalegt tap er nýtanlegt í 10 ár frá myndun þess. Yfirfæranlegt skattalegt tap nam í árslok 1.594 millj. kr. og
nýtist til ársins 2018 (2012: 3.073 millj. kr.). Stjórnendur telja á grundvelli framtíðarspár þeirra að nægur skattaskyldur hagnaður verði í framtíðinni til að nýta yfirfæranlega skattalega tapið.
20. FYRIRFRAMGREIDD LEIGA OG NÝTINGARRÉTTUR
Stjórn félagsins nýtti rétt sinn til að breyta langtímakröfu á Grindavíkurbæ vegna sölu á landi í fyrirframgreidda leigu og nýtingarrétt. Fyrirframgreidd leiga og nýtingarréttur eru flokkuð sem langtímakrafa og munu gjaldfærast á eftirstöðvum líftímans
(61 ár).
Fjárhæðir eru í þúsundum króna.
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ÁRSSKÝRSLA 2013
21.KRÖFUR
Langtímakröfur
Langtímakröfur greinast þannig:
2013 2012
Langtímakrafa á HS veitur hf vegna lífeyrisskuldbindinga 1.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289.647 200.926
Hlutdeild HS Veitna í hækkun lífeyrisskuldbindinga . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87.317 Innheimt af HS Veitum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.600) (
(
133.517
44.796)
Langtímakrafa á HS veitur hf vegna lífeyrisskuldbindinga 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 331.364 289.647
Viðskiptakröfur og aðrar skammtímakröfur
Viðskiptakröfur og aðrar skammtímakröfur greinast þannig:
Viðskiptakröfur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 774.698 821.206
Krafa á HS veitur hf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157.123 222.404
Niðurfærsla viðskiptakrafna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
Viðskiptakröfur samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aðrar skammtímakröfur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.830)
(37.775)
904.991 1.005.835
98.894 228.741
Viðskiptakröfur og aðrar skammtímakröfur samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.003.885 1.234.576
Greint er frá láns- og gjaldmiðlagengisáhættu félagsins og virðisrýrnun viðskiptakrafna og annarra skammtímakrafna í skýringu
30.
22.SKAMMTÍMAFJÁRFESTING
Félagið hefur fjárfest í skammtímaverðbréfum að verðmæti 357 millj. kr. í árslok (2012: 566 millj. kr.). Gangvirði skammtímafjárfestingarinnar er byggt á uppgefnu verði frá miðlara.
23. HANDBÆRT FÉ
Handbært fé greinist þannig:
2013
2012
Óbundnar bankainnistæður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.413.403 5.227.728
Handbært fé samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.413.403 5.227.728
Í árslok 2013 voru 520 millj. kr. (USD 4,5 millj.) (2012: 578 millj. kr.) af handbæru fé bundnar til tryggingar endurgreiðslu lána í
samræmi við tryggingasamkomulag sem félagið gerði við lánardrottna sína í mars 2010.
Greint er frá vaxtaáhættu félagsins og næmnigreiningu vegna fjáreigna og fjárskulda í skýringu 30.
Fjárhæðir eru í þúsundum króna.
58
HS ORKA HF
24. EIGIÐ FÉ
Hlutafé
Heildarhlutafé félagsins samkvæmt samþykktum þess er 7.841 millj. kr. (2012. 7.841 millj. kr.). Eitt atkvæði fylgir hverjum einnar
krónu hluta í félaginu, auk réttar til arðgreiðslu. Allt hlutafé félagsins hefur verið greitt.
Útistandandi hlutir
2013
2012
Útistandandi hlutir 1. janúar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.841.124 6.962.919
Hlutafjáraukning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 878.205
Útistandandi hlutir 31. desember . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.841.124 7.841.124
Yfirverðreikningur hlutafjár
Yfirverðsreikningur hlutafjár sýnir það sem hluthafar félagsins hafa greitt umfram nafnverð hlutafjár sem félagið hefur selt.
Samkvæmt lögum um hlutafélög skal félagið binda 25% af nafnverði hlutafjár í varasjóði, sem ekki má nota til að greiða hluthöfum arð.
Þýðingarmunur
Þýðingarmunar samanstendur af hlutdeild félagsins í gengismun sem verður til við þýðingu reikningsskila hlutdeildarfélaga yfir
í íslenskar krónur.
Endurmatsreikningur
Endurmatsreikningurinn samanstendur af endurmati rekstrarfjármuna félagsins að frádregnum tekjuskatti. Óheimilt er að ráðstafa endurmatsreikningi til hluthafa félagsins í formi arðgreiðslna.
Arður
Greiddur arður á árinu 2013 nam 150 millj. kr. (2012: enginn arður greiddur).
Stjórn félagsins leggur til að arður að fjárhæð 150 millj. kr. (0,019 kr. á hlut) verði greiddur til hluthafa á árinu 2014.
25. HAGNAÐUR (TAP) Á HLUT
Grunn- og þynnt (tap) hagnaður á hlut
(Tap) hagnaður ársins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
2013
2012
355.079)
652.776
Vegið meðaltal útistandandi hluta
Hlutir 1. janúar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.841.124 6.962.919
Áhrif hlutafjáraukningar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 731.838
Veginn meðalfjöldi útistandandi hluta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.841.124 7.694.757
Grunn- og þynnt (tap) hagnaður á hlut . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
0,05)
0,08
Fjárhæðir eru í þúsundum króna.
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ÁRSSKÝRSLA 2013
26. VAXTABERANDI SKULDIR
Þessi skýring veitir upplýsingar um samningsbundin lánskjör af lántökum félagsins, sem færðar eru á afskrifuðu kostnaðarverði.
Skýring 30 inniheldur frekari upplýsingar um vaxtaáhættu, gjaldmiðlagengisáhættu og lausafjáráhættu.
2013 2012
Langtímaskuldir
Óveðtryggð bankalán . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385.044 424.306
Veðtryggð bankalán með fjárhagsskilyrðum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.181.758 15.581.345
Óveðtryggð skuldabréfaútgáfa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.953.904 2.382.902
Næsta árs afborgun . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vaxtaberandi langtímaskuldir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.299.097 16.007.219
( 2.221.609) ( 2.381.334)
Skammtímaskuldir
Næsta árs afborgun langtímaskulda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.221.609 2.381.334
Vaxtaberandi skammtímaskuldir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.221.609 2.381.334
Vaxtaberandi skuldir samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.520.706 18.388.553
Skilmálar vaxtaberandi skulda
2013 2012
Lokagjalddagar Meðalvextir Bókfært Meðalvextir Bókfært
verð
verð
Skuldir í erlendum gjaldmiðlum:
Skuldir í USD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2019-2023
2,1%2.479.299 2,3%3.173.652
Skuldir í CHF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021-2022
2,1%3.852.216 2,2%4.731.696
Skuldir í EUR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2019-2021
2,9%2.614.025 3,0%3.243.444
Skuldir í JPY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021-2023
1,4%1.177.993 1,5%1.798.494
Skuldir í CAD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021-2023
1,8%1.039.731 1,8%1.375.244
Skuldir í SEK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021
3,8% 675.187 4,8% 836.173
Skuldir í GBP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021
0,8% 343.308 1,1% 422.642
12.181.759 15.581.345
Skuldir í íslenskum krónum:
Verðtryggðar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2016-2017
4,0%2.062.205 4,0%2.515.097
6,8% 276.742 6,4% 292.116
Önnur lán í ISK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2031
2.338.947 2.807.213
Vaxtaberandi skuldir samtals . . . . . . . . . . . . . . . . . 14.520.706 18.388.558
Fjárhæðir eru í þúsundum króna.
60
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26. VAXTABERANDI SKULDIR, FRAMHALD:
Skilmálar vaxtaberandi skulda, framhald:
2013 2012
Afborganir langtímalána greinast þannig á næstu árum:
Árið 2014/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.221.609 2.381.334
Árið 2015/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.244.195 2.402.384
Árið 2016/2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.267.687 2.424.394
Árið 2017/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.951.526 2.447.121
Árið 2018/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.655.703 2.141.786
Síðar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.179.986 6.591.534
Vaxtaberandi skuldir samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.520.706 18.388.553
Fjárhagsskilyrði
Í árslok 2009 gerði félagið tímabundna samninga við lánardrottna sína um fjárhagsskilyrði og vexti í lánasamningum fyrir árin
2009 og 2010. Samningur við einn bankann (European Investment Bank) var framlengdur fyrir árin 2011, 2012 og 2013, en
ekki var þörf á frekari undanþágum frá hinum tveimur. Undanþágunni hefur nú verið breytt örlítið og framlengd fyrir árið 2014.
Félagið uppfyllir í árslok 2013 öll virk fjárhagsskilyrði lánasamninga.
27.LÍFEYRISSKULDBINDING
Samkvæmt mati tryggingastærðfræðinga námu áfallnar lífeyrisskuldbindingar félagsins 1.792 millj. kr. í árslok 2013 (2012:
1.727 millj. kr.), núvirt miðað við 2% vexti (að teknu tilliti til hlutdeildar í hreinni eign lífeyrissjóðanna). Forsendur um lífslíkur,
dánartíðni og núvirðingarhlutfall eru í samræmi við ákvæði reglugerðar nr. 391/1998 um skyldutryggingu lífeyrisréttinda og
starfsemi lífeyrissjóða. Áætluð hækkun skuldbindingarinnar á árinu 2013 byggir á almennri hækkun launa, að teknu tilliti til vaxta.
Lífeyrisskuldbinding félagsins er ófjármögnuð.
Hluti lífeyrisskuldbindingarinnar er vegna þeirra starfsmanna félagsins sem veita HS Veitum hf þjónustu. HS Veitur hf taka þátt
í kostnaði vegna hækkunar á lífeyrisskuldbindingum vegna þessara starfsmanna. Hlutdeild HS Veitna hf í hækkun lífeyrisskuldbindingarinnar á árinu nam 102 millj. kr. (2012: 89 millj. kr.) og er færð sem langtímakrafa á HS Veitur hf. Tryggingafræðilegur
hagnaður og tap tengt hlutdeild HS Veitna hf í lífeyrisskuldbindingunni er færður sem framleiðslukostnaður þar sem hann er
endurheimtur af HS Veitum hf.
2013 2012
Lífeyrisskuldbinding 1.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.726.700 1.576.500
Framlag vegna lífeyrisgreiðslna á árinu. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
80.229) (
72.328)
Þjónustukostnaður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.917 24.731
Vaxtakostnaður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.202 32.616
Tryggingafræðileg breyting, hlutur HS Orku . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.765 66.072
Tryggingafræðileg breyting, hlutur HS Veitna færður í rekstrarreikning . . . . . . . . . . . . . . . . . . . . . . 56.647 99.108
Lífeyrisskuldbinding 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lífeyrisskuldbindingin greinist þannig:
Lífeyrissjóður starfsmanna ríkisins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 895.400 879.400
Eftirlaunasjóður starfsmanna Hafnarfjarðarkaupstaðar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 541.700 527.800
Lífeyrissjóður starfsmanna Vestmannaeyjabæjar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 354.900 319.500
Lífeyrisskuldbinding 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.792.000 1.726.700
1.792.000 1.726.700
Fjárhæðir eru í þúsundum króna.
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ÁRSSKÝRSLA 2013
28. GJALDMIÐLA- OG VAXTASKIPTASAMNINGAR
Félagið var með langtíma gjaldmiðla- og vaxtaskiptasamninga við Glitni hf („Glitnir“), sem var yfirtekinn af Fjármálaeftirlitinu
(FME) í október 2008.
Ágreiningur hefur verið um gjaldmiðla- og vaxtaskiptasamning sem gerður var á milli Glitnis hf og HS Orku hf 19. nóvember
2012. HS Orka heldur því fram að samningurinn hafi runnið úr gildi í nóvember 2008 þegar Glitnir tilkynnti HS Orku að bankinn
myndi ekki standa við sinn hluta samningsins. Glitnir heldur því nú fram að samningurinn sé enn í gildi og krefst greiðslna frá
HS Orku. Aðilar hafa rætt sín á milli um málamiðlanir og til að kanna hvort möguleiki sé á samningum um uppgjör samningsins.
Glitnir hefur gert HS Orku tilboð þar sem krafist er fjárhæðar sem er sambærileg þeirri sem HS Orka hefur reiknað á grundvelli
upprunalegs samnings. Hins vegar krefst Glitnir til viðbótar dráttarvaxta á heildarfjárhæðina. Dráttarvextirnir eru að mati HS
Orku óásættanlegir í ljósi málavaxta og ef frekari viðræður munu ekki skila niðurstöðu sem HS Orka telur ásættanlega verður leitað til dómstóla til að komast að niðurstöðu. Aðalkrafa HS Orka mun byggjast á því að samningurinn hafi fallið úr gildi í
nóvember 2008 og þar af leiðandi sé HS Orka ekki skuldbundið af honum, en á sama tíma mun varakrafa HS Orku vera sú að
núvirði skuldbindingar samkvæmt samningi sé mun lægra en Glitnir heldur fram. HS Orka hefur reiknað út að virði samningsins
sé 675 millj. kr. og er sú fjárhæð færð í efnahagsreikning. Þann 20. febrúar 2013 reyndi Glitnir að gjaldfella samninginn eins og
fram kemur í bréfi slitastjórnar Glitnis. Það er mat stjórnenda HS Orku að tilraun til að gjaldfella samninginn sé byggð á veikum
lagalegum grunni og að ólíklegt sé að krafa Glitnis verði að veruleika.
Við mat á gangvirði gjaldmiðla- og vaxtaskiptasamninga er beitt viðurkenndum matsaðferðum þar sem markaðsverð er ekki
til staðar. Við gerð matsins er samningsbundið sjóðsflæði af samningnum afvaxtað með núverandi markaðsvöxtum. Við mat á
gangvirði gjaldmiðla- og vaxtaskiptasamninga notar félagið núgildandi vexti á skiptasamningum fyrir erlendar myntir samningsins og vaxtakúrfu húsnæðisbréfa fyrir verðtryggðan hluta hans í íslenskum krónum. Skuldin er í lok árs flokkuð sem langtíma- eða
skammtímaskuld í samræmi við ákvæði samnings.
Færðar fjárhæðir vegna gjaldmiðla- og vaxtaskiptasamninga greinast þannig í efnahagsreikningi:
2013 2012
Langtíma
Virkur hluti skiptasamnings færður á gangvirði . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263.495 677.508
263.495 677.508
Skammtíma
Áfallnir gjalddagar færðir á kostnaðarverði . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371.788 349.607
Virkur hluti skiptasamnings færður á gangvirði . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.332 110.862
411.120 460.469
Samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 674.615 1.137.977
29. VIÐSKIPTASKULDIR OG AÐRAR SKAMMTÍMASKULDIR
Viðskiptaskuldir og aðrar skammtímaskuldir greinast þannig:
Viðskiptaskuldir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 437.668 482.996
Aðrar skammtímaskuldir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 657.091 659.090
Viðskiptaskuldir og aðrar skammtímaskuldir samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.094.759 1.142.086
Greint er frá gjaldmiðla- og lausafjáráhættu vegna viðskiptaskulda og annarra skammtímaskulda í skýringu 30.
Fjárhæðir eru í þúsundum króna.
62
HS ORKA HF
30.FJÁRMÁLAGERNINGAR
Yfirlit
Þær fjárhagslegu áhættur sem félagið býr við eru: lánssáhætta, lausafjáráhætta og markaðsáhætta. Markaðsáhætta samanstendur af vaxtaáhættu og gjaldmiðlagengisáhættu.
Í þessari skýringu eru veittar upplýsingar um framangreindar áhættur, markmið, stefnu og aðferðir félagsins við að meta og
draga úr áhættunni, auk upplýsinga um eiginfjárstýringu þess. Að auki eru veittar tölulegar upplýsingar víðar í ársreikningnum.
Skipulag stýringar fjármálalegrar áhættu
Áhættustýring er framkvæmd af stjórnendum félagsins í samræmi við reglur sem stjórn félagsins samþykkir. Stjórnendur greina,
meta og stýra fjármálalegri áhættu í náinni samvinnu við stjórn félagsins. Áhættustýring félagsins leggur áherslu að takast á
við ófyrirsjáanleika fjármálamarkaða og leitast við að lágmarka möguleg óhagstæð áhrif á afkomu félagsins. Félagið tekur
ákvarðanir um hvort nota eigi afleiðusamninga til að verjast vissri tegund áhættu ef slíkir samningar bjóðast. Félagið beitir ekki
áhættuvörnum nema vegna hluta gjaldmiðlagengisáhættu þar sem tekjur í dollurum eru notaðar sem vörn vegna lána í dollurum.
Lánsáhætta
Lánsáhætta er hættan á fjárhagslegu tapi félagsins ef viðskiptavinur eða mótaðili í fjármálagerningi getur ekki staðið við
umsamdar skuldbindingar sínar. Lánsáhætta félagsins er einkum vegna viðskiptakrafna.
Lánsáhætta félagsins ræðst helst af einkennum hvers og eins viðskiptamanns. Um 54% (2012: 56%) af tekjum félagsins tengjast sölu til tveggja stærstu viðskiptamanna þess. Viðskiptakröfur eru kröfur á smásölu viðskiptavini, fyrirtæki, stórnotendur og
orkufyrirtæki.
Félagið hefur sett útlánareglur þar sem allir nýir stórir viðskiptavinir eru metnir. Greiðslusaga nýrra viðskiptavina er könnuð.
Flestir viðskiptamenn félagsins hafa átt í áralöngum viðskiptum við það og tapaðar viðskiptakröfur hafa verið óverulegar í hlutfalli af veltu. Við stýringu lánsáhættu vegna viðskiptavina er meðal annars horft til aldurs krafna og fjárhagsstöðu einstakra viðskiptamanna. Innheimtustjóri skoðar reglulega tölulegar upplýsingar um aldur viðskiptakrafna. Viðskiptamenn sem ekki standa
í skilum geta ekki átt frekari viðskipti við félagið nema greiða niður skuldir sínar eða innheimtudeild félagsins samþykki frekari
úttektir á grundvelli samkomulags.
Félagið myndar niðurfærslu vegna áætlaðrar virðisrýrnunar viðskiptakrafna og annarra krafna. Niðurfærslan er í meginatriðum
sérstök niðurfærsla vegna einstakra verulegra viðskiptakrafna og sameiginleg niðurfærsla fyrir fyrirtæki með sambærilegar
kröfur með tilliti til tapa sem eru áfallin en ekki enn greind. Sameiginlega niðurfærslan er ákveðin með tilliti til innheimtusögu
sambærilegra krafna.
Fjárhæðir eru í þúsundum króna.
63
ÁRSSKÝRSLA 2013
30. FJÁRMÁLAGERNINGAR, FRAMHALD:
Mögulegt tap vegna lánsáhættu
Mesta mögulega tap félagsins vegna fjáreigna er bókfært verð þeirra, sem var eftirfarandi í árslok:
Skýr.
2013 2012
Skuldabréf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 395.118 441.768
Langtímakröfur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 331.364 289.646
Viðskiptakröfur og aðrar skammtímakröfur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211.003.885 1.234.576
Skammtímafjárfestingar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 357.020 565.800
Handbært fé . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234.413.403 5.227.728
6.500.790 7.759.518
Mesta mögulega lánsáhætta viðskiptakrafna, án tillits til virðisrýrnunar, á reikningsskiladegi eftir viðskiptavinum var eftirfarandi:
Stórnotendur og orkufyrirtæki . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327.490 383.705
Kröfur á HS Veitur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157.124 222.404
Aðrir viðskiptavinir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 447.207 437.501
931.821 1.043.610
Virðisrýrnun
Aldursgreining viðskiptakrafna og niðurfærsla á reikningsskiladegi voru eftirfarandi:
2013 2012
Brúttó staða Virðisrýrnun Brúttó staða Virðisrýrnun
Ógjaldfallnar kröfur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 878.507 4.898 974.402 3.240
Gjaldfallnar 0 - 30 daga . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.650 1.672 14.033 1.310
Gjaldfallnar 31 - 60 daga . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.830 1.211 10.223 1.078
Gjaldfallnar 61 - 90 daga . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.045 882 7.464 2.638
Gjaldfallnar eldri en 90 daga . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.789 18.167 37.488 29.509
931.821 Virðisrýrnun viðskiptakrafna er eingöngu vegna annarra viðskiptavina.
Breytingar á niðurfærslu vegna virðisrýrnunar krafna á árinu greinist þannig:
26.830 1.043.610 2012
Staða 1.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.775 46.638
Afskrifað á árinu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
14.717) (
34.177)
Bókfærð virðisrýrnun . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.772 25.314
Staða 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.830 37.775
Aðrar fjáreignir með lánsáhættu eru ekki niðurfærðar.
Fjárhæðir eru í þúsundum króna.
64
2013 37.775
HS ORKA HF
30. FJÁRMÁLAGERNINGAR, FRAMHALD:
Lausafjáráhætta
Lausafjáráhætta er hættan á því að félagið geti ekki staðið við fjárhagsskuldbindingar sínar eftir því sem þær gjaldfalla. Félagið
stýrir lausafé á þann hátt að tryggt sé, eins og hægt er, að það hafi alltaf nægt laust fé til að mæta skuldbindingum sínum eftir
því sem þær gjaldfalla, hvort sem er undir venjulegum og óvenjulegum kringumstæðum, án þess að verða fyrir óásættanlegu
tapi og forðast að skaða orðspor félagsins. Í árslok 2013 átt félagið handbært fé að fjárhæð 4.413 millj. kr. (2012: 5.228 millj.
kr.).
Félagið hefur ekki gert samninga um ný lán og á engar ónýttar lánsheimildir í árslok 2013 og 2012.
Lausafjáráhætta
Samningsbundnar greiðslur vegna fjárskulda, þar með taldar væntanlegar vaxtagreiðslur greinast þannig:
Samnings- Bókfært bundið Eftir
verð sjóðsflæði Innan árs Eftir 1 - 2 ár Eftir 2 -5 ár meira en 5 ár
31. desember 2013
Vaxtaberandi skuldir . . . . . . . . . . . 14.520.706 16.088.720 2.583.605 2.544.002 6.502.137 4.458.976
Viðskiptaskuldir og aðrar
skammtímaskuldir. . . . . . . . . . . 1.094.759 1.094.759 1.094.759
Afleiðusamningar . . . . . . . . . . . . . . 674.615 627.807 411.120 62.565 154.122 31. desember 2012
Vaxtaberandi skuldir . . . . . . . . . . . 18.388.553 20.787.184 2.935.771 2.872.064 7.912.225 7.067.124
Viðskiptaskuldir og aðrar
skammtímaskuldir. . . . . . . . . . . 1.142.086 1.142.086 1.142.086
Afleiðusamningar . . . . . . . . . . . . . . 1.137.977 1.082.307 459.220 133.520 489.567
Markaðsáhætta
Markaðsáhætta er hættan á því að breytingar í markaðsverði erlendra gjaldmiðla, álverðs og vaxta hafi áhrif á afkomu félagsins
eða virði fjármálagerninga. Markmið með stýringu markaðsáhættu er að stýra og takmarka áhættu við skilgreind mörk, jafnframt
því sem ábati er hámarkaður. Markaðsáhætta félagsins samanstendur af gjaldmiðlagengisáhættu, álverðsáhættu og vaxtaáhættu.
Gjaldmiðlagengisáhætta
Félagið býr við gengisáhættu vegna sölusamninga, innkaupa og lántöku í öðrum gjaldmiðlum en íslenskum krónum (ISK). Þeir
gjaldmiðlar sem einkum skapa gengisáhættu eru bandaríkjadollar (USD), svissneskir frankar (CHF), evra (EUR), kanadískir dollarar
(CAD), sænskar krónur (SEK), bresk pund (GBP) og japanskt jen (JPY).
Vegna núverandi markaðsástands á Íslandi getur félagið ekki varið sig gegn gjaldmiðlagengisáhættu þar sem hvorki framvirkir
gjaldmiðlasamningar né aðrir afleiðusamningar eru í boði á Íslandi. Félagið notar hluta af tekjum sínum í dollurum til að verjast
gjaldmiðlagengisáhættu vegna lána í bandaríkjadollurum. Í árslok átti félagið 764 millj. kr. (2012: 827 millj. kr.) í bandaríkjadollurum af handbæru fé á móti endurgreiðslum félagsins á lánum í erlendum gjaldmiðlum.
Fjárhæðir eru í þúsundum króna.
65
ÁRSSKÝRSLA 2013
30. FJÁRMÁLAGERNINGAR, FRAMHALD:
Mögulegt tap vegna gjaldmiðlagengisáhættu
Gjaldmiðlagengisáhætta félagsins miðað við nafnverðsfjárhæðir er eftirfarandi:
CHF EUR USD JPY Aðrir
CAD gjaldmiðlar
2013
Afleiðusamningar . . . . . . . . . . . . . . (1.102.293
)( 339.943
)( 285.809
)( 318.353
)
0 ( 172.119
)
Viðskiptakröfur . . . . . . . . . . . . . . . . 0
7.616 163.247
0
0
0
Handbært fé . . . . . . . . . . . . . . . . . . 86 11.789 764.225 5 4 396
Vaxtaberandi skuldir . . . . . . . . . . . ( 3.852.216) ( 2.614.025) ( 2.479.299) ( 1.177.993) ( 1.039.731) ( 1.018.495)
Viðskiptaskuldir . . . . . . . . . . . . . . . 0
0( 39.926
)
0(
2.317
)(
6.618
)
Áhætta í efnahagsreikningi . . . . . ( 4.954.423) ( 2.934.563) ( 1.877.562) ( 1.496.341) ( 1.042.044) ( 1.196.836)
Áætluð sala 2014 . . . . . . . . . . . . . 0
02.082.928 0
0
0
Áætluð innkaup 2014 . . . . . . . . . . 0
0( 542.224
)
0
0
0
Brúttó gengisáhætta . . . . . . . . . . . 0 0 1.540.704 0 0 0
Nettó gengisáhætta . . . . . . . . . . . ( 4.954.423) ( 2.934.563) (
336.858) ( 1.496.341) ( 1.042.044) ( 1.196.836)
CHF EUR USD JPY Aðrir
CAD gjaldmiðlar
2012
Afleiðusamningar . . . . . . . . . . . . . . (1.508.292
)( 457.761
)3.685.958 ( 546.171
)
0 ( 236.826
)
Viðskiptakröfur . . . . . . . . . . . . . . . . 0
0 282.447
0
0
0
Handbært fé . . . . . . . . . . . . . . . . . . 93 10.926 826.874 6 5 431
Vaxtaberandi skuldir . . . . . . . . . . . ( 4.731.696) ( 3.243.444) ( 3.173.652) ( 1.798.494) ( 1.375.244) ( 1.258.815)
Áhætta í efnahagsreikningi . . . . . (6.239.895
)(3.690.279
)1.621.627 (2.344.659
)(1.375.239
)(1.495.210
)
Áætluð sala 2013 . . . . . . . . . . . . . 0
02.537.011 0
0
0
Áætluð innkaup 2013 . . . . . . . . . . 0
0( 535.111
)
0
0
0
Brúttó gengisáhætta . . . . . . . . . . . 0 0 2.001.900 0 0 0
Nettó gengisáhætta . . . . . . . . . . . (6.239.895
)(3.690.279
)3.623.527 (2.344.659
)(1.375.239
)(1.495.210
)
Gengi helstu gjaldmiðla var eftirfarandi á árinu:
MeðalgengiÁrslokagengi
2013
2012
2013
2012
CHF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,27 133,72 129,55 141,03
EUR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162,83 161,18 158,94 170,27
USD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,52 125,35 115,30 129,05
JPY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,26 1,57 1,10 1,50
CAD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,06 125,48 108,39 127,74
66
HS ORKA HF
30. FJÁRMÁLAGERNINGAR, FRAMHALD:
Næmnigreining
Styrking íslensku krónunnar um 10% gagnvart eftirfarandi gjaldmiðlum þann 31. desember hefði hækkað (lækkað) afkomu ársins
eftir tekjuskatt um eftirfarandi fjárhæðir. Greiningin byggir á því að allar aðrar breytur, sérstaklega vextir, haldist stöðugar.
Greiningin var unnin með sama hætti fyrir árið 2012.
Hagnaður (tap)
2013 2012
CHF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396.354 499.192
EUR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234.765 295.222
USD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150.205 (
129.730)
JPY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119.707 187.573
CAD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83.364 110.019
Aðrir gjaldmiðlar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.747 119.617
Veiking íslensku krónunnar um 10% gagnvart ofangreindum gjaldmiðlum þann 31. desember hefði haft öfug áhrif sömu fjárhæðar á afkomu ársins eftir tekjuskatt og getið er um að ofan, að því gefnu að aðrar breytur haldist stöðugar. Greiningin var unnin
með sama hætti fyrir árið 2012.
Vaxtaáhætta
Lántökur félagsins eru að mestu með breytilegum vöxtum. Vegna núverandi efnahagsástands á Íslandi ver félagið sig ekki gegn
vaxtaáhættu þar sem enginn mótaðili er til fyrir framvirka samninga eða aðrar afleiður á Íslandi.
Vaxtaáhætta
Vaxtaberandi fjáreignir og fjárskuldir greinast með eftirfarandi hætti í lok ársins:
Fjármálagerningar með fasta vexti
2013 2012
Fjáreignir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395.118 441.768
Fjárskuldir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 2.062.205) ( 2.515.097)
( 1.667.087) ( 2.073.329)
Fjármálagerningar með breytilega vexti
Fjáreignir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.413.403 5.793.528
Fjárskuldir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12.458.501) (15.873.457)
( 8.045.098) (10.079.929)
Afleiður
Innbyggðar afleiður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122.581 4.260.671
Gjaldmiðla- og vaxtaskiptasamningar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
674.615) ( 1.137.977)
(
552.034) 3.122.694
67
ÁRSSKÝRSLA 2013
30. FJÁRMÁLAGERNINGAR, FRAMHALD:
Næmnigreining gangvirðis fjármálagerninga með fasta vexti
Breyting á vöxtum á uppgjörsdegi um 100 punkta myndi hækka (lækka) afkomu og eigið fé um eftirfarandi fjárhæðir eftir tekjuskatt. Þessi greining byggir á þeirri forsendu að allar aðrar breytur, sérstaklega gengi erlendra gjaldmiðla, haldist óbreyttar.
Greiningin var unnin með sama hætti fyrir árið 2012.
Eigið fé
Afkoma
100 punkta 100 punkta 100 punkta 100 punkta
hækkun lækkun hækkun lækkun
2013
Fjáreignir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 ( 10.380
)
10.868
Næmnigreining gangvirðis, nettó . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 ( 10.380
)
10.868
Fjáreignir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 (
13.147)
15.899
Næmnigreining gangvirðis, nettó . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 (
13.147)
15.899
2012
Næmnigreining á gangvirði fyrir afleiður
Breyting á vöxtum á uppgjörsdegi um 100 punkta myndi hækka (lækka) afkomu um neðangreindar fjárhæðir eftir tekjuskatt.
Þessi greining byggir á þeirri forsendu að allar aðrar breytur, sérstaklega gengi erlendra gjaldmiðla, haldist óbreyttar. Greiningin
var unnin með sama hætti fyrir árið 2012.
Afkoma
100 punkta
100 punkta
hækkun lækkun
2013
Innbyggðar afleiður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
22.517)
25.052
Gjaldmiðla- og vaxtaskiptasamningar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
23.128)
23.897
Næmnigreining gangvirðis, nettó . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
45.645)
48.949
2012
Innbyggðar afleiður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
220.438)
242.602
Gjaldmiðla- og vaxtaskiptasamningar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
42.163)
39.347
Næmnigreining gangvirðis, nettó . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
262.601)
281.949
Næmnigreining sjóðstreymis vegna breytilegra vaxta
Breyting á vöxtum á uppgjörsdegi um 100 punkta myndi hækka (lækka) afkomu og eigið fé um eftirfarandi fjárhæðir eftir tekjuskatt. Þessi greining byggir á þeirri forsendu að allar aðrar breytur, sérstaklega gengi erlendra gjaldmiðla, haldist óbreyttar.
Greiningin var unnin með sama hætti fyrir árið 2012.
Afkoma
100 punkta
100 punkta
hækkun lækkun
2013
Fjármálagerningar með breytilega vexti . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
64.361)
64.361
Næmnigreining sjóðstreymis, nettó . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
64.361)
64.361
2012
Fjármálagerningar með breytilega vexti . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
80.640)
80.640
Næmnigreining sjóðstreymis, nettó . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
80.640)
80.640
Fjárhæðir eru í þúsundum króna.
68
HS ORKA HF
30. FJÁRMÁLAGERNINGAR, FRAMHALD:
Álverðsáhætta
Félagið hefur gert raforkusölusamninga við Norðurál um afhendingu orku til ársins 2026. Félagið hefur einnig gert samninga
við Landsvirkjun um sölu á orku til ársins 2019. Samningarnir eru gerðir í bandarískum dollurum og eru að hluta til tengdir
heimsmarkaðsverði á áli. Félagið ver sig ekki gegn breytingu á álverði.
Næmnigreining
Breyting álverðskúrfu um 10% í lok ársins til hækkunar eða lækkunar hefði eftirfarandi áhrif á afkomu félagsins eftir skatta eins
og sjá má hér á eftir. Greiningin var unnin með sama hætti fyrir árið 2012.
Afkoma
2013 2012
Hækkun um 10% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.699.406 2.433.445
Lækkun um 10% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 1.699.406) ( 2.433.445)
Gangvirði
Samanburður á gangvirði og bókfærðu verði
Gangvirði og bókfært verð fjáreigna og fjárskulda í efnahagsreikningi greinist þannig:
2013 2012
Bókfært verð Gangvirði Bókfært
verð Gangvirði
Vaxtaberandi langtímaskuldir . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14.520.706) (14.142.410) (18.388.553) (18.138.840)
(14.520.706) (14.142.410) (18.388.553) (18.138.840)
Vextir við mat á gangvirði
Gangvirði sem er ákvarðað vegna skýringa, er reiknað núvirði framtíðarflæðis höfuðstóls og vaxta og er afvaxtað með markaðsvöxtum á uppgjörsdegi.
Vegna skulda í erlendum gjaldmiðlum er notast við afvöxtunarhlutfall sem byggt er á millibankavöxtum. Öll afvöxtunarhlutföll
fela í sér viðeigandi áhættuálag, og greinast þannig:
Vaxtahlutföll notuð við mat á gangvirði: 2013 2012
Vaxtaberandi langtímaskuldir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Libor + 250 bp
Gangvirði annarra fjáreigna og fjárskulda er jafnt bókfærðu verði þeirra.
Önnur markaðsáhætta
Önnur markaðsáhætta er tengd fjárfestingum í skuldabréfum og hlutabréfa og er metin óveruleg.
Libor + 250bp
Fjárhæðir eru í þúsundum króna.
69
ÁRSSKÝRSLA 2013
30. FJÁRMÁLAGERNINGAR, FRAMHALD:
Flokkun fjármálagerninga
Fjáreignir og -skuldir flokkast þannig:
Fjáreignir Fjárskuldir
á gangvirði færðar
gegnum Veltu- á afskrifuðu
Lán og rekstrar- fjáreignir kostnaðar-
kröfur reikning og -skuldir verði Bókfært verð
2013
Eignarhlutir í öðrum félögum . . . . . . . . . . . . . . . . 27.075 27.075
Skuldabréf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395.118 395.118
Afleiður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260.580 260.580
Viðskiptakröfur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 904.991 904.991
Aðrar skammtímakröfur . . . . . . . . . . . . . . . . . . . . . 430.258 430.258
Skammtímafjárfestingar . . . . . . . . . . . . . . . . . . . . 357.020 357.020
Handbært fé . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.413.403 4.413.403
Eignir samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.748.652 779.213 260.580 0 6.788.445
Vaxtaberandi skuldir . . . . . . . . . . . . . . . . . . . . . . . . 14.520.706 14.520.706
Afleiður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 812.614 812.614
Viðskiptaskuldir . . . . . . . . . . . . . . . . . . . . . . . . . . . . 437.668 437.668
Aðrar skammtímaskuldir . . . . . . . . . . . . . . . . . . . . 657.091 657.091
Skuldir samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 812.614 15.615.465 16.428.079
2012
Eignarhlutir í öðrum félögum . . . . . . . . . . . . . . . . 27.075 27.075
Skuldabréf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441.768 441.768
Afleiður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.260.671 4.260.671
Viðskiptakröfur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.005.835 1.005.835
Aðrar skammtímakröfur . . . . . . . . . . . . . . . . . . . . . 518.387 518.387
Skammtímafjárfestingar . . . . . . . . . . . . . . . . . . . . 565.800 565.800
Handbært fé . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.227.728 5.227.728
Eignir samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.751.950 1.034.643 4.260.671 0
12.047.264
Vaxtaberandi skuldir . . . . . . . . . . . . . . . . . . . . . . . 18.388.553 18.388.553
Afleiður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.137.977 1.137.977
Viðskiptaskuldir . . . . . . . . . . . . . . . . . . . . . . . . . . . . 482.996 482.996
Aðrar skammtímaskuldir . . . . . . . . . . . . . . . . . . . . 659.090 659.090
Skuldir samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 Fjárhæðir eru í þúsundum króna.
70
0 1.137.977 19.530.639 20.668.616
HS ORKA HF
31. STIGVELDI GANGVIRÐIS
Taflan hér að neðan sýnir fjármálagerninga færða á gangverði eftir verðmatsferð. Aðferðirnar eru skilgreindar á eftirfarandi hátt:
Stig 1: Uppgefin verð á virkum markaði fyrir sams konar eignir og skuldir
Stig 2: Forsendur byggja á öðrum breytum en uppgefnum verðum á virkum markaði (stig 1)
sem unnt er að afla fyrir eignir og skuldir, beint (ýmist verð) eða óbeint (afleidd af verðum)
Stig 3: Forsendur gangvirðis eigna og skulda eru ekki byggðar á gögnum sem unnt er að afla á markaði.
Stig 1
Stig 2
Stig 3
Samtals
31. desember 2013
Rekstrarfjármunir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.422.097 31.422.097
Innbyggðar afleiður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
21.386)
143.966 122.580
Skuldabréfaeign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395.118 395.118
Aðrar afleiður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (302.827
)
(302.827
)
Eignarhlutir í öðrum félögum . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.075 27.075
Skammtímafjárfestingar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357.020 357.020
Samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357.020 70.905 31.593.138 32.021.063
31. desember 2012
Rekstrarfjármunir . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.494.192 31.494.192
Innbyggðar afleiður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227.412 4.033.259 4.260.671
Skuldabréfaeign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441.768 441.768
Aðrar afleiður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (788.365
)
(788.365
)
Eignarhlutir í öðrum félögum . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.075 27.075
Skammtímafjárfestingar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565.800 565.800
Samtals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565.800 (
119.185) 35.554.526 36.001.141
Innbyggðar afleiður sem renna út á árinu 2026 eru flokkaðar undir 3. stig, þar sem framtíðarmarkaður áls nær eingöngu tíu ár
fram í tímann. Gangvirðisbreytingar vegna eigna sem flokkaðar eru í stig 3 voru 3.889 millj. kr.
32.EIGINFJÁRSTÝRING
Það er stefna stjórnar félagsins að eiginfjárstaða þess sé sterk til að styðja við stöðugleika í framtíðarþróun starfseminnar.
Stjórn félagsins leitast við að halda jafnvægi milli ávöxtunar eigin fjár, sem mögulegt er að hækka með aukinni skuldsetningu, og
hagræði og öryggi sem næst með sterku eiginfjárhlutfalli. Eiginfjárhlutfall var 58,0% í lok árs 2013 (2012: 53,4%).
Engar breytingar urðu á stefnu um eiginfjárstýringu félagsins á árinu. Félaginu ber ekki að fylgja ytri reglum um lágmarks eiginfjárstöðu að undanskildum kröfum í lánasamningum um lágmarkseiginfjárstöðu.
Fjárhæðir eru í þúsundum króna.
71
ÁRSSKÝRSLA 2013
33.TRYGGINGAR
Vegna skiptingar Hitaveitu Suðurnesja hf í HS Orku hf og HS Veitur hf árið 2008 er félagið ábyrgt fyrir skuldum HS Veitna hf á
skiptingardegi. Engar ábyrgðir voru til staðar í árslok 2013 (2012: 1 millj. kr.).
34. ÖNNUR MÁL
Málaferli og kröfur
Þann 16. desember 2011 hóf HS Orka hf mál fyrir gerðardómi gegn Norðuráli Grundartanga um túlkun ákvæða í raforkusölusamningi fyrir Grundartanga sem kveða á um lágmarkskaup á raforku. Tekjur sem mótteknar hefðu átt að vera samkvæmt
ákvæðum samningsins voru að fullu færðar til tekna á árunum 2012 og 2013. Gerðardómurinn úrskurðaði um málið þann 23.
maí 2013 og var Norðuráli gert að greiða hinar áföllnu tekjur.
Trölladyngja
Á árinu 2012 samþykkti Alþingi Íslendinga Rammaáætlun II, sem flokkar núverandi virkjanakosti vatnsafls og jarðvarma í þrjá
flokka, verndarflokk, biðflokk og nýtingarflokk. Trölladyngjusvæðið er flokkað í biðflokk sem þýðir að frekari upplýsinga, rannsókna og gagna er óskað. Bókfært virði framkvæmda við Trölladyngju var í árslok 2013 676 millj. kr.
35. TENGDIR AÐILAR
Skilgreining tengdra aðila
Eigendur, hlutdeildarfélög, systurfélög, HS Veitur hf, stjórnarmenn, stjórnendur og félög í þeirra í eigu teljast vera tengdir aðilar
félagsins.
Félagið seldi hvorki vörur né þjónustu til eigenda á árunum 2013 og 2012. Félagið keypti þjónustu frá eigendum á árinu 2013
fyrir 11 millj. kr. (2012: 11 millj. kr.).
Félagið keypti vörur og þjónustu af hlutdeildarfélögum sínum fyrir 15 millj. kr. á árinu 2013 (2012: 17 millj. kr.).
Félagið seldi hlutdeildarfélögum sínum vörur og þjónustu fyrir 48 millj. kr. (2012: 40 millj. kr.).
Félagið keypti þjónustu frá systurfélagi fyrir 18 millj. kr. á árinu 2013 (2012: 23 millj. kr.). Á árslok námu viðskiptaskuldir við
systurfélög 2 millj. kr. (2012: 0 millj. kr.).
Sala til HS Veitna hf nam 1.965 millj. kr. á árinu (2012: 1.830 millj. kr.). Kaup frá HS Veitum hf námu 105 millj. kr. (2012: 23 millj.
kr.). Í árslok nam krafa félagsins á HS Veitur hf 157 millj. kr. (2012: 222 millj. kr.) og viðskiptaskuld við HS Veitur hf nam 74 millj.
kr. (2012: 0 millj. kr.). Langtímakrafa á HS Veitur vegna hlutdeildar í lífeyrisskuldbindingu nam 331 millj. kr. (2012: 290 millj. kr.).
Fjárhæðir eru í þúsundum króna.
72
HS ORKA HF
Viðauki:
Stjórnarháttayfirlýsing, óendurskoðuð
Yfirlýsing þessi um stjórnarhætti er gerð í samræmi við 66. gr. C laga nr. 3/2006, um ársreikninga með síðari breytingum.
Yfirlýsingin hefur verið samþykkt af stjórn HS Orku hf. og er einnig birt í ársskýrslu félagsins. Yfirlýsingin gildir fyrir árið sem lauk
31. desember 2013.
Í henni er að finna upplýsingar um eftirfarandi atriði:
•
•
Lýsingu á helstu þáttum innra eftirlits og áhættustjórnunarkerfi sem notað er í tengslum við gerð ársreiknings.
•
Lýsingu á skipulagi félagsins, hlutverki og samsetningu hvers skipulagsþáttar.
Tilvísanir í leiðbeiningar um stjórnarhætti fyrirtækja sem félagið fylgir og hvernig félagið tekst á við leiðbeiningarnar, þ.m.t.
frávik frá þeim og skýringar á frávikum.
1.STJÓRNARHÆTTIR
Félagið hlítir í meginatriðum ofangreindum lögum. Stjórn HS Orku hf. leggur áherslu á að viðhalda góðum stjórnarháttum. Í
samþykktum félagsins eru lagðar meginlínur að stjórnarháttum félagsins.
Endurskoðunarnefnd samanstendur af tveimur stjórnarmönnum og einum óháðum nefndarmanni. Nýlega var skipuð starfskjaranefnd sem mun halda sinn fyrst fund í ársbyrjun 2014. Hún samanstendur af tveimur stjórnarmönnum.
Stjórn félagsins ákveður starfskjör forstjóra og móttekur reglulega skýrslur frá endurskoðunarnefnd sem fundar reglulega
með endurskoðendum félagsins. Tveir stjórnarmenn félagsins eru tengdir minnihlutaeiganda félagsins og þrír stjórnarmenn
tengjast meirihlutahluthafa samkvæmt gr. 2.5 í leiðbeiningum um stjórnarhætti fyrirtækja sem gefnar voru út í mars 2012 af
Viðskiptaráði Íslands, Nasdaq OMX Iceland hf. og Samtökum atvinnulífsins.
Gerð ársreiknings í samræmi við alþjóðlega reikningsskilastaðla krefst þess að stjórnendur taki ákvarðanir, meti og gefi sér
forsendur sem hafa áhrif á beitingu reikningsskilaaðferða og birtar fjárhæðir eigna, skulda, tekna og gjalda. Endanlegar niðurstöður kunna að vera frábrugðnar þessu mati.
Fjárhæðir eru í þúsundum króna.
73
ÁRSSKÝRSLA 2013
2. HELSTU ÞÆTTIR INNRA EFTIRLITS OG ÁHÆTTUSTJÓRNUNARKERFI
Í TENGSLUM VIÐ GERÐ ÁRSREIKNINGS.
Félagið innleiddi helstu ákvæði Sarbanes-Oxley laganna (SOX) árið 2011. Vinna við aðgreiningu starfa var þá þegar hafin og lauk
henni á árinu 2012.
Stjórnin hefur regluleg samskipti við forstjóra um greiningu, lýsingu og stýringu á viðskiptaáhættu sem félagið býr við. Fjallað er
um helstu áhættur og áhættustýringu í ársskýrslunni.
Áhættustýring og innra eftirlit félagsins í tengslum við fjárhagsferli eru hönnuð til að stýra áhættu á verulegum skekkjum. Félagið
hannar ferli þannig að þau komi í veg fyrir verulega veikleika í innra eftirliti sem leitt gætu til verulegrar skekkju í reikningsskilunum. Félagið fer í gegnum ítarlegt stefnumótunar- og fjárhagsáætlunarferli á hverju ári og gerir skýrslu um fjárhagsáætlun. Stjórnin
samþykkir fjárhagsáætlun félagsins á hverju ári. Fylgst er vandlega með frávikum frá áætlunum mánaðarlega. Einnig er gerður
mánaðarlega samanburður á milli ára og frávik skýrð. Heildarrekstur félagsins er nokkuð stöðugur og fyrri áætlanir hafa verið
áreiðanlegar og því hafa frávik komið fljótt í ljós.
Til að tryggja gæði reikningsskila félagsins hafa eftirfarandi reglur, ferli og leiðbeiningar um reikningsskil og innra eftirlit verið
innleidd:
Stöðugar greiningar á samanburðarfjárhæðum milli ára.
Árleg próf til að tryggja virkni innri eftirlitsþátta.
Stöðugar greiningar á rekstrarniðurstöðum og þær bornar saman við samþykktar áætlanir.
Reglur um lykilþætti í rekstri, þ.m.t. (en ekki takmarkað við) notkun á upplýsingatækni, tryggingar, sjóðstýringu, aðgreiningu
starfa, innkaupaferli o.fl.
Forstjóri félagsins ber ábyrgð á að viðhalda fullnægjandi og árangursríku innra eftirliti og áhættustýringu í tenglum við reikningsskil félagsins.
Endurskoðunarfélag er kosið á aðalfundi til eins árs í senn. Ytri endurskoðendur mega ekki eiga hluti í félaginu. Ytri endurskoðendur skulu kanna ársreikning félagsins í samræmi við alþjóðlega staðla um endurskoðun og skulu í þeim tilgangi kanna fjárhagsgögn og önnur gögn um rekstur og fjárhagsstöðu félagsins. Ytri endurskoðendur skulu ávallt hafa aðgang að öllum gögnum og
bókhaldi félagsins. Ytri endurskoðendur greina stjórn félagsins í gegnum endurskoðunarnefndina frá mikilvægum niðurstöðum
sínum um reikningshald félagsins í áritun sinni.
Fjárhæðir eru í þúsundum króna.
74
HS ORKA HF
3. SKIPULAG FÉLAGSINS, HLUTVERK OG SAMSETNING HVERS ÞÁTTAR
Samkvæmt samþykktum félagsins er félaginu stjórnað af
•Hluthafafundi
•
Stjórn félagsins
•
Forstjóra félagsins
Hluthafafundir
Æðsta vald í öllum málefnum félagsins, innan þeirra marka sem kveðið er á um samkvæmt lögum og í samþykktum félagsins, er
í höndum löglegs hluthafafundar.
Meirihlutahluthafi félagsins, Alterra Power Corp, á í gegnum dótturfélag sitt Magma Energy Sweden 66,6% hlut og atkvæðarétt
í HS Orku hf. Hinn hluthafinn, Jarðvarmi slhf. á 33,4% hlut og atkvæðarétt í félaginu.
Stjórn félagsins
Samkvæmt samþykktum félagsins ber stjórn félagsins ábyrgð á málefnum þess milli hluthafafunda. Stjórnin skal starfa í samræmi við samþykktir félagsins og starfsreglur stjórnar. Eftirfarandi eru helstu skyldur stjórnar:
•
Ráða forstjóra og ákvarða laun og starfskjör hans, ákvarða viðmið fyrir og hafa eftirlit með störfum forstjóra.
•
Hafa stöðuga og nákvæma yfirumsjón með með öllum þáttum í rekstri félagsins og tryggja að skipulag og athafnir þess séu
ávallt í góðu horfi. Þá skal stjórnin einkum tryggja viðeigandi yfirumsjón með fjárhagslegu eftirliti, nákvæmum fjárhagsupplýsingum og ráðstöfun fjármuna félagsins og að minnsta kosti einu sinni á ári staðfesta rekstrar- og fjárhagsáætlanir
félagsins.
•
Setja markmið félagsins í samræmi við tilgang í samþykktum þess og móta stefnu og áætlanir til að ná þessum markmiðum.
Allir stjórnarmenn hafa samþykkt verkferli stjórnarinnar og telja að þau sé skilvirk. Stjórnarmenn töldu einnig að stjórnargögn
og kynningar á málefnum væru fullnægjandi og vel undirbúin. Einnig staðfestu þeir að stjórnin hafi verið vel upplýsing og að öll
málefni hafi verið rædd á opinskáan og uppbyggilegan hátt. Við mat á stærð og samsetningu tekur stjórnin tillit til starfsemi
félagsins, stefnu og framkvæmdar, þekkingar, reynslu og sérþekkingar hvers stjórnarmanns. Stjórnin telur að stærð og samsetning hennar sé í samræmi við markmið stjórnarinnar að leysa verkefni sín á skilvirkan og heiðarlegan hátt með hag félagsins að
leiðarljósi.
Frekari upplýsingar um stjórn félagsins er að finna í ársskýrslu og á heimasíðu þess.
Fjárhæðir eru í þúsundum króna.
75
ÁRSSKÝRSLA 2013
3. SKIPULAG FÉLAGSINS, HLUTVERK OG SAMSETNING HVERS ÞÁTTAR, FRAMHALD:
Endurskoðunarnefnd
Endurskoðunarnefndin skal starfa í samræmi við starfsreglur nefndarinnar. Meginstarf nefndarinnar er að tryggja gæði reikningsskila félagsins og annarra fjárhagsupplýsinga, og óhæði endurskoðenda félagsins.
Forstjóri
Samkvæmt samþykktum félagsins ræður stjórnin forstjóra til að sjá um daglegan rekstur þess.
Eftirfarandi eru helstu skyldur forstjóra:
•
Hann ber ábyrgð á daglegum rekstri og skal fylgja stefnu og tilmælum stjórnarinnar í þeim efnum. Daglegur rekstur felur ekki
í sér óvanalegar og óhefðbundnar ráðstafanir. Forstjóri getur aðeins tekið ákvarðanir um slíkar ráðstafanir ef stjórnin hefur
veitt sérstaka heimild fyrir því nema að ómögulegt sé að bíða ákvörðunar stjórnar án verulegs óhagræðis fyrir starfsemi
félagsins. Í slíkum tilfellum skal forstjóri án tafar tilkynna stjórninni um allar slíkar ráðstafanir.
•
Hann skal tryggja að reikningsskil félagsins séu í samræmi við lög og viðurkenndar aðferðir og örugga ráðstöfun á eignum
félagsins. Forstjóri félagsins skal veita endurskoðendum félagsins allar þær upplýsingar sem þeir kunna að leita eftir.
76
Frekari upplýsingar um forstjóra félagsins er að finna í ársskýrslu og á heimasíðu þess.
HS ORKA HF
77
ÁRSSKÝRSLA 2013
ÓENDURSKOÐAÐAR FJÁRHAGSUPPLÝSINGAR
ÁRSFJÓRÐUNGAYFIRLIT
Samantekið yfirlit um rekstur félagsins eftir ársfjórðungum:
F1F2F3F4
Samtals
2013
Rekstrartekjur . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.947.270 1.642.827 1.551.943 1.889.3507.031.390
Framleiðslukostnaður og kostnaðarverð sölu . . ( 1.318.110) ( 1.393.715) ( 1.194.939) ( 1.405.824) ( 5.312.588)
Vergur hagnaður . . . . . . . . . . . . . . . . . . . . . . . . . . 629.160 249.112 357.004 483.526 1.718.802
Annar rekstrarkostnaður . . . . . . . . . . . . . . . . . . . (
173.502) (
62.449) (
70.112) (
Rekstrarhagnaður . . . . . . . . . . . . . . . . . . . . . . . . . 455.658 186.663 286.892 352.397 1.281.610
Fjármunatekjur . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.022.431 291.745 88.393 559.667 1.962.236
Fjármagnsgjöld . . . . . . . . . . . . . . . . . . . . . . . . . . . 131.129) (
(
162.057) (
113.051) (
234.697)
8.387 (
Gangvirðisbreytingar skiptasamninga . . . . . . . . 253.453 81.275 11.537 117.092 437.192)
501.418)
463.357
Gangvirðisbreytingar innbyggðra afleiða . . . . . . (2.755.939
)(
1.194.429) 907.089 (1.094.811
)(4.138.090
)
Hrein (fjármagnsgjöld) fjármunatekjur . . . . . . . (1.642.112
)( 934.460) 772.322 ( 409.665
)(2.213.915
)
Hlutdeild í afkomu hlutdeildarfélaga . . . . . . . . . Hagnaður (tap) fyrir tekjuskatt . . . . . . . . . . . . . . 38.775 ( 1.147.679) (
93.636 266.067 (
654.161) 1.325.281 (
Tekjuskattur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237.296 149.554 ( 211.842
)
Hagnaður (tap) tímabils . . . . . . . . . . . . . . . . . . . . 7.713
) 390.765
64.981) (
541.540)
11.453 186.461
( 910.383
)( 504.607)1.113.439 ( 53.528
)( 355.079
)
Önnur heildarafkoma: Liðir sem ekki verða endurflokkaðir í rekstrarreikning
Matsbr. lífeyrisskuldbindingar . . . . . . . . . . . . . . . 0 (
33.491)
(
2.682)
(
1.592)
(
37.765)
Tekjuskattur af liðum sem ekki
verða endurflokkaðir í rekstrarreikning . . . . . . 0 0 6.698 (
26.793)
536 (
2.146)
319 (
1.273)
7.553
(
30.212)
Liðir sem kunna að verða endurflokkaðir í rekstrarreikning
78
Þýðingarmunur hlutdeildarfélags . . . . . . . . . . . . (
31.815) (
6.665)
9.758 (
19.806) (
48.528)
Önnur heildarafkoma, eftir tekjuskatt . . . . . . . . (
31.815) (
33.458)
7.612 (
21.079) (
78.740)
(Heildartap) -hagnaður . . . . . . . . . . . . . . . . . . . . . (
942.198) (
538.065) 1.121.051 (
74.607) (
433.819)
HS ORKA HF
ÓENDURSKOÐAÐAR FJÁRHAGSUPPLÝSINGAR, FRAMHALD
ÁRSFJÓRÐUNGAYFIRLIT, FRAMHALD
F1F2F3F4
Samtals
2012
Rekstrartekjur . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.841.469 1.624.361 1.488.393 1.926.354 6.880.577
Framleiðslukostnaður og kostnaðarverð sölu . . ( 1.192.847) ( 1.117.369) ( 1.006.002) ( 1.209.766) (4.525.984)
Vergur hagnaður . . . . . . . . . . . . . . . . . . . . . . . . . . 648.622 506.992 482.391 Annar rekstrarkostnaður . . . . . . . . . . . . . . . . . . . (
111.122) (
100.301) (
84.017) (
Rekstrarhagnaður . . . . . . . . . . . . . . . . . . . . . . . . . 537.500 406.691 398.374 Fjármunatekjur . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.137 663.906 Fjármagnsgjöld . . . . . . . . . . . . . . . . . . . . . . . . . . . (
Gangvirðisbreytingar skiptasamninga . . . . . . . . ( 94.204
) 158.011 913.194) (
171.336) (
716.588 2.354.593
137.739) (
433.179)
578.849 1.921.414
85.462 ( 470.850
) 326.655
222.906) (
116.752) ( 1.424.188)
21.062 ( 104.887
)( 20.018
)
Gangvirðisbreytingar innbyggðra afleiða . . . . . 461.861 (1.989.779
)1.790.198 ( 463.016
)( 200.736
)
Hrein (fjármagnsgjöld) fjármunatekjur . . . . . . . (
497.400) ( 1.339.198) 1.673.816 ( 1.155.505) ( 1.318.287)
Hlutdeild í afkomu hlutdeildarfélaga . . . . . . . . . ( 40.462
)
Hagnaður (tap) fyrir tekjuskatt . . . . . . . . . . . . . . (
362
)( 838.575
)2.190.016 ( 577.678
) 773.401
Tekjuskattur. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
8.020
) 186.501 ( 414.437
) 115.331 ( 120.625
)
Hagnaður (tap) tímabils . . . . . . . . . . . . . . . . . . . . (
8.382
)( 652.074
)1.775.579 ( 462.347
) 652.776
93.932 117.826 (
1.022
) 170.274
Önnur heildarafkoma: Liðir sem ekki verða endurflokkaðir í rekstrarreikning
Endurmat rekstrarfjármuna . . . . . . . . . . . . . . . . 0 0 Matsbr. lífeyrisskuldbindingar . . . . . . . . . . . . . . . 0 (
50.734) (
0 6.090.242 6.090.242
4.907) (
10.431) (
66.072)
Tekjuskattur af liðum sem ekki
verða endurflokkaðir í rekstrarreikning . . . . . 0 10.147 0 (
40.587) (
981 ( 1.215.963) ( 1.204.835)
3.926) 4.863.848 4.819.335
Liðir sem kunna að verða endurflokkaðir í rekstrarreikning
Þýðingarmunur hlutdeildarfélags . . . . . . . . . . . . 25.228 ( 24.579
)
9.464 Önnur heildarafkoma, eftir tekjuskatt . . . . . . . . 25.228 (
5.538 4.890.658 4.856.259
Heildarhagnaður (-tap) . . . . . . . . . . . . . . . . . . . . . 16.846 (
65.166)
26.810 36.923
717.240) 1.781.117 4.428.311 5.509.035
79
ÁRSSKÝRSLA 2013
HS ORKA HF
FINANCIAL STATEMENTS
2013
81
ÁRSSKÝRSLA 2013
82
HS ORKA HF
ADDRESS OF THE CHAIRMAN OF THE BOARD
We were proud in 2013 to achieve another year of
The company commenced a geothermal field main-
operational excellence, marking increases of electrical
tenance program at Reykjanes in 2013, which included
production (4.7%) and hot water production (9.3%), which
drilling a re-injection well to enhance the stability of the
resulted in increased revenues of 2%. This performance
field.
demonstrated again the consistency and dependability of
Although HS Orka is currently retaining most of
our operations, even in the face of the multiple challenges
its operating cash flow for debt service and potential
we faced, such as low aluminium prices and significant
expansions, a flow-through dividend of ISK 150 million
competition in the Icelandic electricity market.
was distributed to shareholders in 2013 representing
2013 was also a financial success for the company as
cash received from the Blue Lagoon resort, which is
we strengthened our balance sheet through substantial
33% owned by HS Orka. The Blue Lagoon continued to
debt payments from the company’s cash flow. At our cur-
outperform expectations in 2013 due to increased visitor
rent pace of debt repayment, we will see significantly incr-
attendance.
eased cash flow to our shareholders beginning in 2017.
83
ÁRSSKÝRSLA 2013
84
A number of attempts were made during the year
Later in this Annual Report we explain our efforts
to resolve the dispute with aluminum smelter Norðurál
to fully utilize the geothermal resources we hold under
regarding the conditional power purchase agreement
license, through the concept of our Resource Park. It is our
between the parties. HS Orka and Norðurál continue to
goal to continue this concept to bring benefits to many
explore solutions to meet challenges such as low alum-
parties by using our resources in the best possible way,
inum prices and higher capital costs. Unfortunately the
to optimize the outcome for society and the environment.
parties have not yet been able to reach agreement on
We are very proud to be using nature’s geothermal asset,
changes to key terms which would result in the fulfillment
our outstanding employees’ expertise and our capital
of the conditions of the power purchase agreement.
resources to provide clean energy to all of our customers.
HS Orka announced a new CEO in 2013, Ásgeir
I wish to thank all of HS Orka’s employees, managers
Margeirsson, who replaced Júlíus Jónsson, who is now the
and directors for their strong and unselfish efforts made
CEO of HS Veitur. Júlíus spearheaded the growth of HS
on behalf of the company, often under challenging circum-
Orka for many years as CEO (1992-2013) and CFO (1982-
stances. I also wish to thank HS Orka’s shareholders,
1992), and I wish to thank him for his excellent results and
Alterra Power Corp. and Jarðvarmi, who continued to
steady contributions, as well as wishing him well in the
work well together, with good cooperation and goodwill
future. We are excited to have Ásgeir join us now for the
in addressing the affairs of the company during 2013. It
next chapter of growth, which we are confident will only
is my hope that 2014 will be another year of steady and
build on HS Orka‘s strong platform.
positive results for the company.
HS ORKA HF
HS ORKA HF
The operating plants of HS Orka performed well again
usage in the past few years and HS Orka is now planning
in 2013, achieving a 4.4% increase in generation (1,350
a 2014 capital project to increase the hot water product-
GWh) which also exceeded the company’s budget for the
ion at Svartsengi to keep up with the future demand and
year by 1.9%. The company’s electricity production has
increase HS Orka’s revenue.
been consistent in the past few years, indicating the relia-
The company’s largest contract to drive future power
bility of the geothermal resource areas at Svartsengi and
production and sale remains the conditional power
Reykjanes. The production figures also reflect the quality
purchase agreement with Norðurál Helguvík. Negotiations
of the power plants and the capabilities of the employees
concerning the agreement are still ongoing and all effort
that run and maintain them.
is being made to reach an acceptable solution for both
HS Orka also generated additional revenue from
electricity sales in the retail market (8.5% increase).
parties.
While an agreement concerning the aluminium
HS Orka’s operating income increased 2.2% to ISK
smelter at Helguvík remains outstanding, HS Orka’s
7.03 billion in 2013. Income from power production and
opportunities for a larger sales agreement with other
electricity sales represented 83.6% of operating income
parties are very limited. However, in 2013 an agreement
in 2013 (85.3% in 2012).
was made with Algalíf, for the sale of up to 5 MW for algae
EBITDA for the year was ISK 2.60 billion, decreasing
production at Ásbrú.
from ISK 2.92 billion in 2012 primarily due to the planned
Investments in 2013 increased by 99,9% to ISK 1.41
cleaning and repair of two boreholes in the period, as well
billion, thereof 1.24 billion in operating assets, primarily
as increased transmission expenses resulting from a 20%
due to the drilling of three new wells and one work over
increase in transmission costs for heavy industries during
well at Reykjanes and an injection project at Svartsengi.
the period. This cost increase has since been rolled back,
which will be reflected in future periods.
The company’s balance sheet has strengthened
considerably in the past few years reflecting a heavy
Since the division of Hitaveita Suðurnesja to HS Orka
paydown of debt and the company’s strong cash position.
and HS Veitur in 2008, the employees of HS Orka have
This has resulted in an equity ratio at the end of 2013 of
handled the operations of HS Veitur pursuant to a service
58%, which supports the company’s capacity for further
agreement under which one CEO was jointly responsible
investment as needed in the near future.
for both HS Veitur and HS Orka. As of year end, the CEO
HS Orka anticipates that 2014 will be consistent with
positions are now separate. Júlíus Jónsson is now solely
2013. While substantial future growth remains dependent
the CEO of HS Veitur, and Ásgeir Margeirsson has been
on reaching agreement with Norðurál Helguvík, HS Orka
appointed as CEO of HS Orka.
continues to provide important services that support
HS Veitur is the primary customer for HS Orka’s sales
of hot water for use in the distribution system of HS
several Icelandic industries as we serve both large and
small customers.
Veitur. There has been considerable increase of hot water
85
ÁRSSKÝRSLA 2013
BOARD AND ORGANISATION
The annual general meeting of HS Orka was held on
On August 12, an extra ordinary shareholders’ meeting
March 25, 2013 at Eldborg in Svartsengi. All incumbent
was held on which Lynda Freeman took John Carson’s seat
board members were re-elected. A board meeting was
as a primary board member. John took Lynda Freeman’s
held on March 26, 2013 where the board delegated duties
seat as an Alternate board member.
and the board was ordered as follows:
HS Orka’s share capital was divided as follows on
Chairman:
December 31, 2013:
Ásgeir Margeirsson, Magma Energy Sweden A.B.
SharesPercentage
Vice chairman:
Magma Energy Sweden A.B. 5,222,188,911
66.6 %
Jarðvarmi slhf.
33.4 %
Ross Beaty, Magma Energy Sweden A.B.
Secretary:
Total
2,618,935,580
7,841,124,491100.0%
Gylfi Árnason, Jarðvarmi slhf.
The CEO of the company in 2013 was Júlíus Jónsson
Board members:
Anna Skúladóttir, Jarðvarmi slhf.
John Carson, Magma Energy Sweden A. B.
Deputy CEO: Albert Albertsson
On January 1, 2014, Ásgeir Margeirsson was hired
as the CEO of HS Orka and Ross Beaty took over as the
Alternate board members:
chairman of the board. John Carson resumed his seat on
Lynda Freeman, Magma Energy Sweden A.B.
the board and Paul Rapp (Magma Energy Sweden A.B.)
Helgi Jóhannesson, Jarðvarmi slhf.
took a seat as an alternate board member at an extraordinary shareholders’ meeting on January 9, 2014.
86
HS ORKA HF
Ross Beaty
Gylfi Árnason
John Carson
Anna Skúladóttir
Lynda Freeman
Ásgeir Margeirsson
Albert Albertsson
Deputy CEO
CEO
87
ÁRSSKÝRSLA 2013
HS ORKA´S RESOURCE PARK
– MULTI–USE OF NATURAL RESOURCES
The Resource Park and the conceptual definition of
• Integrated exploitation of all objective and non
HS Orka’s resource park has a history of over twenty
-objective resources available at the site.
years. Among other items, the idea is taken from the
• Equal emphasis placed on ecological balance,
lifestyle of the Indians of North America and the hard
economic prosperity and social progress in soci-
living of Icelandic families in the first half of the nineteenth
ety. Build a bridge between different professions,
century. The theoretical foundation behind the idea is the
cultures and technologies.
law of thermodynamics. The Indians looked to at least
• Research, development and innovation.
the next seven generations, did not hunt more than the
• Interdisciplinary operation.
extended family needed for sustenance, out of respect
• Education, training, entrepreneurial work and
team unity.
for the prey it was used in full, education and training of
the young was paramount and the earth and the whole
• Foundation built for the long term, decades.
world in fact was considered to be a living creature
to be respected. The hard living of Icelandic families
The Resource Park is a powerful tool that encourages
forced people to use everything to its full extent, throw
the sustainable development of society as the development
nothing away. The guiding light of the Resource Park was
is defined by Brundtland’s work group. Natural resources
crystallised in “Society without waste”. The Resource Park
is an extensive concept which should be defined in this
idea consists of seven main factors:
context. Objective resources include tracts of land, roads
and joint infrastructure of the Resource Park, soil mines,
geothermal reserves, dissolved chemicals and power of
geothermal fluid, ground water, ocean, biosphere of the
area, proximity to transportation structures, proximity
to densely populated areas, etc. Non-objective resources
include the cultural, natural and geological history of the
land and area, geographical location of the land, peace
and quiet, clean air, darkness, northern lights, starry skies,
power of mountains and nature, and human resources.
Balance in nature includes the preservation of diversity of
the biosphere and that the ground is disturbed as little as
possible and notable relics spared.
Thermodynamics teaches how best to exploit the
power and minimise waste. The design of the power
plants at Svartsengi and Reykjanes has a goal of maximum
power exploitation. At Svartsengi the production of hot
water, ground water and electricity are tied together,
yielding high efficiency power exploitation. At Reykjanes
the power plant is cooled with sea water and a part of the
excess heat in the sea water is used for Stolt Sea Farm’s
fish farming. Much has been done to exploit the excess
heat but there is still much to be done before it is fully
used.
88
HS ORKA HF
In the Resource Park it is considered that all resources,
and Svartsengi are powerful entrepreneurial centres.
whatever they may be, that come into the park and are
All companies of the parks are engaged in important
exploited by its companies should be exploited in full.
research and development work, each in its own field
As a result all excess flow, that comes from the park’s
and the companies all cooperate with each other. The
companies are to be regarded as valuable resources.
Resource Parks at Reykjanes and Svartsengi are each
An example of this is the geothermal fluid and the
a cradle of research and development powered by HS
geothermal gas from the power plant, which is used
Orka’s geothermal power plants. Each company in the
by the Blue Lagoon, the geothermal gas that Carbon
parks is an entrepreneurial company. The employees of
Recycling International transforms into methanol and the
the companies, each in his or her fields, tackle specific
cooling sea water from the power plant at Reykjanes used
tasks that the cooperation between the companies may
by the fish farming operation.
solve. For example, the method used to remove silica
One of the things that characterises the Resource
(SiO2) from the geothermal fluid was developed by the
Park is that its companies create multiple sources of
Blue Lagoon, based on the expertise and experience of
revenue and thus one may argue that the risk is spread
the power plant. Other examples include the heaters that
out. In comparison a hydro power plant and a geothermal
keep the lagoon temperature stable which were developed
power plant that only produce electricity, only have one
in the power plant, the geothermal gas collection method
source of revenue from the sale of electricity.
used by Carbon Recycling, and the filtering and heating of
The operation of the companies within HS Orka’s
Resource Parks at Svartsengi and Reykjanes is
seawater used by Stolt’s fish farming and more.
The companies of the Resource Park at Svartsengi are,
and
in addition to HS Orka, the Blue Lagoon bathing facility, the
cooperation between the companies of the parks
Blue Lagoon treatment centre / health facility, the Blue
results in new ways of thinking based on research
Lagoon research and development centre (production of
and development, and therefore the parks at Reykjanes
salt, algae and silica as well as specific research), Carbon
interdisciplinary.
Interdisciplinary
operation
89
ÁRSSKÝRSLA 2013
90
Recycling International (production of methanol) and
ment of methods and new products. The companies
ORF Genetics (production of specific human proteins in
have a high level of education and many specialist jobs.
barley seeds). The companies of the Resource Park at
It is foreseeable that more companies, different types of
Reykjanes are, in addition to HS Orka, Háteigur fish drying,
companies than the ones currently presents, will seek to
Haustak fish processor and Stolt fish farm which raises
enter the parks and thereby strengthen them.
fish in clean lukewarm sea water from the power plant.
Companies that want to join the parks may have
In the parks, the diciplines of geosciences (geology and
trouble settling in due to complicated administrative rules
geophysics), biology, chemistry, engineering, genetics,
and licences that they must obtain. The companies must
medicine, tourism, business administration and others are
go to numerous institutes and a long time may pass until
joined hand in hand.
all permits are secured. If the Resource Park were to be
The Resource Parks currently employ over 350 people
formalized in some way on the basis of the Resource Park
in various jobs and thus they have taken an active part in
idea its main role could include managing the licensing
the economic development of the Suðurnes area and have
process so that new companies could get all necessary
introduced high technology to the area.
information in one place and receive specialised assistance
Further development of the Resource Parks and the
for applying for the necessary permits, supplying an
ideology on which they base is evident. Each company of
information and presentation centre for the companies
the parks entails great possibilities for development and
in the parks, and harmonizing and operating the joint
growth, based on their experience, research and develop-
operation of the park companies (security etc.).
HS ORKA HF
POWER PLANTS 2013
HS Orka’s power plants continued to perform well
Reinjection into wells SVAH-17 and 24 was approx-
in 2013 with few unexpected events, as outlined in the
imately 7.69 million tons which is about 244 kg/s on
summary of plant operations and maintenance below.
average over the year. Net extraction in the year was
therefore approximately 6.71 million tons or 213 kg/s.
The total net extraction from the geothermal field at
Svartsengi was approximately 6.7 million tons, reflecting
GEOTHERMAL PRODUCTION AT REYKJANES
an 8.5% increase. At Reykjanes net extraction decreased
2.0% to approximately 13.9 million tons. Production of
Extraction from production wells at Reykjanes in 2013
district heating water increased 9.0% year over year,
was approximately 16.35 million tons, which corresponds
while electrical production increased 3.7% at Reykjanes
to average annual production of 518.5 kg/s or a 4.6%
and 5.1% at Svartsengi.
increase from 2012.
GEOTHERMAL DISTRICT HEATING
WATER PRODUCTION
Reykjanes was approximately 81.43 kg/s on average
In 2013 injection to the geothermal reservoir at
or approximately 2.57 million tons. Net extraction in
The production of district heating water at Svartsengi
2013 was therefore approximately 13.78 million tons.
in 2013 was approximately 9% higher in 2013 than in
Reinjection increased by 81% from 2012.
2012. Table 2 shows an overview of the production of
district heating water.
70
No significant changes have been revealed in regards
66
to the chemical composition of the heated water (district
Potable water production of HS Orka to HS Veitur was
6,073,951 m3.
GEOTHERMAL PRODUCTION AT SVARTSENGI
Pressure (bar−g)
heating water) distributed by HS Veitur in the Suðurnes
area from the power plants at Svartsengi.
70
SV−08
SV−09
SV−11
SV−12
EV−02
68
Production from the geothermal area at Svartsengi
was approximately 455 kg/s on average for a total of 14.4
million tons.
68
66
64
64
62
62
60
60
58
58
56
56
54
54
52
52
50
50
48
48
46
46
44
44
42
42
40
1980
1984
1988
1992
1996
2000
2004
2008
2012
40
Time (years)
Fig. x1.
Pressure at 900 m depth in four wells in
Svartsengi and well EV-2 in Eldvörp.
GEOTHERMAL PRODUCTION
District heating water produced in 2013
Maximum monthly production
Average Energy
Average
flow contentpower
Tons l/s GWhMW
12,748,363
404
697.2
79.5
Whole year 2013
1,230,079
459
72.2
97.1
December 2013
Maximum weekly production, sale
266,574
441
18.5
96.2
Maximum production per 24 hrs. 39,917
462
2.43
104.6
Week 10 (March 2-9)
March 7, 2013
Maximum production per hour l/s
1,712
475
0.104
103.8
05:00 - 06:00 March 7 2013
Maximum production per hour MW
1,670
464
0.109
108.4
17:00 - 18:00 Dec. 6, 2013
91
ÁRSSKÝRSLA 2013
OPERATION AND MAINTENANCE
OF POWER PLANTS
this year except for the annual overhaul and cleaning of
unit 3 at Svartsengi.
REYKJANES
The two turbines at Reykjanes were stopped for a
Temperature (°C)
No large major overhaul of turbines was planned for
week each in June for annual turbine inspection and
280
280
275
275
270
270
265
265
260
260
255
255
250
250
245
245
240
240
235
235
230
230
225
225
220
220
215
repairs to steam pipes. The operation of Reykjanes
215
SV−08
SV−09
SV−11
SV−12
EV−02
210
power plant was consistent in all respects except for a
205
brief malfunction on August 21 when the house load
200
1980
1984
1988
1992
transformer 16.5/11kV 4MVA for unit 1 broke down. The
2004
2008
200
2012
malfunction had no effect on the operation capacity of the
Fig. x2. Temperature at 900 m depth in four wells in
turbine. The house load was moved to unit 2 temporarily
Svartsengi and at 1100 m in well EV-2 in Eldvörp.
is now finished. SVA Unit 12 (30 MW) was shut down on
Production well 31 (REYH031) was connected to the
August 26-31 for its annual turbine inspection as well as
unit 1 steam system.
minor repairs to steam piping. SVA Unit 3 (6 MW) was
Injection in well REYH020 was increased considerably
shut down during May 20 – June 7 for the annual major
after the maintenance stop of unit 2 in June.
overhaul and cleaning.
Work started on improving steam separators for OV2
SVARTSENGI
and unit 3 by extending the steam outlet pipe as well as
Unit 11 (30 MW) in Svartsengi was shut down on
improving the flow through the wire mesh droplet filters
August 11-17 for an annual turbine inspection as well as
in steam separators. We hope that this change to the
other maintenance. The replacement of the siding of the
steam separators will yield a better steam quality for unit
east side of the cooling tower was finished and this project
120
125
320
320
120
310
310
300
300
290
290
280
280
270
270
115
115
110
110
105
105
100
100
RN−11
RN−12
RN−13
RN−13B
RN−14
RN−14B
RN−15
RN−16
RN−17
RN−17B
RN−18
RN−19
RN−20
RN−21
RN−22
RN−23
RN−24
RN−26
RN−29
RN−30
95
90
85
80
75
70
1999
2001
95
90
85
80
Temperature (°C)
125
Pressure (bar−g)
2000
205
Time (years)
while a reserve transformer was installed.
260
250
240
230
220
210
200
75
2003
2005
2007
2009
2011
2013
70
2015
190
180
1995
Fig. x3.
Reykjanes.
Pressure at 1,500 m depth in wells at
260
RN−11
RN−12
RN−13
RN−13B
RN−14
RN−14B
RN−15
RN−16
RN−17
RN−17B
RN−18
RN−19
RN−20
RN−21
RN−22
RN−23
RN−24
RN−26
RN−29
RN−30
1997
Tíme (years)
92
1996
210
250
240
230
220
210
200
190
1999
2001
2003
2005
2007
2009
2011
2013
180
2015
Time (years)
Fig. x4. Temperature at 1,500 m depth in wells at
Reykjanes
HS ORKA HF
3. The annual total shut down of OV 2 and OV 3 was on
Reinjection capacity at Svartsengi was improved with
August 22. The steam system and separator station were
a new pipe to the reinjection area, wells SVAH 17 and 24.
shut down for 12 hours for cleaning and checks as well as
Further all equipment including control valves, stop valves
minor renovations.
and control equipment was renewed. A house/shelter was
Production well 8 at Svartsengi (SVAH008) had been
built over injection well 24 (SVAH024).
decreasing its steam generation in the past years so it
A high demand for hot water occured in February
was clear that it had to be cleaned. Agreements were
taking the plant to its peak production. We managed to
made with Icelandic Drilling Co., on a workover operation
prevent rationing to users with temporary measures
which was done in late May to June 19. The operation was
in the power plants as well as various measures in the
a success and the well is now at its former capacity.
distribution systems. In light of this incident, preparations
The well cellar of production well 7 (SVAH007) was
began for expanding the hot water production capacity
rebuilt and now all well cellars have been renewed for the
of OV2 with an additional production unit, flow stream 5
oldest (35 years) production wells at Svartsengi.
(tower 5). The addition is scheduled to be in operation by
the end of 2014.
93
ÁRSSKÝRSLA 2013
We plan to further improve our future water supply, by
•
replacing some of the older deep well pumps.
system for the Ormat power plant OV4 started.
Other projects that were started or finished in 2013:
•
•
Pumping station at FITJAR:
•
•
A hot water tank was cleaned inside
cleaned with compressed air and
and re-varnished.
the pump was renewed.
• Svartsengi power plant.
•
Renewal of computers for the SCADA
system in the main control room
Deep well pump HSK 10: The well was
• Reykjanes power plant
Transformer T1 10 MWA had a major overhaul;
•
Building a well hut for REYH025
a new tap changer, painting, renewal of
•
Manufacturing of additional wellhead
electrical cables and piping system.
•
•
94
Improvements on fire extinguishing water
Pumping station VAS: replacement of
power cabinets was completed.
Replacement of piping system and pump
started in cold water pump house C.
control valves (Elli valves)
HS ORKA HF
GROUNDWATER AND GEOTHERMAL ENERGY GROUP
The working group for groundwater and geothermal
increased to about 300 kg/s which greatly relieved the
energy (GOJ) manages research and development,
flow constraints to the Blue Lagoon. The second phase
participates in preparation for new power plants and
of the pipeline project is planned to go through a new
the operation of the geothermal areas that HS Orka
industrial zone in Grindavík and with outflow at the outer
explores and exploits. The work during the year was
part of Arfadalsvík. This phase is currently before the
distributed on several projects, but significant time was
Environment and Natural Resource Tribunal and has yet
spent specifically on the preparation of the environmental
not been addressed by the committee despite the fact
impact assessment for exploration drilling at Eldvörp.
that all statutory grace periods of the committee have
The extent of understanding of the geothermal
long expired. In spite of this the design of the pipe and
system at the Reykjanes area was reviewed with regards
the pipe-end equipment has continued so the project is
to the expansion of the power plant, and projects were
ready for tender. Agreement has been made with a party
defined for further research in cooperation with advisors
who intends to use heat from the effluent water before
from ÍSOR and SKM. These projects included review of the
it is piped to thesea. Design of tower-5 commenced to
geology model, gathering information on sulfite scaling,
increase the capacity of hot water production as well
expansion of the area of resistance measurements,
as design for fresh water extraction for the production.
processing of GPS, InSAR and gravity measurements,
Scaling was cleaned from well 8 at Svartsengi in June and
setting up a 3-D view on data and the simulation model.
the capacity of the well regained former levels.
A net of seismometers was set up to detect micro
earthquakes and the October seismic activity was well
documented by the system. Dynamic temperature and
pressure profiles were measured in approximately half
of the production wells in addition to regular monitoring
measurements.
Three wells were drilled in the Reykjanes area in 2013
and for the first time in Iceland the drill rig was powered
by electricity from our nearby power plant. The drilling of
well 31 into the steam zone ended in January and the well
was connected to the steam system in June. Well 32 was
finished in April and it has been warming up since. Well
33 was drilled as a potential injection well west of Sýrfell
and was completed in November. Work has started on
designing a supply pipe to connect the well to the system.
Work over and research were also completed on well 22.
Design commenced on a concrete cast for the laying
of underground steam gathering pipes from production
wells in cooperation with Verkís. Experiments with air
extraction from a well were run throughout the year and
the air is free from H2S contamination.
The first phase of a pipe for disposal of effluent
water from Svartsengi to the sea was built in 2013 and
it reached to the injection area west of Mt. Þorbjörn. This
part of the pipe was placed into operation around the
middle of the year and as a result the injection could be
95
ÁRSSKÝRSLA 2013
An environmental impact assessment report for the
its participation in (a) the GEISER project regarding
drilling of exploration wells at Eldvörp was prepared in
earthquakes that can occur due to changes brought on
accordance with the decision of the National Planning
by manmade structures and (b) in Iceland Geothermal,
Agency and it was presented at the end of the year. The
which is a company-driven cooperative venue for the
process is estimated to reach completion by the middle
Icelandic geothermal cluster. Participation in the deep
of 2014. There was limited progress in negotiations with
drilling project (IDDP) was extended until 2020 and its
the municipality of Hafnarfjörður in regards to power
management is now in the hands of HS Orka. Participation
production at Krýsuvík, but the areas there are in the
commenced in a project concerning research on the
exploitation category in the national framework plan.
deep roots of geothermal systems (DRG) in cooperation
Monitoring measurements of wells, geothermal fluid
with GEORG and foreign research institutes. HS Orka will
sampling, monitoring of surface activity and changes were
participate in GeoPark at the Reykjanes peninsula along
managed. Work was done on preparation for the adoption
with municipalities and other parties. HS Orka moreover
of the ISO-9000 certification.
participated in a grant application which was approved
HS Orka participates in various research and
for a large project (“IMAGE“) in the EU’s FP-7 project
development projects. Two projects that received grants
alongside an international research group, with Reykjanes
from GEORG concerning different speed ratios of seismic
defined as one of the group’s research areas. Participation
waves at Krýsuvík and the relationship between physical
in a grant application for the EU’s Horizon 2020 project
properties, such as resistance and subsidence to production
is also in preparation along with Icelandic and foreign
at Reykjanes, were concluded in 2013, but final reports for
parties.
the latter will be delayed until 2014. HS Orka is continuing
96
HS ORKA HF
PROCUREMENT AND INVENTORY DEPARTMENT
The operations of the procurement and inventory
department were consistent with 2012 but the scope of
procurement increased considerably as is shown in the
following table.
Two tenders were advertised in 2013, for the
reconstruction of well cellars and service to internal audit.
Based on these tenders a contractor was hired for cellar
reconstruction and the audit company ENOR was hired
for the internal audit. In December 2012 tenders were
requested the company’s insurance (including property
insurance) and in early 2013 a new insurance agreement
was signed with VÍS.
The value of HS Orka’s inventory at the end of 2013
remained constant with 2012 at ISK 414 million. An
inventory count is performed on a regular basis as in
past years. In 2013 an inventory count was performed
to ensure all items were recorded and obsolete items
disposed of. Spare parts purchased for the turbines at
Reykjanes and for power plant 6 at Svartsengi were
categorised and registered in the inventory.
PROCUREMENT
Domestic
Foreign procurement
Year
Number of Fob-price Import leviesTransport. Insurance Total
of orders
m. ISK
m. ISK
cost m. ISK m. ISK
2009 . . . . . . . . 25 142.4
7.7
2010 . . . . . . . . 26 2,579.7
1.5
7,1
47,0
procurement
Inventory
Number of Number ofDispatches
m. ISK orders
dispatches Per month
0.5157.7
200
1,446 121
7.82,636.0
250
1,498
125
2011 . . . . . . . . 14 65.3 1.9
4,1 0.371.6 385 2,049171
2012 . . . . . . . . 30 85.8 3.1
6,1 0.395.3 264 1,550129
2013 . . . . . . . . 5,3
38 92.2
5.0
0.3102.8
320
1,801 150
97
ÁRSSKÝRSLA 2013
HUMAN RESOURCES
Many of HS Orka´s employees also provide services
The major changes in the end of year were that Júlíus
to HS Veitur and a more detailed division is shown in the
Jónsson who has been the CEO of both HS Orka and HS
following table. Last year fourteen permanently hired
Veitur retired as CEO of HS Orka but continues as the CEO
employees left their positions and six of them retired.
of HS Veitur. A new CEO, Ásgeir Margeirsson, took over at
Most of the changes where in departments that service
HS Orka on January 1, 2014.
HS Veitur, which have limited impact on HS Orka.
HS Orka employs 134 people at its four offices.
There were some changes in the power plants, mainly
As in previous years a few short term employees
in the field of control systems.
were hired for development projects and for temporary
replacements and a total of 169 people, including board
members, received salaries in 2013.
EMPLOYEES
2013 2012
Total
Total fulltime
Total
Total fulltime
Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.0
22.0
Sales and marketing . . . . . . . . . . . . . . . . . . . . . . . . 22.0
22.0
Power Plant management . . . . . . . . . . . . . . . . . . . Control and steering . . . . . . . . . . . . . . . . . . . . . . . . 44.0
2525.0
44.0
2525.0
Development department . . . . . . . . . . . . . . . . . . . . 11.0
11.0
Technical department . . . . . . . . . . . . . . . . . . . . . . . 5 39.0 5.039.0
5 39.0 5.039.0
Maintenance and operations (HS Veitur) . . . . . . . 6160.0
6060.0
Office . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 95.033.193.1
35 95.033.1
93.1
Total134.0 132.1 134.0 132.1
Suðurnes - Njarðvík . . . . . . . . . . . . . . . . . . . . . . . . . 6968.8
6766.8
Suðurnes - Svartsengi . . . . . . . . . . . . . . . . . . . . . . . 2929.0
2929.0
Hafnarfjörður . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1918.5
2019.5
Vestmannaeyjar . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1311.8
1412.8
Selfoss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4134.0 4.0
133.1
4134.0 4.0
132.1
134.0 132.1 134.0 132.1
98
HS ORKA HF
QUALITY MANAGEMENT
In 2013 significant work has been put in to the develop-
At the end of the year the company commenced
ment and implementation of a quality management
an internal audit process. A number of managers and
system in accordance to ISO 9001. Process review
employees were selected to perform internal audits and
commenced regarding the sales, finance and services,
those individuals attended courses on the internal audit
and access and markings at power plants. Process revi-
process. After completion of the course and following
ew also started within the ISO implementation group in
work shadowing an experienced auditor on an audit, the
regards to measurements, analysis and improvements
employee was licensed to perform an internal audit on
of the quality control system, including internal audits
their own. An audit plan identified 7 audits to be per-
and customer satisfaction. The process reviews that were
formed and audits commenced in the year.
incomplete from 2012 were continued, including records
management and environmental and safety matters.
Developing and implementation of a quality control
system in accordance with ISO 9001 is a large project that
This spring a Quality, Environmental and Safety policy
covers every aspect of the company. At the implementation
was issued. A new quality manual was presented to the
stage the management commitment is critical as well as
employees as well as the ISO 9001 implementation plan.
the participation of employees. The impact of the quality
At the end of the summer we started working on a
control system is evident and the quality consciousness of
process to enable employees to accurately record all
employees has increased significantly and will continue to
accidents, near misses and undesirable situations. This
increase with further work. The objective is to achieve ISO
work is in progress and will continue in 2014. When the
9001 certification in the year 2014.
process has been finalized it will be communicated to all
the employees to action.
99
ÁRSSKÝRSLA 2013
HEALTH AND SAFETY
Progress of the health and safety program continued in
course and a course on fire protection as well as education
2013. Implementation of the ISO 9001 standard continues
and hands-on training in the use of fire extinguishers.
as explained previously. An updated operations handbook
There were a total of 23 presentations during the safety
for HS Orka was issued and a revised protocol pertaining
week which were held at the main offices in Reykjanesbær
to use and issue of safety clothing was introduced and
and at the Svartsengi power plant.
implemented. Incident and accident recording is under
revision with the intent to facilitate the process and
ACCIDENT RECORDING
make it more efficient. To increase personal safety, H2S
HS Orka keeps records of any accidents and incidents
monitors were issued to employees who work in the
(near miss incidents or first aid accidents). Accidents and
power plants. The annual Medical Surveillance Program
incidents are divided into three categories by severity and
(“MSP”) was amended to include tests to monitor whether
absence from the workplace due to injury.
small amounts of H2S have an effect on the human body.
Type 1 = Accident/incident with no absence
The amendment was agreed by employees and reflects
Type 2 = Accident with 1-7 days of absence
similar changes to MSPs of other companies in the
Type 3 = Serious accident with more than
geothermal industry in Iceland.
7 days of absence
A total of 22 incidents/accidents were recorded in 2013
The safety committee held four formal meetings in
addition to a number of smaller informal meetings.
in regards to HS Orka’s operations. 8 instances related
The tri-annual safety week was held on October
to employees of HS Orka and 14 accidents/incidents
14-18. As usual the agenda of the safety week was diverse
were reported by contractors working for HS Orka.
and the participation of employees was strong. Among the
The following information relates to the 8 accidents/
items were lectures on general safety issues, insurance
incidents of HS Orka employees: 2 accidents with lost
policies, wellbeing at work, lectures on use of security
time were reported, this amounted to a total of 11
systems, presentation on recycling and disposal, a first aid
lost work days. 2 were categorised as near accidents,
TOTAL NUMBER OF
ACCIDENTS/INCIDENTS
ACCIDENTS/INCIDENTS
BY AREAS
5
20
4
15
3
10
2
5
0
1
0
Type 1
100
Reykjanes
Reykjanes area
Type 2
Suðurnes
Type 1
Svartsengi
Type 2
Figure 1: Total number of accidents/incidents reported
Figure 2: Total number of accidents/incidents reported
by staff HS Orka hf 2013.
by contractors working for HS Orka hf 2013.
HS ORKA HF
3 were categorised as first aid accidents and in 1 instance
damage to equipment was reported.
The frequency of work related absence accidents at
HS Orka in 2013 is therefore 2.96.
The frequency of work related lost time accidents
of HS Orka’s employees, compared to international
standards (which is based on 100 man-years or 200,000
worked hours) is as follows:
A total of 33 days have passed since the last absence
accident of an employee of HS Orka.
The accident frequency of contractors working for
HS Orka hf is monitored but contractors must report
accidents to the applicable party. A total of 14 incidents
2 lost time accidents = 11 lost days
were reported. 2 of those were lost time accidents, with
Worked hours at HS Orka hf in 2013
a total of 13 lost work days. 6 were categorised as near
were approximately 135,000 hours
Accident frequency calculation:
2 accidents x 200.000 hours
miss incidents, 5 were first aid accidents and 1 instance
reported damage to equipment.
= 2.96
135.000 hours
ENVIRONMENTAL ISSUES
HS Orka’s strives to minimize the environmental
HS Orka considers it critical to understand the environ-
impact of its operations, and looks to improve employee
mental impact of its operations and places significant
and community awareness of environmental issues. This
emphasis on minimizing that impact. To ensure continuing
approach has provided positive support to the industry.
success the company monitors significant environmental
A new waste management system was introduced in
aspects of the business and continued efforts are made
the autumn of 2013. All solid waste is sorted, recycled and
to improve and mitigate environmental concerns. HS
disposed of by a certified entity. Recycling centers (with
Orka’s business benefits from the use of renewable reso-
special labelled recycling containers) were installed at all
urces and the company has been entrusted to do so in a
company’s workstations. At the same time, the number
sustainable manner. The company’s philosophy is to treat
of general trash bins was reduced, with the emphasis
the fragile nature of the Reykjanes peninsula with respect
on employees to reduce the level of waste leaving the
and responsibility and in parallel introduce environmental
company.
improvements.
101
ÁRSSKÝRSLA 2013
INFORMATION TECHNOLOGY DEPARTMENT
The information department is responsible for the
A review of the power billing systems was performed
company’s information systems, including all computer
in 2013 as it was concluded that no further development
software and hardware, and communication equipment
of the current billing system will take place.
used by the company (with the exception of industrial
computer control).
Work has been done to improve processes and filing
due to the adoption of a new filing system and on ISO
The information department has two employees and
they are located at the head office. Additionally one
employee of a service provider is also located at the head
office.
adoption by the company.
Various equipment was updated, including copying
equipment and the WiFi system.
MAINTENANCE
DEPARTMENT
The maintenance department has three employees,
including the head of maintenance and two carpenters.
The employees of the department handle maintenance
work on ordinary buildings and the work performed
continued to be diverse but consistent with prior years.
The department’s priority continues to be the preservation
of the company’s real property in the best condition
possible.
The main tasks performed included setting up warning
signs at Krýsuvík, Svartsengi and Reykjanes, putting up
fences around wells at Krýsuvík and Reykjanes, setting
up work platforms at power plant 4 at Svartsengi and a
pumping station at Fitjar, Reykjanesbær, replacement of
siding of a house over an expansion joints at Njarðvíkuræð,
expansion of a suspended ceiling in the warehouse at
Svartsengi and fire insulation on piping in power plant
buildings.
Certain projects not performed by the maintenance department are either tendered or performed by
contractors pursuant to contracted rates. The foreman
of the maintenance department supervises and is the
contact for such contractors.
102
HS ORKA HF
FINANCES
Accounting loss for the year amounted to ISK 355
costs resulting from higher tariffs from the transmission
million, against a profit of ISK 653 million in 2012, a
provider, Landsnet (the tariff increase has subsequent-
negative change of ISK 1,008 million year over year. The
ly been reduced). In addition, there was a one-time
primary reasons for the change are negative movements
expense related to legal expenses incurred to protect
in the fair value of the embedded derivative in power sales
the company’s position in an arbitration over power
contracts year on year of ISK 3,937 million, offset in part
sales agreement with Norðurál Grundartangi. The full
by a foreign exchange net gain of ISK 2,400 million.
amount of revenue that should have been received under
EBITDA decreased by ISK 320 million from 2012 to
the agreement had accrued in 2012 and 2013 and an
2013 (from ISK 2,923 in 2012 down to ISK 2,603 million in
arbitration panel ruled on the matter in May 2013 and
2013). The increase in revenue was offset by an increase
Norðurál Grundartangi subsequently paid the accrued
in operating costs primarily related to wellfield activity.
revenue.
Operating revenue increased 2% to ISK 7,031 million
Repayment of borrowings amounted to ISK 2,266
in 2013 mainly from growth in sales to the retail market
million, and that combined with the foreign exchange
and partially offset in part by lower aluminium prices.
gains lowers the long term liabilities of the company by
Operating expenses increased 16% in 2013, primarily
ISK 3,868 million in 2013. The equity ratio on December
due to maintenance drilling on the geothermal fields
31, 2013 improved to 58.0% compared to 53.4% at the
(not performed in 2012) and increased transmission
end of year 2012.
POWER PURCHASES AND POWER SALES
In 2013 HS Orka’s electricity sales increased by
Electricity production from the company’s power
over 5% from the prior year. The company increased its
plants at Svartsengi and Reykjanes on the transmission
market share considerably in the retail market and sales
and distribution grid increased by over 4% from the
increase in quantity was over 14%, which can mostly be
previous year. No large scale overhaul was performed on
attributed to tenders of large electricity purchasers. Sale
power plant turbines, which partially explains the incr-
of electricity wholesale decreased correspondingly by
ease in production. Both 30 MW engines at Svartsengi
almost 14% and that is mainly due to decreased sale of
are planned for overhaul in the next two years as has
electricity to Landsnet for loss in the transmission grid.
been done at Reykjanes which will require further power
HS Orka increased its sales to Norðurál by over 4% foll-
purchases to weigh against loss in production. Most of
owing the ruling in the arbitration related to the Norðurál
the electricity that HS Orka buys from other electricity
Grundartungi agreement.
producers is pursuant to long term agreements with
HS Orka’s total income from electricity sales incre-
Landsvirkjun and privately owned small hydro power
ased over 3%. Income from the retail market increased
plants. In addition small amounts are bought through
by 12% which is primarily due to the increase in new
short term agreements. These purchases increased by
contracts entered into in late 2012 and early 2013. This
close to 10% in 2013. Kaldakvísl hydro power plant
increase in sales was offset by a reduction in income from
(located in Tjörneshreppur north of Húsavík, N-Iceland)
sale of electricity to heavy industry (despite the increase
was added to the group of smaller electricity producers
in quantity) which can be explained by the previously
in 2013. In order to respond to increased power demand
mentioned lower aluminum prices in 2013.
103
ÁRSSKÝRSLA 2013
HS Orka has been considering a few hydro power options
ricity from the company and agreements have been made
alongside the intended production increase from new
for small quantities of electricity for facilities such as
geothermal power plants and the company’s first hydro
Carbon Recycling’s fuel plant at Svartsengi, Algalíf’s algae
power plant could be put in operation within a few years.
production at Ásbrú and the fish farming company Stolt
HS Orka has a conditional power purchase agreement
Sea Farm at Reykjanes. We hope that more such agreem-
with Norðurál Helguvík for electricity sales for the intended
ents will be made in the coming years with new industrial
aluminium smelter at Helguvík. The conditions of this
companies in the Reykjanes area. This development is
agreement have not yet been fulfilled by either party. The
positive for the Suðurnes economy and the prospects of
uncertainty regarding that agreement impedes HS Orka’s
reducing unemployment in the area.
participation in long term agreements with other large
electricity buyers. There has been some demand for elect-
VISITS
Every year, visitors from all over the world come to
visit the company’s power plants as well as the exhibition
104
those who are in similar business, in related operations,
or academic students and such.
Power Plant Earth at the Reykjanes power plant. Guests
The number of guests for Power Plant Earth, descri-
are educated about geothermal power and how it is possi-
bing different power sources exploited all over the world,
ble to harness geothermal power in Iceland. The concept
has increased every year since it was opened in 2008, and
of the natural resource park is presented and our guests
increased by 11% in 2013. 6,100 people visited our power
are shown the workings of an operating power plant.
plants in the year.
An operating team manages the exhibition which is
The company maintains appropriate safety requirem-
open to the general public on weekends from June to
ents for all guests. Groups accessing the power plants are
September. Organized groups may also be received at
limited to 30 people and must wear visibility vests and
other times. The company also receives guests but only
safety helmets.
HS ORKA HF
EMPLOYEE ASSOCIATION
The general meeting of the Employee association of
We held a Christmas bingo in December and it was
HS Orka and HS Veitur was held on April 12, 2013, and
decided to give the proceeds from the sale of bingo
Sigrún Guðmundsdóttir was re-elected as chairman. Other
sheets to charity. Several companies supplied prizes and
current board members include Heiðar Rafn Sverrisson,
it turned out that the winnings outnumbered the bingo
vice chairman, Matthías Örn Friðriksson cashier, Sigurður
players enabling everyone to go home with a prize. The
Baldur Magnússon secretary and Skarphéðinn Rúnar
board decided that the welfare fund of the church of
Pétursson member of the board. Reserve members are
Keflavík would receive the proceeds of the evening which
Jóhann S. Sigurbergsson and Sigríður Jenný Svansdóttir.
amounted to ISK 76,500 and the association then increa-
A few events were held in 2013, including the associ-
sed the donation to ISK 100,000 to assist families in need.
ation’s annual celebration on March 2 at the Officer’s Club
The board of the association looks forward to 2014
at Keflavík Airport. Attendance was good and the host of
and anticipates it will be just as eventful as 2013. It is
the night, Örvar Þór Kristjánsson was spectacular. The
rewarding to be in an organisation where every member
entertainment was well received by all.
is active and especially when the planned activities are a
The summer was welcomed with a family day on June
8 at Svartsengi, which was supported by good weather
success. We could not do this without the participation
and help from all our members.
and included horses, a circus, grilled hot dogs and several
activities for the children. It was an enjoyable day for
association families.
Our cabin at Húsafell was in use every day of the summer. Restorations and renovations made the year before
were well received by our members. Orderliness has
always been very good at the cabin, but we can always do
better. Our members are encouraged to let us know about
any maintenance or other needs for the cabin as it is our
joint responsibility to keep it in good shape. Although use
has declined this winter, those who have used it speak well
of it and have enjoyed their stay there.
In September the association had a barbeque party
at Eldbord in Svartsengi. Employees grilled together and
danced to the tunes of the band “House Band” until past
midnight. The guests all agreed that the party was a
success and that the band kept them on the dance floor
the whole time with lively music. Requests were made to
have the same band play at the next annual celebration
and the board will take that into consideration when
planning the next annual celebration.
This year we decided to depart from tradition and
invite our members to a wild game feast at the Lava
Restaurant at the Blue Lagoon on November 9 instead of
a Christmas buffet as in previous years. Attendance was
good and the food was well enjoyed. This change was very
well received.
105
106
FINANCIAL STATEMENTS
2013
107
F I N A N C I A L S TAT E M E N T S 2 0 1 3
ENDORSEMENT BY THE
BOARD OF DIRECTORS AND MANAGEMENT
The financial statements of HS Orka hf (the Company
shareholders during the year. At the end of 2013 Magma
or “HS Orka“) for the year 2013 are prepared in accord-
Energy Sweden A.B. held 66.6% of the shares in HS Orka
ance with International Financial Reporting Standards
hf and Jarðvarmi slhf held 33.4% of the shares in HS
(IFRS) as adopted by the European Union (EU) and with
Orka hf.
additional Icelandic disclosure requirements.
The Company‘s Board of Directors proposes that
According to the statement of comprehensive income,
dividends of ISK 150 million (ISK 0.019 pr. share) will be
the Company‘s operating revenue amounted to ISK 7,031
paid to shareholders in the year 2014, and refers to the
million for the year 2013 (2012: ISK 6,881 million) and the
financial statements for further allocation of profit and
loss for the period amounted to ISK 355 million (2012: ISK
changes in equity during the year.
653 million profit). Total comprehensive loss amounted to
ISK 434 million (2012: ISK 5,509 comprehensive income).
The board had 12 meetings and the Audit committee
had 5 meetings in 2013.
According to the statement of financial position, the
Company‘s assets amounted to ISK 44,873 million at the
end of December 2013 (at year end 2012: ISK 49,826
million). Equity amounted to ISK 26,021 million at the end
of December 2013 (at year end 2012: ISK 26,605 million)
or 58.0% of total capital (at year end 2012: 53.4%).
108
STATEMENT OF CORPORATE
GOVERNANCE
The Board of Directors of HS Orka hf emphasizes
maintaining good management practices. The Board of
The Company‘s power plants were revalued to fair
Directors is of the opinion that practicing good corporate
value on 31 December 2012 by calculating the present
governance is vital for the existence of the Company and
value of estimated cash flows from the operating assets.
in best interest of the shareholders, employees and other
At 31 December 2013 Management reviewed whether
stakeholders and will in the long run produce satisfactory
there was an indication of impairment of the Company‘s
profits on shareholders investments. The framework on
operating assets at the year end 2013 and management
corporate governance is made in accordance with Article
concluded that there was no indication of impairment.
66-c of the Icelandic Financial Statements Act No. 3/2006,
The Company‘s shareholders numbered two at the
as amended. This statement has been approved by the
end of 2013, there was no change in the number of
Board of Directors and is also published in the Company’s
HS ORKA HF
Annual Report. This statement covers the financial year
Furthermore, it is the opinion of the Board of
ended on 31 December 2013. The Board of Directors
Directors and Management that the financial statem-
has prepared a corporate government statement in
ents and endorsement by the Board of Directors and
compliance with the Icelandic Corporate Governance
Management contain a fair overview of the Company‘s
guidelines which are described in full in the corporate
financial development and performance, its position and
governance statement in the appendix to the financial
describe the main risk factors and uncertainties faced by
statements.
the Company.
It is the opinion of the Board of Directors that HS Orka
The Board of Directors and the Management of HS
hf complies with the Icelandic guidelines for Corporate
Orka hf have today discussed the Company‘s financial
Governance.
statements for the year 2013 and confirmed by means of
their signatures. The Board of Directors and Management
will submit the financial statements for approval at the
STATEMENT BY THE BOARD OF
DIRECTORS AND MANAGEMENT
annual general meeting to be held at 26 March 2014.
To the best knowledge of the Board of Directors and
Management, the Company‘s financial statements are
in accordance with International Financial Reporting
Standards as adopted by the EU and it is the opinion of
the Board of Directors and Management that the financial
statements give a true and fair view of the Company‘s
assets, liabilities and financial position as at 31 December
2013, its financial performance, and the changes in cash
flows during the year 2013.
Reykjanesbær, 25 February 2014.
THE BOARD OF DIRECTORS:
Ross Beaty, Chairman of the Board
Gylfi Árnason
John Carson
Anna Skúladóttir
Lynda Freeman
Ásgeir Margeirsson, Managing Director
Albert Albertsson, Assistant Managing Director
Júlíus Jónsson, CEO
Albert Albertsson, Deputy CEO
109
F I N A N C I A L S TAT E M E N T S 2 0 1 3
INDEPENDENT AUDITORS’ REPORT
To the Board of Directors and Shareholders
of HS Orka hf
ents, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control
We have audited the accompanying financial statem-
relevant to the entity‘s preparation and fair presenta-
ents of HS Orka hf, which comprise the statement of fin-
tion of the financial statements in order to design audit
ancial position as at 31 December, 2013 the statements
procedures that are appropriate in the circumstances, but
of comprehensive income, changes in equity and cash
not for the purpose of expressing an opinion on the effect-
flows for the year then ended, and notes, comprising a
iveness of the entity‘s internal control. An audit also inclu-
summary of significant accounting policies and other
des evaluating the appropriateness of accounting policies
explanatory information.
used and the reasonableness of accounting estimates
made by management, as well as evaluating the overall
MANAGEMENT‘S RESPONSIBILITY FOR
THE FINANCIAL STATEMENTS
presentation of the financial statements.
Management is responsible for the preparation and
We believe that the audit evidence we have obtained
fair presentation of these financial statements in accord-
is sufficient and appropriate to provide a basis for our
ance with International Financial Reporting Standards
audit opinion.
as adopted by the EU, and for such internal control as
management determines is necessary to enable the
OPINION
In our opinion, the financial statements give a true
preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
and fair view of the financial position of HS Orka hf as at
31 December 2013, and of its financial performance and
AUDITOR‘S RESPONSIBILITY
its cash flows for the year then ended in accordance with
Our responsibility is to express an opinion on these
financial statements based on our audit. We conducted
International Financial Reporting Standards as adopted
by the EU.
our audit in accordance with International Standards on
Auditing. Those standards require that we comply with
ethical requirements and plan and perform the audit
REPORT ON THE BOARD OF DIRECTORS
REPORT
Pursuant to the legal requirement under Article 104,
to obtain reasonable assurance whether the financial
statements are free from material misstatement.
Paragraph 2 of the Icelandic Financial Statement Act No.
An audit involves performing procedures to obtain
3/2006, we confirm that, to the best of our knowledge,
audit evidence about the amounts and disclosures in the
the report of the Board of Directors accompanying the
financial statements. The procedures selected depend on
financial statements includes the information required by
the auditor‘s judgment, including the assessment of the
the Financial Statement Act if not disclosed elsewhere in
risks of material misstatement of the financial statem-
the Financial Statements.
Reykjanesbær, 25 February 2014.
KPMG hf
Sæmundur Valdimarsson
110
Margrét G. Flóvenz
HS ORKA HF
STATEMENT OF COMPREHENSIVE (LOSS) INCOME
FOR THE YEAR ENDED 31 DECEMBER 2013
Notes
2013 2012
Operating revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,031,390 6,880,577
Production cost and cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 ( 5,312,588) ( 4,525,984)
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,718,802 2,354,593
7 (
437,192) (
433,179)
Results from operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,281,610 1,921,414
Finance income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,962,236 326,655
Finance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
501,418) ( 1,424,188)
Changes in fair value of swap contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 463,357 ( 20,018
)
Changes in fair value of embedded derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 ( 4,138,090) (
200,736)
Net finance expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 ( 2,213,915) ( 1,318,287)
Share of profit of associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 390,765 170,274
(Loss) profit before income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 541,540
) 773,401
Income tax recovery (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 186,461 ( 120,625
)
(Loss) profit for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 355,079)
652,776
OTHER COMPREHENSIVE (LOSS) INCOME ITEMS
THAT WILL NEVER BE RECLASSIFIED TO PROFIT OR LOSS
Revaluation of operating assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Remeasurement of defined benefit liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 (
Tax on items that will never be reclassified to profit or loss . . . . . . . . . . . . . . . . . . . 0 6,090,242
37,765) (
66,072)
7,553 (1,204,835
)
( 30,212
)4,819,335
ITEMS THAT MAY BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSS
Foreign currency translation difference on associates . . . . . . . . . . . . . . . . . . . . . . . . ( 48,528
)
36,923
Other comprehensive (loss) income, net of tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 78,740
)4,856,259
Total comprehensive (loss) income for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 433,819
)5,509,035
EARNINGS PER SHARE
Basic and diluted (loss) earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25(
0.05
)
0.08
Notes on pages 116 to 156 are an integral part of these financial statements. All amounts are in thousands of ISK.
111
F I N A N C I A L S TAT E M E N T S 2 0 1 3
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2013
Notes
2013 2012
ASSETS
Operating assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 31,422,097 31,494,192
Operating assets under construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 3,841,191 3,664,287
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 1,050,738 990,063
Investments in associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 863,619 740,937
Investments in other companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 27,075 27,075
Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 313,586 363,028
Embedded derivatives in power sales contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 260,580 4,071,213
Prepaid lease and royalty fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 492,449 475,166
Long term receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 331,364 289,646
Total non-current assets38,602,699 42,115,607
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 414,388 414,088
Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Trade and other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 1,003,885 1,234,576
81,532 78,740
Embedded derivatives in power sales contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 0 189,458
Short term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 357,020 565,800
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 4,413,403 5,227,728
Total current assets 6,270,228 7,710,390
Total assets44,872,927 49,825,997
EQUITY
Share capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,841,124 7,841,124
Share premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,038,855 7,038,855
Translation reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285,937 334,465
Revaluation reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,142,790 6,443,110
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,712,178 4,947,149
Total equity
24 26,020,884 26,604,703
Loans and borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 12,299,097 16,007,219
Pension obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 1,792,000 1,726,700
Deferred tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 631,964 825,978
Currency and interest rate swap contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 263,495 677,508
LIABILITIES
Total non-current liabilities14,986,556 19,237,405
Loans and borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 2,221,609 2,381,334
Trade and other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 1,094,759 1,142,086
Embedded derivatives in power sales contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 137,999 0
Currency and interest rate swap contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 411,120 460,469
Total current liabilities 3,865,487 3,983,889
Total liabilities18,852,043 23,221,294
Total equity and liabilities44,872,927 49,825,997
Notes on pages 116 to 156 are an integral part of these financial statements. All amounts are in thousands of ISK.
112
HS ORKA HF
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2013
Share
capitalpremium reserve reserve earnings Total
Share
TranslationRevaluation
Retained
2012
Equity at 1 January 2012 . . . . . . . . . . . 6,962,919 3,218,660 297,542 1,647,187 4,270,960 16,397,268
Profit for the year . . . . . . . . . . . . . . . . . . 652,776 652,776
Other comprehensive income (loss) . . . 36,923 4,872,194 ( 52,858
)4,856,259
Total comprehensive income . . . . . . . . . 36,923 4,872,194 599,918 5,509,034
Revaluation reserve transferred.to retained earnings (
76,271)
76,271 0
Share capital increase . . . . . . . . . . . . . . 878,205 3,820,195 4,698,401
Equity at 31 December 2012 . . . . . . . . 7,841,124 7,038,855 334,465 6,443,110 4,947,149 26,604,703
Equity at 1 January 2013 . . . . . . . . . . . 7,841,124 7.038.855 334,465 6,443,110
4,947,149 26.604.703
2013
Loss for the year . . . . . . . . . . . . . . . . . . . ( 355,079
)( 355,079
)
Other comprehensive loss . . . . . . . . . . . ( 48,528
)( 30,212
)( 78,740
)
Total comprehensive loss . . . . . . . . . . . . ( 48,528
)( 385,291
)( 433,819
)
Revaluation reserve transferred to retained earnings (
300,320)
300,320 Dividends declared ISK 0.02 per share (
150,000) (
Equity at 31 December 2013 7,841,124 7.038.855
0
150,000)
285,937 6,142,790 4,712,178 26.020.884
Notes on pages 116 to 156 are an integral part of these financial statements. All amounts are in thousands of ISK.
113
F I N A N C I A L S TAT E M E N T S 2 0 1 3
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2013
Notes
2013 2012
CASH FLOWS FROM OPERATING ACTIVITIES
(Loss) profit for the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 355,079
) 652,776
Adjustments:
(Profit) loss on sale of operating assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Increase in pension obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 16 (
27,535 5,203
)
84,128
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,321,444 1,001,834
Net finance expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 2,213,915 1,318,287
Share of profit of associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 (
390,765) (
170,274)
Income tax (recovery) expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 (
186,461)
120,625
2,630,605 3,002,173
Inventories, increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
Receivables, decrease (increase) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242,313 ( 150,918
)
Current liabilities, (decrease) increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 12,478
)
300) (
45,702)
45,638
Net cash from operations before interest and taxes 2,860,140 2,851,191
Interest income received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233,150 185,976
Interest and indexation costs paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
442,597) (
460,978)
Net cash from operating activities 2,650,693 2,576,189
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of operating assets and assets under construction . . . . . . . . . . . . . . . . ( 1,412,756) (
Payments for operating assets acquired in prior year . . . . . . . . . . . . . . . . . . . . . . . . Proceeds from sale of operating assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 706,634)
0 ( 174,394
)
950 6,393
Acquisition of intangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
75,136) (
24,177)
Acquisition of shares in associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
25,000) (
43,638)
Sale of shares in associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,457 0
Dividend received from associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,099 161,802
Proceeds from sale (investment) of short term investments . . . . . . . . . . . . . . . . . . 232,411 ( 550,000
)
Proceeds from repayment of bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net cash used in investing activities (
Notes on pages 116 to 156 are an integral part of these financial statements. All amounts are in thousands of ISK.
114
82,562 78,514
952,413) ( 1,252,134)
HS ORKA HF
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2013, CONTINUED
Notes
2013 2012
CASH FLOWS FROM FINANCING ACTIVITIES
Share capital increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 4,698,401
Paid dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 150,000
)
0
Repayment of borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 2,266,454) ( 2,149,166)
Net cash (used in) provided by financing activities ( 2,416,454) 2,549,235
(Decrease) Increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 718,174
)3,873,290
Cash and cash equivalents at 1 January . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,227,728 1,304,714
Effect of exchange rate fluctuations on cash held . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 96,151
)
49,724
Cash and cash equivalents at 31 December . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,413,403 5,227,728
INVESTING AND FINANCING ACTIVITIES NOT AFFECTING CASH FLOWS
Dividend from associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 Current receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 (
18,502
Acquisition of shares in associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 ( 14,801
)
3,701
)
Notes on pages 116 to 156 are an integral part of these financial statements. All amounts are in thousands of ISK.
115
F I N A N C I A L S TAT E M E N T S 2 0 1 3
NOTES TO THE FINANCIAL STATEMENTS
1. REPORTING ENTITY
HS Orka hf is a limited liability company domiciled in Iceland. The Company‘s registered office address is Brekkustígur 36,
Reykjanesbær, Iceland. The Company generates and sells electricity as well as hot water for heating. The Company is a subsidiary
of Magma Energy Sweden AB. The financial statements of the Company are part of the consolidated financial statements of the
ultimate parent company Alterra Power Corp., headquartered in Canada.
The financial statements of the Company includes its share of associates accounted for on an equity basis of accounting.
2. BASIS OF PREPARATION
a. Statement of compliance
The Company‘s financial statements are prepared according to IFRS as adopted by the EU and additional Icelandic disclosure
requirement in accordance with Icelandic financial statement act no. 3/2006.
These financial statements were authorized for issue by the Board of Directors on 25 February 2014.
b. Basis of measurement
The financial statements have been prepared on the historical cost, except for the following material items in the statement of
financial position:
- the majority of operating assets are recognized at revalued cost, which is their fair value at the revaluation date
- derivative financial instruments are measured at fair value (currency and interest rate swaps)
- embedded derivatives in power sales contracts are measured at fair value
- defined benefit pension obligations measured at the present value of the pension obligation
- financial instruments at fair value through profit or loss are measured at fair value (bonds and shares)
c. Functional and presentation currency
These financial statements are presented in Icelandic kronas (ISK), which is the Company‘s functional currency. All financial
information presented in ISK has been rounded to the nearest thousand except when otherwise indicated.
d. Use of estimates and judgments
The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and
expenses. Actual future outcomes may differ from present estimates and assumptions potentially having a material future effect
on the Company´s historical experience and other facts and circumstances. Revisions to estimates and the resulting effects on
the carrying amounts of the Company‘s assets and liabilities are accounted for prospectively.
Actual future outcomes could differ from present estimates and assumptions, potentially having a material future effect on the
Company´s historical experience and other facts and circumstances.
Information about critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements is included in the following notes:
116
HS ORKA HF
2. BASIS OF PREPARATION, CONTINUED:
d. Use of estimates and judgments, continued
-
Note 11 - income taxes
-
Note 12 - amortization of operating assets
-
Notes 13 and 14 - impairment of geothermal development assets and assets under construction
-
Notes 18 and 30 - fair value of embedded derivatives in power sales agreements
-
Note 27 - pension obligations
-
Note 28 - currency and interest rate swap contracts
Information about assumptions and estimates that have a significant risk of resulting in a material adjustment within the next
financial year are included in the following notes:
-
Note 12 - operating assets
-
Note 13 - operating assets under construction
-
Note 14 - intangible assets
-
Note 17 - bonds
-
Notes 18 and 30 - fair value of embedded derivatives in power sales agreements
-
Note 19 - deferred tax assets (liabilities)
-
Note 21 - provisions for bad debts
-
Note 27 - pension obligations
-
Note 28 - currency and interest rate swap contracts
e. Measurement of fair values
A number of the Company’s accounting policies and disclosures require the measurement of fair values, for both financial and
non-financial assets and liabilities.
The Company has an established control framework with respect to the measurement of fair values. This includes staff members
from finance department that have overall responsibility for overseeing all significant fair value measurements, including Level
3 fair values, and reports directly to the CFO.
The finance department regularly reviews significant unobservable inputs and valuation adjustments. If third party information,
such as broker quotes or pricing services, is used to measure fair values, then the finance department staff assesses the evidence
obtained from the third parties to support the conclusion that such valuations meet the requirements of IFRS, including the level
in the fair value hierarchy in which such valuations should be classified.
Significant valuation issues are reported to the Company‘s Audit Committee.
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2. BASIS OF PREPARATION, CONTINUED:
e. Measurement of fair values, continued:
When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values
are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
-
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or a liability might be categorised in different levels of the fair value
hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest
level input that is significant to the entire measurement.
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the
change has occurred.
Further information about the assumptions made in measuring fair values is included in the following notes:
-
-
Note 17 - bonds
-
Note 18 - embedded derivatives in power sales agreements
-
Note 28 - currency and interest rate swap contracts
-
Note 30 - financial instruments
Note 12 - operating assets
3. SIGNIFICANT ACCOUNTING POLICIES
Except for the changes below, the Company has consistently applied the accounting policies set out in this note to all periods
presented in these financial statements.
Changes in accounting policies
The Company has adopted all new standards and amendments to standards with a date of initial application prior to or on 1
January 2013 that have been approved by the EU. Of those standards and amendments the following had effects on these financial statments.
IFRS 13, Fair Value Measurement
IAS 19, Employee benefits
Presentation of Items of Other Comprehensive income (Amendments to IAS 1)
i) IFRS 13
IFRS 13 establishes a single framework for measuring fair value and making disclosures about fair value measurements, when
such measurements are required or permitted by other IFRSs. In particular, it unifies the definition of fair value as the price at
which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date. It also replaces and expands the disclosure requirements about fair value measurements in other IFRSs, including
IFRS 7 Financial Instruments: Disclosures. As a result, the Group has included disclosures in this regard.
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HS ORKA HF
3. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
In accordance with the transitional provisions of IFRS 13, the Company has applied the new fair value measurement guidance prospectively, and has not provided any comparative information for disclosures that were not previously required.
Notwithstanding the above the change had no impact on the measurement of the Company assets and liabilities.
ii) IAS 19
As a result of IAS 19 (2011), the Company has changed its accounting policy with respect to presentation of income or expense
related to defined benefit pension plans.
Under IAS 19 (2011) it is required to present actuarial gains and losses in other comprehensive income. Comparatives have
been restated to reflect the new accounting policy. The effects of the change were that production cost and cost of sales in the
year 2012 decreased by ISK 66 million and income tax expense increased by ISK 13 million in the year 2012. As a result other
comprehensive profit for the year 2012 decreased by ISK 53 million.
iii) Presentation of Items of Other Comprehensive income
As a result of amendments to IAS 1, the Company has modified the presentation of items of other comprehensive income in its
statement of comprehensive income, to present separately items that would be reclassified to profit or loss in the future from
those that never would be. Comparative information has also been re-presented accordingly.
The adoption of the amendments to IAS 1 has no impact on the recognised assets, liabilities and comprehensive income of the
Company.
a. Investment in associates
Associates are those entities in which the Company has significant influence, but not control, over their financial and operating
policies. Significant influence is presumed to exist when the Company holds between 20 and 50 percent of the voting power of
another entity.
Investments in associates are accounted for using the equity method and are recognized initially at cost. The cost of the investment includes transaction costs.
The financial statements include the Company’s share of the profit or loss and other comprehensive income, after adjustments
to align the accounting policies with those of the Company, from the date that significant influence or joint control commences
until the date that significant influence ceases.
When the Company’s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest,
including any long-term investments, is reduced to zero, and the recognition of further losses is discontinued except to the extent
that the Company has an obligation or has made payments on behalf of the investee.
Unrealized gains arising from transactions with associates are eliminated against the investment to the extent of the Company’s
interest in the associate. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there
is no evidence of impairment.
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3. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
b. Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the functional currency of the Company at exchange rates at the dates of
the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to
the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the period, adjusted for effective interest and
payments during the period, and the amortized cost in foreign currency translated at the exchange rate at the end of the year.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the
functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising
on retranslation are recognized in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign
currency are translated using the exchange rate at the date of the transaction.
c. Financial instruments
The Company initially recognizes loans and receivables and bank deposits on the date that they are originated. All other financial
(i) Non-derivative financial assets
assets (including assets designated at fair value through profit or loss) are recognized initially on the trade date, which is the date
the Company becomes a party to the contractual provisions of the instrument.
The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers
the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and
rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained
by the Company is recognized as a separate asset or liability.
Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only
when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and
settle the liability simultaneously.
The Company classifies non-derivative financial assets into the following categories: financial assets at fair value through profit
or loss and loans and receivables.
Financial assets at fair value through profit or loss
A financial asset is classified at fair value through profit or loss if it is classified as held for trading or is designated as such upon
initial recognition. Financial assets are designated at fair value through profit or loss if (a) such financial assets eliminate or
significantly reduces accounting mismatch, (b) the Company manages such investments and makes purchase and sale decisions
based on their fair value in accordance with the Company’s documented risk management or investment strategy, and (c) the
financial assets contains one or more embedded derivatives. Attributable transaction costs are recognized in profit or loss as
incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein are recognized in
profit or loss.
Financial assets at fair value through profit or loss comprise investment in other companies, bond assets and short term investments.
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3. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Loans and receivables
Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such
assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition loans
and receivables are measured at amortized cost using the effective interest method, less any impairment losses.
Loans and receivables comprise cash and cash equivalents and trade and other receivables.
Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less.
The Company initially recognizes debt securities issued on the date that they are originated. All other financial liabilities are
(ii) Non-derivative financial liabilities
recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument.
The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire.
Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only
when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and
settle the liability simultaneously.
The Company classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are
recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial
liabilities are measured at amortized cost using the effective interest method.
Financial liabilities other than derivatives comprise loans and borrowings and trade and other payables.
Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or loss as incurred.
(iii) Derivative financial instruments
Subsequent to initial recognition, derivatives (including embedded derivatives) are measured at fair value in the statement of
financial position and changes in fair value are recognized in profit or loss as part of financial income or cost.
Separable embedded derivatives
Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and
risks of the host contract and the embedded derivative are not closely related, a separate instrument with the same terms as
the embedded derivative would meet the definition of a derivative, and the combined instrument is not measured at fair value
through profit or loss.
HS Orka has two long-term power sales agreements which contain embedded derivatives. Income from these agreements is
directly correlated to changes in the future price of aluminum.
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3. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:
c. Financial instruments, continued:
Ordinary shares
Incremental costs directly attributable to issuance of ordinary shares are recognized as a deduction from equity, net of any tax
(iv) Share capital
effects.
d. Operating assets
Items of operating assets are measured at cost or revalued cost less accumulated depreciation and accumulated impairment
(i) Recognition and measurement
losses.
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes
the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their
intended use and capitalized borrowing costs. Purchased software that is integral to the functionality of the related equipment
is capitalized as part of that equipment.
The Company‘s power plants and real estate holdings are measured at revalued cost in the statement of financial position. The
revalued cost is the fair value at the revaluation date less accumulated depreciation. Revaluation is carried out on a regular basis.
Any increase in the carrying amount of operating assets as a result of a revaluation is recognized in equity under the heading
of revaluation reserve net of income tax. Depreciation of the revalued cost is recognized in profit or loss and an adjustment
reflecting this amount is transferred annually from the revaluation reserve to retained earnings.
When parts of an item of operating assets has different useful lives, they are accounted for as separate items of operating assets.
Gains and losses on disposal of an item of operating assets are determined by comparing the proceeds from disposal with the
carrying amount of operating assets, and are recognized on a net basis within other income or other expenses in profit or loss.
When revalued assets are sold, the amounts included in the revaluation reserve are transferred to retained earnings.
(ii) Subsequent costs
Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure
will flow to the Company. Ongoing repairs and maintenance are expensed as incurred.
(iii)Depreciation
Depreciation is based on the cost or revalued cost of an asset less its residual value. Significant components of individual assets
are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately.
Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of each component of an item
of operating assets. Land is not depreciated.
Operating assets are depreciated from the date they are installed and are ready for use, or in respect of internally constructed
assets, from the date the asset is completed and ready for use.
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3. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:
d. Operating assets, continued:
(iii)Depreciation, continued:
The estimated useful lives for the current and comparative year are as follows:
Power plants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 years
Boreholes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 years
Electrical systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 years
Hot water and cold water distribution systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 years
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 years
Other operating assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 - 20 years
Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
e. Intangible assets
Expenditure on research or activities, undertaken with the prospect of surveying geothermal areas where geothermal resource
(i) Research and development
is uncertain, and in order to gain new scientific or technical knowledge, is recognized in profit or loss when incurred.
Development activities involve surveys of geothermal areas where there is probability of future development and power production. Development expenditure is capitalized only if development costs can be measured reliably, the product or process is
technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient
resources to complete development and to use or sell the asset. The expenditure capitalized includes the cost of materials, direct
labour, overhead costs that are directly attributable to preparing the asset for its intended use, and capitalized borrowing costs.
Other development expenditure is recognized in profit or loss as incurred.
When a decision on producing power or harnessing of geothermal areas has been made and all required licenses have been
obtained the preparation cost due to harnessing or production of power is transferred to operating assets under construction.
Capitalized development expenditure is measured at cost less accumulated impairment losses. Research assets are tested annually for impairment
(ii) Other intangible assets
Other intangible assets that are acquired by the Company, including software, which have finite useful lives are measured at cost
less accumulated amortization and accumulated impairment losses.
(iii) Subsequent expenditure
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to
which it relates. All other expenditure is recognized in profit or loss when incurred.
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3. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:
e. Intangible assets, continued:
Amortization is based on the cost of an asset less its residual value.
Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets from the
(iv) Amortization
date that they are available for use. The estimated useful lives for the current and comparative years are as follows:
Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-10 years
Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
f. Leased assets
Leases are operating leases and the leased assets are not recognized on the Company‘s statement of financial position.
g.Inventories
Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in first-out principle, and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and
condition. Net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and selling expenses.
h.Impairment
A financial asset not classified as at fair value through profit or loss, including an interest in an equity-accounted investee, is
(i) Non-derivative financial assets
assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired
if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the
asset, and that loss event(s) had an impact on the estimated future cash flows of that asset that can be estimated reliably.
In assessing collective impairment the Company uses historical trends of the probability of default, timing of recoveries and the
amount of loss incurred, adjusted for management’s judgment as to whether current economic and credit conditions are such
that the actual losses are likely to be greater or less than suggested by historical trends. In addition, for an investment in an
equity security, a significant or prolonged decline in its fair value below its cost is objective evidence of impairment. The Company
considers a decline of 20 percent to be significant and a period of 9 months to be prolonged.
(ii) Non-financial assets
The carrying amounts of the Company‘s non-financial assets, other than inventories and deferred tax assets are reviewed at
each reporting date to determine whether there is any indication of impairment. If any such indication exists then the asset‘s
recoverable amount is estimated. For intangible assets that are not yet available for use, the recoverable amount is estimated
each year at the same time.
Impairment is recognized if the carrying amount of an asset exceeds its estimated recoverable amount. Impairment loss of
revalued operating assets is recognized in equity under revaluation reserve up to the value of the reserve, after which they are
recognized in profit or loss. Impairment losses of other assets are recognized in profit or loss.
The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset.
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3. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:
h. Impairment, continued:
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An
(ii) Non-financial assets, continued:
impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would
have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
i. Employee benefits
A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate
(i) Defined contribution plans
entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in profit or loss in the periods during which services are
rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future
payments is available.
(ii) Defined benefit plans
The Company‘s net obligation in respect of defined benefit pension plans or pension fund commitment is calculated separately
for each plan by estimating the amount of future benefit that current and former employees have earned in return for their
service in the current and prior periods. That benefit is discounted to determine its present value. The calculation is performed
annually by qualified actuaries using a method based on earned benefits. Remeasurements of the net defined liabilities related to
actuarial gains and losses are recognised in OCI, other expenses related to the defined benefit plans are recognized as incurred
in profit or loss.
j.Provisions
A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be
estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are
determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the liability. The unwinding of the discount is recognized as a finance cost.
k.Revenue
Revenue from the sale of electricity and hot water along with power transmission are recognized in profit or loss based on
recorded measurement of delivery during the period. Between measurements, usage is estimated based on prior period usage.
Service revenues from HS Veitur hf are based on a service contract and recognized in profit or loss when service has been
provided.
Other revenues are recognized when the goods or services are delivered.
l. Lease payments
Payments under operating leases are recognized in profit or loss on a straight-line basis over the term of the lease.
m. Net finance income (costs)
Finance income is comprised of interest income on funds invested, dividend income from investment in other companies,
changes in the fair value of financial assets at fair value through profit or loss, foreign currency gains and gains on derivatives
that are recognized in profit or loss. Interest income is recognized as it accrues in profit or loss, using the effective interest
method. Dividend income is recognized on the date that the Company’s right to receive payment is established.
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3. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:
m. Net finance income (costs), continued
Finance costs are comprised of interest expense on borrowings, unwinding of the discount on provisions, foreign currency losses,
losses on derivatives that are recognized in profit or loss, changes in the fair value of financial assets at fair value through profit
or loss, and impairment losses recognized on financial assets other than trade receivables. Borrowing costs that are not directly
attributable to the acquisition, construction or production of a qualifying asset are recognized in profit or loss using the effective
interest method.
Foreign currency gains and losses are reported on a net basis as either finance income or finance costs depending on whether
foreign currency movements are in a net gain or net loss position.
n. Income tax
Income tax expense is comprised of current and deferred tax. Current tax and deferred tax are recognized in profit or loss except
to the extent that it relates to items recognized directly in equity or in other comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at
the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognized using the balance sheet method, providing for temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured
at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been
enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority.
A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is
probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.
o. Earnings per share
The Company presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing
the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares
outstanding during the period. Diluted EPS equals to basic EPS as the Company has not issued convertible notes nor granted
share options.
p. Segment reporting
An operating segment is a component of the Company that engages in business activities from which it may earn revenues
and incur expenses, including revenues and expenses that relate to transactions with any of the Company’s other components.
All operating segments’ operating results, for which discrete financial information is available, are reviewed regularly by the
Company’s management to make decisions about resources to be allocated to the segment and assess its performance, and for
which discrete financial information is available.
q. New standards and interpretations
A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1
January 2013, and have not been applied in preparing these financial statements. None of these is expected to have a significant
effect on the financial statements of the Company.
All amounts are in thousanda of ISK.
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HS ORKA HF
4. SEGMENT REPORTING
The Company has three operating segments that are described below:
Power Production
Includes production and sale of electricity, heating water and fresh water from subterranean steam.
Electricity Sale
Includes purchases and sale of electricity to users other than mass users and power companies.
Other
Includes sale of service, rental of facilities and equipment, and other sales.
PowerElectricity
productionsale
Other Total
Year 2013
External revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,022,135 3,046,218 963,037 7,031,390
Inter-segment revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,526,573 1,526,573
Total segment revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,548,708 3,046,218
963,037 8,557,963
Segment operating results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,339 1,281,610
949,510 266,761
Unallocated items
Net finance expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 2,213,915)
Share of profit of associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390,765
Income tax recovery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186,461
Loss for the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 355,079)
Segment assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,732,144 45,590
536,292 36,314,026
Unallocated assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,558,901
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,872,927
Unallocated liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,852,043
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,473,430 3,234 11,230 1,487,894
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,282,836 6,003 32,605 1,321,444
All amounts are in thousands of ISK.
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4. SEGMENT REPORTING, CONTINUED:
PowerElectricity
productionsale
Other Total
Year 2012
External revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,157,068 2,714,883 1,008,626 6,880,577
Inter-segment revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,446,708 1,446,708
Total segment revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,603,776 2,714,883 1,008,626 8,327,285
Segment operating results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,674,650 189,763 57,001 1,921,414
Unallocated items
Net finance expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 1,318,287)
Share of profit of associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,274
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 120,625)
Profit for the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Segment assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,543,225 47,988 652,776
557,329 36,148,542
Unallocated assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,677,455
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,825,997
Unallocated liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,221,294
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 718,418 2,880 Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . 962,272 6,385 Power production
Revenues in the power production segment are specified as follows:
Electricity
Hot water
9,513 730,811
33,177 1,001,834
Other
Total
Year 2013
External revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,092,443
743,448
186,244 3,022,135
Inter-segment revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,526,573 1,526,573
Total segment revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,619,016 743,448 186,2444,548,708
Year 2012
External revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,324,925
659,049
173,094 3,157,068
Inter-segment revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,446,708 1,446,708
Total segment revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,771,633
All amounts are in thousanda of ISK.
128
659,049
173,094 4,603,776
HS ORKA HF
5. MAJOR CUSTOMERS
Revenues from one customer of the Company’s power production segment amounted to ISK 1,820 million (2012: ISK 2,065
million).
Revenues from HS Veitur hf were as follows:
PowerElectricity
productionsale
Other Total
Revenues 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 802,077 293,623 869,1761,964,876
Revenues 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 718,756 249,489 862,0671,830,312
6. PRODUCTION COST AND COST OF SALES
Production cost and cost of sales are specified as follows:
2013 2012
Production cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,273,318 2,611,469
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,133,491 962,890
Cost of service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 905,779 951,625
Total production cost and cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,312,588 4,525,984
Production cost and cost of sales are specified as follows based on nature of cost:
Salaries and related expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,065,014 1,074,334
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,307,927 987,937
Power puchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,097,264 943,884
Transmission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 522,440 461,712
Maintenance and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,319,943 1,058,117
Total production cost and cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,312,588 4,525,984
7. OTHER OPERATING EXPENSES
Operating expenses specifies as follows:
Salaries and related expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197,646 156,687
Increase in pension fund obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,583 61,480
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202,448 201,115
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,515 13,897
Total other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 437,192 433,179
All amounts are in thousands of ISK.
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F I N A N C I A L S TAT E M E N T S 2 0 1 3
8. SALARIES AND RELATED EXPENSES
Salaries and salary related expenses are as follows:
2013 Salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,057,629 2012
993,740
Contribution to defined contribution fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,819 104,663
Increase in pension obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,300 150,200
Other salary related expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,423 143,707
Total salaries and salary related expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,376,171 1,392,310
Average number of full time employees equivalent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 135
.Salaries and salary related expenses including changes in pension obligations are allocated as follows:
Capitalized on projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,163 33,737
Production cost and cost of sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,065,014 1,074,334
Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221,229 218,167
Recognized in other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,765 66,072
Total salaries and salary related expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,376,171 1,392,310
Salaries paid to the Board of Directors and Management amounted to ISK 87 million in 2013 (2012: ISK 52 million).
9. DEPRECIATION, AMORTIZATION AND IMPAIRMENT
Depreciation, amortization and impairment is specified as follows:
Depreciation of operating assets, see note 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,306,981 985,022
Amortization of intangible assets, see note 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,461 16,812
Depreciation and amortization recognized in the income statement . . . . . . . . . . . . . . . . . . . . . . . . 1,321,442 1,001,834
Depreciation and amortization is allocated as follows:
Production cost and cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,307,927 987,937
Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,515 13,897
1,321,442 1,001,834
Depreciation and amortization recognized in the income statement . . . . . . . . . . . . . . . . . . . . . . . . All amounts are in thousands of ISK.
130
HS ORKA HF
10. FINANCE INCOME AND COSTS
Finance income and costs is specified as follows:
2013 2012
Interest income on loans and receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,455 266,201
Fair value changes on financial assets through profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,605 60,454
Net foreign exchange gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,602,176 0
Total finance income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,962,236 326,655
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
414,777) (
518,075)
Indexation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
86,641) (
123,852)
Net foreign exchange loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 (
782,261)
Total finance costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
Changes in fair value of swap contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 501,418) ( 1,424,188)
463,357 (
20,018)
Changes in fair value of embedded derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 4,138,090) (
200,736)
Net finance expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 2,213,915) ( 1,318,287)
Capitalized interest amounted to ISK 0 million during the year (2012: ISK 27 million).
11. INCOME TAX
Income tax expense recognised in profit and loss is specified as follows:
2013 Origination and reversal of temporary difference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186,461 (
2012
120,625)
Effective tax rate is specified as follows:
2013 2012
Profit (loss) for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 355,079
) 652,776
Income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 186,461
) 120,625
Profit (loss) before income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 541,540
) 773,401
Income tax according to current tax rate . . . . . . . . . . . . . . . . . . 20.0% Effect of associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.4% Effective income tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.4% 108,308 78,153 (
186,461 20.0% (
4.4%
)
15.6% (
154,680)
34,055
120,625)
Income tax expense recognised in OCI is specified as follows:
2013 Income tax on revaluation on operating assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2012
0 1,218,048
Tax on other items that will never be reclassified to profit or loss . . . . . . . . . . . . . . . . . . . . . . 7,553 (
13,214)
7,553 1,204,834
All amounts are in thousands of ISK.
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F I N A N C I A L S TAT E M E N T S 2 0 1 3
12. OPERATING ASSETS
Impairment testing
Management reviewed whether there was an indication of impairment of the Company‘s operating assets at the year end 2013
and management concluded that there was no indication of impairment.
Operating assets are specified as follows:
Other
Power plants assetsTotal
operating Cost
Balance at 1.1.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,096,245 1,651,423 28,747,668
Additions during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525,770 61,043 586,813
Disposals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 (
169,972) (
169,972)
Revaluation 31.12.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,090,242 0 6,090,242
Depreciation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 ( 3,685,167)
( 3,685,167)
Balance at 31.12.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,027,090 1,542,494 31,569,584
Additions during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,204,382
Disposals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 (
31,471 1,235,853
1,200) (
1,200)
Balance at 31.12.2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,231,472 1,572,76532,804,237
Depreciation
Balance at 1.1.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,739,646 2,944,319
Depreciation for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 945,521 39,501 985,022
Disposals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 (
168,782) (
168,782)
Depreciation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 3,685,167)
Balance at 31.12.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 Depreciation for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,267,481
Disposals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 (
Balance at 31.12.2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,267,481
204,673 0 ( 3,685,167)
75,392 75,392
39,500 1,306,981
234) (
234)
114,658 1,382,139
Net book value
1.1.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,356,599 1,446,750 25,803,349
31.12.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,027,090 1,467,102 31,494,192
31.12.2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,963,991 1,458,10631,422,097
Net book value without revaluation
1.1.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,391,779 1,352,587 23,744,366
31.12.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,058,232 1,382,073 23,440,305
31.12.2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,356,403 1,387,56923,743,612
Other operating assets include capitalized land and buildings with the carrying amount of ISK 1,092 million (2012: ISK 1,108
million). The Company´s power plants were revalued on 31 December 2012. Other property´s were revalued to fair value at 1
January 2008.
All amounts are in thousands of ISK.
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HS ORKA HF
12. OPERATING ASSETS, CONTINUED:
Capital commitments
The Company anticipates that it will need to invest in a new discharge pipe system for Svartsengi in the next 3 years and the
majority of the investment will be in the years 2014 - 2015. Once the discharge system is designed, built and in full operation
additional geothermal fluid can be extracted from the reservoir resulting in increased power generation estimated to be approximately 5 MW from already installed turbine generators.
Pledge of assets
The Company‘s power plants at Reykjanes and Svartsengi are pledged to secure bank loans in the amount of ISK 12,182 million
(2012: ISK 15,581 million).
Rateable value and insurance value
Rateable value of the Company‘s buildings amounted to ISK 2,332 million at year-end 2013 (2012: ISK 2,190 million) and land
measured at rateable value amounted to ISK 1,653 million (2012: ISK 1,442 million). Insurance value of the Company‘s assets
amounted to ISK 44,242 million (2012: ISK 37,985 million).
13. OPERATING ASSETS UNDER CONSTRUCTION
Operating assets under construction are specified as follows:
2013 2012
Net book value 1.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,664,287 3,544,465
Additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176,904 119,822
Net book value 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,841,191 3,664,287
Indication of impairment
Operating assets under construction represents capitalized cost related to an expansion to the power plant at Reykjanes, which
is planned to supply Norðurál Helguvík ehf (together with its affiliates „Norðurál“) (a subsidiary of Century Aluminum) with power
for a new aluminum smelter in Helguvík (located in Reykjanesbær, Iceland). In 2007, HS Orka hf and Norðurál executed a power
purchase agreement on power for a new aluminum smelter in Helguvík. The agreement with Norðurál was under dispute and
Norðurál initiated arbitration proceedings to determine the validity of the agreement. A conclusion was reached on 16 December
2011. According to the award the agreement from 2007 is valid but some of the conditions have not been fulfilled. Norðurál
and HS Orka continue to work together to determine if the conditions will be fulfilled at some future date or if the agreement
can be amended to provide for the delivery of power on revised terms.
The operating assets under construction were tested for impairment at 31 December 2013 by estimating their recoverable
amount. The impairment test was based on several assumptions including delivery of power commencing in 2018. There is some
uncertainty related to the future timing of the project (Reykjanes expansion) due to both negotiations with NAL, assumptions of
price and market conditions, what WACC is relevant and the form of financing for the project, which could affect the recoverability
of the assets.
All amounts are in thousands of ISK.
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14. INTANGIBLE ASSETS
Intangible assets are specified as follows:
Development Total
cost Cost
Software Cost
Balance 1.1.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Additions during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Disposals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
Balance 31.12.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Additions during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance at 31.12.2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339,965 992,694 1,332,659
509 23,667 48,265)
0 (
24,176
48,265)
292,209 1,016,361 1,308,570
3,064
72,072
75,136
295,273 1,088,433 1,383,706
Amortization
Balance at 1.1.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203,719 146,241 349,960
Amortization for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,812 0 16,812
Disposals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,265)
0 (
48,265)
(
Balance at 31.12.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172,266 146,241 318,507
Amortization for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,463
0 14,463
Balance at 31.12.2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186,729146,241 332,970
Book value
1.1.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,246 846,453 982,699
31.12.2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,944 870,121 990,065
31.12.2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108,545
942,192 1,050,737
Impairment test 2013
Development cost includes the costs for experimental drilling at Trölladyngja, Krýsuvík and Eldvörp. Relevant costs are
capitalized to the extent that it is probable that future benefits are generated in order to recover the investment. HS Orka hf
holds a research permit in these areas and according to management results from analysis to date are positive. If it becomes
evident that the development cost will not be utilized by the Company to generate revenue it must be expensed as an impairment
cost. Management has confirmed that the above projects are feasible and it is likely that they will generate revenues in the future. At the end of 2013 there has been no material changes to the assumption regarding impairment of intangible assets and
expected returns are in excess of capitalized cost.
All amounts are in thousands of ISK.
134
HS ORKA HF
15. INVESTMENTS IN ASSOCIATES
Investments in associates are as follows:
2013
Carrying Carrying
amount amount
Share Share Bláa Lónið hf (the Blue Lagoon), Iceland . . . . . . . . . . . . . . . . . . . 33.0%
643,280 33.2%
461,793
Hreyfing Eignarhaldsfélag ehf, Iceland . . . . . . . . . . . . . . . . . . . . 0.0%
- 23.9%
79,914
Hótel Bláa Lónið ehf, Iceland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0%
- 24.4%
472
Blue Lagoon International ehf, Iceland . . . . . . . . . . . . . . . . . . . . 0.0%
- 22.4%
3,139
DMM-lausnir ehf, Iceland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.1%
17,202 22.9%
17,482
Suðurorka ehf, Iceland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.0%
202,637 50.0%
177,637
HS Orkurannsóknir ehf, Iceland . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%
500 100.0%
500
863,619 740,937
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2012
The Company’s share in profit of its associates for the year 2013 was ISK 438 million (2012: ISK 170 million). The share in
associates profit or loss is based on un-audited financial information. Currency translation difference for the year was negative
in the amount of ISK 49 million (2012: positive ISK 37 million).
The Company sold during the year its shares in Hótel Bláa Lónið ehf, Blue Lagoon International ehf with a profit of ISK 8 million.
There was a loss of ISK 55 million from the sale of the shares in Hreyfing Eignarhaldsfélag ehf The amounts shown are reflected
in profit share of associates.
The Company made investments in Suðurorka ehf in a joint venture for Bulandsvirkjun Hydro development asset during the year
for ISK 25 million.
Results from HS Orkurannsóknir ehf are not included in the share of profit of associates as the company had no operations
during the year.
16. INVESTMENTS IN OTHER COMPANIES
2013 Investments in other companies are as follows:
2012
Carrying Carrying
amount amount
Share Share Keilir ehf, Iceland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2%
17,500 10.2%
17,500
Íslensk nýorka hf, Iceland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1%
9,575 8.1%
9,575
27,075 27,075
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All amounts are in thousands of ISK.
135
F I N A N C I A L S TAT E M E N T S 2 0 1 3
17.BONDS
2013 2012
Non-current
Financial assets at fair value through profit or loss, Reykjanesbær bonds . . . . . . . . . . . . . . . . . . . . 313,586363,028
313,586363,028
Current
Financial assets at fair value through profit or loss, Reykjanesbær bonds . . . . . . . . . . . . . . . . . . . . 81,53278,740
81,53278,740
Total395,118 441,768
The bonds are interest-bearing financial assets designated at fair value through profit or loss, with a carrying amount of ISK
395 million at 31 December 2013 (2012: ISK 442 million) have stated interest rates of 5.0% plus indexation, are paid annual
installments and mature in 2019. The bond is valued at 5.0% interest rate. Valuation of the bonds is classified as level 2 in the
fair value hierarchy.
18. EMBEDDED DERIVATIVES IN POWER SALES AGREEMENTS
In 2004 The Company signed power sales agreements with Norðurál on power supply until the year 2026. In 1999 The Company
has also signed an agreement with Landsvirkjun for the sale of power until the year 2019. Payments under the agreements are
made in USD and are partly linked to the price of aluminium.
These long-term power sales agreements feature embedded derivatives, the value of which is adjusted upon changes in the
future price of aluminium.
In evaluating the value of embedded derivatives, generally accepted valuation methods are applied, as the market value is not
available. The fair value of the power purchase agreements is calculated on the basis of the forward price of aluminium. The
expected present value of cash flows based on the reporting date is calculated on the basis of the registered forward price
of aluminium on the London Metal Exchange (LME) over the next 10 years after the reporting date and expectations of price
trends of aluminium when a forward market ends, and growth applied to the calculation was 2.19% (2012: 1.99%). The expected
present value of cash flows, from the agreements, on the agreement date is deducted from this value based on aluminium price
assumptions used for the conclusion of the agreements. The difference is a fair value change of the derivative, which is recognized in profit or loss. Embedded derivatives in power purchase agreements are expected to have no value at the beginning of
the agreements.
When calculating the present value the Company uses the current government yield curve for US sovereign strips plus applicable
counterparty risk spread which is calculated based on the credit rating of the counterparty.
In addition, the Company has concluded that other power sale agreements that the Company holds with Landsvirkjun where the
power price is based on Landsvirkjun‘s price list, with indexation in ISK, do not include embedded derivatives.
All amounts are in thousands of ISK.
136
HS ORKA HF
18. EMBEDDED DERIVATIVES IN POWER SALES AGREEMENTS, CONTINUED:
Fair value of embedded derivatives are as follows:
2013 2012
Fair value of embedded derivatives at 1.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,260,671 4,461,407
Changes in fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 4,138,090) (
Fair value of embedded derivatives at 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest rates used for determining fair value of embedded derivaties:
Embedded derivatives in power purchase agreements (USD) . . . . . . . . . . . . . . . . . . . . . . . . . . 200,736)
122,581 4,260,671
2013 2012
1.64 - 4.84%1.90- 3.94%
For sensitivity of aluminum prices and interest rates a reference is made to note 30.
19. DEFERRED TAX ASSET (LIABILTY)
Movement in deferred tax asset (liability) is specified as follows:
2013
2012
(
825,978)
499,481
Changes recognized in profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186,461 (
120,625)
Deferred tax asset (liability) on 1.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Changes recognised in Other Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Deferred tax (liability) on 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
7,553 ( 1,204,834)
631,964) (
825,978)
Deferred tax asset is as follows at the year end:
Operating assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 1,200,566) ( 1,250,750)
Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,407 (
648,996)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,399 3,398
Trade and other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,366 7,555
Pension obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292,127 287,411
Deferred foreign exchange loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
161,472)
160,681
Tax losses carried forward . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318,775 614,723
Deferred tax asset (liability) on 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (631,964
)(825,978
)
Tax loss carry-forward can be utilized over 10 years from the date that the loss is incurred. Tax loss carry-forward at year end
amounted to ISK 1,594 million (2012: ISK 3,074 million) and is useable until 2018. Management has concluded, based on its
projections, that there will be sufficient taxable profit in the future to use the tax loss currently carried forward.
20. PREPAID LEASE AND ROYALTY FEE
The Board of the Company exercised the right to convert the long term receivable with Grindavíkurbær, following the sale of land,
into prepaid royalty fee and land lease. The prepaid royalty fee and land lease is classified as a long term receivable and will be
expensed over the remaining life of the long term receivable (61 years).
All amounts are in thousands of ISK.
137
F I N A N C I A L S TAT E M E N T S 2 0 1 3
21.RECEIVABLES
Long-term receivables
Changes in long term receivables from HS Veitur hf are as follows:
2013 2012
Long term receivable from HS veitur due to pension liability 1.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . 289,647 200,926
HS Veitur share of increase in pension obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,317 Collected from HS Veitur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,600) (
(
133,517
44,796)
Long term receivables from HS veitur due to pension liability 31.12. . . . . . . . . . . . . . . . . . . . . . . . . 331,364 289,647
Trade and other receivables
Trade and other receivables are specified as follows:
Trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 774,698 821,206
Receivable from HS veitur hf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157,123 222,404
Allowance for bad debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
Total trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,830) (
37,775)
904,991 1,005,835
98,894 228,741
Total trade and other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,003,885 1,234,576
The Company‘s exposure to credit and currency risks and impairment losses related to trade and other receivables is disclosed
in note 30.
22. SHORT TERM INVESTMENTS
The Company has invested in short term debt securities amounting to ISK 357 million at the end of the year (2012: ISK 566
million). Fair value of short term investment is based on brokers quote.
23. CASH AND CASH EQUIVALENTS
Cash and cash equivalents are as follows:
2013
2012
Bank balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,413,4035,227,728
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,413,4035,227,728
At year end 2013 cash in the amount of ISK 520 million (USD 4.5 million) (2012: ISK 578 million) is classified as restricted.
The cash is dedicated to secure loan payments in accordance with a collateral agreement concluded in March 2010 with the
Company‘s lenders.
The Company‘s exposure to interest rate risk and sensitivity analysis for financial assets and liabilities is disclosed in note 30.
All amounts are in thousands of ISK.
138
HS ORKA HF
24.EQUITY
Issued capital
Issued share capital, as stipulated in the Company’s Articles of Association, amounted to ISK 7,841 million (2012: ISK 7,841
million). One vote is attached to each share of one ISK in the Company in addition to rights to receive dividends. All issued capital
has been paid for.
Outstanding number of ordinary shares
2013 2012
Outstanding shares on 1 January . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,841,124 6,962,919
Share capital increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 878,205
Outstanding shares on 31 December . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,841,124 7,841,124
Share premium
Share premium represents excess of payment above nominal value (ISK 1 per share) that shareholders have paid for shares sold
by the Company. According to the Icelandic Companies Act, 25% of the nominal value of share capital must be held in reserve
which can not be paid out as dividend to shareholders.
Translation reserve
The translation reserve comprises of all foreign currency differences arising from the translation of the Company‘s proportionate
share in certain associates.
Revaluation reserve
The revaluation reserve relates to the revaluation of operating assets, net of income tax. The revaluation reserve may not be
distributed as dividends to the Company‘s shareholders.
Dividends
Dividend paid during 2013 was ISK 150 million (2012: no dividend paid).
The Board of directors proposes that dividend in the amount of ISK 150 million (ISK 0.019 per share) will be paid to shareholders
during the year 2014.
25. EARNINGS PER SHARE
Basic and diluted earnings (loss) per share
(Loss) profit for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2013 (
355,079)
2012
652,776
Weighted average number of ordinary shares
Shares on 1 January . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,841,124 6,962,919
Effect of share capital increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 731,838
Weighted average number of ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,841,124 7,694,757
Basic and diluted (loss) earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
0.05)
0.08
All amounts are in thousands of ISK.
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F I N A N C I A L S TAT E M E N T S 2 0 1 3
26. LOANS AND BORROWINGS
This note provides information about the contractual terms of the Company’s interest-bearing loans and borrowings, which are
measured at amortized cost. For more information about the Company’s exposure to interest rate, foreign currency and liquidity
risk, see note 30.
2013 2012
Non-current debt
Unsecured bank loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385,044 424,306
Secured bank loans with covenants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,181,758 15,581,345
Unsecured bond issue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,953,904 2,382,902
Current maturities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-current debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,299,097 16,007,219
( 2,221,609) ( 2,381,334)
Current debt
Current maturities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,221,609 2,381,334
Current loans and borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,221,609 2,381,334
Total interest-bearing loans and borrowing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,520,706 18,388,553
Terms of loans and borrowings
Loans in foreign currency:
2013 2012
Weighted Weighted
Final due average date interest rate Carrying average Carrying
amount interest rate amount
Loans in USD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2019-2023
2.1%2,479,299 2.3%3,173,652
Loans in CHF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021-2022
2.1%3,852,216 2.2%4,731,696
Loans in EUR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2019-2021
2.9%2,614,025 3.0%3,243,444
Loans in JPY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021-2023
1.4%1,177,993 1.5%1,798,494
Loans in CAD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021-2023
1.8%1,039,731 1.8%1,375,244
Loans in SEK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021
3.8% 675,187 4.8% 836,173
Loans in GBP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021
0.8% 343,308 1.1% 422,642
12,181,759 15,581,345
Loans in ISK:
Indexed loans in ISK . . . . . . . . . . . . . . . . . . . . . . . . . 2016-2017
4.0%2,062,205 4.0%2,515,097
Other loans in ISK . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8% 276,742 6.4% 292,116
2031 2,338,947 2,807,213
Total interest-bearing loans and borrowings . . . . 14,520,706 18,388,558
All amounts are in thousands of ISK.
140
HS ORKA HF
26. LOANS AND BORROWINGS, CONTINUED:
Terms of Loans and borrowings, continued:
2013 2012
Annual maturities of loans and borrowings are as follows:
Year 2014/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,221,609 2,381,334
Year 2015/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,244,195 2,402,384
Year 2016/2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,267,687 2,424,394
Year 2017/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,951,526 2,447,121
Year 2018/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,655,703 2,141,786
Subsequent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,179,986 6,591,534
Total interest-bearing loans and borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,520,706 18,388,553
Covenants
At the end of the year 2009, the Company signed temporary agreements with its lenders with revised covenants and interest
rates for the years 2009 and 2010. One of these temporary agreements was extended through 2011, 2012 and 2013 by one
of the banks (European Investment Bank) but further waivers were not required by the other two banks. This waiver has now
changed slightly and is extended for 2014. All effective covenants were fulfilled by the Company in 2013.
27. PENSION OBLIGATIONS
According to actuaries‘ assessment, the Company‘s accrued pension obligations amounted at year end 2013 to ISK 1,792 million
(2012: ISK 1,727 million), discounted based on an interest rate of 2.0%, (taking into account the net assets of part of the pension
funds). Presumptions on life expectancy, mortality rate and discount rate are in accordance with provisions of Regulation no.
391/1998 on obligatory pension right insurance and pension funds‘ operation. The increase in the obligation in 2013 is based
on general salary increase taking into account interests. The Company‘s pension obligation is uncapitalized.
A part of the pension obligation pertains to the Company‘s employees providing services to HS Veitur hf and HS Veitur hf
participates in the cost of the increase in these employees‘ pension obligations. HS Veitur hf‘s share in the increase in the
pension obligations during the year amounted to ISK 102 million (2012: ISK 89 million) and is recognized as a long term
receivable from HS Veitur hf. Actuarial gains and losses relating to HS Veitur hf´s share in pension liability are recognized as
production cost as they are reimbursed by HS Veitur hf.
2013 2012
Pension commitment at 1.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,726,700 1,576,500
Contribution during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Current service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,917 24,731
(
80,229) (
72,328)
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,202 32,616
Actuarial changes HS Orka part . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,765 66,072
Actuarial changes HS Veitur part charged to profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,647 99,108
Pension obligation at 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pension obligations are as follows:
The pension fund for State employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 895,400879,400
1,792,0001,726,700
The pension fund for Municipality of Hafnarfjörður employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 541,700527,800
The pension fund for Municipality of Westman Islands employees . . . . . . . . . . . . . . . . . . . . . . . . . . . 354,900319,500
Pension fund obligation at 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,792,0001,726,700
All amounts are in thousands of ISK.
141
F I N A N C I A L S TAT E M E N T S 2 0 1 3
28. CURRENCY AND INTEREST RATE SWAP CONTRACTS
The Company held long term currency and interest rate swaps contracts with Glitnir Bank hf (“Glitnir“), which was taken over by
the Financial Supervisory Authority (FSA) in October 2008.
A foreign currency swap agreement entered into between Glitnir hf and HS Orka hf on 19 November 2006 is in dispute. HS
Orka claims the agreement was annulled in November 2008 when Glitnir stated in a communication to HS Orka that they did
not intend to fulfill their part of the contract. Glitnir now claims the contract is still valid and demands payments from HS Orka.
The parties have had discussions to seek a compromise and explore whether there is a possibility for negotiations to settle the
agreement. Glitnir has made an offer to HS Orka where they claim an amount identical to the amount HS Orka has calculated,
based on the original contract. However, they further claim a penalty interest assessment for the whole amount. The penalty
interest is considered unacceptable by HS Orka in light of the facts, and if further negotiations will not lead to a result acceptable
to HS Orka, it will be up to the courts to decide on the matter. HS Orka will claim principally that the agreement was terminated
in November 2008 and therefore HS Orka has no obligations thereunder, but at the same time and alternatively, that net present calculations of obligations pursuant to the agreement should be substantially lower than those claimed by Glitnir. HS Orka’s
calculation of the contract value is ISK 675 million and is shown at that value in the Statement of Financial Position. on February
20, 2013 Glitnir’s attempted to terminate the swap agreement, as stipulated in a letter issued by the Winding up Board of Glitnir.
In HS Orka´s managements opinion the attempted termination is based on weak legal grounds and that it is unlikely that Glitnir’s
claim in that respect will be upheld.
In evaluating the value of currency and interest rate swaps, generally accepted valuation methods are applied, as the market
value is not available. When conducting the valuation the contractual cash flows of the agreements is discounted with current
market interest rates. The Company uses current swap rates for foreign currency denominated legs and the Housing Finance
Fund curve for ISK CPI indexed legs when calculating the fair value of currency and interest rate swaps. The liability at year end
were classified as current or long term based on the term of the swaps.
Recognised amounts of currency and interest rate swap contracts in the statement of financial position are specified as follows:
2013 2012
Non-current
Effective portion of swap recognized at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263,495 677,508
263,495 677,508
Current
Amortized payments carried at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371,788 349,607
Effective portion of swap recognized at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,332 110,862
411,120 460,469
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 674,615 1,137,977
29. TRADE AND OTHER PAYABLES
2012
Trade and other payables are as follows:
Trade payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 437,668482,996
Other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 657,091659,090
Total trade and other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Company’s exposure to currency and liquidity risk related to trade and other payables is disclosed in note 30.
All amounts are in thousands of ISK.
142
2013 1,094,759 1,142,086
HS ORKA HF
30. FINANCIAL INSTRUMENTS
Overview
The Company‘s activities are exposed to financial risk consisting of credit risk, liquidity risk and market risk. Market risk consists
of currency risk and interest rate risk.
This note presents information about the Company’s exposure to each of the above risks, the Company’s objectives, policies and
processes for measuring and managing risk, and the Company’s management of capital. Further quantitative disclosures are
included throughout these financial statements.
Risk management framework
The management is carried out by management under policies approved by the Board of Directors. Management identifies,
evaluates and manages financial risk in close co-operation with the Board of Directors. The Company‘s risk management
program focuses on addressing the unpredictability of financial markets and seeks to minimize potential adverse effects on the
Company‘s financial performance. The Company determines whether or not to use derivative financial instruments to hedge
certain risk exposures if such derivatives are available. The Company does not currently hedge its risk exposure except for part
of its currency risk where revenues in USD are hedged against loans in USD.
Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company’s receivables from customers.
The Company’s exposure to credit risk is influenced mainly by the individual characteristics of its customer. Approximately 54%
(2012: 56%) of the Company’s revenue is attributable to sales transactions with the two largest customers. Trade and other
receivables are receivables from retail customers, companies, large consumers and power companies.
The Company has set a credit policy where all new significant customers are evaluated for credit risk. Payment history of those
customers is checked.
Most of the Company‘s customers have been customers for many years and loss on receivables has been insignificant in
proportion to turnover. Credit risk management includes taking into account the age of the receivables and financial standing
of each customer. The list of aged receivables is reviewed on a regular basis by the credit controller. Customers that are behind
in payments are not permitted to make further transactions with the Company until they settle their debt or the Company‘s
collection department approves further transactions based on an agreement.
The Company establishes an allowance for impairment that represents an estimate of expected losses of trade and other
receivables. The main components of this allowance are a specific loss component that relates to individually significant exposures, and a collective loss component established for companies with similar receivables in respect of losses that have been
incurred but not yet identified. The collective loss allowance is determined based on historical data of payment statistics for
similar receivables.
143
F I N A N C I A L S TAT E M E N T S 2 0 1 3
30. FINANCIAL INSTRUMENTS, CONTINUED:
Credit risk, continued:
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the
Exposure to credit risk
reporting date was:
Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2013 2012
17 395,118 441,768
Long term receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 331,364
289,646
Trade and other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 1,003,885 1,234,576
Short term investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notes
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 357,020 565,800
23 4,413,403 5,227,728
6,500,790 7,759,518
The maximum exposure to credit risk for trade receivables at the reporting date by type of customer excluding allowance for
impairment was:
Large users and power companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327,490 383,705
Receivables from HS Veitur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157,124 222,404
Other customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 447,207 437,501
931,821 1,043,610
Impairment
The aging of trade receivables and impairment at the reporting date was:
2013 2012
Gross value Impairment Gross value Impairment
Not past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 878,507 4,898 974,402 3,240
Past due 0 - 30 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,650 1,672 14,033 1,310
Past due 31 - 60 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,830 1,211 10,223 1,078
Past due 61 - 90 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,045 882 7,464 2,638
Past due more than 90 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,789 18,16737,488 29,509
931,821 26,8301,043,610 37,775
Impairment of trade receivables related fully to other customers.
The movement in the allowance for bad debt impairment in respect of trade receivables during the year was as follows:
2013
2012
Balance at 1.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,775 46,638
Final write off . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
14,717) (
34,177)
Impairment losses recognized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,772 25,314
Balance at 31.12.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,83037,775
Other financial assets subject to credit risk are not impaired
All amounts are in thousands of ISK.
144
HS ORKA HF
30. FINANCIAL INSTRUMENTS, CONTINUED:
Liquidity risk:
Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that
are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as
possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Company’s reputation. At the year end 2013 the Company held
Cash and Cash equivalent in the amount of ISK 4,413 million (2012: 5,228 million).
The Company has not made agreements for new loan facilities and had no unused loan facilities at year end 2013 and 2012.
The following are the contractual maturities of financial liabilities, including estimated interest payments:
Exposure to liquidity risk
Carrying Contractual Less than After
amount cash flows one year 1 - 2 years 2- 5 years 5 years
31 December 2013
Loans and borrowing . . . . . . . . . . 14,520,706
16,088,720 2,583,605 2,544,002 6,502,137 4,458,976
Trade and other payables . . . . . . 1,094,7591,094,7591,094,759
Derivatives . . . . . . . . . . . . . . . . . . . 674,615 627,807 411,120
62,565 154,122
31 December 2012
Loans and borrowings . . . . . . . . . . 18,388,553 20,787,184 2,935,771 2,872,064 7,912,225 7,067,124
Trade and other payables . . . . . . 1,142,086 1,142,086 1,142,086 Derivatives . . . . . . . . . . . . . . . . . . . 1,137,977 1,082,307 459,220 133,520 489,567
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, aluminum prices and interest rates will
affect the Company’s income or the value of financial instruments. The objective of market risk management is to manage and
control market risk exposures within acceptable parameters, while optimizing the return. Market risk for the Company consists
of currency risk, aluminum price risk and interest rate risk.
Currency risk
The Company is exposed to currency risk on sales, purchases and borrowings that are denominated in currencies other than
ISK. The currencies in which these transactions primarily are denominated are US Dollar (USD), Swiss Franc (CHF), Euro (EUR),
Canadian Dollar (CAD), Swedish Krona (SEK), British Pound (GBP) and Japanese Yen (JPY).
Due to market conditions in Iceland the Company is currently not able to hedge against foreign exchange rate risk as there is no
counterparty for forward contracts or other derivatives available in Iceland. The Company does hedge a portion of its revenue
in USD with borrowings in USD. The Company holds USD cash at year end amounting to ISK 764 million (2012: ISK 827 million)
for repayments of loans in foreign currencies.
All amounts are in thousands of ISK.
145
F I N A N C I A L S TAT E M E N T S 2 0 1 3
30. FINANCIAL INSTRUMENTS, CONTINUED:
Exposure to currency risk
The Company’s exposure to foreign currency risk is as follows:
CHF EUR USD JPY Other
CAD currencies
2013
Derivatives . . . . . . . . . . . . . . . . . . . ( 1,102,293) (
339,943) (
285,809) (
318,353)
0 (
172,119)
Receivables . . . . . . . . . . . . . . . . . . . 0
7,616 163,247 0
0
0
Cash and cash equivalents . . . . . . 86 11,789 764,225 5 4 396
Loans and borrowings . . . . . . . . . . ( 3,852,216) ( 2,614,025) ( 2,479,299) ( 1,177,993) ( 1,039,731) ( 1,018,495)
Payables . . . . . . . . . . . . . . . . . . . . . 0
0( 39,926)
0(
2,317
)(
6,618
)
Balance sheet risk . . . . . . . . . . . . . ( 4,954,423) ( 2,934,563) ( 1,877,562) ( 1,496,341) ( 1,042,044) ( 1,196,836)
Estimated sale 2014 . . . . . . . . . . . 0
02,082,928 0
0
0
Estimated purchases 2014 . . . . . 0
0( 542,224
)
0
0
0
Gross foreign exchange rate risk . 0 0 1,540,704 0 0 0
Net foreign exchange rate risk . . (4,954,423
)(2,934,563
)( 336,858
)(1,496,341
)(1,042,044
)(
1,196,836)
CHF EUR USD JPY Other
CAD currencies
2012
Derivatives . . . . . . . . . . . . . . . . . . . (1,508,292
)( 457,761)3,685,958 ( 546,171)
0 ( 236,826
)
Receivables . . . . . . . . . . . . . . . . . . . 0
0 282,447 0
0
0
Cash and cash equivalents . . . . . . 93 10,926 826,874 6 5 431
Loans and borrowings . . . . . . . . . . ( 4,731,696) ( 3,243,444) ( 3,173,652) ( 1,798,494) ( 1,375,244) ( 1,258,815)
Balance sheet risk . . . . . . . . . . . . . (6,239,895
)(
3,690,279)1,621,627(2,344,659
)(1,375,239
)(1,495,210
)
Estimated sale 2013 . . . . . . . . . . . 0
02,537,011 0
0
0
Estimated purchases 2013 . . . . . 0
0( 535,111)
0
0
0
Gross foreign exchange rate risk . 0 0 2,001,900 0 0 0
Net foreign exchange rate risk . . (6,239,895
)(
3,690,279)3,623,527 (2,344,659
)(1,375,239
)(1,495,210
)
The following exchange rates were used during the year:
Average End of year
exchange rate exchange rate
2013
2012 2013
2012
CHF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132.27 133.72 129.55 141.03
EUR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162.83 161.18 158.94 170.27
USD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122.52 125.35 115.30 129.05
JPY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.26 1.57 1.10 1.50
CAD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119.06 125.48 108.39 127.74
All amounts are in thousands of ISK.
146
HS ORKA HF
30. FINANCIAL INSTRUMENTS, CONTINUED:
Exposure to currency risk, continued:
A 10 percent strengthening of the ISK against the following currencies at 31 December would have increased (decreased) profit
Sensitivity analysis
or loss after tax by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain
constant. The analysis was performed on the same basis for 2012.
Profit or (loss)
2013 2012
CHF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396,354 499,192
EUR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234,765 295,222
USD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,205 (
129,730)
JPY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,707 187,573
CAD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,364 110,019
Other currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,747 119,617
A 10 percent weakening of the ISK against the above currencies at 31 December would have had the equal but opposite effect
on profit or loss after tax to the amounts shown above, on the basis that all other variables remain constant. The analysis is
performed on the same basis for the year 2012.
Interest rate risk
The majority of the Company‘s long term borrowings are subject to variable interest rates. Due to current market conditions in
Iceland the Company does not currently hedge its interest rate risk as there is no counterparty for forward contracts or other
derivatives available in Iceland.
Exposure to interest rate risk
Interest-bearing financial assets and liabilities are as follows at the year end:
2013 2012
Financial instruments with fixed interest rate
Financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395,118 441,768
Financial liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 2,062,205) ( 2,515,097)
( 1,667,087) ( 2,073,329)
Financial instruments with floating interest rate
Financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,413,403 5,793,528
Financial liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,458,501) (15,873,457)
( 8,045,098) (10,079,929)
Derivatives
Embedded derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,581 4,260,671
Currency and interest rate swap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 674,615) ( 1,137,977)
(
( 552,034) 3,122,694
All amounts are in thousands of ISK.
147
F I N A N C I A L S TAT E M E N T S 2 0 1 3
30. FINANCIAL INSTRUMENTS, CONTINUED:
Interest rate risk, continued:
Fair value sensitivity analysis for fixed rate instruments:
An increase or decrease of 100 basis points in interest rates at the reporting date would have increased (decreased) profit or loss
and equity after tax by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency
rates, remain constant. The analysis was performed on the same basis for the year 2012.
Equity
Profit or loss
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
2013
Financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 ( 10,380
)
10,868
Fair value sensitivity analysis, net . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 ( 10,380
)
10,868
Financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 ( 13,147
)
15,899
Fair value sensitivity analysis, net . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 ( 13,147
)
15,899
2012
Fair value sensitivity analysis for derivatives
An increase or decrease in interest rates of 100 basis points at the reporting date would have increased (decreased) the return
after tax by the following amounts. This analysis is based on that all other variables, in particular foreign currency rates, remain
constant. The analysis was performed on the same basis for the year 2012.
Profit or loss
100 bp 100 bp
2013
increase decrease
Embedded derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
22,517)
25,052
Currency and interest rate swap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
23,128)
23,897
Fair value sensitivity analysis, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
45,645)
48,949
2012
Embedded derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
220,438)
242,602
Currency and interest rate swap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
42,163)
39,347
Fair value sensitivity analysis, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
262,601)
281,949
Cash flow sensitivity analysis for floating interest rate instruments
An increase or decrease in interest rates of 100 basis points at the reporting date would have increased (decreased) the return
after tax by the following amounts. This analysis is based on the assumption that all other variables, in particular foreign currency
rates, remain constant. The analysis was performed on the same basis for the year 2012.
100 bp 100 bp
2013
increase decrease
Financial instruments with floating interest rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
64,361)
64,361
Cash flow sensitivity analysis, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
64,361)
64,361
2012
Financial instruments with floating interest rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
80,640)
80,640
Cash flow sensitivity analysis, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
80,640)
80,640
All amounts are in thousands of ISK.
148
Profit or loss
HS ORKA HF
30. FINANCIAL INSTRUMENTS, CONTINUED:
Aluminium price risk
The Company has entered into power purchase agreements with Norðurál on power supply until the year 2026. The Company
has also entered into an agreement with Landsvirkjun on the sale of power until the year 2019. The agreements are in USD and
the contract price of power is based on the world market value of aluminum. The Company does not currently hedge against
aluminum price change.
Sensitivity analysis
A 10 percent increase or decrease of aluminium prices at 31 December would have increased (decreased) profit or loss after tax
by the amounts shown below. The analysis was performed on the same basis for 2012.
Profit or loss
2013 2012
Increase of 10% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,699,406 2,433,445
Decrease of 10% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fair value
The fair values of financial assets and liabilities, together with the carrying amounts shown in the statement of financial position,
( 1,699,406) ( 2,433,445)
Fair value versus carrying amounts
are as follows:
20132012
Carrying Carrying amount Fair value amount Fair value
Interest-bearing long-term debts . . . . . . . . . . . . . . . . . . . . . . . . . 14,520,706 ( 14,142,410) ( 18,388,553) ( 18,138,840)
14,520,706 ( 14,142,410) ( 18,388,553) ( 18,138,840)
Interest rates used for determining fair value for disclosure purpose
Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest
cash flows, discounted at the market rate of interest at the reporting date.
For foreign denominated debt the discount rates are based on interbank rates. All discount rates include an adequate credit
spread, and were as follows.
Interest rates used for determining fair value:2013 Interest bearing long term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Libor + 250 bp
Fair value of other financial assets and liabilities is equal to their carrying amount.
2012
Libor + 250 bp
All amounts are in thousands of ISK.
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F I N A N C I A L S TAT E M E N T S 2 0 1 3
30. FINANCIAL INSTRUMENTS, CONTINUED:
Other market risk
Other market value risk is related to investments in bonds and shares and is considered insignificant.
Classification of financial instruments
Financial assets and liabilities are classified as follows:
Financial
assets Financial designated assets and liabilities at fair value
liabilities measured
through held for Loans and receivables profit and loss Financial
at amortized trading cost
Carrying amount
2013
Investment in other companies . . . . . . . . . . . . . . . 27,075
27,075
Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395,118
395,118
Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260,580
260,580
Trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . 904,991 904,991
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . 430,258 430,258
Short term investments . . . . . . . . . . . . . . . . . . . . . 357,020 357,020
Cash and cash equivalent . . . . . . . . . . . . . . . . . . . . 4,413,403 4,413,403
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,748,652
779,213
260,580
0 6,788,445
Loans and borrowings . . . . . . . . . . . . . . . . . . . . . . . 14,520,70614,520,706
Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 812,614
441,768
Trade payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 437,668
437,668
Other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . 437,668
437,668
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 812,614
15,615,465
16,428,079
2012
Investment in other companies . . . . . . . . . . . . . . . 27,075 27,075
Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441,768 441,768
Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,260,671 4,260,671
Trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,005,835 1,005,835
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . 518,387 518,387
Short term investments . . . . . . . . . . . . . . . . . . . . . 565,800 565,800
Cash and cash equivalent . . . . . . . . . . . . . . . . . . . . 5,227,728 5,227,728
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,751,950 1,034,643 4,260,671 0 12,047,264
Loans and borrowings . . . . . . . . . . . . . . . . . . . . . . . 18,388,553 18,388,553
Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,137,977 1,137,977
Trade payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 482,996 482,996
Other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . 659,090 659,090
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 All amounts are in thousands of ISK.
150
0 1,137,977 19,530,639 20,668,616
HS ORKA HF
31. FAIR VALUE HIERARCHY:
The table below analyses assets carried at fair value, sorted by valuation method. The different levels have been defined as
follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
either directly (ie. as prices) or indirectly (ie. derived from prices)
Level 1
Level 2
Level 3
Total
31 December 2013
Operating assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,422,09731,422,097
Embedded derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 21,386
) 143,966 122,580
Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395,118
395,118
Other derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 302,827
)( 302,827
)
Investments in other companies . . . . . . . . . . . . . . . . . . . . . . . . . . 27,075
27,075
Short term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357,020 357,020
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357,020 70,905
31,593,138
32,021,063
31 December 2012
Operating assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,494,192 31,494,192
Embedded derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227,412 4,033,259 4,260,671
Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441,768 441,768
Other derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 788,365
)( 788,365
)
Investments in other companies . . . . . . . . . . . . . . . . . . . . . . . . . . 27,075 27,075
Short term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565,800 565,800
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565,800 (
119,185)
35,554,526 36,001,141
Embedded derivatives that expire in the year 2026 are classified in level 3 due to the fact that the forward market for aluminium
only extends to maximum of ten years. Fair value change for asset classified at Level 3 amount to ISK 3,889 million.
32. CAPITAL MANAGEMENT
The Board‘s policy is to maintain a strong capital base to sustain future development of the business.
The Company‘s Board of Directors seeks to maintain a balance between the higher returns that might be possible with higher
levels of borrowings and the advantages and security afforded by lower levels of borrowings. The equity ratio was 58.0% at year
end 2013 (2012: 53.4%).
There were no changes in the Company’s approach to capital management during the year and the Company is not obliged to
comply with external rules on minimum equity other than those required pursuant to covenants in its loan agreements.
All amounts are in thousands of ISK.
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F I N A N C I A L S TAT E M E N T S 2 0 1 3
33.GUARANTEES
Due to the division of Hitaveita Suðurnesja hf into HS Orka hf and HS Veitur hf in 2008 the Company is liable for certain liabilities
of HS veitur hf whom existed at division date. This Guarantee amounts to zero at year end 2013 (2012: ISK 1 million).
34. OTHER MATTERS
Litigations and claims
HS Orka hf initiated on 16 December 2011 arbitration proceedings towards Norðurál Grundartangi concerning interpretation of
certain clauses in the power purchase agreement for Grundartangi concerning minimum purchase of power. The full amount of
revenue that should have been received under the agreement had accrued in the end of 2012 and 2013. An arbitration panel
ruled on the matter in in May 2013 and Nordural subsequently paid the accrued revenue.
Trölladyngja
In 2012 The Icelandic parliament accepted “Rammaáætlun II” a national Energy developement plan, which categorized existing
hydro and geothermal power sites into three groups: protected sites, pending sites and power developing sites. The Trölladyngja
area is categorized as a pending site meaning more information, research and data is required.
The carrying amount of
Trölladyngja was at year end 2013 ISK 676 million.
35. RELATED PARTIES
Identity of related parties
The Company has a related party relationship with its shareholders, associates, fellow subsidiaries, HS Veitur hf, its directors and
executive officers and other companies owned by them.
The Company did not make any sales to shareholders in the years 2013 and 2012. The Company bought services from shareholders for the amount of ISK 11 million (2012: ISK 11 million).
The Company purchased goods and services from associate companies in the amount of ISK 15 million in the year 2013 (2012:
ISK 17 million).
The Company sold goods to an associate company in the amount of ISK 48 million (2012: ISK 40 million).
The Company purchased services from fellow subsidiaries in the amount of ISK 18 million in the year 2013 (2012: ISK 23 million).
At year trade payables to fellow subsidiaries were ISK 2 million (2012: ISK 0 million).
Sales to HS Veitur hf amounted to ISK 1,965 million during the year (2012: ISK 1,830 million). Purchases from HS Veitur hf
amounted to ISK 105 million (2012: ISK 23 million). At year end the receivables from HS Veitur hf amounted to ISK 157 million
(2012: ISK 222 million) and payables to HS Veitur hf amounted to ISK 74 million (2012: ISK 0). Long term receivable from HS
Veitur due to pension liability amounted to ISK 331 million (2012: ISK 290 million)
All amounts are in thousands of ISK.
152
HS ORKA HF
Appendix:
Corporate Governance Statement, unaudited
This statutory statement on corporate governance is made in accordance with Article 66-c of the Icelandic Financial Statements
Act No. 3/2006, as amended. This statement has been approved by the Board of Directors of HS Orka hf and is also published
in the Company’s Annual Report. This statement covers the financial year ended on 31 December 2013.
This statement includes information on the following items:
• A reference to the corporate governance recommendations the Company follows and how the Company addresses the
•
•
recommendations, including any deviations and explanations thereto.
A description of the main aspects of internal controls and risk management systems used in connection with preparation of
financial statements.
A description of the Company´s organizational structure and the role and composition of each function.
1. CORPORATE GOVERNANCE
The Company complies in all main respect to the laws mentioned above. The Board of Directors of HS Orka hf emphasizes
maintaining good management practices. The articles of association for the Company lay the framework for the governance of
the Company.
The Audit Committee, consists of two members of the Board of Directors and an independent member. Remuneration committee
has been established recently and will have its first meeting in the begining of the year 2014. It consists of two members from
the Board of Directors. The Company‘s Board of Directors determines the CEO‘s terms of employment and gets reports from the Audit Committee which
meets regularly with the Company‘s auditors. Two members of the Board are associated with the minority shareholder of the
Company and three members of the Board are associated with the major shareholder according to a definition in Article 2.5 in
the Guidelines on Corporate Governance, issued in March 2012, by Iceland Chamber of Commerce, Nasdaq OMX Iceland hf and
Confederation of Icelandic Employers.
The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and
expenses. Actual results may differ from these estimates.
153
F I N A N C I A L S TAT E M E N T S 2 0 1 3
2. MAIN ASPECTS OF INTERNAL CONTROLS AND RISK MANAGEMENT SYSTEMS IN CONNECTION
WITH PREPARATION OF FINANCIAL STATEMENTS
The Company implemented key provisions of the Sarbanes-Oxley Act (SOX) in 2011. Work regarding SOD (Segregation of Duties)
had then already started and was finished in 2012.
The Board of Directors has an ongoing dialogue with the CEO on the identification, description and handling of the business risks
to which the Company may be exposed. Material risks and risk management are discussed in the Annual Report.
The Company´s risk management and internal controls, in relation to financial processes, are designed to control the risk of
material misstatements. The Company designs its processes to ensure that there are no material weaknesses with internal
controls that could lead to a material misstatement in the financial reporting.
The Company goes through a detailed strategic and budget process each year and a budget report is prepared. The Board
approves the Company´s budget each year. Deviations from the budget are carefully monitored on a monthly basis. A year over
year comparison is also performed on a monthly basis and deviations explained. The Company´s overall business is fairly stable
and past budgets have been reliable and therefore deviations become visible quickly.
To ensure quality in the Company‘s financial reporting systems the following policies, procedures and guidelines for financial
reporting and internal control have been adopted:
Continuous analysis of year over year result variations.
Annual tests of operating effectiveness of internal controls.
Continuous analysis of results achieved compared to the approved budget.
Policies for key aspects of the business including (but not limited to) IT use, insurance, cash management, segregation of duties,
procurement etc.
The responsibility for maintaining sufficient and effective internal control and risk management in connection with financial
reporting lies with the CEO.
An auditing firm is elected at the Annual General Meeting for a term of one year. The external auditors are not allowed to
own shares in the Company. The external auditors shall examine the Company´s annual financial statements in accordance
with international standards on auditing, and shall, for this purpose, inspect account records and other material relating to
the operation and financial position of the Company. The external auditors shall have access to all of the Company´s books
and documents at all times. The external auditors report any significant findings regarding accounting matters via the Audit
Committee to the Board of Directors in the auditors report.
154
HS ORKA HF
3. ORGANIZATIONAL STRUCTURE AND THE ROLE AND COMPOSITION OF EACH FUNCTION
According to the Company´s Articles of Association the Company is managed by
•
Shareholders meetings
•
The Board of Directors
•
The Chief Executive Officer
SHAREHOLDERS´ MEETINGS
The ultimate authority in all affairs of the Company, within the limits established by the Company´s Articles of Association and
statutory law, is in the hands of lawful shareholders meetings.
The controlling shareholder Alterra Power Corp, through its subsidiary Magma Energy Sweden, holds 66.6% of the shares and
voting rights of HS Orka hf. The other shareholder Jarðvarmi slhf holds 33.4% of the shares and voting rights.
THE BOARD OF DIRECTORS
According to the Company´s Articles of Association the Board of Directors is responsible for the affairs of the Company between
the Shareholders´ Meetings. The Board shall operate in accordance with the Company´s Articles of Association and the Board´s
Rules of Procedure. The Principal duties of the Board are as follows:
•
•
Appoint a CEO and decide the CEO´s salary and terms of employment, establish terms of reference and supervise the CEO´s
work.
Supervise continuously and precisely all aspects of the Company´s operations and ensure that the Company´s organization
and activities are always in order. In particular, the Board of Directors shall ensure adequate supervision of the financial control and accurate reporting and disposal of the Company´s financial assets, and at least once a year confirm the
Company´s operating plan and budget.
• Establish the Company´s goals in accordance with the Company´s objectives pursuant to the Articles of Association, and
formulate the policy and strategy required to achieve these goals.
All Board Members have consented the Board´s procedures and considered them to be efficient. The Board Members also found
the Board materials and presentations were good and well prepared. They also confirm the Board has been well informed and
all matters have been discussed in an open and constructive way. When evaluating its size and composition, the Board takes into
account the Company´s operations, policies and practices and the knowledge, experience and expertise of each Board member.
The Board considers its size and composition to be in line with the Board‘s aim, to discharge its duties in an efficient manner
with integrity in the best interest of the Company.
Further information on the Board can be found in the Annual Report and on the Company‘s website.
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F I N A N C I A L S TAT E M E N T S 2 0 1 3
3. ORGANIZATIONAL STRUCTURE AND THE ROLE AND COMPOSITION OF EACH FUNCTION,
CONTINUED:
The Audit Committee
The Audit Committee shall operate in accordance with its Rules of Procedure. The principal duty of the Audit Committee is
to ensure the quality of the Company´s financial statements and other financial information, and the independence of the
Company’s auditors.
The Chief Executive Officer
According to the Company´s Articles of Association the Board of Directors appoints a CEO to manage the Company´s daily
operations.
The principal duties of the CEO are as follows:
• He is responsible for daily operations and is obliged to follow the Boards’ policy and instructions in that regard. The daily
operations do not include measures that are unusual or extraordinary. The CEO may only take such measures if specially
authorized by the Board, unless it is impossible to wait for the Board´s decision without substantial disadvantage to the
Company´s operations. In such event the CEO shall inform the Board of any action taken without delay.
•
He shall ensure that the financial statements of the Company conform to the law and accepted practices and that the treatment of the Company´s assets is secure. The CEO shall provide any information that may be requested by the Company´s
auditors.
156
Further information on the CEO can be found in the Annual Report and on the Company´s website.
HS ORKA HF
157
F I N A N C I A L S TAT E M E N T S 2 0 1 3
UNAUDITED FINANCIAL INFORMATION
QUARTERLY STATEMENT
Summary of the Company´s results by quarters:
Q1Q2Q3Q4
Total
2013
Operating revenue . . . . . . . . . . . . . . . . . . . . . . . . . 1,947,2701,642,8271,551,943 1,889,350 7,031,390
Production cost and cost of sales . . . . . . . . . . . . ( 1,318,110) ( 1,393,715) ( 1,194,939) ( 1,405,824) ( 5,312,588)
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 629,160 249,112 357,004 483,526 1,718,802
Other operating expenses . . . . . . . . . . . . . . . . . . ( 173,502) (
62,449) (
70,112) (
Results from operating activities . . . . . . . . . . . . 455,658 186,663 286,892 352,397 1,281,610
Finance income . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,022,431 291,745 88,393 559,667 1,962,236
Finance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,129) (
(
162,057) (
113,051) (
234,697)
8,387 (
Changes in fair value of swap contracts . . . . . . 253,453 81,275 11,537 117,092 437,192)
501,418)
463,357
Changes in fair value of embedded derivatives ( 2,755,939) ( 1,194,429)
Net finance (expenses) income . . . . . . . . . . . . . (1,642,112
)( 934,460) 772,322 ( 409,665
)(2,213,915
)
Share of profit of associates . . . . . . . . . . . . . . . . 38,775 Profit (loss) before income tax . . . . . . . . . . . . . . (1,147,679) (
907,089 ( 1,094,811) ( 4,138,090)
93,636 266,067 (
654,161) 1,325,281 (
7,713
) 390,765
64,981) (
541,540)
Income tax recovery (expense) . . . . . . . . . . . . . . 237,296 149,554 ( 211,842
)
11,453 186,461
Profit (loss) for the period . . . . . . . . . . . . . . . . . . 53,528) (
355,079)
37,765)
(
910,383) ( 504,607) 1,113,439 (
Other comprehensive income: Items that will never be reclassified to profit or loss
Remeasurement of defined benefit liability . . . 0 (
33,491) (
2,682) (
1,592) (
Tax on items that will never be reclassified to profit or loss 0 6,698 536 319 0 (
26,793) (
2,146) (
1,273) (
30,212)
(
31,815) (
6,665)
9,758 ( 19,806) (
48,528)
Other comprehensive (loss) income, net of tax ( 31,815) (
33,458)
7,612 (
21,079) (
78,740)
Total comprehensive (loss) income . . . . . . . . . . 942,198) (
538,065) 1,121,051 (
74,607) (
433,819)
7,553
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
difference on associates . . . . . . . . . . . . . . . . . . . . All amounts are in thousands of ISK.
158
(
HS ORKA HF
UNAUDITED FINANCIAL INFORMATION, CONTINUED:
QUARTERLY STATEMENTS, CONTINUED:
Q1Q2Q3Q4
Total
2012
Operating revenue . . . . . . . . . . . . . . . . . . . . . . . . . 1,841,469 1,624,361 1,488,393 1,926,354 6,880,577
Production cost and cost of sales . . . . . . . . . . . . ( 1,192,847) ( 1,117,369) ( 1,006,002) ( 1,209,766) ( 4,525,984)
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 648,622 506,992 482,391 Other operating expenses . . . . . . . . . . . . . . . . . . (
111,122) (
100,301) (
84,017) (
Results from operating activities . . . . . . . . . . . . 537,500 406,691 398,374 Finance income . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,137 663,906 Finance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (
Changes in fair value of swap contracts . . . . . . ( 94,204
) 158,011 913,194) (
171,336) (
716,588 2,354,593
137,739) (
433,179)
578,849 1,921,414
85,462 ( 470,850
) 326,655
222,906) (
116,752) ( 1,424,188)
21,062 ( 104,887
)( 20,018
)
Changes in fair value of embedded derivatives 461,861 ( 1,989,779) 1,790,198 (
Net finance (expenses) income . . . . . . . . . . . . . . (
497,400) ( 1,339,198) 1,673,816 ( 1,155,505) ( 1,318,287)
Share of (loss) profit of associates . . . . . . . . . . . ( 40,462
)
(Loss) profit before income tax . . . . . . . . . . . . . . (
Income tax recovery (expense . . . . . . . . . . . . . . . (
8,020
) 186,501 ( 414,437
) 115,331 ( 120,625
)
(Loss) profit for the period . . . . . . . . . . . . . . . . . . (
8,382
)( 652,074
)1,775,579 ( 462,347
) 652,776
362) (
93,932 117,826 (
838,575) 2,190,016 (
463,016) (
200,736)
1,022
) 170,274
577,678)
773,401
Other comprehensive income: Items that will never be reclassified to profit or loss
Revaluation of operating assets . . . . . . . . . . . . . 0 0 Remeasurement of defined benefit liability . . . 0 (
50,734) (
Tax on items that will never be reclassified to profit or loss 0 10,147 0 ( 40,587
)(
0 6,090,242 6,090,242
4,907) (
10,431) (
66,072)
981 ( 1,215,963) ( 1,204,835)
3,926
)4,863,848 4,819,335
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
difference of associates . . . . . . . . . . . . . . . . . . . . 25,228 ( 24,579
)
9,464 Other comprehensive income (loss) net of tax . 25,228 (
5,538 4,890,658 4,856,259
Total comprehensive income (loss) . . . . . . . . . . . 16,846 (
65,166)
26,810 36,923
717,240) 1,781,117 4,428,311 5,509,035
All amounts are in thousands of ISK.
159
F I N A N C I A L S TAT E M E N T S 2 0 1 3
SKAMMSTAFANIR:
kV
kW
MW
kVa
MVa
kWst
MWst
GWst
TWst
GL
= kílóvolt
= kílówatt
= megawatt
= kílóvoltamper
= megavoltamper
= kílówattstund
= megawattstund
= gígawattstund
= terawattstund
= gígalítri
= 1.000 volt
= 1.000 wött
= 1.000 kW
= 1.000 voltamper
= 1.000 kVa
= 1.000 wattstundir
= 1.000 kWst.
= 1.000 MWst.
= 1.000 GWst.
= 1.000 milljón l.
ABBREVIATION:
160
kV
= kilovolt
= 1.000 volt
kW
MW
kVa
MVa
kWh
MWh
GWh
TWh
GL
= kilowatt
= megawatt
= kilovoltamper
= megavoltamper
= kilowatthour
= megawatthour
= gigawatthour
= terawatthour
= gigaliter
= 1.000 watts
= 1.000 kW
= 1.000 voltamper
= 1.000 kVa
= 1.000 watthours
= 1.000 kWh.
= 1.000 MWh.
= 1.000 GWh.
= 1.000 million l.
LJÓSMYNDIR / PHOTOS:
Oddgeir Karlsson
HS Orka
ORF líftækni
Carbon Recycling International
HÖNNUN / DESIGN:
Jón Oddur Guðmundsson
PRENTVINNSLA / PRINTING:
Grágás ehf.
Brekkustíg 36 | 260 Reykjanesbæ
Sími: 520 9300 | [email protected]
www.hsorka.is

Matseðill - Icelandair

26. maj 2014 - Handelsbanken: Bull-Bear præsentation