Reported figures (IFRS) 

Reported figures (IFRS)

2013 2014 2015 2016 2017
Revenue 4 561 5 563 5 906 6 678 7 401
EBITDA 1 394 2 528 3 340 3 296 3 585
EBIT 346 1 378 1714 1 152 1 312
Profit after tax 82 829 1 103 645 813

Adjustments

Adjustments

2013 2014 2015 2016 2017

Accumulated higher revenue*

2 413 1 790 1 346 343 -303

Adjustments for changes

in acc. higher/lower revenue

1 042 623 444 1 003 646

*Please see note 4 in annual report for yearly changes in accumulated higher/lower revenue (note 2 for 2013 and earlier years)

Adjusted figures

Adjusted figures            

2013 2014 2015 2016 2017

Adjusted revenues

5 603 6 186 6 350 7 681 8 047

EBITDA

2 436 3 151 3 784 4 299 4 231

EBIT

1 388 2 001 2 158 2 155 1 958

Profit after tax

832 1 284 1 427 1 397 1 304

Statnett's revenues

Statnett's reported revenues consist of grid tariffs from the main grid customers as well as congestion revenues. Congestion revenues arise as a result of transmission of power from low-price areas to high-price areas in the Nordic region and between Norway and the Netherlands. Grid tariffs are stipulated prior to each calendar year.


The revenues are determined and controlled by the authorities through the Norwegian Water Resources and Energy Directorate (NVE) and an annual permitted revenue is stipulated. The intention is to set the permitted revenue at a level that allows Statnett to cover the costs of grid development and maintenance, and provides a fair return on grid investments, assuming that the transmission grid is operated, utilised and developed in an efficient manner.


If the actual revenues diverge from the permitted revenue, higher or lower revenue will occur. In accordance with regulations from the Norwegian Water Resources and Energy Directorate, higher/lower revenue should be evened out over time through adjustment of future grid tariffs. Consequently, the higher/lower revenue represents temporary amounts in Statnett's reported figures. The adjusted figures exclude these temporary amounts to show the underlying revenue. No other adjustments have been made to the reported IFRS accounting.