Annual report 2020

Annual report 2020We all have a share in the energy When people get together in a commu- nity, a special kind of energy develops – energy to think differently, dream bigger and create something new. At Andel we believe in a community, where we each contribute, make each other stronger and together achieve more. Andel’s mission is to create energy to live life. Andel will support welfare and growth in our region and society by providing vital infrastructure and renewable energy from our offshore wind turbines. Andel invests in new and better opportunities for citizens, businesses and society – and for the future generations. Contents 4 Financial highlights 1 Report 7 Chairman’s report 10 Foundation 12 CEO’s review 18 Transformation Business 21 Company structure 22 Business areas 30 Geographical presence Corporate governance and financial review 33 Financial review 41 CSR 44 Good corporate governance 46 Risk management 2 Financial statements 52 Statements 56 Income statement 57 Balance sheet 59 Statement of changes in equity 61 Cash flow statement 62 Notes 82 Accounting policies DKK 7,745m Andel provides a revenue of DKK 7,745m, which can be attributed positively to the acquisition of Radius Elnet and Ørsted’s residential customer and exterior lighting business, which in four months have contributed with a revenue of DKK 1,123m. DKK 11,444m Our results have been affected positively by our strong ownership in Ørsted, which in 2020 contributed positively with a value adjustment of DKK 11,444m. DKK 666m With the acquisition of Radius Elnet and Ørsted’s residential customer and exterior lighting business, Andel is in the middle of a comprehensive transformation and integra- tion process, which has affected the profit for the year negatively by DKK 666m, in the form of a number of large non-recurring costs. With the qcquisition of Radius Elnet and Ørsted’s residential customer and exterior lighting business, new competencies and customers were added: 19,000 km Electricity grid 1m Internet customers 800,000 Energy customers 750 EmployeesSide 1Side 3