SEAS-NVE Annual Report 2018 Page 3 Contents Management commentary Financial statements Overview Financial highlights Management commentary, Chairman of the Board of Directors Management commentary, Chief Executive Officer The Group Our business model Our value creation Our market conditions Expectations for 2019 Geographical presence Financial statements 04 Financial review 78 Statements82 06 Income statement 89 08 Balance sheet 90 Statement of changes in equity 92 Cash flow statement 93 Notes94 Accounting policies 112 14 16 18 24 26 Business areas Our four business areas 30 1. Energy production 32 Ørsted 34 Rødsand 2 36 2. Energy distribution 38 Cerius40 3. Fibre infrastructure 42 Fibia 44 4. Energy sale and solutions 46 SEAS-NVE Strømmen 48 Clever 50 Energi Danmark 52 SEAS-NVE Udelys 54 SEAS-NVE Finans 55 Responsibility Statement on social responsibility and management structure 58 Our community 60 Corporate governance Design and layout e-Types Good corporate governance 62 Our risk management 66 Photos Our Committee of Representatives 72 Frederik Lindstrøm Jesper Blæsild Our company structure and company details 74 Jesper Atkinson Pedersen Lasse Bech Martinussen Mikkel Bache
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