SEAS-NVE Annual Report 2019 Page 3 Contents Management commentary Financial statements Overview 4 Financial highlights 6 Management commentary, Chairman of the Board of Directors 8 Management commentary, Chief Executive Officer The group 14 The strategic starting point 16 Strategic acquisition ensures synergies and scale 19 Energy policy 22 Sustainable transformation 24 Geographical presence 27 Expectations for 2020 Business areas 30 Four business areas 33 1. Energy production 34 Ørsted 37 Rødsand 2 39 2. Energy distribution 40 Cerius 43 3. Fibre infrastructure 44 Fibia 46 4. Energy sale and solutions 48 SEAS-NVE Strømmen 51 Energi Danmark 52 Clever 54 SEAS-NVE Udelys 55 SEAS-NVE Finans Responsibility 58 Statement on social responsibility and management structure 60 Community is both the strength and the target Corporate governance 62 Good corporate governance 65 Risk management in a time of transformation 73 The Committee of Representatives is the voice of the cooperative members 76 Company structure 80 84 91 92 94 95 96 112 Financial review Statements Income statement Balance sheet Statement of changes in equity Cash flow statement Notes Accounting policies
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