Sfe AS
ASActiveOrg 984882106Sørstrandsvegen 227, 6823 SandaneProduction of electricity from renewable sources· NACE 3512Est. 2002 · 24 years old118 employeeshttps://www.sfe.no
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Overview
Sfe AS is a Norwegian AS based in Sandane, operating in the Production of electricity from renewable sources sector. Incorporated in 2002, the company has 118 employees and reported revenue of NOK 1.9bn in its latest annual filing.
Revenue 2025
1.9B NOK
−7% vs 2024
EBITDA margin
21.4 %
+20% vs 2024
Net profit 2025
0.2B NOK
-1% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
37.6 %
AverageAround the average of companies in the same industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
1.4×
AverageAround the average of companies in the same industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
4.0 %
StrongAmong the 30% highest rated companies in the industry
20212025
EBITDA — year on year
NOK millionsKey figures
Annual report 2025| Revenue | 1.9B NOK | -7% |
| EBITDA | 0.4B NOK | +20% |
| Net profit | 0.2B NOK | -1% |
| Total assets | 4.8B NOK | +7% |
| Equity | 1.8B NOK | +4% |
| Employees | 118 | — |
Company information
Legal name
SFE AS
Org number
984882106
Legal form
Aksjeselskap
NACE code
Founded
16 September 2002 · 24 years
Share capital
NOK 600,000,000
Employees
118 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Signatory rights
Styreleiar saman med eit styremedlem.
Company purpose
På forretningsmessig basis produksjon av elektrisk energi, tilhøyrande overføring og omsetning, samt anna verksemd knytt til desse områda. Selskapet kan bygge ut anlegg, samt drive, kjøpe og selje anlegg og selskap i samband med dette. Selskapet kan også engasjere seg i andre forretningsområde og selskap når dette er eigna til å styrke hovudformålet, eller fører til rasjonell utnytting av selskapet sine ressursar.
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Contact
Address
Sørstrandsvegen 227, 6823 Sandane
Website
https://www.sfe.no
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Financial development
In its most recent annual report (2025), Sfe AS reported revenue of NOK 1.9bn, a decrease of 7% on the year before. The figures on this page draw on 5 annual filings covering 2021 to 2025. The bottom line showed a net profit of NOK 190.5m, and the EBITDA margin stood at 21.4%.
At the end of 2025, equity financed 37.6% of the balance sheet, and current assets covered short-term debt 1.4 times.
Financials
Revenue
NOK millionsEBITDA
NOK millionsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 1,887,865 | 2,026,988 | 2,509,590 | 3,288,395 | 1,304,148 |
| Staff expenses | -128,341 | -121,604 | -99,017 | -75,000 | -64,358 |
| EBITDA | 404,653 | 337,677 | 517,961 | 796,784 | 8,431 |
| Depreciation & amort. | -51,642 | -49,008 | -47,550 | -44,464 | -52,154 |
| EBIT | 353,012 | 288,669 | 470,411 | 752,320 | -43,723 |
| Net financials | 19,773 | 36,004 | 34,843 | 9,856 | -21,734 |
| Profit before tax | 372,784 | 324,672 | 505,254 | 762,175 | -65,458 |
| Tax | -0 | -0 | -0 | -0 | -0 |
| Net profit | 190,466 | 191,602 | 274,230 | 275,140 | -149,056 |
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Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 4,756,402 | 4,437,059 | 4,644,880 | 5,152,938 | 4,392,356 |
| Equity | 1,789,950 | 1,715,405 | 1,579,064 | 1,402,120 | 1,334,824 |
| Long-term debt | 2,389,043 | 2,392,656 | 2,369,953 | 2,359,552 | 2,169,496 |
| Short-term debt | 577,408 | 328,998 | 695,863 | 1,391,266 | 888,035 |
| Total debt | 2,966,452 | 2,721,654 | 3,065,815 | 3,750,818 | 3,057,531 |
Financial ratios
5-year trendEBITDA margin
21.4 %
20212025
Equity ratio
37.6 %
AverageAround the average of companies in the same industry
20212025
Return on equity
10.6 %
StrongAmong the 30% highest rated companies in the industry
20212025
Net profit margin
10.1 %
AverageAround the average of companies in the same industry
20212025
Asset turnover
0.40×
Very strongAmong the 20% highest rated companies in the industry
20212025
Debt / equity
1.66×
WeakAmong the 40% lowest rated companies in the industry
20212025
Sector performance
27 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Gross marginAverage
Around the average of companies in the same industry
The gross result as a share of revenue — how much of the revenue is left after variable costs to cover the company's fixed costs.
Operating marginStrong
Among the 40% highest rated companies in the industry
EBIT as a share of revenue — the share of revenue remaining as earnings once all operating costs are covered. A key measure of earning power.
Net profit marginAverage
Around the average of companies in the same industry
The profit for the year as a share of revenue — the company's ability to turn revenue into profit.
Return on equity (ROE)Strong
Among the 30% highest rated companies in the industry
Net profit as a percentage of equity — the return the owners earned on their invested capital this year.
Return on assets (ROA)Strong
Among the 30% highest rated companies in the industry
Net profit as a percentage of total assets — the return generated on the capital employed.
Return on net assets (RONA)Strong
Among the 30% highest rated companies in the industry
Profit relative to net assets (total assets minus total debt) — the ability to generate earnings from the net asset base alone.
Basic earning power (BEP)Very strong
Among the 20% highest rated companies in the industry
EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.
Capacity ratioStrong
Among the 40% highest rated companies in the industry
Shows how strongly fixed costs weigh on the gross result — a high ratio means fixed costs take only a small bite out of the earnings from basic operations.
Liquidity
Current ratioAverage
Around the average of companies in the same industry
Current assets relative to short-term debt — the ability to settle short-term obligations with current assets alone. Around 150% is considered satisfactory from a credit perspective.
Quick ratioAverage
Around the average of companies in the same industry
Current assets excluding inventory relative to short-term debt — whether the most liquid assets alone can cover the short-term obligations. A value of 1 or above signals a healthy liquidity position.
Cash ratioAverage
Around the average of companies in the same industry
Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.
Current assets to equityAverage
Around the average of companies in the same industry
Current assets relative to equity — an indicator of the balance-sheet structure and of the company's short- and long-term financing. The healthy level is highly industry-dependent.
Fixed assets to long-term capitalAverage
Around the average of companies in the same industry
Fixed assets relative to long-term capital (equity plus long-term liabilities). Below 100% means the long-term capital finances more than just the fixed assets — a healthier liquidity position.
Cash conversion ratioStrong
Among the 30% highest rated companies in the industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Debt & solvency
Solidity ratioAverage
Around the average of companies in the same industry
Equity as a share of total assets — the ability to absorb losses. Around 40% is considered satisfactory from a credit perspective.
Debt ratioAverage
Around the average of companies in the same industry
Total debt relative to the balance-sheet total — the share of the assets financed by debt rather than equity.
Debt to equityWeak
Among the 40% lowest rated companies in the industry
Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.
Liabilities to equityWeak
Among the 40% lowest rated companies in the industry
Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.
Income to debtStrong
Among the 40% highest rated companies in the industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtStrong
Among the 30% highest rated companies in the industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageVery strong
Among the 20% highest rated companies in the industry
The ability to pay the interest on the company's debt out of its earnings.
Interest rate on debtAverage
Around the average of companies in the same industry
Financial expenses relative to total liabilities — the effective interest rate the company pays on its debt.
Interest marginStrong
Among the 30% highest rated companies in the industry
The return on assets minus the interest rate on debt. Positive means the company benefits from operating with debt; negative means the debt makes it worse off.
Efficiency & development
Asset turnoverVery strong
Among the 20% highest rated companies in the industry
Revenue relative to total assets — the ability to generate revenue from the asset base.
Equity to contributed capitalAverage
Around the average of companies in the same industry
Total equity relative to the capital the owners contributed — how the equity has developed from its starting point.
One-year change in equityStrong
Among the 40% highest rated companies in the industry
The size of this year's increase or decrease in the company's equity.
One-year change in debtWeak
Among the 40% lowest rated companies in the industry
The size of this year's increase or decrease in the company's debt.
Inventory turnoverNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
Revenue relative to inventory — how many times a year the inventory is sold and replaced. A low value can indicate weak sales or excess inventory.
Annual reports & filings
- Annual report 2025Filed via Brønnøysundsregistrene · Period 2025-01-01 – 2025-12-31
- Annual report 2024Filed via Brønnøysundsregistrene · Period 2024-01-01 – 2024-12-31
- Annual report 2023Filed via Brønnøysundsregistrene · Period 2023-01-01 – 2023-12-31
- Annual report 2022Filed via Brønnøysundsregistrene · Period 2022-01-01 – 2022-12-31
- Annual report 2021Filed via Brønnøysundsregistrene · Period 2021-01-01 – 2021-12-31
People & ownership
Management
Actively employed in the business| Name | Role | Member since |
|---|---|---|
| Current (5) | ||
MH Deputy Member | Deputy Member | 2024 |
MM Deputy Member | Deputy Member | 2025 |
HR Deputy Member | Deputy Member | 2025 |
KA Chief Executive Officer | Chief Executive Officer | 2023 |
EB Deputy Member | Deputy Member | 2025 |
Former (10)
OU Deputy Member | Deputy Member | 2021 – 2023 |
LB Deputy Member | Deputy Member | 2021 – 2025 |
OL Chief Executive Officer | Chief Executive Officer | 2003 – 2023 |
IE Deputy Member | Deputy Member | 2023 – 2024 |
RF Deputy Member | Deputy Member | 2021 – 2023 |
AS Deputy Member | Deputy Member | 2021 – 2023 |
RG Deputy Member | Deputy Member | 2021 – 2023 |
RJ Deputy Member | Deputy Member | 2024 – 2025 |
ØB Deputy Member | Deputy Member | 2023 – 2025 |
EM Deputy Member | Deputy Member | 2023 – 2024 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (5) | ||
MH Board of Directors | Board of Directors | 2025 |
OI Board of Directors | Board of Directors | 2026 |
IH Board of Directors | Board of Directors | 2025 |
KA Chairman | Chairman | 2024 |
ER Board of Directors | Board of Directors | 2023 |
Former (7)
MH Deputy Chairman | Deputy Chairman | 2021 – 2023 |
OU Board of Directors | Board of Directors | 2023 – 2025 |
DS Board of Directors | Board of Directors | 2021 – 2021 |
JR Chairman | Chairman | 2021 – 2024 |
AS Board of Directors | Board of Directors | 2024 – 2025 |
AS Deputy Chairman | Deputy Chairman | 2023 – 2024 |
BL Board of Directors | Board of Directors | 2021 – 2023 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
| Company | 100% | 100% | 2020 |
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Company hierarchy
Sfe AS (this company)
Gloppen Energi AS30.0001% ownedNordenfjeldske Energi As9.0909% ownedInnvik Kraftverk AS30% ownedLutelandet Energipark AS100% ownedRenantis Norway AS10.1291% ownedBoard network connections
Board members of Sfe AS also hold positions in 175 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Johannes Rauboti | Chairman | 26 companiesMany roles |
| Ingvill Hestenes | Board of Directors | 24 companiesMany roles |
| Bjarte Lofnes Hauge | Board of Directors | 19 companiesMany roles |
| Asle Svein Grotle | Deputy Member | 18 companiesMany roles |
| Martin Holvik | Deputy Member | 17 companiesMany roles |
| Knut Arild Flatjord | Chief Executive Officer | 13 companiesMany roles |
| Monica Heggheim | Board of Directors | 12 companiesMany roles |
| Ørjan Brunstad | Deputy Member | 10 companiesMany roles |
| Regine Johansen | Deputy Member | 9 companiesMany roles |
| Ragnhild Gundersen | Deputy Member | 7 companiesMany roles |
| Mari Merete Hestenes Netland | Deputy Member | 3 companies |
| Oddrun Undheim Slagstad | Deputy Member | 2 companies |
| Ola Lingaas | Chief Executive Officer | 2 companies |
| Inger Elin Gimmestad | Deputy Member | 2 companies |
| Ragna Flatla Haugland | Deputy Member | 2 companies |
| Else Margrethe Larsen | Deputy Member | 2 companies |
| Ole Ingebrigt Sunnset | Board of Directors | 2 companies |
| Eivind Risøy | Board of Directors | 2 companies |
| Harald Røyrvik | Deputy Member | 1 company |
| Dag Smedbold | Board of Directors | 1 company |
| Anne Svangtun | Board of Directors | 1 company |
Frequently asked questions
What is the Org number of Sfe AS?
Sfe AS is registered with Brønnøysundsregistrene under Org 984882106.
What is the revenue of Sfe AS?
Sfe AS reported revenue of NOK 1.9bn in 2025.
How many employees does Sfe AS have?
Sfe AS employs 118 people as of the latest annual report.
Who is the CEO of Sfe AS?
Knut Arild Flatjord is the CEO of Sfe AS, in role since 2023.
Who is the chairman of Sfe AS?
Knut Arild Flatjord chairs the board of Sfe AS, in role since 2024.
Where is Sfe AS headquartered?
Sfe AS's registered address is Sørstrandsvegen 227.