1 FY 2009 consolidated results Brussels February 26 th , 2010
Mar 06, 2016
1
FY 2009 consolidated results
Brussels
February 26th, 2010
2
Disclaimer• This presentation is only provided for general information purpose about
Elia and its activities. The included statements are neither reported results nor other historical information. They are not provided to serve as the basis for any evaluation of Elia, and cannot be binding and/or enforceable upon Elia.
• As forward-looking statements, they are subject to assumptions, risk and uncertainties, actual future results may differ from those expressed in or implied by such statements.
• Although Elia uses reasonable cares to present information which is up-to-date to the best of Elia's knowledge, Elia makes no representation or warranty whatsoever as to the adequacy, accuracy, completeness or correctness of such information.
• Elia will not be liable for any consequences arising from or related to the use or interpretation of the information contained or absent in this presentation.
3
Summary
Operational highlights
Financials 2009
Outlook 2010
Agenda
4
Summary• Operational highlights
- Decrease of yearly consumption, mostly due to economic crisis
- Full realisation of investment plan
- Excellent network reliability
- Amongst the lowest tariffs in Europe for the 7th year in a row
- Further investments towards an integrated EU electricity market
• Financials 2009- Profit above target despite lower OLO- Successful realisation of € 1 billion Eurobond- Dividend increased to € 1,38 a share
• Outlook 2010- Net profit - Transfer pricing agreement with regulator- Capex- Market integration
5
Summary
Operational highlights
Financials 2009
Outlook 2010
Agenda
6
Yearly energy consumption as seen from Elia’s network decreased to 81.8 TWh (88.3 TWh in 2008)
Main reasons
• Economic crisis throughout the year
• Increasing local generation at customer sites
• Increasing generation from renewable sources at distribution level
Net export of 1.8 TWhfirst net export figure in many years mainly to France
No impact on regulated profit
1. Energy Consumption in Elia’s balancing zone
-1000
-800
-600
-400
-200
0
200
400
600
800
1000
1200
Jan
Feb Mar AprMay Ju
n Jul
Aug Sep Oct NovDec
Imports and exports per month in 2009
Imports from The NetherlandsExports to The NetherlandsImports from FranceExports to FranceNet Balance
Monthly Elia Load 2009
0
1000000
2000000
3000000
4000000
5000000
6000000
7000000
8000000
9000000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
month
load
[MW
h]
20082009
7
0
5
10
15
20
25
Austria
Belgium
Bulgaria
Czech Re
public
Den
mark
Estonia
Finland
France
Germany
Great Britain
Greece
Hun
gary
Ireland
Italy
Lithuania
Nethe
rlands
Norway
Poland
Portugal
Romania
Slovak Rep
Sloven
ia
Spain
Swed
en
Other regulatory charges Losses System Services Infrastructure
2. Among the lowest tariffs in Europe
8
Driven By internal consumption34%
Driven by interconnections with neighbours
7%
Driven by renewables & generation localisation
13%
Other investments (not electrical net)10% Replacements
36%
•• Capex adjustedCapex adjusted(from € 157.1 million initially)
•• Main reasonsMain reasons• decreased consumption• postponement customer projects
in line with autofinancing
•• Main driversMain drivers• RES integration• internal demand• reliability (replacements)
•• Excellent network reliabilityExcellent network reliability
CAPEX 2009€ 121.5 m
3. Investments 2009
Average Interruption TimeMinutes
2009 1,53 482008 3,12 852007 3,54 832006 5,23 1452005 8,4 132
Number of InterruptionsYear
9
F = B = NLF ≠ B = NL Unconstrained
F = B ≠ NLF ≠ B ≠ NLConstrainedBelgian-
Dutch
border
UnconstrainedConstrained
Belgian-French borderBorder
1.6 %
85.2 %
70 %
56,8 %
4. FR-BE-NE TLC 2009: excellent price convergence
Means more competitive wholesale prices in Belgium Means more competitive wholesale prices in Belgium
10
First Regional Technical Coordination Service Center
• Operational since 16 Feb 2009
• 24h/day since 29th June 2009
• Security analysis for day-ahead
• Research for remedial actions
• Examples
– Improvement of security of supply: • preventing major constraints induced by equipment faults undetectable by TSOs • remedial actions to reduce level of constraints impacting several TSOs• coordinating discussions between TSOs involved in remedial actions
(eg. phase shifters)
– Reducing re-dispatching cost for TSOs
5. Coreso: pro-active TSO coordination
11
6. Contracts with third parties
• Third party services
Industrial customers & Distribution System Operators
• Training
TSOs Maghreb countriesGeneral courses for bankers, lawyers, consultants, etc.
• Consulting
Gulf Cooperation Council Interconnection AuthorityEntso-E contract in Ukraine
• MOU with RTE
Cooperation in activities in Middle-East and US
12
Summary
Operational highlights
Financials 2009
Outlook 2010
Agenda
13
Reclassify costs, revenues => controllable & nonReclassify costs, revenues => controllable & non--controllablecontrollable
Charges Revenues
Tariff
Non Tariff
Non ControllableCosts (NC)
Net profit
ControllableCosts ‘(C)
CNC
NC
C
Net profit
Tariff
(1) Mainly consists of purchases of materials, services and other goods & remuneration except the ancillary services & pension costs for retired employees
(2) Mainly consists of Telecom services, Third party services, surplus value on sale fixed assets and insurance claims
(1)
(2)
4-year fixed tariff system with netting of costs & revenues
14
Composition of net profit
1.1.Fair remunerationFair remuneration ((€€ 59,2m in budget 2009)59,2m in budget 2009)• Equity remuneration based on formula
• Deduction over-depreciation of the past (€ 8,2m net) till Q3 2012
2.2.DecommissioningDecommissioning ((€€ 14,2 m in budget 2009)14,2 m in budget 2009)• Goodwill from decommissioning included in tariffs
• Reserved for financing future investments
3.3.IncentivisationIncentivisation on controllable costs on controllable costs ((€€ 6 m in budget 2009)6 m in budget 2009)• Ceiling = same amount as efficiency gain (X-factor)
4.4.NewNew: Transfer pricing agreement: Transfer pricing agreement• 60% of the margin on the results of foreign consulting activities
• Financial participations in RAB : dividends & surplus values
→ 60% to Elia and 40% to tariff reductions
• Financial participations outside RAB
→ All costs & revenues outside Belgian regulation
15
Overview of Key 2009
ChangeIncome statement (€ million) 2009 2008 In %Consolidated turnover 771,3 757,3 1,8%EBITDA (1) 327,9 334,1 -1,9%Operating result (EBIT) 225,8 237,9 -5,1%Financial result (120,5) (109,3) 10,2%Taxes (20,0) (27,2) -26,5%Consolidated net profit 84,0 103,1 -18,5%Net profit per share (€) 1,740 2,145 -18,9%Dividend per share (€) 1,38 1,37 0,7%Balance sheet (€ million) 2009 2008Total assets 4.420,0 4.228,1 4,5%Equity 1.365,4 1.348,1 1,3%Net debt 2.453,8 2.370,5 3,5%Equity per share (€) 28,29 28,04 0,9%
Total number of shares (end of period) 48.270.255 48.076.949 0,40%
IFRS
16
2009 A 2009 EAverage RAB 2009 3.765 3.688Reference equity (33%) 1.242 1.217Cost of equity 4,99% 5,08%Equity reference remuneration (A) 62,0 61,9
Av. equity / Av. assets 35,70% 36,25%Deviation on ref. equity 2,70% 3,25%Equity deviation remuneration 4,64% 4,63%s-factor (B) 4,7 5,5
Over-depreciation (C) -8,2 -8,2
Fair remuneration (A+B+C) 58,6 59,2
Goodwill decommissioning 15,4 14,2Controllable cost incentive 6,3 6,0Result from transfer pricing 0,7Others 0,3 0,0
Net profit Belgian GAAP (tariffs) 81,3 79,4
Consolidation Belpex 0,3
IFRS reconciliation 2,4
Net profit IFRS 84,0
BottomBottom--up Approach of Eliaup Approach of Elia’’s P&L in 2009 (EUR m): calculation of net profits P&L in 2009 (EUR m): calculation of net profit
673,5
66,7
84,0
686,0
31,5
Charges Revenues
Tariff
Non tariff
Costs
Net profit
(1)
(1) OLO of 3.9431%; Beta of 0,300 and a risk premium of 3,5%(2) Av. Equity =1.344 and Av. Assets = 3.765(3) OLO of 3,9431% & deviation rate of 70 bp
(2)(3)
Tariff Shortfall
2009 IFRS Profit and Loss
17
Bu
dg
et
= 4
11
,8
Reality
= 4
17
,2
Tariff = - 14,8
Bu
dg
et
Reality
Bu
dg
et
Reality
Bu
dg
et
= 6
88
,3
Reality
= 6
73
,5
Non controllable items : Budget <> Reality
Net profit = -1,6
Costs = + 5,4
Costs = - 5,4 m
Revenues = - 18,0 m
Net profit = -1,6 m
Tariff = - 14,8 m
Tariff shortfall = 31,5 m
Indexation = +8,3 m8
4,0
Revenues = - 185
5,8
82
,4
37
,8
18
Bu
dg
et
Reali
ty
Controllable items : Budget <> Reality
Total outperformance = € 12,3m
X = € 6m Y = Y = €€ 6,3m6,3m
Increasing efficiency
Extra revenues thanks to third party services and additional consulting contracts
Revenues = + 4.5
Bu
dg
et
Reali
ty
Costs = -7,8
27
6,6
(1
)
24
,3
28
,8
26
8,8
(1) Consist of € 284,9m agreed by CREG minus € 8,3m indexation correction to give back to tariffs
19
•• Reduction in Belgian GAAP net profit Reduction in Belgian GAAP net profit due to lower OLOdue to lower OLO
•• Reduction in IFRS net profit mainly due to lower adjustmentsReduction in IFRS net profit mainly due to lower adjustments
Net profit breakdown 2009-2008
In million € 2009 2008 DifferenceFair remuneration 58,6 65,5 -6,9Goodwill decommissioning 15,5 15,0 0,5Incentive mechanism 6,3 4,4 1,9Transfer pricing 0,7 0,0 0,7Bonus 0 1,9 -1,9Consolidation Belpex/Others 0,5 0,3 0,2Total Belgian GAAP net result 81,6 87,1 -5,5
IFRS adjustments 2,4 16,0 -13,6Total IFRS net result 84,0 103,1 -19,1
20
1.365,41.388,0 11,8
(139,6)
68,2 20,9 15,6
31/12/2009Belgian GAAP
Employee benefits
Regulatory assets
Capitalisation software
Elia Re Others 31/12/2009IFRS
IFRS Impact IFRS Impact onon Equity and Net Equity and Net ProfitProfit as of 31 as of 31 DecemberDecember 20092009
Net
Pro
fitEq
uity
Reconciliation Be GAAP - IFRS
81,6
2,7 3,1 2,7 (4,4) (1,7)
84,0
31/12/2009Belgian GAAP
Transfer assetsfrom customers
CapitalisationSoftware
Employeebenefit
Regulated asset Other 31/12/2009IFRS
(1)
(1) Mainly relates to Inventory valuation (€2,9m) and goodwill Bel engineering (€ 7,7m)
21
Evolution of Costs between 2009 and 2008 (EUR m)Evolution of Costs between 2009 and 2008 (EUR m)
27,220,0
109,3120,5
96,2102,1
15,79,9
124,4 118,8
153,7153,5
135,0155,6
2009 2008
686,0
Personnel Expenses(mainly pension funds & inflation)
Ancillary services(reserve energy)
Depreciation
Others
Financial charges
Taxes
Raw materials, Services & Other goods
Breakdown Costs
+4,7%
+6,1%
+10,2%
-0,1%
+15,3%
-26,5%
-36,9%
655,9
22
Breakdown of Non Breakdown of Non –– Tariff Revenues in 2009 and 2008 (EUR m)Tariff Revenues in 2009 and 2008 (EUR m)
2,7
3,78,7
13,0
13,3
16,213,2
28,8
28,2
2009 2008
Non - Tariff Revenues
Others
Telecom & third party services
Fixed assets own construction capitalised
International revenues
+2,1%
(1) In 2008 « others » include the reversal of € 5m related to interests to recover on the tax receivable
(2) In 2009 « others » include the reversal of € 6,6 m related to interests to recover on the tax receivable
(2)
(1)
-18,5%
+2,3%
Transfer assets from customers
(IFRIC 18)
66,761,1
23
510,9509,9
22,8 20,9
113,4108,0
32,732,8
2009 2008
Breakdown of Tariff Revenues in 2009 and 2008 (EUR m)Breakdown of Tariff Revenues in 2009 and 2008 (EUR m)
Tariff Revenues
Connection tariffs
Tariffs for ancillary services
Tariffs for grid use
-4,8%
Tariffs out of previous surpluses
18,2
-0,3%
+9,1%
31,5
Tariff shortfall
673,5 677,9
Tariff shortfall
24
Overview treatment of surpluses
Overview of allocation and use of total surplusesOverview of allocation and use of total surpluses
To be allocated by CREG 2009 2010 2011 2012 and
beyond Total
To give back to the tariffs based on tariff decision of 2007 for the period 2008-2011 22.760,00 34.070,00 46.028,06 102.858,06Use -22.760,00 -22.760,00
Allocated to future tariffs 0,00 34.070,00 46.028,06 80.098,06
Shortage 2007 -9.897,90 -9.897,90
Total 2007 - allocated -9.897,90 -9.897,90
Shortage 2008 -18.249,45 -18.249,45
Total 2008 - allocated -18.249,45 -18.249,45
Shortage 2009 -31.517,31 -31.517,31Total 2009 - still to be allocated by CREG -31.517,31 -31.517,31
-31.517,31 34.070,00 46.028,06 -28.147,35 20.433,41
Regulatory account (all amounts in € 000)
25
495,8883,5
2000,0 1000,0
350,0
132,5164,3
0
500
1.000
1.500
2.000
2.500
3.000
31/12/2009 31/12/2008
Shareholders' loans EurobondsST bank loans EIB + CP + Accrued interests
Standard & Poor’s rating:Long Term: A-Outlook: Creditwatch Neg
Elia benefits from a strong credit ratingElia benefits from a strong credit rating
Financial Debt Position
2.628,3 2.397,7
31/12/2009 31/12/2008 Net debt (€ mill ions) 2.453,8 2.370,5Leverage (D/D+E) 65,8% 64,0%EBITDA / Gross Interest 2,46 2,84Net debt / EBITDA 7,5 7,1Average cost of debt 5,30% 5,15%% Fixed of gross debt 81,1% 70,0%
Unused Credit lines Amount Interest rateas of 31/12/2009 (€ m)
European Investment Bank 65 Euribor + 5 bpCommitted bank loans 275 Euribor + (60-100) bpUncommitted bank loan 170 To be negotiatedCommercial paper program 250 To be negotiated
26
EliaElia’’s dividend policy ensures a steady and growing dividends dividend policy ensures a steady and growing dividend
Dividend Policy
• Increase in dividend to € 1, 38 per share
• Pay-out ratio over 2009 Belgian Gaap result is 81,7 % (79,3% under IFRS)
1,381,27 1,371,301,281,27
81,7%
75,7%
89,9%
79,3%
91,8%
89,6%
-0,4
0,1
0,6
1,1
1,6
2,1
2004 2005 2006 2007 2008 2009
In E
UR
70%
75%
80%
85%
90%
Dividend Pay-out ratio
27
Summary
Operational highlights 2009
Financials 2009
Outlook 2010
Agenda
28
Outlook CAPEX 2010
CAPEX 2010€ 117 m
Replacements
Internal consumptionInterconnections
RES & generation localisationOther investments
• Capex = €117 m(€ 146,6m initially)
• Main reasons:• weak economy• delayed projects by customers
in line with autofinancing
• Main drivers
• RES integration
• internal demand
• reliability (replacements)
• No impact on regulated profit(ROE remuneration)
29
CREG
Average RAB 2010 (3)
3.772Reference equity (33%) 1.245
Cost of equity (3)
4,98%(1)
Equity reference remuneration (A) 62,0
Av. equity / Av. RAB (3) 35,94%
Deviation on ref. equity 2,94%
Equity deviation remuneration (3) 4,63% (2)
D-factor (B) 5,1
Over-depreciation (C) -8,2
Fair remuneration (A+B+C) = [1] 58,9
Goodwill decommissioning (3) [2] 14,2
Controllable cost incentive (3) [3] = Y 0,0
Net profit as set by tariffs [Σ 1+2+3] 73,1
Determination of net profit 2010 by the regulator (Belgian GAAP)Determination of net profit 2010 by the regulator (Belgian GAAP)
(1) OLO of 3,9278%; Beta of 0,3 and a risk premium of 3,5% (2) OLO of 3,9278% and deviation rate of 70bp(3) To be recomputed ex-post based on real OLO, real beta, real RAB & Equity, real decommissioning and real
controllable cost savings
Outlook 2010 : Fair remuneration
Not available for profit distribution;€14,2 is the estimated yearly amount for the period 2008-2011
30
• Stevin: extension 380 kV grid to the coast
• Procedure for inclusion in land-use plan (GRUP) launched
• Commissioning foreseen in 2015
• Brabo : 380 kV grid extension Antwerp port area
• First phase Lillo-Zandvliet : planning permit procedure launched
• Interconnection France:
• Aubange- Moulaine: second conductor set; commissioning foreseen 1st semester of 2010
• Interconnection Luxembourg:
• Feasability study for 220 kV interconnection pursued
• Interconnection Germany:
• Feasability study concluded and positive; detailed study started
• Nemo undersea cable with UK:
• Feasability confirmed; project phase launched to define technical aspects and licence procedures; commissioning foreseen as from 2016
Major projects: evolution 2010 and beyond
31
• Major service to be launched in 2010
Market coupling between Benelux – Germany – France
• Activities
Pursuing « operational excellence » and reliable network operation
Consulting and services for third parties, partnership
• Further consolidation of :
• European Electricity markets
• Power exchanges
• Networks
New Projects, Services, Activities
32
Questions &
AnswersInvestors Relations – Contact details
Bert MaesTel: + 32 (0)2/546.72.39Mail: [email protected]: http://www.elia.be
33
Appendices
34
Means strong visibility for the cost basis of EliaMeans strong visibility for the cost basis of Elia’’s customers s customers
Tariffs for use of the grid and tariffs for ancillary services:comparison 2001 - 2008
0
2
4
6
8
10
12
14
16
2001 2002 (Q4)
2003 (Q2 toQ4)
2004 2005 2006 2007 2008 2009 2010 2011 2001 2002 (Q4)
2003 (Q2 toQ4)
2004 2005 2006 2007 2008 2009 2010 2011 2001 2002 (Q4)
2003 (Q2 toQ4)
2004 2005 2006 2007 2008 2009 2010 2011 2001 2002 (Q4)
2003 (Q2 toQ4)
2004 2005 2006 2007 2008 2009 2010 2011
On the 380/220/150 kV network At transformer output to the 70/36/30 kV network On the 70/36/30 kV network At transformer output to medium voltage
Annual power System management Ancillary services Loss compensation
Fixed tariffs for the period 2008-2011
35
• Overhead and underground power links
Beringen-Mol 150 kV line upgrade
- Enables connection of future T-power station Tessenderlo Chemie
- Use of high performance power conductor technology
- Cost price of € 3,5m in 2009
Schaerbeek-Centenaire
- New 36 kV cable
- Enables upgrade of Centenairesubstation, feeding Heyzel and Expo site
- Cost price of € 0,5m in 2009
Investments 2009: a few examples
36
High voltage stations
Zandvliet 2nd transformer 380/150 kV
- Industrial customers port of Antwerp
Lillo: new GIS station 150 kV
Heliport: 150 kV/11 kV station: supply in Brussels
Damprémy: GIS station in replacement of 150 kV AIS station
Connection of industrial customers
Slijkens: Biostoom & Biofuel
– Connection to 36 kV grid of 2 cogeneration units, of 18.5 MW each
Zwijndrecht: Lanxess Rubber
– Connection of cogeneration unit to 36 kV grid
Investments 2009: a few examples
37
South North TotalMaximum capacity allocated to the market 3500 1401 4901 Total is 36.2% of peak system load of 13530 MW
Yearly average capacity allocated to the market 2501 1375 3876 Total is 41.5% of average system load of 9333 MW
Ex ante guaranteed minimum capacity 1700 946 2646 Total is 28.3% of average system load of 9333 MW
Total energy exchanges 2009-083769 GWh Netherlands
5787 GWh
6642 GWh
France
1832 GWh
Luxembourg910 GWh
1,868GWh
Belgium, among the most interconnected countries
YEAR 2009 In MEGAWATT (MW) COMMERCIALLY AVAILABLE IMPORT CAPACITIES
Direction Exchanged Exchanged Change2009 2008
F->B 1,832 7,386 -75%B->F 6,642 2,039 +226%N->B 5,787 8,119 -29%B->N 3,769 3,005 +25%L->B 1,868 1,629 +15%B->L 910 1,518 -40%Total 20,807 23,695 -12%
38
N‐1 busbar in Lonny substation
110% overloadon Avelgem‐Mercator
138% overloadon Moulaine‐Aubange
TRIPS
121% overloadon Avelgem‐Mercator
NOT ACCEPTABLE
Lonny‐Achène trips
Coordinated action on April 30th
39
Coordinated action in CWE on August 25th
40
• 34 diversified participants (suppliers, traders, producers)
from 10 countries (NL,CH,UK,FR,BE,GE,CZ,SP,IT,DK) at Dec 31st, 2009
• Average daily volume :27.782 MWh, slightly lower than in 2008;
representing a stable 12.4 % of Belgian load with the following average
electricity prices :• Belix €39.36/MWh (€70,60 MWh in 2008) • Belix peak (8am-20pm) €47,07/MWh (€85,18 MWh in 2008)
• Belix off-peak (20pm-8am) €31,65/MWh (€56,02 MWh in 2008)
• Market coupling induced an average export volume of 11.216 MWh
(over 6 times higher than in 2008 and an average import volume of 2.740
MWh, about 7 times less than in 2008)
• New product : Green certificates market launched beginning of 2009
Belgian Power Exchange (Belpex)
41
Belpex volume since January 07Volumes & Prices BELPEX-EPEX-APX (DAM) Baseload (Months)
Period: from 1/01/2007 to 31/12/2009
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
1.600.000
2007
0120
0702
2007
0320
0704
2007
0520
0706
2007
0720
0708
2007
0920
0710
2007
1120
0712
2008
0120
0802
2008
0320
0804
2008
0520
0806
2008
0720
0808
2008
0920
0810
2008
1120
0812
2009
0120
0902
2009
0320
0904
2009
0520
0906
2009
0720
0908
2009
0920
0910
2009
1120
0912
MWh
0,00
10,00
20,00
30,00
40,00
50,00
60,00
70,00
80,00
90,00
100,00
€/MWhVolume Belpex Price Belpex Price Powernext Price APX
42
• Experienced employees throughout Elia’s organisation
●Number of Employees at 31/12/09 : 1,205 (FTE : 1,132)
Average length of service in Elia:
14.5 years
Average age of workforce:41 years
Update Personnel
Grid Services 49 %
Transmission 11 %
Elia Engineering 16 %
C&M 6%
Corporate 19 %
43
• Regulator approved € 254,6 m net controllable costs for 2009 (260,6 m CC minus X = € 6m imposed cost savings)
• Budget Elia 2009: Initial budget 260,6 X factor (costsaving) - 6,0Y factor (potential outperformance) - 6,0
(1) Controllable non-tariff revenues
€ m
2008 2009 2010 2011
255,3
-4m–6m
-7m-8m
- X = -25m in total
(1)
270,3
255,3260,6
265,3
251,3254,6
258,3262,3
CPI-X (approved)
Budget including CPI
247,3248,6
251,3254,3 Target = CPI-X-Y-4m
–6m-7m
-8m -X -Y = -50m total
X – Y Factor (controllable costs)
44
3.767,5
(91,1) (18,9)
3.763,5
122,8
(16,7)
Year-end 2008
Depreciation Divestm. &Decommissioning
Capex Change in WCR
Year-end 2009
Evolution 2009 RABEvolution 2009 RAB
Average RAB 3.679 3.765
(1)
(1) Includes € 15,4 million goodwill decommissioning
Regulated Asset Base 2009
45
(17,6)
(25,1)
(31,5) 57,3
(16,7)
20
09
Inventory, trade & all
debtors <1 year
Total Change in
WCR
Trade creditors & others
Accrued charges & deferred income
Shortfall 2009
Changes in Working Capital Requirements (EUR m) Changes in Working Capital Requirements (EUR m) (1)(1)
(1)(1) Based on Belgian GAAP accountsBased on Belgian GAAP accounts
Working Capital Requirements
46
Surpluses/In millions of EUR (Shortages) 2004 2005 2006 2007 2008 2009 2010 2011 Total
Surplus 2003 134,6 25,4 36,4 36,4 36,4 134,6Bonus 2003 3,2 3,2 3,2Used -25,4 -39,6 -36,4 -36,4 -137,8Total 2003 137,8 0,0 0,0 0,0 0,0 0,0Surplus 2004 118,9 28,0 9,8 9,8 23,8 23,8 23,7 118,9Bonus 2004 3,5 3,5 3,5Used -28,0 -13,3 -9,8 -51,1Total 2004 122,4 0,0 0,0 0,0 23,8 23,8 23,7 71,3Surplus 2005 35,1 7,4 27,7 35,1Bonus 2005 2,3 2,3 2,3Surplus 2006 3,8 3,8 3,8Used -7,4 -33,8 -41,2Totaal 2005 41,2 0,0 0,0 0,0Surplus 2006 56,2 5,6 50,6 56,2Malus 2006 1,8 1,8 1,8Used -5,6 -5,6Totaal 2006 58,0 0,0 52,4 52,4
Reversal decided by regulator for period 2008-2011 20,9 22,8 34,0 46,0 123,7Used -20,9 -22,8 -43,7Subtotal 359,4 80,0Shortage 2007 -0,5 -0,5 -0,5Bonus 05 & 06 -9,4 -9,4 -9,4Totaal 2007 -9,9 -9,9 -9,9Shortage 2008 -18,2 -18,2 -18,2Shortage 2009 -31,1 -31,5 -31,5
Total Surplus 300,2 20,4
Overview treatment of surpluses
Overview of allocation and use of total surplusesOverview of allocation and use of total surpluses
(1) To be allocated by CREG in the next regulatory period
(1) (1)(1)
47
3.764
(94) (17) 117
10
2009 Depreciation Divestm. &Decomm.
Capex Change inWCR
2010
Average RAB
3.764 3.772
(1)
(1) Contains € 14m of goodwill reduction due to decommissioning
3.780
Outlook 2010: RAB