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Presentation Results 2011 13 February 2012 www.alliander.com - PowerPoint PPT Presentation

Presentation Results 2011 13 February 2012 www.alliander.com Disclaimer This presentation is a translation of the Dutch presentation on the consolidated results for 2011 of Alliander N.V. Although this translation has been prepared with the


  1. Presentation Results 2011 13 February 2012 www.alliander.com

  2. Disclaimer This presentation is a translation of the Dutch presentation on the consolidated results for 2011 of Alliander N.V. Although this translation has been prepared with the utmost care, deviations form the Dutch presentation might nevertheless occur. In such cases, the Dutch presentation prevails. ‘We’, ‘Alliander’, ‘the company’, ‘the Alliander group’ or similar expressions are used in this presentation as synonyms for Alliander N.V. and its subsidiaries, Liander refers to the grid manager Liander N.V. and its subsidiaries. The name Endinet refers to the Endinet group, including grid manager Endinet B.V. Stam refers to Stam Heerhugowaard Holding B.V. and its subsidiaries and Liandon refers to Liandon B.V. Alliander N.V. is the sole shareholder of Liander N.V., Endinet Groep B.V., Liandon B.V., Alliander Telecom N.V., Alliander Participaties B.V., Verlian B.V., Stam Heerhugowaard Holding B.V. and Alliander AG. Parts of this presentation contain forward-looking information. These parts may –without limitation– include statements on government measures, including regulatory measures, on Alliander’s share and the share of its subsidiaries and joint ventures in existing and new markets, on industrial and macroeconomic trends and on the impact of these expectations on Alliander’s operating results. Such statements are preceded by, followed by or contain words such as ‘believes’, ‘expects’, ‘thinks’, ‘anticipates’ or similar expressions. These prospective statements are based on the current assumptions and are subject to known and unknown factors and other uncertainties, many of which are beyond Alliander’s control, so that future actual results may differ materially from these statements. This presentation has been prepared with due regard to the accounting policies applied in the preparation of the 2010 financial statements of Alliander N.V., which can be found on www.alliander.com. All financial information shown throughout this presentation has not been audited. Alliander results 2011 2

  3. Content 1. Highlights 2. Alliander at a glance 3. Results 2011 4. Appendices Alliander results 2011 3

  4. Highlights 2011 • Result 2011: € 251 million (2011: 222 million) • Higher revenue due to increase in regulated tariffs and consolidation Endinet • Increased OPEX Financial results • Higher CAPEX and position • Credit rating: 2011 • S&P rating upgrade to A+/A-1/positive outlook from A/A-1/stable outlook • Moody’s rating unchanged at Aa3/P-1/stable outlook • Extension of maturity date RCF: € 600 million to 15 July 2016 • Bond buy-back of €250 million • Reduction of average electricity outage • Stable customer satisfaction • Increase of staff Strategic and • Start of digitisation of substations by implementing SASensors operational • Implementation of GSM outage alarms in transformer stations developments • Taking part in national network of rapid charging points for electrical vehicles • Transfer of public lighting activities Endinet to Ziut B.V. • Participation in New Motion, Locamation and Plugwise by Alliander Participaties B.V. • Alliander Finance B.V. merged into Alliander N.V. • No Supreme Court decision yet on Court decision on Unbundling Act • Dutch Upper House passed Bills involving the introduction of the smart meter Regulatory • Cost investigation announced by NMa developments • Gradual introduction of new market model • X-factors for new regulatory period (2011-2013) allowing tariff increases Alliander results 2011 4

  5. Content 1. Highlights 2. Alliander at a glance 3. Results 2011 4. Appendices Alliander results 2011 5

  6. Stable public shareholder base Alliander Shareholders: Alliander’s grid coverage regions largely Provinces & Municipalities coincide with the shareholders base ��� Other Friesland 24% Gelderland 45% Noord-Holland Amsterdam Amsterdam 9% Gelderland Noord-Holland 9% Friesland 13% Endinet (2) 100% owned by Dutch provinces and municipalities and privatisation is not allowed by law (1) Includes province of Flevoland, and various municipalities located in the provinces of Gelderland, Friesland, Flevoland, Zuid-Holland and Noord-Holland (2) Endinet acquired as per 1 July 2010 Alliander results 2011 6

  7. Market positions Number of connections (x1,000) • Alliander has 3 million electricity connections and 2.6 million gas connections 6.000 5.627 in the Netherlands 5.000 4.687 • Alliander has a market Electricity connections position of 37% Gas connections 4.000 3.020 4.000 2.631 3.000 2.054 2.000 2.607 2.056 1.000 1.946 394 191 134 107 207 32 53 52 138 102 55 187 0 Alliander Enexis Stedin Delta Cogas Rendo Westland Source: EnergieNed “Energy in the Netherlands” 2011 publication Notes: 1) Alliander includes Endinet with 451,000 gas connections en 106,000 electricity connections 2) Enexis includes Intergas with 148,000 gas connections Alliander results 2011 7

  8. Overview Dutch energy networks Electricity Networks Gas Networks 2 2 12 1 5 5 1 6 2 6 1 3 1 7 7 6 3 7 3 5 2 2 1 8 4 4 1 1 1 2 Liander and Endinet (1) RENDO Netbeheer BV (5) COGAS (6) ENEXIS and Intergas (2) Westland Energie Infrastructuur BV (7) Stedin (3) Delta Netwerkbedrijf BV (4) Source: EnergieNed “Energy in the Netherlands” 2011 publication, adjusted for Endinet acquisition by Alliander and Intergas acquisition by Enexis Alliander results 2011 8 8

  9. Position in Dutch energy value chain Production and Transmission Distribution Supply trade Liberalised Regulated Regulated Liberalised Vattenfall/Nuon Vattenfall/Nuon Tennet Alliander RWE/Essent RWE/Essent Gasunie Enexis Dutch energy value chain has been partially liberalised over the years Alliander results 2011 9

  10. Alliander’s businesses: stable cash flow profile • Regional Grid Manager: Management of • Regional Grid Manager in Eindhoven • Service, maintenance and automation of regional electricity and gas grids and Oost-Brabant region. Management complex energy infrastructures, of regional electricity and gas grids including for TenneT • Electricity & gas metering business • Electricity & gas metering business • Clients are in the stable and regulated • Regulated assets network sector • Regulated assets • Low risk profile due to • Stable and predictable regulatory environment • Low risk profile due to regulatory cash flow environment Network operator Network company Other (1) Eliminations Total 2011 Results Liander Endinet € million Operating income External income 1,433 114 148 - 1,695 Internal income 11 - 284 -295 - Total operating income 1,444 114 432 -295 1,695 Operating expenses Total operating expenses 1,076 88 428 -295 1,297 Operating profit 368 26 4 - 398 Total assets 5,840 534 3,799 -2,855 7,318 Regulated business >90% (1) Comprises other activities within the Alliander Group including the activities of Liandon, Stam, Alliander A.G., Corporate departments and service units (both part of Alliander N.V.) Alliander results 2011 10

  11. Regulatory environment Electricity • Regulation aims for a balance between quality and X-Factor sustainability, whilst providing an incentive for efficiency 2008–2010 2011–2013 Liander N.V. 3.6 (7.0) • Total cost recovery for the industry remains one of the basic Endinet B.V. 4.6 (5.5) principles, which allows individual companies with an average Delta Netwerkbedrijf 5.8 (6.6) performance to cover their full costs (including the WACC as Stedin B.V. 6.3 (7.9) set by the Energiekamer, applied on the standardised asset Enexis B.V. 5.0 (6.2) value) • For the 2011-2013 period the WACC (in pre tax real terms) is set at 6.2% Gas X-Factor 2008–2010 2011–2013 x-factors (1) as determined by the regulator for the 2011-2013 • Liander N.V. 6.1 (2.7) period will allow increases in tariffs Endinet B.V. 7.2 (1.6) Delta Netwerkbedrijf B.V. 6.6 (0.4) • There is a difference between regulatory costs and Enexis B.V. 8.1 (3.4) commercial costs with respect to the asset value. Stedin B.V. 4.2 (2.8) Source: Energiekamer, Alliander Constructive regulatory framework which does not allow for privatisation (1) See page 37 for further explanation Alliander results 2011 11

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