Index of this chapter Consolidated income statement
x € 1 million | Note | 2017 | 2016 |
|---|---|---|---|
Revenues from energy sales and energy related activities | 3 | 3,309 | 2,642 |
Purchases of energy and energy related activities |
| 2,303 | 1,815 |
Gross margin |
| 1,006 | 827 |
Other revenues | 4 | 46 | 104 |
Gross margin and other operating revenues |
| 1,052 | 931 |
Employee benefit expenses | 5 | 242 | 211 |
Cost of contracted work and other external costs |
| 374 | 355 |
Depreciation and impairment of property, plant and equipment | 13 | 214 | 218 |
Amortisation and impairment of intangible assets | 14 | 56 | 32 |
Other operating expenses |
| 8 | 9 |
Operating expenses |
| 894 | 825 |
Operating profit |
| 158 | 106 |
Share of profit of associates and joint ventures | 7 | - | 7 |
Financial income | 8 | 7 | 14 |
Financial expenses | 9 | -29 | -10 |
Profit before income tax from continuing operations |
| 136 | 117 |
Income tax | 10 | -9 | -14 |
Profit after income tax from continuing operations |
| 127 | 103 |
Profit after income tax from discontinued operations (network activities) | 11 | - | 89 |
Profit after income tax |
| 127 | 192 |
|
|
|
|
Profit distribution: |
|
|
|
Profit after income tax attributable to non-controlling interests |
| - | - |
Profit after income tax attributable to shareholders of Eneco Groep N.V. |
| 127 | 192 |
Profit after income tax |
| 127 | 192 |
Consolidated statement of comprehensive income
x € 1 million | Note | 2017 | 2016 |
|---|---|---|---|
Profit after income tax |
| 127 | 192 |
Adjustments for: |
|
|
|
Unrealised gains and losses that will not be reclassified to profit or loss |
|
|
|
Fair value adjustment for regulated networks |
| - | -25 |
Remeasurement of defined-benefit pension plans |
| -1 | - |
|
|
|
|
Unrealised gains and losses that may be reclassified to profit or loss |
|
|
|
Exchange rate differences |
| -6 | -14 |
Unrealised gains and losses on cash flow hedges | 24 | -28 | -80 |
Deferred tax liabilities on cash flow hedges and hedge of net investment in foreign operations | 24 | 6 | 20 |
Share of unrealised profit of associates and joint ventures after tax |
| 1 | - |
|
|
|
|
Total other comprehensive income |
| -28 | -99 |
Total comprehensive income |
| 99 | 93 |
|
|
|
|
Profit distribution: |
|
|
|
Non-controlling interests |
| - | - |
Shareholders of Eneco Groep N.V. |
| 99 | 93 |
Total comprehensive income |
| 99 | 93 |
Consolidated balance sheet
x € 1 million | Note | At 31 December 2017 | At 31 December 2016 |
|---|---|---|---|
Non-current assets |
|
|
|
Property, plant and equipment | 13 | 2,538 | 2,499 |
Intangible assets | 14 | 976 | 282 |
Associates and joint ventures | 16 | 111 | 60 |
Deferred income tax assets | 17 | 27 | 5 |
Financial assets |
|
|
|
- Derivative financial instruments | 18 | 65 | 90 |
- Other financial assets | 19 | 111 | 76 |
Total non-current assets |
| 3,828 | 3,012 |
Current assets |
|
|
|
Assets held for sale | 20 | 214 | 12 |
Intangible assets and inventories |
| 58 | 52 |
Trade receivables | 21 | 650 | 500 |
Current income tax assets |
| 7 | 3 |
Other receivables | 22 | 244 | 996 |
Derivative financial instruments | 18 | 190 | 155 |
Cash and cash equivalents | 23 | 465 | 343 |
Total current assets |
| 1,828 | 2,061 |
TOTAL ASSETS |
| 5,656 | 5,073 |
|
|
|
|
Equity |
|
|
|
Equity attributable to Eneco Groep N.V. shareholders | 24 | 2,866 | 3,118 |
Non-controlling interests | 24 | 3 | 3 |
Total equity |
| 2,869 | 3,121 |
Non-current liabilities |
|
|
|
Provisions for employee benefits | 25 | 10 | 7 |
Other provisions | 26 | 94 | 72 |
Deferred income tax liabilities | 17 | 306 | 187 |
Derivative financial instruments | 18 | 45 | 56 |
Interest-bearing debt | 27 | 453 | 388 |
Other liabilities | 28 | 117 | 110 |
Total non-current liabilities |
| 1,025 | 820 |
Current liabilities |
|
|
|
Liabilities held for sale | 20 | 9 | 9 |
Provisions for employee benefits | 25 | 7 | 6 |
Other provisions | 26 | 7 | 7 |
Derivative financial instruments | 18 | 181 | 129 |
Interest-bearing debt | 27 | 282 | 27 |
Current income tax liabilities |
| 52 | - |
Trade and other liabilities | 28 | 1,224 | 954 |
Total current liabilities |
| 1,762 | 1,132 |
TOTAL EQUITY AND LIABILITIES |
| 5,656 | 5,073 |
Consolidated cash flow statement
x € 1 million | Note | 2017 | 2016 |
|---|---|---|---|
Profit after income tax |
| 127 | 192 |
Adjusted for: |
|
|
|
- Financial income and expense recognised in profit or loss | 8.9 | 22 | -1 |
- Income tax recognised in profit or loss | 10 | 9 | 39 |
- Share of profit of associates and joint ventures |
| - | -7 |
- Depreciation, amortisation and impairment | 13.14 | 270 | 362 |
- Result from sale of tangible and intangible assets |
| 2 | 7 |
- Movement in working capital | 35 | 288 | -113 |
- Movements in provisions, derivative financial instruments and other |
| 35 | -154 |
Cash flow from business operations |
| 753 | 325 |
Dividend received from associates and joint ventures |
| 4 | 8 |
Interest paid |
| -17 | -10 |
Interest received |
| 4 | - |
Income tax paid / received |
| -8 | -30 |
Cash flow from operating activities |
| 736 | 293 |
|
|
|
|
Issued loans granted |
| -8 | -25 |
Repayment of loans granted |
| 2 | - |
Acquisition of subsidiaries (net) |
| -459 | -24 |
Disposal of subsidiaries (net) |
| 2 | - |
Acquisition of joint operations, joint ventures and associates | 16 | -32 | -1 |
Disposal of joint operations, joint ventures and associates | 16 | - | - |
Investments in property, plant and equipment | 13 | -142 | -298 |
Disposal of property, plant and equipment | 13 | 3 | 9 |
Investments in intangible assets | 14 | -14 | -6 |
Cash flow from investing activities |
| -648 | -345 |
|
|
|
|
Dividend payments |
| - | - |
Repayment of non-current interest-bearing debt | 27 | -52 | -34 |
Aflossing kortlopende rentedragende schulden |
| -25 |
|
Non-current interest-bearing debt issued | 27 | 118 | 218 |
Nieuw verkregen kortlopende rentedragende schulden |
| 25 |
|
Acquisition of non-controlling interests |
| - | - |
Cash flow from financing activities |
| 66 | 184 |
|
|
|
|
Movements in cash and cash equivalents |
| 154 | 132 |
Balance of cash and cash equivalents at 1 January | 23 | 343 | 211 |
Translation gains and losses on cash and cash equivalents of subsidiaries |
| -1 |
|
Balance of cash and cash equivalents of disposed consolidated entities |
| -31 | - |
Balance of cash and cash equivalents at 31 December | 23 | 465 | 343 |
The consolidated cash flow statement for 2016 includes cash flows from discontinued operations. See the note to the consolidated cash flow statement for further information.
Consolidated statement of changes in equity
x € 1 million | Equity attributable to Eneco Groep N.V. shareholders1 | Non-controlling interests | Total equity | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
Paid-up and calledup share capital | Share premium | Revaluation reserve | Translation reserve | Cash flow hedge reserve | Retained earnings | Undistributed profit | Total | |||
At 1 January 2016 | 122 | 34 | 779 | 15 | 90 | 5,170 | 264 | 6,474 | 4 | 6,478 |
Profit after income tax 2016 | - | - | - | - | - | - | 192 | 192 | - | 192 |
Total other comprehensive | - | - | -25 | -14 | -60 | - | - | -99 | - | -99 |
Total comprehensive income | - | - | -25 | -14 | -60 | - | 192 | 93 | - | 93 |
Profit appropriation 2015 | - | - | - | - | - | 264 | -264 | - | - | - |
Dividend in kind to Stedin Holding N.V. | - | -34 | - | - | - | -3,415 | - | -3,449 | - | -3,449 |
Disposal of activities Network Group | - | - | -735 | - | - | 735 | - | - | - | - |
Reclassification depreciation regulated networks (after tax) | - | - | -19 | - | - | 19 | - | - | - | - |
Change in non-controlling interests | - | - | - | - | - | - |
| - | -1 | -1 |
Total transactions with (former) owners of the company | - |
| -754 | - | - | -2,397 | -264 | -3,449 | -1 | -3,450 |
At 31 December 2016 | 122 | - | - | 1 | 30 | 2,773 | 192 | 3,118 | 3 | 3,121 |
Profit after income tax 2017 | - | - | - | - | - | - | 127 | 127 | - | 127 |
Total other comprehensive | - | - | - | -7 | -20 | -1 | - | -28 | - | -28 |
Total comprehensive income | - | - | - | -7 | -20 | -1 | 127 | 99 | - | 99 |
Profit appropriation 2016 | - | - | - | - | - | 192 | -192 | - | - | - |
Cash dividend to Stedin Holding N.V. | - | - | - | - | - | -351 | - | -351 | - | -351 |
Contribution N.V. Eneco Beheer at 30 Januari 2017 | -122 | 2,781 | - | - | - | -2,613 | -46 | - | - | - |
Total transactions with current and former owners of the company | -122 | 2,781 | - | - | - | -2,772 | -238 | -351 | - | -351 |
At 31 December 2017 | - | 2,781 | - | -6 | 10 | - | 81 | 2,866 | 3 | 2,869 |
- 1 See note 24’ Equity’ for further information on equity and in particular the line ‘Contribution of N.V. Eneco Beheer at 30 January 2017’.
GovernancesNext paragraph:
Notes to the consolidated financial statements
