Notes to the company financial statements
All amounts in millions of euros unless stated otherwise.
Accounting policies
The company financial statements have been prepared in accordance with the provisions of Part 9, Book 2 of the Dutch Civil Code, and the same accounting policies have been applied as in the consolidated financial statements as permitted by Section 362(8), Part 9, Book 2 of the Dutch Civil Code, except that subsidiaries are carried at net asset value determined on the basis of the IFRS accounting policies used in the consolidated financial statements. The descriptions of the activities and structure of the enterprise as stated in the ‘Notes to the consolidated financial statements’ also apply to the company financial statements.
Remuneration of the Board of Management and Supervisory Board
See note 6 ‘Remuneration of the Board of Management and Supervisory Board’ to the consolidated financial statements for the remuneration of Board of Management and Supervisory Board pursuant to Section 383, Part 9, Book 2 of the Dutch Civil Code.
Financial assets
Subsidiaries | Receivables from subsidiaries | Other receivables | Deferred income tax assets | Total | |
---|---|---|---|---|---|
At 1 January 2016 | - | - | - | - | - |
Share of profit of subsidiaries | - | - | - | - | - |
Dividend received | - | - | - | - | - |
Disposal of subsidiaries (Network Group) | - | - | - | - | - |
Movements in loans to subsidiaries | - | - | - | - | - |
Movements in fair value of derivative financial instruments in equity | - | - | - | - | - |
Purchase of derivative financial instruments | - | - | - | - | - |
Acquisition of non-controlling interests | - | - | - | - | - |
Translation differences | - | - | - | - | - |
At 31 December 2016 | - | - | - | - | - |
Inbreng N.V. Eneco Beheer per 30 Januari 2017 | 2,819 | - | - | - | 2,819 |
Resultaat dochterondernemingen | 81 | - | - | - | 81 |
Revaluations of financial assets | - | - | - | - | - |
Movement in cash flow hedges | -28 | - | - | - | -28 |
Translation differences | -6 | - | - | - | -6 |
At 31 December 2017 | 2,866 | - | - | - | 2,866 |
Equity
Movements in the equity of Eneco Groep N.V. were as follows:
Paid-up and called-up share capital | Share premium | Translation reserve | Cash flow hedge reserve | Undistributed profit of shareholdings reserve | Research and development expenses reserve | Undistributed profit | Total | |
---|---|---|---|---|---|---|---|---|
At 12 December 2016 | - | - | - | - | - | - | - | - |
|
|
|
|
|
|
|
|
|
At 31 December 2016 | - | - | - | - | - | - | - | - |
Contribution N.V. Eneco Beheer on 30 January 2017 | - | 2,743 | - | 38 | 33 | 5 | - | 2,819 |
Movements further in the financial year | - | - | -6 | -28 | - | - | 81 | 47 |
At 31 December 2017 | - | 2,743 | -6 | 10 | 33 | 5 | 81 | 2,866 |
See note 'Equity' to the consolidated financial statements for details of individual components of equity.
Statutory reserves are recognised pursuant to Part 9, Book 2 of the Dutch Civil Code. Eneco Groep N.V.’s statutory reserves are a translation reserve, cash flow hedge reserve, retained earnings, reserve for undistributed profit of associates and a reserve for research and development costs. On the contribution of N.V. Eneco Beheer, Eneco Groep N.V. took over all the statutory reserves of N.V Eneco Beheer and its subsidiaries.
The total amount of the undistributed profit of shareholdings and research and development expenses reserves (€38 million) was deducted from the share premium and not adjusted through Retained earnings since Eneco Groep N.V. does not yet have any retained earnings.
Distributable results
Eneco Groep N.V. did not distribute a dividend in 2017.
The non-distributable capital attributable to Eneco Groep N.V.’s shareholders was €51 million at 31 December 2017. The individual method was used for the cash flow hedge reserve.
Contingent assets and liabilities
Liability
Eneco Groep N.V. has issued a declaration of joint and several liability pursuant to Section 403(1)(f), Part 9, Book 2 of the Dutch Civil Code for the principal subsidiaries marked with an * in the list of subsidiaries, joint operations, joint ventures and associates.
Fiscal unity
Eneco Groep N.V. is an autonomous taxpayer for corporate income tax and VAT purposes.
Auditor’s fees
The fees below relate to the fee for accountancy and consultancy services by Eneco’s external auditor, Deloitte Accountants B.V., as defined in Section 1.1 of the Audit Firms Supervision Act ('Wet toezicht accountantsorganisaties' - Wta), and includes those charged by entities associated with the auditor in the Deloitte network.
x € 1.000 | Deloitte Accountants B.V. | Affiliated Deloitte entities | Total 2017 |
---|---|---|---|
Audit of the financial statements | 1,421 | 35 | 1,456 |
Other audit engagements | 309 | 503 | 812 |
Tax consultancy | – | 10 | 10 |
Other non-audit services | 19 | 4 | 22 |
Total | 1,748 | 552 | 2,300 |
The fee for the audit of the Eneco Groep N.V financial statements included audit work on the consolidated and company financial statements of this company. The above fees relating to the audit of the 2017 financial statements include work not performed during the reporting period.
Other audit engagements are the audit of the statutory financial statements of subsidiaries and related engagements. Other non-audit services are those permitted by law and regulations.
Events after the reporting date
See note 'Events after the reporting date' to the consolidated financial statements for events after the reporting date.
Proposed appropriation of the 2017 profit
A proposal will be put to the General Meeting of Shareholders on 28 March 2018 to declare a dividend to the shareholders of €63.5 million from the consolidated profit after tax attributable to the shareholders. This represents a distribution of €12.77 per share for 2017. The dividend will be paid on xx April 2018. €46 million of the remaining consolidated profit has been appropriated and added to the share premium. A proposal will also be made to add the remaining €17.5 million of the consolidated profit to Retained earnings.
Rotterdam, 16 February 2018
Eneco Groep N.V.
Board of Management
| Supervisory Board
|
J.F. (Jeroen) de Haas, chairman | E.H.M. (Edo) van den Assem, chairman |
C.J. (Kees-Jan) Rameau | H.G. (Henk) Dijkgraaf |
G.A.J. (Guido) Dubbeld | M. (Mirjam) Sijmons |
F.C.W. (Frans) van de Noort | M.E. (Marike) van Lier Lels |
| M.B.A. (Marco) Keim |
| R. (Rob) Zandbergen |
| A. (Atzo) Nicolaï |
Company financial statementssNext paragraph:
Profit appropriation pursuant to the articles of association