|
High-voltage substations |
High-voltage connections |
Other assets |
Tangible fixed assets under construction |
Total |
|
|
At 1 January 2007: |
|||||
|
Cost |
757,255 |
644,977 |
40,106 |
209,030 |
1,651,368 |
|
Accumulated depreciation and impairment |
266,384 |
220,128 |
16,467 |
- |
502,979 |
|
Net book value |
490,871 |
424,849 |
23,639 |
209,030 |
1,148,389 |
|
|
|
|
|
|
|
|
Acquisitions |
- |
- |
- |
163,615 |
163,615 |
|
Transfers |
5,231 |
6,335 |
3,255 |
-/- 14,821 |
- |
|
Disposals at book value |
-/- 19 |
- |
- |
- |
-/- 19 |
|
Initial consolidation of NOVEC B.V. |
- |
- |
8,617 |
- |
8,617 |
|
Exchange rate differences |
- |
- |
-/- 2 |
- |
-/- 2 |
|
Depreciation |
-/- 27,006 |
-/- 27,745 |
-/- 2,848 |
- |
-/- 57,599 |
|
Movement in 2007 |
-/- 21,794 |
-/- 21,410 |
9,022 |
148,794 |
114,612 |
|
|
|
|
|
|
|
|
At 31 December 2007: |
|||||
|
Cost |
749,116 |
649,015 |
51,775 |
357,824 |
1,807,730 |
|
Accumulated depreciation and impairment |
280,039 |
245,576 |
19,114 |
- |
544,729 |
|
Book value at 31 December 2007 |
469,077 |
403,439 |
32,661 |
357,824 |
1,263,001 |
|
|
|
|
|
|
Annual Report 2008
TenneT
- Consolidated balance sheet at 31 December 2008
- Consolidated profit-and-loss account for the year 2008
- Statement of changes in equity for the year 2008
- Consolidated cash flow statement for the year 2008
- General notes
- Notes to the consolidated balance sheet at 31 December 2008
- 1. Tangible fixed assets
- 2. Intangible assets
- 3. Participating interests
- 4. Financial assets
- 5. Deferred tax assets
- 6. Other receivables
- 7. Inventory
- 8. Accounts receivable and other receivables
- 9. Accounts receivable in connection with energy exchange transactions
- 10. Derivative financial instruments
- 11. Cash and cash equivalents
- 12. Non-current assets available for sale
- 13. Equity
- 14. Loans
- 15. Investment contributions
- 16. Auction receipts
- 17. Provisions
- 18. Derivative financial instruments
- 19. Deferred tax liabilities
- 20. Amounts received in advance
- 21. Bank overdrafts
- 22. Accounts payable in connection with energy exchange transactions
- 23. Securities
- 24. Accounts payable and other liabilities
- Notes to the consolidated profit-and-loss account for the year 2008
- 25. Revenue
- 26. Energy and capacity expenses
- 27. Transmission grid and system expenses
- 28. Personnel expenses
- 29. Depreciation and amortisation of assets
- 30. Other operating expenses
- 31. Finance income and expenses
- 32. Corporation tax
- 33. Profit from participating interests
- 34. Off-balance sheet rights and obligations
- 35. Events after the balance sheet date
- 36. Acquisitions
- 37. Cash flow statement
- Company balance sheet at 31 December 2008
- Company profit-and-loss account for the year 2008
- Statement of changes in equity for the year 2008
- Notes to the company balance sheet and profit-and-loss account for the year 2008
- 38. Principles governing the valuation of assets and liabilities and the determination of results
- 39. Investments in group companies
- 40. Minority participating interests
- 41. Derivative financial instruments
- 42. Receivables from group companies
- 43. Equity
- 44. Loans
- 45. Bank overdrafts
- 46. Liabilities payable to group companies
- 47. Share in the results of participating interests
- 48. Affiliated entities
- Other information
- Auditor’s report
1. Tangible fixed assets
High-voltage substations include transformers. |
|
High-voltage substations |
High-voltage connections |
Other assets |
Tangible fixed assets under construction |
Total |
|
|
At 1 January 2008: |
|||||
|
Cost |
749,116 |
649,015 |
51,775 |
357,824 |
1,807,730 |
|
Accumulated depreciation and impairment |
280,039 |
245,576 |
19,114 |
- |
544,729 |
|
Net book value |
469,077 |
403,439 |
32,661 |
357,824 |
1,263,001 |
|
|
|
|
|
|
|
|
Acquisitions |
- |
- |
- |
273,813 |
273,813 |
|
Initial recognition of Telfort Masten B.V. and Dutch Tower B.V. |
- |
- |
8,518 |
- |
8,518 |
|
Transfers |
139,087 |
244,338 |
20,841 |
-/- 404,266 |
- |
|
Disposals at book value |
-/- 740 |
- |
-/- 4 |
- |
-/- 744 |
|
Exchange rate differences |
- |
- |
14 |
- |
14 |
|
Impairments |
- |
-/- 10,000 |
- |
- |
-/- 10,000 |
|
Depreciation |
-/- 30,737 |
-/- 30,390 |
-/- 3,475 |
- |
-/- 64,602 |
|
Movement in 2008 |
107,610 |
203,948 |
25,894 |
-/- 130,453 |
206,999 |
|
|
|
|
|
|
|
|
At 31 December 2008: |
|||||
|
Cost |
887,461 |
893,353 |
81,144 |
227,371 |
2,089,329 |
|
Accumulated depreciation and impairment |
310,776 |
285,966 |
22,589 |
- |
619,331 |
|
Book value at 31 December 2008 |
576,687 |
607,387 |
58,455 |
227,469 |
1,469,998 |
|
|
|
|
|
|
The Office of Energy Regulation has attached conditions to the reimbursement of the costs of the NorNed cable. An initial settlement was effected in 2008. This settlement included a penalty in the amount of EUR 10 million payable by TenneT TSO. This penalty has been recognised in the accounts as a depreciation of the NorNed cable.
The book value of the tangible fixed assets can be attributed to the associated activities as follows:
|
( x EUR 1,000 ) |
2008 |
2007 |
|
International transmission grid (450 kV) |
298,205 |
- |
|
National transmission grid (380 kV and 220 kV) |
635,780 |
706,242 |
|
Regional transmission grid (150 kV) |
227,166 |
183,935 |
|
Other |
81,378 |
15,000 |
|
Net book value at 31 December of assets in use |
1,242,529 |
905,177 |
|
Tangible fixed assets under construction |
227,469 |
357,824 |
|
Balance at 31 December |
1,469,998 |
1,263,001 |
|
|
|
At 31 December 2008, the inflation-adjusted regulated book value of the national high-voltage grid
(220-380-450 kV), including grid components owned by third parties, amounted to EUR 1,175 million
(2007: EUR 860 million). The nominal value of this asset amounted to EUR 1,063 million at 31 December 2008 (2007: EUR 752 million).
The fiscal book value of the tangible fixed assets at 31 December 2008, excluding tangible fixed assets under construction, amounted to EUR 1,365 million.
Tangible fixed assets under construction
The tangible fixed assets under construction can be broken down into the associated projects as follows:
|
( x EUR 1,000 ) |
2008 |
2007 |
|
Randstad 380 kV project |
59,386 |
9,029 |
|
Cable link to Norway (NorNed) |
- |
299,953 |
|
Cable link to UK (BritNed) |
75,550 |
11,537 |
|
Breukelen substation |
6,215 |
1,162 |
|
Lelystad substation |
10,114 |
424 |
|
Simonshaven substation |
13,285 |
3,658 |
|
Reactive power compensation Eindhoven/Dodewaard |
9,797 |
- |
|
Other assets |
53,122 |
32,061 |
|
Total |
227,469 |
357,824 |
|
|
|
In 2008, construction interest amounting to EUR 11.2 million (2007: EUR 10.0 million) has been capitalised. The interest rate was 4.6% (2007: 4.0%).