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
2. Intangible assets
|
|
Goodwill |
Software |
Other intangible assets |
Total |
|||||
|
At 1 January 2007: |
||||||||
|
Cost |
23,962 |
30,506 |
1,892 |
56,360 |
||||
|
Accumulated amortisation and impairment |
16,031 |
23,960 |
1,147 |
41,138 |
||||
|
Net book value |
7,931 |
6,546 |
745 |
15,222 |
||||
|
|
|
|
|
|||||
|
Acquisitions |
- |
2,581 |
- |
2,581 |
||||
|
Exchange rate differences |
-/- 207 |
- |
-/- 43 |
-/- 250 |
||||
|
Amortisation |
- |
-/- 3,522 |
-/- 293 |
-/- 3,815 |
||||
|
Movement in 2007 |
-/- 207 |
-/- 941 |
-/- 336 |
-/- 1,484 |
||||
|
|
|
|
|
|||||
|
At 31 December 2007: |
||||||||
|
Cost |
23,809 |
32,769 |
1,445 |
58,023 |
||||
|
Accumulated amortisation and impairment |
16,085 |
27,164 |
1,036 |
44,285 |
||||
|
Book value at 31 December 2007 |
7,724 |
5,605 |
409 |
13,738 |
||||
|
|
|
|
|
|
Goodwill |
Software |
Other intangible assets |
Total |
|||||
|
At 1 January 2008: |
||||||||
|
Cost |
23,809 |
32,769 |
1,445 |
58,023 |
||||
|
Accumulated amortisation and impairment |
16,085 |
27,164 |
1,036 |
44,285 |
||||
|
Net book value |
7,724 |
5,605 |
409 |
13,738 |
||||
|
|
|
|
|
|||||
|
Acquisitions |
14,043 |
5,777 |
20,639 |
40,459 |
||||
|
Sale of participating interest |
-/- 1,051 |
- |
- |
-/- 1,051 |
||||
|
Impairments |
-/- 1,678 |
- |
- |
-/- 1,678 |
||||
|
Amortisation |
- |
-/- 4,422 |
-/- 512 |
-/- 4,934 |
||||
|
Movement in 2008 |
11,314 |
1,355 |
20,127 |
32,796 |
||||
|
|
|
|
|
|||||
|
At 31 December 2008: |
||||||||
|
Cost |
36,801 |
38,546 |
22,084 |
97,431 |
||||
|
Accumulated amortisation and impairment |
17,763 |
31,586 |
1,548 |
50,897 |
||||
|
Book value at 31 December 2008 |
19,038 |
6,960 |
20,536 |
46,534 |
||||
|
|
|
|
|
Impairment test
The goodwill can be divided between the cash-generating units as follows:
|
( x EUR 1,000 ) |
2008 |
2007 |
|
|
APX B.V. |
4,465 |
4,465 |
|
|
APX Commodities Ltd. |
1,703 |
2,208 |
|
|
Endex European Energy Derivatives Exchange N.V. |
4,171 |
- |
|
|
NOVEC B.V. (in connection with Telfort Masten B.V. and Dutch Tower Masten B.V.) |
8,458 |
- |
|
|
European Energy Auction B.V. |
241 |
1,051 |
|
|
Total goodwill |
19,038 |
7,724 |
|
|
|
|
The investments recognised under ‘Other intangible assets’ comprise customer contracts at NOVEC B.V.
(EUR 8.1 million), arrangements with participants at Endex N.V., APX B.V. (EUR 10.9 million) and Endex European Energy Derivatives Exchange N.V., and the membership portfolio of APX B.V. (EUR 1.4 million).
The recoverable amounts of the cash-generating units have been determined using discounted cash flow calculations of the value in use. The calculations are based on long-term (five-year) cash flow projections based on financial forecasts approved by the management. Cash flows for the period more than five years ahead have been extrapolated on the assumption that there will be no further growth. The figures have been discounted to net present value, using discounting rates (ranging from 7.3% to 10%) that reflect the risks associated with the activities.