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
36. Acquisitions |
On 3 March 2008, APX B.V. acquired 42% of the shares in APX Gas Zeebrugge B.V, increasing its stake in APX Gas Zeebrugge B.V. to 100%. This acquisition has no effect on the consolidated revenue.
On 12 December 2008, APX B.V. also acquired 90.9% of the shares in Endex N.V. On 30 December 2008, APX B.V. acquired another 8.1% of the shares in Endex N.V., bringing its total stake to 99.0%. The remaining 1.0% of the shares was retained by Endex N.V.
The acquired business contributed EUR 0.2 million to the revenue realised in 2008, and contributed
-/- EUR 0.1 million to the profit for the year. If the acquisition had taken place on 1 January 2008, the acquired business would have contributed EUR 4.9 million to the revenue and EUR 2.2 million to the profit for the year.
The acquisition has been recognised in the financial statements as follows:
ENDEX
|
( x EUR 1,000 ) |
2008 |
|
Arrangements with participants |
10,967 |
|
Customer contracts |
1,369 |
|
Other intangible assets |
528 |
|
Tangible fixed assets |
93 |
|
Net working capital |
364 |
|
Cash and cash equivalents |
5,797 |
|
Deferred tax liability |
-/- 3,146 |
|
Goodwill |
4,206 |
|
Total |
20,178 |
|
|
NOVEC B.V. made two acquisitions in 2008: it acquired all the shares in Telfort Masten B.V. and it acquired the assets of Dutch Tower B.V. As a result of these acquisitions, NOVEC B.V. added 140 pylons to its plant. The acquisitions are expected to generate an annual revenue growth of approx. 30%.
The acquisitions have been recognised in the financial statements as follows:
NOVEC
|
( x EUR 1,000 ) |
2008 |
|
Tangible fixed assets |
8,521 |
|
Intangible assets |
8,303 |
|
Goodwill |
8,458 |
|
Provisions |
-/- 1,867 |
|
Total |
23,415 |
|
|
The acquired business contributed EUR 0.8 million to the revenue realised in 2008, and contributed
EUR 0.2 million to the profit for the year. If the acquisition had taken place on 1 January 2008, the acquired business would have contributed EUR 1.7 million to the revenue and EUR 0.3 million to the profit for the year.