Annual Report 1999739KB - Essent

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Uninsured risks The provision for uninsured risks is formed to cover risks for which the company is not oronly partially insured. Losses or damages arising on these uninsured risks, including compensation for operationallosses incurred, are charged to the provision. Penalties arising in connection with the national penalties and premiumscheme in the generation industry are charged to the part of the provision formed by NV EPZ.Major maintenance This provision is formed to spread out the costs of major maintenance of powerstations, waste incineration plants and co-generation plants.Dismantling of power stations This provision is formed to cover the future costs of dismantling nonnuclearpower stations of NV EPZ taken out of operation. The provision is being built up to reach an amount ofNLG 10 million (EUR 4.5 million) per generation unit at the time dismantling commences.Nuclear power This heading includes the provisions for dismantling nuclear power stations, the book valueof the residual core on shut down of nuclear power stations, and processing and storage costs.The dismantling of NV EPZ’s nuclear power station is expected to take place 40 years after operations are shutdown. This shut-down period was determined partly with a view to the reduced radiation levels after such a period.The annual addition to the provision for the nuclear power station is determined based on an allocation of the provisionexpected to be required on an annuity basis over a period of 30 years using the year-end price level. Interestis also added to the provision and charged to the profit and loss account.essent1999The provision for the book value of the residual core on shut down of nuclear power stations is formed to cover thecosts of the final fuel loading which will be present in the reactor core at the time the useful life of NV EPZ’snuclear power station expires. The provision is based on the known costs of nuclear fuel at the end of 1999 and theremaining useful life.The provision formed by NV EPZ for processing and storage costs relates to the present value of the amount of theestimated (future) processing and storage costs included in the nuclear fuel costs, and the estimated value of thefuture available residual products less the amounts paid or received. This provision also includes the costs payablefor processing, transport and storage of low-level and medium-level radioactive waste.Completion of landfill sites This provision is determined based on the forecast expenditure in respect ofcompletion work still to be carried out, based on the ratio of landfill capacity used in the past and that to be used inthe future.Other provisions Other provisions include provisions for environmental risks.Income and expensesNet turnoverNet turnover represents the proceeds from the generation and supply of energy, proceeds from services in thefield of cable and telecommunications and proceeds relating to environmental and waste processing activities, lesstaxes levied on this turnover.Usage is settled with small consumers based on annual meter readings which are spread over the year. The total volumeof small-scale electricity consumption during the calendar year is derived from the amount of electricity suppliedto the network less supplies to other customers, taking into account the calculated network loss. Gas sales tosmall consumers are determined taking into account an estimated percentage for leakage and measuring differences.36financial statements
Operating expensesExpenses are determined on a historical cost basis, taking account of the accounting policies mentioned above,and are allocated to the financial year to which they relate. Profits are recognised in the year in which the productsor services are supplied. Losses are taken in the year in which they are foreseeable.OtherComparative figures<strong>Essent</strong> NV was incorporated with retroactive effect to 1 January 1999 and, therefore, no 1998 comparativefigures are available. In order to provide an insight into the performance of the Group, pro forma consolidatedcomparative figures for 1998, based on the accounting policies applied in the 1999 financial statements, havebeen included in the profit and loss account.Cash flow statementThe cash flow statement has been prepared in accordance with the indirect method.essent199937financial statements
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Page 3 and 4: ContentsAnnual report1999Financial
Page 5 and 6: 1999pro forma1998staffnumber of sta
Page 7 and 8: Report of the Supervisory BoardTo t
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Page 11 and 12: Report of the Board of ManagementTh
Page 13 and 14: to take up positions far earlier. I
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Page 17 and 18: Exceptional itemsEssent’s results
Page 19 and 20: The intention is to distribute an a
Page 21 and 22: There is no way round it:the duty t
Page 23 and 24: A biomass power station was commiss
Page 25 and 26: work within which future staff move
Page 27 and 28: essent1999You aremoving.We aremovin
Page 29 and 30: The households target group is resp
Page 31 and 32: Financial statements199930 Consolid
Page 33 and 34: Consolidated balance sheetafter app
Page 35 and 36: Notes to the consolidated financial
Page 37: Tangible fixed assets of the enviro
Page 41 and 42: As the Group retains beneficial own
Page 43 and 44: 7Provisions (continued)sub-totaldis
Page 45 and 46: 9Current liabilitiesin millionsin m
Page 47 and 48: Notes to the consolidated profit an
Page 49 and 50: 5Depreciation and amortisationDepre
Page 51 and 52: Company balance sheetafter appropri
Page 53 and 54: Other reservesin millionsin million
Page 55 and 56: Principal participating interests o
Page 57 and 58: non-consolidated group companiesloc
Page 59 and 60: Definition of financial ratiosCash
Page 61 and 62: R. Lanningnationality : Dutchyear o
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Annual Report 1999739KB - Essent

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