Annual Report 1999739KB - Essent

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Notes to the consolidated balance sheet1Intangible fixed assetsin millionsin millionsNLGEURnet book value at 1 January 1999 (after harmonisation)increase resulting from acquisitionsadditionsamortisation8.39.09.2(4.2)3.84.14.2(1.9)net book value at end of financial yearaccumulated amortisation22.38.210.23.7cost at end of financial year30.513.9At year-end 1999, this item consisted primarily of start-up and development costs.2Tangible fixed assetslandandbuildingscablesandequipmentotherfixedassetsfixedassetsunderconstructionassets notused in theproductionprocesstotalin millionstotalin millionsessent1999net book value atNLGEUR1 January 1999(after harmonisation)1,325.09,093.9349.8574.06.211,348.95,149.9increase resulting fromacquisitions300.8565.4163.39.0(0.1)1,038.4471.2additions141.61,027.8103.2(299.0)2.3975.9442.8assets taken out ofoperation(25.2)(19.3)(10.3)(1.0)(0.2)(56.0)(25.3)depreciation(118.1)(859.1)(86.8)0.0(4.0)(1,068.0)(484.6)net book value at end offinancial year1,624.19,808.7519.2283.04.212,239.25,554.0accumulateddepreciation1,598.410,692.7523.40.02.012,816.55,815.9cost at end offinancial year3,222.520,501.41,042.6283.06.225,055.711,369.9The legal ownership of a portion of the consumption meters of NV PNEM and NV MEGA LIMBURG has been transferredto third parties by means of sale and lease-back transactions. The legal ownership of the movable parts ofthree co-generation plants of NV PNEM has also been transferred to third parties. By means of sale and lease-backtransactions, the legal ownership of a large number of transformers and related equipment of NV MEGA LIMBURGhas been transferred to third parties.38financial statements
As the Group retains beneficial ownership, these assets are accounted for in the same way as assets for which theGroup has legal and beneficial ownership.NV MEGA LIMBURG and NV PNEM have concluded sale and lease-back transactions for a large number of co-generationplants and a wind park in order to realise the tax benefits of the energy investment allowance (EIA) and theVAMIL scheme. In order to benefit from the energy investment allowance, Dorcogen BV concluded a sale and leasebacktransaction for its full interest in Desco CV.NV EPZ has recognised tangible fixed assets acquired under finance leases in the same way as if the assets were fullyowned by EPZ. These assets have been capitalised for an amount net of the present value gain on the transaction.MEGA LIMBURG and NV EDON have entered into cross-border lease transactions with respect to the majority ofthe gas distribution networks. These assets have been leased, via group companies set up for that purpose, for along-term period to third parties, who have subsequently sub-leased the assets to NV MEGA LIMBURG andNV EDON. At the end of the agreed period of sub-lease, NV MEGA LIMBURG and NV EDON have the right to buythe lease rights of third parties. As the company retains both the legal and the beneficial ownership, these assets areaccounted for in accordance with the accounting policies used for the Group’s other tangible fixed assets. The netgain on these transactions is taken direct to the profit and loss account in the financial year concerned.NV VAM has entered into a cross-border lease transaction with respect to the waste incineration plant at Wijster.The net gain on this transaction is taken direct to the profit and loss account.Tangible fixed assets are depreciated over the following periods: buildings 25 – 30 years; hydro-power stations 30 – 40 years; EPZ nuclear power station 20 years; conventional EPZ generation units and large-scale co-generation plants 15 years; landfill gas units / bio-energy plant 10 – 15 years; small-scale co-generation plants 10 years; gas, heat and electricity distribution networks 20 – 30 years; glass fibre networks 20 years; waste incineration plants 20 years.essent19993Financial fixed assetsparticipatinginterestsamountsreceivablefromparticipatinginterestsdeferredtaxassetsotherreceivablestotalin millionstotalin millionsNLGEURbalance at 1 January 1999(after harmonisation)583.2272.889.2210.11,155.3524.2increase resulting from acquisitions10.80.00.07.918.78.5investments66.790.40.038.9196.089.0disposals(360.5)(105.6)(1.5)(56.0)(523.6)(237.6)balance at end of financial year300.2257.687.7200.9846.4384.1The disposals relate mainly to the sale of the 50% interest in EPON.39financial 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
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Page 23 and 24: A biomass power station was commiss
Page 25 and 26: work within which future staff move
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Page 31 and 32: Financial statements199930 Consolid
Page 33 and 34: Consolidated balance sheetafter app
Page 35 and 36: Notes to the consolidated financial
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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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