Annual report 20075MB - Essent

More documents

Recommendations

Info

www.essent.euOperating profit by segment as reported under the current regime 2007934.520062005660.7163.583.663.8(37.1)895.6621.6166.986.0101.8(80.7)704.2389.0266.959.773.8(85.2)Operating profit by segment as reported under the new regime 200720062005934.5330.7493.583.663.8(37.1)895.6286.5502.086.0101.8(80.7)704.227.0628.959.773.8(85.2)30Essent N.V. 2007 Annual Repor t
www.essent.euare likewise based on the historical cost of the networks. As the transfer was at fair value,under the future management of the networks by the network operator the differencebetween the fee and the expenses will be smaller than before. This takes into account not onlydifferences in cost and replacement value, but also the increasing insight into the economicand technical useful lives of the various components comprising the networks. The depreciationthat Essent has always used for financial reporting purposes assumes an economic usefullife of between 25 and 30 years. In practice, however, the useful life of an asset is longer. Weestimate the difference between the depreciation based on historical cost and that based onfair value and the longer useful life at approximately EUR 55 million for 2008.In addition to Essent’s step to transfer ownership of the energy networks, the company isalso making preparations for the unbundling in other respects. Not only is considerable effortbeing expended on splitting off the finance and administration activities that are closelybound up with their network counterparts (shared service centre, customer and connectionaccounting systems, computer networks, support services and financing), but the two businessunits are also being prepared as best as possible for an independent future. This meansreassessing corporate governance, the skills existing in-house, the available managementtools, and the allocation of the risks entailed by the unbundling.31Essent N.V. 2007 Annual Repor t › Report of the Executive Board › Unbundling
Page 3: Groningen viewed from theMartinitor
Page 7: www.essent.eu> Essent N.V. 2007 Ann
Page 13 and 14: www.essent.euRevenue per segment -
Page 15 and 16: www.essent.euEarnings per share 20
Page 18 and 19: 1Profilewww.essent.euEssent is a Du
Page 20 and 21: 2www.essent.euA message from the ch
Page 22 and 23: www.essent.euManagement of Essent
Page 24 and 25: 3Report of thewww.essent.euSupervis
Page 26 and 27: www.essent.eu■ capital expenditur
Page 29 and 30: www.essent.eu> Report of the Execut
Page 31 and 32: www.essent.euSales and resultsCONTI
Page 33 and 34: www.essent.euSecurity systems for p
Page 35: www.essent.euIn preparation for the
Page 39 and 40: www.essent.euCommercial operationTo
Page 42 and 43: 7New market modelwww.essent.eu‘St
Page 44 and 45: 8www.essent.euOur employeesIn 2007,
Page 46 and 47: www.essent.euA fit organisationThe
Page 48: 9Health, Safetywww.essent.euand Env
Page 52 and 53: 0www.essent.euEnergy Value ChainEss
Page 54 and 55: www.essent.euFewer customers cut of
Page 56 and 57: www.essent.euEssent Domestic Servic
Page 58 and 59: www.essent.euBy contracting to purc
Page 60 and 61: www.essent.eu■ significant cost r
Page 62 and 63: www.essent.euDEUTSCHE ESSENTEssent
Page 64 and 65: 1www.essent.euEssent NetworksProfil
Page 66 and 67: www.essent.euGas networks reliable
Page 68 and 69: www.essent.eu2Stadtwerke Bremen(swb
Page 70 and 71: 3www.essent.euEssent Waste Manageme
Page 72: www.essent.euEuropean leader in Moe
Page 75 and 76: www.essent.euOutlookThe main featur
Page 77 and 78: www.essent.euProcess, objectives an
Page 79 and 80: www.essent.euSecurityReliable infor
Page 81 and 82: www.essent.euProcess, objectives an
Page 84 and 85: 7www.essent.euCorporate governance7
Page 86 and 87:
www.essent.euEssent has a Sharehold
Page 88 and 89:
www.essent.eulong-term, for each me
Page 90:
www.essent.euinsurance. No loans, g
Page 94 and 95:
www.essent.eu>ContentsIntroduction
Page 96 and 97:
www.essent.euThe Energy Value Chain
Page 98 and 99:
www.essent.eu> Consolidated balance
Page 100 and 101:
www.essent.eu> Consolidated stateme
Page 102 and 103:
www.essent.eu>Segment informationin
Page 104 and 105:
www.essent.eu> Segment information
Page 106 and 107:
www.essent.eu> Other disclosuresin
Page 108 and 109:
www.essent.euOn 2 August 2006, the
Page 110 and 111:
www.essent.euCommitments and contin
Page 112 and 113:
www.essent.euThe portion of the Equ
Page 114 and 115:
www.essent.eufurnished in an amount
Page 116:
www.essent.euEssent’s Value Creat
Page 120 and 121:
www.essent.eu> Personal detailsDeta
Page 122 and 123:
www.essent.euPersonal details>116Es
Page 124 and 125:
www.essent.eu> Auditor’s reporton
Page 126 and 127:
www.essent.eu> Shareholder informat
Page 128:
www.essent.euColophonEssent N.V.Nie
Page 135:
A world premiere: the first shipmen
show all

Annual report 20075MB - Essent

Create successful ePaper yourself

Delete template?

Save as template?