Eandis HY2011 report IFRS

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Eandis HY2011 report IFRS

Total operating revenue and operating costs have increased with approx. 7 per cent inrelation to an increase in the activity level.The increase of the costs for Rational Use of Energy (RUE) subsidies to [•] million EUR, or + [•]per cent, reflects the enduring success of the RUE measures.A status-quo in the number of staff for Eandis cvba with 4.303 employees (4.175,50 full-timeequivalents), i.e. a limited increase with 7 employees or + 0,16 per cent compared to 31December 2010.No profit or loss, since all costs can be fully transferred to the distribution system operatorsbased on the ‘transfer at cost’ principle.MANAGEMENT REPORTThe management of the company has undergone some major changes during the first half of theyear 2011. Guy Peeters, Chairman of the Management Committee, has terminated his professionalcareer. The Board of Directors has nominated Luc De Bruycker, previously director-general and Vice-Chairman of the Management Committee, as his successor. Walter Van den Bossche, directorFinance and Administration, was nominated as director-general and Vice-Chairman of theManagement Committee. These nominations entered into force on 1 July 2011 and are valid untilthe Annual Shareholders’ Meeting in 2013. At that moment Walter Van den Bossche will assume thechairmanship of the Management Committee. The Board of Directors has requested the renewedmanagement to investigate a few possible strategic options on the mid term for the Eandis Group.Electrabel, private shareholder in the 7 Flemish mixed distribution system operators, has decided towithdraw as from 30 June 2011 all of its representatives in Eandis’ governing bodies (Board ofDirectors, HR Committee and Audit Committee). Electrabel has also reduced its representation inthe DSOs’ governing bodies and foregone a number of its statutory and contractual rights.Electrabel’s financial participation in the DSOs will remain unchanged as it was realized after thecapital optimization carried out on 30 June 2011. After this optimization an average of 79 per cent ofthe DSOs’ share capital is held by the public authorities, 21 per cent of the capital is held byElectrabel.In a judgment dated 31 May 2011, the Constitutional Court has partly nullified the Ratification Act of15 December 2009; this act was in particular nullified insofar as it relates to the articles 9 to 14 ofthe Royal Decree of 2 September 2008 with respect to the distribution tariffs for electricity.However, this judgment does not have a direct impact on the tariffs which had been approvedearlier and which the DSOs charge for the use of their network infrastructure.On 9 May 2011 Eandis and three other distribution grid companies (Infrax, Ores and Sibelga)established a new company, Atrias cvba. Atrias has the mission to develop by the year 2015 a newUMIG, i.e. a standard for the market processes and information exchange, and to pave the way for afuture federal Clearing House. Eandis has taken a 25 per cent stake in Atrias’ share capital. Atrias isincluded in the consolidation as from the half year results 2011 according to the equity method.2

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