126
ELIA GROUP 2011 FINANCIAL REPORT
Consolidated IFRS profit after income tax rose by 11.7% from €94.6 million in 2010 to €105.7 million in 2011 due to the following items 3 : 1. increase in regulated profit due to high OLOs (+€10.3 million); 2. increased additional savings and revenue ( +€1.8 million); 3. court ruling on the CREG decision regarding 2009 decision of CREG on regulated balances 2010 having an influence on 2010 and 2011 4 (- €1.7 million); 4. absence of the 2010 costs pertaining to the capital increase for acquisition of 50Hertz minus costs for Eurogrid International (+€6.1 million); 5. absence of the 2010 capital gains (60%) on the sale and deconsolidation of Belpex in 2010 (- €5.1 million); 6. decrease in IFRS adjustments in 2011 compared to 2010 (- €0.3 million). Total assets decreased slightly (by 1%) to €4,473.8 million, while the net financial debt went up 2.6% or €62.9 million, primarily as a result of an increase in working capital due to repayment of the outstanding tariff surpluses.
Results 50Hertz Transmission
4.2. Segment 50Hertz Transmission (Germany) The table hereafter shows the 2011 results of 50Hertz Transmission’s transmission system operator activities in Germany as per International Financial Reporting Standards (IFRS). The results of 50Hertz Transmission for 2011, consolidated at Eurogrid International level (60% proportional consolidation), include the entire 12 months for the first time, in contrast with the 2010 figures, which reflected only the period from June to December (inclusive). Consequently, the 2011 figures are best compared to the 12-month pro forma figures for 2010 (last column) compiled in accordance with International Financial Reporting Standards (IFRS).
3 Items 1-5 relate to the regulatory framework in Belgium. 4 In a decision of 25 June 2010 relating to 2009, CREG (federal regulator) indicated that it did not agree with certain aspects of the results. Elia contested several provisions of this decision before the Court of Appeal. The Court of Appeal’s final decision of 31 May 2011 was factored into the figures for 2011. Elia received CREG’s final decision with regard to financial year 2010 on 17 February 2012. In line with the decision of the Court of Appeal regarding 2009 the federal regulator has decided that the obtained efficiency gains had, according to the Royal Decree of 8 June 2007, to be taxed at the marginal rate of 33,99%.
2011
2010
Difference
2010
12 months
7 months
%
12 months unaudited Pro forma
Revenue
477.7
275.0
73.7
475.0
Depreciation, amortization, impairment and changes in provisions
(in million €) 60% proportional consolidation – for the period ended 31 December
(38.6)
(20.3)
90.1
(38.9)
REBITDA*
94.9
72.6
30.7
124.1
EBITDA*
94.9
351.2
(73.0)
402.6
Operating profit (REBIT*)
56.3
52.3
7.7
85.2
Operating profit, including non-recurring items (EBIT*)
56.3
330.8
(83.0)
363.7
Finance income
3.6
4.8
(25.0)
1.3
Finance costs
(14.6)
(15.3)
(4.6)
(17.7)
Income taxes
(13.5)
(13.2)
2.3
(23.7)
Basic earnings, including non-recurring items, attributable to the Owners of the Company
31.8
307.1
(89.6)
323.6
Basic earnings, excluding non-recurring items, attributable to the Owners of the Company
31.8
28.6
11.2
45.0
1,370.3
1,386.8
(1.2)
-
152.3
107.5
41.6
-
84.8
166.3
(49.0)
-
BALANCE SHEET Total assets Capital expenditures Net financial debt
* EBIT = earnings before interest and taxes REBIT = recurring EBIT (excluding one-off items) EBITDA = EBIT + depreciation / amortization + changes in provisions REBITDA = recurring EBITDA (excluding one-off items)