Page 1

FY 2009 consolidated results

Brussels February 26th, 2010

1


Disclaimer •

This presentation is only provided for general information purpose about Elia and its activities. The included statements are neither reported results nor other historical information. They are not provided to serve as the basis for any evaluation of Elia, and cannot be binding and/or enforceable upon Elia.

As forward-looking statements, they are subject to assumptions, risk and uncertainties, actual future results may differ from those expressed in or implied by such statements.

Although Elia uses reasonable cares to present information which is upto-date to the best of Elia's knowledge, Elia makes no representation or warranty whatsoever as to the adequacy, accuracy, completeness or correctness of such information.

Elia will not be liable for any consequences arising from or related to the use or interpretation of the information contained or absent in this presentation.

2


Agenda Summary Operational highlights Financials 2009 Outlook 2010

3


Summary • Operational highlights - Decrease of yearly consumption, mostly due to economic crisis - Full realisation of investment plan - Excellent network reliability - Amongst the lowest tariffs in Europe for the 7th year in a row - Further investments towards an integrated EU electricity market

• Financials 2009 - Profit above target despite lower OLO - Successful realisation of € 1 billion Eurobond - Dividend increased to € 1,38 a share

• Outlook 2010

- Net profit - Transfer pricing agreement with regulator - Capex - Market integration

4


Agenda Summary Operational highlights Financials 2009 Outlook 2010

5


1. Energy Consumption in Elia’s balancing zone Monthly Elia Load 2009 9000000

8000000

7000000

load [MWh]

6000000

5000000 2008 2009

4000000

Yearly energy consumption as seen from Elia’s network decreased to 81.8 TWh (88.3 TWh in 2008) Main reasons

3000000

2000000

• Economic crisis throughout the year

1000000

0 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

month

• Increasing local generation at customer sites • Increasing generation from renewable sources at distribution level

Imports and exports per month in 2009 1200 1000 800 600 400 Imports from The Netherlands

200

Exports to The Netherlands Imports from France

0

Exports to France

-200

Net Balance

No impact on regulated profit

-400 -600 -800 -1000 n Ja

6

Net export of 1.8 TWh first net export figure in many years mainly to France

b Fe

M

ar

r Ap

M

ay

n Ju

l Ju

g Au

p Se

Oc

t

v No

c De


7 Other regulatory charges Losses System Services

Sweden

Spain

Slovenia

Slovak Rep

Romania

Portugal

Poland

Norway

Netherlands

Lithuania

Italy

Ireland

Hungary

Greece

Great Britain

Germany

France

Finland

Estonia

Denmark

Czech Republic

Bulgaria

Belgium

Austria

2. Among the lowest tariffs in Europe

25

20

15

10

5

0

Infrastructure


3. Investments 2009 • Capex adjusted CAPEX 2009 € 121.5 m Other investments (not electrical net) 10%

Driven by renewables & generation localisation 13%

(from € 157.1 million initially)

• Main reasons • decreased consumption

Replacements 36%

• postponement customer projects Æ in line with autofinancing

• Main drivers • RES integration • internal demand

Driven by interconnections with neighbours 7%

• reliability (replacements)

• Excellent network reliability

Driven By internal consumption 34%

8

Year

Average Interruption Time Minutes

Number of Interruptions

2009

1,53

48

2008 2007 2006 2005

3,12 3,54 5,23 8,4

85 83 145 132


4. FR-BE-NE TLC 2009: excellent price convergence Means more competitive wholesale prices in Belgium

Border

Belgian-French border Constrained

Belgian-

Constrained

F ≠ B ≠ NL

Unconstrained F = B ≠ NL

Dutch

1.6 %

border Unconstrained

9

70 %

F ≠ B = NL

F = B = NL

85.2 %

56,8 %


5. Coreso: pro-active TSO coordination First Regional Technical Coordination Service Center •

Operational since 16 Feb 2009

24h/day since 29th June 2009

Security analysis for day-ahead

Research for remedial actions

• Examples – Improvement of security of supply: • • •

preventing major constraints induced by equipment faults undetectable by TSOs remedial actions to reduce level of constraints impacting several TSOs coordinating discussions between TSOs involved in remedial actions (eg. phase shifters)

– Reducing re-dispatching cost for TSOs

10


6. Contracts with third parties • Third party services 9 Industrial customers & Distribution System Operators • Training 9 TSOs Maghreb countries 9 General courses for bankers, lawyers, consultants, etc. • Consulting 9 Gulf Cooperation Council Interconnection Authority 9 Entso-E contract in Ukraine • MOU with RTE 9 Cooperation in activities in Middle-East and US

11


Agenda Summary Operational highlights Financials 2009 Outlook 2010

12


4-year fixed tariff system with netting of costs & revenues Reclassify costs, revenues => controllable & non-controllable NC Non Tariff C Net profit Non (2) Controllable Costs (NC) Tariff

C

Tariff

NC

Controllable (1) Costs ‘(C)

Net profit

Charges

Revenues

(1)

Mainly consists of purchases of materials, services and other goods & remuneration except the ancillary services & pension costs for retired employees

(2)

Mainly consists of Telecom services, Third party services, surplus value on sale fixed assets and insurance claims

13


Composition of net profit 1. Fair remuneration (€ 59,2m in budget 2009) •

Equity remuneration based on formula

Deduction over-depreciation of the past (€ 8,2m net) till Q3 2012

2. Decommissioning (€ 14,2 m in budget 2009) •

Goodwill from decommissioning included in tariffs

Reserved for financing future investments

3. Incentivisation on controllable costs (€ 6 m in budget 2009) •

Ceiling = same amount as efficiency gain (X-factor)

4. New: Transfer pricing agreement •

60% of the margin on the results of foreign consulting activities

Financial participations in RAB : dividends & surplus values →

Financial participations outside RAB →

14

60% to Elia and 40% to tariff reductions All costs & revenues outside Belgian regulation


Overview of Key 2009 IFRS Income statement (€ million) Consolidated turnover EBITDA (1) Operating result (EBIT) Financial result Taxes Consolidated net profit Net profit per share (€) Dividend per share (€) Balance sheet (€ million) Total assets Equity Net debt Equity per share (€) Total number of shares (end of period)

15

2009 771,3 327,9 225,8 (120,5) (20,0) 84,0 1,740 1,38 2009 4.420,0 1.365,4 2.453,8 28,29

2008 757,3 334,1 237,9 (109,3) (27,2) 103,1 2,145 1,37 2008 4.228,1 1.348,1 2.370,5 28,04

48.270.255

48.076.949

Change In % 1,8% -1,9% -5,1% 10,2% -26,5% -18,5% -18,9% 0,7% 4,5% 1,3% 3,5% 0,9% 0,40%


2009 IFRS Profit and Loss Bottom-up Approach of Elia’s P&L in 2009 (EUR m): calculation of net profit

686,0

Non tariff

66,7

Tariff Shortfall

31,5

Costs Tariff

84,0

Charges (1) (2) (3)

16

673,5

Net profit Revenues

OLO of 3.9431%; Beta of 0,300 and a risk premium of 3,5% Av. Equity =1.344 and Av. Assets = 3.765 OLO of 3,9431% & deviation rate of 70 bp

Average RAB 2009 Reference equity (33%) Cost of equity Equity reference remuneration (A)

2009 A 3.765 1.242 (1) 4,99% 62,0

2009 E 3.688 1.217 5,08% 61,9

Av. equity / Av. assets Deviation on ref. equity Equity deviation remuneration s-factor (B)

35,70% 36,25% (3) 2,70% 3,25% 4,64% 4,63% 4,7 5,5

(2)

Over-depreciation (C)

-8,2

-8,2

Fair remuneration (A+B+C)

58,6

59,2

Goodwill decommissioning Controllable cost incentive Result from transfer pricing Others

15,4 6,3 0,7 0,3

14,2 6,0

Net profit Belgian GAAP (tariffs)

81,3

79,4

Consolidation Belpex

0,3

IFRS reconciliation

2,4

Net profit IFRS

84,0

0,0


Non controllable items : Budget <> Reality

84,0

- 5,4 m

Reality = 673,5

Net profit = Budget = 688,3

Reality

Budget

Reality = 417,2

Net profit = U -1,6

Budget = 411,8

Costs =

Revenues = - 18,0 m

Reality

Budget

37,8

55,8

Revenues = U - 18

82,4

Tariff = U - 14,8

-1,6 m

Tariff = - 14,8 m

Indexation = +8,3 m

Tariff shortfall = 31,5 m

Costs = U + 5,4

17


Controllable items : Budget <> Reality

24,3

28,8 Reality

Revenues = U + 4.5

Budget

268,8 Reality

Budget

276,6

(1)

Costs = U -7,8

Total outperformance = € 12,3m

X = € 6m

Y = € 6,3m

¾

Increasing efficiency

¾

Extra revenues thanks to third party services and additional consulting contracts

(1) Consist of € 284,9m agreed by CREG minus € 8,3m indexation correction to give back to tariffs

18


Net profit breakdown 2009-2008 • Reduction in Belgian GAAP net profit due to lower OLO • Reduction in IFRS net profit mainly due to lower adjustments

In million € Fair remuneration Goodwill decommissioning Incentive mechanism Transfer pricing Bonus Consolidation Belpex/Others Total Belgian GAAP net result

2009 58,6 15,5 6,3 0,7 0 0,5 81,6

2008 65,5 15,0 4,4 0,0 1,9 0,3 87,1

Difference -6,9 0,5 1,9 0,7 -1,9 0,2 -5,5

IFRS adjustments Total IFRS net result

2,4 84,0

16,0 103,1

-13,6 -19,1

19


Reconciliation Be GAAP - IFRS IFRS Impact on Equity and Net Profit as of 31 December 2009 84,0

81,6 3,1

Transfer assets from customers

Capitalisation Software

2,7

(4,4)

Employee benefit

Regulated asset

(1,7)

Net Profit

2,7

31/12/2009 Belgian GAAP

1.388,0

68,2

20,9

15,6

Other

11,8

(1)

31/12/2009 IFRS

1.365,4

Equity

(139,6)

31/12/2009 Belgian GAAP

Employee benefits

Regulatory assets

Capitalisation software

Elia Re

(1) Mainly relates to Inventory valuation (â&#x201A;Ź2,9m) and goodwill Bel engineering (â&#x201A;Ź 7,7m)

20

Others

31/12/2009 IFRS


Breakdown Costs Evolution of Costs between 2009 and 2008 (EUR m)

686,0 155,6

+15,3%

135,0

Ancillary services (reserve energy)

153,5

-0,1%

153,7

Raw materials, Services & Other goods

124,4

+4,7%

118,8

Personnel Expenses (mainly pension funds & inflation)

9,9

-36,9%

15,7

Others

102,1

+6,1%

96,2

Depreciation

120,5

+10,2%

20,0

2009

21

655,9

-26,5%

109,3 27,2

2008

Financial charges Taxes


Non - Tariff Revenues Breakdown of Non – Tariff Revenues in 2009 and 2008 (EUR m)

66,7 61,1 28,8

Transfer assets from customers (IFRIC 18)

+2,1%

28,2

International revenues

-18,5%

16,2

Fixed assets own construction capitalised

+2,3%

13,0

Telecom & third party services

2,7 13,2

13,3 8,7

(2)

2009

3,7

(1)

Others

2008

(1)

In 2008 « others » include the reversal of € 5m related to interests to recover on the tax receivable

(2)

In 2009 « others » include the reversal of € 6,6 m related to interests to recover on the tax receivable

22


Tariff Revenues Breakdown of Tariff Revenues in 2009 and 2008 (EUR m)

31,5

673,5

677,9

32,8

32,7

108,0

-4,8%

113,4

22,8

+9,1%

20,9

509,9

-0,3%

510,9

18,2

2009

Tariff shortfall 23

2008 Tariff shortfall

Connection tariffs Tariffs for ancillary services Tariffs out of previous surpluses

Tariffs for grid use


Overview treatment of surpluses Overview of allocation and use of total surpluses

Regulatory account (all amounts in â&#x201A;Ź 000)

To be allocated by CREG

To give back to the tariffs based on tariff decision of 2007 for the period 2008-2011 Use Allocated to future tariffs

2009

2010

2011

2012 and beyond

Total

22.760,00 -22.760,00

34.070,00

46.028,06

102.858,06 -22.760,00

0,00

34.070,00

46.028,06

80.098,06

Shortage 2007

-9.897,90

-9.897,90

Total 2007 - allocated

-9.897,90

-9.897,90

Shortage 2008

-18.249,45

-18.249,45

Total 2008 - allocated

-18.249,45

-18.249,45

Shortage 2009 Total 2009 - still to be allocated by CREG

-31.517,31 -31.517,31 -31.517,31

24

-31.517,31 -31.517,31 34.070,00

46.028,06

-28.147,35

20.433,41


Financial Debt Position Elia benefits from a strong credit rating Standard & Poor’s rating: Long Term: AOutlook: Creditwatch Neg

3.000

2.628,3 132,5

2.500

2000,0

1000,0

1.000 500 0

495,8 31/12/2009

Shareholders' loans ST bank loans

25

31/12/2008

2.453,8 65,8% 2,46 7,5 5,30% 81,1%

2.370,5 64,0% 2,84 7,1 5,15% 70,0%

164,3 350,0

2.000 1.500

2.397,7

Net debt (€ millions) Leverage (D/D+E) EBITDA / Gross Interest Net debt / EBITDA Averag e cost of debt % Fixed of gross debt

31/12/2009

883,5 31/12/2008 Eurobonds EIB + CP + Accrued interests

Unused Credit lines as of 31/12/2009 European Investment Bank Committed bank loans Uncommitted bank loan Commercial paper program

Amount (€ m)

Interest rate

65 275 170 250

Euribor + 5 bp Euribor + (60-100) bp To be negotiated To be negotiated


Dividend Policy Elia’s dividend policy ensures a steady and growing dividend 2,1 91,8%

In EUR

1,6

1,27

89,6%

1,27

89,9%

1,28

1,30

90% 1,37

1,38 85%

1,1 81,7%

0,6

80%

79,3%

0,1 -0,4

2004

2005

2006

Dividend

2007

2008

Pay-out ratio

• Increase in dividend to € 1, 38 per share • Pay-out ratio over 2009 Belgian Gaap result is 81,7 % (79,3% under IFRS)

26

75%

75,7%

2009

70%


Agenda Summary Operational highlights 2009 Financials 2009 Outlook 2010

27


Outlook CAPEX 2010 CAPEX 2010 € 117 m

• Capex = €117 m (€ 146,6m initially) • Main reasons: • weak economy • delayed projects by customers Æ in line with autofinancing • Main drivers • RES integration • internal demand • reliability (replacements)

Replacements

Interconnections

Internal consumption Other investments

28

RES & generation localisation

• No impact on regulated profit (ROE remuneration)


Outlook 2010 : Fair remuneration Determination of net profit 2010 by the regulator (Belgian GAAP) CREG (3)

3.772 1.245

Average RAB 2010 Reference equity (33%) (3)

Cost of equity Equity reference remuneration (A) Av. equity / Av. RAB

(3)

2,94%

Equity deviation remuneration

(3)

4,63%

D-factor (B)

5,1

Over-depreciation (C)

-8,2

Fair remuneration (A+B+C) = [1]

58,9

Goodwill decommissioning

(3)

[2]

14,2

Controllable cost incentive

(3)

[3] = Y

0,0

Net profit as set by tariffs [ÎŁ 1+2+3]

29

(1)

35,94%

Deviation on ref. equity

(1) (3)

4,98% 62,0

(2)

Not available for profit distribution; â&#x201A;Ź14,2 is the estimated yearly amount for the period 2008-2011

73,1

OLO of 3,9278%; Beta of 0,3 and a risk premium of 3,5% (2) OLO of 3,9278% and deviation rate of 70bp To be recomputed ex-post based on real OLO, real beta, real RAB & Equity, real decommissioning and real controllable cost savings


Major projects: evolution 2010 and beyond •

Stevin: extension 380 kV grid to the coast • Procedure for inclusion in land-use plan (GRUP) launched • Commissioning foreseen in 2015

Brabo : 380 kV grid extension Antwerp port area • First phase Lillo-Zandvliet : planning permit procedure launched

Interconnection France: • Aubange- Moulaine: second conductor set; commissioning foreseen 1st semester of 2010

Interconnection Luxembourg: • Feasability study for 220 kV interconnection pursued

Interconnection Germany: • Feasability study concluded and positive; detailed study started

Nemo undersea cable with UK: • Feasability confirmed; project phase launched to define technical aspects and licence procedures; commissioning foreseen as from 2016

30


New Projects, Services, Activities Major service to be launched in 2010

Market coupling between Benelux – Germany – France

Activities

Pursuing « operational excellence » and reliable network operation Consulting and services for third parties, partnership

Further consolidation of :

• European Electricity markets • Power exchanges • Networks

31


Questions & Answers Investors Relations – Contact details „ Bert Maes Tel: + 32 (0)2/546.72.39 Mail: bert.maes@elia.be Website: http://www.elia.be

32


Appendices

33


Fixed tariffs for the period 2008-2011 Means strong visibility for the cost basis of Eliaâ&#x20AC;&#x2122;s customers Tariffs for use of the grid and tariffs for ancillary services: comparison 2001 - 2008 16 14 12 10 8 6 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (Q4) (Q2to Q4)

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (Q4) (Q2to Q4)

Onthe380/ 220/ 150kVnetwork

Annual power

34

At transf ormer output tothe70/ 36/ 30kVnetwork

System management

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (Q4) (Q2to Q4) Onthe70/ 36/ 30kVnetwork

Ancillary services

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (Q4) (Q2to Q4) At transf ormer output tomediumvoltage

Loss compensation


Investments 2009: a few examples • Overhead and underground power links Beringen-Mol 150 kV line upgrade - Enables connection of future T-power station Tessenderlo Chemie - Use of high performance power conductor technology - Cost price of € 3,5m in 2009 Schaerbeek-Centenaire - New 36 kV cable - Enables upgrade of Centenaire substation, feeding Heyzel and Expo site - Cost price of € 0,5m in 2009

35


Investments 2009: a few examples ¾High voltage stations Zandvliet 2nd transformer 380/150 kV -

Industrial customers port of Antwerp

Lillo: new GIS station 150 kV Heliport: 150 kV/11 kV station: supply in Brussels Damprémy: GIS station in replacement of 150 kV AIS station

¾Connection of industrial customers Slijkens: Biostoom & Biofuel – Connection to 36 kV grid of 2 cogeneration units, of 18.5 MW each

Zwijndrecht: Lanxess Rubber – Connection of cogeneration unit to 36 kV grid

36


Belgium, among the most interconnected countries YEAR 2009 In MEGAWATT (MW)

COMMERCIALLY AVAILABLE IMPORT CAPACITIES

Maximum capacity allocated to the market

South North 3500 1401

Total 4901 Total is 36.2% of peak system load of 13530 MW

Yearly average capacity allocated to the market

2501

1375

3876 Total is 41.5% of average system load of 9333 MW

Ex ante guaranteed minimum capacity

1700

946

2646 Total is 28.3% of average system load of 9333 MW

3769 GWh

Netherlands 5787 GWh

6642 GWh France 1832 GWh

37

Total energy exchanges 2009-08 Direction

F->B B->F N->B B->N L->B B->L Total 1,868 GWh 910 GWh

Luxembourg

Exchanged 2009

1,832 6,642 5,787 3,769 1,868 910 20,807

Exchanged 2008

7,386 2,039 8,119 3,005 1,629 1,518 23,695

Change

-75% +226% -29% +25% +15% -40% -12%


Coordinated action on April 30th N‐1 busbar in  Lonny substation Lonny‐Achène  trips Æ 110% overload on Avelgem‐ Mercator Æ 138% overload on Moulaine‐ Aubange Æ TRIPS Æ 121% overload on Avelgem‐ Mercator Æ NOT  ACCEPTABLE

38


Coordinated action in CWE on August 25th

39


Belgian Power Exchange (Belpex) • 34 diversified participants (suppliers, traders, producers) from 10 countries (NL,CH,UK,FR,BE,GE,CZ,SP,IT,DK) at Dec 31st, 2009

• Average daily volume :27.782 MWh, slightly lower than in 2008; representing a stable 12.4 % of Belgian load with the following average electricity prices : • •

Belix Belix peak (8am-20pm)

€39.36/MWh €47,07/MWh

(€70,60 MWh in 2008) (€85,18 MWh in 2008)

Belix off-peak (20pm-8am)

€31,65/MWh

(€56,02 MWh in 2008)

• Market coupling induced an average export volume of 11.216 MWh (over 6 times higher than in 2008 and an average import volume of 2.740 MWh, about 7 times less than in 2008)

• New product : Green certificates market launched beginning of 2009

40


Belpex volume since January 07 Volumes & Prices BELPEX-EPEX-APX (DAM) Baseload (Months) Period: from 1/01/2007 to 31/12/2009

MWh

Volume Belpex

Price Belpex

Price Powernext

Price APX

â&#x201A;Ź/MWh

1.600.000 1.400.000

100,00 90,00 80,00

1.200.000 70,00 1.000.000 800.000 600.000

60,00 50,00 40,00 30,00

400.000 20,00 200.000

20 07 20 01 07 20 02 07 20 03 07 20 04 07 20 05 07 20 06 07 20 07 07 20 08 07 20 09 07 20 10 07 20 11 07 20 12 08 20 01 08 20 02 08 20 03 08 20 04 08 20 05 08 20 06 08 20 07 08 20 08 08 20 09 08 20 10 08 20 11 08 20 12 09 20 01 09 20 02 09 20 03 09 20 04 09 20 05 09 20 06 09 20 07 09 20 08 09 20 09 09 20 10 09 20 11 09 12

0

41

10,00 0,00


Update Personnel • Experienced employees throughout Elia’s organisation ● Number of Employees at 31/12/09 : 1,205 (FTE : 1,132)

Corporate 19 %

Transmission 11 %

C&M 6%

Elia Engineering 16 %

42

Grid Services 49 %

Average length of service in Elia: 14.5 years

Average age of workforce: 41 years


X – Y Factor (controllable costs) €m

Budget including CPI

(1)

255,3 251,3

255,3

-4m -4m

247,3

2008

260,6 –6m 254,6

–6m

248,6

2009

265,3 258,3

-7m -7m

251,3

2010

270,3 -8m 262,3

-8m 254,3

- X = -25m in total CPI-X (approved) -X -Y = -50m total Target = CPI-X-Y

2011

• Regulator approved € 254,6 m net controllable costs for 2009 (260,6 m CC minus X = € 6m imposed cost savings) • Budget Elia 2009: Î

(1)

43

Controllable non-tariff revenues

Initial budget 260,6 X factor (costsaving) - 6,0 Y factor (potential outperformance) - 6,0


Regulated Asset Base 2009 Evolution 2009 RAB 3.763,5

3.767,5 (16,7) (91,1)

Average RAB

Year-end 2008

(1)

Depreciation Divestm. & Decommissioning

122,8

Capex

3.679

(1)

44

(18,9)

Includes â&#x201A;Ź 15,4 million goodwill decommissioning

Change in WCR

Year-end 2009

3.765


Working Capital Requirements Changes in Working Capital Requirements (EUR m)

2009

(17,6)

(16,7)

Trade creditors & others

(1) Based on Belgian GAAP accounts

45

Total Change in WCR

(25,1) Inventory, trade & all debtors <1 year

(1)

(31,5) Shortfall 2009

57,3 Accrued charges & deferred income


Overview treatment of surpluses Overview of allocation and use of total surpluses In millions of EUR

Surplus 2003 Bonus 2003 Used Total 2003 Surplus 2004 Bonus 2004 Used Total 2004 Surplus 2005 Bonus 2005 Surplus 2006 Used Totaal 2005 Surplus 2006 Malus 2006 Used Totaal 2006

Surpluses/ (Shortages) 134,6 3,2 137,8 118,9 3,5 122,4 35,1 2,3 3,8 41,2 56,2 1,8

2004 25,4 -25,4 0,0

2005 36,4 3,2 -39,6 0,0 28,0 -28,0 0,0 7,4 -7,4 0,0

58,0

Reversal decided by regulator for period 2008-2011 Used Subtotal 359,4 Shortage 2007 -0,5 Bonus 05 & 06 -9,4 Totaal 2007 -9,9 Shortage 2008 -18,2 Shortage 2009 -31,1 Total Surplus

300,2

(1) To be allocated by CREG in the next regulatory period

46

2006 36,4

2007 36,4

-36,4 0,0 9,8 3,5 -13,3 0,0

-36,4 0,0 9,8 -9,8 0,0 27,7 2,3 3,8 -33,8 0,0 5,6 -5,6 0,0

2008

2009

2010

23,8

23,8

23,7

23,8

23,8

23,7

22,8 -22,8

34,0

Total 134,6 3,2 -137,8 0,0 118,9 3,5 -51,1 71,3 35,1 2,3 3,8 -41,2 0,0 56,2 1,8 -5,6 52,4

46,0

123,7 -43,7 80,0 -0,5 -9,4 -9,9 -18,2 -31,5

50,6 1,8 52,4 20,9 -20,9

-0,5 -9,4 -9,9 (1)

2011

(1) -18,2

-31,5

(1)

20,4


Outlook 2010: RAB 3.780

3.764 10

2009

(94)

(17)

Depreciation

Divestm. & Decomm.

(1)

117

Capex

Average 3.764 RAB (1) Contains â&#x201A;Ź 14m of goodwill reduction due to decommissioning

47

Change in WCR

2010

3.772

/FY%20  

http://www.eliagroup.eu/en/investor-relations/~/media/files/EliaGroup/investor-relations2/2010/FY%202009%20analysts-presentation-final.pdf

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