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Note 5 Investments in associates and joint ventures

Investments in associates and joint ventures

 

Associates

Joint ventures

Total

€ million

2015

2014

2015

2014

2015

2014

Carrying amount as at 1 January

9

31

2

1

11

32

       

Movements

      

Investments

3

3

-

-

3

3

Share in results

-5

-1

1

1

-4

-

Divestments

-

-23

-

-

-

-23

Impairments

-1

-

-

-

-1

-

Currency translation differences and other movements

2

-1

-2

-

-

-1

Total

-1

-22

-1

1

-2

-21

       

Carrying amount as at 31 December

8

9

1

2

9

11

Impairment relates to an associate in which there is a non-controlling interest and the termination of the interest held by Alliander Participaties B.V. in Green-A-Tec B.V. on 4 December 2015. The divestments in the preceding year relate to the sale of the non-controlling interest in KEMA to DNV GL Group.

In the case of a number of associates, Alliander's interest is less than 20%. For details, see the list of principal subsidiaries, associates and joint ventures in article 'Significant subsidiaries and participations'. In view of the degree of control in relation to the associates concerned, however, it has been determined that there is significant influence and the investments have been included in the investments in associates.

Share in results of associates and joint ventures

 

Associates

Joint ventures

Total result

€ million

2015

2014

2015

2014

2015

2014

Share in

      

Profit or loss from continued activities

-5

-1

1

1

-4

-

Profit or loss from discontinued activities

-

-

-

-

-

-

Other comprehensive income

-

-

-

-

-

-

       

Total comprehensive income

-5

-1

1

1

-4

-

Alliander has concluded arrangements with associates and joint ventures for granting finance and credit facilities totalling €32 million as at year-end 2015 (2014: €28 million). Under these facilities, an amount of €24 million was drawn down as at 31 December 2015 (2014: €22 million). The arrangements include convertible loans of €9 million (2014: €5 million).

Alliander increased the capital invested in existing associates/joint ventures (Locamation, Plugwise and The New Motion) by €3 million.

The finance also extends to current-account liabilities of €16 million as at year-end 2015 (2014: €27 million) for a current account facility in this context. The loans and accrued interest and repayments in the case of one of the entities concerned have been written off. The loan granted to this company in 2014 is secured by a pledge valued at €1.6 million. This pledge (legal liability) does not lapse because the invested loan and share capital has been written down to nil because of impairment.

Note on CDMA joint operation

CDMA balance sheet

€ million

Balance sheet as at 6 October 2014

Deconsolidation as at 7 October 2014

Investment in joint operation as at 7 October 2014

Investment in joint operation as at 31 December 2014

Assets

    

Non-current assets

    

Property, plant and equipment

16

-16

10

19

Intangible assets

5

-5

3

3

Total non-current assets

21

-21

13

22

     

Current assets

9

-9

5

2

     

Total assets

30

-30

18

24

     

Equity and liabilities

    

Total equity

9

-9

6

6

Non-current liabilities

-

-

-

11

Short-term liabilities

21

-21

12

7

     

Total equity and liabilities

30

-30

18

24

CDMA income statement

€ million

1 January - 6 October 2014

7 October 2014 -
31 December 2014

Total 2014

Operating income

7

1

8

Operating expenses

-6

-1

-7

Operating profit

1

-

1

    

Financial income and expenses

-1

-

-1

Profit before tax

-

-

-

    

Tax

-

-

-

Profit after tax

-

-

-

CDMA Utilities B.V. was until 6 October 2014 a wholly-owned subsidiary of Alliander. On 7 October 2014, Eneco acquired a 50% interest in the voting shares and a 40.72% interest in the profit shares, for a payment of €4 million. In the period up to 6 October 2014, CDMA was financed by Alliander via a current account facility. Upon Eneco’s involvement as shareholder, the current-account finance was replaced by shareholder loans of €11 million from Alliander and €8 million from Eneco. The loans have been contracted for a period of three years at an interest rate of 1.4%, based on the mid-swap rate, Alliander’s spread and a risk markup.

The terms of the shareholder agreement mean that CDMA is classified as a joint operation. The agreement also stipulates that the two shareholders are separately accountable for the loans which they have each granted. There are no provisions governing the other balance sheet items. As far as the Alliander N.V. consolidation is concerned, this means that, with effect from 7 October 2014, Alliander recognises 100% of the shareholder loan which it has granted in the consolidation, ignores the Eneco loan in its entirety and recognises all other balance sheet and income statement items in proportion to the profit share interest (59.28%). As already mentioned, up to 6 October 2014, CDMA was included 100% in the Alliander consolidation.

There were no changes in the contractual agreements in 2015 and the risk profile is the same as in 2014.

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