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Note 33 Assets and liabilities held for sale and discontinued operations

On 24 March 2015, Alliander and Enexis signed heads of agreement on a transaction under which Enexis Holding would sell to Alliander Activabedrijf Enexis Friesland B.V. and Alliander would in turn sell Endinet Groep to Enexis. The Sale and Purchase Agreement (SPA) was signed on 27 July 2015 and the transaction took effect on 1 January 2016. Coincidentally with the signing of the heads of agreement, in compliance with IFRS 5, Endinet was classified in Alliander’s consolidated balance sheet as being held for sale with effect from 24 March 2015, with the corresponding classification of discontinued operations being applied in the consolidated income statement. The held-for-sale classification means that, with effect from 24 March 2015, all of Endinet’s assets and liabilities carried in Alliander’s consolidated balance sheet were reclassified to the balance sheet items ‘assets held for sale’ and ‘liabilities connected with the assets held for sale’. Depreciation charges relating to Endinet’s assets also ceased with effect from 24 March 2015. The financial effect amounts to €29 million (tax effect €7 million). Furthermore, all intercompany accounts between Alliander and Endinet were eliminated prior to recognition as ‘held for sale’ and ‘discontinued operations’.

The discontinued-operations classification means that Endinet Groep’s consolidated net profit is recognised and reported in Alliander’s income statement. For comparison purposes, the same treatment has been applied to the figures for Alliander relating to 2014.

Balance sheet

€ million

2015

Assets

 

Non-current assets

 

Property, plant and equipment

554

Intangible assets

41

Non-current financial assets

1

Total non-current assets

596

  

Current assets

17

  

Total assets

613

  

Liabilities

 

Non-current liabilities

88

Short-term liabilities

7

  

Total liabilities

95

  

Net assets

518

Income statement

€ million

2015

2014

Revenue

95

 

102

 

Other Income

5

 

6

 
     

Total income

 

100

 

108

     

Operating expenses

    

Purchase costs and costs of subcontracted work

-14

 

-15

 

Employee benefit expenses

-21

 

-21

 

External personnel expenses

-2

 

-4

 

Other operating expenses

-8

 

-10

 

Total purchase costs, costs of subcontracted work and operating expenses

-45

 

49

 
     

Depreciation and impairment of property, plant and equipment

-9

 

-39

 

Less: Own work capitalised

5

 

6

 

Total operating expenses

 

-49

 

-82

     

Operating profit (EBIT)

 

51

 

26

Finance income

 

-

 

-

Finance expense

 

-

 

-

Profit before tax

 

51

 

26

Tax

 

-13

 

-7

Profit after tax

 

38

 

20

Assets held for sale as at year-end 2014 relate to a high-voltage network in central Netherlands (€9 million). The sale of this 150 kV transmission network is an outstanding transaction resulting from the statutory obligation incumbent on the regional network operators to transfer all high-voltage transmission systems operating at 110 kV and above to the national transmission grid operator TenneT. However, as at year-end 2015, it was established that the sale would not take place within one year, so that the asset in question no longer qualified as held for sale as at 31 December 2015.

There are no long-term liabilities associated with the assets held for sale in the case of the above asset. There were also no discontinued operations in 2014.

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