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Incidental items

Alliander's results can be affected by incidental items and fair value movements. Alliander defines incidental items as items which in the management's opinion do not derive directly from the ordinary activities and/or whose nature and size are so significant that they must be considered separately to permit proper analysis of the underlying results. To qualify as incidental items, a lower limit of €10 million is in principle applied.

Net incidental items and fair value movements in 2016 combined to give a gain of €150 million after tax (2015: gain of €24 million). The following table contains an overview of the reported figures and the figures excluding incidental items and fair value movements.

Reported figures and figures excluding incidental items and fair value movements

€ million

Reported

Incidental items and fair value movements

Excluding incidental items and fair value movements

 

2016

2015

2016

2015

2016

2015

Revenue

1,584

1,540

-

-

1,584

1,540

Other income

139

140

-

-

139

140

Total purchase costs, costs of subcontracted work and operating expenses

-1,320

-1,177

-21

37

-1,299

-1,214

Depreciation and impairments

-395

-338

-13

-

-382

-338

Own work capitalised

199

174

-

-

199

174

       

Operating profit (EBIT)

207

339

-34

37

241

302

       

Finance income/(expense)

-54

-71

-1

-6

-53

-65

Result from associates and joint ventures

-5

-4

-

-

-5

-4

Profit before tax

148

264

-35

31

183

233

       

Tax

-42

-67

9

-7

-51

-60

       

Profit after tax from continuing operations

106

197

-26

24

132

173

Profit after tax from discontinued operations

176

38

176

-

-

38

Profit after tax

282

235

150

24

132

211

Total purchase costs, costs of subcontracted work and operating expenses

(2016: €21 million charge, 2015: €37 million gain)

The incidental charge recognised as purchase costs, costs of subcontracted work and operating expenses includes €10 million (2015: €17 million) in respect of project costs and integration costs concerned with the exchange of the energy networks of Enexis in Friesland and the Noordoostpolder with those of Liander in the Eindhoven region and Zuidoost-Brabant (Endinet) on 1 January 2016. Of the remainder of the incidental items included in purchase costs, costs of subcontracted work and operating expenses, €11 million (2015: €12 million) represents the cost of organisational changes.

In 2015 there was also an incidental gain of €66 million recognised in purchase costs, costs of subcontracted work and operating expenses relating to the termination as per contract of the CDS, a financial instrument relating to two cross-border lease contracts. The instrument has now been settled in full.

Depreciation and impairment

(2016: €13 million charge, 2015: nil)

The incidental charge of €13 million (2015: nil) in depreciation and impairment is a consequence of the annual triggering event analysis and impairment calculation process and concerns additional depreciation of transformers, part of the network in Germany, vacant premises and part of the CDMA network.

Financial income and expense

(2016: €1 million charge, 2015: €6 million charge)

The incidental financing charge of €6 million in 2015 included a loss of €4 million on currency translation differences relating to the now settled CDS (an instrument denominated in US dollars). The remaining loss in 2015 related to exchange differences between the euro and the US dollar on the other assets recognised in the balance sheet relating to cross-border leases.

The tax effect of the incidental items and movements in fair value is recognised in tax.

Tax

(2016: €9 million gain, 2015: €7 million charge)

These amounts relate to the tax effect of the incidental items in other income, total purchase costs, costs of subcontracted work and operating expenses and finance income and expense.

Profit after tax from discontinued operations

(2016: €176 million gain, 2015: nil)

The incidental item in the profit after tax from discontinued operations in 2016 relates in full to the book profit on the sale of Endinet to Enexis. It should be noted that the substantial-holding privilege applies to the book profit.

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