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Note 3 Property, plant and equipment

€ million

Land and buildings

Networks

Other plant and equipment

Assets under construction

Total

As at 1 January 2015

     

Historical cost

247

9,447

1,383

319

11,396

Accumulated depreciation and impairments

-126

-4,185

-867

-

-5,178

      

Carrying amount as at 1 January 2015

121

5,262

516

319

6,218

      

Movements 2015

     

Investments

3

338

97

113

551

Divestments

-2

-14

-13

-

-29

Depreciation

-6

-219

-92

-

-317

Transfer from assets held for sale

-

-

9

-

9

Reclassifications and other movements

51

82

100

-239

-6

Reclassification to assets held for sale

-16

-476

-22

-13

-527

Total

30

-289

79

-139

-319

      

As at 31 December 2015

     

Historical cost

234

9,201

1,492

180

11,107

Accumulated depreciation and impairments

-83

-4,228

-897

-

-5,208

      

Carrying amount as at 31 December 2015

151

4,973

595

180

5,899

      

Movements 2016

     

Investments

-

342

173

165

680

Divestments

-

-14

-15

-3

-32

Depreciation

-9

-238

-109

-1

-357

Impairments

-

-5

-

-

-5

New consolidations

-

328

14

2

344

Reclassifications and other movements

9

64

51

-124

-

Total

-

477

114

39

630

      

As at 31 December 2016

     

Historical cost

244

9,886

1,637

219

11,986

Accumulated depreciation and impairments

-93

-4,436

-928

-

-5,457

      

Carrying amount as at 31 December 2016

151

5,450

709

219

6,529

Investments

Capital expenditure on property, plant and equipment totalled €680 million (2015: €551 million).

Divestments

Divestment in 2015 and 2016 related to decommissioning of network assets and other plant and equipment and sales of buildings and land.

New consolidations

The Enexis networks in Friesland and the Noordoostpolder were purchased from Enexis with effect from 1 January 2016. See disclosures in note [1].

Reclassification and other movements

In 2015, this includes the transfer of the capitalised cost of the building in Eindhoven to Endinet Groep B.V. (€3 million).

Impairment

In 2016, the networks in Germany were written down to a lower value. For further disclosures, see note [4]. There were no impairment losses in 2015.

Reclassification to assets held for sale

For details of this item, reference is made to the accounting policies. The amounts disclosed in the 2015 statement of movements relate to the carrying amounts as at 24 March 2015.

Cross-border lease transactions

In the period 1998 to 2000, subsidiaries of Alliander N.V. entered into US cross-border leases for networks, in the form of LILO (lease-in lease-out) and SILO (sale-in lease-out) structures.

There were no changes in the existing CBL portfolio in 2016. The three transactions as at balance sheet date relate to gas networks in Friesland, Gelderland, Flevoland,Noord-Holland and Utrecht, heating networks in Almere and Duiven/Westervoort and the electricity network in the Randmeren region. The networks have been leased for a long period to US parties (head lease), which have in turn subleased the assets to the various Alliander subsidiaries (sublease). At the end of the sublease there is the option of purchasing the rights of the American counterparty under the head lease, thus ending the transaction. The terms agreed for the subleases expire between 2022 and 2028. The fees earned on the cross-border leases were recognised in the year in which the transaction in question was concluded. There are conditional and unconditional contractual rights and obligations relating to the cross-border leases.

The total net carrying amount of the networks covered by cross-border leases at year-end 2016 was approximately €560 million (year-end 2015: €550 million). At the end of 2016, a total of $2,733 million (2015: $2,635 million) was held on deposit with several financial institutions or invested in securities in connection with these transactions.

Since no powers of disposal exist over the majority of the assets concerned and associated liabilities, these are not regarded as assets and liabilities of Alliander and the respective amounts are not recognised in the consolidated financial statements of Alliander. The investments in securities over which Alliander does have powers of disposal are recognised as financial assets. The associated lease obligations are recognised in finance lease liabilities.

At the end of 2016, the 'strip risk' (the portion of the 'termination value' - the possible compensation payable to the American counterparty in the event of premature termination of the transaction - which cannot be settled from the deposits and investments held for this purpose) for all transactions together was $194 million (2015: $180 million). The strip risk is affected to a large extent by market developments.

In connection with the implementation of the Independent Network Operation Act, the heating networks belonging to Liander Infra Oost N.V. (now Liander Infra N.V.) that had been covered by a cross-border lease were subleased in mid-2008 to N.V. Nuon Warmte, part of N.V. Nuon Energy. These operating leases have a term of 12.5 years (term runs to 31 December 2020). The total carrying amount of the subleased heating networks and associated meters as at 31 December 2016 was €95 million (2015: €102 million).

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