Elia group full year results 2013

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  • Full year 2013 results Analyst meeting Brussels, 28 February 2014
  • 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 up-to-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. Elia Group full year results 2013 / Brussels, 28.2.2014 2 / 30
  • 1.eghts 2013 Key highlights 2013 Operational highlights Financial results Outlook 2014
  • Key highlights 2013
  • Key highlights 2013 Operational Adjusted transmission tariffs for Elia have been approved by the CREG Nearly full realization of ambitious investment plans in both countries Continuity of supply maintained during winter season in both areas Financial Good results for the Group: Significant increase results 50Hz transmission Lower results for Elia transmission due to low Belgian OLO Proposed dividend of 1,54 per share New consolidation method for 50Hertz used as from 2014 Outlook Establishment of new entity by Elia and 50Hertz to reinforce the position of the Elia Group for asset and share deals, by scouting for such deals and developing two lines of businesses: Consulting & Services and EPC/EPCM projects Regulatory status of play Investment programme for the Elia Group Changing government in Germany results in changing energy policy? Decisions federal government Belgium relating to the energy law Elia Group full year results 2013 / Brussels, 28.2.2014 5 / 30
  • Operational highlights 2013
  • Energy consumption 9,0 8,0 Elias network: 80,5 TWh (81,7 TWh) 7,0 TWh 6,0 Mild weather Decentralised generation 5,0 4,0 3,0 2,0 1,0 0,0 jan 6,0 feb mar apr may june july 2010 2011 aug sep 2012 oct nov dec 50Hertzs network: 58,1 TWh (58,2 TWh) 5,0 4,0 TWh 3,0 2,0 1,0 0,0 jan feb mar apr may june july 2010 2011 aug sep 2012 oct nov dec Mild weather Decentralised generation Renewables (1) The Elia consumption indicator covers the majority of electricity consumption. It includes all production directly connected to the Elia grid plus net import-export balance Elia Group full year results 2013 / Brussels, 28.2.2014 7 / 30
  • Import - export Denmark 1,2 TWh 4,4 TWh 2,5 TWh Netherlands 0,5 TWh 7,8 TWh Poland Hamburg Berlin 27,9 TWh 5,4 TWh 8,8 TWh 2,4 TWh 0,7 TWh France Luxembourg 8,8 TWh 0,8 TWh 1,4 TWh Czech Republik 2,4 TWh Significant imports in Belgium due to continued outages of nuclear plants up to June 2013 The increased RES share within control zone 50Hertz results in important exports Elia Group full year results 2013 / Brussels, 28.2.2014 8 8 / 30
  • Elia group: Investments 50Hertz Elia 2% 3% 11% 6% 14% 202,7 M 402,0 M 43% 1% 247,7 M onshore 154,3 M offshore 31% 89% Replacements Internal consumption Interconnections Integrating renewables Non electrical investments Investments in Belgium are mainly driven by replacements and the internal consumption. In Germany, the integration of renewables is by far the most important driver. Elia Group full year results 2013 / Brussels, 28.2.2014 9 / 30
  • Elia-TSO: Major investments Large Infrastructure projects BRABO Reinforcement around port of Antwerp and increased capacity with the Netherlands Permit process ongoing Expected commissioning 2017-2018 ALEGRO Extension CAPEX driven by integration of renewables & localisation of generation Increasing renewables onand offshore need to be integrated Localization of the power plants change HVDC interconnection with Germany Increased market liquidity, reliability and security of supply Walloon government adopted the draft revision of the sector plan Expected commissioning 2019 Elia Group full year results 2013 / Brussels, 28.2.2014 Replacement CAPEX Mostly investments in the high and low voltage substations Phase out of old population of assets commissioned before 1980s Extension CAPEX driven by internal consumption Investments due to the change in profile of the power needs, even if energy has decreased over time, Delocalization of the electricity needs 10 / 30
  • 50Hertz: Major Investments BALTIC 2 Connection of 288 MW offshore wind park under construction 3 cables, spanning 120km offshore and 16 km onshore Expected to become operational in 2014 SOUTH-WEST CONNECTOR BARWALDE SCHMOLLN Section Vieselbach Altenfeld : under construction Under construction Section Altenfeld Redwitz: Plan approval in preparation Decision expected 3rd quarter 2014 Elia Group full year results 2013 / Brussels, 28.02.2014 Innovative construction method minimizing costs Expected to become operational in autumn 2014 UCKERMARKLINE & BERLIN NORTH RING SOUTH-EAST DC PASSAGE Plan approved on first section Berlin North Ring Project necessity defined and legally approved Other section and Uckermarkline in ongoing plan approval phase Part of German Grid Need Act Decisions expected in 2014 Joint project with Amprion (450 km) Preparation of regional planning 11 / 30
  • Financial results 2013
  • Corporate structure and shareholders structure Publi-T 45.22% Free float1 52.26% Publipart 2.52% Eurogrid International CVBA 60.00% Elia System Operator NV Elia Asset NV 99.99% Ampacimon 36.81% Elia Engineering 100% Elia Re 100% CASC 8.33% HGRT 24.50% Coreso 22.49% APX 29.02% Eurogrid GmbH 100% E offshore A LLC 100% Gridlab GmbH 100% 50Hertz Transmission 100% EEX 2.25% CAO 12.50% Coreso 10.00% EMCC 20.00% Atlantic Grid Investment A Inc. - 100% 50Hertz Offshore 100% Atlantic Grid A Interm. Holdco 10.00% Atlantic Grid A Operational Holdco Main change is the new participation of 50Hertz in the European Energy Exchange (EEX) Elia Group full year results 2013 / Brussels, 28.2.2014 13 / 30
  • Elia group : consolidated key figures (in Mio) 2013 2012 1.389,5 1.306,6 6,3% EBITDA 486,9 455,5 6,9% (R)EBIT 345,4 305,4 13,1% Total revenues Finance result (108,5) (134,8) -19,5% Taxes (61,5) (16,2) 2013 56 % 2012 42 % 44 % 58 % 279,6% Net profit Net profit Change 175,8 155,0 13,4% Elia 50Hertz Positive evolution in EBIT(DA) due to improved EBITDA in both 50Hertz and Elia Finance result positively impacted by lower interest charges in Belgium and a change in discounting of auction revenues in Germany Taxes mainly increase due to the 2012 one-off effect in the figures of Elia Increase in the net profit of 13,4% to 175,8 M as a result of the significant increase in Germany, partly compensated by the decrease in Belgium Elia Group full year results 2013 / Brussels, 28.2.2014 14 / 30
  • Elia: 2013 Regulated returns 5,96% (in Mio) 2013 Total revenues 832,7 2012 770,1 Change 100 80 8,1% 209,3 291,6 188,6 7,6% 11,0% In Mio (R)EBIT 313,9 60 (109,2) (117,5) -7,1% 2,1 7,7 6,3 16,1 16,2 4,21% 40 Net profit (23,4) 77,1 17,5 89,2 -233,7% -13,6% 13,5 53,5 63,8 20 5,3 6,9 19,3 2,98% 2,43% 51,6 0 -10 5,17% 3,44% 10 Taxes 0,1 3,8 8,2 50 30 Finance result 5,35% 90 70 EBITDA 5,59% 2010 -1,5 2011 Fair remuneration Incentive efficiency Other OLO 44,5 -0,4 2012 2013 Goodwill Incentive CAPEX ROE Total revenues, EBIT(DA) and taxes are impacted by the one-off effect in 2012 from the recognition of the deferred tax benefit on the transferable notional interest deduction reserve Finance result down mainly due to lower interests to be paid on the loan with floating interest rates Regulated profit ( 75,6 Mio) fairly in line with 2012 (- 2,1%), net profit negatively impacted by the important discount effect of the recoverable pension cost last year Elia Group full year results 2013 / Brussels, 28.2.2014 15 / 30
  • Elia: 2013 Net profit evolution 2012 - 2013 Regulated asset base 2013 1,5 (7,1) 5,8 (0,9) (1,2) 3.935,1 Other - 17,3 (4,7) Goodwill decomissioning Changes in WC (10,1) 4,6 Depreciations New investments 89,2 77,1 2012 2011 2010 - 23,3 62,5 - 96,8 202,7 3,807,3 3,763,0 3.743,3 In Mio Results are still suffering from low long term Belgian interest rate (2,43% in 2013 vs. 2,98% in 2012), partly compensated by higher goodwill decommissioning Negative effect from the recoverable pension cost is due to the important discount effect in 2012 Elia Group ful