Elia Facts & Figures 2008

Transcription

1 E Elia Facts & Figures 2008 Powering a world in progress

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3 Key figures Consolidated IFRS results (in million, results per share in ) Operating income 757,3 731,7 711,5 714,2 704,5 EBITDA (1) 334,1 308,5 292,5 295,9 268,1 Net profit 103,1 77,6 75,9 76,5 59,5 Net profit per share 2,14 1,62 1,58 1,60 1,42 Dividend per share 1,37 1,30 1,28 1,27 1,27 Regulated asset base (RAB) (2) Average RAB (2) Number of employees (31/12) Length of the grid in kilometres (31/12) (1) EBITDA = Operating income cost of goods and services personnel costs provisions write-downs. (2) Calculated in accordance with Belgian accounting regulations (Belgian GAAP) 1

4 Financial ratios Ratios Pay-out ratio 63,9% 80,5% 80,8% 79,6% 89,6% Return on equity 7,6% 5,9% 5,9% 6,5% 5,6% Return on capital employed 6,5% 6,3% 6,0% 6,4% 5,9% Net Debt / Equity 175,8% 159,7% 158,6% 162,2% 203,9% Leverage (Debt / Debt + Equity) 63,7% 62,1% 61,9% 61,9% 67,1% EBITDA / Gross Interest 3,1 3,0 3,0 3,1 2,5 Net Debt / EBITDA 7,1 7,1 7,1 7,0 8,2 Margins EBITDA margin 44,1% 42,2% 41,1% 41,4% 37,6% EBIT margin 31,4% 29,3% 28,7% 29,7% 27,2% Net profit margin 13,6% 10,6% 10,7% 10,7% 8,4% Dividend yield on book value 4,9% 4,7% 4,7% 4,7% 5,0% Tax rate 21,2% 29,7% 28,2% 35,2% 36,1% 2

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6 Profile Elia comprises two legal entities, Elia System Operator SA and Elia Asset SA, operating as a single economic entity under the generic name Elia. Together with its subsidiary Elia Engineering, it employs around 1,231 people. Elia is Belgium s electricity transmission system operator (TSO) under licences awarded to it by the country s federal government (for the 150 to 380 kv network) and those of its three regions (for the 30 to 70 kv grid). As TSO, Elia operates in line with its values of empathy, responsibility, entrepreneurship and integrity. Elia seeks to engage in open and transparent dialogue with its various stakeholders. This commitment applies to its customers, suppliers, shareholders, potential investors, authorities and the community at large, as well as to Group staff members. The company s number one duty is to ensure the reliable and safe transmission of electricity from production units in Belgium and Europe to grid users, namely distribution system operators and large industrial consumers. Given the central position of the Belgian grid in the Western European electricity system and Belgium s net import balance, Elia takes constant care to ensure safe management of international power flows (imports, exports and transits) on its grid. 4

7 Elia also ensures that there is a constant balance between production and imports, on the one hand, and consumption and exports, on the other, within its control area. Since electrical energy is difficult to store, it must be generated as and when consumption requires it. To enable it to perform its tasks, Elia must maintain its various facilities, including lines, cables, transformers and dispatching centres. It develops and upgrades its grid using the latest triedand-tested technologies. This approach incorporates a proactive respect for the environment and supports the sustainable development policies in place in Europe and in Belgium at both federal and regional level. Its unique and central position on the Belgian electricity market allows Elia to develop innovative services and mechanisms aimed at ensuring the effective operation and development of this market within continental Europe. Elia adheres strictly to statutory rules on corporate governance as well as the provisions of the Belgian Corporate Governance Code for listed companies. Elia has been listed on the regulated market of Euronext Brussels since June

8 Elia s activities In its capacity as the Belgian transmission system operator, Elia has three main, interdependent tasks. Power grid operation. Elia constantly monitors balance of generation and import on the one hand and exports and consumption on the other in its control area. Since electrical energy is consumed instantly when generated, the quantities of electricity injected into the grid must constantly be balanced in real time against the quantities taken from the grid (i.e. consumed). The country s security of supply depends on this. Infrastructure management. Elia maintains high-voltage installations: lines, cables, transformers and so on. Depending on the market s requirements and the need for a sound management of the electrical system, Elia uses and upgrades its grid using the best available advanced technologies. Market facilitation. Elia holds a unique and central position on the national electricity market. As such, it serves as a market facilitator and implements services and mechanisms enabling the correct operation and development of the market in continental Europe. 6

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10 Management and supervisory bodies Board of directors The Boards of Directors of Elia System Operator and Elia Asset each have 12 members. The same members sit on both Boards. These members do not have a management function within either Elia System Operator or Elia Asset. Half of the members are independent directors, appointed by the general meeting and having received a positive unanimous opinion by CREG on their independence. Chairman Ronnie Belmans Appointed as Chairman for 3 years on June 24, 2008 Electrabel Vice-Chairmen Francis Vermeiren Thierry Willemarck Appointed as Vice-Chairman for 3 years on June 24, 2008 Publi-T Appointed as Vice-Chairman for 3 years on June 24, 2008 Independent Directors Jacqueline Boucher Electrabel Claude Grégoire Publi-T Clement De Meersman Independent Jean-Marie Laurent Josi Independent Johan De Roo Publi-T Ingrid Lieten Independent Jacques de Smet Independent Luc Van Nevel Independent Sophie Dutordoir Electrabel 8

11 Management Committee Chairman and Chief Executive Officer - Daniel Dobbeni Vice-chairman and Chief Corporate Officer - Jacques Vandermeiren Chief Officer Grid Services - Hubert Lemmens Chief Financial Officer - Jan Gesquière Chief Executive Officer Elia Engineering - Markus Berger Chief Officer Transmission - Roel Goethals Chief Officer Customers & Market - Frank Vandenberghe 9

12 Elia sites Lendelede Lochristi Antwerp (Merksem) Genk (Stalen) Schaarbeek Brussels Diegem Linkebeek Liège (Bressoux) Courcelles (Gouy) Namur Villeroux Headquarters National Control Centre Regional Control Centre Elia Engineering Service Centre 10

13 Group structure and shareholders Free float* 40,1% Publi-T 33,01% Electrabel 24,35% Publipart 2,54% Elia System Operator Elia Asset 99,99% Economic unit CASC-CWE 14,28% HGRT 24,5% Coreso 33,33% Elia Re** 100% Elia Engineering** 100% Belpex 60% * Groep Arco has announced on 21 October 2008 that it has 10,37 % of the Elia shares in its possession. ** Elia System Operator has 1 share of Elia Re and 1 share of Elia Engineering in its possession. *** The total number of shares outstanding rose to 48,076,949 on 31 March

14 Investments million Investments (IFRS) , ,2 160, ,5 141,

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16 Personnel Safety 12 Elia Group frequency and severity rates Frequency rate ,2 0,1 Severity rate 0,0 14

17 Composition of Elia group staff, 31 December 2008 Men Women Total Full-time equivalents Management Supervisory staff ,8961 Employees ,1358 Total ,0319 Evolution Elia Group staff Elia System Operator Elia Asset Elia Engineering Total

18 Operations Energy balance Belgium Elia grid 2008 (in GWh) Imports France: 7.386,3 Luxembourg: 1.628,6 Netherlands: 8.118,6 Exports France: 2.038,6 Luxembourg: 1.517,9 Netherlands: 3.004,6 Net-import: ,3 Net injections Productions: ,3 Local Productions: 6.639,8 Injections from DSO's: 194,4 Pumped Storage Plants: 1.340,0 Total: ,5 Net consumptions Direct clients: ,5 Distribution: ,7 Pumped Energy: 1.781,4 Total: ,5 Energy losses: 1629,3 16

19 The consumption indicator 1 for the Elia control area was down 1%, from 88.9 TWh in 2007 to 88 TWh in Overall, climatic conditions in 2008 were similar to those in 2007, although the winter lasted slightly longer. Consumption rose slightly in the first quarter, resulting in an overall increase (up to and including September) of 1.4% compared with the same period in By contrast, the last quarter of 2008 saw consumption affected by the economic crisis. In November 2008, it was down 8.5% compared with November In December it dropped even further, to 10.1% less than the previous year. This fall in consumption originated mainly with industrial customers. Among companies connected directly to the Elia grid, consumption fell by 14.6% in November and 28.5% in December, compared with the same period in The Elia consumption indicator covers the majority of electricity consumption in Belgium. It includes all production connected to the Elia grid plus the net import-export balance. The share of consumption supplied directly by production units connected to the distribution grids is not included in the indicator. 17

20 Evolution of consumption Monthly injected energy in the Elia control area GWh/month C , , , , , , Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 8,0 6,0 4,0 2,0 Energy 2007 Energy 2008 Av. temp Av. temp

21 Imports and exports Monthly imports and exports in 2008 (physical border flows) Imports Exports Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec GWh Exchanges with Luxemburg Exchanges with France Exchanges with the Netherlands 19

22 Reliability Elia grid In 2008, security of supply remained at a very high level, exceeding that of the previous year, which was already excellent. The average number of interruptions on the Elia grid per consumer (Average Interruption Frequency) was 0.08, equivalent to one interruption per customer every 12 years. The average duration of interruptions was 38 minutes and 29 seconds. Spread across all customers, the average duration of interruption was 3 minutes and 7 seconds per customer (Average Interruption Time), equivalent to an average reliability of more than %. Belgium is definitely one of the best countries in Europe in terms of quality of electricity supply. 20

23 Average Interruption Time Average Interruption Frequency Average Interruption Duration Reliability Elia grid Numbers of days in the year 2005* , ,9994% , ,9990% , ,9993% :07 0,080 38:29 99,9994% 366 * Power cuts on 25 and 26 November 2005 not included. These were caused by an exceptional concurrence of weather conditions. As internationally recommended the statistics for the continuity of the power supply only include interruptions that last for longer than 3 minutes into account. Average Interruption Time indicates the average number of minutes of interruption time for all customers on the Elia grid. Average Interruption Frequency indicates the average number of annual interruptions per customer. A number of 0.09 indicates that each customer experiences an interruption every 11 years. Average Interruption Duration indicates the average duration of a customer interruption. 21

24 Sustainable development Rational energy use (RUE) As part of its public service obligations in Flanders, each year Elia implements an action plan aimed at encouraging Rational Use of Energy (RUE) among its customers. In Flanders, Elia provides its customers with the resources required to make recurrent savings of 1.5% on their primary energy consumption for each MWh supplied, for facilities connected at between 36 kv and 70 kv. Elia reached its 2008 target a saving of 26.7 GWh of electrical energy by subsidising energy-saving measures implemented by its industrial customers. Results to the end of December 2008 already showed a saving of 38.6 GWh, well ahead of the initial target. 23 schemes have been introduced and 19 customers have undertaken to invest in energysaving schemes. Since 2003, thanks to Elia s work with its industrial customers, a combined total of 242 GWh of energy had been saved by the end of December 2008 equivalent to some 79,000 tonnes of CO 2. Green energy certificates In order to promote power generation using renewable energy sources, Elia buys all green energy certificates that are offered at the set minimum price. These certificates, issued by the regulators, prove that an amount of energy produced in Belgium comes from renewable sources. Energy suppliers are compelled to submit a minimum number of certificates to the regulators, which they can buy directly from the producers, or at auctions organised by Elia. 22

25 Sales of green certificates Price and volumes of green certificates Number /MWh ,14 117,52 115,50 118,74 117,47 110,81 112, , , , ,00 120,00 115,00 110,00 105,00 100,00 95,00 90,00 Number Price 23

26 High-voltage grids Length Elia grid as at 31 December 2008 Electrical connections Voltage Underground Overhead Total (kv) (km) (km) (km) Total Overhead connections: route length Underground connections: electrical length 24

27 Gent Antwerp Brussels 380 kv 220 kv 150 kv Grids at 70, 36 and 30 kv are not reproduced on the map. Charleroi Liège

28 Boulevard de l Empereur 20 B-1000 Brussels T + 32(0) F + 32(0) info@elia.be Powering a world in progress Concept and redaction: Elia, Communication Graphic design: Sa Bouge Editor: Jacques Vandermeiren - May 2009