Key figures first half-year 2011 and first half-year 2010
[+] Toon alle rijenKey figures first half-year 2011 and first half-year 2010| € million, unless stated otherwise | first half-year 2011 | first half-year 2010 |
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| Financial | | |
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| Revenue | 763 | 679 |
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| Operating expenses | 617 | 601 |
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| Operating profit | 199 | 129 |
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| Profit after tax | 119 | 62 |
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| Operating profit excluding incidental items and fair value movements | 190 | 148 |
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| Profit after tax excluding incidental items and fair value movements | 111 | 70 |
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| Investment in property, plant and equipment | 201 | 157 |
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| | | |
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| Cash flow from operating activities | 243 | 163 |
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| | | |
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| 30-06-2011 | 31-12-2010 |
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| Total assets | 7,382 | 7,400 |
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| Total equity | 2,939 | 2,906 |
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|
Net debt
1 | 1,445 | 1,425 |
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| Ratios | | |
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|
ROIC
2 | 7.1% | 6.9% |
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|
FFO / net debt
3 | 35.0% | 31.9% |
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|
Interest cover
3 | 6.0 | 5.5 |
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Net debt / (net debt + equity)
3 | 39.0% | 39.3% |
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Solvency
3 | 45.2% | 44.3% |
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| Employees | | |
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| 30-06-2011 | 31-12-2010 |
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| Number of permanent and temporary staff (in FTE) | 6,263 | 6,044 |
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| Customers | | |
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| 30-06-2011 | 31-12-2010 |
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Customer satisfaction, consumer market
4 | 92% | 91% |
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|
Customer satisfaction, business market
4 | 86% | 87% |
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Electricity outage (in minutes)
5
| 26.3 | 31.2 |
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Notes
- Net debt is defined as interest-bearing debt less cash and cash equivalents that are not restricted.
- Return on invested capital (ROIC) is defined as the 12-month operating profit adjusted for incidental items and fair value movements, profit after tax from associates and joint ventures and tax, as a percentage of average invested capital (= the sum of the carrying amounts of intangible assets, financial assets, property, plant and equipment and working capital less deferred income).
-
The financial framework within which Alliander operates is based on four ratios, as presented in the above table. These ratios are calculated according to the principles of our financial policy. These principles differ in one respect from the classification according to IFRS: under IFRS the subordinated perpetual bond loan is recognised as equity whereas, according to the principles of our financial policy, this instrument is treated as 50% borrowed capital and 50% equity.
The funds from operations (FFO) / net debt ratio is the 12-month profit after tax adjusted for deferred tax movements and incidental items and fair value movements plus depreciation of property, plant and equipment and amortisation of intangible assets net of accrued income, as a percentage of net debt.
The interest cover ratio concerns the 12-month profit after tax, adjusted for deferred tax movements and incidental items and fair value movements plus depreciation of property, plant and equipment and amortisation of intangible assets, plus net finance income and expense divided by net finance income and expense adjusted for incidental items and fair value movements.
The solvency ratio is obtained by dividing total equity including the profit for the period by total assets less the expected dividend distribution for the current year and deferred income.
- Customer satisfaction is a measure of the relative satisfaction rating for customers in both the consumer and business markets, calculated by an external agency several times a year using random surveys.
- The outage duration expresses in minutes the average time for which our customers are without electricity over a 12-month period in the area served by Liander.
Key figures full-year 2010
[+] Toon alle rijenKey Figures Full Year 2010| € million, unless stated otherwise | Full-year 2010 |
Full-year 2009
* |
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| Financial | | |
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| Revenue | 1,432 | 1,446 |
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| Other income | 93 | 304 |
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| Operating expenses | 1,195 | 1,259 |
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| Operating profit | 330 | 491 |
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| Profit after tax | 222 | 312 |
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| Operating profit excluding incidental items and fair value movements | 337 | 335 |
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| Profit after tax excluding incidental items and fair value movements | 174 | 160 |
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| Investment in property, plant and equipment | 368 | 397 |
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| | | |
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| Cash flow from operating activities | 508 | 448 |
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Free cash flow
1 | 168 | 152 |
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| | | |
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| 31-12-2010 | 31-12-2009 |
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| Total assets | 7,400 | 6,756 |
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| Total equity | 2,906 | 2,245 |
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Net debt
2 | 1,425 | 1,382 |
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| Ratios | | |
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|
ROIC
3 | 6.9% | 7.8% |
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|
FFO / net debt
** 4 | 37.4% | 25.4% |
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|
Interest cover
** 5 | 5.5 | 3.7 |
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Net debt / (net debt + shareholders' equity)
** | 33.5% | 38.7% |
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|
Solvency
** 6 | 48.5% | 41.6% |
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| Employees | | |
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| 31-12-2010 | 31-12-2009 |
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|
Number of permanent staff (in FTE)
7 | 5,316 | 4,633 |
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|
Number of temporary staff (in FTE)
7 | 728 | 1,083 |
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| Customers | | |
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| 31-12-2010 | 31-12-2009 |
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Customer satisfaction, consumer market
8 | 91% | 89% |
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|
Customer satisfaction, business market including municipalities
8 | 87% | 87% |
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|
Electricity outage (in minutes)
9
| 31.2 | 27.4 |
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*
Excluding Nuon Energy.
**
The figures stated here are calculated according to IFRS, under which the subordinated perpetual bond loan issued in 2010 is recognised in the balance sheet entirely as equity. In the 'Notes on financing, financial ratios and credit rating' (page 21), the ratios are calculated according.
Notes
- Free cash flow is defined as the cash flow from operating activities less the net investment in property, plant and equipment (gross investment in property, plant and equipment less disposals, construction contributions, investment grants and subsidies), investment in intangible assets and investment in associates and joint ventures.
- Net debt is defined as interest-bearing debt less cash and cash equivalents that are not restricted.
- Return on invested capital (ROIC) is defined as the 12-month operating profit adjusted for incidental items and fair value movements, profit after tax from associates and joint ventures and tax, as a percentage of average invested capital (= the sum of the carrying amounts of intangible assets, property, plant and equipment and working capital less deferred income).
- The funds from operations (FFO) / net debt ratio is the 12-month profit after tax adjusted for deferred tax movements and incidental items and fair value movements plus depreciation of property, plant and equipment and amortisation of intangible assets net of accrued income, as a percentage of net debt.
- The interest cover ratio is the 12-month profit after tax adjusted for deferred tax asset movements and incidental items and fair value movements plus depreciation of property, plant and equipment and amortisation of intangible assets plus net finance income and expense divided by net finance income and expense adjusted for incidental items and fair value movements.
- The solvency ratio is obtained by dividing total equity including the profit for the period by total assets less the expected dividend distribution for the current year and deferred income.
- FTE (full-time equivalent) refers to the numbers of employees calculated on the basis of a full working week.
- Customer satisfaction is a measure of the relative satisfaction rating for Liander customers in both the consumer and business markets, calculated by an external agency several times a year using random surveys.
- The outage duration expresses in minutes the average time for which our customers are without electricity over a 12- month period in the area served by Liander.
