Consolidated income statement

x € 1 million

Note

2015

2014

Revenues from energy sales and transmission and energy related activities

3

4,054

4,343

Purchases of energy and transmission and energy related activities

2,417

2,766

Gross margin

1,637

1,577

Other revenues

4

228

247

Gross margin and other operating revenues

1,865

1,824

Employee benefit expenses

5

394

414

Cost of contracted work and other external costs

616

653

Depreciation and impairment of property, plant and equipment

13

461

289

Amortisation and impairment of intangible assets

14

34

56

Other operating expenses

26

49

Operating expenses

1,531

1,461

Operating profit

334

363

Share of profit of associates and joint ventures

7

9

14

Financial income

8

6

14

Financial expenses

9

–80

–114

Profit before income tax

269

277

Income tax

10

–61

–71

Profit after income tax from continued operations

208

206

Profit after income tax from discontinued operations

11

-

-

Profit after income tax

208

206

Profit distribution:

Profit after income tax attributable to holders of Eneco Holding N.V. perpetual subordinated bonds

12

1

Profit (loss) after income tax attributable to non-controlling interests

-

-

Profit after income tax attributable to shareholders of Eneco Holding N.V.

196

205

Profit after income tax

208

206

Consolidated balance sheet

x € 1 million

Note

At 31 December 2015

At 31 December 2014

Non-current assets

Property, plant and equipment

13

7,487

7,526

Intangible assets

14

315

338

Associates and joint ventures

16

61

58

Deferred income tax assets

17

5

4

Financial assets

- Derivative financial instruments

18

184

144

- Other financial assets

19

42

62

Total non-current assets

8,094

8,132

Current assets

Assets held for sale

20

325

121

Intangible assets

23

11

Inventories

71

59

Trade receivables

21

604

747

Other receivables 1

22

196

164

Derivative financial instruments

18

221

248

Cash and cash equivalents

23

367

606

Total current assets 1

1,807

1,956

TOTAL ASSETS 1

9,901

10,088

Equity

Equity attributable to Eneco Holding N.V. shareholders

24

4,845

4,683

Perpetual subordinated bonds

24

501

501

Non-controlling interests

24

4

4

Total equity

5,350

5,188

Non-current liabilities

Provisions for employee benefits

25

34

32

Other provisions

26

82

86

Deferred income tax liabilities

17

431

424

Derivative financial instruments

18

141

176

Interest-bearing debt

27

1,789

1,785

Other liabilities

28

438

419

Total non-current liabilities

2,915

2,922

Current liabilities

Liabilities held for sale

20

18

1

Provisions for employee benefits

25

8

3

Other provisions

26

5

30

Derivative financial instruments

18

164

225

Interest-bearing debt

27

54

115

Current income tax liabilities

87

42

Trade and other liabilities 1

28

1,300

1,562

Total current liabilities 1

1,636

1,978

TOTAL EQUITY AND LIABILITIES 1

9,901

10,088

  1. 1 2014 figures restated for comparative purposes.

Consolidated statement of comprehensive income

x € 1 million

2015

2014

Profit after income tax

208

206

Unrealised gains and losses that will not be reclassified to profit or loss

-

-

Unrealised gains and losses that may be reclassified to profit or loss

Exchange rate differences

22

20

Unrealised gains and losses on cash flow hedges

72

–4

Deferred tax liabilities on cash flow hedges and hedge of net investment in foreign operations

–18

1

Total other comprehensive income

76

17

Total comprehensive income

284

223

Profit distribution:

Holders of Eneco Holding N.V. perpetual subordinated bonds (after income tax)

12

1

Non-controlling interests

-

-

Shareholders of Eneco Holding N.V.

272

222

Total comprehensive income

284

223

Consolidated cash flow statement

x € 1 million

2015

2014

Profit after income tax

208

206

Adjusted for:

∙ Financial income and expense recognised in profit or loss

74

100

∙ Income tax recognised in profit or loss

61

71

∙ Share of profit of associates and joint ventures

–9

–14

∙ Depreciation, amortisation and impairment

495

345

∙ Result from sale of tangible and intangible assets

5

10

∙ Movements in working capital

–88

141

∙ Movements in provisions, derivative financial instruments and other

34

57

Cash flow from business operations

780

916

Dividend received from associates and joint ventures

2

1

Interest paid

–75

–96

Interest received

7

7

Other financial income received

-

5

Income tax paid / received

–25

–3

Cash flow from operating activities

689

830

Issued loans granted

–18

–5

Repayments of loans granted

27

50

Acquisition of subsidiaries

–50

–31

Acquisition of joint operations, joint ventures and associates

–1

–4

Disposal of joint operations, joint ventures and associates

3

-

Investments in property, plant and equipment

–706

–839

Disposal of property, plant and equipment

21

3

Investments in intangible assets

–9

–3

Disposal of assets held for sale

34

85

Cash flow from investing activities

–699

–744

Dividend payments

–104

–120

Issue of perpetual subordinated bonds

-

493

Coupon on perpetual subordinated bonds

–16

-

Repayment of non-current interest-bearing debt

–37

–178

Repayment of current interest-bearing debt 1

–70

–11

Non-current interest-bearing debt issued

6

9

Current interest-bearing debt issued 1

-

70

Acquisition of non-controlling interests

–8

-

Cash flow from financing activities

–229

263

Movements in cash and cash equivalents:

–239

349

Balance of cash and cash equivalents at 1 January

606

238

Balance of cash and cash equivalents in acquired subsidiaries

-

23

Balance of cash and cash equivalents on disposed subsidiaries and disposal of
consolidated entities

-

–4

Balance of cash and cash equivalents at 31 December

367

606

  1. 12014 figures restated for comparative purposes.

Consolidated statement of changes in equity

Equity attributable to Eneco Holding N.V. shareholders

Perpetual
subordinated bonds

Non-controlling interests

Total equity

x € 1 million

Paid-up and called-up share capital

Share premium

Revaluation reserve

Translation reserve

Cash flow hedge reserve

Retained earnings

Undistributed profit

Total

At 1 January 2014

497

381

861

4

–32

2,636

241

4,588

-

5

4,593

Reclassification depreciation regulated networks (after tax)

-

-

–40

-

-

40

-

-

-

-

-

Translation result

-

-

-

20

-

-

-

20

-

-

20

Unrealised gains and losses on cash flow hedges

-

-

-

-

–4

-

-

–4

-

-

–4

Deferred tax liabilities on cash flow hedges

-

-

-

-

1

-

-

1

-

-

1

Total other comprehensive income

-

-

–40

20

–3

40

-

17

-

-

17

Profit after income tax 2014

-

-

-

-

-

-

205

205

1

-

206

Total comprehensive income

-

-

–40

20

–3

40

205

222

1

-

223

Profit appropriation 2013

-

-

-

-

-

121

–121

-

-

-

-

Dividend payments relating to 2013

-

-

-

-

-

-

–120

–120

-

–1

–121

Discount and issue costs of perpetual subordinated bonds

-

-

-

-

-

–8

-

–8

-

-

–8

Tax on coupon and issue costs of perpetual subordinated bonds

-

-

-

-

-

1

-

1

-

-

1

Issue of perpetual subordinated bonds

-

-

-

-

-

-

-

-

500

-

500

Reclassification

-

-

-

–1

-

1

-

-

-

-

-

At 31 December 2014

497

381

821

23

–35

2,791

205

4,683

501

4

5,188

Reclassification depreciation regulated networks (after tax)

-

-

–42

-

-

42

-

-

-

-

-

Translation result

-

-

-

22

-

-

-

22

-

-

22

Unrealised gains and losses on cash flow hedges

-

-

-

-

72

-

-

72

-

-

72

Deferred tax liabilities on cash flow hedges

-

-

-

-

–18

-

-

–18

-

-

–18

Total other comprehensive income

-

-

–42

22

54

42

-

76

-

-

76

Profit after income tax 2015

-

-

-

-

-

-

196

196

12

-

208

Total comprehensive income

-

-

–42

22

54

42

196

272

12

-

284

Profit appropriation 2014

-

-

-

-

-

102

–102

-

-

-

-

Dividend payments relating to 2014

-

-

-

-

-

-

–103

–103

-

-

–103

Capital contribution

-

-

-

-

-

-

-

-

-

1

1

Coupon on perpetual subordinated bonds

-

-

-

-

-

-

-

-

–16

-

–16

Tax on coupon on perpetual subordinated bonds

-

-

-

-

-

-

-

-

4

-

4

Acquisition of non-controlling interests

-

-

-

-

-

–8

-

–8

-

-

–8

Reclassification

-

-

-

-

-

1

-

1

-

–1

-

At 31 December 2015

497

381

779

45

19

2,928

196

4,845

501

4

5,350

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Report of the Supervisory Board
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