Notes to the company financial statements

All amounts in millions of euros unless stated otherwise.

Accounting policies

The company financial statements have been prepared in accordance with the provisions of Part 9, Book 2 of the Dutch Civil Code, and the same accounting policies have been applied as in the consolidated financial statements as permitted by Section 362(8), Part 9, Book 2 of the Dutch Civil Code, except that subsidiaries are carried at net asset value determined on the basis of the IFRS accounting policies used in the consolidated financial statements. The descriptions of the activities and structure of the enterprise as stated in the notes to the consolidated financial statements also apply to the company financial statements.

Financial assets

Subsidiaries

Receivables from subsidiaries

Other receivables

Derivative financial instruments

Deferred income tax assets

Total

At 1 January 2014

5,882

1,715

23

3

7,623

Share of profit of subsidiaries

271

271

Movements in deferred tax assets

1

1

Movements in loans to subsidiaries

311

311

Movements in other loans

1

1

Movements in fair value of derivative financial instruments in equity

20

8

28

Translation differences

4

14

2

20

At 31 December 2014

6,177

2,040

26

8

4

8,255

Share of profit of subsidiaries

264

264

Movements in deferred tax assets

– 4

– 4

Movements in loans to subsidiaries

50

50

Movements in other loans

– 26

– 26

Movements in fair value of derivative financial instruments in equity

35

45

80

Sale of derivative financial instruments

– 13

– 13

Acquisition of non-controlling interests

– 8

– 8

Translation differences

6

15

3

24

At 31 December 2015

6,474

2,105

3

40

8,622

Equity

Details of changes in equity are set out in the consolidated statement of changes in equity in the consolidated financial statements. The individual components of equity are disclosed in Note 24 to the consolidated financial statements.

Legal reserves are recognised pursuant to Part 9, Book 2 of the Dutch Civil Code. Eneco Holding N.V.’s legal reserves are a revaluation reserve, translation reserve, cash flow hedge reserve, reserve for undistributed profit of associates and a reserve for research and development costs.

Distributable results

A dividend of € 20.62 per share was paid in 2015 (2014: € 24.24). In 2015, Eneco made € 102.5 million dividend available to its shareholders (2014: € 120 million). This was distributed in April 2015. The non-distributable capital attributable to Eneco Holding N.V. shareholders was € 1,032 million at 31 December 2015 (2014: € 1,031 million). The individual method was used for the cash flow hedge reserve.

Interest-bearing debt

Interest-bearing debt is mainly the private loans obtained from institutional investors as set out in Note 27 to the consolidated financial statements. The 2014 comparative figures have been restated for presentation purposes, making a transfer within the current liabilities from interest-bearing debt to liabilities to group companies.

Contingent assets and liabilities

Assumption of liability

Eneco Holding N.V. has issued a declaration of joint and several liability pursuant to Section 403(1)(f), Part 9, Book 2 of the Dutch Civil Code for the subsidiaries marked with an * in the List of principal subsidiaries, joint operations, joint ventures and associates and those similarly indicated in the full list filed with the Trade Registry in Rotterdam.

Eneco Holding N.V. and almost all its subsidiaries form a fiscal unity for corporate income tax purposes. All companies in this fiscal unity are jointly and severally liable for the tax obligations of the fiscal unity. Eneco Holding N.V. is also a member of a fiscal unity for VAT purposes, covering part of the Group. All companies in this fiscal unity are jointly and severally liable for the tax obligations of the fiscal unity.

Under its participation in the Group cash pool, Eneco Holding N.V., like the other participants, is jointly and severally liable for deficits in the cash pool as a whole.

Contingent assets and liabilities
Guarantees

See Note 30Contingent assets and liabilities’ to the consolidated financial statements for group guarantees issued by Eneco Holding N.V. 


Other liabilities

Eneco Holding N.V. had other contingent liabilities at 31 December 2015 of € 15 million (2014: € 9 million). These sums are included in Notes 29 'Operating leases' and 30Contingent assets and liabilities’ to the consolidated financial statements.

Auditor’s fees

The fees below relate to audit and consultancy services by Eneco’s external auditor, Deloitte Accountants B.V., as defined in Section 1.1 of the Audit Firms Supervision Act (Wet toezicht accountantsorganisaties - Wta), and include those charged by entities associated with the auditor in the Deloitte network.

x € 1.000

2015

2014

Audit of the financial statements

945

912

Other audit engagements

973

851

Other non-audit services

331

155

Total

2,249

1,918

The fee for the audit of the Eneco Holding N.V. financial statements included audit work on the consolidated and company financial statements of this company.

Other audit engagements are the audit of the statutory financial statements of subsidiaries and related engagements. Other non-audit services are those permitted by Wta and include those charged by entities associated with the auditor in the Deloitte network (2015: € 331,000 and 2014: € 155,000).

Rotterdam, 19 February 2016

Eneco Holding N.V.

Board of Management

Supervisory Board

J.F. (Jeroen) de Haas, chairman

E.H.M. (Edo) van den Assem, chairman

C.J. (Kees-Jan) Rameau

H.G. (Henk) Dijkgraaf

G.A.J. (Guido) Dubbeld

M.B.A. (Marco) Keim

M.W.M. (Marc) van der Linden

M. (Marike) van Lier Lels

A. (Atzo) Nicolaï

M. (Mirjam) Sijmons

K.G. (Klaas) de Vries

R. (Rob) Zandbergen

Previous paragraph:
Company financial statements
Next paragraph:
Other information