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C.ur.ren. t f.ina.nc.ing. li.abi.liti.es. 4. 4 . .6. F.in.anc. ia.l in.str.um. en. ts. 4. 5 . .7. In. fo.rm.ati.on. ab.ou.t o.pe.rat.ing. se. gm. e.nts. .47 . .8. R. ev.en.ue. dis.ag.gr.ega. tio. n . 5.0 . .9. E.ve.nts. af.ter. th.e b.ala. nc.e s.he.et .da.te . .52 . .Sig.na.tur.e . 5.3 . 1.0. Re.vie.w .rep.or.t . 5.4 . 1.1. D. is.cla.im.er . 5.6 . 2020 half-year report ·· N.V. Nederlandse Gasunie Key figures 3 2020 half-year report ·· N.V. Nederlandse Gasunie In millions of euros First half-year of 2020 First half-year of 2019 Revenue 712 683 EBITDA 492 469 Result after taxation 257 254 Transported volume (TWh) 579 577 Total reportable frequency index 2 3 Uncontrolled events (number of incidents 0 0 involving gas leaks) Security of supply (cases of non- or late supply) 0 1 Invested capital 9,528 9,367 4 2020 half-year report ·· N.V. Nederlandse Gasunie Financial results 5 2020 half-year report ·· N.V. Nederlandse Gasunie In millions of euros First half-year of 2020 First half-year of 2019 Revenue 712 683 Total expenses ‑379 ‑374 Operating result 332 309 Finance income and expenses ‑35 ‑38 Share in result of joint ventures 16 15 Dividend received from participating interests 20 39 Result before taxation 333 325 Income taxes ‑76 ‑71 Result after taxation 257 254 Revenue Revenue achieved in the first half of the year was € 29 million higher than in the same period last year. This increase was largely due to the first pipeline of the EUGAL pipeline project being commissioned and shifting gas flows in Germany, which results in greater demand for transport capacity at Gasunie Deutschland (GUD). Revenue from regulated activities in Germany was approximately € 40 million higher than in the first half- year of 2019. Revenue from our regulated activities in the Netherlands was approximately € 10 million lower than in the first half-year of 2019. Tariffs rose in 2020 compared to 2019, mainly due to a ruling by the Dutch Trade and Industry Appeals Tribunal (CBb). The effect of this correction amounts to over € 30 million. Despite that, Gasunie Transport Services’ (GTS) revenue was lower than in the first half-year of 2019, because of falling transport capacity sales. The method of regulation in both the Netherlands and Germany includes various regular ‘post-calculations’. If the actual revenues deviate from the permitted revenues, the difference is settled in the tariffs for subsequent years. A post-calculation mechanism also applies to part of the energy costs for gas transport. As a result, GTS repays a total of € 4 million through the tariffs for 2020, while GUD will receive a repayment of € 25 million. Based on the current financial outlook for the entire year 2020, Gasunie will, on balance, repay approximately € 17 million in future tariffs (2021 and beyond) under the regulatory system. Revenue from non-regulated or exempted entities totalled € 78 million and was slightly higher than in the same period last year. Operating result The operating result for the first half-year of 2020 increased by € 23 million compared to the same period in 2019. This increase was primarily due to the higher revenue achieved. Total expenses in the first half-year of 2020 were comparable to those in the first half-year of 2019. 6 2020 half-year report ·· N.V. Nederlandse Gasunie Result after taxation Dividend from other participating interests was lower than in 2019. This is due to the timing of the dividend payment by Nord Stream. In the first half-year of 2019, Nord Stream paid both the regular dividend and the dividend for a previous financial year. The developments outlined above lead to a result after taxation of € 257 million. This result is € 3 million higher than in the same period last year. In millions of euros 30 June 2020 31 December 2019 Balance sheet Fixed assets 9,836 9,817 Equity 5,896 5,935 Balance sheet total 10,036 10,126 Invested capital 9,528 9,494 In millions of euros First half-year of 2020 First half-year of 2019 Cash flow statement Cash flow from operating activities 534 416 Cash flow from investing activities ‑173 ‑185 Cash flow from financing activities ‑385 ‑214 Net cash flow ‑24 18 Financial outlook We expect the operating result for the whole of 2020 to be higher than that achieved in 2019. Revenue is expected to increase considerably because of the commissioning of the first pipeline of the EUGAL pipeline project, shifting gas flows in Germany, and the effects of an amended method decision in the Netherlands. Aside from that, we expect our non-regulated activities to generate more revenue. Energy costs are expected to be higher than in 2019, partly due to the expected increase in transport flows in the second half of the year and increased quality conversion. Since production from the Groningen field has fallen, the gas transported from the Groningen field (G-gas) also reduced. This means that we must blend more high-calorific H-gas with nitrogen to produce a quality that is similar to that of low-calorific gas from Groningen. This enables us to continue to meet the demand for G-gas. For the whole of 2020, the result after taxation from regular operations is expected to be approximately € 400 to € 450 million. Expenses for replacement and expansion investments for all of 2020 are expected to total approximately € 400 to € 450 million, which is comparable to expenses in 2019. The expenses involved in the long-term project for the building of the Zuidbroek nitrogen installation are expected to be higher this year than last year due to the phase that this project is currently in. The expenses involved in the EUGAL pipeline project will be lower this year as a result of the current project phase. 7 2020 half-year report ·· N.V. Nederlandse Gasunie Financing In the first half-year of 2020, Gasunie reached an agreement with the European Investment Bank (EIB) on a long-term loan to fund the construction of the Zuidbroek nitrogen installation. The loan granted by the EIB totals € 240 million. As at 30 June 2020, this loan has not yet been recognised. On 16 April 2020, the committed credit facility with a group of international banks was renewed for an amount of € 600 million for a period of five years with an option of two one-year extensions. No amounts were drawn on this facility over the past period. However, Gasunie has regularly raised short-term loans on the money market in the form of deposit loans and Euro Commercial Paper (ECP). Credit ratings Gasunie’s credit ratings by Moody’s Investors Service and Standard & Poor’s Global Ratings have remained unchanged over the past period. In millions of euros 30 June.
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