DOCSLIB.ORG

Accelerating to a Net-Zero Society

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Accelerating to a Net-Zero Society ANNUAL REPORT 2020 Accelerating to a net-zero society Elia Transmission Belgium Elia Transmission Belgium | Annual report 2020 Table of Contents About this report .......................................................................................................................... 6 Introduction ................................................................................................................................. 6 Legal structure ............................................................................................................................ 11 1. Corporate governance statement ............................................................................................ 13 Composition of the management bodies ........................................................................................................ 13 Board of Directors ............................................................................................................................................ 15 Diversity within the Board of Directors .......................................................................................................... 16 Audit Committee competencies ....................................................................................................................... 16 Diversity within the Executive Board............................................................................................................... 17 2. Risk management and uncertainties facing the company ....................................................... 18 Strategic/regulatory risks and responses provided ....................................................................................... 18 Changing HR needs........................................................................................................................................ 18 Changing/new regulatory conditions ............................................................................................................... 18 Pandemic risk (COVID type) ........................................................................................................................... 19 Early termination of TSO license .................................................................................................................... 19 Sustainability of incomes ................................................................................................................................ 20 Operational risks and responses provided ..................................................................................................... 20 Balancing ........................................................................................................................................................ 20 Adequacy ........................................................................................................................................................ 21 Contingency events & business continuity disruption ..................................................................................... 22 Climate risks ................................................................................................................................................... 23 Failure of information and communication technology (ICT), data security & protections ............................... 24 Permitting risk ................................................................................................................................................. 24 Supplier’s risk ................................................................................................................................................. 25 Health and safety accidents ............................................................................................................................ 26 Financial risks and responses provided ......................................................................................................... 26 Negative changes in financial markets ........................................................................................................... 26 Cashflow ......................................................................................................................................................... 27 Legal disputes and liabilities ........................................................................................................................... 28 Contextual factors ............................................................................................................................................. 29 Covid19 ........................................................................................................................................................... 29 2 Elia Transmission Belgium | Annual report 2020 Preparing for the energy transition .................................................................................................................. 29 Energy demand & energy efficiency ............................................................................................................... 29 Macroeconomic context .................................................................................................................................. 29 3. Features of the internal control and risk management systems ............................................. 30 Control environment ......................................................................................................................................... 30 Risk management .............................................................................................................................................. 32 Control activities ............................................................................................................................................... 34 Information and communication ...................................................................................................................... 34 Monitoring .......................................................................................................................................................... 35 4. Elia Transmission Belgium Consolidated financial statements .............................................. 36 Consolidated financial statement of profit or loss ......................................................................................... 36 Consolidated financial statement of profit or loss and comprehensive income ......................................... 37 Consolidated financial statement of financial position .................................................................................. 38 Consolidated financial statement of changes in equity ................................................................................. 39 Consolidated financial statement of profit or cash flows .............................................................................. 40 Notes to the consolidated financial statements ............................................................................................. 41 Reporting entity ............................................................................................................................................... 41 Basis of preparation ........................................................................................................................................ 42 Significant accounting policies ........................................................................................................................ 45 Segment reporting .......................................................................................................................................... 56 Items in the consolidated statement of profit or loss and other comprehensive income ................................. 61 Items in the consolidated statement of financial position ................................................................................ 65 Group structure ............................................................................................................................................... 86 Other notes ..................................................................................................................................................... 87 Regulatory frameworks and tariffs .................................................................................................................. 92 Joint auditors report on the consolidated financial statements ................................................................... 96 Information about the parent company ........................................................................................................... 97 Statement of financial position after distribution of profits .......................................................................... 98 Income statement .............................................................................................................................................. 99 Financial terms or Alternative Performance Measures .................................................................................. 99 3 Elia Transmission Belgium | Annual report 2020 5. Elia Transmission Belgium sustainability report ................................................................. 103 About the company ........................................................................................................................................
Load more

Recommended publications
  • Full Release
    3 November 2016 Results for the six months to 30 September 2016 3i Infrastructure plc (the “Company”) announces today its results for the six months to 30 September 2016. Performance highlights Good portfolio performance driving NAV growth 5.0% A total return of £73.8 million for the half year, or 5.0% of opening Net Asset Total return on opening NAV Value (“NAV”). This is a good result in the context of the Company’s return target of 8% to 10% per annum, to be achieved over the medium term 165.7p The European portfolio continued to perform well both financially and NAV per share operationally. Strong level of investment across target markets Four new investments, for a total consideration of £287 million, were £287m completed during the period: WIG, TCR, Valorem and the Hart van Zuid Invested in the period PPP Project. These investments further diversify the portfolio and have used a substantial part of the capital raised in June 2016. Good income progression £35.5m 1 The portfolio generated income in the period of £35.5 million, in line with Total income expectations. In addition, non-income cash of £12.5m was received. Efficient balance sheet £136m Cash balances The Revolving Credit Facility (RCF) was extended to May 2019. During the period, the accordion feature of the RCF was exercised and subsequently cancelled, utilising the Company’s flexible funding model. £275m Undrawn RCF balance Interim dividend in line with full year target Interim dividend of 3.775 pence per share will be distributed on 9 January 3.775p 2017.
    [Show full text]
  • Full Year Results: Elia Group Makes Crucial Investments for Energy Transition While Delivering Strong Financial Results
    PRESS RELEASE | Brussels, 3 March 2021 8:00 am – Elia Group (Euronext: ELI) Full year results: Elia Group makes crucial investments for energy transition while delivering strong financial results Regulated information Highlights — Grid investments of €337.4 million in Belgium and €715.9 million in Germany while maintaining an excellent safety record and ensuring a reliable and sustainable energy system, resulting in asset growth of 6.1% — Resilient organisation delivering on investments and ensuring continuity of supply during this challenging period — Adjusted net profit up 0.6% to €308.1 million1 driven by the realisation of investments, a solid operational performance in Belgium, Germany and Nemo Link and regulatory settlements in Germany — Elia Transmission and Eurogrid GmbH successfully accessed the debt capital market with green financing lowering the average cost of debt to the benefit of society — A dividend of €1.71 per share will be proposed at the General Meeting on 18 May 2021 Looking back at 2020, I am particularly proud of the commitment and resilience of our employees and contractors and the way they immediately anticipated the COVID measures. Working under difficult circumstance, Elia Group delivered complex infrastructure projects like the ALEGrO and Combined Grid Solution interconnectors and we continued our operational activities to ensure a reliable grid in the interest of society. Although no other event in recent history has hit the economy as hard as the coronavirus, we are optimistic about the future. Given Europe’s objective of becoming the first climate-neutral continent by 2050, the European Green Deal will likely serve as a compass in many recovery plans with a focus on the green economy and digitalisation, both of which are key components of our strategy.
    [Show full text]
  • Financial Report 2019 1
    Elia Group Financial Report 2019 1 Accelerating to a net-zero society Financial Report 2020 2 Corporate Governance Statement Elia Group Financial Report 2020 1 CORPORATE GOVERNANCE CORPORATE GOVERNANCE STATEMENT REPORT 2 REMUNERATION OF THE MEMBERS OF THE BOARD OF DIRECTORS AND OF THE EXECUTIVE BOARD 16 RISK MANAGEMENT AND UNCERTAINTIES FACING THE COMPANY 28 FEATURES OF THE INTERNAL CONTROL AND RISK MANAGEMENT SYSTEMS 41 2 Corporate Governance Statement Elia Group Financial Report 2020 3 Corporate Governance Composition of the management bodies Statement as at 31 December 2020 Board of Directors Advisory Committees to Auditors This Corporate Governance Statement contains the main aspects of Elia Group’s corporate governance CHAIRPERSON the Board of Directors • Ernst & Young Réviseurs d’Entreprises framework. In 2020 Elia Group’s corporate governance was based on the following pillars: SRL, represented by Paul Eelen. • Bernard Gustin, non-executive NOMINATION COMMITTEE • the 2020 Corporate Governance Code1, which Elia Group has • BDO Réviseurs d’Entreprises SRL, independent director • Luc Hujoel, Chairman adopted as its benchmark code; represented by Félix Fank. VICE-CHAIRPERSONS • Luc De Temmerman 2 11 • the Belgian Code of Companies and Associations ; • Claude Grégoire, non-executive director • Frank Donck Executive Board • Elia Group’s Articles of Association. appointed upon proposal of Publi-T • Jane Murphy • Chris Peeters (Chief Executive Officer • Geert Versnick, non-executive director • Kris Peeters6 and TSO Head Elia) appointed
    [Show full text]
  • Half-Yearly Report for the Six Months to 30 September 2016
    Half-yearly report for the six months to 30 September 2016 This Half-yearly report has been prepared solely to provide information to shareholders. It should not be relied on by any other party or for any other purpose. This Half-yearly report may contain statements about the future, including certain statements about the future outlook for 3i Infrastructure plc (“the Company”). These are not guarantees of future performance and will not be updated. Although we believe the expectations are based on reasonable assumptions, any statements about the future outlook may be influenced by factors that could cause actual outcomes and results to be materially different. Contents Overview Performance highlights 1 Chairman’s statement 2 Our portfolio 3 Interim strategic report Our objectives and strategic priorities 5 The infrastructure asset class 6 Market conditions 7 Our target markets for new investment 8 Key performance indicators 9 Investment Adviser’s review 10 Financial review 23 Risk review 31 Review of investments Elenia 33 Anglian Water Group 35 Oystercatcher 37 ESVAGT 39 Wireless Infrastructure Group 41 TCR 43 Cross London Trains 45 Projects portfolio 47 3i India Infrastructure Fund 50 Financials and other information Independent review report to 3i Infrastructure plc 51 Consolidated statement of comprehensive income 52 Consolidated statement of changes in equity 52 Consolidated balance sheet 53 Consolidated cash flow statement 54 Notes to the accounts 55 Accounting policies 62 Statement of Directors’ responsibilities 63 Board of Directors and their functions 63 Investment policy 64 Portfolio valuation methodology 65 Information for shareholders 66 This Half-yearly report has been prepared solely to provide information to should not be relied on by any other party or for any other any statements about the future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.
    [Show full text]