Keizerslaan 20 Boulevard de l'Empereur, 20 B-1000 Brussels
PRESS RELEASE
Tel.: +32 (0)2 546 70 11 Fax: +32 (0)2 546 70 10
26 February 2010
Elia achieves better-than-expected annual results in 2009, and provides further confirmation of the high quality of Belgium’s electricity supply within the Western European market •
Net profit under IFRS of €84 million - better than expected in the half-year results.
•
Proposed gross dividend of € 1.38 per share.
•
€1 billion bond offering successfully issued.
•
Investment programme implemented and a very high quality of electricity supply achieved.
•
Continued investment in the connection of renewable energy sources and the creation of an integrated regional electricity market for Central West Europe.
•
Sale by Electrabel of its Elia shares, in coordination with the company.
1. IFRS key figures Consolidated results for 2009 of Elia, operator of the Belgian high-voltage grid, as per the International Financial Reporting Standards (IFRS): Consolidated results (millions €) Operating income EBITDA (1) Operating profit (EBIT) Finance result Income taxes Profit attributable to the owners of the Company Earnings per share (€)
2009
2008
Difference (%) 1,8% -1,9% -5,1% 10,2% -26,1%
771,3 327,9 225,8 (120,5) (20,1)
757,3 334,1 237,9 (109,3) (27,2)
84,0
103,1
-18,5%
1,740
2,140
-18,7%
1,38
1,37
31 December 2009
31 December 2008
Total assets
4.420,0
4.228,1
4,5%
Equity attributable to the owners of the Company
1.365,4
1.348,1
1,3%
Net financial debt
2.444,4
2.370,5
3,1%
28,29
28,04
0,9%
48.076.949
0,4%
Dividend per share (€) Balance sheet (in million €)
Equity per share (€) attributable to the owners of the Company
48.270.255 Number of shares (end of period) EBITDA = EBIT + depreciation / amortisation + changes in provisions
0,7% Difference (%)
Current regulatory framework Since 1 January 2008, Elia has been applying transmission tariffs that are kept at a constant level for four years (2008-2011). Elia’s regulated net profit comprises three elements:
1
• • •
fair remuneration on shareholders’ equity is calculated on the basis of the actual value of the Belgian ten-year interest rate (daily average) and the actual beta of the Elia share (minimum value of 0.3) multiplied by a fixed risk premium of 3.5%; offsetting in tariffs of the decommissioning of fixed assets. By law, this portion of the net profit must be used to fund future investments; the savings in operating expenses on top of the savings imposed by Royal Decree (€6 million in 2009, and a total of €25 million for the period 2008-2011). If less than €25 million is saved over a four-year period, the shortfall is at charge of Elia. In the event that Elia saves more than the stated amount, these additional savings (up to a maximum of €25 million) are included in the net profit over a fouryear period.
Financial (IFRS) Consolidated revenue in 2009 rose 1.9% from €757.3 million to €771.3 million. Detail revenue (in million €) Grid connection revenue Grid use revenue Revenues from the reversal of surpluses from previous years (decision by the regulator) Ancillary services revenue International revenue Other revenue Subtotal revenue Deviations from approved budget (settlement mechanism) Total revenue
2009
2008
Difference
32,8 509,9
32,7 510,9
0,4% -0,2%
22,8
20,9
9,1%
108,0 28,7 37,6 739,8
113,4 28,3 32,9 739,1
-4,8% 1,4% 14,3% 0,1%
31,5
18,2
73,1%
771,3
757,3
1,9%
Grid connection revenue remained stable as compared to 2008. Grid use revenue was in line with the same period last year, in spite of an 8% reduction in electricity offtake from the Elia grid due to the economic crisis, due to this decrease being largely offset by the introduction last year of revenue from offtake tariffs for hydraulic energy storage units (pumped-storage power stations) during pump operations. Ancillary services revenue decreased as a result of the reduction in offtake from the Elia grid and lower purchase costs, which were passed on to customers. International revenue remained more or less unchanged from 2008. Thanks to market coupling of the Belgian, French and Dutch electricity markets, wholesale prices in these three countries remained highly convergent. Other operating revenue increased by 14.3% to €37.6 million, mainly due to application of IFRIC 181 for the first time (up € 2.7 million), whereby all customer contributions to grid connections must be booked as revenue in IFRS and are no longer deducted from investments as previously, as a result of a rise in the compensation received from insurance companies (up €1.7 million) and more passed-on costs as part of the CWE (Central West Europe) project and other assignments (up €0.9 million). The section “Deviations from approved budget for non-controllable items” refers to the tariff deficit for 2009 that can be recovered in the next tariff period 2012-2015. The tariff deficit of €31.5 million is mainly the result of lower-than-budgeted tariff revenue (€14.8 million) and international revenue (€18 million), greater-than-expected offsetting of the surplus value in the decommissioning of fixed assets (€1.2 million) and lower-than-budgeted operating expenses (€2.9 million), including extra savings amounting to €8.3 million as a result of lower-than-expected inflation (-1.4% compared with budgeted inflation of 1.8%). EBITDA and EBIT dropped by 1.8% and 5.1% respectively due to a decrease of €13.6 million in exceptional IFRS adjustments with respect to 2008. Net finance expenses rose 10.2%, mainly as a result of the issue of a new €1 billion Eurobond in April 2009 and an €73.9 million increase in the net financial debt compared with 31 December 2008. 1
IFRIC 18: Transfers of Assets from Customers.
2
Income tax expense fell by 26.5%, due to both an 18.1% decrease in the pre-tax profit (from €128.6 million to €105.3 million) and a further tax optimisation. The lower level of tax has been passed on in full in the form of lower tariffs, to the benefit of all consumers. Consolidated IFRS profit after income tax decreased by 18.5% to €84 million, which represents an improvement on the budget of €73.5 million approved by the regulator for 2009, mainly thanks to: • • • •
offsetting in tariffs of the decommissioning of fixed assets; €14.2 million was earmarked for this in the budget, whereas the amount realised was €15.4 million (i.e. €1.2 million more than expected); extra savings over and above those imposed by the regulator (€6.3 million extra); dividends from Belpex and HGRT (two financial shareholdings that are part of the RAB): following the approval of the regulator, 60% of these dividends are paid to Elia (gain of €0.7 million) and 40% are used to reduce future tariffs; the IFRS adjustments for 2009 (gain of €2.4 million): these adjustments relate mainly to the capitalisation of software (€3.1 million), booking in full of revenue from customer contributions (€2.7 million) minus the consolidation of HGRT/Coreso (€1.0 million) and the net effect of deferred tax on all IFRS entries (€2.4 million).
Earnings per share after tax fell by 18.5%, partly due to the creation of 193,306 new shares as part of the December 2009 capital increase for personnel. The main reason for the 1.3% increase in equity to €1,365.4 million was the annual updating of IFRS entries (minus €2.8 million) and the net profit generated in 2009 under Belgian accounting rules (€81.6 million), plus the 2009 capital increase (€4.4 million), minus the dividend paid out in 2008 (€65.9 million). At the General Meeting of Shareholders on 11 May 2010, the Board of Directors will propose paying a gross dividend of €1.38 per share, which will yield a net dividend of € 1.035 per share or a net dividend of € 1.173 per share with a VVPR strip. Fair remuneration Although Elia draws up its consolidated results according to IFRS standards, the calculation of the distributed dividend is based on net profit according to Belgian accounting rules. The tariffs approved by CREG are also based on these accounting regulations. Operations Mainly due to the economic crisis that started in the last quarter of 2008, consumption in the Elia control area fell by 7.5% from 88.3 TWh in 2008 to 81.8 TWh in 2009. The first signs of a slight economic revival in comparison with 2008 were seen in consumption for the month of October, but this was not borne out in November (partially because of the very mild weather conditions that month). However, in December 2009 there was again a slight increase compared with December 2008. Net offtake of electrical energy from Elia’s grid in Belgium dropped by 6.3% from 78.4 TWh in 2008 to 73.5 TWh in 2009, due to the economic crisis, growing local production among industrial customers and the increasing generation of energy from renewable energy sources, such as wind and biomass, which inject their energy straight into the distribution grids. In 2009, Belgium was – for the first time in many years – a net exporter of 1.8 TWh of electricity. Whereas in 2008 Belgium was still a net importer of 10.6 TWh, 2009 brought a complete turnaround with net exports of 1.8 TWh, mainly due to flows of electricity to France. Whilst in 2008 Belgium was still a net importer of 5.4 TWh of electricity from France, in 2009 it boasted a net export volume of 4.8 TWh to that country. As in previous years, security of supply remained at an extremely high level in 2009: the average interruption frequency per customer on Elia’s grid was 0.09 (0.08 in 2008) and the average interruption time (AIT) was 1 minute and 34 seconds per customer, giving an average reliability of over 99.999%. Investments In connection with the multiannual tariffs Elia expects to invest a total of €615.6 million over the period 2008-2011. The investment plan was adjusted to take account of the sharp fall in volumes since late 2008,
3
namely from the sum of €157.1 million forecast for 2009 to €121.52 million in practice. This amount was mainly invested in upgrading high-voltage stations and laying high-voltage cables. Other major projects in the study phase include Stevin and Brabo. The Stevin project, which is in line with EU, Belgian federal and Flemish energy and climate policy, involves developing a 380 kV line from Zomergem to the Belgian coast, with a view to both connecting offshore wind farms in the North Sea (2,000 MW) to the grid and potentially establishing a link to the United Kingdom. The procedure to incorporate the new connection and high-voltage station into a regional land-use plan (GRUP), including the environmental impact report plan (“MER plan”), was launched. The Brabo project entails upgrading electrical connections in the port of Antwerp and improving security of supply in the region in the long term. 2. Key events in 2009 €1 billion Eurobond successfully issued Following a roadshow that presented Elia's industrial and regulatory strengths to the leading European financial markets, Elia successfully issued a Eurobond in two tranches: a €500 million four-year tranche and a €500 million seven-year tranche. This was very well received by investors, with a total of more than €5.3 billion being offered in less than an hour. Elia had already successfully performed a similar transaction in 2004. Backup line commissioned in Lint The morning of Sunday, 6 September 2009 saw a backup line being commissioned on the 380 kV MercatorMassenhoven line, between the municipalities of Lint and Boechout in the province of Antwerp. This temporary line was needed because of the damage to the two high-voltage pylons in Lint on 21 July 2009. The backup line plays a key role in maintaining the security of the electricity supply in the provinces of Antwerp and Limburg, in anticipation of the reconstruction of the damaged line. The definitive repair of the damaged line is scheduled for the second quarter of 2010. Official launch of Coreso Coreso, the first regional technical coordination centre (set up in December 2008), has been providing security analyses of the Central West Europe grid every 15 minutes seven days a week since late June 2009. Its main task is to improve the security of supply, against a background of increasingly variable energy flows due to the rapid development of renewable energy sources and cross-border exchanges in Europe. Border-capacity auction rules harmonised The Belgian, Dutch, French and German regulators have given the go-ahead for application of the harmonised auction rules drawn up by the grid operators of the five countries in the Central West Europe region. This marks another important step forward in the creation of a single regional electricity market. To satisfy the needs of the market players, a document was compiled for them providing a detailed description of the introduction of the new rules. Third package of energy measures published by the European Commission The third package of energy measures was published in the Official Journal of the European Union. It comprises, among others, a new Directive which promotes further unbundling of the European transmission system operators and which must be transposed into Belgian law by 3 March 2011. It also comprises two Regulations: a new version of the Regulation on conditions for access to the network for cross-border exchanges in electricity and a new Regulation establishing an Agency for the Cooperation of Energy Regulators (ACER). Regulations do not have to be transposed into Belgian law.
2
Including IFRS adjustments for software activation, IAS 23 (activation of borrowing costs) and IFRIC 18, this yields €133.7 million.
4
Consulting contract in the Persian Gulf The Gulf Cooperation Council Interconnection Authority (GCCIA), bringing together a group of countries bordering the Persian Gulf, chose Elia to be one of the partners in a consortium that also includes Tractebel Engineering and the French system operator RTE. The contract provides for the performance of engineering, operational and maintenance services for the grid interconnecting the countries bordering the Persian Gulf, as a means of supporting GCCIA in its transmission system operator role for these Gulf states. This is a major international recognition of Elia’s expertise in its various activity domains. 3. Main events after 31 December 2009 No significant events occurred after the balance sheet date. 4. Outlook 2010 result As in 2009, Elia’s regulated result after income tax will comprise three elements in 2010: • fair remuneration on regulated assets calculated on the basis of the actual value of the Belgian ten-year interest rate (daily average) and the actual beta of the Elia share multiplied by a fixed risk premium of 3.5%; • offsetting in tariffs of the decommissioning of fixed assets. According to Elia estimates, this will amount to around €14.2 million in net profit. This part of the net profit may not be paid out as dividend; • savings in operating expenditure on top of the savings imposed by Royal Decree totalling €25 million for the period 2008-2011. Up to a further €14.3 million can be generated for shareholders over the period 2010-2011, since €10.7 million over and above the imposed €10 million has been saved in 2008 and 2009. Since the result for 2010 is dependent on parameters that can only be known at the end of 2010 (e.g. the Belgian ten-year interest rate) or can only be calculated then, Elia cannot make any specific profit forecasts for 2010. Investments for 2010 In connection with the multiannual tariffs Elia expects to invest a total of €615.6 million over the period 2008-2011. This amount was accepted by the regulator in the approved multiannual tariffs. Given the economic crisis and the sharp drop in volumes since late 2008, the expected investment for 2010 – which will be focused mainly on upgrading high-voltage stations and laying high-voltage cables – is in line with the 2009 level of investment. Elia is looking into constructing a line connecting Belgium and Luxembourg. Laying two cables would add 700 MW to import capacity. Such a line would not only mean that exchanges of electricity could be made with Luxembourg – Elia and Amprion (formerly RWE Transportnetz) are also investigating the options for an interconnection between Belgium and Germany. The initial technical and economic findings of this research make clear the appeal of an HVDC cable link (1,000 MW) between the two countries. Additional studies are currently being carried out. Another development in terms of interconnection capacity is a potential subsea DC line (from 700 to 1,300 MW) linking Belgium and the United Kingdom, whose power grid is only connected to a limited extent to continental Europe. Phase 2 of the feasibility study was successfully concluded in 2009. In addition, Elia is participating in the joint research into a large-scale DC network in the North Sea and the Baltic interconnecting various countries and offshore wind farms. Sale by Electrabel of its Elia shares
Electrabel has informed Elia of its intention to sell its Elia shares, in part or in total, under a form that still has to be defined, in close coordination with Elia to protect the interests of the company and its shareholders. This operation takes place in the framework of the dispositions on unbundling of the new directive on electricity.
5
5. Declaration on the true and fair view provided by the financial statements and the fair review included in the annual report Daniel Dobbeni, Chairman of the Executive Committee and Chief Executive Officer, and Jan Gesquière, Chief Financial Officer, hereby declare, in the name and on behalf of the company, that to the best of their knowledge: • the consolidated financial statements, prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted in the European Union, give a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer and the undertakings included in the consolidation; • the annual report on the consolidated accounts includes a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation, together with a description of the principal risks and uncertainties that they face. 6. Extract from the Auditors’ report “The joint statutory auditors Ernst & Young Bedrijfsrevisoren/Réviseurs d’Entreprises represented by Jacques Vandernoot and Klynveld Peat Marwick Goerdeler Bedrijfsrevisoren/ Réviseurs d’Entreprises represented by Alexis Palm have confirmed that the audit procedures, which have been meticulously carried out, have not revealed any material adjustments which would have to be made to the accounting data included in the present report. However, the joint statutory auditors want to draw the reader’s attention to the uncertainty resulting from the outcome of the tax audit and from the final settlement which has to be approved by the regulator (CREG) and which is a result of application of the mechanism for tariff regulation”. 7. Financial calendar Annual report 2009 available General meeting of shareholders Update Q1 2010 Payment of dividend for 2009 Publication of half-year results Update Q3 2010
early April 2010 11 May 2010 14 May 2010 26 May 2010 27 August 2010 12 November 2010
About Elia: Elia is the Belgian transmission system operator, transmitting electricity from producers to distribution system operators and major industrial users and being responsible for importing and exporting electrical energy to and from Belgium’s neighbouring countries. Elia owns the entire Belgian very-high-voltage grid (150 to 380 kV) and some 94% (ownership and user rights) of Belgium's high-voltage grid infrastructure (30 to 70 kV). Elia's grid consists of 5,614 kilometres of overhead lines and 2,765 kilometres of underground connections and is a key link between electricity markets in northern and southern Europe. Belgium’s recent investments in interconnection capacity with its neighbours make it one of the most open and interconnected countries in Europe. For further information, please contact Elia: Media: Eva Suls +32 (0)2 546 73 78 Lise Mulpas +32 (0)2 546 73 75
+32 (0)477 48 80 09 +32 (0)478 65 28 90
eva.suls@elia.be lise.mulpas@elia.be
Investor relations: Bert Maes
+32 (0)472 40 69 97
bert.maes@elia.be
+32 (0)2 546 72 39
Website: this press release and its annexes are available on the website www.elia.be ANNEXES (Tables with key figures in € million) Consolidated income statement as at 2009 and 2008 Consolidated statement of comprehensive income Consolidated statement of financial position as at 31 December 2009 and 31 December 2008 Consolidated statement of cash flows as at 31 December 2009 and 31 December 2008 Consolidated statement of changes in equity
6
ANNEXES: 1. Consolidated income statement (31 December 2009 – 31 December 2008) 31 December 2009
31 December 2008
733,7 (5,6) 728,1 37,6 (303,5) (124,4)
724,4 (6,8) 717,6 32,9 (281,9) (118,8)
1,3 (17,6) 1,5 14,3 7,7 4,7
(102,1)
(96,2)
6,1
(9,9) 225,8 (120,5) 12,8 (133,2)
(15,7) 237,9 (109,3) 8,3 (117,6)
(36,9) (5,1) 10,2 54,2 13,3
(1,0)
2,0
(150,0)
Profit before income tax
104,3
130,6
(20,1)
Income tax expense
(20,0)
(27,2)
(26,5)
Profit from continuing operations
84,3
103,4
(18,5)
Profit for the period
84,3
103,4
(18,5)
Owners of the Company
84,0
103,1
(18,5)
Non-controlling interest
0,3
0,3
0,0
(in million â‚Ź) Continuing operations Revenue Cost of sales Gross profit Other operating income Services and other goods Personnel expenses Depreciation, amortization, impairment and changes in provisions Other operating expenses Results from operating activities Net finance costs Finance costs Finance income Share of profit of equity accounted investees (net income tax)
Change (%)
Profit attributable to:
7
2. Consolidated statement of comprehensive income 31 December 2009
(in million â‚Ź)
Profit for the period
31 December 2008
Change between (%)
84,3
103,4
(18,5)
Effective portion of changes in fair value of cash flow hedges, net of tax
(2,6)
(19,7)
(86,8)
Defined benefit plan actuarial gains and losses, net of tax
(3,4)
(12,0)
(71,7)
(6,0)
(31,7)
(81,1)
78,3
71,7
9,2
Owners of the Company
78,0
71,4
9,2
Non-controlling interest
0,3
0,3
0,0
78,3
71,7
9,2
Other comprehensive income
Other comprehensive income for the period, net of income tax Total comprehensive income for the period Profit attributable to:
Total comprehensive income for the period
8
3. Consolidated statement of financial position (31 December 2009 – 31 December 2008) (in million ₏)
31 December 2009
31 December 2008
Assets Non-current assets
3.976,6
3.938,1
Property, plant and equipment
2.089,6
2.060,4
Intangible assets
1.730,1
1.727,0
105,8
98,7
9,4
10,1
Trade and other receivables Investments in equity accounted investees Other investments (including derivatives)
16,7
17,7
Deferred tax assets
25,0
24,2
Current assets
443,4
290,0
Inventories
13,7
13,7
218,1
246,9
Trade and other receivables Income tax receivable Cash and cash equivalents Other assets
0,7
2,1
174,6
27,3
36,3
0,0
4.420,0
4.228,1
Equity
1.367,1
1.349,7
Equity attributable to owners of the Company
1.365,4
1.348,1
1.207,3
1.202,1
Total assets Equity and liabilities
Share capital Share premium
8,5
8,5
36,0
21,0
Hedging reserve
(18,7)
(16,0)
Retained earnings
132,2
132,5
Reserves
Non-controlling interest
1,7
1,6
1,7
1,6
2.804,7
1.774,8
2.618,9
1.593,5
142,9
142,7
28,2
24,3
Provisions
4,8
4,7
Deferred tax liabilities
6,8
6,5
Other liabilities
3,1
3,1
248,2
1.103,6
0,1
804,3
Non-controlling interest Non-current liabilities Loans and borrowings Employee benefits Derivatives
Current liabilities Loans and borrowings Provisions Trade and other payables
13,9
10,3
233,9
281,7
Income tax payables
0,2
0,2
Other liabilities
0,0
7,1
4.420,0
4.228,1
Total equity and liabilities
9
4. Consolidated statement of cash flows as at 31 December 2009 and 31 December 2008 (in million â‚Ź)
31 December 2009
31 December 2008
84,3
103,4
124,1
114,7
17,3
20,2
Cash flows from operating activities Profit for the period Adjustments for: Net finance costs Income tax expense Share of profit of investments accounted investees, net of tax
1,0
(2,0)
Depreciation of property, plant and equipment and amortization of intangible assets Loss on disposal/sale of property, plant and equipment Impairment losses of current assets
97,7
95,4
3,5 0,7
3,6 0,1
Change in provisions
(1,3)
(18,8)
Change in fair value of derivatives
(2,4)
1,1
Change in deferred taxes
2,6
7,0
Changes in fair value of financial assets through income Change in non-cash items
0,5 0,9
(0,4) 0,1
328,9
324,4
Cash flow from operating activities Change in inventories Change in trade and other receivables
(0,7)
(0,6)
(14,9)
(80,7)
(47,8)
76,9
Change in other current assets Change in trade and other payables Change in other current liabilities
0,5 (7,1)
(27,3)
(70,5)
(31,2)
(102,0)
(116,7)
(15,9)
(118,6)
140,5
57,9
(133,7) 0,0
(170,5) 0,0
Investments recognised at cost
0,0
(0,5)
Proceeds from sales of investments
0,2
0,0
Interest received
6,1
2,5
(127,4)
(168,5)
Changes in working capital Interest paid Income tax paid Net cash from operating activities Cash flows from investing activities Acquisition of property, plant and equipment and intangible assets Investments in equity accounted investees
Net cash used in investing activities Cash flows from financing activities Proceeds from issue share capital Expenses related to issue share capital Dividends paid (-)
4,4
0,4
(0,1)
0,0
(66,0)
(62,5)
Repayment of borrowings (-)
(927,9)
0,0
Proceeds from withdrawal borrowings (+)
1.123,8
166,5
Net cash flow from (used in) financing activities
134,2
104,4
Net increase (decrease) in cash and cash equivalents
147,3
(6,2)
10
5. Consolidated statement of changes in equity
(in million â‚Ź)
Share capital
Share premium
Hedging reserve
Retained earnings
Balance at 1st January 2008
1.201,7
8,5
3,6
124,8
1.338,7
1,3
1.340,0
0,0
0,0
0,0
103,1
103,1
0,3
103,4
Effective portion of changes in fair value of cash flow hedges, net of tax
0,0
0,0
(19,7)
0,0
(19,7)
0,0
(19,7)
Defined benefit plan actuarial gains and losses, net of tax
0,0
0,0
(11,9)
(11,9)
0,0
(11,9)
Total other comprehensive income
0,0
0,0
(19,7)
(11,9)
(31,6)
0,0
(31,6)
Total comprehensive income for the period
0,0
0,0
(19,7)
91,2
71,5
0,3
71,8
Total
Minority interests
Total equity
Total comprehensive income for the period Profit or loss Other comprehensive income
Transactions with owners, recorded directly in equity Contributions by and distributions to owners Shares issued
0,4
0,0
0,0
0,0
0,4
0,0
0,4
Dividends to owners
0,0
0,0
0,0
(62,5)
(62,5)
0,0
(62,5)
Total transactions with owners
0,4
0,0
0,0
(62,5)
(62,1)
0,0
(62,1)
1.202,1
8,5
(16,1)
153,5
1.348,1
1,6
1.349,7
1.202,1
8,5
(16,1)
153,5
1.348,1
1,6
1.349,7
0,0
0,0
0,0
84,0
84,0
0,1
84,1
0,0
0,0
(2,6)
0,0
(2,6)
0,0
(2,6)
Balance at 31st December 2008
Balance at 1st January 2009 Total comprehensive income for the period Profit or loss Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax Defined benefit plan actuarial gains and losses, net of tax Total other comprehensive income
0,0
0,0
0,0
(3,4)
(3,4)
0,0
(3,4)
0,0
0,0
(2,6)
(3,4)
(6,0)
0,0
(6,0)
(2,6)
80,6
78,0
0,1
78,1
Total comprehensive income for the period Transactions with owners, recorded directly in equity Contributions by and distributions to owners Shares issued
5,2
0,0
0,0
0,0
5,2
0,0
5,2
Dividends to owners
0,0
0,0
0,0
(65,9)
(65,9)
0,0
(65,9)
Total transactions with owners
5,2
0,0
0,0
(65,9)
(60,7)
0,0
(60,7)
1.207,3
8,5
(18,7)
168,2
1.365,4
1,7
1.367,1
Balance at 31st December 2009
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