Actuarial assumptions | ||||||||
(in % and years) | Belgium | Germany | ||||||
2024 | 2023 | 2024 | 2023 | |||||
Discount rate | ||||||||
- Pensions - defined benefit plans and cash balance - best off plans | 3.25% | 3.23% | 3.45% | 3.13% | ||||
- Pensions - defined contribution plans | 3.42% | 3.16% | \u2014% | \u2014% | ||||
- Other | 3.42% | 3.16% | 3.45% | 3.13% | ||||
Expected average salary increase (excluding inflation) | 1.30% | 1.30% | 3.25% | 3.00% | ||||
Expected inflation | 2.10% | 2.10% | 2.00% | 2.25% | ||||
Expected increase in health benefits (including inflation) | 3.10% | 3.10% | 2.00% | 2.25% | ||||
Expected increase in tariff advantages | 2.10% | 2.10% | 0.0 | 0.0 | ||||
Average assumed retirement age | ||||||||
- Employee | 63.0 | 63.0 | 65.0 | 65.0 | ||||
- Manager | 65.0 | 65.0 | 65.0 | 65.0 | ||||
Life expectancy in years of a pensioner retiring at age 65 at closing date:* | ||||||||
Life expectancy for a 65 year old male | 19.9 | 19.9 | 20.9 | 20.8 | ||||
Life expectancy for a 65 year old female | 23.6 | 23.6 | 24.3 | 24.2 | ||||
*Mortality tables used: IABE in Belgium, 2018 Heubeck in Germany |
(in years\u00a0) | Belgium | Germany | ||||||
2024 | 2023 | 2024 | 2023 | |||||
Weighted average duration of the defined benefit obligation | 6.0 | 6.1 | 24.8 | 24.9 | ||||
Weighted average duration of the defined contribution plans | 10.7 | 10.7 | \u2014 | \u2014 | ||||
Weighted average duration of the post- employment benefits other than pensions | 12.1 | 12.5 | 13.4 | 13.5 |
Future expected cash outflows | < 12 months | 1-5 years | 6 - 10 years | |||
Pensions | (4.9) | (21.9) | (26.7) | |||
Other | (5.0) | (19.1) | (20.8) | |||
Total (in \u20ac million) | (9.9) | (41.0) | (47.5) |
Type of assets | Class | Rate | ||
Administrative buildings | Land and buildings | 1.67 \u2013 2.00% | ||
Industrial buildings | Land and buildings | 2.00 \u2013 4.00% | ||
Overhead lines | Machinery and equip. | 2.00 \u2013 4.00% | ||
Underground cables | Machinery and equip. | 2.00 \u2013 5.00% | ||
Substations (facilities and machines) | Machinery and equip. | 2.50 \u2013 6.67% | ||
Remote control | Machinery and equip. | 3.00 \u2013 12.50% | ||
Dispatching | Machinery and equip. | 4.00 \u2013 10.00% | ||
Other PPE (fitting out rented buildings) | Other | contractual period | ||
Vehicles | Furniture and vehicles | 6.67 \u2013 20.00% | ||
Tools and office furniture | Furniture and vehicles | 6.67 \u2013 20.00% | ||
Hardware | Furniture and vehicles | 25.00 \u2013 33.00% | ||
Right of use assets | Leasing | contractual period |
Type of assets | Rate | |
Licences | 20% | |
Concessions | contractual period | |
Computer software | 20.00 \u2013 25.00% |
Revenue stream | Nature, customer and timing of satisfaction of performance obligations | Contract \u2013 Price setting | ||
Grid revenues | ||||
Grid connection | Technical studies conducted at the request of grid users, connected directly to the grid with a view to having a new connection built or an existing connection altered. The revenue is recognised at the point in time when the study is delivered. | Contract and tariff approved by regulator. Fixed amount per type of study. | ||
Last-mile connection is a component of the grid connection contract. At the request of a future grid user, ETB constructs/adjusts a dedicated/ physical connection, known as a last-mile connection, to connect the customer\u2019s facility to ETB\u2019s grid. Although control of the asset is not transferred as such to the grid user, the grid user obtains direct access to the high-voltage grid. The access right transferred by Elia is valuable to the grid user, hence why the grid user compensates ETB in cash. Since the grid user simultaneously enters into a grid connection contract, the two activities (access right and grid connection services) are not distinct and constitute a single performance obligation and interdependence between the contracts. As the total amount of revenue recognised for this single performance obligation, which includes grid connection services, is recognised over the life of the assets, the contract has no specific end date. This component of the grid connection/grid user contract is presented separately\u00a0 (not part of the grid connection/revenues from the revenue cap) because the tariff-setting method is very specific from a regulatory perspective. | Standard contract approved by regulator, but the price is set on the basis of the budget for implementing the connection. | |||
The fees charged to grid users/distribution system operators (DSOs) cover the maintenance and operating costs relating to the dedicated connection facilities. The revenue is recognised over time, as this service is performed continuously throughout the contractual term. | Contract and tariff approved by regulator. Tariff is set per asset type (e.g. bay, km of cable). | |||
Management and development of grid infrastructure | This component of the access contract signed with access holders/DSOs covers the development and management of the grid with a view to meeting capacity needs and satisfying demand for electricity transmission. The revenue is recognised over time, as providing sufficient capacity and a resilient grid is a service performed continuously throughout the contractual term. | Contract and tariff approved by regulator. EUR per kW/KVA for yearly/monthly peak and power available at access point. | ||
Management of the electricity system | This component of the access contract signed with access holders/DSOs covers the management and operation of the electricity system and the offtake of additional reactive energy relating to Elia\u2019s grid (different from the connection assets). The revenue is recognised over time, as these services are performed continuously throughout the contractual term. | Contract and tariff approved by regulator. EUR per kW/ kVArh at access point. | ||
Market integration | This component is part of the access contract signed with access holders/DSOs, and covers (i) services to facilitate the energy market; (ii) services to develop and enhance the integration of an effective and efficient electricity market; (iii) the management of interconnectors and coordination with neighbouring countries and the European authorities; and (iv) the publication of data, as required by transparency obligations. The revenue is recognised over time, as these services are performed continuously throughout the contractual term. | Contract and tariff approved by regulator. EUR per kW at access point. | ||
Compensation for imbalances | As defined in the BRP contract, the BRP (Balance Responsible Party) has a commitment to ensure a perfect balance between offtake and injection on the grid. In the event of an imbalance caused by a BRP, Elia has to activate the ancillary services, which are then invoiced to the BRP. The revenue is recognised at the point in time when an imbalance occurs. | Contract and tariff/mechanism approved by regulator. Based on market prices, EUR per kW imbalance at access point. | ||
International revenues | Grid use along borders is organised through half-yearly, quarterly, monthly, weekly, weekend, daily and intra-day auctions. Elia and the regulators decide which auctions are conducted along each border. Auctions are organised through an auction office, which acts as an agent. The auction office collects the revenues paid by the European energy traders, which are ultimately shared between neighbouring TSOs based on the volumes imported/exported on the border. The revenue is recognised at the point in time when an import/export activity occurs. | Framework agreement with parties and auction office. Price is set based on price difference in cross-border market prices. |
Revenue stream | Nature and timing of satisfaction of performance obligations | Contract \u2013 Price setting | ||
Grid revenues | ||||
Revenues from incentive regulation | The \u2018grid use fee\u2019 is charged to grid users/DSOs connected to the grid for the offtake on the onshore grid. This contract is signed with grid users. The revenue is recognised over time, as this service is a performed continuously throughout the contractual term. | Standard contract and grid tariffs defined by regulator. | ||
Last-mile connection (\"client contribution\") is a component of the \u2018grid use fee\u2019 contract. At the request of a future grid user, 50Hertz constructs a dedicated/physical connection, known as a last-mile connection, to create an interface point to the grid. Although control of the asset is not transferred as such to the grid user, the grid user obtains direct access to the high-voltage grid. The access right transferred by 50Hertz is valuable to the grid user, hence why the grid user compensates 50Hertz in cash. Since the grid user simultaneously enters into a grid connection contract, the two activities (access right and grid connection services) are not distinct and constitute a single performance obligation and interdependence between the contracts. As the total amount of revenue recognised for this single performance obligation, which includes grid connection services, is recognised over the life of the assets, the contract has no specific end date. This component of the grid connection/grid user contract is presented separately (not part of the grid connection/revenues from the revenue cap) because the tariff-setting method is very specific from a regulatory perspective. | Standard contract approved by regulator, but the price is set on the basis of the budget for implementing the connection. | |||
Revenues from offshore regulation | This component comprises tariffs charged to grid users/DSOs to cover grid connection costs for offshore wind farms. The revenue is recognised over time, as this service is performed continuously throughout the contractual term | Contract and tariffs predefined in regulatory mechanism. | ||
Energy revenues | This revenue stream consists of different components | |||
Congestion management and redispatch fees are paid by market participants for use of the capacity made available by 50Hertz on specific lines (including use of cross-border assets). This allocation mechanism is governed by transparent, market-oriented procedures. The revenue is recognised at the point in time when it is generated | Standard contracts approved by regulator and tariff mechanism defined in regulatory schemes. | |||
Compensation for imbalances Market participants (BRPs) have a commitment to ensure a perfect balance between offtake and injection on the grid. In the event of an imbalance, Elia invoices the market participant to compensate for the costs incurred. The revenue is recognised at the point in time when an imbalance occurs. | Standard contracts approved by regulator and tariff mechanism defined in regulatory schemes. | |||
Horizontal reimbursement of lignite back-up costs In its role as a TSO, 50Hertz charges fees to other TSOs for services related to the\u00a0 reserve power required by the legal framework. The revenue is recognised over time, as this service is performed continuously throughout the contractual term. |
Revenue stream | Nature and timing of satisfaction of performance obligations | Contract \u2013 Price setting | ||
Other revenues | ||||
Third-party services | Elia Grid International provides consultancy services to third parties around the world. The revenue is recognised over the completion of the contract. Third-party services are presented in other revenues. | Contract negotiated between EGI and customer. The contract price is set when the contract is concluded with the customer. | ||
The payment term is generally 30 days from the invoice date. | ||||
Commission fee | Re.alto provides a platform through which energy actors (e.g. traders, prosumers) can exchange energy data. re.alto receives a commission on transactions undertaken via the platform. The revenue is recognised at the point in time when the transaction occurs. The commission fee is presented in other revenues. | The commission fee is a fixed percentage on each transaction. | ||
Others | This mainly covers other services than those described above. The revenue is recognised at the point in time when the service is complete. | |||
Type of assets | Class | Rate | ||
Administrative buildings | Land and buildings | 1.67 \u2013 2.00% | ||
Industrial buildings | Land and buildings | 2.00 \u2013 4.00% | ||
Overhead lines | Machinery and equip. | 2.00 \u2013 4.00% | ||
Underground cables | Machinery and equip. | 2.00 \u2013 5.00% | ||
Substations (facilities and machines) | Machinery and equip. | 2.50 \u2013 6.67% | ||
Remote control | Machinery and equip. | 3.00 \u2013 12.50% | ||
Dispatching | Machinery and equip. | 4.00 \u2013 10.00% | ||
Other PPE (fitting out rented buildings) | Other | contractual period | ||
Vehicles | Furniture and vehicles | 6.67 \u2013 20.00% | ||
Tools and office furniture | Furniture and vehicles | 6.67 \u2013 20.00% | ||
Hardware | Furniture and vehicles | 25.00 \u2013 33.00% | ||
Right of use assets | Leasing | contractual period |
Type of assets | Class | Rate | ||
Administrative buildings | Land and buildings | 1.67 \u2013 2.00% | ||
Industrial buildings | Land and buildings | 2.00 \u2013 4.00% | ||
Overhead lines | Machinery and equip. | 2.00 \u2013 4.00% | ||
Underground cables | Machinery and equip. | 2.00 \u2013 5.00% | ||
Substations (facilities and machines) | Machinery and equip. | 2.50 \u2013 6.67% | ||
Remote control | Machinery and equip. | 3.00 \u2013 12.50% | ||
Dispatching | Machinery and equip. | 4.00 \u2013 10.00% | ||
Other PPE (fitting out rented buildings) | Other | contractual period | ||
Vehicles | Furniture and vehicles | 6.67 \u2013 20.00% | ||
Tools and office furniture | Furniture and vehicles | 6.67 \u2013 20.00% | ||
Hardware | Furniture and vehicles | 25.00 \u2013 33.00% | ||
Right of use assets | Leasing | contractual period |
Type of assets | Rate | |
Licences | 20% | |
Concessions | contractual period | |
Computer software | 20.00 \u2013 25.00% |
Type of assets | Rate | |
Licences | 20% | |
Concessions | contractual period | |
Computer software | 20.00 \u2013 25.00% |
Revenue stream | Nature, customer and timing of satisfaction of performance obligations | Contract \u2013 Price setting | ||
Grid revenues | ||||
Grid connection | Technical studies conducted at the request of grid users, connected directly to the grid with a view to having a new connection built or an existing connection altered. The revenue is recognised at the point in time when the study is delivered. | Contract and tariff approved by regulator. Fixed amount per type of study. | ||
Last-mile connection is a component of the grid connection contract. At the request of a future grid user, ETB constructs/adjusts a dedicated/ physical connection, known as a last-mile connection, to connect the customer\u2019s facility to ETB\u2019s grid. Although control of the asset is not transferred as such to the grid user, the grid user obtains direct access to the high-voltage grid. The access right transferred by Elia is valuable to the grid user, hence why the grid user compensates ETB in cash. Since the grid user simultaneously enters into a grid connection contract, the two activities (access right and grid connection services) are not distinct and constitute a single performance obligation and interdependence between the contracts. As the total amount of revenue recognised for this single performance obligation, which includes grid connection services, is recognised over the life of the assets, the contract has no specific end date. This component of the grid connection/grid user contract is presented separately\u00a0 (not part of the grid connection/revenues from the revenue cap) because the tariff-setting method is very specific from a regulatory perspective. | Standard contract approved by regulator, but the price is set on the basis of the budget for implementing the connection. | |||
The fees charged to grid users/distribution system operators (DSOs) cover the maintenance and operating costs relating to the dedicated connection facilities. The revenue is recognised over time, as this service is performed continuously throughout the contractual term. | Contract and tariff approved by regulator. Tariff is set per asset type (e.g. bay, km of cable). | |||
Management and development of grid infrastructure | This component of the access contract signed with access holders/DSOs covers the development and management of the grid with a view to meeting capacity needs and satisfying demand for electricity transmission. The revenue is recognised over time, as providing sufficient capacity and a resilient grid is a service performed continuously throughout the contractual term. | Contract and tariff approved by regulator. EUR per kW/KVA for yearly/monthly peak and power available at access point. | ||
Management of the electricity system | This component of the access contract signed with access holders/DSOs covers the management and operation of the electricity system and the offtake of additional reactive energy relating to Elia\u2019s grid (different from the connection assets). The revenue is recognised over time, as these services are performed continuously throughout the contractual term. | Contract and tariff approved by regulator. EUR per kW/ kVArh at access point. | ||
Market integration | This component is part of the access contract signed with access holders/DSOs, and covers (i) services to facilitate the energy market; (ii) services to develop and enhance the integration of an effective and efficient electricity market; (iii) the management of interconnectors and coordination with neighbouring countries and the European authorities; and (iv) the publication of data, as required by transparency obligations. The revenue is recognised over time, as these services are performed continuously throughout the contractual term. | Contract and tariff approved by regulator. EUR per kW at access point. | ||
Compensation for imbalances | As defined in the BRP contract, the BRP (Balance Responsible Party) has a commitment to ensure a perfect balance between offtake and injection on the grid. In the event of an imbalance caused by a BRP, Elia has to activate the ancillary services, which are then invoiced to the BRP. The revenue is recognised at the point in time when an imbalance occurs. | Contract and tariff/mechanism approved by regulator. Based on market prices, EUR per kW imbalance at access point. | ||
International revenues | Grid use along borders is organised through half-yearly, quarterly, monthly, weekly, weekend, daily and intra-day auctions. Elia and the regulators decide which auctions are conducted along each border. Auctions are organised through an auction office, which acts as an agent. The auction office collects the revenues paid by the European energy traders, which are ultimately shared between neighbouring TSOs based on the volumes imported/exported on the border. The revenue is recognised at the point in time when an import/export activity occurs. | Framework agreement with parties and auction office. Price is set based on price difference in cross-border market prices. |
Revenue stream | Nature and timing of satisfaction of performance obligations | Contract \u2013 Price setting | ||
Grid revenues | ||||
Revenues from incentive regulation | The \u2018grid use fee\u2019 is charged to grid users/DSOs connected to the grid for the offtake on the onshore grid. This contract is signed with grid users. The revenue is recognised over time, as this service is a performed continuously throughout the contractual term. | Standard contract and grid tariffs defined by regulator. | ||
Last-mile connection (\"client contribution\") is a component of the \u2018grid use fee\u2019 contract. At the request of a future grid user, 50Hertz constructs a dedicated/physical connection, known as a last-mile connection, to create an interface point to the grid. Although control of the asset is not transferred as such to the grid user, the grid user obtains direct access to the high-voltage grid. The access right transferred by 50Hertz is valuable to the grid user, hence why the grid user compensates 50Hertz in cash. Since the grid user simultaneously enters into a grid connection contract, the two activities (access right and grid connection services) are not distinct and constitute a single performance obligation and interdependence between the contracts. As the total amount of revenue recognised for this single performance obligation, which includes grid connection services, is recognised over the life of the assets, the contract has no specific end date. This component of the grid connection/grid user contract is presented separately (not part of the grid connection/revenues from the revenue cap) because the tariff-setting method is very specific from a regulatory perspective. | Standard contract approved by regulator, but the price is set on the basis of the budget for implementing the connection. | |||
Revenues from offshore regulation | This component comprises tariffs charged to grid users/DSOs to cover grid connection costs for offshore wind farms. The revenue is recognised over time, as this service is performed continuously throughout the contractual term | Contract and tariffs predefined in regulatory mechanism. | ||
Energy revenues | This revenue stream consists of different components | |||
Congestion management and redispatch fees are paid by market participants for use of the capacity made available by 50Hertz on specific lines (including use of cross-border assets). This allocation mechanism is governed by transparent, market-oriented procedures. The revenue is recognised at the point in time when it is generated | Standard contracts approved by regulator and tariff mechanism defined in regulatory schemes. | |||
Compensation for imbalances Market participants (BRPs) have a commitment to ensure a perfect balance between offtake and injection on the grid. In the event of an imbalance, Elia invoices the market participant to compensate for the costs incurred. The revenue is recognised at the point in time when an imbalance occurs. | Standard contracts approved by regulator and tariff mechanism defined in regulatory schemes. | |||
Horizontal reimbursement of lignite back-up costs In its role as a TSO, 50Hertz charges fees to other TSOs for services related to the\u00a0 reserve power required by the legal framework. The revenue is recognised over time, as this service is performed continuously throughout the contractual term. |
Revenue stream | Nature and timing of satisfaction of performance obligations | Contract \u2013 Price setting | ||
Other revenues | ||||
Third-party services | Elia Grid International provides consultancy services to third parties around the world. The revenue is recognised over the completion of the contract. Third-party services are presented in other revenues. | Contract negotiated between EGI and customer. The contract price is set when the contract is concluded with the customer. | ||
The payment term is generally 30 days from the invoice date. | ||||
Commission fee | Re.alto provides a platform through which energy actors (e.g. traders, prosumers) can exchange energy data. re.alto receives a commission on transactions undertaken via the platform. The revenue is recognised at the point in time when the transaction occurs. The commission fee is presented in other revenues. | The commission fee is a fixed percentage on each transaction. | ||
Others | This mainly covers other services than those described above. The revenue is recognised at the point in time when the service is complete. | |||
Results Elia Transmission\u00a0 (in \u20ac million) \u2212 period ended 31 December | 2024 | 2023 | Difference (%) | |||
Revenue, other income and net income (expense) from settlement mechanism | 1,608.9 | 1,383.9 | 16.3% | |||
Revenues | 1,190.6 | 1,276.3 | (6.7)% | |||
Other income | 170.5 | 57.2 | 198.2% | |||
Net income (expense) from settlement mechanism | 247.8 | 50.4 | 391.3% | |||
Depreciation, amortisation, impairment and changes in provisions | (244.2) | (219.8) | 11.1% | |||
Results from operating activities | 348.7 | 287.6 | 21.2% | |||
Equity accounted investees | 3.3 | 2.8 | 17.0% | |||
EBIT | 352.0 | 290.5 | 21.2% | |||
EBITDA | 596.1 | 510.2 | 16.8% | |||
Finance income | 26.4 | 19.2 | 37.6% | |||
Finance costs | (96.9) | (73.9) | 31.2% | |||
Income tax expenses | (67.7) | (54.9) | 23.3% | |||
Net profit | 213.8 | 180.9 | 18.2% | |||
Consolidated statement of financial position (in \u20ac million) | 31 December 2024 | 31 December 2023 | Difference (%) | |||
Total assets | 9,466.4 | 8,277.8 | 14.4% | |||
Capital expenditures | 1,221.2 | 747.5 | 63.4% | |||
Net financial debt | 4,365.3 | 3,479.1 | 25.5% |
(in \u20ac million) | 2024 | 2023 | Difference (%) | |||
Grid revenue: | 1,186.4 | 1,234.9 | (3.9)% | |||
Grid connection | 53.5 | 46.2 | 15.8% | |||
Management and development of grid infrastructure | 472.9 | 461.3 | 2.5% | |||
Management of the electrical system | 122.9 | 157.0 | (21.7)% | |||
Compensation for imbalances | 384.2 | 255.1 | 50.6% | |||
Market integration | 20.8 | 21.0 | (0.9)% | |||
International revenue | 132.1 | 294.3 | (55.1)% | |||
Last mile connection | 3.4 | 3.3 | 2.6% | |||
Other revenue | 0.9 | 38.2 | (97.7)% | |||
Subtotal revenue | 1,190.6 | 1,276.3 | (6.7)% | |||
Other income | 170.5 | 57.2 | 198.2% | |||
Net income (expense) from settlement mechanism | 247.8 | 50.4 | 391.3% | |||
Total revenue and other income | 1,608.9 | 1,383.9 | 16.3% |
Results 50Hertz Transmission Germany (in \u20ac million) \u2212 period ended 31 December | 2024 | 2023 | Difference (%) | |||
Revenue, other income and net income (expense) from settlement mechanism | 2,520.1 | 2,578.2 | (2.3)% | |||
Revenues | 2,566.1 | 2,553.0 | 0.5% | |||
Other income | 249.6 | 175.3 | 42.4% | |||
Net income (expense) from settlement mechanism | (295.6) | (150.1) | 96.9% | |||
Depreciation, amortisation, impairment and changes in provisions | (373.6) | (332.2) | 12.5% | |||
Results from operating activities | 532.0 | 378.7 | 40.5% | |||
EBIT | 532.0 | 378.7 | 40.5% | |||
EBITDA | 905.6 | 710.9 | 27.4% | |||
Finance income | 60.5 | 37.5 | 61.4% | |||
Finance costs | (142.4) | (97.3) | 46.3% | |||
Income tax expenses | (142.3) | (100.4) | 41.7% | |||
Net profit | 307.9 | 218.5 | 40.9% | |||
Of which attributable to the Elia Group | 246.3 | 174.8 | 40.9% | |||
Consolidated statement of financial position (in \u20ac million) | 31 December 2024 | 31 December 2023 | Difference (%) | |||
Total assets | 14,155.3 | 10,086.6 | 40.3% | |||
Capital expenditures | 3,710.0 | 1,728.1 | 114.7% | |||
Net financial debt | 7,224.0 | 4,693.3 | 53.9% |
(in \u20ac million) | 2024 | 2023 | Difference (%) | |||
Grid revenue: | 2,553.4 | 2,535.4 | 0.7% | |||
Revenue from incentive regulation | 1,733.5 | 1,558.0 | 11.3% | |||
Revenue from offshore regulation | 417.7 | 400.9 | 4.2% | |||
Energy revenue | 402.1 | 576.5 | (30.2)% | |||
Other revenue (incl. last mile connection) | 12.7 | 17.7 | (28.0)% | |||
Subtotal revenue | 2,566.1 | 2,553.0 | 0.5% | |||
Other income | 249.6 | 175.3 | 42.4% | |||
Net income (expense) from settlement mechanism | (295.6) | (150.1) | 96.9% | |||
Total revenue and other income | 2,520.1 | 2,578.2 | (2.3)% |
Results Non-regulated segment and Nemo Link (in \u20ac million) \u2212 period ended 31 December | 2024 | 2023 | Difference (%) | |||
Total revenues | 84.7 | 18.5 | 358.2% | |||
Other income | 22.6 | 50.5 | (55.2)% | |||
Depreciation, amortisation, impairment and changes in provisions | (2.0) | (0.9) | 108.3% | |||
Results from operating activities | (1.0) | (22.0) | (95.3)% | |||
Share of profit of equity accounted investees (net of income tax) | 29.9 | 27.3 | 9.2% | |||
EBIT | 28.8 | 5.4 | 433.7% | |||
Adjusted EBIT | 28.8 | 17.3 | 66.5% | |||
EBITDA | 30.8 | 6.3 | 388.7% | |||
Finance income | 17.1 | 4.9 | 249.4% | |||
Finance costs | (37.8) | (9.8) | 284.9% | |||
Income tax expenses | (17.3) | (0.2) | n.r. | |||
Net profit | (9.2) | 0.2 | n.r. | |||
Of which attributable to the Elia Group | (9.6) | (0.2) | n.r. | |||
Adjusted items | \u2014 | (11.9) | (100.0)% | |||
Adjusted net profit | (9.2) | 12.1 | (176.0)% | |||
Consolidated statement of financial position (in \u20ac million) | 31 December 2024 | 31 December 2023 | Difference (%) | |||
Total assets | 2,621.9 | 1,844.9 | 42.1% | |||
Capital expenditures | 1.5 | 1.1 | n.r. | |||
Net financial debt | 1,208.9 | 469.6 | 157.4% |
2024 | 2024 | 2024 | 2024 | 2024 | ||||||
Consolidated results (in \u20ac million) \u2212 period ended 31 December | Elia Transmission | 50Hertz Transmission | Non-regulated segment and Nemo Link | Consolidation entries & intersegment transactions | Elia Group | |||||
( a ) | ( b ) | ( c ) | ( d ) | ( a ) + ( b ) + ( c ) + ( d ) | ||||||
Revenue | 1,190.6 | 2,566.1 | 84.7 | (74.4) | 3,767.0 | |||||
Other income | 170.5 | 249.6 | 22.6 | (59.1) | 383.6 | |||||
Net income (expense) from settlement mechanism | 247.8 | (295.6) | \u2014 | \u2014 | (47.8) | |||||
Depreciation, amortisation, impairment and changes in provisions | (244.2) | (373.6) | (2.0) | \u2014 | (619.7) | |||||
Results from operating activities | 348.7 | 532.0 | (1.0) | (0.6) | 879.1 | |||||
Share of profit of equity accounted investees, net of tax | 3.3 | \u2014 | 29.9 | \u2014 | 33.2 | |||||
Earnings before interest and tax (EBIT) | 352.0 | 532.0 | 28.8 | (0.6) | 912.2 | |||||
Earnings before depreciation, amortisation, interest and tax (EBITDA) | 596.1 | 905.6 | 30.8 | (0.6) | 1,531.9 | |||||
Finance income | 26.4 | 60.5 | 17.1 | \u2014 | 104.1 | |||||
Finance costs | (96.9) | (142.4) | (37.8) | 0.6 | (276.5) | |||||
Income tax expenses | (67.7) | (142.3) | (17.3) | \u2014 | (227.3) | |||||
Net profit | 213.8 | 307.9 | (9.2) | \u2014 | 512.5 | |||||
Profit attributable to the owners of the company | 213.8 | 246.3 | (9.6) | \u2014 | 450.6 | |||||
Consolidated statement of financial position (in \u20ac million) | 31/12/2024 | 31/12/2024 | 31/12/2024 | 31/12/2024 | 31/12/2024 | |||||
Total assets | 9,466.4 | 14,155.3 | 2,621.9 | (1,316.0) | 24,927.6 | |||||
Capital expenditures | 1,221.2 | 3,710.0 | 1.5 | \u2014 | 4,932.7 | |||||
Net financial debt | 4,365.3 | 7,224.0 | 1,208.9 | \u2014 | 12,798.2 |
2023 | 2023 | 2023 | 2023 | 2023 | ||||||
Elia Transmission | 50Hertz Transmission | Non-regulated segment and Nemo Link | Consolidation entries & intersegment transactions | Elia Group | ||||||
Consolidated results (in \u20ac million) \u2212 period ended 31 December | ( a ) | ( b ) | ( c ) | ( d ) | ( a ) + ( b ) + ( c ) + ( d ) | |||||
Revenue | 1,276.3 | 2,553.0 | 18.5 | (5.3) | 3,842.6 | |||||
Other income | 57.2 | 175.3 | 50.5 | (72.3) | 210.7 | |||||
Net income (expense) from settlement mechanism | 50.4 | (150.1) | \u2014 | \u2014 | (99.7) | |||||
Depreciation, amortisation, impairment and changes in provisions | (219.8) | (332.2) | (0.9) | \u2014 | (552.9) | |||||
Results from operating activities | 287.6 | 378.7 | (22.0) | (0.1) | 644.2 | |||||
Share of profit of equity accounted investees, net of tax | 2.8 | \u2014 | 27.3 | \u2014 | 30.2 | |||||
Earnings before interest and tax (EBIT) | 290.5 | 378.7 | 5.4 | (0.1) | 674.4 | |||||
Earnings before depreciation, amortisation, interest and tax (EBITDA) | 510.2 | 710.9 | 6.3 | (0.1) | 1,227.3 | |||||
Finance income | 19.2 | 37.5 | 4.9 | \u2014 | 61.6 | |||||
Finance costs | (73.9) | (97.3) | (9.8) | 0.1 | (181.0) | |||||
Income tax expenses | (54.9) | (100.4) | (0.2) | \u2014 | (155.5) | |||||
Net profit | 180.9 | 218.5 | 0.2 | \u2014 | 399.5 | |||||
Profit attributable to the owners of the company | 180.9 | 174.8 | (0.2) | \u2014 | 355.4 | |||||
Consolidated statement of financial position (in \u20ac million) | 31/12/2023 | 31/12/2023 | 31/12/2023 | 31/12/2023 | 31/12/2023 | |||||
Total assets | 8,277.8 | 10,086.6 | 1,844.9 | (819.2) | 19,390.1 | |||||
Capital expenditures | 747.5 | 1,728.1 | 1.1 | \u2014 | 2,476.7 | |||||
Net financial debt | 3,479.1 | 4,693.3 | 469.6 | \u2014 | 8,641.9 |
(in \u20ac million) \u2212 Period ended 31 December 2023 | Elia Transmission | 50Hertz Transmission | Non-regulated segment and Nemo Link | Consolidation entries | Elia Group | |||||
Adjusted items | ||||||||||
Transaction costs (acquisition of a minority stake in energyRe Giga - US) | \u2014 | \u2014 | (11.9) | \u2014 | (11.9) | |||||
Adjusted EBIT | \u2014 | \u2014 | (11.9) | \u2014 | (11.9) | |||||
Tax impact | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |||||
Net profit \u2013 adjusted items | \u2014 | \u2014 | (11.9) | \u2014 | (11.9) |
2024 | 2024 | 2024 | 2024 | 2024 | ||||||
Consolidated results (in \u20ac million) \u2212 period ended 31 December | Elia Transmission | 50Hertz Transmission | Non-regulated segment and Nemo Link | Consolidation entries & intersegment transactions | Elia Group | |||||
( a ) | ( b ) | ( c ) | ( d ) | ( a ) + ( b ) + ( c ) + ( d ) | ||||||
Revenue | 1,190.6 | 2,566.1 | 84.7 | (74.4) | 3,767.0 | |||||
Other income | 170.5 | 249.6 | 22.6 | (59.1) | 383.6 | |||||
Net income (expense) from settlement mechanism | 247.8 | (295.6) | \u2014 | \u2014 | (47.8) | |||||
Depreciation, amortisation, impairment and changes in provisions | (244.2) | (373.6) | (2.0) | \u2014 | (619.7) | |||||
Results from operating activities | 348.7 | 532.0 | (1.0) | (0.6) | 879.1 | |||||
Share of profit of equity accounted investees, net of tax | 3.3 | \u2014 | 29.9 | \u2014 | 33.2 | |||||
Earnings before interest and tax (EBIT) | 352.0 | 532.0 | 28.8 | (0.6) | 912.2 | |||||
Earnings before depreciation, amortisation, interest and tax (EBITDA) | 596.1 | 905.6 | 30.8 | (0.6) | 1,531.9 | |||||
Finance income | 26.4 | 60.5 | 17.1 | \u2014 | 104.1 | |||||
Finance costs | (96.9) | (142.4) | (37.8) | 0.6 | (276.5) | |||||
Income tax expenses | (67.7) | (142.3) | (17.3) | \u2014 | (227.3) | |||||
Net profit | 213.8 | 307.9 | (9.2) | \u2014 | 512.5 | |||||
Profit attributable to the owners of the company | 213.8 | 246.3 | (9.6) | \u2014 | 450.6 | |||||
Consolidated statement of financial position (in \u20ac million) | 31/12/2024 | 31/12/2024 | 31/12/2024 | 31/12/2024 | 31/12/2024 | |||||
Total assets | 9,466.4 | 14,155.3 | 2,621.9 | (1,316.0) | 24,927.6 | |||||
Capital expenditures | 1,221.2 | 3,710.0 | 1.5 | \u2014 | 4,932.7 | |||||
Net financial debt | 4,365.3 | 7,224.0 | 1,208.9 | \u2014 | 12,798.2 |
2023 | 2023 | 2023 | 2023 | 2023 | ||||||
Elia Transmission | 50Hertz Transmission | Non-regulated segment and Nemo Link | Consolidation entries & intersegment transactions | Elia Group | ||||||
Consolidated results (in \u20ac million) \u2212 period ended 31 December | ( a ) | ( b ) | ( c ) | ( d ) | ( a ) + ( b ) + ( c ) + ( d ) | |||||
Revenue | 1,276.3 | 2,553.0 | 18.5 | (5.3) | 3,842.6 | |||||
Other income | 57.2 | 175.3 | 50.5 | (72.3) | 210.7 | |||||
Net income (expense) from settlement mechanism | 50.4 | (150.1) | \u2014 | \u2014 | (99.7) | |||||
Depreciation, amortisation, impairment and changes in provisions | (219.8) | (332.2) | (0.9) | \u2014 | (552.9) | |||||
Results from operating activities | 287.6 | 378.7 | (22.0) | (0.1) | 644.2 | |||||
Share of profit of equity accounted investees, net of tax | 2.8 | \u2014 | 27.3 | \u2014 | 30.2 | |||||
Earnings before interest and tax (EBIT) | 290.5 | 378.7 | 5.4 | (0.1) | 674.4 | |||||
Earnings before depreciation, amortisation, interest and tax (EBITDA) | 510.2 | 710.9 | 6.3 | (0.1) | 1,227.3 | |||||
Finance income | 19.2 | 37.5 | 4.9 | \u2014 | 61.6 | |||||
Finance costs | (73.9) | (97.3) | (9.8) | 0.1 | (181.0) | |||||
Income tax expenses | (54.9) | (100.4) | (0.2) | \u2014 | (155.5) | |||||
Net profit | 180.9 | 218.5 | 0.2 | \u2014 | 399.5 | |||||
Profit attributable to the owners of the company | 180.9 | 174.8 | (0.2) | \u2014 | 355.4 | |||||
Consolidated statement of financial position (in \u20ac million) | 31/12/2023 | 31/12/2023 | 31/12/2023 | 31/12/2023 | 31/12/2023 | |||||
Total assets | 8,277.8 | 10,086.6 | 1,844.9 | (819.2) | 19,390.1 | |||||
Capital expenditures | 747.5 | 1,728.1 | 1.1 | \u2014 | 2,476.7 | |||||
Net financial debt | 3,479.1 | 4,693.3 | 469.6 | \u2014 | 8,641.9 |
(in \u20ac million) | 2024 | 2023 | ||
Revenue | 3,767.0 | 3,842.6 | ||
Grid revenue | 3,739.8 | 3,770.3 | ||
Last mile connection | 4.8 | 4.8 | ||
Other revenue | 22.4 | 67.5 | ||
Net income (expense) from settlement mechanism | (47.8) | (99.7) | ||
Other income | 383.6 | 210.7 | ||
Services and technical expertise | 0.0 | 1.6 | ||
Own production | 218.7 | 156.6 | ||
Optimal use of assets | 17.2 | 17.4 | ||
Other controllable income | 24.7 | 15.3 | ||
Other non controllable income | 65.9 | \u2014 | ||
Tax credit (Group contribution) | 14.5 | \u2014 | ||
Gain on sale PPE | 1.8 | 2.5 | ||
Other | 40.8 | 17.2 |
(in \u20ac million) | 2024 | 2023 | ||
Revenue | 3,767.0 | 3,842.6 | ||
Grid revenue | 3,739.8 | 3,770.3 | ||
Last mile connection | 4.8 | 4.8 | ||
Other revenue | 22.4 | 67.5 | ||
Net income (expense) from settlement mechanism | (47.8) | (99.7) | ||
Other income | 383.6 | 210.7 | ||
Services and technical expertise | 0.0 | 1.6 | ||
Own production | 218.7 | 156.6 | ||
Optimal use of assets | 17.2 | 17.4 | ||
Other controllable income | 24.7 | 15.3 | ||
Other non controllable income | 65.9 | \u2014 | ||
Tax credit (Group contribution) | 14.5 | \u2014 | ||
Gain on sale PPE | 1.8 | 2.5 | ||
Other | 40.8 | 17.2 |
Cost of materials, services and other goods | ||||
(in \u20ac million) | 2024 | 2023 | ||
Raw materials, consumables and goods for resale | 23.0 | 17.2 | ||
Purchase of ancillary services | 1,452.1 | 1,673.7 | ||
Services and other goods (excl. purchase of ancillary services) | 619.7 | 604.6 | ||
Total | 2,094.8 | 2,295.6 |
Personnel expenses | ||||
(in \u20ac million) | 2024 | 2023 | ||
Salaries and wages | 354.7 | 313.2 | ||
Social security contributions | 74.6 | 64.2 | ||
Pension costs | 27.3 | 25.6 | ||
Other personnel expenses | 7.9 | 7.8 | ||
Share-based payments expenses | 0.1 | 0.1 | ||
Employee benefits (excl. pensions) | 6.4 | 3.6 | ||
Total | 471.0 | 414.5 |
Depreciation, amortisation, impairment and changes in provisions | ||||
(in \u20ac million) | 2024 | 2023 | ||
Amortisation of intangible assets | 53.2 | 40.2 | ||
Depreciation of property, plant and equipment | 565.9 | 517.3 | ||
Total depreciation and amortisation | 619.1 | 557.5 | ||
Impairment of inventories and trade receivables | 0.3 | \u2014 | ||
Total impairment | 0.3 | \u2014 | ||
Provisions for litigations | 0.9 | (2.6) | ||
Environmental provisions | 0.2 | (2.0) | ||
Other provisions | (0.8) | 0.0 | ||
Changes in provisions | 0.3 | (4.6) | ||
Depreciation, amortisation, impairment and changes in provisions | 619.7 | 552.9 |
Other expenses | ||||
(in \u20ac million) | 2024 | 2023 | ||
Taxes other than income tax | 15.5 | 22.1 | ||
Loss on disposal/sale of property, plant and equipment | 16.0 | 19.2 | ||
Losses on realization of trade debtors | (0.5) | 2.6 | ||
Other | 7.2 | 2.5 | ||
Total | 38.2 | 46.4 |
Cost of materials, services and other goods | ||||
(in \u20ac million) | 2024 | 2023 | ||
Raw materials, consumables and goods for resale | 23.0 | 17.2 | ||
Purchase of ancillary services | 1,452.1 | 1,673.7 | ||
Services and other goods (excl. purchase of ancillary services) | 619.7 | 604.6 | ||
Total | 2,094.8 | 2,295.6 |
Personnel expenses | ||||
(in \u20ac million) | 2024 | 2023 | ||
Salaries and wages | 354.7 | 313.2 | ||
Social security contributions | 74.6 | 64.2 | ||
Pension costs | 27.3 | 25.6 | ||
Other personnel expenses | 7.9 | 7.8 | ||
Share-based payments expenses | 0.1 | 0.1 | ||
Employee benefits (excl. pensions) | 6.4 | 3.6 | ||
Total | 471.0 | 414.5 |
Depreciation, amortisation, impairment and changes in provisions | ||||
(in \u20ac million) | 2024 | 2023 | ||
Amortisation of intangible assets | 53.2 | 40.2 | ||
Depreciation of property, plant and equipment | 565.9 | 517.3 | ||
Total depreciation and amortisation | 619.1 | 557.5 | ||
Impairment of inventories and trade receivables | 0.3 | \u2014 | ||
Total impairment | 0.3 | \u2014 | ||
Provisions for litigations | 0.9 | (2.6) | ||
Environmental provisions | 0.2 | (2.0) | ||
Other provisions | (0.8) | 0.0 | ||
Changes in provisions | 0.3 | (4.6) | ||
Depreciation, amortisation, impairment and changes in provisions | 619.7 | 552.9 |
Other expenses | ||||
(in \u20ac million) | 2024 | 2023 | ||
Taxes other than income tax | 15.5 | 22.1 | ||
Loss on disposal/sale of property, plant and equipment | 16.0 | 19.2 | ||
Losses on realization of trade debtors | (0.5) | 2.6 | ||
Other | 7.2 | 2.5 | ||
Total | 38.2 | 46.4 |
Cost of materials, services and other goods | ||||
(in \u20ac million) | 2024 | 2023 | ||
Raw materials, consumables and goods for resale | 23.0 | 17.2 | ||
Purchase of ancillary services | 1,452.1 | 1,673.7 | ||
Services and other goods (excl. purchase of ancillary services) | 619.7 | 604.6 | ||
Total | 2,094.8 | 2,295.6 |
Personnel expenses | ||||
(in \u20ac million) | 2024 | 2023 | ||
Salaries and wages | 354.7 | 313.2 | ||
Social security contributions | 74.6 | 64.2 | ||
Pension costs | 27.3 | 25.6 | ||
Other personnel expenses | 7.9 | 7.8 | ||
Share-based payments expenses | 0.1 | 0.1 | ||
Employee benefits (excl. pensions) | 6.4 | 3.6 | ||
Total | 471.0 | 414.5 |
The total net liability for employee-benefit obligations is as follows: | ||||||||||||
2024 | 2023 | |||||||||||
(in \u20ac million) | Belgium | Germany | Total | Belgium | Germany | Total | ||||||
Defined benefit plans | (19.2) | 26.9 | 7.7 | 2.9 | 26.0 | 28.9 | ||||||
Post-employment benefits other than pensions | 50.6 | 6.2 | 56.7 | 53.4 | 7.5 | 60.9 | ||||||
Subtotal | 31.3 | 33.0 | 64.4 | 56.3 | 33.5 | 89.9 | ||||||
Other (non actuarial provision) | \u2014 | 0.6 | 0.6 | \u2014 | \u2014 | \u2014 | ||||||
Total provisions for employee benefits | 31.3 | 33.6 | 65.0 | 56.3 | 33.5 | 89.9 |
The Group\u2019s net liability for employee benefit obligations is as follows: | ||||||||
Pensions | Other | |||||||
(in \u20ac million) | 2024 | 2023 | 2024 | 2023 | ||||
Present value of funded defined benefit obligation | (280.0) | (281.7) | (115.5) | (111.0) | ||||
Fair value of plan assets | 272.4 | 252.8 | 58.6 | 50.1 | ||||
Net employee benefit liability | (7.6) | (28.9) | (56.9) | (60.9) |
Movement in the present value of the defined benefit obligation | Pensions | Other | ||||||
(in \u20ac million) | 2024 | 2023 | 2024 | 2023 | ||||
At the beginning of the period | (281.7) | (249.6) | (111.0) | (93.3) | ||||
Current service cost | (16.2) | (14.5) | (7.0) | (11.8) | ||||
Interest cost/income | (8.8) | (10.0) | (3.5) | (3.5) | ||||
Contributions from plan participants | (1.2) | (1.0) | \u2014 | \u2014 | ||||
Including remeasurement gains/(losses) in OCI and in Statement of profit or loss, arising from | ||||||||
1) Changes in demographic assumptions | \u2014 | \u2014 | \u2014 | \u2014 | ||||
2) Changes in financial assumptions | 5.6 | (7.2) | 1.4 | (3.7) | ||||
3) Changes from experience adjustments | 3.5 | (15.8) | 1.0 | (2.5) | ||||
Payments from the plan | 18.8 | 16.4 | 3.6 | 3.6 | ||||
At the end of the period | (280.0) | (281.7) | (115.5) | (111.0) |
Movement in the fair value of the plan assets | Pensions | Other | ||||||
(in \u20ac million) | 2024 | 2023 | 2024 | 2023 | ||||
At the beginning of the period | 252.8 | 224.5 | 50.1 | 41.3 | ||||
Interest income | 8.0 | 8.5 | 0.1 | 0.2 | ||||
Remeasurement gains/losses in OCI arising from: | ||||||||
Return of plan assets (excluding interest income on plan assets) | 10.3 | 14.9 | 0.2 | 0.3 | ||||
Contributions from employer | 15.0 | 17.5 | 9.4 | 10.2 | ||||
Contributions from plan participants | 1.2 | 1.0 | \u2014 | \u2014 | ||||
Benefit payments | (15.0) | (13.6) | (1.2) | (2.0) | ||||
At the end of the period | 272.4 | 252.8 | 58.6 | 50.1 |
Amounts recognised in comprehensive income and statement of profit and loss | Pensions | Other | ||||||
(in \u20ac million) | 2024 | 2023 | 2024 | 2023 | ||||
Service cost | ||||||||
Current service cost | (16.2) | (14.5) | 2.0 | (2.9) | ||||
Settlements | 0.7 | 0.6 | 0.2 | \u2014 | ||||
Actuarial gains/(losses) on defined- benefit obligation | \u2014 | \u2014 | 0.5 | (1.5) | ||||
Net interest on the net defined- benefit liability/(asset) | (0.8) | (1.5) | (3.3) | (3.3) | ||||
Interest cost on defined-benefit obligation | (8.8) | (10.0) | (3.5) | (3.5) | ||||
Interest income on plan assets | 8.0 | 8.5 | 0.1 | 0.2 | ||||
Other | \u2014 | \u2014 | (1.0) | (0.3) | ||||
Defined-benefit costs recognised in profit or loss | (16.2) | (15.3) | (1.6) | (8.0) | ||||
Actuarial gains(/losses) on defined obligations arising from: | ||||||||
1) Changes in demographic assumptions | \u2014 | \u2014 | \u2014 | \u2014 | ||||
2) Changes in financial assumptions | 5.6 | (7.2) | 1.4 | (3.2) | ||||
3) Changes from experience adjustments | 3.5 | (15.8) | 0.5 | (1.5) | ||||
Return on plan assets (excluding interest income on plan assets) | 10.3 | 14.9 | 0.2 | 0.3 | ||||
Remeasurements of net defined benefit (liability)/asset recognised in other comprehensive income (OCI) | 19.4 | (8.1) | 2.1 | (4.4) |
(in \u20ac million) | 2024 | 2023 | ||
Breakdown of defined-benefit obligation by type of plan participants | (395.9) | (392.7) | ||
Active plan participants | (311.2) | (314.8) | ||
Terminated plan participants with def.-benefit entitlements | (35.7) | (24.4) | ||
Retired plan participants and beneficiaries | (49.0) | (53.6) | ||
Breakdown of defined-benefit obligation by type of benefits | (395.9) | (392.7) | ||
Retirement and death benefits | (284.2) | (280.6) | ||
Other post-employment benefits | (97.3) | (98.8) | ||
Seniority payments | (14.3) | (13.4) |
(in % and years) | 2024 | 2023 | ||
Investments quoted in an active market | 73.88% | 73.44% | ||
Shares - Eurozone | 13.29% | 13.42% | ||
Shares - outside Eurozone | 17.60% | 17.58% | ||
Government bonds - Eurozone | 1.40% | 0.95% | ||
Other bonds - Eurozone | 25.86% | 25.09% | ||
Other bonds - outside Eurozone | 15.72% | 16.40% | ||
Unquoted investments | 26.12% | 26.56% | ||
Qualifying insurance contracts | 10.31% | 11.02% | ||
Property | 2.40% | 2.25% | ||
Cash and cash equivalents | 2.79% | 2.85% | ||
Other | 10.62% | 10.45% | ||
Total (in %) | 100.00% | 100.00% |
Actuarial assumptions | ||||||||
(in % and years) | Belgium | Germany | ||||||
2024 | 2023 | 2024 | 2023 | |||||
Discount rate | ||||||||
- Pensions - defined benefit plans and cash balance - best off plans | 3.25% | 3.23% | 3.45% | 3.13% | ||||
- Pensions - defined contribution plans | 3.42% | 3.16% | \u2014% | \u2014% | ||||
- Other | 3.42% | 3.16% | 3.45% | 3.13% | ||||
Expected average salary increase (excluding inflation) | 1.30% | 1.30% | 3.25% | 3.00% | ||||
Expected inflation | 2.10% | 2.10% | 2.00% | 2.25% | ||||
Expected increase in health benefits (including inflation) | 3.10% | 3.10% | 2.00% | 2.25% | ||||
Expected increase in tariff advantages | 2.10% | 2.10% | 0.0 | 0.0 | ||||
Average assumed retirement age | ||||||||
- Employee | 63.0 | 63.0 | 65.0 | 65.0 | ||||
- Manager | 65.0 | 65.0 | 65.0 | 65.0 | ||||
Life expectancy in years of a pensioner retiring at age 65 at closing date:* | ||||||||
Life expectancy for a 65 year old male | 19.9 | 19.9 | 20.9 | 20.8 | ||||
Life expectancy for a 65 year old female | 23.6 | 23.6 | 24.3 | 24.2 | ||||
*Mortality tables used: IABE in Belgium, 2018 Heubeck in Germany |
(in years\u00a0) | Belgium | Germany | ||||||
2024 | 2023 | 2024 | 2023 | |||||
Weighted average duration of the defined benefit obligation | 6.0 | 6.1 | 24.8 | 24.9 | ||||
Weighted average duration of the defined contribution plans | 10.7 | 10.7 | \u2014 | \u2014 | ||||
Weighted average duration of the post- employment benefits other than pensions | 12.1 | 12.5 | 13.4 | 13.5 |
Future expected cash outflows | < 12 months | 1-5 years | 6 - 10 years | |||
Pensions | (4.9) | (21.9) | (26.7) | |||
Other | (5.0) | (19.1) | (20.8) | |||
Total (in \u20ac million) | (9.9) | (41.0) | (47.5) |
Sensitivity analysis | ||||
Effect on defined benefit obligation | Belgium | Germany | ||
(in \u20ac) | Increase (+) / Decrease (-) | Increase (+) / Decrease (-) | ||
Impact on the net defined-benefit obligation of an increase in: | ||||
Discount rate (0.5% movement) | 7.6 | (6.6) | ||
Average salary increase - excl. inflation (0.5% movement) | (6.6) | 3.9 | ||
Inflation (0.25% movement) | (3.4) | 0.2 | ||
Increase of healthcare care benefits (1.0% movement) | (0.3) | n.r. | ||
Life expectancy of pensions (1 year) | 15.7 | 0.9 |
Movement in the present value of the reimbursement rights | Pensions | Other | ||||||
(in \u20ac) | 2024 | 2023 | 2024 | 2023 | ||||
At the beginning of the period | (13.3) | (14.0) | (23.5) | (19.7) | ||||
Current service costs | \u2014 | \u2014 | \u2014 | \u2014 | ||||
Interest cost/income | (0.4) | (0.5) | (0.7) | (0.8) | ||||
Actuarial gains(/losses) on defined obligations arising from: | ||||||||
1) Changes in demographic assumptions | \u2014 | \u2014 | \u2014 | \u2014 | ||||
2) Changes in financial assumptions | 0.3 | (0.4) | 0.7 | (1.8) | ||||
3) Changes from experience adjustments | (1.6) | (0.7) | 0.1 | (3.0) | ||||
Payments from the plan | 2.1 | 2.3 | 1.7 | 1.9 | ||||
At the end of the period | (13.0) | (13.3) | (21.6) | (23.5) |
Depreciation, amortisation, impairment and changes in provisions | ||||
(in \u20ac million) | 2024 | 2023 | ||
Amortisation of intangible assets | 53.2 | 40.2 | ||
Depreciation of property, plant and equipment | 565.9 | 517.3 | ||
Total depreciation and amortisation | 619.1 | 557.5 | ||
Impairment of inventories and trade receivables | 0.3 | \u2014 | ||
Total impairment | 0.3 | \u2014 | ||
Provisions for litigations | 0.9 | (2.6) | ||
Environmental provisions | 0.2 | (2.0) | ||
Other provisions | (0.8) | 0.0 | ||
Changes in provisions | 0.3 | (4.6) | ||
Depreciation, amortisation, impairment and changes in provisions | 619.7 | 552.9 |
Other expenses | ||||
(in \u20ac million) | 2024 | 2023 | ||
Taxes other than income tax | 15.5 | 22.1 | ||
Loss on disposal/sale of property, plant and equipment | 16.0 | 19.2 | ||
Losses on realization of trade debtors | (0.5) | 2.6 | ||
Other | 7.2 | 2.5 | ||
Total | 38.2 | 46.4 |
(in \u20ac million) | 2024 | 2023 | ||
Finance income | 104.1 | 61.6 | ||
Interest income on cash and cash equivalents and granted loans | 79.3 | 58.5 | ||
Recycling from other comprehensive income of derivatives | 0.3 | \u2014 | ||
Other financial income | 24.4 | 3.2 | ||
Finance costs | (276.5) | (181.0) | ||
Interest expense on eurobonds and other bank borrowings | (234.0) | (162.4) | ||
Recycling from other comprehensive income of derivatives | 5.7 | 2.8 | ||
Interest cost on leasing | (1.8) | (1.3) | ||
Other financial costs | (46.4) | (20.1) | ||
Net finance costs | (172.4) | (119.3) |
(in \u20ac million) | 2024 | 2023 | ||
Finance income | 104.1 | 61.6 | ||
Interest income on cash and cash equivalents and granted loans | 79.3 | 58.5 | ||
Recycling from other comprehensive income of derivatives | 0.3 | \u2014 | ||
Other financial income | 24.4 | 3.2 | ||
Finance costs | (276.5) | (181.0) | ||
Interest expense on eurobonds and other bank borrowings | (234.0) | (162.4) | ||
Recycling from other comprehensive income of derivatives | 5.7 | 2.8 | ||
Interest cost on leasing | (1.8) | (1.3) | ||
Other financial costs | (46.4) | (20.1) | ||
Net finance costs | (172.4) | (119.3) |
(in \u20ac million) | 2024 | 2023 | ||
Finance income | 104.1 | 61.6 | ||
Interest income on cash and cash equivalents and granted loans | 79.3 | 58.5 | ||
Recycling from other comprehensive income of derivatives | 0.3 | \u2014 | ||
Other financial income | 24.4 | 3.2 | ||
Finance costs | (276.5) | (181.0) | ||
Interest expense on eurobonds and other bank borrowings | (234.0) | (162.4) | ||
Recycling from other comprehensive income of derivatives | 5.7 | 2.8 | ||
Interest cost on leasing | (1.8) | (1.3) | ||
Other financial costs | (46.4) | (20.1) | ||
Net finance costs | (172.4) | (119.3) |
(in \u20ac million) | 2024 | 2023 | ||
Finance income | 104.1 | 61.6 | ||
Interest income on cash and cash equivalents and granted loans | 79.3 | 58.5 | ||
Recycling from other comprehensive income of derivatives | 0.3 | \u2014 | ||
Other financial income | 24.4 | 3.2 | ||
Finance costs | (276.5) | (181.0) | ||
Interest expense on eurobonds and other bank borrowings | (234.0) | (162.4) | ||
Recycling from other comprehensive income of derivatives | 5.7 | 2.8 | ||
Interest cost on leasing | (1.8) | (1.3) | ||
Other financial costs | (46.4) | (20.1) | ||
Net finance costs | (172.4) | (119.3) |
(in \u20ac million) | 2024 | 2023 | ||
Finance income | 104.1 | 61.6 | ||
Interest income on cash and cash equivalents and granted loans | 79.3 | 58.5 | ||
Recycling from other comprehensive income of derivatives | 0.3 | \u2014 | ||
Other financial income | 24.4 | 3.2 | ||
Finance costs | (276.5) | (181.0) | ||
Interest expense on eurobonds and other bank borrowings | (234.0) | (162.4) | ||
Recycling from other comprehensive income of derivatives | 5.7 | 2.8 | ||
Interest cost on leasing | (1.8) | (1.3) | ||
Other financial costs | (46.4) | (20.1) | ||
Net finance costs | (172.4) | (119.3) |
(in \u20ac million) | 2024 | 2023 | ||
Finance income | 104.1 | 61.6 | ||
Interest income on cash and cash equivalents and granted loans | 79.3 | 58.5 | ||
Recycling from other comprehensive income of derivatives | 0.3 | \u2014 | ||
Other financial income | 24.4 | 3.2 | ||
Finance costs | (276.5) | (181.0) | ||
Interest expense on eurobonds and other bank borrowings | (234.0) | (162.4) | ||
Recycling from other comprehensive income of derivatives | 5.7 | 2.8 | ||
Interest cost on leasing | (1.8) | (1.3) | ||
Other financial costs | (46.4) | (20.1) | ||
Net finance costs | (172.4) | (119.3) |
(in \u20ac million) | 2024 | 2023 | ||
Finance income | 104.1 | 61.6 | ||
Interest income on cash and cash equivalents and granted loans | 79.3 | 58.5 | ||
Recycling from other comprehensive income of derivatives | 0.3 | \u2014 | ||
Other financial income | 24.4 | 3.2 | ||
Finance costs | (276.5) | (181.0) | ||
Interest expense on eurobonds and other bank borrowings | (234.0) | (162.4) | ||
Recycling from other comprehensive income of derivatives | 5.7 | 2.8 | ||
Interest cost on leasing | (1.8) | (1.3) | ||
Other financial costs | (46.4) | (20.1) | ||
Net finance costs | (172.4) | (119.3) |
(in \u20ac million) | Classification | Level | 2024 | 2023 | ||||
Assets | 12.3 | 7.2 | ||||||
Commodity risk (grid losses) | Level 1 | 2.3 | \u2014 | |||||
Derivative financial instruments designated in a cash flow hedge relationship | Fair value through other comprehensive income | 2.3 | \u2014 | |||||
Non-current derivatives | 2.3 | \u2014 | ||||||
Commodity risk (grid losses) | Level 1 | 10.0 | \u2014 | |||||
Forecasted transactions | Level 1 | \u2014 | 7.2 | |||||
Derivative financial instruments designated in a cash flow hedge relationship | Fair value through other comprehensive income | 9.2 | 7.2 | |||||
Derivative financial instruments designated in a cash flow hedge relationship | Fair value through profit and loss | 0.8 | \u2014 | |||||
Current derivatives | 10.0 | 7.2 | ||||||
Liabilities | 6.8 | 225.9 | ||||||
Commodity risk (grid losses) | Level 1 | \u2014 | 8.5 | |||||
Interest rate risk | Level 1 | 4.5 | \u2014 | |||||
Derivative financial instruments designated in a cash flow hedge relationship | Fair value through other comprehensive income | 4.5 | 8.5 | |||||
Non-current derivatives | 4.5 | 8.5 | ||||||
Foreign currency risk | Level 1 | 1.4 | 1.1 | |||||
Commodity risk (grid losses) | Level 1 | 0.9 | 216.3 | |||||
Derivative financial instruments designated in a cash flow hedge relationship | Fair value through profit and loss | 2.3 | 217.4 | |||||
Current derivatives | 2.3 | 217.4 |
(in \u20ac) | 2024 | 2023 | ||
Recycling from other comprehensive income of derivative financial instruments designated in a cash flow hedge relationship | (6.0) | (2.8) | ||
Effective portion of changes in fair value of cash flow hedges | 236.4 | (377.3) | ||
Total | 230.4 | (380.1) |
As of 31 December 2023 | Unit | \u00a0 | 2024 | 2025 | 2026 | Total as of 31 December 2023 | ||||
Interest rate risk | (in \u20ac million) | \u00a0 | 125.0 | \u2014 | \u2014 | 125.0 | ||||
Commodity risk (grid losses) | TWh | \u00a0 | 2.6 | 0.6 | \u2014 | 3.2 | ||||
Foreign currency risk | (in USD million) | \u00a0 | 250.0 | \u2014 | \u2014 | 250.0 | ||||
\u00a0 | ||||||||||
As of 31 December 2024 | Unit | \u00a0 | 2025 | 2026 | 2027 | Total as of 31 December 2024 | ||||
Interest rate risk | (in \u20ac million) | \u00a0 | \u2014 | \u2014 | 300.0 | 300.0 | ||||
Commodity risk (grid losses) | TWh | \u00a0 | 2.4 | 0.6 | \u2014 | 3.0 | ||||
Foreign currency risk | (in USD million) | \u00a0 | 240.9 | \u2014 | \u2014 | 240.9 |
Carrying amount | Fair value | |||||||||||||||||
(in \u20ac million) | Fair value through profit and loss | Fair value through OCI | Amortised cost | Other financial liabilities at amortised cost | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||
Balance at 31 December 2023 | ||||||||||||||||||
Other financial assets | 7.5 | 76.7 | 36.8 | 0.0 | 121.0 | 7.5 | 0.0 | 76.7 | 84.2 | |||||||||
Equity instruments at fair value through other comprehensive income | 76.7 | 76.7 | 76.7 | 76.7 | ||||||||||||||
Equity instruments at fair value through profit and loss | 7.5 | 7.5 | 7.5 | 7.5 | ||||||||||||||
Regulatory assets | 36.8 | 36.8 | ||||||||||||||||
Derivatives | 0.0 | 7.2 | 0.0 | 0.0 | 7.2 | 7.2 | 0.0 | 0.0 | 7.2 | |||||||||
Trade and other receivables (Current and Non- Current) | 0.0 | 0.0 | 1,121.2 | 0.0 | 1,121.2 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Cash and cash equivalents | 0.0 | 0.0 | 1,368.1 | 0.0 | 1,368.1 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Loans and borrowings (Current and Non- Current) | 0.0 | 0.0 | 0.0 | (10,010.0) | (10,010.0) | (8,021.6) | (93.9) | 0.0 | (8,115.5) | |||||||||
Unsecured bond issues | (8,579.8) | (8,579.8) | (8,021.6) | (93.9) | (8,115.5) | |||||||||||||
Unsecured financial bank loans and other loans | (1,223.8) | (1,223.8) | ||||||||||||||||
Lease liabilities | (88.1) | (88.1) | ||||||||||||||||
Accrued interest | (118.4) | (118.4) | ||||||||||||||||
Derivatives | 0.0 | (225.9) | 0.0 | 0.0 | (225.9) | (225.9) | 0.0 | 0.0 | (225.9) | |||||||||
Other (non-) current liabilities | 0.0 | (371.7) | 0.0 | 0.0 | (371.7) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Trade and other payables | 0.0 | 0.0 | 0.0 | (2,149.4) | (2,149.4) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Total | 7.5 | (513.7) | 2,526.1 | (12,159.5) | (10,139.6) | n.r | n.r | n.r | n.r |
Carrying amount | Fair value | |||||||||||||||||
(in \u20ac million) | Fair value through profit and loss | Fair value through OCI | Amortised cost | Other financial liabilities at amortised cost | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||
Balance at 31 December 2024 | ||||||||||||||||||
Other financial assets | 8.7 | 143.0 | 34.6 | 0.0 | 186.3 | 7.5 | 0.0 | 144.2 | 151.7 | |||||||||
Equity instruments at fair value through other comprehensive income | 143.0 | 143.0 | 143.0 | 143.0 | ||||||||||||||
Equity instruments at fair value through profit and loss | 8.7 | 8.7 | 7.5 | 1.3 | 8.7 | |||||||||||||
Regulatory assets | 34.6 | 34.6 | ||||||||||||||||
Derivatives | 0.8 | 11.5 | 0.0 | 0.0 | 12.3 | 12.3 | 0.0 | 0.0 | 12.3 | |||||||||
Trade and other receivables (Current and Non- Current) | 0.0 | 0.0 | 1,153.4 | 0.0 | 1,153.4 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Cash and cash equivalents | 0.0 | 0.0 | 2,030.3 | 0.0 | 2,030.3 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Loans and borrowings (Current and Non- Current) | 0.0 | 0.0 | 0.0 | (14,828.5) | (14,828.5) | (12,014.5) | (93.8) | 0.0 | (12,108.2) | |||||||||
Unsecured bond issues | (12,459.0) | (12,459.0) | (12,014.5) | (93.8) | (12,108.2) | |||||||||||||
Unsecured financial bank loans and other loans | (2,058.3) | (2,058.3) | ||||||||||||||||
Lease liabilities | (89.7) | (89.7) | ||||||||||||||||
Accrued interest | (221.4) | (221.4) | ||||||||||||||||
Derivatives | (2.3) | (4.5) | 0.0 | 0.0 | (6.8) | (6.8) | 0.0 | 0.0 | (6.8) | |||||||||
Other (non-) current liabilities | (7.6) | 0.0 | 0.0 | (383.5) | (391.1) | 0.0 | 0.0 | (7.6) | (7.6) | |||||||||
Trade and other payables | 0.0 | 0.0 | 0.0 | (2,158.0) | (2,158.0) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Total | (0.4) | 149.9 | 3,218.3 | (17,370.0) | (14,002.1) | n.r. | n.r. | n.r. | n.r. |
Recognised in profit or loss | ||||
The consolidated income statement includes the following taxes: | ||||
(in \u20ac million) | 2024 | 2023 | ||
Current year | 143.0 | 120.7 | ||
Adjustments for prior years | 8.1 | 1.2 | ||
Total current income tax expenses | 151.1 | 121.9 | ||
Origination from and reversal of temporary differences | 76.2 | 33.6 | ||
Total deferred taxes expenses | 76.2 | 33.6 | ||
Total income taxes and deferred taxes recognised in profit and loss | 227.3 | 155.5 |
Reconciliation of the effective tax rate | ||||
The tax on the Group's profit (loss) before tax differs from the theoretical amount that would arise using the Belgian statutory tax rate applicable to profits (losses) of the consolidated companies: | ||||
(in \u20ac million) | 2024 | 2023 | ||
Profit before income tax | 739.8 | 555.0 | ||
Domestic corporate income tax | 25.0% | 25.0% | ||
Income tax, using the domestic corporate tax rate | (184.9) | (138.8) | ||
Effect of the foreign tax rate | (23.2) | (16.8) | ||
Share of profit of equity accounted investees, net of tax | 8.2 | 8.3 | ||
Non-deductible expenses | (10.6) | (16.6) | ||
Adjustments for prior years | 0.7 | (0.1) | ||
Tax credits and other tax reductions | 4.8 | 5.5 | ||
Effect of unrecognized deferred tax assets on tax loss carry- forwards | (18.2) | (5.9) | ||
Tax on hybrid securities | 7.3 | 8.6 | ||
Group contribution | (15.0) | \u2014 | ||
Other | 3.6 | 0.4 | ||
Total income taxes and deferred taxes recognised in profit and loss | (227.3) | (155.5) |
Recognised deferred tax assets and liabilities | ||||||||
2024 | 2023 | |||||||
(in \u20ac million) | Assets | Liabilities | Assets | Liabilities | ||||
Property, plant and equipment | 23.5 | (331.0) | 23.3 | (285.9) | ||||
Intangible assets | \u2014 | (40.3) | \u2014 | (16.2) | ||||
Financial assets | \u2014 | (1.8) | 67.4 | (10.1) | ||||
Non-current trade and other receivables | 6.9 | \u2014 | 9.3 | (13.1) | ||||
Interest-bearing loans and other non-current financial liabilities | 36.5 | (13.4) | 35.8 | (10.5) | ||||
Employee benefits | 13.8 | (8.6) | 20.6 | (9.2) | ||||
Derivatives | 0.3 | (13.0) | \u2014 | \u2014 | ||||
Provisions | 41.0 | \u2014 | 40.9 | \u2014 | ||||
Deferred revenue | 33.6 | (1.2) | 31.9 | (1.2) | ||||
Regulatory liabilities | \u2014 | (13.3) | \u2014 | (12.3) | ||||
Deferred tax on investment grants | \u2014 | (28.7) | \u2014 | (25.3) | ||||
Losses carried forward | 9.2 | \u2014 | 11.2 | \u2014 | ||||
Other items | 0.2 | (14.8) | 8.5 | (9.9) | ||||
Tax asset/liability before offsetting | 165.0 | (466.1) | 249.0 | (393.8) | ||||
Offsetting of tax | (164.2) | 164.2 | (247.0) | 247.0 | ||||
Net tax asset/(liability) | 0.7 | (301.9) | 2.1 | (146.8) |
Changes in deferred tax assets and liabilities resulting from movements in temporary differences during the financial year | ||||||||||
(in \u20ac million) | Net tax asset/ (liability) | Recognised in income statement | Recognised in comprehensive income | Other | Total | |||||
2023 | ||||||||||
Property, plant and equipment | (233.5) | (29.1) | \u2014 | (262.6) | ||||||
Intangible assets | (15.8) | (0.4) | \u2014 | (16.2) | ||||||
Financial assets | (55.1) | \u2014 | 112.5 | 57.3 | ||||||
Non-current trade and other receivables | 1.2 | (5.0) | \u2014 | (3.8) | ||||||
Interest-bearing loans and other non-current financial liabilities | 28.4 | 0.3 | (3.5) | 25.2 | ||||||
Employee benefits | 8.4 | 1.3 | 1.7 | 11.4 | ||||||
Derivatives | \u2014 | \u2014 | \u2014 | \u2014 | ||||||
Provisions | 36.3 | 4.7 | \u2014 | 40.9 | ||||||
Deferred revenue | 27.1 | 3.6 | \u2014 | 30.7 | ||||||
Regulatory liabilities | 3.1 | (15.4) | \u2014 | (12.3) | ||||||
Deferred tax on investment grants | (25.3) | \u2014 | \u2014 | (25.3) | ||||||
Losses carried forward | 12.6 | (1.4) | \u2014 | 11.2 | ||||||
Other items | (9.2) | 7.9 | \u2014 | (1.4) | ||||||
Total | (221.8) | (33.6) | 110.7 | (144.8) |
(in \u20ac million) | Net tax asset/ (liability) | Recognised in income statement | Recognised in comprehensive income | Other | Total | |||||
2024 | ||||||||||
Property, plant and equipment | (262.6) | (44.9) | \u2014 | (307.5) | ||||||
Intangible assets | (16.2) | (24.1) | \u2014 | (40.3) | ||||||
Financial assets | \u2014 | \u2014 | (1.8) | (1.8) | ||||||
Non-current trade and other receivables | (3.8) | 10.7 | \u2014 | 6.9 | ||||||
Interest-bearing loans and other non-current financial liabilities | 25.2 | (2.8) | 0.7 | 23.1 | ||||||
Employee benefits | 11.4 | (0.7) | (5.6) | 5.1 | ||||||
Derivatives | 57.3 | 0.1 | (70.2) | (12.7) | ||||||
Provisions | 40.9 | \u2014 | \u2014 | 41.0 | ||||||
Deferred revenue | 30.7 | 1.7 | \u2014 | 32.4 | ||||||
Regulatory liabilities | (12.3) | (1.0) | \u2014 | (13.3) | ||||||
Deferred tax on investment grants | (25.3) | \u2014 | \u2014 | (3.4) | (28.7) | |||||
Losses carried forward | 11.2 | (2.1) | \u2014 | 9.1 | ||||||
Other items | (1.4) | (13.3) | \u2014 | (14.6) | ||||||
Total | (144.8) | (76.2) | (76.9) | (3.4) | (301.2) |
(in \u20ac million) | Gross | Deferred taxes | ||
Tax losses | 49.0 | 12.3 | ||
Realto | 7.3 | 1.8 | ||
EGI (including branches) | 1.3 | 0.3 | ||
Windgrid | 40.5 | 10.1 | ||
Dividend received deduction | 117.9 | 29.5 | ||
Elia Group | 110.6 | 27.6 | ||
Eurogrid International (BE) | 7.3 | 1.8 | ||
EGI | \u2014 | \u2014 | ||
Exceeding borrowing costs | 73.0 | 18.3 | ||
Elia Group | 73.0 | 18.3 | ||
Total | 239.9 | 60.0 |
Recognised in profit or loss | ||||
The consolidated income statement includes the following taxes: | ||||
(in \u20ac million) | 2024 | 2023 | ||
Current year | 143.0 | 120.7 | ||
Adjustments for prior years | 8.1 | 1.2 | ||
Total current income tax expenses | 151.1 | 121.9 | ||
Origination from and reversal of temporary differences | 76.2 | 33.6 | ||
Total deferred taxes expenses | 76.2 | 33.6 | ||
Total income taxes and deferred taxes recognised in profit and loss | 227.3 | 155.5 |
Reconciliation of the effective tax rate | ||||
The tax on the Group's profit (loss) before tax differs from the theoretical amount that would arise using the Belgian statutory tax rate applicable to profits (losses) of the consolidated companies: | ||||
(in \u20ac million) | 2024 | 2023 | ||
Profit before income tax | 739.8 | 555.0 | ||
Domestic corporate income tax | 25.0% | 25.0% | ||
Income tax, using the domestic corporate tax rate | (184.9) | (138.8) | ||
Effect of the foreign tax rate | (23.2) | (16.8) | ||
Share of profit of equity accounted investees, net of tax | 8.2 | 8.3 | ||
Non-deductible expenses | (10.6) | (16.6) | ||
Adjustments for prior years | 0.7 | (0.1) | ||
Tax credits and other tax reductions | 4.8 | 5.5 | ||
Effect of unrecognized deferred tax assets on tax loss carry- forwards | (18.2) | (5.9) | ||
Tax on hybrid securities | 7.3 | 8.6 | ||
Group contribution | (15.0) | \u2014 | ||
Other | 3.6 | 0.4 | ||
Total income taxes and deferred taxes recognised in profit and loss | (227.3) | (155.5) |
(in \u20ac million) | 2024 | 2023 | ||
Profit attributable to equity holders of ordinary shares | 421.3 | 324.5 | ||
Earnings for the purposes of diluted earnings per share | 421.3 | 324.5 | ||
Ordinary shares issued on 1\u00a0January | 73,521,823 | 73,515,839 | ||
Treasury shares as at 1 January | (22,079) | (13,480) | ||
Ordinary shares issued in April 2023 | \u2014 | 5,984 | ||
Treasury shares - net movement for the year | (16,662) | (8,599) | ||
Outstanding ordinary shares as at 31 December | 73,483,082 | 73,499,744 | ||
Weighted average of outstanding ordinary shares (basic) | 73,496,080 | 73,499,387 | ||
Effect of dilutive potential ordinary shares | \u2014 | \u2014 | ||
Weighted average number of outstanding ordinary shares (diluted) | 73,496,080 | 73,499,387 | ||
Basic earnings per share (in \u20ac) | 5.73 | 4.41 | ||
Diluted earnings per share (in \u20ac) | 5.73 | 4.41 |
Carrying amount | Fair value | |||||||||||||||||
(in \u20ac million) | Fair value through profit and loss | Fair value through OCI | Amortised cost | Other financial liabilities at amortised cost | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||
Balance at 31 December 2023 | ||||||||||||||||||
Other financial assets | 7.5 | 76.7 | 36.8 | 0.0 | 121.0 | 7.5 | 0.0 | 76.7 | 84.2 | |||||||||
Equity instruments at fair value through other comprehensive income | 76.7 | 76.7 | 76.7 | 76.7 | ||||||||||||||
Equity instruments at fair value through profit and loss | 7.5 | 7.5 | 7.5 | 7.5 | ||||||||||||||
Regulatory assets | 36.8 | 36.8 | ||||||||||||||||
Derivatives | 0.0 | 7.2 | 0.0 | 0.0 | 7.2 | 7.2 | 0.0 | 0.0 | 7.2 | |||||||||
Trade and other receivables (Current and Non- Current) | 0.0 | 0.0 | 1,121.2 | 0.0 | 1,121.2 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Cash and cash equivalents | 0.0 | 0.0 | 1,368.1 | 0.0 | 1,368.1 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Loans and borrowings (Current and Non- Current) | 0.0 | 0.0 | 0.0 | (10,010.0) | (10,010.0) | (8,021.6) | (93.9) | 0.0 | (8,115.5) | |||||||||
Unsecured bond issues | (8,579.8) | (8,579.8) | (8,021.6) | (93.9) | (8,115.5) | |||||||||||||
Unsecured financial bank loans and other loans | (1,223.8) | (1,223.8) | ||||||||||||||||
Lease liabilities | (88.1) | (88.1) | ||||||||||||||||
Accrued interest | (118.4) | (118.4) | ||||||||||||||||
Derivatives | 0.0 | (225.9) | 0.0 | 0.0 | (225.9) | (225.9) | 0.0 | 0.0 | (225.9) | |||||||||
Other (non-) current liabilities | 0.0 | (371.7) | 0.0 | 0.0 | (371.7) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Trade and other payables | 0.0 | 0.0 | 0.0 | (2,149.4) | (2,149.4) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Total | 7.5 | (513.7) | 2,526.1 | (12,159.5) | (10,139.6) | n.r | n.r | n.r | n.r |
Carrying amount | Fair value | |||||||||||||||||
(in \u20ac million) | Fair value through profit and loss | Fair value through OCI | Amortised cost | Other financial liabilities at amortised cost | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||
Balance at 31 December 2024 | ||||||||||||||||||
Other financial assets | 8.7 | 143.0 | 34.6 | 0.0 | 186.3 | 7.5 | 0.0 | 144.2 | 151.7 | |||||||||
Equity instruments at fair value through other comprehensive income | 143.0 | 143.0 | 143.0 | 143.0 | ||||||||||||||
Equity instruments at fair value through profit and loss | 8.7 | 8.7 | 7.5 | 1.3 | 8.7 | |||||||||||||
Regulatory assets | 34.6 | 34.6 | ||||||||||||||||
Derivatives | 0.8 | 11.5 | 0.0 | 0.0 | 12.3 | 12.3 | 0.0 | 0.0 | 12.3 | |||||||||
Trade and other receivables (Current and Non- Current) | 0.0 | 0.0 | 1,153.4 | 0.0 | 1,153.4 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Cash and cash equivalents | 0.0 | 0.0 | 2,030.3 | 0.0 | 2,030.3 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Loans and borrowings (Current and Non- Current) | 0.0 | 0.0 | 0.0 | (14,828.5) | (14,828.5) | (12,014.5) | (93.8) | 0.0 | (12,108.2) | |||||||||
Unsecured bond issues | (12,459.0) | (12,459.0) | (12,014.5) | (93.8) | (12,108.2) | |||||||||||||
Unsecured financial bank loans and other loans | (2,058.3) | (2,058.3) | ||||||||||||||||
Lease liabilities | (89.7) | (89.7) | ||||||||||||||||
Accrued interest | (221.4) | (221.4) | ||||||||||||||||
Derivatives | (2.3) | (4.5) | 0.0 | 0.0 | (6.8) | (6.8) | 0.0 | 0.0 | (6.8) | |||||||||
Other (non-) current liabilities | (7.6) | 0.0 | 0.0 | (383.5) | (391.1) | 0.0 | 0.0 | (7.6) | (7.6) | |||||||||
Trade and other payables | 0.0 | 0.0 | 0.0 | (2,158.0) | (2,158.0) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Total | (0.4) | 149.9 | 3,218.3 | (17,370.0) | (14,002.1) | n.r. | n.r. | n.r. | n.r. |
(in \u20ac million) | Land and buildings | Machinery and equipment | Furniture and vehicles | Other tangible assets | Leasing and similar rights | Assets under construction | Total | |||||||
Acquisition value | ||||||||||||||
Balance at 1 January 2023 | 476.8 | 12,745.3 | 504.2 | 46.4 | 151.0 | 2,390.1 | 16,313.8 | |||||||
Additions | 7.9 | 220.8 | 44.9 | 0.6 | 14.6 | 2,045.8 | 2,334.5 | |||||||
Disposals | (3.7) | (86.9) | (10.7) | (6.3) | (18.5) | (0.1) | (126.2) | |||||||
Transfers | 8.4 | 416.5 | 7.5 | 0.2 | (9.4) | (422.7) | 0.6 | |||||||
Balance at 31 December 2023 | 489.4 | 13,295.7 | 545.9 | 40.9 | 137.7 | 4,013.2 | 18,522.6 | |||||||
Balance at 1 January 2024 | 489.4 | 13,295.7 | 545.9 | 40.9 | 137.7 | 4,013.2 | 18,522.6 | |||||||
Additions | 51.5 | 397.5 | 73.8 | 1.2 | 19.8 | 4,080.5 | 4,624.4 | |||||||
Disposals | (1.2) | (84.9) | (38.0) | \u2014 | (3.7) | (3.7) | (131.5) | |||||||
Transfers | 27.6 | 1,478.8 | 21.4 | 0.9 | 9.5 | (1,521.6) | 16.5 | |||||||
Balance at 31 December 2024 | 567.3 | 15,083.7 | 603.0 | 42.9 | 163.3 | 6,568.4 | 23,028.7 | |||||||
Depreciation and impairment | ||||||||||||||
Balance at 1 January 2023 | (45.5) | (4,060.3) | (256.7) | (44.0) | (62.5) | \u2014 | (4,469.1) | |||||||
Depreciation | (6.1) | (430.2) | (64.9) | (0.5) | (15.5) | \u2014 | (517.3) | |||||||
Disposals | 3.0 | 76.7 | 10.2 | 6.3 | 16.8 | \u2014 | 113.1 | |||||||
Transfers | \u2014 | (9.7) | \u2014 | (0.2) | 9.4 | \u2014 | (0.5) | |||||||
Balance at 31 December 2023 | (48.6) | (4,423.5) | (311.4) | (38.5) | (51.8) | \u2014 | (4,873.9) | |||||||
Balance at 1 January 2024 | (48.6) | (4,423.5) | (311.4) | (38.5) | (51.8) | \u2014 | (4,873.9) | |||||||
Depreciation | (6.7) | (471.4) | (70.5) | (0.7) | (17.4) | \u2014 | (566.7) | |||||||
Disposals | 0.9 | 77.1 | 36.8 | \u2014 | 2.6 | \u2014 | 117.3 | |||||||
Transfers | \u2014 | (2.5) | \u2014 | (0.8) | (9.5) | \u2014 | (12.8) | |||||||
Balance at 31 December 2024 | (54.4) | (4,820.4) | (345.2) | (39.9) | (76.2) | \u2014 | (5,336.1) | |||||||
Carrying amount | ||||||||||||||
Balance at 1 January 2023 | 431.4 | 8,684.9 | 247.4 | 2.3 | 88.5 | 2,390.1 | 11,844.7 | |||||||
Balance at 31 December 2023 | 440.8 | 8,872.1 | 234.5 | 2.4 | 85.8 | 4,013.2 | 13,648.7 | |||||||
Balance at 1 January 2024 | 440.8 | 8,872.1 | 234.5 | 2.4 | 85.8 | 4,013.2 | 13,648.7 | |||||||
Balance at 31 December 2024 | 513.0 | 10,263.3 | 257.9 | 3.0 | 87.1 | 6,568.4 | 17,692.6 |
(in \u20ac million) | Land and buildings | Machinery and equipment | Furniture and vehicles | Other tangible assets | Leasing and similar rights | Assets under construction | Total | |||||||
Acquisition value | ||||||||||||||
Balance at 1 January 2023 | 476.8 | 12,745.3 | 504.2 | 46.4 | 151.0 | 2,390.1 | 16,313.8 | |||||||
Additions | 7.9 | 220.8 | 44.9 | 0.6 | 14.6 | 2,045.8 | 2,334.5 | |||||||
Disposals | (3.7) | (86.9) | (10.7) | (6.3) | (18.5) | (0.1) | (126.2) | |||||||
Transfers | 8.4 | 416.5 | 7.5 | 0.2 | (9.4) | (422.7) | 0.6 | |||||||
Balance at 31 December 2023 | 489.4 | 13,295.7 | 545.9 | 40.9 | 137.7 | 4,013.2 | 18,522.6 | |||||||
Balance at 1 January 2024 | 489.4 | 13,295.7 | 545.9 | 40.9 | 137.7 | 4,013.2 | 18,522.6 | |||||||
Additions | 51.5 | 397.5 | 73.8 | 1.2 | 19.8 | 4,080.5 | 4,624.4 | |||||||
Disposals | (1.2) | (84.9) | (38.0) | \u2014 | (3.7) | (3.7) | (131.5) | |||||||
Transfers | 27.6 | 1,478.8 | 21.4 | 0.9 | 9.5 | (1,521.6) | 16.5 | |||||||
Balance at 31 December 2024 | 567.3 | 15,083.7 | 603.0 | 42.9 | 163.3 | 6,568.4 | 23,028.7 | |||||||
Depreciation and impairment | ||||||||||||||
Balance at 1 January 2023 | (45.5) | (4,060.3) | (256.7) | (44.0) | (62.5) | \u2014 | (4,469.1) | |||||||
Depreciation | (6.1) | (430.2) | (64.9) | (0.5) | (15.5) | \u2014 | (517.3) | |||||||
Disposals | 3.0 | 76.7 | 10.2 | 6.3 | 16.8 | \u2014 | 113.1 | |||||||
Transfers | \u2014 | (9.7) | \u2014 | (0.2) | 9.4 | \u2014 | (0.5) | |||||||
Balance at 31 December 2023 | (48.6) | (4,423.5) | (311.4) | (38.5) | (51.8) | \u2014 | (4,873.9) | |||||||
Balance at 1 January 2024 | (48.6) | (4,423.5) | (311.4) | (38.5) | (51.8) | \u2014 | (4,873.9) | |||||||
Depreciation | (6.7) | (471.4) | (70.5) | (0.7) | (17.4) | \u2014 | (566.7) | |||||||
Disposals | 0.9 | 77.1 | 36.8 | \u2014 | 2.6 | \u2014 | 117.3 | |||||||
Transfers | \u2014 | (2.5) | \u2014 | (0.8) | (9.5) | \u2014 | (12.8) | |||||||
Balance at 31 December 2024 | (54.4) | (4,820.4) | (345.2) | (39.9) | (76.2) | \u2014 | (5,336.1) | |||||||
Carrying amount | ||||||||||||||
Balance at 1 January 2023 | 431.4 | 8,684.9 | 247.4 | 2.3 | 88.5 | 2,390.1 | 11,844.7 | |||||||
Balance at 31 December 2023 | 440.8 | 8,872.1 | 234.5 | 2.4 | 85.8 | 4,013.2 | 13,648.7 | |||||||
Balance at 1 January 2024 | 440.8 | 8,872.1 | 234.5 | 2.4 | 85.8 | 4,013.2 | 13,648.7 | |||||||
Balance at 31 December 2024 | 513.0 | 10,263.3 | 257.9 | 3.0 | 87.1 | 6,568.4 | 17,692.6 |
(in \u20ac million) | 2024 | 2023 | ||
Non-current borrowings | 13,895.4 | 9,181.3 | ||
Lease liabilities \u2212\u00a0non-current | 73.4 | 73.5 | ||
Subtotal non-current borrowings | 13,968.8 | 9,254.8 | ||
Current borrowings | 621.9 | 622.3 | ||
Lease liabilities \u2212 current | 16.3 | 14.6 | ||
Accrued interest | 221.4 | 118.4 | ||
Subtotal current loans and borrowings | 859.7 | 755.2 | ||
Total | 14,828.5 | 10,010.0 |
(in \u20ac million) | Current interest- bearing loans and borrowings | Non-current interest-bearing loans and borrowings | Total | |||
Balance at 1 January 2023 | 867.2 | 7,715.6 | 8,582.8 | |||
Cash flow: repayment of borrowings | (772.0) | (15.1) | (787.1) | |||
Cash flow: proceeds from withdrawal borrowings | 100.0 | 2,062.9 | 2,162.9 | |||
Accrued interest | 36.5 | 0.5 | 37.0 | |||
Other | 523.6 | (509.1) | 14.5 | |||
Balance at 31 December 2023 | 755.2 | 9,254.8 | 10,010.0 | |||
Balance at 1 January 2024 | 755.2 | 9,254.8 | 10,010.0 | |||
Cash flow: repayment of borrowings | (622.3) | (17.5) | (639.8) | |||
Cash flow: proceeds from withdrawal borrowings | \u2014 | 5,337.0 | 5,337.0 | |||
Accrued interest | 103.1 | 4.4 | 107.4 | |||
Other | 623.7 | (609.9) | 13.8 | |||
Balance at 31 December 2024 | 859.7 | 13,968.8 | 14,828.5 |
(in \u20ac million) - 31 December 2024 | Maturity | Redemption schedule | Amount | Interest rate | ||||
Eurobond issues 2013/15 years | 2028 | At maturity | 561.9 | 3.25% | ||||
Eurobond issues 2013/20 years | 2033 | At maturity | 204.6 | 3.50% | ||||
Eurobond issues 2014/15 years | 2029 | At maturity | 355.9 | 3.00% | ||||
Eurobond issues 2015/8.5 years | 2024 | At maturity | \u2014 | 1.38% | ||||
Eurobond issues 2017/10 years | 2027 | At maturity | 251.7 | 1.38% | ||||
Senior bond 2018/10 years | 2028 | At maturity | 300.2 | 1.50% | ||||
Eurobond issues 2019/7 years | 2026 | At maturity | 506.3 | 1.38% | ||||
Eurobond issues 2020/10 years | 2030 | At maturity | 798.0 | 0.88% | ||||
Green Bond issue 2023/10 years | 2033 | At maturity | 514.7 | 3.63% | ||||
Amortising bond \u2013 7.7 years | 2028 | Linear | 33.9 | 1.56% | ||||
Amortising bond \u2013 23.7 years | 2044 | Linear | 134.5 | 1.56% | ||||
Green bond 2024/12 years | 2036 | At maturity | 824.0 | 3.75% | ||||
Senior bond 2024/7 years | 2031 | At maturity | 608.2 | 3.88% | ||||
Bond as part of Debt Issuance Programme 2015 | 2025 | At maturity | 505.1 | 1.87% | ||||
Bond as part of Debt Issuance Programme 2016 | 2030 | At maturity | 140.1 | 2.62% | ||||
Bond as part of Debt Issuance Programme 2020 | 2028 | At maturity | 756.7 | 1.50% | ||||
Bond as part of Debt Issuance Programme 2020 - Private placement | 2040 | At maturity | 199.7 | 0.88% | ||||
Bond as part of Debt Issuance Programme 2021 | 2032 | At maturity | 753.4 | 1.11% | ||||
Bond as part of Debt Issuance Programme 2021 | 2031 | At maturity | 755.9 | 3.28% | ||||
Bond as part of Debt Issuance Programme 2021 | 2033 | At maturity | 501.2 | 0.74% | ||||
Bond as part of Debt Issuance Programme 2023 | 2030 | At maturity | 815.3 | 3.72% | ||||
Bond as part of Debt Issuance Programme 2023 - Private placement | 2038 | At maturity | 50.5 | 4.06% |
(in \u20ac million) - 31 December 2024 | Maturity | Redemption schedule | Amount | Interest rate | ||||
Bonds as part of Debt Issuance Programme 2024 | 2029 | At maturity | 721.3 | 3.60% | ||||
Bonds as part of Debt Issuance Programme 2024 | 2034 | At maturity | 826.1 | 3.92% | ||||
Bonds as part of Debt Issuance Programme 2024 | 2027 | At maturity | 652.3 | 3.08% | ||||
Bonds as part of Debt Issuance Programme 2024 | 2035 | At maturity | 853.8 | 3.73% | ||||
Registered bond 2014 | 2044 | At maturity | 50.1 | 3.00% | ||||
Total bonds, including accrued interests | 12,675.3 | |||||||
Loan with bankconsortium | 2033 | At maturity | 600.0 | 3.54% | ||||
Loan with bankconsortium | 2033 | At maturity | 120.0 | 3.87% | ||||
Revolving Credit Facility | 2027 | At maturity | 0.1 | Euribor + min 0.4% | ||||
Revolving Credit Facility | 2027 | At maturity | 1.1 | Euribor + min 0.75% | ||||
Amortising term loan - Nemo dedicated | 2033 | Linear | 141.2 | 1.80% | ||||
European Investment Bank | 2025 | At maturity | 100.2 | 1.08% | ||||
European Investment Bank | 2039 | At maturity | 651.4 | 2.94% | ||||
Sustainable Revolving Credit Facility | 2024 | At maturity | 0.2 | Euribor + 0.35% | ||||
Revolving Credit Facility | 2025 | At maturity | 0.0 | 4.29% | ||||
Revolving Credit Facility | 2026 | At maturity | 0.0 | 4.31% | ||||
Revolving Credit Facility | 2027 | At maturity | 0.0 | Euribor + 0,25% | ||||
Revolving Credit Facility | 2029 | At maturity | 0.0 | Euribor + 0,45% | ||||
Term loan ING | 2027 | At maturity | 299.3 | Euribor + 0,74% | ||||
Total bank loans | 1,913.5 | |||||||
Loan KfW | 2026 | At maturity | 150.0 | 0.90% | ||||
Total other loans | 150.0 | |||||||
Lease debts | 89.7 | |||||||
Total loans and borrowings (current and non-current) | 14,828.5 |
(in \u20ac million) - 31 December 2023 | Maturity | Redemption schedule | Amount | Interest rate | ||||
Eurobond issues 2013/15 years | 2028 | At maturity | 561.5 | 3.25% | ||||
Eurobond issues 2013/20 years | 2033 | At maturity | 204.5 | 3.50% | ||||
Eurobond issues 2014/15 years | 2029 | At maturity | 355.5 | 3.00% | ||||
Eurobond issues 2015/8.5 years | 2024 | At maturity | 503.9 | 1.38% | ||||
Eurobond issues 2017/10 years | 2027 | At maturity | 251.4 | 1.38% | ||||
Senior bond 2018/10 years | 2028 | At maturity | 299.9 | 1.50% | ||||
Eurobond issues 2019/7 years | 2026 | At maturity | 505.9 | 1.38% | ||||
Eurobond issues 2020/10 years | 2030 | At maturity | 796.8 | 0.88% | ||||
Green Bond issue 2023/10 years | 2033 | At maturity | 514.4 | 3.63% | ||||
Amortising bond \u2013 7.7 years | 2028 | Linear | 42.0 | 1.56% | ||||
Amortising bond \u2013 23.7 years | 2044 | Linear | 134.8 | 1.56% | ||||
Bond as part of Debt Issuance Programme 2015 | 2025 | At maturity | 504.7 | 1.87% | ||||
Bond as part of Debt Issuance Programme 2016 | 2030 | At maturity | 140.0 | 2.62% | ||||
Bond as part of Debt Issuance Programme 2020 | 2028 | At maturity | 756.3 | 1.50% | ||||
Bond as part of Debt Issuance Programme 2020 - Private placement | 2040 | At maturity | 199.7 | 0.88% | ||||
Bond as part of Debt Issuance Programme 2021 | 2032 | At maturity | 755.6 | 1.11% | ||||
Bond as part of Debt Issuance Programme 2021 | 2031 | At maturity | 753.2 | 3.28% | ||||
Bond as part of Debt Issuance Programme 2021 | 2033 | At maturity | 501.0 | 0.74% | ||||
Bond as part of Debt Issuance Programme 2023 | 2030 | At maturity | 814.4 | 3.72% | ||||
Bond as part of Debt Issuance Programme 2023 - Private placement | 2038 | At maturity | 50.5 | 4.06% | ||||
Registered bond 2014 | 2044 | At maturity | 50.1 | 3.00% | ||||
Total bonds, including accrued interests | 8,696.0 |
(in \u20ac million) - 31 December 2023 | Maturity | Redemption schedule | Amount | Interest rate | ||||
Amortising term loan - Nemo dedicated | 2033 | Linear | 155.3 | 1.80% | ||||
Revolving Credit Facility | 2024 | At maturity | 100.6 | |||||
Loan with bankconsortium | 2033 | At maturity | 720.0 | 3,43% to 3,63% | ||||
European Investment Bank | 2025 | At maturity | 100.0 | 1.08% | ||||
Total bank loans | 1,075.9 | |||||||
Loan with KfW | 2026 | At maturity | 150.1 | 0.90% | ||||
Total other loans | 150.1 | |||||||
Lease debts | 88.1 | |||||||
Total loans and borrowings (current and non-current) | 10,010.0 |
(in \u20ac million) | Use of land and overhead lines | Rent of buildings / offices | Cars | Optical fiber | Other | Total | ||||||
As of 1 January 2023 | 42.2 | 28.9 | 13.7 | 2.3 | 1.5 | 88.5 | ||||||
Additions and remeasurements | 0.8 | 0.2 | 12.2 | 1.5 | (0.2) | 14.6 | ||||||
Depreciations | (1.3) | (6.0) | (7.2) | (0.7) | (0.2) | (15.5) | ||||||
Derecognition of right-of-use assets | \u2014 | (0.2) | (0.7) | (1.0) | (0.1) | (1.9) | ||||||
As of 31 December 2023 | 41.7 | 23.0 | 18.0 | 2.0 | 1.1 | 85.8 | ||||||
(in \u20ac million) | Use of land and overhead lines | Rent of buildings / offices | Cars | Optical fiber | Other | Total | ||||||
As of 1 January 2024 | 41.7 | 23.0 | 18.0 | 2.0 | 1.1 | 85.8 | ||||||
Additions and remeasurements | (0.5) | 0.2 | 20.3 | 0.4 | (0.6) | 19.8 | ||||||
Depreciations | (1.4) | (5.9) | (9.3) | (0.4) | (0.3) | (17.3) | ||||||
Derecognition of right-of-use assets | \u2014 | \u2014 | (1.1) | \u2014 | \u2014 | (1.1) | ||||||
As of 31 December 2024 | 39.8 | 17.2 | 27.9 | 2.0 | 0.2 | 87.1 |
Maturity analysis - contractual undiscounted cash flows | ||||
(in \u20ac million) | 2024 | 2023 | ||
< 1 year | 17.5 | 15.4 | ||
1-5 years | 40.0 | 35.3 | ||
> 5 years | 43.1 | 48.8 | ||
Total undiscounted lease liabilities at 31 December | 100.6 | 99.6 | ||
Lease liabilities in the statement of financial position at 31 December | 89.7 | 88.1 | ||
Lease liabilities \u2212 current | 16.3 | 14.6 | ||
Lease liabilities \u2212\u00a0non-current | 73.4 | 73.5 |
(in \u20ac million) | 2024 | 2023 | ||
Depreciation expense of right-of-use assets | 17.3 | 15.5 | ||
Interest on lease liabilities | 1.8 | 1.3 | ||
Expenses relating to short-term leases | 1.3 | 0.8 | ||
Expenses relating to low-value assets | 0.2 | 0.1 | ||
Total recognised in profit and loss | 20.6 | 17.7 |
(in \u20ac million) | 2024 | 2023 | ||
Within 1 year | 16.3 | 16.6 | ||
1 to 2 years | 15.0 | 15.9 | ||
2 to 3 years | 14.4 | 15.3 | ||
3 to 4 years | 13.7 | 15.3 | ||
4 to 5 years | 13.8 | 15.1 | ||
More than 5 years | 337.2 | 377.6 | ||
Total | 410.5 | 455.8 |
(in \u20ac million) | Development costs of software | Licenses/ concessions | Other intangible assets | Intangible assets under development | Total | |||||
Acquisition value | ||||||||||
Balance at 1 January 2023 | 356.8 | 37.6 | 1.6 | \u2014 | 395.9 | |||||
Additions | 30.3 | 2.1 | \u2014 | 110.5 | 143.0 | |||||
Disposals | (0.2) | \u2014 | \u2014 | \u2014 | (0.2) | |||||
Transfers | (57.9) | \u2014 | 1.9 | 55.5 | (0.6) | |||||
Balance at 31 December 2023 | 329.0 | 39.7 | 3.4 | 166.0 | 538.2 | |||||
Balance at 1 January 2024 | 329.0 | 39.7 | 3.4 | 166.0 | 538.1 | |||||
Additions | 70.7 | 12.7 | 1.4 | 223.7 | 308.4 | |||||
Disposals | (65.5) | \u2014 | \u2014 | \u2014 | (65.5) | |||||
Transfers | 51.3 | \u2014 | \u2014 | (55.1) | (3.7) | |||||
Balance at 31 December 2024 | 385.6 | 52.4 | 4.8 | 334.7 | 777.4 | |||||
Depreciation and impairment | ||||||||||
Balance at 1 January 2023 | (170.5) | (14.4) | (0.5) | \u2014 | (185.4) | |||||
Depreciation | (36.2) | (4.1) | \u2014 | \u2014 | (40.2) | |||||
Disposals | 0.2 | \u2014 | \u2014 | \u2014 | 0.2 | |||||
Transfers | 1.1 | \u2014 | (0.6) | \u2014 | 0.5 | |||||
Balance at 31 December 2023 | (205.4) | (18.4) | (1.1) | \u2014 | (224.9) | |||||
Balance at 1 January 2024 | (205.4) | (18.4) | (1.1) | \u2014 | (224.9) | |||||
Depreciation | (46.9) | (4.7) | (1.1) | (52.6) | ||||||
Disposals | 65.4 | \u2014 | \u2014 | 65.4 | ||||||
Transfers | \u2014 | \u2014 | \u2014 | \u2014 | ||||||
Balance at 31 December 2024 | (186.9) | (23.1) | (2.2) | \u2014 | (212.1) | |||||
Carrying amount | ||||||||||
Balance at 1 January 2023 | 186.3 | 23.2 | 1.1 | \u2014 | 210.5 | |||||
Balance at 31 December 2023 | 123.6 | 21.3 | 2.3 | 166.0 | 313.2 | |||||
Balance at 1 January 2024 | 123.6 | 21.3 | 2.3 | 166.0 | 313.2 | |||||
Balance at 31 December 2024 | 198.7 | 29.3 | 2.6 | 334.7 | 565.2 |
(in \u20ac million) | Goodwill | |
Acquisition value | ||
Balance at 1 January 2023 | 2,411.1 | |
Balance at 31 December 2023 | 2,411.1 | |
Balance at 1 January 2024 | 2,411.1 | |
Balance at 31 December 2024 | 2,411.1 |
(in \u20ac million) | Goodwill | |
Acquisition Elia Asset \u2013 2002 | 1,700.1 | |
Acquisition Elia Engineering \u2013 2004 | 7.7 | |
Acquisition Eurogrid International \u2013 2018 | 703.4 | |
Total 2024 | 2,411.1 |
(in \u20ac million) | Development costs of software | Licenses/ concessions | Other intangible assets | Intangible assets under development | Total | |||||
Acquisition value | ||||||||||
Balance at 1 January 2023 | 356.8 | 37.6 | 1.6 | \u2014 | 395.9 | |||||
Additions | 30.3 | 2.1 | \u2014 | 110.5 | 143.0 | |||||
Disposals | (0.2) | \u2014 | \u2014 | \u2014 | (0.2) | |||||
Transfers | (57.9) | \u2014 | 1.9 | 55.5 | (0.6) | |||||
Balance at 31 December 2023 | 329.0 | 39.7 | 3.4 | 166.0 | 538.2 | |||||
Balance at 1 January 2024 | 329.0 | 39.7 | 3.4 | 166.0 | 538.1 | |||||
Additions | 70.7 | 12.7 | 1.4 | 223.7 | 308.4 | |||||
Disposals | (65.5) | \u2014 | \u2014 | \u2014 | (65.5) | |||||
Transfers | 51.3 | \u2014 | \u2014 | (55.1) | (3.7) | |||||
Balance at 31 December 2024 | 385.6 | 52.4 | 4.8 | 334.7 | 777.4 | |||||
Depreciation and impairment | ||||||||||
Balance at 1 January 2023 | (170.5) | (14.4) | (0.5) | \u2014 | (185.4) | |||||
Depreciation | (36.2) | (4.1) | \u2014 | \u2014 | (40.2) | |||||
Disposals | 0.2 | \u2014 | \u2014 | \u2014 | 0.2 | |||||
Transfers | 1.1 | \u2014 | (0.6) | \u2014 | 0.5 | |||||
Balance at 31 December 2023 | (205.4) | (18.4) | (1.1) | \u2014 | (224.9) | |||||
Balance at 1 January 2024 | (205.4) | (18.4) | (1.1) | \u2014 | (224.9) | |||||
Depreciation | (46.9) | (4.7) | (1.1) | (52.6) | ||||||
Disposals | 65.4 | \u2014 | \u2014 | 65.4 | ||||||
Transfers | \u2014 | \u2014 | \u2014 | \u2014 | ||||||
Balance at 31 December 2024 | (186.9) | (23.1) | (2.2) | \u2014 | (212.1) | |||||
Carrying amount | ||||||||||
Balance at 1 January 2023 | 186.3 | 23.2 | 1.1 | \u2014 | 210.5 | |||||
Balance at 31 December 2023 | 123.6 | 21.3 | 2.3 | 166.0 | 313.2 | |||||
Balance at 1 January 2024 | 123.6 | 21.3 | 2.3 | 166.0 | 313.2 | |||||
Balance at 31 December 2024 | 198.7 | 29.3 | 2.6 | 334.7 | 565.2 |
(in \u20ac million) | Goodwill | |
Acquisition value | ||
Balance at 1 January 2023 | 2,411.1 | |
Balance at 31 December 2023 | 2,411.1 | |
Balance at 1 January 2024 | 2,411.1 | |
Balance at 31 December 2024 | 2,411.1 |
(in \u20ac million) | Goodwill | |
Acquisition Elia Asset \u2013 2002 | 1,700.1 | |
Acquisition Elia Engineering \u2013 2004 | 7.7 | |
Acquisition Eurogrid International \u2013 2018 | 703.4 | |
Total 2024 | 2,411.1 |
(in \u20ac million) | Notes | 2024 | 2023 | |||
Immediately claimable deposits | 7.5 | 7.2 | ||||
Reimbursement rights | 34.6 | 37.1 | ||||
Other shareholdings | 144.2 | 76.7 | ||||
Other financial assets (Current and Non- current) | (6.6) | 186.3 | 121.0 | |||
Derivatives (Current and Non-current) | (6.7) | 12.3 | 7.2 | |||
Non-current trade and other receivables | (6.4) | 55.0 | 55.0 | |||
Trade and other receivables | (6.10) | 1,098.4 | 1,066.3 | |||
Tax receivables | (6.11) | 94.3 | 64.4 | |||
Cash and cash equivalents | (6.12) | 2,030.3 | 1,368.1 | |||
Deferred charges and accrued revenues | (6.10) | 44.1 | 21.4 | |||
Total | 3,520.7 | 2,703.3 |
(in \u20ac million) | Bad debtors | Impairment losses | Remaining balance | |||
Balance at 1 January 2023 | 202.2 | (201.7) | 0.5 | |||
Changes during the year | 0.5 | (0.7) | (0.2) | |||
Balance at 31 December 2023 | 202.7 | (202.3) | 0.4 | |||
Balance at 1 January 2024 | 202.7 | (202.3) | 0.4 | |||
Changes during the year | 0.9 | (0.9) | \u2014 | |||
Balance at 31 December 2024 | 203.5 | (203.2) | 0.4 |
(in \u20ac million) | Goodwill | |
Acquisition value | ||
Balance at 1 January 2023 | 2,411.1 | |
Balance at 31 December 2023 | 2,411.1 | |
Balance at 1 January 2024 | 2,411.1 | |
Balance at 31 December 2024 | 2,411.1 |
(in \u20ac million) | Goodwill | |
Acquisition Elia Asset \u2013 2002 | 1,700.1 | |
Acquisition Elia Engineering \u2013 2004 | 7.7 | |
Acquisition Eurogrid International \u2013 2018 | 703.4 | |
Total 2024 | 2,411.1 |
(in \u20ac million) | 2024 | 2023 | ||
Contract assets | 5.0 | 7.2 | ||
Trade and other receivables | 650.3 | 544.0 | ||
Advance payments | 7.8 | 25.1 | ||
Levies | 103.4 | 7.1 | ||
VAT and other taxes | 198.7 | 120.4 | ||
Other | 133.2 | 362.3 | ||
Trade and other receivables | 1,098.4 | 1,066.2 | ||
Deferred charges | 38.2 | 15.0 | ||
Accrued interest | 5.9 | 6.3 | ||
Deferred charges and accrued revenues | 44.1 | 21.4 | ||
Total | 1,142.5 | 1,087.5 |
(in \u20ac million) | 2024 | 2023 | ||
Not past due | 631.6 | 519.0 | ||
Past due 0-30 days | 14.7 | 18.6 | ||
Past due 31-60 days | 1.1 | 8.4 | ||
Past due 61 days - one year | 2.8 | 2.6 | ||
Past due one year - two years | 0.3 | 5.5 | ||
Total (excl. impairment) | 650.5 | 554.1 | ||
Doubtful amounts | 203.5 | 202.7 | ||
Amounts write-offs | (203.2) | (202.3) | ||
Allowance for expected credit losses | (0.5) | (10.4) | ||
Total | 650.3 | 544.0 |
(in \u20ac million) | 2024 | 2023 | ||
Immediately claimable deposits | 7.5 | 7.2 | ||
Reimbursement rights | 34.6 | 36.8 | ||
Other shareholdings | 143.0 | 76.7 | ||
Other | 1.3 | 0.3 | ||
Other financial assets (non-current) | 186.3 | 121.0 | ||
Other financial assets (current) | \u2014 | \u2014 | ||
Other financial assets | 186.3 | 121.0 |
(in \u20ac million) | Type of Measurement | Ownership (at 100%) | 2024 | 2023 | ||||
European Energy Exchange (EEX) | FVOCI | 5.36% | 141.5 | 75.6 | ||||
JAO Joint Allocation Office SA | FVOCI | 8.00% | 0.5 | 0.5 | ||||
TSCNET Services GmbH | FVOCI | 6.25% | 0.4 | 0.4 | ||||
decarbon1ze GmbH | FVOCI | 5.73% | 0.5 | 0.5 | ||||
Stiftung Kurt-Sanderling- Akademie des Konzerthausorchesters | FVOCI | 10.44% | 0.01 | 0.01 | ||||
SET Fund IV | FVPL | \u2014% | 1.3 | \u2014 | ||||
Total | 144.3 | 77.0 |
(in \u20ac million) | 2024 | 2023 | ||
Contract assets | 5.0 | 7.2 | ||
Trade and other receivables | 650.3 | 544.0 | ||
Advance payments | 7.8 | 25.1 | ||
Levies | 103.4 | 7.1 | ||
VAT and other taxes | 198.7 | 120.4 | ||
Other | 133.2 | 362.3 | ||
Trade and other receivables | 1,098.4 | 1,066.2 | ||
Deferred charges | 38.2 | 15.0 | ||
Accrued interest | 5.9 | 6.3 | ||
Deferred charges and accrued revenues | 44.1 | 21.4 | ||
Total | 1,142.5 | 1,087.5 |
(in \u20ac million) | 2024 | 2023 | ||
Not past due | 631.6 | 519.0 | ||
Past due 0-30 days | 14.7 | 18.6 | ||
Past due 31-60 days | 1.1 | 8.4 | ||
Past due 61 days - one year | 2.8 | 2.6 | ||
Past due one year - two years | 0.3 | 5.5 | ||
Total (excl. impairment) | 650.5 | 554.1 | ||
Doubtful amounts | 203.5 | 202.7 | ||
Amounts write-offs | (203.2) | (202.3) | ||
Allowance for expected credit losses | (0.5) | (10.4) | ||
Total | 650.3 | 544.0 |
(in \u20ac million) | 2024 | 2023 | ||
Short-term deposits | 1,820.3 | 1,163.7 | ||
Balance at bank | 210.0 | 204.4 | ||
Total | 2,030.3 | 1,368.1 |
(in \u20ac million) | 2024 | 2023 | ||
Non-current borrowings | 13,895.4 | 9,181.3 | ||
Lease liabilities \u2212\u00a0non-current | 73.4 | 73.5 | ||
Subtotal non-current borrowings | 13,968.8 | 9,254.8 | ||
Current borrowings | 621.9 | 622.3 | ||
Lease liabilities \u2212 current | 16.3 | 14.6 | ||
Accrued interest | 221.4 | 118.4 | ||
Subtotal current loans and borrowings | 859.7 | 755.2 | ||
Total | 14,828.5 | 10,010.0 |
(in \u20ac million) | Current interest- bearing loans and borrowings | Non-current interest-bearing loans and borrowings | Total | |||
Balance at 1 January 2023 | 867.2 | 7,715.6 | 8,582.8 | |||
Cash flow: repayment of borrowings | (772.0) | (15.1) | (787.1) | |||
Cash flow: proceeds from withdrawal borrowings | 100.0 | 2,062.9 | 2,162.9 | |||
Accrued interest | 36.5 | 0.5 | 37.0 | |||
Other | 523.6 | (509.1) | 14.5 | |||
Balance at 31 December 2023 | 755.2 | 9,254.8 | 10,010.0 | |||
Balance at 1 January 2024 | 755.2 | 9,254.8 | 10,010.0 | |||
Cash flow: repayment of borrowings | (622.3) | (17.5) | (639.8) | |||
Cash flow: proceeds from withdrawal borrowings | \u2014 | 5,337.0 | 5,337.0 | |||
Accrued interest | 103.1 | 4.4 | 107.4 | |||
Other | 623.7 | (609.9) | 13.8 | |||
Balance at 31 December 2024 | 859.7 | 13,968.8 | 14,828.5 |
(in \u20ac million) - 31 December 2024 | Maturity | Redemption schedule | Amount | Interest rate | ||||
Eurobond issues 2013/15 years | 2028 | At maturity | 561.9 | 3.25% | ||||
Eurobond issues 2013/20 years | 2033 | At maturity | 204.6 | 3.50% | ||||
Eurobond issues 2014/15 years | 2029 | At maturity | 355.9 | 3.00% | ||||
Eurobond issues 2015/8.5 years | 2024 | At maturity | \u2014 | 1.38% | ||||
Eurobond issues 2017/10 years | 2027 | At maturity | 251.7 | 1.38% | ||||
Senior bond 2018/10 years | 2028 | At maturity | 300.2 | 1.50% | ||||
Eurobond issues 2019/7 years | 2026 | At maturity | 506.3 | 1.38% | ||||
Eurobond issues 2020/10 years | 2030 | At maturity | 798.0 | 0.88% | ||||
Green Bond issue 2023/10 years | 2033 | At maturity | 514.7 | 3.63% | ||||
Amortising bond \u2013 7.7 years | 2028 | Linear | 33.9 | 1.56% | ||||
Amortising bond \u2013 23.7 years | 2044 | Linear | 134.5 | 1.56% | ||||
Green bond 2024/12 years | 2036 | At maturity | 824.0 | 3.75% | ||||
Senior bond 2024/7 years | 2031 | At maturity | 608.2 | 3.88% | ||||
Bond as part of Debt Issuance Programme 2015 | 2025 | At maturity | 505.1 | 1.87% | ||||
Bond as part of Debt Issuance Programme 2016 | 2030 | At maturity | 140.1 | 2.62% | ||||
Bond as part of Debt Issuance Programme 2020 | 2028 | At maturity | 756.7 | 1.50% | ||||
Bond as part of Debt Issuance Programme 2020 - Private placement | 2040 | At maturity | 199.7 | 0.88% | ||||
Bond as part of Debt Issuance Programme 2021 | 2032 | At maturity | 753.4 | 1.11% | ||||
Bond as part of Debt Issuance Programme 2021 | 2031 | At maturity | 755.9 | 3.28% | ||||
Bond as part of Debt Issuance Programme 2021 | 2033 | At maturity | 501.2 | 0.74% | ||||
Bond as part of Debt Issuance Programme 2023 | 2030 | At maturity | 815.3 | 3.72% | ||||
Bond as part of Debt Issuance Programme 2023 - Private placement | 2038 | At maturity | 50.5 | 4.06% |
(in \u20ac million) - 31 December 2024 | Maturity | Redemption schedule | Amount | Interest rate | ||||
Bonds as part of Debt Issuance Programme 2024 | 2029 | At maturity | 721.3 | 3.60% | ||||
Bonds as part of Debt Issuance Programme 2024 | 2034 | At maturity | 826.1 | 3.92% | ||||
Bonds as part of Debt Issuance Programme 2024 | 2027 | At maturity | 652.3 | 3.08% | ||||
Bonds as part of Debt Issuance Programme 2024 | 2035 | At maturity | 853.8 | 3.73% | ||||
Registered bond 2014 | 2044 | At maturity | 50.1 | 3.00% | ||||
Total bonds, including accrued interests | 12,675.3 | |||||||
Loan with bankconsortium | 2033 | At maturity | 600.0 | 3.54% | ||||
Loan with bankconsortium | 2033 | At maturity | 120.0 | 3.87% | ||||
Revolving Credit Facility | 2027 | At maturity | 0.1 | Euribor + min 0.4% | ||||
Revolving Credit Facility | 2027 | At maturity | 1.1 | Euribor + min 0.75% | ||||
Amortising term loan - Nemo dedicated | 2033 | Linear | 141.2 | 1.80% | ||||
European Investment Bank | 2025 | At maturity | 100.2 | 1.08% | ||||
European Investment Bank | 2039 | At maturity | 651.4 | 2.94% | ||||
Sustainable Revolving Credit Facility | 2024 | At maturity | 0.2 | Euribor + 0.35% | ||||
Revolving Credit Facility | 2025 | At maturity | 0.0 | 4.29% | ||||
Revolving Credit Facility | 2026 | At maturity | 0.0 | 4.31% | ||||
Revolving Credit Facility | 2027 | At maturity | 0.0 | Euribor + 0,25% | ||||
Revolving Credit Facility | 2029 | At maturity | 0.0 | Euribor + 0,45% | ||||
Term loan ING | 2027 | At maturity | 299.3 | Euribor + 0,74% | ||||
Total bank loans | 1,913.5 | |||||||
Loan KfW | 2026 | At maturity | 150.0 | 0.90% | ||||
Total other loans | 150.0 | |||||||
Lease debts | 89.7 | |||||||
Total loans and borrowings (current and non-current) | 14,828.5 |
(in \u20ac million) - 31 December 2023 | Maturity | Redemption schedule | Amount | Interest rate | ||||
Eurobond issues 2013/15 years | 2028 | At maturity | 561.5 | 3.25% | ||||
Eurobond issues 2013/20 years | 2033 | At maturity | 204.5 | 3.50% | ||||
Eurobond issues 2014/15 years | 2029 | At maturity | 355.5 | 3.00% | ||||
Eurobond issues 2015/8.5 years | 2024 | At maturity | 503.9 | 1.38% | ||||
Eurobond issues 2017/10 years | 2027 | At maturity | 251.4 | 1.38% | ||||
Senior bond 2018/10 years | 2028 | At maturity | 299.9 | 1.50% | ||||
Eurobond issues 2019/7 years | 2026 | At maturity | 505.9 | 1.38% | ||||
Eurobond issues 2020/10 years | 2030 | At maturity | 796.8 | 0.88% | ||||
Green Bond issue 2023/10 years | 2033 | At maturity | 514.4 | 3.63% | ||||
Amortising bond \u2013 7.7 years | 2028 | Linear | 42.0 | 1.56% | ||||
Amortising bond \u2013 23.7 years | 2044 | Linear | 134.8 | 1.56% | ||||
Bond as part of Debt Issuance Programme 2015 | 2025 | At maturity | 504.7 | 1.87% | ||||
Bond as part of Debt Issuance Programme 2016 | 2030 | At maturity | 140.0 | 2.62% | ||||
Bond as part of Debt Issuance Programme 2020 | 2028 | At maturity | 756.3 | 1.50% | ||||
Bond as part of Debt Issuance Programme 2020 - Private placement | 2040 | At maturity | 199.7 | 0.88% | ||||
Bond as part of Debt Issuance Programme 2021 | 2032 | At maturity | 755.6 | 1.11% | ||||
Bond as part of Debt Issuance Programme 2021 | 2031 | At maturity | 753.2 | 3.28% | ||||
Bond as part of Debt Issuance Programme 2021 | 2033 | At maturity | 501.0 | 0.74% | ||||
Bond as part of Debt Issuance Programme 2023 | 2030 | At maturity | 814.4 | 3.72% | ||||
Bond as part of Debt Issuance Programme 2023 - Private placement | 2038 | At maturity | 50.5 | 4.06% | ||||
Registered bond 2014 | 2044 | At maturity | 50.1 | 3.00% | ||||
Total bonds, including accrued interests | 8,696.0 |
(in \u20ac million) - 31 December 2023 | Maturity | Redemption schedule | Amount | Interest rate | ||||
Amortising term loan - Nemo dedicated | 2033 | Linear | 155.3 | 1.80% | ||||
Revolving Credit Facility | 2024 | At maturity | 100.6 | |||||
Loan with bankconsortium | 2033 | At maturity | 720.0 | 3,43% to 3,63% | ||||
European Investment Bank | 2025 | At maturity | 100.0 | 1.08% | ||||
Total bank loans | 1,075.9 | |||||||
Loan with KfW | 2026 | At maturity | 150.1 | 0.90% | ||||
Total other loans | 150.1 | |||||||
Lease debts | 88.1 | |||||||
Total loans and borrowings (current and non-current) | 10,010.0 |
(in \u20ac million) | 2024 | 2023 | ||
Trade debts | 1,326.8 | 1,308.0 | ||
VAT and other taxes | 21.2 | 17.4 | ||
Remuneration and social security | 51.5 | 51.3 | ||
Dividends payable | 1.2 | 1.2 | ||
Levies | 472.6 | 562.2 | ||
Other | 102.1 | 95.2 | ||
Accrued liabilities | 182.6 | 114.1 | ||
Total | 2,158.0 | 2,149.4 |
Carrying amount | Fair value | |||||||||||||||||
(in \u20ac million) | Fair value through profit and loss | Fair value through OCI | Amortised cost | Other financial liabilities at amortised cost | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||
Balance at 31 December 2023 | ||||||||||||||||||
Other financial assets | 7.5 | 76.7 | 36.8 | 0.0 | 121.0 | 7.5 | 0.0 | 76.7 | 84.2 | |||||||||
Equity instruments at fair value through other comprehensive income | 76.7 | 76.7 | 76.7 | 76.7 | ||||||||||||||
Equity instruments at fair value through profit and loss | 7.5 | 7.5 | 7.5 | 7.5 | ||||||||||||||
Regulatory assets | 36.8 | 36.8 | ||||||||||||||||
Derivatives | 0.0 | 7.2 | 0.0 | 0.0 | 7.2 | 7.2 | 0.0 | 0.0 | 7.2 | |||||||||
Trade and other receivables (Current and Non- Current) | 0.0 | 0.0 | 1,121.2 | 0.0 | 1,121.2 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Cash and cash equivalents | 0.0 | 0.0 | 1,368.1 | 0.0 | 1,368.1 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Loans and borrowings (Current and Non- Current) | 0.0 | 0.0 | 0.0 | (10,010.0) | (10,010.0) | (8,021.6) | (93.9) | 0.0 | (8,115.5) | |||||||||
Unsecured bond issues | (8,579.8) | (8,579.8) | (8,021.6) | (93.9) | (8,115.5) | |||||||||||||
Unsecured financial bank loans and other loans | (1,223.8) | (1,223.8) | ||||||||||||||||
Lease liabilities | (88.1) | (88.1) | ||||||||||||||||
Accrued interest | (118.4) | (118.4) | ||||||||||||||||
Derivatives | 0.0 | (225.9) | 0.0 | 0.0 | (225.9) | (225.9) | 0.0 | 0.0 | (225.9) | |||||||||
Other (non-) current liabilities | 0.0 | (371.7) | 0.0 | 0.0 | (371.7) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Trade and other payables | 0.0 | 0.0 | 0.0 | (2,149.4) | (2,149.4) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Total | 7.5 | (513.7) | 2,526.1 | (12,159.5) | (10,139.6) | n.r | n.r | n.r | n.r |
Carrying amount | Fair value | |||||||||||||||||
(in \u20ac million) | Fair value through profit and loss | Fair value through OCI | Amortised cost | Other financial liabilities at amortised cost | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||
Balance at 31 December 2024 | ||||||||||||||||||
Other financial assets | 8.7 | 143.0 | 34.6 | 0.0 | 186.3 | 7.5 | 0.0 | 144.2 | 151.7 | |||||||||
Equity instruments at fair value through other comprehensive income | 143.0 | 143.0 | 143.0 | 143.0 | ||||||||||||||
Equity instruments at fair value through profit and loss | 8.7 | 8.7 | 7.5 | 1.3 | 8.7 | |||||||||||||
Regulatory assets | 34.6 | 34.6 | ||||||||||||||||
Derivatives | 0.8 | 11.5 | 0.0 | 0.0 | 12.3 | 12.3 | 0.0 | 0.0 | 12.3 | |||||||||
Trade and other receivables (Current and Non- Current) | 0.0 | 0.0 | 1,153.4 | 0.0 | 1,153.4 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Cash and cash equivalents | 0.0 | 0.0 | 2,030.3 | 0.0 | 2,030.3 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Loans and borrowings (Current and Non- Current) | 0.0 | 0.0 | 0.0 | (14,828.5) | (14,828.5) | (12,014.5) | (93.8) | 0.0 | (12,108.2) | |||||||||
Unsecured bond issues | (12,459.0) | (12,459.0) | (12,014.5) | (93.8) | (12,108.2) | |||||||||||||
Unsecured financial bank loans and other loans | (2,058.3) | (2,058.3) | ||||||||||||||||
Lease liabilities | (89.7) | (89.7) | ||||||||||||||||
Accrued interest | (221.4) | (221.4) | ||||||||||||||||
Derivatives | (2.3) | (4.5) | 0.0 | 0.0 | (6.8) | (6.8) | 0.0 | 0.0 | (6.8) | |||||||||
Other (non-) current liabilities | (7.6) | 0.0 | 0.0 | (383.5) | (391.1) | 0.0 | 0.0 | (7.6) | (7.6) | |||||||||
Trade and other payables | 0.0 | 0.0 | 0.0 | (2,158.0) | (2,158.0) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Total | (0.4) | 149.9 | 3,218.3 | (17,370.0) | (14,002.1) | n.r. | n.r. | n.r. | n.r. |
(in \u20ac million) | Notes | 2024 | 2023 | |||
Immediately claimable deposits | 7.5 | 7.2 | ||||
Reimbursement rights | 34.6 | 37.1 | ||||
Other shareholdings | 144.2 | 76.7 | ||||
Other financial assets (Current and Non- current) | (6.6) | 186.3 | 121.0 | |||
Derivatives (Current and Non-current) | (6.7) | 12.3 | 7.2 | |||
Non-current trade and other receivables | (6.4) | 55.0 | 55.0 | |||
Trade and other receivables | (6.10) | 1,098.4 | 1,066.3 | |||
Tax receivables | (6.11) | 94.3 | 64.4 | |||
Cash and cash equivalents | (6.12) | 2,030.3 | 1,368.1 | |||
Deferred charges and accrued revenues | (6.10) | 44.1 | 21.4 | |||
Total | 3,520.7 | 2,703.3 |
(in \u20ac million) | Bad debtors | Impairment losses | Remaining balance | |||
Balance at 1 January 2023 | 202.2 | (201.7) | 0.5 | |||
Changes during the year | 0.5 | (0.7) | (0.2) | |||
Balance at 31 December 2023 | 202.7 | (202.3) | 0.4 | |||
Balance at 1 January 2024 | 202.7 | (202.3) | 0.4 | |||
Changes during the year | 0.9 | (0.9) | \u2014 | |||
Balance at 31 December 2024 | 203.5 | (203.2) | 0.4 |
Non-derivative financial liabilities | ||||||||||||||||
(in \u20ac million) | Face value | Closing balance | Expected cash outflows | 6 months | 6-12 months | 1-2 years | 2-5 years | > 5 years | ||||||||
Unsecured bond issues | 8,615.0 | 8,579.8 | (9,817.7) | (644.4) | (38.0) | (682.2) | (2,834.8) | (5,618.3) | ||||||||
Unsecured financial bank loans and interest accruals | 1,342.4 | 1,342.2 | (1,513.0) | (124.9) | (21.6) | (145.3) | (276.6) | (944.6) | ||||||||
Trade and other payables | 2,149.4 | 2,149.4 | (2,149.4) | (2,149.4) | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||
Total at 31 December 2023 | 12,106.8 | 12,071.4 | (13,480.1) | (2,918.7) | (59.6) | (827.5) | (3,111.4) | (6,562.9) | ||||||||
(in \u20ac million) | Face value | Closing balance | Expected cash outflows | 6 months | 6-12 months | 1-2 years | 2-5 years | > 5 years | ||||||||
Unsecured bond issues | 13,006.7 | 12,562.1 | (14,952.9) | (754.0) | (89.7) | (1,216.5) | (4,963.9) | (7,928.7) | ||||||||
Unsecured financial bank loans and interest accruals | 2,060.0 | 2,176.6 | (2,632.3) | (164.7) | (134.9) | (621.6) | (325.6) | (1,385.5) | ||||||||
Trade and other payables | 2,148.0 | 2,148.0 | (2,148.0) | (2,148.0) | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||
Total at 31 December 2024 | 17,214.7 | 16,886.8 | (19,733.3) | (3,066.7) | (224.6) | (1,838.1) | (5,289.6) | (9,314.2) |
(in \u20ac million) | Maturity | Available amount | Average basic interest | Amount used | Amount not used | |||||
Sustainable Revolving Credit Facility | 16/02/2027 | 1,260.0 | Euribor + 0.35% | \u2014 | 1,260.0 | |||||
Confirmed credit line | 3/7/2025 | 60.0 | Euribor + 0.37% | \u2014 | 60.0 | |||||
Confirmed credit line | 3/7/2026 | 60.0 | Euribor + 0.50% | \u2014 | 60.0 | |||||
Straight Loan EGI | unlimited | 2.5 | Euribor + 0,75% | \u2014 | 2.5 | |||||
Confirmed credit line | 5/7/2027 | 50.0 | Euribor + 0.25% | \u2014 | 50.0 | |||||
Confirmed credit line | 22/11/2029 | 50.0 | Euribor + 0.45% | \u2014 | 50.0 | |||||
Confirmed credit line | 29/3/2027 | 300.0 | Euribor + 0.74% | 300.0 | \u2014 | |||||
Confirmed credit line | 26/2/2027 | 750.0 | Euribor + min. 0.4% | \u2014 | 750.0 | |||||
Confirmed credit line | unlimited | 150.0 | av. 1 month Euribor + 0.275% | \u2014 | 150.0 | |||||
Confirmed credit line | 14/12/2026 | 150.0 | 0.90% | 150.0 | \u2014 | |||||
Confirmed credit line | 31/3/2033 | 600.0 | 3.54% | 600.0 | \u2014 | |||||
Confirmed credit line | 25/11/2033 | 120.0 | 3.87% | 120.0 | \u2014 | |||||
Confirmed credit line | 26/2/2027 | 3,000.0 | Euribor + min. 0.75% | \u2014 | 3,000.0 | |||||
Confirmed credit line | 30/6/2032 | 4.4 | 2.87% | \u2014 | 4.4 | |||||
Total | 6,556.9 | 1,170.0 | 5,386.9 |
(in \u20ac million) | 2024 | 2023 | ||
Total assets | 24,927.6 | 19,390.1 | ||
Equity | 6,177.4 | 5,517.3 | ||
Equity ratio | 25% | 28% |
(in \u20ac million) | 2024 | 2023 | ||
Immediately claimable deposits | 7.5 | 7.2 | ||
Reimbursement rights | 34.6 | 36.8 | ||
Other shareholdings | 143.0 | 76.7 | ||
Other | 1.3 | 0.3 | ||
Other financial assets (non-current) | 186.3 | 121.0 | ||
Other financial assets (current) | \u2014 | \u2014 | ||
Other financial assets | 186.3 | 121.0 |
(in \u20ac million) | Type of Measurement | Ownership (at 100%) | 2024 | 2023 | ||||
European Energy Exchange (EEX) | FVOCI | 5.36% | 141.5 | 75.6 | ||||
JAO Joint Allocation Office SA | FVOCI | 8.00% | 0.5 | 0.5 | ||||
TSCNET Services GmbH | FVOCI | 6.25% | 0.4 | 0.4 | ||||
decarbon1ze GmbH | FVOCI | 5.73% | 0.5 | 0.5 | ||||
Stiftung Kurt-Sanderling- Akademie des Konzerthausorchesters | FVOCI | 10.44% | 0.01 | 0.01 | ||||
SET Fund IV | FVPL | \u2014% | 1.3 | \u2014 | ||||
Total | 144.3 | 77.0 |
(in \u20ac million) | 2024 | 2023 | ||
Immediately claimable deposits | 7.5 | 7.2 | ||
Reimbursement rights | 34.6 | 36.8 | ||
Other shareholdings | 143.0 | 76.7 | ||
Other | 1.3 | 0.3 | ||
Other financial assets (non-current) | 186.3 | 121.0 | ||
Other financial assets (current) | \u2014 | \u2014 | ||
Other financial assets | 186.3 | 121.0 |
(in \u20ac million) | Type of Measurement | Ownership (at 100%) | 2024 | 2023 | ||||
European Energy Exchange (EEX) | FVOCI | 5.36% | 141.5 | 75.6 | ||||
JAO Joint Allocation Office SA | FVOCI | 8.00% | 0.5 | 0.5 | ||||
TSCNET Services GmbH | FVOCI | 6.25% | 0.4 | 0.4 | ||||
decarbon1ze GmbH | FVOCI | 5.73% | 0.5 | 0.5 | ||||
Stiftung Kurt-Sanderling- Akademie des Konzerthausorchesters | FVOCI | 10.44% | 0.01 | 0.01 | ||||
SET Fund IV | FVPL | \u2014% | 1.3 | \u2014 | ||||
Total | 144.3 | 77.0 |
(in \u20ac million) | 2024 | 2023 | ||
Equity accounted investees (opening balance) | 269.1 | 261.2 | ||
Profit for the year | 33.2 | 30.2 | ||
Dividends received | (33.6) | (22.2) | ||
Investment in equity accounted investee | 235.0 | \u2014 | ||
Other movement in equity of the associates | (0.8) | \u2014 | ||
Currency translation adjustment | 9.8 | \u2014 | ||
Equity accounted investees (closing balance) | 512.7 | 269.1 | ||
Of which joint ventures | 251.6 | 250.7 | ||
Of which associates | 261.0 | 18.4 |
(in \u20ac million) | 2024 | 2023 | ||
Percentage ownership interest | 50.0% | 50.0% | ||
Non-current assets | 539.3 | 564.6 | ||
Current assets | 114.0 | 87.5 | ||
Of which: Cash and cash equivalents | 100.5 | 76.8 | ||
Non-current liabilities | 37.6 | 36.3 | ||
Of which: Non-current financial liabilities (excluding trade and other payables and provisions) | 13.4 | 13.5 | ||
Current liabilities | 112.4 | 114.4 | ||
Equity | 503.2 | 501.5 | ||
Group's carrying amount for the interest | 251.6 | 250.7 | ||
Revenue | 129.6 | 116.5 | ||
Depreciation, amortisation, impairment and changes in provisions | (27.4) | (27.2) | ||
Other operating expenses | (17.9) | (16.4) | ||
Net finance costs | (0.1) | (1.3) | ||
Profit before income tax | 84.2 | 71.6 | ||
Total income taxes and deferred taxes recognised in profit and loss | (20.8) | (16.9) | ||
Profit for the year | 63.5 | 54.6 | ||
Total comprehensive income for the year | 63.5 | 54.6 | ||
Group's share of profit for the year | 31.7 | 27.3 | ||
Dividends received | 30.9 | 20.0 |
(in \u20ac million) | 2024 | |
Investment value in \u20ac, including hedging reserve & contingent consideration | 235.0 | |
Transaction costs | 0.7 | |
Loss of the period | (1.9) | |
Other movements in equity of the associate | (1.5) | |
Currency translation adjustment | 9.8 | |
Equity accounted investment - energyRe Giga (Closing balance) | 242.1 |
(in \u20ac million) | Fair value recognised on acquisition per 1 February 2024 | |
Investments in associates | 656.2 | |
Total non-current assets | 656.2 | |
Inventories and construction contracts | 1.7 | |
Trade and other receivables (current) | 231.4 | |
Cash and cash equivalents | 4.6 | |
Total current assets | 237.6 | |
Total assets | 893.8 | |
Other long-term liabilities | 13.8 | |
Deferred tax liabilities | 137.0 | |
Total non-current liabilities | 150.8 | |
Short-term borrowings | 65.4 | |
Trade and other payables | 9.6 | |
Total current liabilities | 75.0 | |
Total liabilities | 225.8 | |
Net assets | 667.9 | |
Total equity | 934.1 | |
Goodwill | 266.2 | |
Group's share of net assets | 168.7 | |
Total contribution paid | 234.8 | |
Goodwill (Elia's share) | 67.2 |
Coreso SA/NV | HGRT SAS | energyRe Giga LLC | ||||
(in \u20ac million) | 2023 | 2023 | 2023 | |||
Percentage ownership interest | 22.2% | 17.0% | \u2014% | |||
Non-current assets | 17.5 | 99.5 | \u2014 | |||
Current assets | 4.7 | 1.0 | \u2014 | |||
Non-current liabilities | \u2014 | \u2014 | \u2014 | |||
Current liabilities | 16.2 | \u2014 | \u2014 | |||
Equity | 6.0 | 100.4 | \u2014 | |||
Group's carrying amount for the interest | 1.3 | 17.1 | \u2014 | |||
Revenue | 32.6 | \u2014 | \u2014 | |||
Depreciation, amortisation, impairment and changes in provisions | (3.0) | \u2014 | \u2014 | |||
Other operating expenses | (27.9) | 16.1 | \u2014 | |||
Net finance costs | (0.2) | \u2014 | \u2014 | |||
Profit before income tax | 1.4 | 16.1 | \u2014 | |||
Total income taxes and deferred taxes recognised in profit and loss | (0.7) | (0.2) | \u2014 | |||
Profit for the year | 0.7 | 15.9 | \u2014 | |||
Other comprehensive income | \u2014 | \u2014 | \u2014 | |||
Total comprehensive income for the year | 0.7 | 15.9 | \u2014 | |||
Group's share of total comprehensive income for the period | 0.2 | 2.7 | \u2014 | |||
Dividends received | \u2014 | 2.2 | \u2014 | |||
Coreso SA/NV | HGRT SAS | energyRe Giga LLC | ||||
(in \u20ac million) | 2024 | 2024 | 2024 | |||
Percentage ownership interest | 22.2% | 17.0% | 25.3% | |||
Non-current assets | 28.2 | 102.0 | 1,022.1 | |||
Current assets | 4.7 | 0.7 | 103.9 | |||
Non-current liabilities | \u2014 | \u2014 | 162.3 | |||
Current liabilities | 25.8 | \u2014 | 5.5 | |||
Equity | 7.2 | 102.7 | 958.3 | |||
Group's carrying amount for the interest | 1.6 | 17.5 | 242.0 | |||
Revenue | 42.2 | \u2014 | 6.1 | |||
Depreciation, amortisation, impairment and changes in provisions | (2.2) | \u2014 | \u2014 | |||
Other operating expenses | (37.7) | (0.1) | (12.2) | |||
Net finance costs | (0.4) | \u2014 | 3.1 | |||
Share of profit of equity-accounted investees | \u2014 | 18.5 | (4.6) | |||
Profit before income tax | 1.9 | 18.4 | (7.7) | |||
Total income taxes and deferred taxes recognised in profit and loss | (0.7) | (0.2) | \u2014 | |||
Profit for the year | 1.2 | 18.3 | (7.7) | |||
Other comprehensive income | \u2014 | \u2014 | \u2014 | |||
Total comprehensive income for the year | 1.2 | 18.3 | (7.7) | |||
Group's share of total comprehensive income for the period | 0.3 | 3.1 | (1.9) | |||
Dividends received | \u2014 | 2.7 | \u2014 |
Percentage of interest | |||||||||
Name | Country of establishment | Headquarters | 2024 | 2023 | |||||
Subsidiaries | |||||||||
Elia Transmission Belgium SA/NV | Belgium | Bd de l\u2019Empereur 20, 1000 Brussels | 99.99 | 99.99 | |||||
Elia Asset SA/NV | Belgium | Bd de l\u2019Empereur 20, 1000 Brussels | 99.99 | 99.99 | |||||
Elia Engineering SA/NV | Belgium | Bd de l\u2019Empereur 20, 1000 Brussels | 100.00 | 100.00 | |||||
Elia Re SA | Luxembourg | Rue de Merl 65, 2146 Luxembourg | 100.00 | 100.00 | |||||
Elia Grid International SA/NV | Belgium | Bd de l\u2019Empereur 20, 1000 Bussels | 90.00 | 90.00 | |||||
Elia Grid International GmBH | Germany | Heidestra\u00dfe 2, 10557 Berlin | 90.00 | 90.00 | |||||
Elia Grid International LLC | Saudi Arabia | Al Akaria Plaza Olaya Street, Al Olaya Riyadh 11622 | 90.00 | 90.00 | |||||
Elia Grid International Inc. | Canada | 1500-850 2 ST SW, T2P0R8 Calgary | 90.00 | 90.00 | |||||
Eurogrid International SA/NV | Belgium | Bd de l\u2019Empereur 20, 1000 Brussels | 100.00 | 100.00 | |||||
Eurogrid GmbH | Germany | Heidestra\u00dfe 2, 10557 Berlin | 80.00 | 80.00 | |||||
50Hertz Transmission GmbH | Germany | Heidestra\u00dfe 2, 10557 Berlin | 80.00 | 80.00 | |||||
50Hertz Offshore GmbH | Germany | Heidestra\u00dfe 2, 10557 Berlin | 80.00 | 80.00 | |||||
50Hertz Connectors GmbH | Germany | Heidestra\u00dfe 2, 10557 Berlin | 80.00 | 80.00 | |||||
Re.Alto-Energy BV/SRL | Belgium | Bd de l\u2019Empereur 20, 1000 Brussels | 100.00 | 100.00 | |||||
Re.Alto-Energy GmbH | Germany | Ratingstra\u00dfe 9, 40213 Dusseldorf | 100.00 | 100.00 |
Percentage of interest | |||||||||
Name | Country of establishment | Headquarters | 2024 | 2023 | |||||
WindGrid SA/NV | Belgium | Bd de l\u2019Empereur 20, 1000 Brussels | 100.00 | 100.00 | |||||
WindGrid USA Holding LLC | USA | 1209 Orange Street, Wilmington, New Castle County, Delaware 19801\u00a0 | 100.00 | 100.00 | |||||
WindGrid USA LLC | USA | 1209 Orange Street, Wilmington, New Castle County, Delaware 19801\u00a0\u00a0 | 100.00 | 100.00 | |||||
Investments accounted for using the equity-method \u2013 Joint ventures | |||||||||
Nemo Link Ltd. | United Kingdom | Strand 1-3, London WC2N 5EH | 50.00 | 50.00 | |||||
Investments accounted for using the equity-method \u2013 Associates | |||||||||
H.G.R.T S.A.S. | France | 1 Terrasse Bellini, 92919 La D\u00e9fense Cedex | 17.00 | 17.00 | |||||
Coreso SA/NV | Belgium | Avenue de Cortenbergh 71, 1000 Brussels | 22.16 | 22.16 | |||||
energyRe Giga-Projects USA Holdings LLC | USA | 1300 Post Oak Boulevard, Suite 1000,Houston TX77056 | 25.25 | 0.00 | |||||
LINK digital GmbH | Germany | Friedrichstr. 10A, 97082 W\u00fcrzburg | 26.66 | 0.00 | |||||
Investments accounted for using IFRS9 - Other shareholdings | |||||||||
JAO SA | Luxembourg | 2, Rue de Bitbourg, 1273 Luxembourg Hamm | 7.20 | 7.20 | |||||
Decarbon1ze GmbH | Germany | Mariendorfer Damm 1, 12099 Berlin | 4.58 | 5.28 | |||||
European Energy Exchange AG (EEX) | Germany | Augustusplatz 9, 0409 Leipzig | 4.29 | 4.29 | |||||
TSCNET Services GmbH | Germany | Dingolfinger Strasse 3, 81673 Munich | 5.00 | 5.00 | |||||
Kurt-Sanderling-Akademie des Konzerthausorchesters Berlin | Germany | Gendarmenmarkt, 10117 Berlin | 8.35 | 8.35 |
(in \u20ac million) | 2024 | 2023 | ||
Equity accounted investees (opening balance) | 269.1 | 261.2 | ||
Profit for the year | 33.2 | 30.2 | ||
Dividends received | (33.6) | (22.2) | ||
Investment in equity accounted investee | 235.0 | \u2014 | ||
Other movement in equity of the associates | (0.8) | \u2014 | ||
Currency translation adjustment | 9.8 | \u2014 | ||
Equity accounted investees (closing balance) | 512.7 | 269.1 | ||
Of which joint ventures | 251.6 | 250.7 | ||
Of which associates | 261.0 | 18.4 |
(in \u20ac million) | 2024 | 2023 | ||
Percentage ownership interest | 50.0% | 50.0% | ||
Non-current assets | 539.3 | 564.6 | ||
Current assets | 114.0 | 87.5 | ||
Of which: Cash and cash equivalents | 100.5 | 76.8 | ||
Non-current liabilities | 37.6 | 36.3 | ||
Of which: Non-current financial liabilities (excluding trade and other payables and provisions) | 13.4 | 13.5 | ||
Current liabilities | 112.4 | 114.4 | ||
Equity | 503.2 | 501.5 | ||
Group's carrying amount for the interest | 251.6 | 250.7 | ||
Revenue | 129.6 | 116.5 | ||
Depreciation, amortisation, impairment and changes in provisions | (27.4) | (27.2) | ||
Other operating expenses | (17.9) | (16.4) | ||
Net finance costs | (0.1) | (1.3) | ||
Profit before income tax | 84.2 | 71.6 | ||
Total income taxes and deferred taxes recognised in profit and loss | (20.8) | (16.9) | ||
Profit for the year | 63.5 | 54.6 | ||
Total comprehensive income for the year | 63.5 | 54.6 | ||
Group's share of profit for the year | 31.7 | 27.3 | ||
Dividends received | 30.9 | 20.0 |
(in \u20ac million) | 2024 | |
Investment value in \u20ac, including hedging reserve & contingent consideration | 235.0 | |
Transaction costs | 0.7 | |
Loss of the period | (1.9) | |
Other movements in equity of the associate | (1.5) | |
Currency translation adjustment | 9.8 | |
Equity accounted investment - energyRe Giga (Closing balance) | 242.1 |
(in \u20ac million) | Fair value recognised on acquisition per 1 February 2024 | |
Investments in associates | 656.2 | |
Total non-current assets | 656.2 | |
Inventories and construction contracts | 1.7 | |
Trade and other receivables (current) | 231.4 | |
Cash and cash equivalents | 4.6 | |
Total current assets | 237.6 | |
Total assets | 893.8 | |
Other long-term liabilities | 13.8 | |
Deferred tax liabilities | 137.0 | |
Total non-current liabilities | 150.8 | |
Short-term borrowings | 65.4 | |
Trade and other payables | 9.6 | |
Total current liabilities | 75.0 | |
Total liabilities | 225.8 | |
Net assets | 667.9 | |
Total equity | 934.1 | |
Goodwill | 266.2 | |
Group's share of net assets | 168.7 | |
Total contribution paid | 234.8 | |
Goodwill (Elia's share) | 67.2 |
Coreso SA/NV | HGRT SAS | energyRe Giga LLC | ||||
(in \u20ac million) | 2023 | 2023 | 2023 | |||
Percentage ownership interest | 22.2% | 17.0% | \u2014% | |||
Non-current assets | 17.5 | 99.5 | \u2014 | |||
Current assets | 4.7 | 1.0 | \u2014 | |||
Non-current liabilities | \u2014 | \u2014 | \u2014 | |||
Current liabilities | 16.2 | \u2014 | \u2014 | |||
Equity | 6.0 | 100.4 | \u2014 | |||
Group's carrying amount for the interest | 1.3 | 17.1 | \u2014 | |||
Revenue | 32.6 | \u2014 | \u2014 | |||
Depreciation, amortisation, impairment and changes in provisions | (3.0) | \u2014 | \u2014 | |||
Other operating expenses | (27.9) | 16.1 | \u2014 | |||
Net finance costs | (0.2) | \u2014 | \u2014 | |||
Profit before income tax | 1.4 | 16.1 | \u2014 | |||
Total income taxes and deferred taxes recognised in profit and loss | (0.7) | (0.2) | \u2014 | |||
Profit for the year | 0.7 | 15.9 | \u2014 | |||
Other comprehensive income | \u2014 | \u2014 | \u2014 | |||
Total comprehensive income for the year | 0.7 | 15.9 | \u2014 | |||
Group's share of total comprehensive income for the period | 0.2 | 2.7 | \u2014 | |||
Dividends received | \u2014 | 2.2 | \u2014 | |||
Coreso SA/NV | HGRT SAS | energyRe Giga LLC | ||||
(in \u20ac million) | 2024 | 2024 | 2024 | |||
Percentage ownership interest | 22.2% | 17.0% | 25.3% | |||
Non-current assets | 28.2 | 102.0 | 1,022.1 | |||
Current assets | 4.7 | 0.7 | 103.9 | |||
Non-current liabilities | \u2014 | \u2014 | 162.3 | |||
Current liabilities | 25.8 | \u2014 | 5.5 | |||
Equity | 7.2 | 102.7 | 958.3 | |||
Group's carrying amount for the interest | 1.6 | 17.5 | 242.0 | |||
Revenue | 42.2 | \u2014 | 6.1 | |||
Depreciation, amortisation, impairment and changes in provisions | (2.2) | \u2014 | \u2014 | |||
Other operating expenses | (37.7) | (0.1) | (12.2) | |||
Net finance costs | (0.4) | \u2014 | 3.1 | |||
Share of profit of equity-accounted investees | \u2014 | 18.5 | (4.6) | |||
Profit before income tax | 1.9 | 18.4 | (7.7) | |||
Total income taxes and deferred taxes recognised in profit and loss | (0.7) | (0.2) | \u2014 | |||
Profit for the year | 1.2 | 18.3 | (7.7) | |||
Other comprehensive income | \u2014 | \u2014 | \u2014 | |||
Total comprehensive income for the year | 1.2 | 18.3 | (7.7) | |||
Group's share of total comprehensive income for the period | 0.3 | 3.1 | (1.9) | |||
Dividends received | \u2014 | 2.7 | \u2014 |
(in \u20ac million) | 2024 | 2023 | ||
Transactions with joint ventures and associates | 35.2 | (4.2) | ||
Sales of goods | 43.1 | 1.9 | ||
Purchases of goods | (8.0) | (6.1) | ||
Interest and similar revenue | 0.0 | 0.0 | ||
Outstanding balances with joint ventures and associates | (0.2) | 0.3 | ||
Long-term debtors | 0.0 | 0.0 | ||
Trade debtors | 0.7 | 0.3 | ||
Trade debts | (0.9) | \u2014 |
(in \u20ac million) | 2024 | 2023 | ||
Percentage ownership interest | 50.0% | 50.0% | ||
Non-current assets | 539.3 | 564.6 | ||
Current assets | 114.0 | 87.5 | ||
Of which: Cash and cash equivalents | 100.5 | 76.8 | ||
Non-current liabilities | 37.6 | 36.3 | ||
Of which: Non-current financial liabilities (excluding trade and other payables and provisions) | 13.4 | 13.5 | ||
Current liabilities | 112.4 | 114.4 | ||
Equity | 503.2 | 501.5 | ||
Group's carrying amount for the interest | 251.6 | 250.7 | ||
Revenue | 129.6 | 116.5 | ||
Depreciation, amortisation, impairment and changes in provisions | (27.4) | (27.2) | ||
Other operating expenses | (17.9) | (16.4) | ||
Net finance costs | (0.1) | (1.3) | ||
Profit before income tax | 84.2 | 71.6 | ||
Total income taxes and deferred taxes recognised in profit and loss | (20.8) | (16.9) | ||
Profit for the year | 63.5 | 54.6 | ||
Total comprehensive income for the year | 63.5 | 54.6 | ||
Group's share of profit for the year | 31.7 | 27.3 | ||
Dividends received | 30.9 | 20.0 |
(in \u20ac million) | 2024 | |
Investment value in \u20ac, including hedging reserve & contingent consideration | 235.0 | |
Transaction costs | 0.7 | |
Loss of the period | (1.9) | |
Other movements in equity of the associate | (1.5) | |
Currency translation adjustment | 9.8 | |
Equity accounted investment - energyRe Giga (Closing balance) | 242.1 |
(in \u20ac million) | Fair value recognised on acquisition per 1 February 2024 | |
Investments in associates | 656.2 | |
Total non-current assets | 656.2 | |
Inventories and construction contracts | 1.7 | |
Trade and other receivables (current) | 231.4 | |
Cash and cash equivalents | 4.6 | |
Total current assets | 237.6 | |
Total assets | 893.8 | |
Other long-term liabilities | 13.8 | |
Deferred tax liabilities | 137.0 | |
Total non-current liabilities | 150.8 | |
Short-term borrowings | 65.4 | |
Trade and other payables | 9.6 | |
Total current liabilities | 75.0 | |
Total liabilities | 225.8 | |
Net assets | 667.9 | |
Total equity | 934.1 | |
Goodwill | 266.2 | |
Group's share of net assets | 168.7 | |
Total contribution paid | 234.8 | |
Goodwill (Elia's share) | 67.2 |
Coreso SA/NV | HGRT SAS | energyRe Giga LLC | ||||
(in \u20ac million) | 2023 | 2023 | 2023 | |||
Percentage ownership interest | 22.2% | 17.0% | \u2014% | |||
Non-current assets | 17.5 | 99.5 | \u2014 | |||
Current assets | 4.7 | 1.0 | \u2014 | |||
Non-current liabilities | \u2014 | \u2014 | \u2014 | |||
Current liabilities | 16.2 | \u2014 | \u2014 | |||
Equity | 6.0 | 100.4 | \u2014 | |||
Group's carrying amount for the interest | 1.3 | 17.1 | \u2014 | |||
Revenue | 32.6 | \u2014 | \u2014 | |||
Depreciation, amortisation, impairment and changes in provisions | (3.0) | \u2014 | \u2014 | |||
Other operating expenses | (27.9) | 16.1 | \u2014 | |||
Net finance costs | (0.2) | \u2014 | \u2014 | |||
Profit before income tax | 1.4 | 16.1 | \u2014 | |||
Total income taxes and deferred taxes recognised in profit and loss | (0.7) | (0.2) | \u2014 | |||
Profit for the year | 0.7 | 15.9 | \u2014 | |||
Other comprehensive income | \u2014 | \u2014 | \u2014 | |||
Total comprehensive income for the year | 0.7 | 15.9 | \u2014 | |||
Group's share of total comprehensive income for the period | 0.2 | 2.7 | \u2014 | |||
Dividends received | \u2014 | 2.2 | \u2014 | |||
Coreso SA/NV | HGRT SAS | energyRe Giga LLC | ||||
(in \u20ac million) | 2024 | 2024 | 2024 | |||
Percentage ownership interest | 22.2% | 17.0% | 25.3% | |||
Non-current assets | 28.2 | 102.0 | 1,022.1 | |||
Current assets | 4.7 | 0.7 | 103.9 | |||
Non-current liabilities | \u2014 | \u2014 | 162.3 | |||
Current liabilities | 25.8 | \u2014 | 5.5 | |||
Equity | 7.2 | 102.7 | 958.3 | |||
Group's carrying amount for the interest | 1.6 | 17.5 | 242.0 | |||
Revenue | 42.2 | \u2014 | 6.1 | |||
Depreciation, amortisation, impairment and changes in provisions | (2.2) | \u2014 | \u2014 | |||
Other operating expenses | (37.7) | (0.1) | (12.2) | |||
Net finance costs | (0.4) | \u2014 | 3.1 | |||
Share of profit of equity-accounted investees | \u2014 | 18.5 | (4.6) | |||
Profit before income tax | 1.9 | 18.4 | (7.7) | |||
Total income taxes and deferred taxes recognised in profit and loss | (0.7) | (0.2) | \u2014 | |||
Profit for the year | 1.2 | 18.3 | (7.7) | |||
Other comprehensive income | \u2014 | \u2014 | \u2014 | |||
Total comprehensive income for the year | 1.2 | 18.3 | (7.7) | |||
Group's share of total comprehensive income for the period | 0.3 | 3.1 | (1.9) | |||
Dividends received | \u2014 | 2.7 | \u2014 |
(in \u20ac million) | 2024 | 2023 | ||
Immediately claimable deposits | 7.5 | 7.2 | ||
Reimbursement rights | 34.6 | 36.8 | ||
Other shareholdings | 143.0 | 76.7 | ||
Other | 1.3 | 0.3 | ||
Other financial assets (non-current) | 186.3 | 121.0 | ||
Other financial assets (current) | \u2014 | \u2014 | ||
Other financial assets | 186.3 | 121.0 |
(in \u20ac million) | Type of Measurement | Ownership (at 100%) | 2024 | 2023 | ||||
European Energy Exchange (EEX) | FVOCI | 5.36% | 141.5 | 75.6 | ||||
JAO Joint Allocation Office SA | FVOCI | 8.00% | 0.5 | 0.5 | ||||
TSCNET Services GmbH | FVOCI | 6.25% | 0.4 | 0.4 | ||||
decarbon1ze GmbH | FVOCI | 5.73% | 0.5 | 0.5 | ||||
Stiftung Kurt-Sanderling- Akademie des Konzerthausorchesters | FVOCI | 10.44% | 0.01 | 0.01 | ||||
SET Fund IV | FVPL | \u2014% | 1.3 | \u2014 | ||||
Total | 144.3 | 77.0 |
(in \u20ac million) | 2024 | 2023 | ||
Immediately claimable deposits | 7.5 | 7.2 | ||
Reimbursement rights | 34.6 | 36.8 | ||
Other shareholdings | 143.0 | 76.7 | ||
Other | 1.3 | 0.3 | ||
Other financial assets (non-current) | 186.3 | 121.0 | ||
Other financial assets (current) | \u2014 | \u2014 | ||
Other financial assets | 186.3 | 121.0 |
(in \u20ac million) | Type of Measurement | Ownership (at 100%) | 2024 | 2023 | ||||
European Energy Exchange (EEX) | FVOCI | 5.36% | 141.5 | 75.6 | ||||
JAO Joint Allocation Office SA | FVOCI | 8.00% | 0.5 | 0.5 | ||||
TSCNET Services GmbH | FVOCI | 6.25% | 0.4 | 0.4 | ||||
decarbon1ze GmbH | FVOCI | 5.73% | 0.5 | 0.5 | ||||
Stiftung Kurt-Sanderling- Akademie des Konzerthausorchesters | FVOCI | 10.44% | 0.01 | 0.01 | ||||
SET Fund IV | FVPL | \u2014% | 1.3 | \u2014 | ||||
Total | 144.3 | 77.0 |
(in \u20ac million) | Classification | Level | 2024 | 2023 | ||||
Assets | 12.3 | 7.2 | ||||||
Commodity risk (grid losses) | Level 1 | 2.3 | \u2014 | |||||
Derivative financial instruments designated in a cash flow hedge relationship | Fair value through other comprehensive income | 2.3 | \u2014 | |||||
Non-current derivatives | 2.3 | \u2014 | ||||||
Commodity risk (grid losses) | Level 1 | 10.0 | \u2014 | |||||
Forecasted transactions | Level 1 | \u2014 | 7.2 | |||||
Derivative financial instruments designated in a cash flow hedge relationship | Fair value through other comprehensive income | 9.2 | 7.2 | |||||
Derivative financial instruments designated in a cash flow hedge relationship | Fair value through profit and loss | 0.8 | \u2014 | |||||
Current derivatives | 10.0 | 7.2 | ||||||
Liabilities | 6.8 | 225.9 | ||||||
Commodity risk (grid losses) | Level 1 | \u2014 | 8.5 | |||||
Interest rate risk | Level 1 | 4.5 | \u2014 | |||||
Derivative financial instruments designated in a cash flow hedge relationship | Fair value through other comprehensive income | 4.5 | 8.5 | |||||
Non-current derivatives | 4.5 | 8.5 | ||||||
Foreign currency risk | Level 1 | 1.4 | 1.1 | |||||
Commodity risk (grid losses) | Level 1 | 0.9 | 216.3 | |||||
Derivative financial instruments designated in a cash flow hedge relationship | Fair value through profit and loss | 2.3 | 217.4 | |||||
Current derivatives | 2.3 | 217.4 |
(in \u20ac) | 2024 | 2023 | ||
Recycling from other comprehensive income of derivative financial instruments designated in a cash flow hedge relationship | (6.0) | (2.8) | ||
Effective portion of changes in fair value of cash flow hedges | 236.4 | (377.3) | ||
Total | 230.4 | (380.1) |
As of 31 December 2023 | Unit | \u00a0 | 2024 | 2025 | 2026 | Total as of 31 December 2023 | ||||
Interest rate risk | (in \u20ac million) | \u00a0 | 125.0 | \u2014 | \u2014 | 125.0 | ||||
Commodity risk (grid losses) | TWh | \u00a0 | 2.6 | 0.6 | \u2014 | 3.2 | ||||
Foreign currency risk | (in USD million) | \u00a0 | 250.0 | \u2014 | \u2014 | 250.0 | ||||
\u00a0 | ||||||||||
As of 31 December 2024 | Unit | \u00a0 | 2025 | 2026 | 2027 | Total as of 31 December 2024 | ||||
Interest rate risk | (in \u20ac million) | \u00a0 | \u2014 | \u2014 | 300.0 | 300.0 | ||||
Commodity risk (grid losses) | TWh | \u00a0 | 2.4 | 0.6 | \u2014 | 3.0 | ||||
Foreign currency risk | (in USD million) | \u00a0 | 240.9 | \u2014 | \u2014 | 240.9 |
(in \u20ac million) | 2024 | 2023 | ||
Raw materials and consumables | 46.2 | 41.8 | ||
Work in progress | 195.9 | 17.9 | ||
Write-downs | (17.5) | (17.1) | ||
Total | 224.6 | 42.7 |
(in \u20ac million) | 2024 | 2023 | ||
Not past due | 631.6 | 519.0 | ||
Past due 0-30 days | 14.7 | 18.6 | ||
Past due 31-60 days | 1.1 | 8.4 | ||
Past due 61 days - one year | 2.8 | 2.6 | ||
Past due one year - two years | 0.3 | 5.5 | ||
Total (excl. impairment) | 650.5 | 554.1 | ||
Doubtful amounts | 203.5 | 202.7 | ||
Amounts write-offs | (203.2) | (202.3) | ||
Allowance for expected credit losses | (0.5) | (10.4) | ||
Total | 650.3 | 544.0 |
(in \u20ac million) | Notes | 2024 | 2023 | |||
Immediately claimable deposits | 7.5 | 7.2 | ||||
Reimbursement rights | 34.6 | 37.1 | ||||
Other shareholdings | 144.2 | 76.7 | ||||
Other financial assets (Current and Non- current) | (6.6) | 186.3 | 121.0 | |||
Derivatives (Current and Non-current) | (6.7) | 12.3 | 7.2 | |||
Non-current trade and other receivables | (6.4) | 55.0 | 55.0 | |||
Trade and other receivables | (6.10) | 1,098.4 | 1,066.3 | |||
Tax receivables | (6.11) | 94.3 | 64.4 | |||
Cash and cash equivalents | (6.12) | 2,030.3 | 1,368.1 | |||
Deferred charges and accrued revenues | (6.10) | 44.1 | 21.4 | |||
Total | 3,520.7 | 2,703.3 |
(in \u20ac million) | Bad debtors | Impairment losses | Remaining balance | |||
Balance at 1 January 2023 | 202.2 | (201.7) | 0.5 | |||
Changes during the year | 0.5 | (0.7) | (0.2) | |||
Balance at 31 December 2023 | 202.7 | (202.3) | 0.4 | |||
Balance at 1 January 2024 | 202.7 | (202.3) | 0.4 | |||
Changes during the year | 0.9 | (0.9) | \u2014 | |||
Balance at 31 December 2024 | 203.5 | (203.2) | 0.4 |
(in \u20ac million) | 2024 | 2023 | ||
Tax receivables | 94.3 | 64.4 | ||
Tax liabilities | (10.2) | (5.3) | ||
Total | 84.0 | 59.1 |
(in \u20ac million) | 2024 | 2023 | ||
Short-term deposits | 1,820.3 | 1,163.7 | ||
Balance at bank | 210.0 | 204.4 | ||
Total | 2,030.3 | 1,368.1 |
(in \u20ac million) | 2024 | 2023 | ||
Short-term deposits | 1,820.3 | 1,163.7 | ||
Balance at bank | 210.0 | 204.4 | ||
Total | 2,030.3 | 1,368.1 |
Share capital and share premium | ||||
Number of shares | 2024 | 2023 | ||
Number of issued shares at the beginning of the year | 73,521,823 | 73,515,839 | ||
Issued against cash payment | \u2014 | 5,984 | ||
Number of issued shares at the end of the year | 73,521,823 | 73,521,823 | ||
Number of treasury shares at the end of the year | 38,741 | 22,079 | ||
Number of outstanding shares at the end of the year | 73,483,082 | 73,499,744 |
In \u20ac million - Group share | 2024 | 2023 | Variation | |||
BE - CFH - Senior Bond 2018 | (2.1) | (2.7) | .5 | |||
BE - CFH - Green Bond 2023 | 29.5 | 33.1 | (3.5) | |||
BE - CFH - Green Bond 2024 | 7.8 | 7.2 | .6 | |||
BE - CFH - FX Forward rate 2024 | \u2014 | (1.1) | 1.1 | |||
BE - CFH - IRS term loan 2024 - 2027 | (4.5) | \u2014 | (4.5) | |||
GE - CFH - Grid losses | 9.1 | (179.9) | 189.0 | |||
Total | 39.8 | (143.4) | 183.2 | |||
GE - Tax impact | (2.7) | 54.0 | (56.7) | |||
BE - Tax impact | (7.7) | (9.1) | 1.4 | |||
Hedging reserves - net of taxes | 29.4 | (98.6) | 127.9 |
Number of treasury shares | 2024 | 2023 | ||
On 1 January | 22,079 | 13,480 | ||
Repurchased during the year | 377,575 | 434,830 | ||
Sold during the year | (360,913) | (426,231) | ||
Number of treasury shares at the end of the year | 38,741 | 22,079 |
Dividend (in \u20ac) | 2024 | 2023 | ||
Per ordinary share entitled to dividend | 2.05 | 1.99 |
Share capital and share premium | ||||
Number of shares | 2024 | 2023 | ||
Number of issued shares at the beginning of the year | 73,521,823 | 73,515,839 | ||
Issued against cash payment | \u2014 | 5,984 | ||
Number of issued shares at the end of the year | 73,521,823 | 73,521,823 | ||
Number of treasury shares at the end of the year | 38,741 | 22,079 | ||
Number of outstanding shares at the end of the year | 73,483,082 | 73,499,744 |
In \u20ac million - Group share | 2024 | 2023 | Variation | |||
BE - CFH - Senior Bond 2018 | (2.1) | (2.7) | .5 | |||
BE - CFH - Green Bond 2023 | 29.5 | 33.1 | (3.5) | |||
BE - CFH - Green Bond 2024 | 7.8 | 7.2 | .6 | |||
BE - CFH - FX Forward rate 2024 | \u2014 | (1.1) | 1.1 | |||
BE - CFH - IRS term loan 2024 - 2027 | (4.5) | \u2014 | (4.5) | |||
GE - CFH - Grid losses | 9.1 | (179.9) | 189.0 | |||
Total | 39.8 | (143.4) | 183.2 | |||
GE - Tax impact | (2.7) | 54.0 | (56.7) | |||
BE - Tax impact | (7.7) | (9.1) | 1.4 | |||
Hedging reserves - net of taxes | 29.4 | (98.6) | 127.9 |
Number of treasury shares | 2024 | 2023 | ||
On 1 January | 22,079 | 13,480 | ||
Repurchased during the year | 377,575 | 434,830 | ||
Sold during the year | (360,913) | (426,231) | ||
Number of treasury shares at the end of the year | 38,741 | 22,079 |
Dividend (in \u20ac) | 2024 | 2023 | ||
Per ordinary share entitled to dividend | 2.05 | 1.99 |
(in \u20ac million) | 2024 | 2023 | ||
Non-current borrowings | 13,895.4 | 9,181.3 | ||
Lease liabilities \u2212\u00a0non-current | 73.4 | 73.5 | ||
Subtotal non-current borrowings | 13,968.8 | 9,254.8 | ||
Current borrowings | 621.9 | 622.3 | ||
Lease liabilities \u2212 current | 16.3 | 14.6 | ||
Accrued interest | 221.4 | 118.4 | ||
Subtotal current loans and borrowings | 859.7 | 755.2 | ||
Total | 14,828.5 | 10,010.0 |
(in \u20ac million) | Current interest- bearing loans and borrowings | Non-current interest-bearing loans and borrowings | Total | |||
Balance at 1 January 2023 | 867.2 | 7,715.6 | 8,582.8 | |||
Cash flow: repayment of borrowings | (772.0) | (15.1) | (787.1) | |||
Cash flow: proceeds from withdrawal borrowings | 100.0 | 2,062.9 | 2,162.9 | |||
Accrued interest | 36.5 | 0.5 | 37.0 | |||
Other | 523.6 | (509.1) | 14.5 | |||
Balance at 31 December 2023 | 755.2 | 9,254.8 | 10,010.0 | |||
Balance at 1 January 2024 | 755.2 | 9,254.8 | 10,010.0 | |||
Cash flow: repayment of borrowings | (622.3) | (17.5) | (639.8) | |||
Cash flow: proceeds from withdrawal borrowings | \u2014 | 5,337.0 | 5,337.0 | |||
Accrued interest | 103.1 | 4.4 | 107.4 | |||
Other | 623.7 | (609.9) | 13.8 | |||
Balance at 31 December 2024 | 859.7 | 13,968.8 | 14,828.5 |
(in \u20ac million) - 31 December 2024 | Maturity | Redemption schedule | Amount | Interest rate | ||||
Eurobond issues 2013/15 years | 2028 | At maturity | 561.9 | 3.25% | ||||
Eurobond issues 2013/20 years | 2033 | At maturity | 204.6 | 3.50% | ||||
Eurobond issues 2014/15 years | 2029 | At maturity | 355.9 | 3.00% | ||||
Eurobond issues 2015/8.5 years | 2024 | At maturity | \u2014 | 1.38% | ||||
Eurobond issues 2017/10 years | 2027 | At maturity | 251.7 | 1.38% | ||||
Senior bond 2018/10 years | 2028 | At maturity | 300.2 | 1.50% | ||||
Eurobond issues 2019/7 years | 2026 | At maturity | 506.3 | 1.38% | ||||
Eurobond issues 2020/10 years | 2030 | At maturity | 798.0 | 0.88% | ||||
Green Bond issue 2023/10 years | 2033 | At maturity | 514.7 | 3.63% | ||||
Amortising bond \u2013 7.7 years | 2028 | Linear | 33.9 | 1.56% | ||||
Amortising bond \u2013 23.7 years | 2044 | Linear | 134.5 | 1.56% | ||||
Green bond 2024/12 years | 2036 | At maturity | 824.0 | 3.75% | ||||
Senior bond 2024/7 years | 2031 | At maturity | 608.2 | 3.88% | ||||
Bond as part of Debt Issuance Programme 2015 | 2025 | At maturity | 505.1 | 1.87% | ||||
Bond as part of Debt Issuance Programme 2016 | 2030 | At maturity | 140.1 | 2.62% | ||||
Bond as part of Debt Issuance Programme 2020 | 2028 | At maturity | 756.7 | 1.50% | ||||
Bond as part of Debt Issuance Programme 2020 - Private placement | 2040 | At maturity | 199.7 | 0.88% | ||||
Bond as part of Debt Issuance Programme 2021 | 2032 | At maturity | 753.4 | 1.11% | ||||
Bond as part of Debt Issuance Programme 2021 | 2031 | At maturity | 755.9 | 3.28% | ||||
Bond as part of Debt Issuance Programme 2021 | 2033 | At maturity | 501.2 | 0.74% | ||||
Bond as part of Debt Issuance Programme 2023 | 2030 | At maturity | 815.3 | 3.72% | ||||
Bond as part of Debt Issuance Programme 2023 - Private placement | 2038 | At maturity | 50.5 | 4.06% |
(in \u20ac million) - 31 December 2024 | Maturity | Redemption schedule | Amount | Interest rate | ||||
Bonds as part of Debt Issuance Programme 2024 | 2029 | At maturity | 721.3 | 3.60% | ||||
Bonds as part of Debt Issuance Programme 2024 | 2034 | At maturity | 826.1 | 3.92% | ||||
Bonds as part of Debt Issuance Programme 2024 | 2027 | At maturity | 652.3 | 3.08% | ||||
Bonds as part of Debt Issuance Programme 2024 | 2035 | At maturity | 853.8 | 3.73% | ||||
Registered bond 2014 | 2044 | At maturity | 50.1 | 3.00% | ||||
Total bonds, including accrued interests | 12,675.3 | |||||||
Loan with bankconsortium | 2033 | At maturity | 600.0 | 3.54% | ||||
Loan with bankconsortium | 2033 | At maturity | 120.0 | 3.87% | ||||
Revolving Credit Facility | 2027 | At maturity | 0.1 | Euribor + min 0.4% | ||||
Revolving Credit Facility | 2027 | At maturity | 1.1 | Euribor + min 0.75% | ||||
Amortising term loan - Nemo dedicated | 2033 | Linear | 141.2 | 1.80% | ||||
European Investment Bank | 2025 | At maturity | 100.2 | 1.08% | ||||
European Investment Bank | 2039 | At maturity | 651.4 | 2.94% | ||||
Sustainable Revolving Credit Facility | 2024 | At maturity | 0.2 | Euribor + 0.35% | ||||
Revolving Credit Facility | 2025 | At maturity | 0.0 | 4.29% | ||||
Revolving Credit Facility | 2026 | At maturity | 0.0 | 4.31% | ||||
Revolving Credit Facility | 2027 | At maturity | 0.0 | Euribor + 0,25% | ||||
Revolving Credit Facility | 2029 | At maturity | 0.0 | Euribor + 0,45% | ||||
Term loan ING | 2027 | At maturity | 299.3 | Euribor + 0,74% | ||||
Total bank loans | 1,913.5 | |||||||
Loan KfW | 2026 | At maturity | 150.0 | 0.90% | ||||
Total other loans | 150.0 | |||||||
Lease debts | 89.7 | |||||||
Total loans and borrowings (current and non-current) | 14,828.5 |
(in \u20ac million) - 31 December 2023 | Maturity | Redemption schedule | Amount | Interest rate | ||||
Eurobond issues 2013/15 years | 2028 | At maturity | 561.5 | 3.25% | ||||
Eurobond issues 2013/20 years | 2033 | At maturity | 204.5 | 3.50% | ||||
Eurobond issues 2014/15 years | 2029 | At maturity | 355.5 | 3.00% | ||||
Eurobond issues 2015/8.5 years | 2024 | At maturity | 503.9 | 1.38% | ||||
Eurobond issues 2017/10 years | 2027 | At maturity | 251.4 | 1.38% | ||||
Senior bond 2018/10 years | 2028 | At maturity | 299.9 | 1.50% | ||||
Eurobond issues 2019/7 years | 2026 | At maturity | 505.9 | 1.38% | ||||
Eurobond issues 2020/10 years | 2030 | At maturity | 796.8 | 0.88% | ||||
Green Bond issue 2023/10 years | 2033 | At maturity | 514.4 | 3.63% | ||||
Amortising bond \u2013 7.7 years | 2028 | Linear | 42.0 | 1.56% | ||||
Amortising bond \u2013 23.7 years | 2044 | Linear | 134.8 | 1.56% | ||||
Bond as part of Debt Issuance Programme 2015 | 2025 | At maturity | 504.7 | 1.87% | ||||
Bond as part of Debt Issuance Programme 2016 | 2030 | At maturity | 140.0 | 2.62% | ||||
Bond as part of Debt Issuance Programme 2020 | 2028 | At maturity | 756.3 | 1.50% | ||||
Bond as part of Debt Issuance Programme 2020 - Private placement | 2040 | At maturity | 199.7 | 0.88% | ||||
Bond as part of Debt Issuance Programme 2021 | 2032 | At maturity | 755.6 | 1.11% | ||||
Bond as part of Debt Issuance Programme 2021 | 2031 | At maturity | 753.2 | 3.28% | ||||
Bond as part of Debt Issuance Programme 2021 | 2033 | At maturity | 501.0 | 0.74% | ||||
Bond as part of Debt Issuance Programme 2023 | 2030 | At maturity | 814.4 | 3.72% | ||||
Bond as part of Debt Issuance Programme 2023 - Private placement | 2038 | At maturity | 50.5 | 4.06% | ||||
Registered bond 2014 | 2044 | At maturity | 50.1 | 3.00% | ||||
Total bonds, including accrued interests | 8,696.0 |
(in \u20ac million) - 31 December 2023 | Maturity | Redemption schedule | Amount | Interest rate | ||||
Amortising term loan - Nemo dedicated | 2033 | Linear | 155.3 | 1.80% | ||||
Revolving Credit Facility | 2024 | At maturity | 100.6 | |||||
Loan with bankconsortium | 2033 | At maturity | 720.0 | 3,43% to 3,63% | ||||
European Investment Bank | 2025 | At maturity | 100.0 | 1.08% | ||||
Total bank loans | 1,075.9 | |||||||
Loan with KfW | 2026 | At maturity | 150.1 | 0.90% | ||||
Total other loans | 150.1 | |||||||
Lease debts | 88.1 | |||||||
Total loans and borrowings (current and non-current) | 10,010.0 |
(in \u20ac million) | Environment | Elia Re | Dismantling Obligations | Employee benefits | Other | Total | ||||||
Balance at 1 January 2023 | 11.1 | 2.9 | 132.0 | 3.2 | 5.7 | 154.8 | ||||||
Increase | 1.3 | \u2014 | 19.3 | \u2014 | 0.5 | 21.2 | ||||||
Reversals | (3.2) | \u2014 | \u2014 | \u2014 | (1.9) | (5.2) | ||||||
Utilisation | (0.3) | (1.3) | \u2014 | \u2014 | (0.2) | (1.6) | ||||||
Discounting of provisions | \u2014 | \u2014 | 5.0 | \u2014 | \u2014 | 5.1 | ||||||
Balance at 31 December 2023 | 9.0 | 1.7 | 156.3 | 3.2 | 4.1 | 174.4 | ||||||
Long-term portion | 7.2 | 1.7 | 156.3 | 0.7 | 165.9 | |||||||
Short-term portion | 1.8 | 3.2 | 3.4 | 8.4 | ||||||||
Balance at 1 January 2024 | 9.0 | 1.7 | 156.3 | 3.2 | 4.1 | 174.4 | ||||||
Increase | 0.5 | 0.7 | 2.4 | 0.3 | 0.2 | 4.0 | ||||||
Reversals | (0.3) | \u2014 | (1.3) | \u2014 | (0.6) | (2.2) | ||||||
Utilisation | \u2014 | (0.1) | \u2014 | (0.1) | \u2014 | (0.1) | ||||||
Discounting of provisions | \u2014 | \u2014 | 4.2 | 0.1 | 0.6 | 4.9 | ||||||
Balance at 31 December 2024 | 9.2 | 2.3 | 161.6 | 3.5 | 4.3 | 181.0 | ||||||
Long-term portion | 7.3 | 2.3 | 161.6 | 0.9 | 172.1 | |||||||
Short-term portion | 1.9 | 3.5 | 3.4 | 8.9 |
(in \u20ac million) | Carrying amount as of 31 December 2023 | 2024 | 2025 to 2028 | From 2029 | ||||
Environment | 9.0 | 1.8 | 7.2 | \u2014 | ||||
Elia Re | 1.7 | \u2014 | 1.7 | \u2014 | ||||
Dismantling Obligations | 156.3 | \u2014 | \u2014 | 156.3 | ||||
Employee benefits | 3.2 | 3.2 | \u2014 | \u2014 | ||||
Other | 4.1 | 3.4 | 0.2 | 0.5 | ||||
Total | 174.4 | 8.4 | 9.0 | 156.9 |
(in \u20ac million) | Carrying amount as of 31 December 2024 | 2025 | 2026 to 2029 | From 2030 | ||||
Environment | 9.2 | 1.9 | 7.3 | \u2014 | ||||
Elia Re | 2.3 | \u2014 | 2.3 | \u2014 | ||||
Dismantling Obligations | 161.6 | \u2014 | \u2014 | 161.6 | ||||
Employee benefits | 3.5 | 3.5 | \u2014 | \u2014 | ||||
Other | 4.3 | 3.4 | 0.4 | 0.5 | ||||
Total | 181.0 | 8.9 | 9.9 | 162.1 |
(in \u20ac million) | Environment | Elia Re | Dismantling Obligations | Employee benefits | Other | Total | ||||||
Balance at 1 January 2023 | 11.1 | 2.9 | 132.0 | 3.2 | 5.7 | 154.8 | ||||||
Increase | 1.3 | \u2014 | 19.3 | \u2014 | 0.5 | 21.2 | ||||||
Reversals | (3.2) | \u2014 | \u2014 | \u2014 | (1.9) | (5.2) | ||||||
Utilisation | (0.3) | (1.3) | \u2014 | \u2014 | (0.2) | (1.6) | ||||||
Discounting of provisions | \u2014 | \u2014 | 5.0 | \u2014 | \u2014 | 5.1 | ||||||
Balance at 31 December 2023 | 9.0 | 1.7 | 156.3 | 3.2 | 4.1 | 174.4 | ||||||
Long-term portion | 7.2 | 1.7 | 156.3 | 0.7 | 165.9 | |||||||
Short-term portion | 1.8 | 3.2 | 3.4 | 8.4 | ||||||||
Balance at 1 January 2024 | 9.0 | 1.7 | 156.3 | 3.2 | 4.1 | 174.4 | ||||||
Increase | 0.5 | 0.7 | 2.4 | 0.3 | 0.2 | 4.0 | ||||||
Reversals | (0.3) | \u2014 | (1.3) | \u2014 | (0.6) | (2.2) | ||||||
Utilisation | \u2014 | (0.1) | \u2014 | (0.1) | \u2014 | (0.1) | ||||||
Discounting of provisions | \u2014 | \u2014 | 4.2 | 0.1 | 0.6 | 4.9 | ||||||
Balance at 31 December 2024 | 9.2 | 2.3 | 161.6 | 3.5 | 4.3 | 181.0 | ||||||
Long-term portion | 7.3 | 2.3 | 161.6 | 0.9 | 172.1 | |||||||
Short-term portion | 1.9 | 3.5 | 3.4 | 8.9 |
(in \u20ac million) | Carrying amount as of 31 December 2023 | 2024 | 2025 to 2028 | From 2029 | ||||
Environment | 9.0 | 1.8 | 7.2 | \u2014 | ||||
Elia Re | 1.7 | \u2014 | 1.7 | \u2014 | ||||
Dismantling Obligations | 156.3 | \u2014 | \u2014 | 156.3 | ||||
Employee benefits | 3.2 | 3.2 | \u2014 | \u2014 | ||||
Other | 4.1 | 3.4 | 0.2 | 0.5 | ||||
Total | 174.4 | 8.4 | 9.0 | 156.9 |
(in \u20ac million) | Carrying amount as of 31 December 2024 | 2025 | 2026 to 2029 | From 2030 | ||||
Environment | 9.2 | 1.9 | 7.3 | \u2014 | ||||
Elia Re | 2.3 | \u2014 | 2.3 | \u2014 | ||||
Dismantling Obligations | 161.6 | \u2014 | \u2014 | 161.6 | ||||
Employee benefits | 3.5 | 3.5 | \u2014 | \u2014 | ||||
Other | 4.3 | 3.4 | 0.4 | 0.5 | ||||
Total | 181.0 | 8.9 | 9.9 | 162.1 |
(in \u20ac million) | 2024 | 2023 | ||
Investment grants | 214.9 | 209.6 | ||
Contract liabilities | 164.5 | 159.5 | ||
Project related liabilities related to third parties | 7.0 | \u2014 | ||
Other | 4.1 | 2.6 | ||
Total non-current other liabilities | 390.5 | 371.7 | ||
Project related liabilities related to third parties | 0.6 | \u2014 | ||
Total current other liabilities | 0.6 | \u2014 |
(in \u20ac million) | 2024 | 2023 | ||
< 1 year | 5.0 | 4.7 | ||
1-5 years | 19.3 | 19.7 | ||
> 5 years | 140.2 | 135.2 | ||
Total Contract liabilities | 164.5 | 159.5 |
(in \u20ac million) | 2024 | 2023 | ||
Investment grants | 214.9 | 209.6 | ||
Contract liabilities | 164.5 | 159.5 | ||
Project related liabilities related to third parties | 7.0 | \u2014 | ||
Other | 4.1 | 2.6 | ||
Total non-current other liabilities | 390.5 | 371.7 | ||
Project related liabilities related to third parties | 0.6 | \u2014 | ||
Total current other liabilities | 0.6 | \u2014 |
(in \u20ac million) | 2024 | 2023 | ||
< 1 year | 5.0 | 4.7 | ||
1-5 years | 19.3 | 19.7 | ||
> 5 years | 140.2 | 135.2 | ||
Total Contract liabilities | 164.5 | 159.5 |
(in \u20ac million) | 2024 | 2023 | ||
Investment grants | 214.9 | 209.6 | ||
Contract liabilities | 164.5 | 159.5 | ||
Project related liabilities related to third parties | 7.0 | \u2014 | ||
Other | 4.1 | 2.6 | ||
Total non-current other liabilities | 390.5 | 371.7 | ||
Project related liabilities related to third parties | 0.6 | \u2014 | ||
Total current other liabilities | 0.6 | \u2014 |
(in \u20ac million) | 2024 | 2023 | ||
< 1 year | 5.0 | 4.7 | ||
1-5 years | 19.3 | 19.7 | ||
> 5 years | 140.2 | 135.2 | ||
Total Contract liabilities | 164.5 | 159.5 |
(in \u20ac million) | 2024 | 2023 | ||
Accruals and deferred income | 169.7 | 106.8 | ||
Deferral account from settlement mechanism Belgian regulatory framework | 66.0 | 310.6 | ||
Deferral account from settlement mechanism German regulatory framework | 575.5 | 284.8 | ||
Total | 811.2 | 702.2 |
The movements in deferral account from settlement mechanism are as follows: | ||||||
(in \u20ac million) | Regulatory claims | Regulatory obligations | Total | |||
Balance at 1 January 2024 | 1,245.7 | (1,841.1) | (595.5) | |||
Increase | 71.5 | (529.7) | (458.2) | |||
Reversals | (0.4) | 102.8 | 102.4 | |||
Utilisation | (922.6) | 1,230.1 | 307.5 | |||
Other (e.g. discounting) | 1.4 | 0.9 | 2.3 | |||
Balance at 31 December 2024 | 395.4 | (1,036.9) | (641.5) |
(in \u20ac million) | Belgian regulatory framework | German regulatory framework | ||
To be refunded to the tariffs in the current regulatory period | \u2014 | 235.2 | ||
To be refunded to the tariffs in the next regulatory period (or after) | 66.0 | 340.3 | ||
Other regulatory transfer | \u2014 | \u2014 | ||
Total regulatory deferral account | 66.0 | 575.5 | ||
Please note that the current regulatory periods in Belgium and Germany are respectively 2024-2027 and 2024-2028 |
(in \u20ac million) | 2024 | 2023 | ||
Trade debts | 1,326.8 | 1,308.0 | ||
VAT and other taxes | 21.2 | 17.4 | ||
Remuneration and social security | 51.5 | 51.3 | ||
Dividends payable | 1.2 | 1.2 | ||
Levies | 472.6 | 562.2 | ||
Other | 102.1 | 95.2 | ||
Accrued liabilities | 182.6 | 114.1 | ||
Total | 2,158.0 | 2,149.4 |
Carrying amount | Fair value | |||||||||||||||||
(in \u20ac million) | Fair value through profit and loss | Fair value through OCI | Amortised cost | Other financial liabilities at amortised cost | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||
Balance at 31 December 2023 | ||||||||||||||||||
Other financial assets | 7.5 | 76.7 | 36.8 | 0.0 | 121.0 | 7.5 | 0.0 | 76.7 | 84.2 | |||||||||
Equity instruments at fair value through other comprehensive income | 76.7 | 76.7 | 76.7 | 76.7 | ||||||||||||||
Equity instruments at fair value through profit and loss | 7.5 | 7.5 | 7.5 | 7.5 | ||||||||||||||
Regulatory assets | 36.8 | 36.8 | ||||||||||||||||
Derivatives | 0.0 | 7.2 | 0.0 | 0.0 | 7.2 | 7.2 | 0.0 | 0.0 | 7.2 | |||||||||
Trade and other receivables (Current and Non- Current) | 0.0 | 0.0 | 1,121.2 | 0.0 | 1,121.2 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Cash and cash equivalents | 0.0 | 0.0 | 1,368.1 | 0.0 | 1,368.1 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Loans and borrowings (Current and Non- Current) | 0.0 | 0.0 | 0.0 | (10,010.0) | (10,010.0) | (8,021.6) | (93.9) | 0.0 | (8,115.5) | |||||||||
Unsecured bond issues | (8,579.8) | (8,579.8) | (8,021.6) | (93.9) | (8,115.5) | |||||||||||||
Unsecured financial bank loans and other loans | (1,223.8) | (1,223.8) | ||||||||||||||||
Lease liabilities | (88.1) | (88.1) | ||||||||||||||||
Accrued interest | (118.4) | (118.4) | ||||||||||||||||
Derivatives | 0.0 | (225.9) | 0.0 | 0.0 | (225.9) | (225.9) | 0.0 | 0.0 | (225.9) | |||||||||
Other (non-) current liabilities | 0.0 | (371.7) | 0.0 | 0.0 | (371.7) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Trade and other payables | 0.0 | 0.0 | 0.0 | (2,149.4) | (2,149.4) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Total | 7.5 | (513.7) | 2,526.1 | (12,159.5) | (10,139.6) | n.r | n.r | n.r | n.r |
Carrying amount | Fair value | |||||||||||||||||
(in \u20ac million) | Fair value through profit and loss | Fair value through OCI | Amortised cost | Other financial liabilities at amortised cost | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||
Balance at 31 December 2024 | ||||||||||||||||||
Other financial assets | 8.7 | 143.0 | 34.6 | 0.0 | 186.3 | 7.5 | 0.0 | 144.2 | 151.7 | |||||||||
Equity instruments at fair value through other comprehensive income | 143.0 | 143.0 | 143.0 | 143.0 | ||||||||||||||
Equity instruments at fair value through profit and loss | 8.7 | 8.7 | 7.5 | 1.3 | 8.7 | |||||||||||||
Regulatory assets | 34.6 | 34.6 | ||||||||||||||||
Derivatives | 0.8 | 11.5 | 0.0 | 0.0 | 12.3 | 12.3 | 0.0 | 0.0 | 12.3 | |||||||||
Trade and other receivables (Current and Non- Current) | 0.0 | 0.0 | 1,153.4 | 0.0 | 1,153.4 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Cash and cash equivalents | 0.0 | 0.0 | 2,030.3 | 0.0 | 2,030.3 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Loans and borrowings (Current and Non- Current) | 0.0 | 0.0 | 0.0 | (14,828.5) | (14,828.5) | (12,014.5) | (93.8) | 0.0 | (12,108.2) | |||||||||
Unsecured bond issues | (12,459.0) | (12,459.0) | (12,014.5) | (93.8) | (12,108.2) | |||||||||||||
Unsecured financial bank loans and other loans | (2,058.3) | (2,058.3) | ||||||||||||||||
Lease liabilities | (89.7) | (89.7) | ||||||||||||||||
Accrued interest | (221.4) | (221.4) | ||||||||||||||||
Derivatives | (2.3) | (4.5) | 0.0 | 0.0 | (6.8) | (6.8) | 0.0 | 0.0 | (6.8) | |||||||||
Other (non-) current liabilities | (7.6) | 0.0 | 0.0 | (383.5) | (391.1) | 0.0 | 0.0 | (7.6) | (7.6) | |||||||||
Trade and other payables | 0.0 | 0.0 | 0.0 | (2,158.0) | (2,158.0) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Total | (0.4) | 149.9 | 3,218.3 | (17,370.0) | (14,002.1) | n.r. | n.r. | n.r. | n.r. |
Carrying amount | Fair value | |||||||||||||||||
(in \u20ac million) | Fair value through profit and loss | Fair value through OCI | Amortised cost | Other financial liabilities at amortised cost | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||
Balance at 31 December 2023 | ||||||||||||||||||
Other financial assets | 7.5 | 76.7 | 36.8 | 0.0 | 121.0 | 7.5 | 0.0 | 76.7 | 84.2 | |||||||||
Equity instruments at fair value through other comprehensive income | 76.7 | 76.7 | 76.7 | 76.7 | ||||||||||||||
Equity instruments at fair value through profit and loss | 7.5 | 7.5 | 7.5 | 7.5 | ||||||||||||||
Regulatory assets | 36.8 | 36.8 | ||||||||||||||||
Derivatives | 0.0 | 7.2 | 0.0 | 0.0 | 7.2 | 7.2 | 0.0 | 0.0 | 7.2 | |||||||||
Trade and other receivables (Current and Non- Current) | 0.0 | 0.0 | 1,121.2 | 0.0 | 1,121.2 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Cash and cash equivalents | 0.0 | 0.0 | 1,368.1 | 0.0 | 1,368.1 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Loans and borrowings (Current and Non- Current) | 0.0 | 0.0 | 0.0 | (10,010.0) | (10,010.0) | (8,021.6) | (93.9) | 0.0 | (8,115.5) | |||||||||
Unsecured bond issues | (8,579.8) | (8,579.8) | (8,021.6) | (93.9) | (8,115.5) | |||||||||||||
Unsecured financial bank loans and other loans | (1,223.8) | (1,223.8) | ||||||||||||||||
Lease liabilities | (88.1) | (88.1) | ||||||||||||||||
Accrued interest | (118.4) | (118.4) | ||||||||||||||||
Derivatives | 0.0 | (225.9) | 0.0 | 0.0 | (225.9) | (225.9) | 0.0 | 0.0 | (225.9) | |||||||||
Other (non-) current liabilities | 0.0 | (371.7) | 0.0 | 0.0 | (371.7) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Trade and other payables | 0.0 | 0.0 | 0.0 | (2,149.4) | (2,149.4) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Total | 7.5 | (513.7) | 2,526.1 | (12,159.5) | (10,139.6) | n.r | n.r | n.r | n.r |
Carrying amount | Fair value | |||||||||||||||||
(in \u20ac million) | Fair value through profit and loss | Fair value through OCI | Amortised cost | Other financial liabilities at amortised cost | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||
Balance at 31 December 2024 | ||||||||||||||||||
Other financial assets | 8.7 | 143.0 | 34.6 | 0.0 | 186.3 | 7.5 | 0.0 | 144.2 | 151.7 | |||||||||
Equity instruments at fair value through other comprehensive income | 143.0 | 143.0 | 143.0 | 143.0 | ||||||||||||||
Equity instruments at fair value through profit and loss | 8.7 | 8.7 | 7.5 | 1.3 | 8.7 | |||||||||||||
Regulatory assets | 34.6 | 34.6 | ||||||||||||||||
Derivatives | 0.8 | 11.5 | 0.0 | 0.0 | 12.3 | 12.3 | 0.0 | 0.0 | 12.3 | |||||||||
Trade and other receivables (Current and Non- Current) | 0.0 | 0.0 | 1,153.4 | 0.0 | 1,153.4 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Cash and cash equivalents | 0.0 | 0.0 | 2,030.3 | 0.0 | 2,030.3 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Loans and borrowings (Current and Non- Current) | 0.0 | 0.0 | 0.0 | (14,828.5) | (14,828.5) | (12,014.5) | (93.8) | 0.0 | (12,108.2) | |||||||||
Unsecured bond issues | (12,459.0) | (12,459.0) | (12,014.5) | (93.8) | (12,108.2) | |||||||||||||
Unsecured financial bank loans and other loans | (2,058.3) | (2,058.3) | ||||||||||||||||
Lease liabilities | (89.7) | (89.7) | ||||||||||||||||
Accrued interest | (221.4) | (221.4) | ||||||||||||||||
Derivatives | (2.3) | (4.5) | 0.0 | 0.0 | (6.8) | (6.8) | 0.0 | 0.0 | (6.8) | |||||||||
Other (non-) current liabilities | (7.6) | 0.0 | 0.0 | (383.5) | (391.1) | 0.0 | 0.0 | (7.6) | (7.6) | |||||||||
Trade and other payables | 0.0 | 0.0 | 0.0 | (2,158.0) | (2,158.0) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Total | (0.4) | 149.9 | 3,218.3 | (17,370.0) | (14,002.1) | n.r. | n.r. | n.r. | n.r. |
Carrying amount | Fair value | |||||||||||||||||
(in \u20ac million) | Fair value through profit and loss | Fair value through OCI | Amortised cost | Other financial liabilities at amortised cost | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||
Balance at 31 December 2023 | ||||||||||||||||||
Other financial assets | 7.5 | 76.7 | 36.8 | 0.0 | 121.0 | 7.5 | 0.0 | 76.7 | 84.2 | |||||||||
Equity instruments at fair value through other comprehensive income | 76.7 | 76.7 | 76.7 | 76.7 | ||||||||||||||
Equity instruments at fair value through profit and loss | 7.5 | 7.5 | 7.5 | 7.5 | ||||||||||||||
Regulatory assets | 36.8 | 36.8 | ||||||||||||||||
Derivatives | 0.0 | 7.2 | 0.0 | 0.0 | 7.2 | 7.2 | 0.0 | 0.0 | 7.2 | |||||||||
Trade and other receivables (Current and Non- Current) | 0.0 | 0.0 | 1,121.2 | 0.0 | 1,121.2 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Cash and cash equivalents | 0.0 | 0.0 | 1,368.1 | 0.0 | 1,368.1 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Loans and borrowings (Current and Non- Current) | 0.0 | 0.0 | 0.0 | (10,010.0) | (10,010.0) | (8,021.6) | (93.9) | 0.0 | (8,115.5) | |||||||||
Unsecured bond issues | (8,579.8) | (8,579.8) | (8,021.6) | (93.9) | (8,115.5) | |||||||||||||
Unsecured financial bank loans and other loans | (1,223.8) | (1,223.8) | ||||||||||||||||
Lease liabilities | (88.1) | (88.1) | ||||||||||||||||
Accrued interest | (118.4) | (118.4) | ||||||||||||||||
Derivatives | 0.0 | (225.9) | 0.0 | 0.0 | (225.9) | (225.9) | 0.0 | 0.0 | (225.9) | |||||||||
Other (non-) current liabilities | 0.0 | (371.7) | 0.0 | 0.0 | (371.7) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Trade and other payables | 0.0 | 0.0 | 0.0 | (2,149.4) | (2,149.4) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Total | 7.5 | (513.7) | 2,526.1 | (12,159.5) | (10,139.6) | n.r | n.r | n.r | n.r |
Carrying amount | Fair value | |||||||||||||||||
(in \u20ac million) | Fair value through profit and loss | Fair value through OCI | Amortised cost | Other financial liabilities at amortised cost | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||
Balance at 31 December 2024 | ||||||||||||||||||
Other financial assets | 8.7 | 143.0 | 34.6 | 0.0 | 186.3 | 7.5 | 0.0 | 144.2 | 151.7 | |||||||||
Equity instruments at fair value through other comprehensive income | 143.0 | 143.0 | 143.0 | 143.0 | ||||||||||||||
Equity instruments at fair value through profit and loss | 8.7 | 8.7 | 7.5 | 1.3 | 8.7 | |||||||||||||
Regulatory assets | 34.6 | 34.6 | ||||||||||||||||
Derivatives | 0.8 | 11.5 | 0.0 | 0.0 | 12.3 | 12.3 | 0.0 | 0.0 | 12.3 | |||||||||
Trade and other receivables (Current and Non- Current) | 0.0 | 0.0 | 1,153.4 | 0.0 | 1,153.4 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Cash and cash equivalents | 0.0 | 0.0 | 2,030.3 | 0.0 | 2,030.3 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Loans and borrowings (Current and Non- Current) | 0.0 | 0.0 | 0.0 | (14,828.5) | (14,828.5) | (12,014.5) | (93.8) | 0.0 | (12,108.2) | |||||||||
Unsecured bond issues | (12,459.0) | (12,459.0) | (12,014.5) | (93.8) | (12,108.2) | |||||||||||||
Unsecured financial bank loans and other loans | (2,058.3) | (2,058.3) | ||||||||||||||||
Lease liabilities | (89.7) | (89.7) | ||||||||||||||||
Accrued interest | (221.4) | (221.4) | ||||||||||||||||
Derivatives | (2.3) | (4.5) | 0.0 | 0.0 | (6.8) | (6.8) | 0.0 | 0.0 | (6.8) | |||||||||
Other (non-) current liabilities | (7.6) | 0.0 | 0.0 | (383.5) | (391.1) | 0.0 | 0.0 | (7.6) | (7.6) | |||||||||
Trade and other payables | 0.0 | 0.0 | 0.0 | (2,158.0) | (2,158.0) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Total | (0.4) | 149.9 | 3,218.3 | (17,370.0) | (14,002.1) | n.r. | n.r. | n.r. | n.r. |
(in \u20ac million) | 2024 | 2023 | ||
Accruals and deferred income | 169.7 | 106.8 | ||
Deferral account from settlement mechanism Belgian regulatory framework | 66.0 | 310.6 | ||
Deferral account from settlement mechanism German regulatory framework | 575.5 | 284.8 | ||
Total | 811.2 | 702.2 |
The movements in deferral account from settlement mechanism are as follows: | ||||||
(in \u20ac million) | Regulatory claims | Regulatory obligations | Total | |||
Balance at 1 January 2024 | 1,245.7 | (1,841.1) | (595.5) | |||
Increase | 71.5 | (529.7) | (458.2) | |||
Reversals | (0.4) | 102.8 | 102.4 | |||
Utilisation | (922.6) | 1,230.1 | 307.5 | |||
Other (e.g. discounting) | 1.4 | 0.9 | 2.3 | |||
Balance at 31 December 2024 | 395.4 | (1,036.9) | (641.5) |
(in \u20ac million) | Belgian regulatory framework | German regulatory framework | ||
To be refunded to the tariffs in the current regulatory period | \u2014 | 235.2 | ||
To be refunded to the tariffs in the next regulatory period (or after) | 66.0 | 340.3 | ||
Other regulatory transfer | \u2014 | \u2014 | ||
Total regulatory deferral account | 66.0 | 575.5 | ||
Please note that the current regulatory periods in Belgium and Germany are respectively 2024-2027 and 2024-2028 |
(in \u20ac million) | 2024 | 2023 | ||
Accruals and deferred income | 169.7 | 106.8 | ||
Deferral account from settlement mechanism Belgian regulatory framework | 66.0 | 310.6 | ||
Deferral account from settlement mechanism German regulatory framework | 575.5 | 284.8 | ||
Total | 811.2 | 702.2 |
The movements in deferral account from settlement mechanism are as follows: | ||||||
(in \u20ac million) | Regulatory claims | Regulatory obligations | Total | |||
Balance at 1 January 2024 | 1,245.7 | (1,841.1) | (595.5) | |||
Increase | 71.5 | (529.7) | (458.2) | |||
Reversals | (0.4) | 102.8 | 102.4 | |||
Utilisation | (922.6) | 1,230.1 | 307.5 | |||
Other (e.g. discounting) | 1.4 | 0.9 | 2.3 | |||
Balance at 31 December 2024 | 395.4 | (1,036.9) | (641.5) |
(in \u20ac million) | Belgian regulatory framework | German regulatory framework | ||
To be refunded to the tariffs in the current regulatory period | \u2014 | 235.2 | ||
To be refunded to the tariffs in the next regulatory period (or after) | 66.0 | 340.3 | ||
Other regulatory transfer | \u2014 | \u2014 | ||
Total regulatory deferral account | 66.0 | 575.5 | ||
Please note that the current regulatory periods in Belgium and Germany are respectively 2024-2027 and 2024-2028 |
(in \u20ac million) | 2024 | 2023 | ||
Accruals and deferred income | 169.7 | 106.8 | ||
Deferral account from settlement mechanism Belgian regulatory framework | 66.0 | 310.6 | ||
Deferral account from settlement mechanism German regulatory framework | 575.5 | 284.8 | ||
Total | 811.2 | 702.2 |
The movements in deferral account from settlement mechanism are as follows: | ||||||
(in \u20ac million) | Regulatory claims | Regulatory obligations | Total | |||
Balance at 1 January 2024 | 1,245.7 | (1,841.1) | (595.5) | |||
Increase | 71.5 | (529.7) | (458.2) | |||
Reversals | (0.4) | 102.8 | 102.4 | |||
Utilisation | (922.6) | 1,230.1 | 307.5 | |||
Other (e.g. discounting) | 1.4 | 0.9 | 2.3 | |||
Balance at 31 December 2024 | 395.4 | (1,036.9) | (641.5) |
(in \u20ac million) | Belgian regulatory framework | German regulatory framework | ||
To be refunded to the tariffs in the current regulatory period | \u2014 | 235.2 | ||
To be refunded to the tariffs in the next regulatory period (or after) | 66.0 | 340.3 | ||
Other regulatory transfer | \u2014 | \u2014 | ||
Total regulatory deferral account | 66.0 | 575.5 | ||
Please note that the current regulatory periods in Belgium and Germany are respectively 2024-2027 and 2024-2028 |
Percentage of interest | |||||||||
Name | Country of establishment | Headquarters | 2024 | 2023 | |||||
Subsidiaries | |||||||||
Elia Transmission Belgium SA/NV | Belgium | Bd de l\u2019Empereur 20, 1000 Brussels | 99.99 | 99.99 | |||||
Elia Asset SA/NV | Belgium | Bd de l\u2019Empereur 20, 1000 Brussels | 99.99 | 99.99 | |||||
Elia Engineering SA/NV | Belgium | Bd de l\u2019Empereur 20, 1000 Brussels | 100.00 | 100.00 | |||||
Elia Re SA | Luxembourg | Rue de Merl 65, 2146 Luxembourg | 100.00 | 100.00 | |||||
Elia Grid International SA/NV | Belgium | Bd de l\u2019Empereur 20, 1000 Bussels | 90.00 | 90.00 | |||||
Elia Grid International GmBH | Germany | Heidestra\u00dfe 2, 10557 Berlin | 90.00 | 90.00 | |||||
Elia Grid International LLC | Saudi Arabia | Al Akaria Plaza Olaya Street, Al Olaya Riyadh 11622 | 90.00 | 90.00 | |||||
Elia Grid International Inc. | Canada | 1500-850 2 ST SW, T2P0R8 Calgary | 90.00 | 90.00 | |||||
Eurogrid International SA/NV | Belgium | Bd de l\u2019Empereur 20, 1000 Brussels | 100.00 | 100.00 | |||||
Eurogrid GmbH | Germany | Heidestra\u00dfe 2, 10557 Berlin | 80.00 | 80.00 | |||||
50Hertz Transmission GmbH | Germany | Heidestra\u00dfe 2, 10557 Berlin | 80.00 | 80.00 | |||||
50Hertz Offshore GmbH | Germany | Heidestra\u00dfe 2, 10557 Berlin | 80.00 | 80.00 | |||||
50Hertz Connectors GmbH | Germany | Heidestra\u00dfe 2, 10557 Berlin | 80.00 | 80.00 | |||||
Re.Alto-Energy BV/SRL | Belgium | Bd de l\u2019Empereur 20, 1000 Brussels | 100.00 | 100.00 | |||||
Re.Alto-Energy GmbH | Germany | Ratingstra\u00dfe 9, 40213 Dusseldorf | 100.00 | 100.00 |
Percentage of interest | |||||||||
Name | Country of establishment | Headquarters | 2024 | 2023 | |||||
WindGrid SA/NV | Belgium | Bd de l\u2019Empereur 20, 1000 Brussels | 100.00 | 100.00 | |||||
WindGrid USA Holding LLC | USA | 1209 Orange Street, Wilmington, New Castle County, Delaware 19801\u00a0 | 100.00 | 100.00 | |||||
WindGrid USA LLC | USA | 1209 Orange Street, Wilmington, New Castle County, Delaware 19801\u00a0\u00a0 | 100.00 | 100.00 | |||||
Investments accounted for using the equity-method \u2013 Joint ventures | |||||||||
Nemo Link Ltd. | United Kingdom | Strand 1-3, London WC2N 5EH | 50.00 | 50.00 | |||||
Investments accounted for using the equity-method \u2013 Associates | |||||||||
H.G.R.T S.A.S. | France | 1 Terrasse Bellini, 92919 La D\u00e9fense Cedex | 17.00 | 17.00 | |||||
Coreso SA/NV | Belgium | Avenue de Cortenbergh 71, 1000 Brussels | 22.16 | 22.16 | |||||
energyRe Giga-Projects USA Holdings LLC | USA | 1300 Post Oak Boulevard, Suite 1000,Houston TX77056 | 25.25 | 0.00 | |||||
LINK digital GmbH | Germany | Friedrichstr. 10A, 97082 W\u00fcrzburg | 26.66 | 0.00 | |||||
Investments accounted for using IFRS9 - Other shareholdings | |||||||||
JAO SA | Luxembourg | 2, Rue de Bitbourg, 1273 Luxembourg Hamm | 7.20 | 7.20 | |||||
Decarbon1ze GmbH | Germany | Mariendorfer Damm 1, 12099 Berlin | 4.58 | 5.28 | |||||
European Energy Exchange AG (EEX) | Germany | Augustusplatz 9, 0409 Leipzig | 4.29 | 4.29 | |||||
TSCNET Services GmbH | Germany | Dingolfinger Strasse 3, 81673 Munich | 5.00 | 5.00 | |||||
Kurt-Sanderling-Akademie des Konzerthausorchesters Berlin | Germany | Gendarmenmarkt, 10117 Berlin | 8.35 | 8.35 |
(in \u20ac million) | Notes | 2024 | 2023 | |||
Immediately claimable deposits | 7.5 | 7.2 | ||||
Reimbursement rights | 34.6 | 37.1 | ||||
Other shareholdings | 144.2 | 76.7 | ||||
Other financial assets (Current and Non- current) | (6.6) | 186.3 | 121.0 | |||
Derivatives (Current and Non-current) | (6.7) | 12.3 | 7.2 | |||
Non-current trade and other receivables | (6.4) | 55.0 | 55.0 | |||
Trade and other receivables | (6.10) | 1,098.4 | 1,066.3 | |||
Tax receivables | (6.11) | 94.3 | 64.4 | |||
Cash and cash equivalents | (6.12) | 2,030.3 | 1,368.1 | |||
Deferred charges and accrued revenues | (6.10) | 44.1 | 21.4 | |||
Total | 3,520.7 | 2,703.3 |
(in \u20ac million) | Bad debtors | Impairment losses | Remaining balance | |||
Balance at 1 January 2023 | 202.2 | (201.7) | 0.5 | |||
Changes during the year | 0.5 | (0.7) | (0.2) | |||
Balance at 31 December 2023 | 202.7 | (202.3) | 0.4 | |||
Balance at 1 January 2024 | 202.7 | (202.3) | 0.4 | |||
Changes during the year | 0.9 | (0.9) | \u2014 | |||
Balance at 31 December 2024 | 203.5 | (203.2) | 0.4 |
Non-derivative financial liabilities | ||||||||||||||||
(in \u20ac million) | Face value | Closing balance | Expected cash outflows | 6 months | 6-12 months | 1-2 years | 2-5 years | > 5 years | ||||||||
Unsecured bond issues | 8,615.0 | 8,579.8 | (9,817.7) | (644.4) | (38.0) | (682.2) | (2,834.8) | (5,618.3) | ||||||||
Unsecured financial bank loans and interest accruals | 1,342.4 | 1,342.2 | (1,513.0) | (124.9) | (21.6) | (145.3) | (276.6) | (944.6) | ||||||||
Trade and other payables | 2,149.4 | 2,149.4 | (2,149.4) | (2,149.4) | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||
Total at 31 December 2023 | 12,106.8 | 12,071.4 | (13,480.1) | (2,918.7) | (59.6) | (827.5) | (3,111.4) | (6,562.9) | ||||||||
(in \u20ac million) | Face value | Closing balance | Expected cash outflows | 6 months | 6-12 months | 1-2 years | 2-5 years | > 5 years | ||||||||
Unsecured bond issues | 13,006.7 | 12,562.1 | (14,952.9) | (754.0) | (89.7) | (1,216.5) | (4,963.9) | (7,928.7) | ||||||||
Unsecured financial bank loans and interest accruals | 2,060.0 | 2,176.6 | (2,632.3) | (164.7) | (134.9) | (621.6) | (325.6) | (1,385.5) | ||||||||
Trade and other payables | 2,148.0 | 2,148.0 | (2,148.0) | (2,148.0) | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||
Total at 31 December 2024 | 17,214.7 | 16,886.8 | (19,733.3) | (3,066.7) | (224.6) | (1,838.1) | (5,289.6) | (9,314.2) |
(in \u20ac million) | Maturity | Available amount | Average basic interest | Amount used | Amount not used | |||||
Sustainable Revolving Credit Facility | 16/02/2027 | 1,260.0 | Euribor + 0.35% | \u2014 | 1,260.0 | |||||
Confirmed credit line | 3/7/2025 | 60.0 | Euribor + 0.37% | \u2014 | 60.0 | |||||
Confirmed credit line | 3/7/2026 | 60.0 | Euribor + 0.50% | \u2014 | 60.0 | |||||
Straight Loan EGI | unlimited | 2.5 | Euribor + 0,75% | \u2014 | 2.5 | |||||
Confirmed credit line | 5/7/2027 | 50.0 | Euribor + 0.25% | \u2014 | 50.0 | |||||
Confirmed credit line | 22/11/2029 | 50.0 | Euribor + 0.45% | \u2014 | 50.0 | |||||
Confirmed credit line | 29/3/2027 | 300.0 | Euribor + 0.74% | 300.0 | \u2014 | |||||
Confirmed credit line | 26/2/2027 | 750.0 | Euribor + min. 0.4% | \u2014 | 750.0 | |||||
Confirmed credit line | unlimited | 150.0 | av. 1 month Euribor + 0.275% | \u2014 | 150.0 | |||||
Confirmed credit line | 14/12/2026 | 150.0 | 0.90% | 150.0 | \u2014 | |||||
Confirmed credit line | 31/3/2033 | 600.0 | 3.54% | 600.0 | \u2014 | |||||
Confirmed credit line | 25/11/2033 | 120.0 | 3.87% | 120.0 | \u2014 | |||||
Confirmed credit line | 26/2/2027 | 3,000.0 | Euribor + min. 0.75% | \u2014 | 3,000.0 | |||||
Confirmed credit line | 30/6/2032 | 4.4 | 2.87% | \u2014 | 4.4 | |||||
Total | 6,556.9 | 1,170.0 | 5,386.9 |
(in \u20ac million) | 2024 | 2023 | ||
Total assets | 24,927.6 | 19,390.1 | ||
Equity | 6,177.4 | 5,517.3 | ||
Equity ratio | 25% | 28% |
(in \u20ac million) | Notes | 2024 | 2023 | |||
Immediately claimable deposits | 7.5 | 7.2 | ||||
Reimbursement rights | 34.6 | 37.1 | ||||
Other shareholdings | 144.2 | 76.7 | ||||
Other financial assets (Current and Non- current) | (6.6) | 186.3 | 121.0 | |||
Derivatives (Current and Non-current) | (6.7) | 12.3 | 7.2 | |||
Non-current trade and other receivables | (6.4) | 55.0 | 55.0 | |||
Trade and other receivables | (6.10) | 1,098.4 | 1,066.3 | |||
Tax receivables | (6.11) | 94.3 | 64.4 | |||
Cash and cash equivalents | (6.12) | 2,030.3 | 1,368.1 | |||
Deferred charges and accrued revenues | (6.10) | 44.1 | 21.4 | |||
Total | 3,520.7 | 2,703.3 |
(in \u20ac million) | Bad debtors | Impairment losses | Remaining balance | |||
Balance at 1 January 2023 | 202.2 | (201.7) | 0.5 | |||
Changes during the year | 0.5 | (0.7) | (0.2) | |||
Balance at 31 December 2023 | 202.7 | (202.3) | 0.4 | |||
Balance at 1 January 2024 | 202.7 | (202.3) | 0.4 | |||
Changes during the year | 0.9 | (0.9) | \u2014 | |||
Balance at 31 December 2024 | 203.5 | (203.2) | 0.4 |
Non-derivative financial liabilities | ||||||||||||||||
(in \u20ac million) | Face value | Closing balance | Expected cash outflows | 6 months | 6-12 months | 1-2 years | 2-5 years | > 5 years | ||||||||
Unsecured bond issues | 8,615.0 | 8,579.8 | (9,817.7) | (644.4) | (38.0) | (682.2) | (2,834.8) | (5,618.3) | ||||||||
Unsecured financial bank loans and interest accruals | 1,342.4 | 1,342.2 | (1,513.0) | (124.9) | (21.6) | (145.3) | (276.6) | (944.6) | ||||||||
Trade and other payables | 2,149.4 | 2,149.4 | (2,149.4) | (2,149.4) | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||
Total at 31 December 2023 | 12,106.8 | 12,071.4 | (13,480.1) | (2,918.7) | (59.6) | (827.5) | (3,111.4) | (6,562.9) | ||||||||
(in \u20ac million) | Face value | Closing balance | Expected cash outflows | 6 months | 6-12 months | 1-2 years | 2-5 years | > 5 years | ||||||||
Unsecured bond issues | 13,006.7 | 12,562.1 | (14,952.9) | (754.0) | (89.7) | (1,216.5) | (4,963.9) | (7,928.7) | ||||||||
Unsecured financial bank loans and interest accruals | 2,060.0 | 2,176.6 | (2,632.3) | (164.7) | (134.9) | (621.6) | (325.6) | (1,385.5) | ||||||||
Trade and other payables | 2,148.0 | 2,148.0 | (2,148.0) | (2,148.0) | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||
Total at 31 December 2024 | 17,214.7 | 16,886.8 | (19,733.3) | (3,066.7) | (224.6) | (1,838.1) | (5,289.6) | (9,314.2) |
(in \u20ac million) | Maturity | Available amount | Average basic interest | Amount used | Amount not used | |||||
Sustainable Revolving Credit Facility | 16/02/2027 | 1,260.0 | Euribor + 0.35% | \u2014 | 1,260.0 | |||||
Confirmed credit line | 3/7/2025 | 60.0 | Euribor + 0.37% | \u2014 | 60.0 | |||||
Confirmed credit line | 3/7/2026 | 60.0 | Euribor + 0.50% | \u2014 | 60.0 | |||||
Straight Loan EGI | unlimited | 2.5 | Euribor + 0,75% | \u2014 | 2.5 | |||||
Confirmed credit line | 5/7/2027 | 50.0 | Euribor + 0.25% | \u2014 | 50.0 | |||||
Confirmed credit line | 22/11/2029 | 50.0 | Euribor + 0.45% | \u2014 | 50.0 | |||||
Confirmed credit line | 29/3/2027 | 300.0 | Euribor + 0.74% | 300.0 | \u2014 | |||||
Confirmed credit line | 26/2/2027 | 750.0 | Euribor + min. 0.4% | \u2014 | 750.0 | |||||
Confirmed credit line | unlimited | 150.0 | av. 1 month Euribor + 0.275% | \u2014 | 150.0 | |||||
Confirmed credit line | 14/12/2026 | 150.0 | 0.90% | 150.0 | \u2014 | |||||
Confirmed credit line | 31/3/2033 | 600.0 | 3.54% | 600.0 | \u2014 | |||||
Confirmed credit line | 25/11/2033 | 120.0 | 3.87% | 120.0 | \u2014 | |||||
Confirmed credit line | 26/2/2027 | 3,000.0 | Euribor + min. 0.75% | \u2014 | 3,000.0 | |||||
Confirmed credit line | 30/6/2032 | 4.4 | 2.87% | \u2014 | 4.4 | |||||
Total | 6,556.9 | 1,170.0 | 5,386.9 |
(in \u20ac million) | 2024 | 2023 | ||
Total assets | 24,927.6 | 19,390.1 | ||
Equity | 6,177.4 | 5,517.3 | ||
Equity ratio | 25% | 28% |
(in \u20ac million) | 2024 | 2023 | ||
Capital expenditure commitment | 18,727.7 | 11,509.0 | ||
SG&A expenditure commitment | 420.1 | 280.8 | ||
Guarantees given by third parties on behalf of the entreprise | (1,435.4) | (1,350.0) | ||
Guarantees given | 248.6 | 234.4 | ||
Guarantees on behalf of 3rd party | 239.4 | \u2014 | ||
Capital commitment | 154.5 | \u2014 | ||
Total | 18,354.8 | 10,674.2 |
(in \u20ac million) | 2024 | 2023 | ||
Capital expenditure commitment | 18,727.7 | 11,509.0 | ||
SG&A expenditure commitment | 420.1 | 280.8 | ||
Guarantees given by third parties on behalf of the entreprise | (1,435.4) | (1,350.0) | ||
Guarantees given | 248.6 | 234.4 | ||
Guarantees on behalf of 3rd party | 239.4 | \u2014 | ||
Capital commitment | 154.5 | \u2014 | ||
Total | 18,354.8 | 10,674.2 |
(in \u20ac million) | 2024 | 2023 | ||
Short-term employee benefits | 3.4 | 3.9 | ||
Basic remuneration | 2.4 | 2.7 | ||
Variable remuneration | 1.0 | 1.1 | ||
Long-term employee benefits | 0.4 | 0.6 | ||
Post-employment benefits | 0.5 | 0.7 | ||
Other variable remuneration | 0.6 | 0.5 | ||
Total gross remuneration | 4.9 | 5.6 | ||
Number of persons | 6.0 | 7.8 | ||
Average gross remuneration per person | 0.8 | 0.7 | ||
Number of shares (in units) held as at 31 December | 7,348 | 9,288 |
(in \u20ac million) | 2024 | 2023 | ||
Transactions with joint ventures and associates | 35.2 | (4.2) | ||
Sales of goods | 43.1 | 1.9 | ||
Purchases of goods | (8.0) | (6.1) | ||
Interest and similar revenue | 0.0 | 0.0 | ||
Outstanding balances with joint ventures and associates | (0.2) | 0.3 | ||
Long-term debtors | 0.0 | 0.0 | ||
Trade debtors | 0.7 | 0.3 | ||
Trade debts | (0.9) | \u2014 |
(in \u20ac million) | 2024 | 2023 | ||
Short-term employee benefits | 3.4 | 3.9 | ||
Basic remuneration | 2.4 | 2.7 | ||
Variable remuneration | 1.0 | 1.1 | ||
Long-term employee benefits | 0.4 | 0.6 | ||
Post-employment benefits | 0.5 | 0.7 | ||
Other variable remuneration | 0.6 | 0.5 | ||
Total gross remuneration | 4.9 | 5.6 | ||
Number of persons | 6.0 | 7.8 | ||
Average gross remuneration per person | 0.8 | 0.7 | ||
Number of shares (in units) held as at 31 December | 7,348 | 9,288 |
(in \u20ac) | Belgium | Germany | Total | |||
Statutory audit and review of consolidated and parent company financial statements | 492,590 | 358,000 | 850,590 | |||
Non-audit services | 651,719 | 404,047 | 1,055,766 | |||
Other audit services (legal requirements) | 480,230 | 309,640 | 789,870 | |||
Tax services | 49,989 | \u2014 | 49,989 | |||
Other services | 121,500 | 94,407 | 215,907 | |||
Total | 1,144,308 | 762,047 | 1,906,355 |