Strengthen leading position as cross-border gas infrastructure company in Europe.

Transcription

1 Annual Results 2012

2 Mission Strategic pillars Vision Gasunie is a leading European gas infrastructure company. We serve the public interest, offer integrated transport and infrastructure services to our customers and adhere to the highest safety and business standards. We focus on short and long term value creation for our shareholder(s), other stakeholders and the environment. Optimise value of existing assets. Strengthen leading position as cross-border gas infrastructure company in Europe. Enable transition towards more sustainable energy usage. We believe in a sustainable future with a balanced energy mix and a lasting role for gas from various sources, both fossil and renewable. We believe that we serve our customers best with innovative gas infrastructure solutions. 2

3 Disclaimer This report has been prepared in accordance with the IFRS accounting standards as been used for the Annual Report 2012 of the N.V. Nederlandse Gasunie and highlights and summarizes the press statement of 24 April The figures in this report are derived from the 2012 audited annual report of NV Nederlandse Gasunie. 3

4 Highlights 2012 Net profit of 359 mln Dividend of 215 mln Court confirmed Method Decisions of the Dutch regulator (Nma), which confirms the transport tariffs and therefore contributes towards clarity and stability in the market Lower operating costs, reflecting first year s results of the threeyear efficiency programme (Masterplan Efficiency) Solid safety performance Dutch virtual gas trading place TTF continental Europe s largest and most liquid gas hub 4

5 Financial results (normalised*) Revenues 2% higher compared to 2011 mainly due to Gate Terminal being a full year in operation EBIT result 2012 higher than 2011 due to higher revenues and lower operational costs, reflecting first year s results of the threeyear efficiency programme (Masterplan efficiency) Normalised net profit is stable at 501 mln (2011: 502 mln) Operating cash flow 37 mln higher compared to 2011 *Normalised for one-off effects (mainly impairment 2011 and repayment Gasunie Transport Service 2012) 5

6 Financial position Main developments Revenues 2012 are reduced by repayment GTS, but are higher on a normalised basis Normalised EBITDA % higher and normalised net profit stable compared to 2011 Operational costs 9% lower Strong financial position allowed for successful (re)financing: 2 new 500 mln bond issues, both six times oversubscribed Lowest ever coupon for 10 and 3yr EUR corporate: 2.625% respectively 0.875% Successful repurchase of 285 mln bonds Credit ratings remained unchanged Standard & Poor s AA- Moody s A2 *Normalised for one-off effects (mainly impairment 2011 and repayment Gasunie Transport Service 2012) 6

7 Breakdown per business segment Regulated activities contribute more than 80% of normalised revenues and normalised EBIT 7

8 TTF, Continental Europe s largest and most liquid gas hub Gas volume traded on the TTF is almost 18 times Dutch gas consumption TTF prices have become a reliable reference for market value of gas in continental Europe to the benefit of the end-user and are therefore reported to be used increasingly for pricing in supply and sales contracts throughout the region TTF has over two times the combined traded volume of all other continental European gas hubs The daily average number of active TTF shippers has increased to 98 with a day maximum of 104 Traded volume has risen by around 20% in 2012 Net volume has risen by around 11% in

9 Regulatory developments Gasunie Transport Services (GTS, Netherlands) Court confirmed Dutch regulator s Method Decisions, which will contribute towards clarity and stability in the market New regulatory framework 2014 onwards expected to be published by NMa mid 2013 Gasunie Deutschland (GUD) GUD amongst most efficient German TSOs Final decision by the German regulator (BNetzA) on the allowed revenues for GUD for the second regulatory period ( ) to be made in

10 Optimise value of existing assets (1) East-West connection realised Expanding the system Gate Network improvement 8 October 2012 second pipeline of Nord Stream officially inaugurated First phase of NEL (Nordeuropäische Erdgasleitung ) operational Start of ExEll (Exit Ellund) project for additional transport capacity from Germany to Denmark Nitrogen buffer Heiligerlee (nitrogen peak demand facility) operational per 1 October 2012 Important contribution to gas supply during cold period first months of 2012 Rising spot prices, due mainly to the nuclear disaster in Japan, weakened the position of LNG in Europe, but prospects are encouraging Start of long term network improvement program aiming at replacement of aging facilities based on new inspection and maintenance methods 10

11 Optimise value of existing assets (2) Open Season 2017 (Netherlands) Security of supply Safety performance Customer demand can be met by existing and already planned infrastructure More demand for transport capacity with shorter contractual terms Potential for growth of secondary trading in capacity Excellent security of supply performance in 2012 Pipeline incidents decreased by almost 30% reportable frequency-index lowest since start registration in

12 Strengthen leading position as crossborder gas infrastructure company in Europe PRISMA European Capacity Platform Joint European capacity platform (19 major European TSOs), connecting the European gas capacity markets Facilitates competition in the interest of gas users in the region Awarded Project of the Year prize by European Gas Conference APX ICE APX-ENDEX restructured and demerged business into two separate entities: a spot power and clearing business and a derivatives and spot natural gas business ICE acquired majority stake in derivatives and spot natural gas business Gasunie retained shareholding of 20.88% 12

13 Enable transition towards more sustainable energy usage 100% carbon-neutral in 2050 Power-to-gas Small Scale LNG Energinet.dk (Denmark), Fluxys Belgium and Gasunie signed joint declaration aiming at 100% carbon-neutral gas transmission in their networks in 2050 Innovative technology for making hydrogen gas from sustainable wind energy Wind energy surplus is stored in the gas system for later use Possible injection into Gasunie s gas infrastructure in North Germany GUD made significant progress in power-to-gas research Small Scale LNG: gas leaves the terminal in liquid form and in small volumes LNG is a clean alternative fuel for road trucks and shipping To facilitate small scale LNG distribution Vopak and Gasunie plan to build an LNG Break Bulk terminal for distribution in the Netherlands and Northwest Europe Small scale LNG supports the Green Deal policy of the Dutch government 13

14 Financial summary (1) Normalised result improved compared to

15 Financial summary (2) Gasunie balance sheet shows strong solvency ratio 15

16 Gasunie network 16

17 Annual Results 2012