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TenneT Interim Financial Report first half 2013 TenneT posts solid half-year results as investment agenda takes shape Investments of EUR 635 million during the first half of 2013, contributing to an increase in underlying EBIT from EUR 168 million to EUR 237 million (+ 41 %) Completion of Randstad 380kV South Ring in the Netherlands Nine offshore projects under construction in German North Sea Second partnership between TenneT and Mitsubishi Corporation signed Arnhem, 6 August 2013 - In the first half year of 2013 TenneT posted solid financial results arising from continuing investments in the Dutch and German electricity grids, thereby ensuring a high reliability of electricity supply and enabling future expansion of electricity transport capacity for the integration of renewable energy. CEO Mel Kroon: "Ongoing discussions both in the Netherlands and in Germany about the further development of sustainable energy supply, have an important impact on TenneT’s investment agenda. We have demonstrated the ability to deal with this changing landscape through a number of investment and financing partnerships, more of which will be needed to secure a reliable and sustainable electricity grid. We are well underway with our investment programme and we have been able to deliver profitable growth in the process.” Underlying and IFRS results Statement of Income (in EUR million) For the six month period ended 30 June 2013 Underlying IFRS 2012 Underlying IFRS Revenues EBITDA EBIT Profit for the period 886 360 237 119 834 282 168 71 Statement of Financial Position (in EUR million) 30 June 2013 Underlying IFRS 31 December 2012 Underlying IFRS Total Assets Net interest-bearing debt, adjusted Equity 11,186 2,798 2,330 10,284 2,676 2,221 1,094 562 442 288 10,917 2,798 3,120 877 310 202 113 9,997 2,676 2,841 Senior unsecured credit ratings as of 30 June 2013t rating 2012 Long-term rating Short-term rating Standard & Poor’s A– (stable outlook) A-2 Moody’s A3 (stable outlook) P-2 Use of underlying financial information compared to IFRS reported figures The underlying figures presented are based on underlying financial information. Underlying financial information is based on the principle to recognise regulatory receivables and payables in connection with TenneT's regulated activities whereas IFRS reported figures do not yet contain these. Thus underlying figures include amounts which are allowed to be recouped or required to be returned through future regulated grid tariffs. These amounts are recorded as an asset or liability, respectively. Increase in revenues and EBIT TenneT’s Interim Financial Statements for the six month period ended 30 June 2013 show that underlying revenues increased by 6% to EUR 886 million in 2013 (2012: 834 million) while underlying EBIT increased by 41% to EUR 237 million (2012: 168 million). Underlying EBIT increased mainly as a result of further investments in German offshore grid connections (EUR 46 million EBIT impact) and the sale of the gas activities of APX, a majority owned subsidiary of TenneT involved in energy exchange activities (EBIT impact of EUR 25 million) Key events during the first half of 2013 Randstad 380kV In May 2013 the Randstad 380kV South Ring was commissioned, a 20 km 380kV high-voltage line. For the construction of 10 km of this new overhead line the new innovative Wintrack masts were used, which have a slimmer design and cause narrower electromagnetic fields than traditional electricity pylons. The remaining 10 km were realised via underground cabling. The South Ring is part of the so-called Randstad 380kV project, a 85 km high-voltage line between the towns of Wateringen and Beverwijk, which will result in a structural improvement of the security of supply in this economically important region for the Netherlands. New dedicated power spot exchange APX On 1 March 2013 the new dedicated power spot exchange APX went live. APX remains a leading trading platform for power spot contracts across Belgium, the Netherlands and the UK. This is the result of the split of APX-ENDEX into a power spot and clearing entity and a derivatives and gas spot entity. The share capital of APX is held by TenneT Holding B.V. (71%) and Elia System Operator N.V.(29%). Offshore grid investments in Northern Germany As at 30 June 2013, TenneT had 2 offshore connections in operation and has another 9 offshore connections under development in the German part of the North Sea. These essential infrastructure projects total to a transport capacity of 6.2 gigawatt of renewable electricity. The construction contract for the latest of these projects, DolWin3 (0.9 GW) was awarded in February. Offshore wind farms connected to date total a capacity of approximately 0.4 GW. Offshore investment partnerships In April 2013, TenneT and Mitsubishi Corporation closed their second partnership with respect to two German offshore grid connection cable projects, HelWin2 and DolWin2 in which a subsidiary of Mitsubishi's acquired a 49% voting interest for a maximum equity investment of EUR 336 million. Also in April 2013, DC Nordseekabel GmbH & Co. KG, a joint venture between TenneT (50%) and Kreditanstalt für Wiederaufbau (KfW) (50%) was established. This joint venture intends to develop, construct and own the southern half of the Nordlink interconnector project, a subsea cable between Germany and Norway. The remaining 50% of the project is owned by the Norwegian TSO Statnett. A final investment decision is expected in 2014. About TenneT TenneT Holding B.V. is a leading electricity transmission system operator (TSO) in the Netherlands through its subsidiary TenneT TSO B.V. and in a substantial part of Germany through its subsidiary TenneT TSO GmbH. With over 20,000 kilometres of high-voltage lines and 36 million end users, it ranks among Europe’s top 5 electricity transmission system operators. The State of the Netherlands holds the entire issued share capital of TenneT Holding B.V.. TenneT’s head office is located in Arnhem in the Netherlands. TenneT TSO GmbH’s main office is located in Bayreuth in Germany. Disclaimer ‘We’, ‘TenneT’, ‘TenneT Holding’, ‘the Group’, ‘the company’ or similar expressions are used in this press release as a synonym for TenneT Holding B.V. and its subsidiaries. Parts of this press release contain prospective information. These parts – without exceptions – may include unqualified statements on future operating results, government measures, the impact of other regulatory measures on all activities of TenneT as a whole, TenneT ’s shares and those of its subsidiaries and joint ventures in existing and new markets, industrial and macro-economic trends and TenneT ’s performance in these. Such statements are preceded or followed by or contain words such as ‘believes’, ‘expects’, ‘anticipates’ or similar expressions. These prospective statements are based on the current assumptions concerning future activities and are subject to known and unknown factors, and other uncertainties, many of which are beyond TenneT 's control, such that future actual results may differ significantly from these statements. All financial information is reported in millions of euro. As a result, rounding differences may occur. Apart from the 31 December 2012 financial information, all financial information shown throughout this report is unaudited. Downloads Interim Financial Report 2013