Operating segments
Business segments are based on Stedin Group’s internal organisation and management reporting structure and have not changed in comparison with the 2019 financial statements of Stedin Group. The segments are:
Segment Stedin
The business segment Stedin comprises the regulated domain: the grid manager Stedin. Stedin manages the gas and electricity grids in its service area.
Segment DNWG
The business segment DNWG is the entity DNWG Groep N.V., consisting of the grid manager Enduris B.V., which manages the gas and electricity grids in the province of Zeeland; DNWG Infra B.V. (formerly DELTA Infra B.V.), which provides non-regulated electricity, gas, water and data infrastructure services; and DNWG Warmte B.V., which provides heat infrastructure services.
Segment 'Other and eliminations'
The main components of the segment 'Other and eliminations' are the infrastructure, metering and steam network services of NetVerder, the activities of the holding company and the elimination of intragroup transactions. The other units are non-reportable segments according to the criteria in IFRS 8 ‘Operating Segments’, since they are not material and are therefore included within the segment 'Other and eliminations'. This segment also includes the discontinued operations of Joulz Diensten (until the end of April 2019) in the comparative figures.
Since the balance sheets per operating segment are not periodically reported in the internal management information, Stedin Group has decided not to present these. The accounting policies for the group's financial statements applied by Stedin Group are also applied in segment reporting.
The operating results are not cyclical in nature and are not materially affected by seasonal patterns.
Net revenues and other income, operating profit and investments by segment
Stedin Group operates solely in the Netherlands, and all its revenues are generated in the Netherlands. In accordance with the requirements of IFRS 15, the following table disaggregates the net revenue in 2020 into categories that reflect the way that the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. For the regulated domain, Stedin Group sought alignment wherever possible with the periodic reports required by the Netherlands Authority for Consumers and Markets (ACM). The table also provides a reconciliation of the disaggregated revenue with the segment information on the basis of the internal organisation and management reporting structure:
2020 | Segment Stedin | Segment DNWG | Other and eliminations | Total |
|---|---|---|---|---|
Net revenue | ||||
- Regulated electricity transmission, connection and metering services | 681 | 99 | -13 | 767 |
- Regulated gas distribution, connection and metering services | 325 | 30 | - | 355 |
- Infrastructure services and other | 44 | 48 | 2 | 94 |
Other income | 10 | 3 | - | 13 |
Total revenue | 1,060 | 180 | -11 | 1,229 |
Operating expenses | 650 | 132 | -16 | 766 |
Depreciation, amortisation and impairments of property, plant and equipment and intangible assets | 287 | 37 | 10 | 334 |
Total operating expenses | 937 | 169 | -6 | 1,100 |
Operating profit | 123 | 11 | -5 | 129 |
Financial income and expenses | -23 | -3 | -30 | -56 |
Profit after income tax subsidiaries | - | 1 | -2 | -1 |
Profit before income tax | 100 | 9 | -37 | 72 |
Income tax | -39 | -6 | 15 | -30 |
Result after income tax | 61 | 3 | -22 | 42 |
Investments in 2020 based on the internal organisation and management reporting structure were as follows:
2020 | Segment Stedin | Segment DNWG | Other and eliminations | Total |
|---|---|---|---|---|
Investments in property, plant and equipment and intangible assets | 560 | 66 | 4 | 630 |
Revenue and results for and investments in 2019 based on the internal organisation and management reporting structure were as follows:
2019 | Segment Stedin | Segment DNWG | Other and eliminations | Total |
|---|---|---|---|---|
Net revenue | ||||
- Regulated electricity transmission, connection and metering services | 681 | 91 | -5 | 767 |
- Regulated gas distribution, connection and metering services | 309 | 29 | - | 338 |
- Infrastructure services and other | 45 | 52 | 18 | 115 |
Other income | 13 | 1 | - | 14 |
Total revenue | 1,048 | 173 | 13 | 1,234 |
Operating expenses | 622 | 123 | - | 745 |
Depreciation, amortisation and impairments of property, plant and equipment and intangible assets | 266 | 44 | 7 | 317 |
Total operating expenses | 888 | 167 | 7 | 1,062 |
Operating profit | 160 | 6 | 6 | 172 |
Financial income and expenses | -27 | -4 | -36 | -67 |
Profit after income tax subsidiaries | - | -2 | 249 | 247 |
Profit before income tax | 133 | - | 219 | 352 |
Income tax | -38 | -2 | 13 | -27 |
Result after income tax | 95 | -2 | 232 | 325 |
2019 | Segment Stedin | Segment DNWG | Other and eliminations | Total |
|---|---|---|---|---|
Investments in property, plant and equipment & intangible assets | 539 | 66 | 52 | 657 |
Non-current assets by country
The non-current assets of the Stedin and 'Other and eliminations' segments relate in full to entities registered in the Netherlands.
Major customers
Stedin Group has no customers for which the revenue per customer amounts to 10% or more of total revenue.
