Operating segments

Business segments are based on Stedin Group’s internal organisation and management reporting structure and have not changed in comparison with the 2020 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. From 1 January 2022, the grid manager Enduris is fully included in grid manager Stedin and is part of this segment.

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. With effect from 1 January 2022, this segment comprises solely DNWG Infra and DNWG Warmte; Enduris has merged with Stedin Netbeheer and is part of the Stedin segment from that date.

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'.

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 2021 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:

2021
x 1 million

Segment Stedin

Segment DNWG

Other and eliminations

Total

Net revenue

- Regulated electricity transmission, connection and metering services

728

97

-1

824

- Regulated gas distribution, connection and metering services

316

31

-

347

- Infrastructure services and other

47

42

5

94

Other income

1

3

10

14

Total revenue

1,092

173

14

1,279

Operating expenses

686

113

-4

795

Depreciation, amortisation and impairments of property, plant and equipment and intangible assets

304

40

16

360

Total operating expenses

990

153

12

1,155

Operating profit

102

20

2

124

Financial income and expenses

-22

-2

-69

-93

Profit after income tax subsidiaries

-

1

-

1

Profit before income tax

80

19

-67

32

Income tax

-23

-6

18

-11

Profit after income tax

57

13

-49

21

Investments in 2021 based on the internal organisation and management reporting structure were as follows:

2021
x 1 million

Segment Stedin

Segment DNWG

Other and eliminations

Total

Investments in property, plant and equipment and intangible assets

598

86

11

695

Revenue and results for and investments in 2020 based on the internal organisation and management reporting structure were as follows:

2020
x 1 million

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

2020
x 1 million

Segment Stedin

Segment DNWG

Other and eliminations

Total

Investments in property, plant and equipment & intangible assets

560

66

4

630

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.