avatar CertiQ B.V. Transportation, Communications, Electric, Gas, And Sanitary Services
  • Location: GELDERLAND 
  • Founded: 2001-07-23
  • Website:


  • Page 1

    Added value 2012 Annual Report

  • Page 2

    CertiQ B.V. 2012 Annual Report 1 Added value 3 2 Corporate Governance Code 4 3 Results for 2012 5 3.1 Key figures 5 3.2 Guarantees of Origin imported and exported 6 3.3 Financial results 7 4 Financial statements for 2012 9 Appendix: CertiQ works together with ... 21 Contact details and publication details 23 (clickable table of content) In this translation an attempt has been made to be as literal as possible without jeopardizing the overall continuity. In the event of discrepancies or ambiguity between the original Dutch version of the 2012 Annual Report of CertiQ B.V. and this English translation, the Dutch text shall prevail. 2 CertiQ 2012 Annual Report

  • Page 3

    Added value The added value of energy certificates is the reliability and transparency they provide In 2012, CertiQ worked hard on myCertiQ, a new electronic registration system. on the origin of energy. In 2012, these were the key words in CertiQ’s efforts for The new system has been available for traders and grid operators since September 2012. energy certificates in the Netherlands and abroad. Users are now able to carry out more tasks themselves and have easier access to the system through the internet. The most significant benefit is that it is now possible A number of key developments in 2012: for the end-user to directly access information on the origin of the certificates that - The number of certificates issued for green electricity generated in the Netherlands a trader has cancelled for him. In this way, the end-user is able to see, for example, increased by 15% compared to 2011. Biomass showed the largest increase. in which country the certificates were issued and which source was used to generate - Over 4% more certificates were cancelled compared to the previous year. This means the energy. Moreover, the system allows for the issuance of certifcates for renewable that the demand for renewable electricity has increased again in 2012. heat. In 2013, this application will be further optimised. - The number of solar installations registered with CertiQ increased by more than 1,000, as a result of which the total production capacity has increased At the end of 2012, the Minister of Economic Affairs submitted a legislative bill to more than 70 MW. to the Lower House. The bill proposes to regulate the responsibility as issuing body - In 2012, CertiQ received tens of applications for renewable heat; we support by means of a mandate with effect from 2014. This is currently governed by a legal Agentschap NL (NL Agency) with the registration and technical assessment designation. It is not intended to change the aim and implementation of the system of the installations which also qualify for the SDE(+) scheme. in practice. Underlying regulation will be introduced in 2013. The Netherlands has always been a large importer of certificates for green electricity. 2013 will once again see many developments in the area of energy and certificates Increasingly more European countries are now introducing Guarantees of Origin as in the Netherlands and in Europe. Creating added value by reinforcing the reliability proof that the electricity has been generated in a sustainable manner. and transparency will this year again be our main focus. This is the result of European agreements. CertiQ welcomes this development, Ir. J. van der Lee Ir. B.G.M. Voorhorst because it contributes to the reliability of information on green electricity and Manager CertiQ B.V. Chief Operational Officer TenneT TSO B.V. it streamlines the exchange with countries surrounding us. These are crucial conditions for a well-functioning European market for renewable electricity. Now that the number of countries applying the same standards for the issuance of and trade in certificates is increasing, certificates become exchangeable within a larger area. It is interesting to see what the effect will be on the international demand for certificates. 3 CertiQ 2012 Annual Report

  • Page 4

    Corporate Governance Code CertiQ has chosen, just like TenneT – the sole shareholder of CertiQ - to comply with Financial reporting the Corporate Governance Code where possible, despite the fact that it is not obliged CertiQ’s management is of the opinion that the financial statements for 2012 do not to do so. In CertiQ’s opinion, the Code’s principles and best practice provisions serve contain any errors of material significance. Management believes, to the best of as a guideline for running its business. their knowledge and conviction, that there are no further indications that CertiQ’s internal risk management and control systems have not operated adequately with Management regard to the financial reporting risks in the year under review and that they would CertiQ’s management is responsible for the strategic and organisational policies and for not provide a reasonable degree of assurance that the financial reporting does not issuing and registering energy certificates, for which it renders accountability to TenneT. contain any errors of material significance. TenneT sets the framework for the internal risk management and control systems. External auditor Within this framework, CertiQ’s management is responsible for the management The external auditor of CertiQ, PricewaterhouseCoopers Accountants N.V., of these systems. has been charged with the audit of the financial statements and reports to CertiQ’s management. The external auditor issues the auditor’s opinion for CertiQ prepares an annual plan, including its operational budget, its investment the financial statements. budget and its funding needs. This annual plan is approved by the shareholder and serves as a mandate for management. CertiQ reports to the shareholder on For more information on TenneT’s Corporate Governance Code, please refer to the execution of its annual plan at least every quarter. The financial results and www.tennet.eu. operational developments are reported periodically. 4 CertiQ 2012 Annual Report

  • Page 5

    Results for 2012 3.1 Key figures In 2012, 15% more certificates were issued compared to 2011. The biomass volume increased by nearly 18% in comparison to 2011. The volume contributed At the end of 2012, a total of 11,876 production plants for renewable electricity by the energy source wind increased by 10.8%. were registered with CertiQ, which is 14.5% more than in 2011. Table 1 provides an overview of the number of participants in our E-certification system. Figure 1 shows the number of certificates issued per month for each energy source. Table 1 Participants in the system for Guarantees of Origin Figure 1 Certificates issued for Dutch sustainable electricity x 1,000 MWh 31 December 2012 31 December 2011 1,600 Number of production plants 11,876 10,371 1,500 Number of traders 61 50 1,400 1,300 1,200 In 2012, CertiQ issued Guarantees of Origin for a total of 12.8 terawatt-hours 1,100 of renewable electricity generated in the Netherlands. These certificates relate 1,000 predominantly to generation in 2012, with a smaller contribution from generation in 900 previous years. The apportionment of the various energy sources is set out in table 2. 800 700 Table 2 Guarantees of Origin (MWh) issued in 2011 and 2012 600 500 Guarantees of Origin issued in 2012 2011 400 Biomass 7,570,861 6,420,707 300 Wind Wind 5,.121,865 4,621,012 200 Solar Hydro-electric 104,726 63,560 100 Hydro-electric Solar 42,411 22,141 0 Biomass 2010 2011 2012 Total 12,839,863 11,127,420 5 CertiQ 2012 Annual Report

  • Page 6

    In the year under review, the number of cancelled certificates at CertiQ (i.e. the total Figure 2 Imports of sustainable electricity consumption of renewable electricity in the Netherlands by private and industrial x 1,000 MWh users) increased from 33.5 terawatt-hours in 2011 to 35.0 terawatt-hours in 2012. 5,250 This is an increase of 4.4%. 5,000 4,750 4,500 3.2 Guarantees of Origin imported and exported 4,250 4,000 The import of sustainable electricity increased by more than 7 terawatt-hours to 3,750 a total of 32,774,471 megawatt-hours in the year under review. Exports in 2012 3,500 grew to 3,817,412 megawatt-hours. It is not clear whether there is a clear reason 3,250 for the increased exports. Contrary to imports, for CertiQ it is not possible to see 3,000 whether and when exported Guarantees of Origin have been cancelled in the country 2,750 of destination, or whether they have been traded to another country. 2,500 2,250 Table 3 Overview of imports and exports 2,000 1,750 Imports / Exports in MWh 2012 2011 1,500 Imports 32,774,471 25,533,863 1,250 Exports 3,817,412 3,293,122 1,000 750 Figure 2 shows that the certificates imported in 2012 again related mainly to 500 Wind hydro-electric power, which is by far the most important source of sustainably 250 Hydro-electric generated electricity in Europe. 0 Biomass 2010 2011 2012 6 CertiQ 2012 Annual Report

  • Page 7

    Figure 3 Imports of Guarantees of Origin by country of origin 3.3 Financial results The financial income and expenses for 2012 (x EUR 1,000) can be summarised as follows: Table 5 Financial results 2012 2011 Revenue 1,864 1,982 4% Denmark To be adjusted in tariffs 435 - 437 8% Finland Release of myCertiQ I investment contribution 37 - 4% Netherlands Other income 61 109 69 % Norway 12 % Sweden 2,397 1,654 3% Other Operating costs 2,397 1,669 Guarantees of Origin issued for sustainable electricity can be traded within Europe. Operating results 0 - 15 Figure 3 shows in which country the Guarantees of Origin imported by the Netherlands Financial income and expenses 0 15 in 2012 were originally issued. The 4% of Guarantees of Origin issued in Result - - the Netherlands have first been exported and later on imported again. Table 4 Changes in stock of certificates in MWh Invoiced revenue in 2012 was 7.9% lower than in 2011. This is a result of measures taken in 2012 in order to be able to realise a decrease in revenue. These measures 2012 2011 were already agreed with the Management Board of TenneT and the Participants’ Certificates issued 12,839,863 11,127,420 Council in 2011. The entry of ‘To be adjusted in tariffs’ is decreased by: Imports 32,774,471 25,533,863 - making the temporary discount on tariffs permanent; Increase in the stock of certificates 45,614,334 36,661,283 - fully abolishing the membership costs for solar installations; - reducing the membership costs and making them the same for all traders; Domestic transfers 11,059,594 9,255,721 - the long-term implementation of a methodology to calculate the actual costs Cancellations 34,952,615 33,478,114 (pro rata restitution) for 2012, 2013 and 2014. If at year-end the actual position Certificates issued for own use 745,370 589,044 ‘to be adjusted in tariffs’ differs by more than EUR 100,000 with the estimated Exports 3,817,412 3,293,122 position, this will be settled with the participants. This was not the case for 2012. Expired 666,077 408,439 Decrease in the stock of certificates 40,181,474 37,768,719 Changes in the stock of certificates 5,432,860 -1,107,436 7 CertiQ 2012 Annual Report

  • Page 8

    If these measures had not been implemented, CertiQ would have seen an increase in revenue in 2012, because of increases in the number of participants and the volume of certificates issued and traded. Compared to 2011 the operating costs increased by 43.6% in the year under review, as a result of: - higher personnel costs. CertiQ staff no longer contributed to TenneT projects, as a result of which no recovery was received in 2012; - higher costs for process automation. The increase in these costs is mainly caused by the preparation costs and management costs of the myCertiQ I project; - higher depreciation costs, caused by the activation of the myCertiQ I project in 2012 (commissioned in September 2012). CertiQ sets its tariffs at a cost-recovery basis. Any difference between CertiQ’s invoiced revenues and operating costs is cleared by adjusting tariffs in later years. For 2012, this difference amounts to EUR 435,000 and will be deducted from the ‘To be adjusted in tariffs’ position. At the end of 2012, the balance to be adjusted in tariffs amounted to EUR 1,326,000. In consultation with the Participants’ Council, an amount of EUR 750,000 was deducted from this balance and allocated to Investment contributions. Investment contributions were used for updating the E-certification system (myCertiQ I). In addition, in 2012 CertiQ was granted a subsidy worth EUR 70,000 by the Ministry of Economic Affairs for the preparation of the certification of renewable heat (myCertiQ II). For more detailed notes to the financial results, please refer to chapter 4. 8 CertiQ 2012 Annual Report

  • Page 9

    Financial statements for 2012 Balance sheet as at 31 December 2012 after appropriation of profits 10 Profit and loss account for 2012 11 General notes 11 Notes to the balance sheet as at 31 December 2012 after appropriation of profits 14 Notes to the profit and loss account for 2012 17 Other information 19 Auditor’s opinion 19 9 CertiQ 2012 Annual Report

  • Page 10

    Balance sheet as at 31 December 2012 after appropriation of profits (x EUR 1,000) Assets Note 31 December 2012 31 December 2011 Liabilities Note 31 December 2012 31 December 2011 Fixed assets 1 Equity 4 Intangible fixed assets 2,946 1,577 Paid up capital 18 18 2,946 1,577 18 18 Current assets Long term liabilities 5 Receivables 2 Investment contributions 562 - Accounts receivable 762 299 Government subsidies 57 - Associated companies - 784 619 - 762 1,083 Current liabilities 6 Accounts payable - 10 Liquid assets 3 - - Associated companies 1,414 - 3,708 2,660 Prepayments received 1,489 2,511 Accrued liabilities 168 121 3,071 2,642 3,708 2,660 10 CertiQ 2012 Annual Report

  • Page 11

    Profit and loss account for 2012 (x EUR 1,000) The aim of CertiQ is to facilitate trading in sustainably generated energy by issuing and managing production certificates. Production certificates, such as Guarantees Note 2012 2011 of Origin, are issued for the production of energy generated with the sustainable sources solar, hydro-electric, wind and biomass. Guarantees of Origin which are Revenue 7 provided electronically are the only valid proof in the Netherlands that energy has Revenue 2,299 1,545 been generated in a sustainable manner. The certificates for renewable electricity Other operating income 98 109 are eligible for subsidies under two legally established schemes: the Sustainable 2,397 1,654 Energy Production Incentives (SDE(+) scheme and the Environmental Quality of Operating costs 8 Electricity Generation Act (MEP). They are also nationally and internationally tradable. Wages, salaries and social security costs 933 574 Depreciation of intangible fixed assets 167 133 All shares in CertiQ are held by TenneT. Other operating costs 1,297 962 2,397 1,669 Estimates Operating result 0 - 15 In applying the principles and regulations for drawing up the financial statements, CertiQ B.V.’s management makes various assessments and estimates that may be Financial income and expenses 9 essential for the amounts shown in the financial statements. Where the nature Interest received 0 15 of these assessments and estimates must be disclosed to offer the reader the level Result after tax - - of understanding required under Article 2:362, sub 1 of the Netherlands Civil Code (‘Burgerlijk Wetboek’), the notes to the relevant entry in the financial statements explain the nature of the assessments and estimates, including the corresponding General notes assumptions. Nature of the business activities TenneT TSO B.V. (hereinafter referred to as TenneT), the Transmission System Operator and administrator of the national high-voltage grid, has been designated by the Minister of Economic Affairs through a ministerial order, to establish an E-certification system. TenneT established CertiQ B.V. to set up this system and implement the activities associated with it. 11 CertiQ 2012 Annual Report

  • Page 12

    Principles for the valuation of assets and liabilities If it is determined that an impairment accounted for in the past no longer exists or has decreased, the increased book value of the asset concerned will not be General recognised for a value higher than the book value which would have been The financial statements are drawn up in accordance with the provisions of Part 9, determined if the impairment of the asset had not been accounted for. Book 2, of the Netherlands Civil Code (‘Burgerlijk Wetboek’), and the Accounting Standards for small legal entities, as published by the Dutch Accounting Standards Current assets Board (‘Raad voor de Jaarverslaggeving’). The valuation principles are based on Upon initial entry, receivables are valued at the real value of the consideration. After historical cost and cost price. the initial entry, trading receivables are valued at amortised cost price. If payment on the accounts receivable is postponed under an agreement extending the payment Assets and liabilities (with the exception of equity) are, in general, valued at deadline, its real value is determined on the basis of the cash value of the expected the acquisition cost or manufacturing cost, or the actual value. receivables, and adjustments are made to the ‘interest received’ entry in the profit and loss account. Provisions for bad debts are subtracted from the book value of Comparison to previous year the receivable. The accounting principles are the same as those used in the previous year. Liquid assets Intangible fixed assets Liquid assets consist of bank balances with a term of less than twelve months and The intangible fixed assets are valued at the original acquisition cost or production cost, are valued at their nominal value. after deducting linear depreciation based on the asset’s economic life. Expected long-term loss of value at the balance sheet date is taken into account. Long-term liabilities Long-term liabilities consist of investment contributions and government subsidies. At the balance sheet date, CertiQ B.V. assesses whether there are any indications that a fixed asset may be subject to impairment. If such indications exist, the realisable value After approval by the Participants’ Council, the investment contributions were deducted of the individual asset is determined. If it is not possible to determine the realisable value from the entry ‘to be adjusted in tariffs’ and used for investments in (intangible) fixed for the individual asset, the realisable value of the cashflow generating unit of which assets. An annual amount equal to the depreciation cost is released and recognised the asset is part will be determined. Impairment exists when the book value of an asset under Other income. The current part of the investment contributions is recognised is higher than the realisable value; the realisable value is the higher of the net realisable under current liabilities. value and value in use. The net realisable value is determined with the aid of the active market. An impairment loss is directly recognised as a cost in the profit and loss account. Government subsidies received are accounted for on the balance sheet. Simultaneously to the economic life of the asset to which the subsidy relates, an amount is released annually and added to Other income. 12 CertiQ 2012 Annual Report

  • Page 13

    Current liabilities Operating costs Upon initial entry, Current liabilities are valued at nominal value. After the initial Operating costs are determined on a historical basis and allocated to the reporting entry they are valued at amortised cost price. year to which they relate. Current liabilities comprise the entries ‘to be adjusted in tariffs’ and the current part Depreciation of intangible fixed assets of the ‘Investment contributions’ and ‘Government subsidies’. To be adjusted in tariffs The depreciation of intangible fixed assets is determined in line with the asset’s relates to the difference between Invoiced revenue and Operating cost, which is settled expected economic life, using the linear method. through tariffs of subsequent years with the market parties. Financial income and expenses Interest received and Interest charges are allocated in proportion to time, taking Principles for determining profit and loss into account the effective interest rate of the assets and liabilities concerned. Revenue Taxes In accordance with article 6, paragraph 6 of the Ministerial regulation on Guarantees Because CertiQ adjusts the difference between Invoiced revenue and Operating costs of Origin for renewable electricity, the national grid operator may charge the cost in the tariffs of subsequent years, there can be no fiscal result. The tax to be paid is of managing production certificates to producers, customers, suppliers and traders. therefore nil at all times. An exception applies to a number of categories, for which the Minister of Economic Affairs bears the costs (see article 6, paragraph 7 of the Ministerial regulation on Guarantees of Origin for renewable electricity). Financial instruments and risk management TenneT’s Board sets the tariffs every year after consulting the Participants’ Council. Price risks The difference between actual cost and invoiced revenue is adjusted in tariffs of CertiQ is not subject to any price risks. subsequent years. Credit risks Other income comprises the annual release of investment contributions and CertiQ does not have any significant concentrations of credit risk. The credit risk is government subsidies. limited because the payment of invoices is a precondition for trading in certificates. The write-offs of Receivables are negligible. Liquidity risks The liquidity risk for CertiQ is minimal. CertiQ has a current account with TenneT Holding B.V. 13 CertiQ 2012 Annual Report

  • Page 14

    Notes to the balance sheet as at 31 December 2012 after appropriation of profits The book value of Intangible fixed assets can be specified as follows (x EUR 1,000): (x EUR 1,000) Intangible Intangible Total fixed assets fixed assets 1 Fixed assets in formation Intangible fixed assets Purchase price The website and the E-certification system (myCertiQ I) are recognised under As at 1 January 2011 - - - Intangible fixed assets. An amortisation period of three years applies to the website. Capitalisations - 1,582 - An amortisation period of five years is applicable to myCertiQ I. Taken into service 91 - 91 - As at 31 December 2011 91 1,491 1,582 The preparation for the new E-certification system for the certification of renewable Capitalisations - 1,536 1,536 heat systems (myCertiQ II) is recognised under Intangible fixed assets in formation. Taken into service 2,740 - 2,740 - Depreciation of myCertiQ II shall commence upon being taken into service. As at 31 December 2012 2,831 287 3,118 Depreciation As at 1 January 2011 - - - Depreciation for the year 5 - 5 As at 31 December 2011 5 - 5 Depreciation for the year 167 - 167 As at 31 December 2012 172 - 172 Book values As at 1 January 2011 - - - As at 31 December 2011 86 1,491 1,577 As at 31 December 2012 2,659 287 2,946 14 CertiQ 2012 Annual Report

  • Page 15

    2 Receivables 5 Long-term liabilities Accounts receivable Investment contributions Accounts receivable consist of all claims with a remaining term of less than one year. In 2010 it was agreed with the Participants’ Council that an amount of EUR 750,000 As the credit risk is estimated to be nil, no provisions for bad debts have been deducted be deducted from the above-mentioned entry ‘to be adjusted in tariffs’. The balance from this entry. of this entry has been used for the new E-certification system. An amount equal Accounts receivable for 2012 comprise EUR 762,000 worth of invoices yet to be sent to the amortisation cost is released each year and allocated to Revenue. The current for the period September up to and including December. part is accounted for under Current liabilities. The remaining term of the investment contributions is between one year and five years. Associated companies This entry refers to the current account with TenneT. As at the end of the year Government subsidies under review, the current account showed a negative balance. Interest is charged In 2012, CertiQ received a government subsidy of EUR 70,000 from the Ministry to the balance on the current account with TenneT. of Economic Affairs for the preparation of the certification of renewable heat (myCertiQ II). An amount equal to the amortisation cost is released each year and 3 Liquid assets allocated to Revenue. The current part is accounted for under Current liabilities. The remaining term of the government subsidies is between one year and five years. The liquid assets consist of bank balances with a term shorter than twelve months. Surplus liquid assets are automatically transferred to the current account with 6 Current liabilities TenneT through a daily cash pool. The liquid assets are at the disposal of the company. Accounts payable Accounts payable comprise loans with a remaining term of less than one year. 4 Equity Associated companies Paid up capital This entry refers to the current account with TenneT. The balance on the current The authorised capital of the company amounts to EUR 90,000, divided into 900 shares account with TenneT is interest-bearing. of EUR 100 each. Of these shares, 180 shares have been issued and paid up. 15 CertiQ 2012 Annual Report

  • Page 16

    Prepayments received Off-balance sheet rights and obligations This relates to the difference between Invoiced revenue and Operating costs (EUR 1,326,000). This amount will be adjusted in tariffs of subsequent years CertiQ, with TenneT and its subsidiaries, is part of one fiscal entity for company tax and with the market parties. turnover tax purposes. On the basis of the standard conditions as issued by the Dutch tax authorities at the time the fiscal entity was established, CertiQ is jointly and severally Tariffs are set annually in consultation with the Participants’ Council and liable for the company tax and turnover tax liabilities of the whole fiscal entity. the Board of TenneT. Prepayments received also include the current part of the investment contributions and government subsidies. CertiQ has concluded three agreements to hire staff from other employers: - an agreement for the structural provision of legal advice The balance of Prepayments received, including the amount which is adjusted (term: January - December 2013); in tariffs for subsequent years, can be specified as follows (x EUR 1,000): - an agreement for external technical advice (term: January - December 2013); and - an agreement for hiring an internal account manager (term: January – June 2013). 2012 2011 To be adjusted in tariffs - 1,326 - 2,511 These agreements stipulate the rate per hour to be charged for the use of these services. Investment contributions - 150 - No minimum number of hours is stipulated. Government subsidies - 13 - Balance as at 31 December - 1,489 - 2,511 Accrued liabilities Accrued liabilities relate to annual leave to be paid and costs to be paid, mainly consisting of provisions for auditor’s costs, costs for the annual report and costs for hiring personnel. 16 CertiQ 2012 Annual Report

  • Page 17

    Notes to the profit and loss account for 2012 (x EUR 1,000) Other operating income Other operating income comprises income to be settled with the myCertiQ I investment 7 Revenue contribution and other income. Other income consists of a contribution by the Ministry of Economic Affairs for our operational activities with regard to the certification of In the year under review, participants were invoiced on the basis of preset tariffs. renewable heat. In addition, CertiQ receives a compensation from Agentschap NL The amount needed to cover costs was EUR 2,397,000. for the work undertaken in connection with the Concerted Action on the Renewable Energy Sources Directive (CA-RES). Revenue Fully abolishing the membership costs for solar installations, and reducing Other operational income can be specified as follows (x EUR 1,000): the membership costs and making them the same for all traders ensure a decline 2012 2011 in revenue. The revenue growth upon the issuance, transfer and cancellation Release of myCertiQ I investment contribution 37 - of certificates is mainly caused by a larger number of transactions.This growth Other income 61 109 was anticipated. The negative difference in relation to Invoiced revenue will be Total 98 109 accumulated with differences brought forward from previous years. Revenue can be specified as follows (x EUR 1,000): 8 Operating costs 2012 2011 Memberships 75 373 Wages, salaries and social security costs Issuance of certificates 386 325 The company does not employ any employees. In 2012, the average number of hired Issuance of certificates 375 305 employees amounted to 12 fte (2011: 11.6 fte). These employees have all been hired Certificate cancellations 1,028 979 from TenneT. The number of employees amounted to 12.4f fte (2011: 11.7 fte) at To be adjusted in tariffs 435 - 437 the end of 2012. Total 2,299 1,545 Personnel costs increased due to a small recovery being deducted because CertiQ employees hardly contributed to TenneT projects or projects for third parties. 17 CertiQ 2012 Annual Report

  • Page 18

    Personnel costs can be specified as follows (x EUR 1,000): 9 Financial income and expenses 2012 2011 Interest received Hired from TenneT 886 512 The entry relates to the interest received on the balance at the current account Hired from third parties 47 62 with TenneT. The decline in Interest received is caused by a lower average interest Total 933 574 rate compared to 2011. Amortisation of intangible fixed assets Arnhem, 27 June 2013 The increase in the amortisation of fixed assets is caused by the fact that the new E-certification system myCertiQ I was commissioned in September 2012 and CertiQ B.V. TenneT TSO B.V. that the amortisation started from October 2012. myCertiQ II, which includes On behalf the modifications for the certification of renewable heat, has not yet been commissioned (expected in January 2013). Ir. J. van der Lee Ir. B.G.M. Voorhorst Manager Chief Operational Officer Other operating costs Other operating costs consist of costs of systems for process automation and various costs. The various costs relate to all costs incurred for office premises, consultation, travelling and accommodation. The costs of systems and of process automation increased mainly because of the preparation costs and indirect management costs for the myCertiQ I project. However, fewer hours were spent on the existing E-certification system. The hours spent by the Information Technology Supply department were predominantly spent on the new E-certification system (myCertiQ) and not on the existing application. 18 CertiQ 2012 Annual Report

  • Page 19

    Other information Auditor’s opinion Appropriation of profits To the General Meeting of the shareholders of CertiQ B.V. The appropriation of profits is stipulated in article 29 of the Articles of Association. This article reads as follows: Opinion concerning the annual accounts 1 Profits will be distributed in accordance with the provisions of this article, after adoption of the financial statements, showing that this is justified. We have audited the annual accounts of CertiQ B.V. Arnhem for 2012, included 2 The profits are at the disposal of the general meeting. on pages 9 to 18 of this annual report and consisting of the balance sheet as 3 The company may only make distributions to the shareholders and other persons entitled at December 31, 2012, the statement of profit and loss for 2012, and the notes, to the profits intended for distribution to the extent that the shareholders’ equity including an overview of the accounting principles used in the financial reports exceeds the subscribed capital plus the reserves which must be maintained by law. and other notes. 4 A deficit may only be offset against the reserves prescribed by law to the extent permitted by law. Responsibility of the management The management of the company is responsible for preparing financial statements, which must faithfully represent the assets and results of the company, and for preparing the annual report. Both must be in accordance with Part 9, Book 2, of the Netherlands Civil Code (BW). The management is also responsible for whatever internal management it considers necessary to ensure that the annual accounts can be prepared in such a way that they contain no inaccuracies of tangible importance as a result of fraud or error. Responsibility of the auditor Our responsibility is to issue an opinion on the financial statements based on our audit. We have conducted our audit in accordance with Dutch law, including Dutch audit standards. These require us to comply with the ethical norms applicable to us and to plan and perform the audit in such a way as to obtain reasonable assurance that the financial statements are free of material misstatements. 19 CertiQ 2012 Annual Report

  • Page 20

    An audit includes activities to obtain audit information about the amounts and Report on other legal and regulatory requirements the notes to the financial statements. The choice of activities to be performed depends on the professional judgement of the auditor, including his evaluation Pursuant to the legal requirement under 2:393 sub 5 parts (e) and (f) of the Netherlands of the risk of misstatements of material importance resulting from fraud or errors. Civil Code, we report that we have examined whether the annual report has been prepared in accordance with Part 9 of Volume 2 of the Netherlands Civil Code and For purposes of this risk evaluation, the auditor considers the internal control system whether the information required under Section 2:392 sub 1 paragraphs (b) to (h) that is relevant for the preparation and fair presentation in the annual accounts, has been annexed to the annual report and, so far as we can form a judgement, in order to plan audit activities suited to the circumstances. However his purpose is we have found no deficiencies. We also state that the annual report, in so far as not to produce an opinion about the effectiveness of the internal management of we can form a judgement, is in line with the requirements regarding annual financial the company. An audit also includes an evaluation of the suitability of the accounting statements, as set out in Section 2:391 sub 4 of the Netherlands Civil Code. principles used for financial reporting and of the reasonableness of estimates made by the company’s management, as well as evaluating the overall presentation in Arnhem, 27 june 2013 the financial statements. PricewaterhouseCoopers Accountants NV Original signed by C.J.A.M. Romme, MA, RA We believe that the audit information that we have obtained is adequate and suitable as a basis for our opinion. Opinion In our opinion, the financial statements give a true and fair view of the magnitude and composition of the assets of CertiQ B.V. as of 31 December 2012 and of its result for 2012, in accordance with Part 9, Book 2, of the Netherlands Civil Code. 20 CertiQ 2012 Annual Report

  • Page 21

    Appendix: CertiQ works together with ... CertiQ has active partnerships with a number of parties in the sustainable energy Regional grid operators sector. To name a few: Regional grid operators are responsible for the transmission of electricity over the public electric grid. In relation to CertiQ, the grid managers are responsible for TenneT TSO B.V. assessing applications to register generating plants and for periodically submitting TenneT TSO B.V. is Europe’s first cross-border electricity transmission system operator. electricity production metering data to CertiQ. With 20,000 kilometres of high voltage lines and 35 million end-users in the Netherlands and Germany, TenneT ranks among the top five grid operators in Europe. Their focus Metering companies is to develop a Northwest European energy market and to integrate renewable energy. Metering companies are responsible for installing and maintaining electricity meters, On behalf of the Ministry of Economic Affairs, TenneT established the E-certification collecting the data from the meters and submitting this information to the regional system for renewable energy. CertiQ manages this system, which is linked to TenneT’s grid operator. electronic infrastructure, on behalf of TenneT. TenneT is the only shareholder in its subsidiary CertiQ. Electricity producers The producers generate electricity and supply it to the electric grid, or consume The NL Agency it on site. CertiQ issues Guarantees of Origin for renewable electricity. In addition, The NL Agency (Agentschap NL) is part of the Ministry of Economic Affairs. CertiQ can issue Guarantees of Origin for electricity generated in high-efficiency Agentschap NL implements government policies on innovation and sustainable Combined Heat and Power plants. For electricity from other sources, CertiQ can, development, and manages the SDE(+) and MEP subsidy schemes, which subsidises on request, issue energy labelling certificates. the generation of renewable energy that is certified by CertiQ. Renewable heat producers Ministry of Economic Affairs Renewable heat producers register the renewable heat with CertiQ for the SDE(+) The Ministry of Economic Affairs is responsible for, amongst others, policy making subsidy scheme. With effect from 2013, CertiQ issues Guarantees of Origin for in relation to sustainably generated electricity. CertiQ consults regularly with renewable heat. the Ministry to align its policies regarding developments that affect CertiQ. Traders The Office of Energy Regulation of the Netherlands Competition Authority (NMA) Traders enter into agreements with producers in connection with the purchase The Office of Energy Regulation (‘Energiekamer’) is the regulator for the Dutch energy of Guarantees of Origin or other certificates. A producer of sustainable energy sector. Among its duties are to supervise the correct implementation and compliance informs CertiQ of the trader it does business with. CertiQ credits the corresponding with the Electricity Act of 1998 and the statutory schemes implemented by CertiQ. Guarantees of Origin to the account of this trader. A trader can trade the certificates or use them as proof of delivery to end-users. 21 CertiQ 2012 Annual Report

  • Page 22

    Energy suppliers Energy suppliers are companies that purchase energy (including grey and green power) and sell it to commercial and private users. It is therefore the energy supplier who has the supply contract with the electricity customer. Every energy supplier in the Netherlands that wishes to supply green electricity must have a certificate account with CertiQ. Participants’ Council CertiQ established the Participants’ Council for an optimal alignment with the needs of its participants. Its members represent the interests of all participants in the E-certification system. The Participants’ Council comprises producers, traders (including foreign traders operating in the Netherlands)and representatives of several large energy suppliers. In drawing up its annual plan, CertiQ explicitly takes into account the Council’s advice. Association of Issuing Bodies (AIB) The AIB is an international partnership of certification management bodies, of which CertiQ is a member. The members of the AIB issue Guarantees of Origin. The AIB seeks to standardise certification systems to facilitate international trade. For this purpose it has developed a common standard: the EECS Standard. In its new Renewable Energy Directive of 2009, the European Commission made many elements of the EECS Standard mandatory. CertiQ mainly exchanges certificates with the following national issuing bodies: VREG (Belgium), Energinet.dk (Denmark), Grexel (Finland and Sweden) and Statnett (Norway). Statistics Netherlands (CBS) CertiQ sends statistics on the electricity generation it has certified to the CBS on a monthly basis, in accordance with an agreement concluded between TenneT/CertiQ and the CBS. The CBS processes the data for its publications. 22 CertiQ 2012 Annual Report

  • Page 23

    CertiQ B.V. is a subsidiary of TenneT TSO B.V., the Dutch Transmission System Operator and network manager of the national electric grid. CertiQ B.V. is responsible for the certification of sustainably generated electricity, on behalf of the Dutch government. It issues certificates, also called Guarantees of Origin, which enable end users to verify the origin of the green power supplied to them. In addition, this certification is an important instrument for facilitating the trade in sustainably generated electricity, and producers of this electricity can use the certificates to obtain subsidies. CertiQ B.V. Utrechtseweg 310 6812 AR Arnhem PO Box 718 6800 AS Arnhem The Netherlands T +31 (0)26 373 16 58 F +31 (0)26 373 11 58 servicedesk@certiq.nl www.certiq.nl © This annual report is a digital publication by CertiQ B.V., Arnhem Text Jan van der Lee (CertiQ), Ben Voorhorst (TenneT) Translation Ray Vertaalservices Design Loep ontwerp, Arnhem Published June 2013 23 CertiQ 2012 Annual Report

  • Page 24

  • View More

Get the full picture and Receive alerts on lawsuits, news articles, publications and more!