3. Segmentation

Enexis Holding N.V. recognises two reporting segments, namely:

• Enexis regulated; and

• Enexis other.

The above classification is based on the internal reporting structure, in particular the consolidated monthly reports and the (annual) business plan.

The ‘Enexis regulated’ segment comprises Enexis Netbeheer B.V. and Enexis Personeel B.V. jointly and is by far the largest segment within Enexis (in terms of revenue and total assets, the share of these activities amounts to more than 90%). Enexis Netbeheer B.V. is responsible for the construction, management, maintenance, and modernisation of the regional gas networks and electricity grids through which the supplier delivers gas or electricity to households or businesses. Enexis Personeel B.V. provides labour to the companies in its group, as well as other services and goods to its employees. Insofar as Enexis Personeel B.V. works for entities operating outside the 'Enexis regulated' segment, a settlement of costs has taken place.

The segment listed as ‘Enexis other’ concerns the activities of Enexis Vastgoed B.V. and Enpuls B.V. (including Enpuls Projecten B.V. and Mijnwater Warmte Infra B.V.). Enexis Vastgoed B.V. leases its own real estate within Enexis. Enpuls B.V. and its affiliated entity Enpuls Projecten B.V. were established to facilitate energy savings and greening by realising scalable solutions in line with Enexis' objectives. Mijnwater Warmte Infra B.V. manages and maintains heating and cooling networks, expands existing heating and cooling networks, and invests in new heating and cooling networks in the Parkstad region.

Enexis Holding N.V., which is responsible for financing all entities operating within Enexis, cannot be assigned to a segment and as such forms part of the column ‘Normalisations, eliminations, and reconciliations’.

Costs and revenues charged between the segments and receivables, payables, and current account positions between the segments have been eliminated. These costs and revenues are included in the segmentation overview under ‘Normalisations, eliminations, and reconciliations’. The eliminated costs and revenues mainly relate to housing expenses charged by Enexis Vastgoed B.V. and costs charged by Enexis Personeel B.V. for services provided to Enpuls B.V. and Enexis Vastgoed B.V.