Glossary

Pertinence of published financial ratios

The Fluxys group continually evaluates its financial solidity, in particular using the following financial ratios:

  • Solvency: The ratio between net financial debt and the sum of equity and net financial debt indicates the solidity of Fluxys Group’s financial structure.
  • Interest coverage: The ratio between FFO before interest expenses and interest expenses represents the group’s capacity to cover its interest expenses with its operating activities.
  • Net financial debt/Extended RAB: This ratio expresses the share of the extended RAB financed by external debt.
  • FFO/Net financial debt: This ratio is used to determine the Group’s capacity to pay off its debts based on cash generated by its operating activities.
  • RCF/Net financial debt: This ratio is used to determine the Group’s capacity to pay off its debts based on cash generated by its operating activities after payment of dividends.

 

Definition of indicators

Some indicators have been amended or added this year in order to align the financial ratios with the expectations of external investors. The calculation method has also been adapted to these expectations (EBIT and EBITDA).

Other tangible investments outside RAB
Average combined investments in property, plant and equipment related to the extensions of the Zeebrugge LNG terminal and non-regulated activities.

Net financial expenses
Interest expenses net of finance income on leases, interest income on investments and cash equivalents and other interest income, excluding interest on regulatory assets.

Interest expenses
Borrowing interest costs net of interest on regulatory liabilities.

EBIT
Earnings Before Interests and Taxes or profit/loss from continuing operations, to which earnings from associates and joint ventures and dividends received from unconsolidated entities are added.

EBITDA
Earnings Before Interests, Taxes, Depreciation and Amortization or profit/loss from continuing operations, before depreciation, amortization, impairment and provisions, to which earnings from associates and joint ventures and dividends received from unconsolidated entities are added.

Net financial debt
Interest-bearing liabilities net of regulatory liabilities, non-current debt-related loans, cash from early refinancing operations and 75% of the balance of cash, cash equivalents and non-current and current cash investments.

FFO
Funds from Operations or profit/loss from continuing operations, excluding changes in regulatory assets and liabilities, before depreciation, amortization, impairment and provisions, to which dividends received from associates and joint ventures and unconsolidated entities are added, and from which net financial expenses and current tax are deducted.

RAB
Average Regulated Asset Base or average value of the regulated asset base for the year.

Extended RAB
Total RAB and other tangible investments outside RAB.

RCF
Retained Cash-Flow or FFO net of dividends paid.

WACC
Weighted Average Cost of Capital

Calculations

Fluxys SA consolidated income statement in thousands of €
31.12.2017 31.12.2016
Profit/loss from continuing operations 240,295 256,274
Net depreciation 419,367 424,435
Net provisions -6,400 -5,882
Impairment losses -831 -2,009
Earnings from associates and joint ventures 15,294 -4,711
Dividends from unconsolidated entities 9 9
EBITDA 667,734 668,116

 

Fluxys SA consolidated income statement in thousands of €
31.12.2017 31.12.2016
Profit/loss from continuing operations 240,295 256,274
Earnings from associates and joint ventures 15,294 -4,711
Dividends from unconsolidated entities 9 9
EBIT 255,598 251,572

 

Fluxys SA consolidated income statement in thousands of €
31.12.2017 31.12.2016
Financial income from lease contracts 0 0
Interest income on investments, cash and cash equivalents at fair value through profit and loss 7,801 7,520
Other interest income 6,652 4,277
Borrowing interest costs -81,069 -98,723
Interest on regulatory assets and liabilities 862 1,549
Net financial expenses -65,754 -85,377

 

Fluxys SA consolidated income statement in thousands of €
31.12.2017 31.12.2016
Borrowing interest costs -81,069 -98,723
Interest on regulatory liabilities 1,907 2,868
Interest expenses -79,162 -95,855

 

Fluxys SA consolidated income statement in thousands of €
31.12.2017 31.12.2016
Profit/loss from continuing operations 240,295 256,274
Operating revenue - Movements in regulatory assets and liabilities 58,302 42,938
Net depreciation 419,367 424,435
Net provisions -6,400 -5,882
Impairment losses -831 -2,009
Inflows related to associates and joint ventures 148 9,444
Dividends from unconsolidated entities 9 9
Net financial expenses -65,754 -85,377
Current tax -113,262 -117,613
FFO 531,874 522,219

 

Fluxys SA consolidated income statement in thousands of €
31.12.2017 31.12.2016
FFO 531,874 522,219
Dividends paid -199,385 -207,979
RCF 332,489 314,240

 

Fluxys SA consolidated balance sheet in thousands of €
31.12.2017 31.12.2016
Non-current interest-bearing liabilities 2,723,882 2,603,921
Current interest-bearing liabilities 637,257 573,267
Other financing (current) -20,361 -4,423
Other financing (non-current) -157,538 -102,953
Other liabilities (current) -57,918 -34,138
Other liabilities (non-current) -352,055 -399,675
Non-current loan -110,673 -119,953
Cash investments (75%) -122,022 -79,011
Cash and cash equivalents (75%) -199,251 -210,063
Other financial assets (75%) -60,819 -42,701
Net financial debt 2,280,502 2,184,271
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