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 the Fluxys group’s financial structure.
• Interest coverage: dThe ratio between the FFO, before interest expenses, and interest expenses represents the group’s capacity to cover its interest expenses thanks to 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 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 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

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 and granted guarantees 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

Consolidated income statement Fluxys Belgium in thousands of €
	31/12/2019	31/12/2019 without IFRS 16	31/12/2018
Profit/loss from continuing operations	134,841	134,841	120,601
Net depreciation	157,955	153,158	155,565
Net provisions	3,995	3,995	1,816
Impairment losses	546	546	400
Earnings from associates and joint ventures	0	0	0
Dividends from unconsolidated entities	0	0	0
Interests on Lease agreements	0	-1,126
EBITDA	297,337	291,414	278,382

Consolidated income statement Fluxys Belgium in thousands of €
	31/12/2019	31/12/2019 without IFRS 16	31/12/2018
Profit/loss from continuing operations	134,841	134,841	120,601
Earnings from associates and joint ventures	0	0	0
Dividends from unconsolidated entities	0	0	0
Interests on Lease agreements	0	-1,126
EBIT	134,841	133,715	120,601

Consolidated income statement Fluxys Belgium in thousands of €
	31/12/2019	31/12/2019 without IFRS 16	31/12/2018
Investments in tangible fixed assets during the year	91,282	91,282	78,139
Total of Tangible fixed assets	2,129,400	2,129,400	2,181,771
Equity	662,677	662,677	687,156
Net financial debt	903,339	864,940	881,932
Total consolidated balance sheet	2,867,575	N/A	2,914,902

Consolidated income statement Fluxys Belgium in thousands of €
	31/12/2019	31/12/2019 without IFRS 16	31/12/2018
Non-current interest-bearing liabilities	1,718,972	1,683,421	1,723,831
Current interest-bearing liabilities	143,577	140,729	158,004
Other financing (current)	-12,554	-12,554	-30,097
Other financing (non-current)	-82,789	-82,789	-95,343
Other liabilities (current)	-95,954	-95,954	-95,367
Other liabilities (non-current)	-381,929	-381,929	-390,212
Cash investments (100%)	0	0	0
Cash investments (75%)	-43,654	-43,654	-39,959
Cash and cash equivalents (75%)	-276,754	-276,754	-292,190
Other financial assets (75%)	-65,576	-65,576	-56,735
Net financial debt	903,339	864,940	881,932

Consolidated income statement Fluxys Belgium in thousands of €
	31/12/2019	31/12/2019 without IFRS 16	31/12/2018
Financial income from lease contracts	69	69	169
Interest income on investments, cash and cash equivalents at fair value through profit and loss	391	391	995
Other interest income	445	445	72
Borrowing interest costs	-34,589	-34,589	-41,587
Interest expenses on Leasings	-1,126	0	0
Interest on regulatory assets and liabilities	149	149	674
Net financial expenses	-34,661	-33,535	-39,677

Consolidated income statement Fluxys Belgium in thousands of €
	31/12/2019	31/12/2019 without IFRS 16	31/12/2018
Borrowing interest costs	-34,589	-34,589	-41,587
Interest on regulatory liabilities	149	149	674
Interest expenses on leasings	-1,126	0	0
Interest expenses	-35,566	-34,440	-40,913

Consolidated income statement Fluxys Belgium in thousands of €
	31/12/2019	31/12/2019 without IFRS 16	31/12/2018
Profit/loss from continuing operations	134,841	133,715	120,601
Operating revenue - Movements in regulatory assets and liabilities	-17,324	-17,324	52,251
Net depreciation	157,955	153,158	155,565
Net provisions	3,995	3,995	1,816
Impairment losses	546	546	400
Inflows related to associates and joint ventures	0	0	0
Dividends from unconsolidated entities	0	0	0
Net financial expenses	-34,661	-33,535	-39,677
Current tax	-46,772	-46,772	-41,706
FFO	198,580	193,783	249,250

Consolidated income statement Fluxys Belgium in thousands of €
	31/12/2019	31/12/2019 without IFRS 16	31/12/2018
FFO	198,580	193,783	249,250
Dividends paid	-88,533	-88,535	-86,424
RCF	110,047	105,248	162,826

Welfare contribution in thousands of €
	31/12/2019
Dividends paid	88,533
Financial income	-1,016
Financial expenses	36,504
Goods & consumables	7,898
Services & Miscellaneous goods	129,583
Employee benefits	107,509
Taxes and duties paid	48,227
Lease agreements	5,923
Welfare contribution	423,160