Glossary

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Pertinence of published financial ratios

The Fluxys Belgium 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 Belgium’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 Belgium consolidated income statement in thousands of €
31.12.2017 31.12.2016
Profit/loss from continuing operations 129,312 118,607
Net depreciation 160,081 159,141
Net provisions -5,399 964
Impairment losses -831 -2,007
Earnings from associates and joint ventures 0 0
Dividends from unconsolidated entities 8 8
EBITDA 283,171 276,713

 

Fluxys Belgium consolidated income statement in thousands of €
31.12.2017 31.12.2016
Profit/loss from continuing operations 129,312 118,607
Earnings from associates and joint ventures 0 0
Dividends from unconsolidated entities 8 8
EBIT 129,320 118,615

 

Fluxys Belgium consolidated income statement in thousands of €
31.12.2017 31.12.2016
Financial income from lease contracts 130 133
Interest income on investments, cash and cash equivalents at fair value through profit and loss 1,356 169
Other interest income 144 1,734
Borrowing interest costs -48,103 -47,501
Interest on regulatory assets and liabilities 643 445
Net financial expenses -45,830 -45,020

 

Fluxys Belgium consolidated income statement in thousands of €
31.12.2017 31.12.2016
Borrowing interest costs -48,103 -47,501
Interest on regulatory liabilities 643 445
Interest expenses -47,460 -47,056

 

Fluxys Belgium consolidated income statement in thousands of €
31.12.2017 31.12.2016
Profit/loss from continuing operations 129,312 118,607
Operating revenue - Movements in regulatory assets and liabilities 66,010 36,343
Net depreciation 160,081 159,141
Net provisions -5,399
964
Impairment losses -831 -2,007
Inflows related to associates and joint ventures 0 0
Dividends from unconsolidated entities 8 8
Net financial expenses -45,830 -45,020
Current tax -48,447 -46,909
FFO 254,904 221,127

 

Fluxys Belgium consolidated income statement in thousands of €
31.12.2017 31.12.2016
FFO 254,904 221,127
Dividends paid -84,316 -84,316
RCF 170,588 136,811

 

Fluxys Belgium consolidated balance sheet in thousands of €
31.12.2017 31.12.2016
Non-current interest-bearing liabilities 1,752,654 1,765,025
Current interest-bearing liabilities 467,176 79,472
Other financing (current) -20,361 -4,423
Other financing (non-current) -157,538 -102,953
Other liabilities (current) -53,985 -25,138
Other liabilities (non-current) -337,304 -382,503
Non-current loan -350,000 0
Cash investments (75%) -48,865 -75,907
Cash and cash equivalents (75%) -240,430 -218,795
Other financial assets (75%) -60,819 -42,701
Net financial debt 950,528 992,077
  • Fluxys BelgiumAvenue des Arts 31, B-1040 Brussels
    +32 2 230 02 39
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