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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 strength of the Fluxys Belgium 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 via 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

Other investments in property, plant and equipment outside RAB
The average of the cumulative investments made in expanding the Zeebrugge LNG terminal and non-regulated activities

Net financing 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
Interest costs on debt 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 debt, cash from early refinancing transactions and 75% of the balance of cash, cash equivalents and short and long-term 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 investments in plant, property and equipment 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 €
31.12.2018 31.12.2017
Profit/loss from continuing operations 120,601 129,312
Net depreciation and amortisation 155,565 160,081
Net provisions 1,816 -5,399
Impairment losses 400 -831
Profit/loss from investments in associates and joint ventures 0 0
Dividends from unconsolidated entities 0 8
EBITDA 278,382 283,171

 

Fluxys Belgium consolidated income statement in thousands of €
31.12.2018 31.12.2017
Profit/loss from continuing operations 120,601 129,312
Profit/loss from investments in associates and joint ventures 0 0
Dividends from unconsolidated entities 0 8
EBIT 120,601 129,320

 

Fluxys Belgium consolidated balance sheet in thousands of €
31.12.2018 31.12.2017
Investments in property, plant and equipment over the period 78,139 83,354
Total property, plant and equipment 2,181,771 2,250,659
Equity 687,156 713,795
Net financial debt 881,932 950,528
Total consolidated balance sheet 2,914,902 3,290,873

 

Fluxys Belgium consolidated balance sheet in thousands of €
31.12.2018 31.12.2017
Non-current interest-bearing liabilities 1,723,831 1,752,654
Current interest-bearing liabilities 158,004 467,176
Other financing (current) -30,097 -20,361
Other financing (non-current) -95,343 -157,538
Other liabilities (current) -95,367 -53,985
Other liabilities (non-current) -390,212 -337,304
Time deposits (100%) 0 -350,000
Time deposits (75%) -39,959 -48,865
Cash and cash equivalents (75%) -292,190 -240,430
Other financial assets (75%) -56,735 -60,819
Net financial debt 881,932 950,528

 

Fluxys Belgium consolidated income statement in thousands of €
31.12.2018 31.12.2017
Financial income from leases 169 130
Interest income on marketable securities, cash and cash equivalents at fair value through profit and loss 995 1,356
Other interest 72 144
Debt interest -41,587 -48,103
Interest on regulatory assets and liabilities 674 643
Net financing expenses -39,677 -45,830

 

Fluxys Belgium consolidated income statement in thousands of €
31.12.2018 31.12.2017
Debt interest -41,587 -48,103
Interest on regulatory assets and liabilities 674 643
Interest costs -40,913 -47,460

 

Fluxys Belgium consolidated income statement in thousands of €
31.12.2018 31.12.2017
Profit/loss from continuing operations 120,601 129,312
Operating revenue - Movements in regulatory assets and liabilities 52,251 66,010
Net depreciation and amortisation 155,656 160,081
Net provisions 1,816 -5,399
Impairment losses 400 -831
Revenue from associates and joint ventures 0 0
Dividends from unconsolidated entities 0 8
Net financial expenses -39,677 -45,830
Current tax -41,706 -48,447
FFO 249,250 254,904

 

Fluxys Belgium consolidated income statement in thousands of €
31.12.2018 31.12.2017
FFO 249,250 254,904
Dividends paid -86,424 -84,316
RCF 162,826 170,588

 

  • Fluxys BelgiumAvenue des Arts 31, B-1040 Brussels
    +32 2 230 02 39
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