Your point of contact

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: The 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 property, plant and equipment investments outside the RAB
Average combined investments in property, plant and equipment linked to the extensions to the Zeebrugge LNG terminal and in unregulated activities,

Net finance costs
Interest charges less financial income from lease contracts, interest on investments and cash equivalents and other interest received, excluding interest on regulatory assets,

Interest expenses
Interest expenses on debts (including interest charges on leasing debts), less interest on regulatory assets,

EBIT
Earnings Before Interests and Taxes plus the result of investments accounted for using the equity method and the dividends received from non-consolidated entities,

EBITDA
Earnings Before Interests, taxes, depreciation and amortisation, plus the result of investments accounted for using the equity method and the dividends received from non-consolidated entities,

Net financial debt
Interest-bearing liabilities and guarantees granted, less regulatory liabilities, non-current loans linked to debts, cash linked to 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 Regulatory Asset Base, or average value of the regulated asset base for the year,

Extended RAB
Total of the RAB and other property, plant and equipment investments outside the RAB,

RCF
Retained Cash-Flow or FFO, less dividends paid,


Calculations

Fluxys SA consolidated income statement in thousands of €
31.12.2019 31.12.2018
Restated
Notes
Profit/loss from continuing operations 346,401 238,097 4
Net depreciation 401,163 382,676 4.3.5
Net provisions -7,625 -7,960 4.3.5
Impairment losses 568 448 4.3.5
Earnings from associates and joint ventures 3,767 19,868 4.6
Dividends from unconsolidated entities 0 0 4.4.2
EBITDA 744,274 633,129  

 


Fluxys SA consolidated income statement in thousands of €
31.12.2019 31.12.2018
Restated
Notes
Profit/loss from continuing operations 346,401 238,097 4
Earnings from associates and joint ventures 3,767 19,868 4.6
Dividends from unconsolidated entities 0 0 4.4.2
EBIT 350,168 257,965  

 


Fluxys SA consolidated income statement in thousands of €
31.12.2019 31.12.2018
Restated
Notes
Financial income from lease contracts 0 0  
Interest income on investments, cash and cash equivalents at fair value through profit and loss 7,206 6,973 4.4.2
Other interest income 1,115 8,190 4.4.2
Borrowing interest costs -59,906 -61,247 4.5
Borrowing interest cost on leasing -8,372 -5,999 4.5
Interest on regulatory assets and liabilities 529 1,433  
Net financial expenses -59,428 -50,650  

 


Fluxys SA consolidated income statement in thousands of €
31.12.2019 31.12.2018
Restated
Notes
Borrowing interest costs -59,906 -61,247 4.5
Borrowing interest costs on leasing -8,372 -5,999 4.5
Interest on regulatory liabilities 529 1,433  
Interest expenses -67,132 -65,813  

 


Fluxys SA consolidated income statement in thousands of €
31.12.2019 31.12.2018
Restated
Notes
Profit/loss from continuing operations 346,401 238,097 4
Operating revenue - Movements in regulatory assets and liabilities -4,377 49,928  
Net depreciation 401,163 382,676 4.3.5
Net provisions -7,625 -7,960 4.3.5
Impairment losses 568 448 4.3.5
Inflows related to associates and joint ventures 0 13,952  
Dividends from unconsolidated entities 0 0 4.4.2
Net financial expenses -59,428 -50,650  
Current tax -92,253 -94,388 4,7
FFO 584,449 532,103  

 


Fluxys SA consolidated income statement in thousands of €
31.12.2019 31.12.2018
Restated
Notes
FFO 584,449 532,103  
Dividends paid -172,854 -174,838  
RCF 411,595 357,265  

 


Fluxys SA consolidated balance sheet In thousands of €
31.12.2019 31.12.2018
Restated
Notes
Non-current interest-bearing liabilities 3,318,201 3,330,377 5.13
Current interest-bearing liabilities 238,738 370,643 5.13
Granted guarantees 549,312 537,450 7.7
Other financial assets -12,554 -30,097 6
Other financing (non-current) -82,789 -95,343 6
Other liabilities (current) -100,701 -95,367 6
Other liabilities (non-current) -410,249 -407,319 6
Non-current loan -87,379 -99,957 5.7
Cash investments (75%) - -137,223 -202,661 5.10
Cash and cash equivalents (75%) -122,833 -222,419 5.10
Other financial assets (75%) -65,576 -56,735 6
Net financial debt 3,086,947 3,028,572  

 


Fluxys SA consolidated balance sheet in millions of €
31.12.2019 31.12.2018
Restated
Notes
Transmission 2,939.7 2,874.1
Transmission - Fluxys Belgium 2,125.3 2,194.1
Transmission - Fluxys TENP 7.1 14.1
Transmission – TENP 260.5 248.1
Transmission - Fluxys Deutschland 546.8 417.8
Storage 239.7 246.1
LNG terminalling 314.4 324.6
RAB (in millions of €) 3,493.8 3,444.8  
Other tangible investments outside RAB 3,029.9 3,111.8
Extended RAB in millions of € 6,523.7 6,556.6  

In Belgium, the Regulated Asset Base (RAB) is determined based on the average book value of the fixed assets for the period, plus essentially the accounting amortisations accumulated on the revaluation surpluses. The calculation is in line with the tariff methodology published by the CREG.

X

This site uses cookies

A cookie is a small file sent by the site server to your computer’s hard drive when you browse the website. The code contained in the cookie allows your computer to be recognised when you next visit the site.

The cookie is used to record your location and choice of language so that on subsequent visits the website appears automatically in your chosen language.

Cookie Policy
Confirm