Glossary

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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 €
31.12.2018 31.12.2017
Profit/loss from continuing operations 237,564 240,295
Net depreciation 381,567 419,367
Net provisions -7,960 -6,400
Impairment losses 448 -831
Earnings from associates and joint ventures 16,587 15,294
Dividends from unconsolidated entities 0 9
EBITDA 628,206 667,734

 

Fluxys SA consolidated income statement in thousands of €
31.12.2018 31.12.2017
Profit/loss from continuing operations 237,564 240,295
Earnings from associates and joint ventures 16,587 15,294
Dividends from unconsolidated entities 0 9
EBIT 254,151 255,598

 

Fluxys SA consolidated income statement in thousands of €
31.12.2018 31.12.2017
Financial income from lease contracts 0 0
Interest income on investments, cash and cash equivalents at fair value through profit and loss 6,973 7,801
Other interest income 8,190 6,652
Borrowing interest costs -67,246 -81,069
Interest on regulatory assets and liabilities 1,433 862
Net financial expenses -50,650 -65,754

 

Fluxys SA consolidated income statement in thousands of €
31.12.2018 31.12.2017
Borrowing interest costs -67,246 -81,069
Interest on regulatory liabilities 1,433 1,907
Interest expenses -65,813 -79,162

 

Fluxys SA consolidated income statement in thousands of €
31.12.2018 31.12.2017
Profit/loss from continuing operations 237,564 240,295
Operating revenue - Movements in regulatory assets and liabilities 49,928 58,302
Net depreciation 381,567 419,367
Net provisions -7,960 -6,400
Impairment losses 448 -831
Inflows related to associates and joint ventures 13,952 148
Dividends from unconsolidated entities 0 9
Net financial expenses -50,650 -65,754
Current tax -94,388 -113,262
FFO 530,461 531,874

 

Fluxys SA consolidated income statement in thousands of €
31.12.2018 31.12.2017
FFO 530,461 531,874
Dividends paid -174,838 -199,385
RCF 355,623 332,489

 

Fluxys SA consolidated balance sheet in thousands of €
31.12.2018 31.12.2017
Non-current interest-bearing liabilities 3,330,377 2,723,882
Current interest-bearing liabilities 370,643 637,257
Granted guarantees 537,450 0
Other financing (current) -30,097 -20,361
Other financing (non-current) -95,343 -157,538
Other liabilities (current) -95,367 -57,918
Other liabilities (non-current) -407,319 -352,055
Non-current loan -99,957 -110,673
Cash investments (75%) -202,661 -122,022
Cash and cash equivalents (75%) -222,419 -199,251
Other financial assets (75%) -56,735 -60,819
Net financial debt 3,028,572 2,280,502
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