The financial stability of the company is one of our strategic priorities. In fiscal year 2014, Infrabel again managed to maintain financial stability despite government budget cuts due to the economic crisis.
Below is a brief overview of the statutory financial results for the fiscal year 2014. You can download the statutory financial statements, as well as the consolidated financial statements.
The corporate governance report provides an overview of Infrabel's management bodies, their composition and any changes that occurred during 2014.
It is difficult to compare the results for the two financial years due to the restructuring of the SNCB Group on 1 January 2014, due to the following:
The financial year 2014 closed with a gross operating income (EBITDA) of EUR 121.1 million, compared with EUR 29.4 million in 2013, equating to a rise of EUR 91.7 million.
This growth can be explained by:
The EUR 175.6 million increase in operating income stems from:
The increase in operating costs of EUR 83.9 million is attributable to the following:
Since the restructuring of the SNCB Group on 1 January 2014, the EBT has primarily been impacted by the transfer of EUR 1.8 billion of net financial debt, and the resulting financial charges. The related provision for financial instruments brought a steep increase in financial costs.
Depreciation, and costs related to impairments and provisions totalled EUR 506.0 million, an increase of EUR 89.6 million on 2013. Depreciation increased by EUR 74.5 million, but this increase was almost fully offset by a corresponding increase depreciation on investment grants and therefore had no significant impact on the EBT. Costs relating to impairments rose by EUR 1.7 million. Given the sharp fall in interest rates, costs relating to provisions rose by EUR 13.4 million.
The financial results are positive, amounting to EUR 508.5 million, an increase of EUR 63.0 million on 2013. They include, on the one hand, financial income of EUR 663.3 million, of which EUR 586.4 million from depreciation on investment grants, and on the other hand financial charges amounting to EUR 154.8 million, including EUR 123.6 million of financial costs due to debts and a EUR 27.0 million increase in provisions for financial instruments.
The extraordinary result stood at EUR -127.3 million, compared with EUR -51.3 million in 2013. This figure includes EUR -119.3 million in extraordinary depreciation on tangible fixed assets, which was offset by depreciation on the above-mentioned investment grants.
The financial year 2014 therefore closed with an overall result (EBT) of EUR -3.7 million that is close to break-even and in line with the budget targets (2013: EUR 7.2 million), but equally shows that the financial balance needs to be closely monitored and a strict financial policy continues to be required.
|Income statement (in EUR million)||2013||2014|
|Variations in finished products. work and contracts in progress||-16.33||24.34|
|Produced fixed assets||284.21||357.46|
|Other operating income||38.31||37.02|
|Raw materials and consumables||159.89||208.57|
|Services and other goods||1,214.73||1,247.17|
|Other operating charges||1.86||4.63|
|Gross operating income (EBITDA)||29.36||121.10|
|Depreciation. impairments and provisions||-416.42||-506.04|
|Overall result (EBT)||7.19||-3.75|
Due to the restructuring of the SNCB Group on 1 January 2014, it is difficult to compare Infrabel's balance sheet across the two years.
Infrabel's balance sheet total at 31 December 2014 stood at EUR 21,060.2 million, a substantial increase of EUR 2.34 billion on the previous year (+12.5%).
The large proportion of fixed assets (EUR 18,357.0 million) is a key feature of the balance sheet. These are primarily tangible fixed assets (EUR 16,873.4 million) but also intangible fixed assets (EUR 1 390.0 million), including the concession right, and financial fixed assets (EUR 93.7 million).
The rise of EUR 722.0 million in fixed assets is a result of realised investments in 2014 worth EUR 1 072.9 million and transferred fixed assets worth EUR 217.1 million as a result of the partial demerger of the SNCB Holding.
These increases are partially offset by depreciation and impairments of fixed assets, by decommissioning and by rreimbursements of loans by subsidiaries for a total of EUR 568.0 million.
The current assets (EUR 2 703.2 million) consist of EUR 1 334.2 million in receivables, EUR 604.5 million in cash investments, cash and cash outbank, EUR 277.3 million in stocks and contracts in progress and EUR 487.2 million in deferred charges and accrued income.
The sharp rise of EUR 1 618.1 million in current assets is primarily a result of the partial demerger of the SNCB Holding, amounting to EUR 696.6 million. In addition, Infrabel decided to bring Infrabel's liabilities arising from the Diabolo PPP (EUR 366.7 million) onto the balance sheet. These liabilities are fully covered by future state subsidies, so a receivable has been recorded for the same amount. This also causes a sharp rise of EUR 447.3 million in deferred charges and accrued income.
Liabilities are made up of EUR 15,970.2 million of stakeholders' equity, which includes EUR 14,819.1 million in investment grants, and a further EUR 413.8 million in provisions, EUR 4 676.1 million in debts, including EUR 2 918.4 million in (gross) long-term debt, EUR 976.3 million in short-term debt and EUR 781.5 million in accrued changes and deferred income.
Provisions rose by EUR 334.3 million, primarily because of the transfer of provisions in relation to the partial demerger of the SNCB Holding.
The increase in debt of EUR 3 127.2 million is, on the one hand, the result of the partial demerger where EUR 2 060.7 million of long-term and short-term debt and EUR 54.7 million of accrued charges and deferred income were taken over, and, on the other hand, from the decision referred to above relating to the liabilities arising from the PPP Diabolo project, which meant that EUR 366.7 million of short-term and long-term debt and EUR 447.3 million of accrued charges and deferred income were recorded.
|Assets (in EUR million)||2013||2014|
|I. Formation expenses||0.00||0.00|
|II. Intangible fixed assets||1,374.07||1,389.99|
|III. Tangible fixed assets||16,256.41||16,873.37|
|IV. Financial fixed assets||4.57||93.67|
|V. Amounts receivable after more than one year||18.83||873.07|
|VI. Stocks and contracts in progress||231.74||277.28|
|VII. Amounts receivable within one year||570.30||461.12|
|IX. Cash at bank and in hand||0.82||199.57|
|X. Deferred charges and accrued income||3.42||487.21|
|II. Share premium||299.32||299.32|
|III. Revaluation surpluses||1,220.01||62.47|
|V. Profit/loss carried forward||27.56||-99.32|
|Profit (loss) to be appropriated||-3.75|
|VI. Investment grants||14,279.88||14,819.05|
|VIII. Accounts payable after more than one year||681.55||2,918.39|
|IX. Accounts payable within one year||646.90||976.3|
|X. Deferred charges and accrued income||220.53||781.45|