Key figures

€ million, unless stated otherwise

Full-year 2017

Full-year 2016

Financial

Revenue 1,697 1,584
Other income 143 139
Operating expenses 1,535 1,516
Operating profit 305 207
Profit after tax 203 207
Operating profit excluding incidental items and fair value movements 309 241
Profit after tax excluding incidental items and fair value movements  206 132
Investment in property, plant and equipment 666 680
Cash flow from operating activities 454 376
  31-12-2017 31-12-2016
Total assets 8,069 7,735
Total equity 3,942 3,864
Net debt 1 1,888 1,693

€ million, unless stated otherwise                                           

Full-year 2017

Full-year 2016

Ratios

ROIC 2 4.6% 3.5%
FFO / net debt 3 27.4% 26.6%
Interest cover 4 10.2 8.3
Net debt / (net debt + equity) 34.4% 32.6%
Solvency 5 56.7% 58.5%

€ million, unless stated otherwise                                           

Full-year 2017

Full-year 2016

Employees

Number of staff (in FTE) 5,719 5,621

Customers

Customer satisfaction, consumer market 6
47% 51%
Customer satisfaction, business market including municipalities 6
39% 36%
Electricity outage duration (in minutes) 7 20.9 23.3

Footnotes

  1. Net debt is defined as interest-bearing debt less interest-bearing receivables, cash and cash equivalents and investments that are not restricted.
  2. Return on invested capital (ROIC) is defined as the 12-month operating profit adjusted for incidental items and fair value movements, profit after tax from associates and joint ventures and tax, as a percentage of average invested capital (= the sum of the carrying amounts of intangible assets, financial assets, property, plant and equipment and working capital less deferred income).
  3. The financial framework within which Alliander operates is based on four ratios, as presented in the above table. These ratios are calculated according to the principles of our financial policy. These principles differ in one respect from the classification according to IFRS: under IFRS the subordinated perpetual bond loan is recognised as equity whereas, according to the principles of our financial policy, this instrument is treated as 50% borrowed capital and 50% equity. The funds from operations (FFO)/net debt ratio is the 12-month profit after tax adjusted for deferred tax movements and incidental items and fair value movements plus depreciation of property, plant and equipment and amortisation of intangible assets net of accrued income, as a percentage of net debt. The interest cover ratio concerns the 12-month profit after tax,adjusted for deferred tax movements and incidental items and fair value movements plus depreciation of property, plant and equipment and amortisation of intangible assets, plus net finance income and expense divided by net finance income and expense adjusted for incidental items and fair value movements. The solvency ratio is obtained by dividing total equity including the profit for the period by total assets less the expected dividend distribution for the current year and deferred income.
  4. The interest cover ratio is the 12-month profit after tax adjusted for deferred tax asset movements and incidental items and fair value movements plus depreciation of property, plant and equipment and amortisation of intangible assets plus net finance income and expense divided by net finance income and expense adjusted for incidental items and fair value movements.
  5. The solvency ratio is obtained by dividing total equity including the profit for the period less the expected dividend distribution for the current year by total assets less deferred income.
  6. As of 2017 Alliander reports on customer satisfaction by means of the Net Effort Score (NES). For comparison purposes the 2016 scores are also displayed
  7. The outage duration expresses in minutes the average time for which our customers are without electricity over a 12-month period in the area served by Liander.