€ million, unless stated otherwise Full-year 2019 Full-year 2018
Financial
Revenue 1,930 1,920
Other income 40 148
Operating expenses 1,591 1,572
Operating profit 379 496
Profit after tax 253 334
Operating profit excluding incidental items and fair value movements 402 394
Profit after tax excluding incidental items and fair value movements 267 261
Investment in property, plant and equipment 834 731
Cash flow from operating activities 638 638

 

31-12-2019 31-12-2018
Total assets 8,791 8,345
Total equity 4,224 4,129
Net debt1 2,223 1,907

 

€ million, unless stated otherwise Full-year 2019 Full-year 2018
Ratios
FFO / net debt2 29,0% 32.2%
Interest cover3 13,3 12,9
Net debt / (net debt + equity) 36.5% 33.8%
Solvency4 55.6% 57.3%

 

Full-year 2019 Full-year 2018
Employees
Number of permanent staff (in FTE) 5,703 5,712
Customers
Customer convenience, consumer market (Net Effort Score) 55% 50%
Customer convenience, business market (Net Effort Score) 33% 38%
Electricity outage duration (in minutes)5 21,9 30,6

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. 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 and accrued income, as a percentage of net debt.
  3. 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.
  4. 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.
  5. The figure for electricity outage duration differs from the figure stated in the regulatory report because interruptions in the high-voltage network (CBL assets) owned by Alliander are taken into consideration in the regulatory report.