Annual financial statements 2014

Transcription

Annual financial
statements
2014
Submitted by the Board of
Directors to the General
Shareholders’ Meeting
of 20 May 2015
Contents
Introduction03
Key figures 2014
04
Annual report by the Board of Directors
to the General Shareholders’ Meeting
06
Company situation
Financial data for the financial year 2014 06
13
Balance sheet 2014 19
Assets
Liabilities
Notes to the balance sheet
19
21
23
Income statement 2014 32
Detailed income statement
Notes to the income statement
32
32
Notes to the annual accounts 39
1. Statement of intangible fixed assets
2. Statement of tangible fixed assets
3. Statement of financial fixed assets
4. Other investments and deposits
5. Deferred charges and accrued income
6. Statement of capital
7. Accrued charges and deferred income
8. Off balance sheet rights and commitments
9. Relations with affiliated companies and companies linked by shareholding interests
10.Social report
39
40
42
43
43
43
44
44
45
45
Valuation rules
47
Board of Auditors’ report on the financial statements
for the year ended 31 December 2014 56
2
Introduction
Company presentation
Infrabel is the manager of the Belgian railway infrastructure. The
company was established on 29 October 2004 as a limited company under public law following the European Directives on separation of railway infrastructure management and railway transport
service operation. The company’s Articles of Association were last
changed on 10 June 2014.
The company’s registered office is located at place Marcel Broodthaers 2 in 1060 Brussels.
The annual accounts are prepared in accordance with the Belgian Accounting Law (Belgian GAAP), where the valuation rules
were to the utmost aligned with the IFRS international accounting
standards.
Financial year
The financial year runs from 1 January to 31 December of each year.
Capital
The capital of Infrabel has experienced major changes in 2014 following the reform of the SNCB Group. We refer to chapter 3.9 Shareholders’ equity on page 28 for further details.
The capital consists of 53,080,660 registered shares without nominal
value.
On 31/12/2014, the situation of the shareholders is as follows:
• the Belgian State holds 52,707,410 shares, i.e. 99.30 % of the capital;
• private shareholders hold 373,250 shares, i.e. 0.70 % of the capital,
of which 312,962 shares are held by SFPI.
There are currently still 33,421 shares held by Infrabel on behalf of holders of dividend-right shares of ex-SNCB Holding. According to art.73
of the Royal Decree of 11/12/2013, Infrabel has the right to buy back
these shares in 2015 at the accountable par of the above shares, if such
shares are, upon buy-back, still recorded in the share register as held
by Infrabel on behalf of the holders of dividend-right shares.
The annual accounts are submitted to the National Bank of Belgium.
The annual report and the corporate governance reports are available
on the company’s website.
www.infrabel.be
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Key figures 2014
Investments made in 2014
(in million euros)
89,8
Production means
Financing of the investments made in 2014
(in million euros)
37,8
Reception Infr
105,9
29,2 3,2
Europe HST-input
Own funds
117,2
Concentration
of signal boxes
(incl. New Traffic
Management)
105,2
403,3
RER/GENfund
Capacity Renewal
130,4
RER/GEN
137,0
Capacity Extension
(incl. HST)
829,4
157,4
State Subsidy
ETCS & TBL1+
Income statement
(in million €)
Operating revenues
1,581.47
Operating cost
1,460.37
(1)
Gross operating income (EBITDA)
121.10
Depreciation, impairments and provisions
-506.05
Net operating income (EBIT)
-384.95
Financial result
508.52
Extraordinary result
-127.32
Overall result (EBT)
-3.75
( 1 )
Excluding depreciation, impairments and provisions
Balance sheet
Infrabel’s balance sheet total amounts to € 21,060,196,447.22 on 31/12/2014 compared with € 18,720,176,473.26 on 31/12/2013.
The balance sheet showing the amounts, by category of assets and liabilities, is presented on page 19.
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01
5
Annual Report by the Board of
Directors to the General Shareholders’ Meeting of 20 May 2015
Introduction: required reporting in the Annual Report
This Annual Report is in conformity with:
- Articles 96, 134, 523, 608 and 624 of the Companies Code
- Article 27 of the Act of 21 March 1991 concerning the reform of certain economic public companies.
It is with great pleasure that the Board of Directors, in accordance with the legal and
statutory requirements, presents to you this report regarding the situation and the
results of the company during the 2014 financial year.
1. Company situation 1.1
Important events in 2014
Impact of the SNCB Group restructuring on Infrabel since 1 January 2014
The Act of 30 August 2013 relating to the reform of the structure of
SNCB Holding, Infrabel and SNCB, implemented by the Royal Decrees
of 7 November and 11 December 2013, led to a structural reform of the
railways in Belgium.
On 1 January 2014 the former tripartite structure of the SNCB Group
was replaced by a dual structure with two autonomous state-owned
companies, under public law, which are the railway company (SNCB)
and an infrastructure manager (Infrabel) with the Belgian State being
a direct shareholder in each, and with a new joint subsidiary, HR Rail.
HR Rail is a limited company under public law and is the employer of
the staff for all three entities, and also has the State as a shareholder.
A share split was carried out at Infrabel with the number of shares
being multiplied by 10.
After this, Infrabel proceeded to a capital increase by incorporation
of the revaluation surpluses for an amount of 1,164,744,061.45 euros.
This capital increase, without the issue of new shares was necessary
to allow Infrabel, after the partial demerger, to carry out a reduction in
capital by cancelling the treasury shares that Infrabel received through
the partial demerger.
As part of the partial demerger by SNCB Holding, the full ownership
of a part of the assets of SNCB Holding was transferred to Infrabel, in
return for the issue of new Infrabel shares to the shareholders of SNCB
Holding for a value of 1,675,064,517.69 euros.
The reform was carried out by means of three major changes which all
took effect on 1 January 2014:
Infrabel issued 42,433,200 new shares. These shares were divided
among the former SNCB Holding shareholders as follows:
• Merger of SNCB Holding and SNCB, through SNCB Holding absorbing SNCB. The merged entity adopted the name SNCB;
• The transfer of business activities, assets and liabilities from SNCB
Holding to Infrabel by means of a partial demerger;
• The creation of HR Rail NV under public law.
• Belgian State: 42,059,950
• Other shareholders: 373,250
These three main actions were supported by a number of accompanying steps, such as a share split at Infrabel, a capital increase by incorporation of the revaluation surpluses at SNCB Holding and Infrabel, and
the transfer of a number of assets and liabilities related to Infrabel’s
«B2C» activities to SNCB. Finally, land was exchanged between Infrabel and SNCB in order to align the respective assets with regard to the
role of each company.
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The partial demerger achieved three goals simultaneously:
• the transfer to Infrabel of assets and liabilities that are required for
its new scope of activities;
• the distribution of the financial debts of the SNCB Group that had
previously been held in full by SNCB Holding, and that needed to be
allocated among the railway company and the infrastructure manager as a result of the move to a dual structure, and
• unwinding SNCB Holding’s stake in Infrabel by transferring these
shares fully to Infrabel.
Infrabel accepted the financial debts and the related financial assets
that were directly attributable to Infrabel, e.g. the historic debts relating to the high-speed lines, plus 45% of the debt that was not directly
attributable to either Infrabel or the merged SNCB. Financial debts
of 2,160,010,510.58 euros and financial assets of 370,722,496.52 euros
were transferred.
Immediately after the partial demerger, the Infrabel Extraordinary
General Meeting decided to carry out a reduction in capital by cancelling the treasury shares that Infrabel received through the partial
demerger (157,219,080 shares for a value of 3,550,132,014.36 euros). As
a result, Infrabel’s shareholder structure after the restructuring is as follows:
• Belgian State: 52,707,410 shares, or 99.30%
• Holders of dividend-right shares of SNCB Holding who became shareholders in Infrabel: 373,250 shares, or 0.70%
The same Extraordinary General Meeting also decided to incorporate
an amount of 337,842,326.89 euros of investment grants into the capital as a part of the transfers from the past, in application of art. 355 of
the Law of 20 July 2006, by the restructuring, became needless.
With regards to Infrabel’s «Business 2 Business» focus, a number of
Infrabel’s assets and liabilities relating to information provided to
passengers, and a number of other assets and liabilities related to
«Business 2 Customer» activities were transferred to SNCB, for a total
value of 4,505,495.68 euros.
At the end of 2014 an exchange of land also took place between Infrabel and SNCB to align their respective assets with the role of each
company. The land transferred from SNCB to Infrabel amounted
to 52,835,579.75 euros, the land transferred from Infrabel to SNCB
amounted to 53,047,491.22 euros, both net after deduction of any existing provisions for soil sanitation. The difference was paid by SNCB.
As a result of this restructuring, Infrabel’s object has also been revised
in the Articles of Association. Besides the five existing public service
missions, «the acquisition, development, maintenance, management,
exploitation and commercialisation of information technology systems
and telecommunication networks», a non-public service mission, was
added.
Because of the restructuring, Infrabel took all necessary actions to
reorganize and integrate certain new activities, in particular regarding
to consolidation, treasury management and the transfer of the ICT
department.
Internal reorganisation at Infrabel
Already since 2012, Infrabel started to carry out an internal reorganisation based on 4 main principles: a process-oriented approach, an internal working model, rigorous internal governance and geographical uniformity. A large step forward was made towards this reorganisation
on 1 April 2014 with the introduction of the new organisational structure. This consists of three core processes, namely Traffic Management
& Services, Asset Management, and Build with four supporting processes, namely Finance & Business Administration, Human Resources
& Organisation, Information & Communication Technology and Corporate & Public Affairs. The transition to the new structure was completed at the end of 2014 and will be fine-tuned over the next few years.
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Strategic business plan FOCUS
Given the restructuring of the railway group, Infrabel has also made
some minor adjustments to the strategic business plan Focus. The strategic business plan Focus 2014-2018 that was published in 2014 was an
extension of the 2012-2016 Focus plan. It shows the progress that Infrabel has made in the last few years, and outlines its ambitions on a longer timescale. Focus 2014-2018 continues to work on the implementation of the five priorities, namely safety, punctuality, capacity, financial
balance and social integration, which we aim to achieve via 13 levers.
European policy
2014 was a transition year for European railway policy.
During the first half of the year, with the European elections coming
up in May, the European Commission did not launch any new initiatives
and the other EU institutions contented themselves, as far as was feasible, with concluding interim agreements. For example, the European
Parliament defined its position on the first reading of the whole of the
Commission’s proposal for a Fourth Railway Package. The EU Council
of Ministers only made progress on a compromise on the technical pillar of the proposal (rail safety, interoperability, role of the European
Railway Agency). During the second half of the year, a lot of attention
was paid to the composition of the new European Commission and the
new European Parliament, who then had to determine their respective
stances.
In addition, a large part of the European regulations that have been
brought into being over the last few years is still being implemented.
As far as the EU Regulation relating to the Trans-European Transport
Network (TEN-T) is concerned, that became effective at the end of
2013, during the course of the year the designated coordinators defined a plan of work for each of the nine multimodal «core network corridors». As far as the «Recast» directive from the end of 2012 is concerned (revision of the 1st railway package), the European Commission
and the Member States are still busy negotiating on the agreed implementation measures.
The Connecting Europe Facility (CEF) Regulation defines 9 multimodal
“Core Network Corridors” (CNC). The railway portion of these CNCs
is based on the European freight corridors as defined in the Regulation concerning a European rail network for competitive freight. These
were extended by the CEF Regulation and given the same geographical name.
Belgium is involved in three European freight corridors.
Since 2006 Infrabel has been active in Corridor 2 (North Sea – Mediterranean) and a member of the European Economic Interest Grouping
(EEIG). Since February 2011 Infrabel has been a member of the management of Corridor 1 (Rhine-Alpine), and also became a member of the
EEIG at the beginning of 2014. In 2012 the management was set up for
Corridor 8 (North Sea – Baltic).
On 10 November 2013, Corridors 1 and 2 became operational, and in
January 2014 the first train path catalogue was published for the annual
timetable with the capacity being assigned to a «One Stop Shop» for
the corridor. Corridor 8 will become operational in November 2015.
A European coordinator was appointed for each CNC, who had to prepare a working plan including a list of investment projects for December 2014. This plan has to be approved by the Member States in the
course of 2015.
Annual Report by the Board of Directors to the General Shareholders’ Meeting of 20 May 2015
Over the past year, Infrabel participated in the CNC Forums that were
organised to prepare the working plans, in close partnership with the
FPS Mobility and Transport.
New federal government agreement and new policy document on
mobility
The federal government agreement of 9 October 2014 and the General
Policy Document on Mobility 2015 from the federal Minister for Mobility,
responsible for Belgocontrol and the Société Nationale des Chemins de
Fer Belges / Nationale Maatschappij der Belgische Spoorwegen, set out
the policy decisions in the area of mobility of persons and goods and in
the area of transport infrastructure, which Infrabel needs to follow.
Management contract
A fourth addendum to the 2008-2012 management contract between
Infrabel and the Belgian State was put into effect in a Royal Decree on
21 December 2013 and published in the Belgian Official Gazette on 17
January 2014. Pending the new management contract coming into
force, the current contract was extended on 21 December 2013 by a
Royal Decree (Belgian Official Gazette 27 December 2013), in which
the government set out provisional rules for the transitional period. The
Royal Decree of 21 March 2014 amended the previous Royal Decree of
21 December 2013.
New transport plan
SNCB revised its transport plan for domestic passenger transport as
from December 2014. Infrabel made every effort to ensure a smooth
introduction for the new transport plan, in close partnership with SNCB.
For example, Infrabel contributed to the preparations and the launch of
this transport plan in the following ways:
• a computer simulation to test the robustness of the timetable;
• allocating all requested train paths in a timely manner, and in compliance with the freight train paths already assigned under the
prearranged paths catalogue;
• guaranteeing an optimum infrastructure by means of close followup of the different steps necessary for commissioning («roadbook»);
• taking part in the Taskforce and a Monitoring Committee with SNCB
to closely monitor the plan in the first few weeks after its launch;
• reinforcing the teams in the signalling boxes and on the work floor
to avoid any problems with points or signalling systems during the
first few weeks after the launch.
Safety
In 2014 Infrabel again made significant progress in increasing network
safety. This remains most emphatically the top strategic priority for Belgium’s rail infrastructure manager.
In accordance with the ETCS Master Plan, developed as a result of the
recommendations of the parliamentary Rail Safety Committee, Infrabel is initially installing the TBL1+ automatic braking system. In 2014 the
network efficiency ratio rose from 93.27% to 95.93%. By the end of 2015
the efficiency ratio should reach 99.99%.
Infrabel confirms its ambition, formulated in the ETCS Master Plan, of
providing a rail network which is fully equipped with the European ETCS
safety system by 2022. During 2014, the total distance of conventional
track equipped with ETCS rose to 899 km.
On 23 December 2014 the Council of State suspended the decision of
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the Board of Infrabel concerning the approval of a contract for further
equipping the Belgian rail network with the ETCS European safety system level 2 & IL. We also refer to section 1.3 Important events since the
end of the financial year.
In 2014, 66 trains – out of a total of +/- 1.3 million trains – drove through
a red light on main lines on the Belgian network. That is an increase
compared to 2013. In 2013, 56 trains went through a red light. That is an
increase of nearly 18%. But there are also important improvements to
report. There was a substantial decrease in signal overruns compared
with 2010 (66 trains went through a red light in 2014 compared with 104
in 2010, which represents a reduction of 37%). The number of passenger
trains going through a red light also decreased. During the past year, on
the main lines of the network, the number of passenger trains that went
through red lights has slightly dropped from 36 (2013) to 34 (2014).
During the whole period 2010-2014, there was a reduction of 50% (34
overruns in 2014 compared with 67 overruns in 2010).
In 2014 Infrabel recorded 47 accidents at level crossings compared with
43 accidents in 2013. These resulted in 11 deaths in 2014 compared with
7 in 2013. In September 2014 Infrabel began the installation of a new bell
sound at level crossings. By the end of 2015, the 1,601 level crossings that
are equipped with bells will have the new sound. Simultaneously Infrabel
launched a new awareness campaign aimed at all road users. In 2014, a
total of 11 level crossings were taken out of operation.
As part of efforts to prevent suicides, two pilot projects were started up
in 2014 to reduce the number of (attempted) suicides. In the first project, blue lights have been installed in some stations (Dave Saint Martin, Péruwelz, Ieper and Kortenberg). The second project involves installing thermal camera surveillance (a level crossing in Ieper and stations in
Duffel and Brugge-Sint-Pieters are to be equipped). In addition, in 2014
around 4 km of fencing was installed.
In 2014, 9 people died on the Belgian railways while trespassing on the
tracks. This is the same number as in 2013. In addition, a further 7 trespassers were seriously injured. That is almost twice as many as in 2013.
It is very disturbing that the number of incidents also rose in 2014 by 6%
in comparison with the previous year. In 2014, on average at least one
person died or was seriously injured each month as a result of trespassing on the tracks. In the hope of reducing the high number of victims
we will invest in technical measures, awareness and prevention. For this
reason Infrabel launched a new national awareness campaign in June
2014 in cooperation with SNCB and the railway police. «Your life is worth
a detour». As part of these measures against trespassing, anti-trespass
panels are being installed along the tracks in Wavre and Wevelgem as a
test, to reduce the number of unauthorised persons on the tracks. The
results of the tests are positive. Therefore in the next few years more level
crossings will be equipped with this system.
In 2014, 25 signal boxes were converted into computerised signal boxes.
This long-term project is systematically contributing to improved safety.
Punctuality
The punctuality ratio for domestic passenger transport stood at 88.2%
for 2014 as a whole, compared to 85.6% in 2013. After eliminating external causes and investment works, punctuality stood at 92.2%, compared
with 90.4% in 2013. The number of minutes of delay attributable to Infrabel rose from 20.9% in 2013 to 25.8% (current status as at 06/01/2015)
in 2014.
In September 2014, Infrabel Traffic Control and the SNCB passenger dispatching (RDV) systems were brought together in the same location
to better coordinate rail traffic management, creating the Railway Operations Center or ROC. This will lead to better crisis coordination, better internal communications in both companies, and better information
for travellers. A similar exercise is being carried out at regional level in a
number of signal boxes.
In addition Infrabel is working on optimising core performance («infrastructure» and «traffic management» programmes) and is also working
hard on joint programmes with SNCB to improve punctuality («operational processes» and «working carefully»).
Finally the impact on punctuality of a number of social phenomena must
not be forgotten. In 2014, there were 217 copper thefts on the Belgian
railways compared with 810 in 2013. The National Action Plan against
copper theft is therefore already showing results.
Capacity
In 2014 Infrabel made substantial progress on a number of projects
to expand and update its infrastructure. This will result in a noticeable
expansion of available capacity on the railway network in the future.
A great deal of effort has been expended on the four major projects
for the Regional Express Network (GEN/RER), namely the WatermaalSchuman-Josaphat link, and making lines 50A (Brussels-Denderleeuw),
161 (Brussels-Ottignies) and 124 (Brussels-Nivelles) four-track. In January
2014 the first track installation works were carried out in the SchumanJosaphat tunnel. At 1,250 metres in length, the new dual-track tunnel
was excavated three and a half years ago. This will directly connect the
European Quarter around Brussels-Schuman station with the north of
Brussels, Brussels Airport and several major cities. The new section will
come into service in December 2015. The Schuman-Josaphat project,
including the Etterbeek triangle, is subsidised by the European Union,
which is contributing almost EUR 34 million towards financing the works.
On 24 March 2014 a public filling station for diesel locomotives was officially opened in the Port of Ghent. This was a new partnership between
Infrabel and the West Flanders fuel supplier G&V Energy Group.
As well as laying new track, Infrabel is also responsible for replacing the
existing components of the network that have reached the end of their
lifecycle. In the beginning of March 2014 Infrabel started major track
replacement works on the line between Denderleeuw and Burst. To
do this, Infrabel used a giant Swiss track-laying train almost 1 km long,
that is unique in Europe. The track, sleepers and ballast were replaced
over around 10 km. In April 2014 major replacement works were also
carried out on the lines between Mechelen and Dendermonde (line 53)
and Mechelen and Sint-Niklaas (line 54). Infrabel also modernised the
railway infrastructure on the 105 metre long rail bridge over the N16 road
between Temse and Puurs (line 54). The wooden sleepers and the iron
pieces attaching the sleepers to the bridge were replaced. In April 2014 a
rail bridge on line 12 (Antwerp – Essen) over the Albert Canal was removed. This last old rail bridge has been permanently replaced by one of
the two new arch bridges which were put in place during 2013. At the
start of May 2014 the last old rail bridge on the same line was demolished. The new rail bridge across the IJzerlaan was erected in August
2014. Infrabel expects that trains will be able to run over the new bridge
from the spring of 2015.
9
On 14 December 2014, the Liefkenshoek rail link came into commercial
service, Infrabel’s second public-private partnership following Diabolo.
This rail link improves traffic flows between the Deurganckdok and the
Waaslandhaven (LB) and the Antwerpen-Noord marshalling yard (RB).
Many freight trains now no longer need to make a detour via bottlenecks
(the Kennedy rail tunnel and Antwerp-Berchem – Antwerp-Schijnpoort
rail axis), but can instead use the direct new 16 km long rail section to
cross directly between the left and right banks of the Port of Antwerp.
On 22 December 2014 the construction permit was granted by the Flemish planning authority (Ruimte Vlaanderen) to construct the Zwankendamme yard. This represents a major step forwards in the ‘Modernisation and expansion of Zeebrugge-Vorming marshalling yard’ project,
and in the expansion of rail access to the port.
1.2
Company positioning
Since the liberalisation of the market for freight traffic and international
passenger traffic, 2014 was the first year where the number of rail companies operating on the Belgian network decreased.
At the start of the year, Infrabel had 13 approved operators for freight
traffic, of which 11 were actually running trains. These were B-Logistics,
CAPTRAIN, CFL-Cargo, Crossrail Benelux NV, DB Schenker Rail Nederland N.V., EuroCargoRail, Europorte, RailTraxx, Rotterdam Rail Feeding,
SNCF Fret and Trainsport. The operators ERS and PKP Cargo were approved, but did not make use of the rail network in 2014. Compared with
2013, operators Rurtalbahn and Thello no longer had a safety certificate
for operating on the Belgian rail network.
For passenger travel, Infrabel had two customers: SNCB (SNCB-Transport and SNCB-Europe) and Eurostar International Ltd (EIL). No changes
occurred in 2014.
At the end of the year Infrabel therefore had 15 customers, of which 13
had been active.
The Direction Traffic Management & Services ensures that non-discriminatory quality relationships are built up with all of its customers, the rail
operators.
Compared with 2013, the activities of the rail operators (including tourist
associations) in 2014, expressed in effective and non-effective train kilometres, fell by 0.43% to 105.7 million train kilometres.
The number of effective train kilometres for domestic passenger traffic
(excluding tourist associations) decreased slightly by 1.15% to 78.14 million km, mainly due to the regional and national strikes in November and
December 2014. International passenger traffic increased by 11.05% to
5.60 million train km. The number of train kilometres travelled for freight
traffic rose in 2014 by 0.17% to 12.60 million train km. This brings the total
number of effective train kilometres (excluding tourist associations) to
96.34 million train kilometres.
As a result of an indexation of 1,58% and despite the decrease in the
number of train kilometres, the income from infrastructure charges rose
by 1,53% in 2014.
Traditional investments are financed by capital investment grants from
the federal government, as defined under the management contract and
in 2014, in line with the Multi-annual Investment Plan 2013-2025, these
were supplemented by own funds. Additional resources are also being
deployed under separate contracts, such as PPPs and regional advance
financing agreements. For certain projects, recourse can be made to EU
subsidies. The Regional Express Network works are financed by a dedicated GEN/RER fund, while the final work to complete the high-speed
network is financed by means of a loan.
1.3
Important events since the end of the financial
year
Syntigo
At the end of 2014, the value of the net assets of Syntigo dropped under 50% of its equity. Therefore the Syntigo management requested
a recapitalisation of 33 million euros from its shareholder. Considering
the requested amount, the current economic situation and the rules
relating to state aid, the Infrabel Board of Directors could not meet the
request. The Board of Directors of Infrabel requested the management
of Syntigo to investigate all options in order to continue the activities
of Syntigo. Out of prudence, the shareholding interest in Syntigo was
fully impaired. Discussions with potential investors are currently ongoing.
Infrabel considers acquiring the strategic important shareholding interest in AlphaCloud and the fiber optic network along the railway tracks
in the port of Antwerp.
ETCS Level 2
With regard to the ETCS level 2 & IL case, where SA AVES had submitted
a request that the decision by the Board of Directors be declared invalid, on 19 February 2015 SA AVES withdrew this request. The Council of
State will rule on this withdrawal and Infrabel will then be able to award
the contract to ACM Siemens-Fabricom.
1.4
Circumstances that might have a marked
influence on the company’s development
In Autumn 2012, the European institutions completed their review («recast») of the 1st railway package. The new Directive contains a whole
series of provisions that have major consequences for rail infrastructure
managers. The infrastructure manager’s business plan and the management contract (in EU terminology the “Multi-Annual Contract”), must be
grafted onto a strategy outlined by the government for the development
of the rail infrastructure. The future management contract must also include customer-focussed key performance indicators. A better definition of the term «direct costs» will also mean that there will be changes
to the system of usage charges used currently by Infrabel. In addition, all
public and private-sector bodies wishing to buy rail capacity – not just
rail operators, but also carriers, logistics companies, federal, regional or
local governments, etc. – can apply directly to the infrastructure manager for train paths.
Developments with regard to the public-service contract concluded
between the federal government and the SNCB, the expected increase
in domestic passenger transport, and how SNCB intends to handle that
growth in the future (including the operation of the Regional Express
Network in and around Brussels), could have a major impact on Infrabel’s
situation. Firstly, these developments will determine, to a large extent,
the future income from usage charges and, secondly, they are decisive
in determining the new rail infrastructure to be built and the need for
adequate financing for this.
The precarious condition of public finances, and the European rules relating to public debt and budget deficits mean that Infrabel has to pay
particular attention to maintaining a financial balance. Balanced deals
will also have to be reached with the authorities, to ensure that the desired level of services is aligned to the resources made available.
1.5
Risks to which the company is exposed
Infrabel is subject to interest rate risk on that part of the total debt which
is financed at variable rates. The financial policy approved by the managing bodies allows a prudent level of financing at variable rates. The
current financial portfolio is well within the parameters of this policy.
The ratio of variable/fixed interest rates is adjusted by using interest rate
swaps.
Liquidity risk is managed by Infrabel by means of available lines of credit
at banks, combined with a short-term cash planning.
Under the financial policy, any disposable short-term liquidity is invested
with a number of financial institutions, up to the maximum amount permitted, which depends on the rating of each of the financial counterparties, for a period of maximum 12 months. Any remaining funds are
invested with the Belgian State Debt Agency. This minimises the counterparty risk; the ratings for each of the counterparties are also updated
every two weeks.
10
The currency risk is very limited, given that Infrabel only sells in euro,
and the few purchases in foreign currencies are directly hedged if their
equivalent value is above 100,000 euros.
1.7
Subsidiaries
Infrabel is exposed in the course of its normal business activities to credit
risk on trade and financial receivables. However, the credit risk on trade
receivables and other debtors is low because the chief debtors are the
Belgian State and the rail operators.
In addition to its 192 work units, at the end of 2014 Infrabel has 6 subsidiaries in which it has a majority stake. Since Infrabel was founded, stakes
have been held in TUC Rail SA, operating in the field of rail infrastructure
research and works, and Centre de Créosotage de Bruxelles SA, operating in the field of railway sleeper treatment.
The uncertain future outlook for Syntigo SA persists and involves risk
for Infrabel. A request for recapitalisation of Syntigo was rejected by the
Infrabel Board of Directors. The Syntigo Board of Directors is currently
looking into several options, including the sale of some significant assets,
in order to improve the financial situation of the company. Out of prudence, the shareholding interest in Syntigo has been fully impaired.
On 1 January 2014 the restructuring of the SNCB group came into effect.
As a result of the restructuring Infrabel acquired 4 majority stakes in
subsidiaries. Syntigo SA provides ICT services to both Infrabel and third
parties. SPV Brussels Port SA, SPV Zwankendamme SA and SPV 162
SA are project companies created as part of the pre-financing by the
regional authorities of some priority investment projects.
The weak economic situation could lead to a further reduction in turnover for freight traffic, which in turn could lead to less intense traffic on
the network, and therefore lower income from infrastructure charges.
As part of the restructuring of the SNCB Group, Infrabel took a 49%
stake in HR Rail SA, a company under public law, which is the legal employer of all staff members as of 1 January 2014, as laid down by the
Royal Decree of 11 December 2013.
The cost reductions imposed by the Belgian government have inevitably
a direct impact on Infrabel’s activities. Infrabel has already taken the necessary steps to offset the reductions in public subsidies of 171 million
euros in 2015. It must also be clear that the additional cost reductions,
expected between 2016 and 2019, are a major challenge from both an
operational and financial point of view.
The private investor in the Diabolo project has a contractual right to
premature termination of the Public-Private Partnership, if over a period
of six months the number of passengers is substantially below expectations. Together with SNCB and the airport operator, measures were
taken in 2014 to increase the use of this connection. These measures,
combined with a steep rise in the number of air passengers at the National Airport, resulted in a noticeable improvement in passenger numbers
in 2014.
Finally, Infrabel has a number of major legal proceedings pending, primarily resulting from train accidents, for which provisions have been
set aside where appropriate. As mentioned above, the Council of State
suspended the approval of a contract for further equipping the Belgian
rail network with the ETCS European safety system level 2 & IL on 23
December 2014. As part of this case, where SA AVES had submitted a
request that the decision by the Board of Directors be declared invalid,
as also mentioned above, on 19 February 2015 SA AVES withdrew this
request. The Council of State will rule on this withdrawal and Infrabel will
then be able to award the contract to ACM Siemens-Fabricom.
Infrabel is also a member of the EEIG (European Economic Interest Grouping) Rail Freight Corridor 2 and of the EEIG Corridor Rhine-Alpine. The
purpose of these EEIGs is the promotion and development of rail freight
traffic. Infrabel also has holdings in CVBA GREENSKY, SPS Fin and Black
Swan Solar, all three created in the context of alternative energy projects.
Infrabel also holds a stake in the NPO Liège Carex, which is carrying out
research relating to the construction of a tri-modal terminal (air, HST and
road) for Liège Airport.
Through these subsidiaries, Infrabel also has indirect holdings in Woodprotect SA, Rail Facilities SA, AlphaCloud SA, the NPO Euro Carex and
Eurostation SA.
As part of a rationalisation plan, the number of subsidiaries has already
been reduced from 23 on 1 January 2014 to 18 on 31 December 2014.
The direct holdings in BENOR and Bureau Central de Clearing and the
indirect holdings in PortEyes, Brussels Wood Renewable, EEIG Infra IV/
Tuc Rail are no longer part of the Infrabel Group.
1.6
Research and development
Infrabel builds on the international research and development possibilities provided by its membership of various international organisations.
In addition, Infrabel systematically seeks to innovate in the areas which
fall within its remit.
11
1.8
Key indicators
A
2007
2008
2009
2010
2011
2012
2013
2014
- Crashes and collisions with
unforeseen obstacles on the
main line (old standard)
97
85
89
85
56
---
---
---
- Accidents at level crossings
(old standard)
62
47
45
33
31
---
---
---
- Crashes and collisions with
unforeseen obstacles on
the main line (new ERA
standard)
0,497.10-7*
0*
0,302.10-7*
0,103.10-7*
0,207. 10-7*
- Accidents at level crossings
(new ERA standard)
1,689.10-7*
1,580.10-7*
1,813.10-7*
1,340.10-7*
2,173.10-7*
Safety
- Signal overruns
• Main line and branch line >
Main line
• Branch line
79
97
117
96
21
130
104
26
133
91
42
117
75
42
100
56
44
116
66
50
Passenger train punctuality – domestic traffic
B
- After deduction of scheduled
works
93.6%
94.3%
92.9%
90.4%
91.9%
92.0%
90.4%
92.2%
- Without deduction of
scheduled works
89.2%
90.2%
88.9%
85.7%
87.0%
87.2%
85.6%
88.2%
-
234,159
247,046
301,491
303,741
255,075
313,715
339,645**
- Share attributable to Infrabel
23.70%
23.30%
21.10%
22.60%
18.7%
20.9%
25.8%**
- Number of minutes of delay
attributable to Infrabel
305,458
318,527
397,068
383,807
329,013
---
---
20.4%
19.80%
17.50%
19.10%
15.6%
---
---
- Number of “minutes of
reported delays” attributable
to Infrabel
- Share attributable to Infrabel
C
D
E
F
G
EBITDA in EUR million
+68.8
+83.9
+55.0
+25.1
+13.0
+40.0
+29.4
+ 121.1
EBT (overall result) in EUR
million
+65.9
+98.8
+69.6
-2.7
-6.0
+12.83
+7.2
-3.7
Quick asset position on
31 December in EUR million
+576.2
+571.2
+559.1
+536.3
+484.4
+372.2
+260.8****
+360.8****
Execution rate of the revised
investment budget- all funding
resources included (%)
81.6%
97.9%
101.6%
94.5%
94.0%
99.9%
98.0%
95.4%
Number (million) of long-term
train paths
1.854
1.844
1.754
1.798
1.770
1.740
1.669
1.629
112.120
113.668
107.896
110.734
112.250
109.890
106.154
105.701
Number of train kilometres
(million) (effective + non-effective) rail operators and tourist
associations
Domestic passengers performance survey
- General satisfaction
7.23
6.93
6.92
6.41
6.28
6.49
---
---*****
- Train punctuality
6.29
5.99
5.88
5.22
4.82
5.07
---
---*****
- Quality of the information at
stations
7.24
7.14
7.11
6.80
6.74
6.88
---
---*****
12,271 ***
12,198
12,342
12,234
12,001
11,589
12,096
12,018
Staff expressed as full-time
equivalents at 31 December
New ERA-based standard since 2010: Relative values expressed in number/effective train km
Position as of 06/01/2015
(***)
Effect of the transfer of staff to SNCB as a result of the “New Passengers” operation
Including guarantees paid in the context of ongoing swap operations, but excluding investments directly connected to financial debts.
As of 1 January 2014 Infrabel is no longer responsible for the quality barometer reporting.
( * )
(****)
(**) 12
(*****)
2. Financial data for the financial year 2014 2.1
Income statement
2013
2014
Operating revenues
1,405.84
1,581.47
Turnover
1,099.65
1,162.65
- Infrastructure fee
667.45
676.95
- State funding
203.63
237.73
- Other
Variations in finished products, work and contracts in
progress
228.57
247.97
-16.33
24.34
Produced fixed assets
284.21
357.46
38.31
37.02
1,376.48
1,460.37
159.89
208.57
INCOME STATEMENT (in EUR million)
Other operating income
Operating costs
Raw materials and consumables
Services and other goods
1,214.73
1,247.17
- Payroll charges *
740.17
781.39
- Other
474.56
465.78
1.86
4.63
29.36
121.10
Other operating charges
Gross operating income (EBITDA)
Depreciation, impairments and provisions *
-416.42
-506.04
Financial result
445.55
508.52
Extraordinary result
-51.30
-127.33
7.19
-3.75
OVERALL RESULT (EBT)
( * )
As from 2014 charges related to outstanding holidays are no longer accounted for as payroll charges against accrued charges but as additions to provisions against provisions.
EBITDA
The 175.6 million euros increase in operating income stems from:
The earnings from the two financial years are difficult to compare as a
result of the restructuring of the SNCB Group on 1 January 2014, due
to the following:
• an increase in turnover and in the variation in contracts in progress
worth 103.8 million euros and
• an increase in produced fixed assets worth 73.3 million euros,
• partially offset by a decrease in the variation in work in progress
and finished products worth 0.2 million euros, and
• a decrease of 1.3 million euros in other operating income.
• The new distribution of operating grants between SNCB and Infrabel;
• The transfer of ICT activities to Infrabel with an impact on staff
costs and turnover.
The 2014 financial year closed with a gross operating income
(EBITDA) of 121.1 million euros, compared with 29.4 million euros in
2013, equating to an increase of EUR 91.7 million euros.
This growth can be explained by:
• an increase in operating income of 175.6 million euros (+12.5%);
• partially offset by an increase in operating costs of 83.9 million
euros (+6.1%).
13
The increase in operating costs of 83.9 million euros is attributable to:
• an increase in the consumption of raw materials and consumables
of 48.7 million euros,
• an increase in payroll costs of 41.2 million euros,
• an increase in other operating costs of 2.8 million euros,
• partially offset by a decrease in other services and goods purchases worth 8.8 million euros.
EBT
Since the restructuring of the SNCB Group on 1 January 2014, the
EBT has been primarily impacted by the transfer of 1.8 billion euros
of net financial debt and the resulting financial charges. The related
provision for financial instruments brought a steep increase in financial costs.
Depreciation, impairments and provisions amounted to 506.0 million
euros, an increase of 89.6 million euros on 2013. Depreciation increased by 74.5 million euros, but this increase was almost fully offset
by a corresponding increase in depreciation on investment grants
and therefore had no significant impact on the EBT. Costs relating
to impairments increased by 1.7 million euros. Given the sharp fall in
interest rates, costs relating to provisions rose by 13.4 million euros.
The financial results are positive, amounting to 508.5 million euros,
an increase of 63.0 million euros compared to 2013. This includes
both financial revenues of 663.3 million euros, of which 586.4 million
14
euros from depreciation on investment grants, and financial charges worth 154.8 million euros, of which 123.6 million euros financial
costs related to debts and 27.0 million euros increase of provisions
for financial instruments.
The extraordinary result stood at -127.3 million euros, compared with
-51.3 million euros in 2013. This figure includes -119.3 million euros in
extraordinary depreciation on tangible fixed assets, which was offset by depreciation on the above-mentioned investment grants.
The 2014 financial year therefore closed with an overall result (EBT)
of -3.7 million euros, which is close to break-even and in line with the
budget targets (2013: 7.2 million euros), but which equally shows
that the financial balance needs to be closely monitored and a strict
financial policy continues to be required.
2.2
Balance sheet
ASSETS (in EUR million)
Fixed assets
I. Formation expenses
2013
2014
17,635.05
18,357.03
0,00
0.00
1,374.07
1,389.99
III. Tangible fixed assets
16,256.41
16,873.37
IV. Financial fixed assets
4.57
93.67
1,085.12
2,703.17
18.83
873.07
VI. Stocks and contracts in progress
231.74
277.28
VII. Amounts receivable within one year
570.30
461.12
VIII. Investments
II. Intangible fixed assets
Current assets
V. Amounts receivable after more than one year
260.01
404.92
IX. Cash at bank and in hand
0.82
199.57
X. Deferred charges and accrued income
3.42
487.21
18,720.17
21,060.20
2013
2014
17,091.70
15,970.22
1,247.76
875.28
299.32
299.32
TOTAL ASSETS
LIABILITIES
Shareholders' equity
I. Capital
II. Share premium
III. Revaluation surpluses
1,220.01
62.47
IV. Reserves
17.17
17.17
V. Profit/loss carried forward
27.56
-99.32
Profit (loss) to be appropriated
VI. Investment grants
-3.75
14,279.88
14,819.05
Provisions
79.50
413.84
VII. Provisions *
79.50
413.84
1,548.98
4,676.14
VIII. Accounts payable after more than one year
681.55
2,918.39
IX. Accounts payable within one year
646.90
976.3
X. Accrued charges and deferred income *
220.53
781.45
18,720.17
21,060.20
Debts
TOTAL LIABILITIES
( * )
As from 2014 charges related to outstanding holidays are no longer accounted for as payroll charges against accrued charges but as additions to provisions against provisions.
15
The balance sheets of the two financial years are difficult to compare
due to the restructuring of the SNCB Group on 1 January 2014.
2.3
Going concern
Infrabel’s balance sheet total on 31/12/2014 stood at 21,060.2 million
euros, a substantial increase of 2.34 billion euros compared to the previous year (+12.5%).
The Board of Directors notes that the balance sheet shows a loss carried forward amounting to 103.1 million euros, but also notes that:
The large proportion of fixed assets (18,357.0 million euros) is a key
feature of the balance sheet. These are primarily tangible fixed
assets (16,873.4 million euros) but also intangible fixed assets
(1,390.0 million euros), including the concession right, and financial fixed assets amounting to 93.7 million euros. The increase of
722.0 million euros in fixed assets is a result of capitalised investments
in 2014 worth 1,072.9 million euros and transferred fixed assets for an
amount of 217.1 million euros as a result of the partial demerger of the
SNCB Holding.
These increases are partially offset by the depreciation and impairments of fixed assets, by decommissioning and by reimbursements of
loans by the subsidiaries equating to 568.0 million euros.
• The loss carried forward is almost entirely due to the partial demerger of the SNCB Holding in the context of the reform of the SNCB
Group: 126,9 million euros of losses carried forward were transferred.
In previous years Infrabel reported profits carried forward.
• Infrabel’s gross operating income (EBITDA) amounts to 121.1 million
euros.
• The Federal State owns 99.3% of the shares of Infrabel.
Taken into account the above mentioned elements, the Board of Directors concludes that the loss carried forward does not affect the going
concern basis of the company and that applying the valuation rules on
a going concern basis is justified.
The current assets (2,703.2 million euros) consist of 1,334.2 million
euros receivables, 604.5 million euros cash investments, cash and cash
at bank, 277.3 million euros stocks and contracts in progress and 487.2
million euros in deferred charges and accrued income.
The significant increase of 1,618.1 million euros in current assets is mainly
a result of the partial demerger of the SNCB Holding, amounting to
696.6 million euros. In addition, Infrabel decided to put the liabilities arising from the PPP Diabolo (366.7 million euros) on the balance sheet.
These liabilities are fully covered by future state funding, hence a receivable has been recorded for the same amount. This caused also the
increase of 447.3 million euros in deferred charges and accrued income.
Liabilities consist of 15,970.2 million euros of shareholders’ equity, which
includes 14,819.1 million euros investment grants, 413.8 million euros provisions and 4,676.1 million euros debts, including 2,918.4 million euros
of (gross) long-term debt, 976.3 million euros of short-term debt and
781.5 million euros of accrued charges and deferred income.
We refer to chapter 1.1 for more details related to the impact of the restructuring of the SNCB Group on Infrabel’s shareholders’ equity.
Provisions increased by 334.3 million euros, mainly due to the transfer
of provisions in relation to the partial demerger of SNCB Holding.
The increase of the debts amounting to 3,127.2 million euros can
be explained by the transfer, as part of the partial demerger, of
2,060.7 million euros of long and short term debts and the transfer of
54,7 million euros of accrued charges and deferred income. The decision to include the liabilities related to the Diabolo PPP on the balance
sheet resulted in an increase of 366,7 million euros of non-current and
current liabilities and an increase of 447,3 million euros of accrued charges and deferred income.
16
2.4
Appropriation of profits
The result to be appropriated amounts to:
Result of the financial year :
-3,745,652.08 €
Result carried forward due to the carve out :
-126,877,997.78 €
Result carried forward from previous financial years:
27,555,285.85 €
Result to be appropriated:
-103,068,364.01 €
The Board of Directors proposes the following appropriation of the results:
Appropriation to the capital and share premium:
0.00 €
Allocation to the legal reserve:
0.00 €
Allocation to the available reserves:
0.00 €
Carry forward to the next financial year:
-103,068,364.01 €
Remuneration of the capital (dividends):
0.00 €
Profit to be paid to directors:
0.00 €
Profit to be paid to other beneficiaries:
0.00 €
TOTAL
-103,068,364.01 €
2.5
Auditors’ additional assignments
2.7
Conflicts of interest
During the financial year 2014, in addition to their standard mandate, the
following services have been carried out by the auditors:
During the previous financial year, no acts gave rise to a conflict of
interest between a Director and the company as described in article
523 of the Company Code.
• Control and report on the additional report of Infrabel’s Board of Directors related to the partial demerger of the SNCB Holding by absorption by Infrabel in the amount of € 10,000.00
• Control on the Information Memorandum of a bond issue under the
EMTN program in the amount of € 18,750.00
• Control and report on the allocation of the debt (legal mission) of the
former SNCB Holding in the amount of € 10,000.00
2.6
Valuation rules
2.8
Corporate Governance
The “Corporate Governance” data and the remuneration report form
an integral part of this annual report. We refer to the Corporate Governance report that is available on the company’s website.
2.9
Proposed discharge from liability of the Directors and auditors
The valuation rules applied at the close of the annual accounts on 31
December 2014 were submitted to the Management Committee on
21/04/2015 and to the Board of Directors on 27/04/2015.
The Shareholders’ Meeting is requested to approve the annual financial statements presented to you and to discharge the Directors as
well as the auditors from liability.
The valuation rules amendments include:
Drawn up in Brussels on 27/04/2015.
• The addition of a paragraph explaining the impact on the value of
land of the revaluation of certain land performed in 2013.
On behalf of the Board of Directors,
• The addition of asset class “land held for sale”.
• On request from technical services, the classification of fixed assets
in asset classes was aligned with the technical reality and therefore,
following some new technical developments, some new asset classes were added.
Christine Vanderveeren
Chair of the Board of Directors
Luc Lallemand
Chief Executive Officer
The valuation rules form an integral part of this annual report.
17
02
18
Balance sheet 2014
1. Assets
Balance sheet financial year 2014 ( in euros )
Balance sheet at
31/12/2013
Balance sheet at
31/12/2014
17,635,054,845.15
18,357,025,570.56
0.00
0.00
1,374,073,474.30
1,389,985,249.40
1,236,363,636.35
1,222,626,262.61
137,709,837.95
167,358,986.79
III. Tangible fixed assets
16,256,406,697.09
16,873,368,495.36
A. Land and buildings
5,886,053,118.14
6,316,618,359.24
6,697,477,012.01
7,198,836,034.11
ASSETS
FIXED ASSETS
I. Formation expenses
II. Intangible fixed assets
Concession right
Intangible assets excl. concession right
Acquisition value
Depreciation
B. Plant, machinery and equipment
-811,423,893.87
-882,217,674.87
5,694,880,894.39
6,350,861,495.67
Acquisition value
10,955,606,644.66
12,019,598,426.72
Depreciation
-5,260,725,750.27
-5,668,736,931.05
22,385,586.73
29,567,445.76
C. Furnitures and vehicles
Acquisition value
Depreciation
D. Leasing and similar rights
Acquisition value
Depreciation
E. Other tangible fixed assets
Acquisition value
Depreciation
131,599,038.39
142,659,676.65
-109,213,451.66
-113,092,230.89
4,317,297.98
3,148,913.56
39,303,309.33
39,303,309.33
-34,986,011.35
-36,154,395.77
17,480,005.66
30,692,826.76
104,529,661.03
115,086,704.88
-87,049,655.37
-84,393,878.12
4,631,289,794.19
4,142,479,454.37
4,574,673.76
93,671,825.80
A. Affiliated companies
4,534,093.42
83,539,930.33
1. Shareholdings
3,284,093.42
3,470,093.42
2. Accounts receivable
F. Assets under construction and advance payments
IV. Financial fixed assets
1,250,000.00
80,069,836.91
B. Companies linked by shareholding interests
38,568.10
10,130,237.50
1. Shareholdings
38,568.10
10,130,237.50
0.00
0.00
C. Other financial fixed assets
2,012.24
1,657.97
1. Shares
1,714.77
0.50
2. Accounts receivable and cash guarantees
297.47
1,657.47
19
Balance sheet financial year 2014 (in €)
ASSETS
CURRENT ASSETS
V. Accounts receivable after more than one year
A. Trade receivables
B. Other accounts receivable
Balance sheet at
31/12/2013
Balance sheet at
31/12/2014
1,085,121,628.11
2,703,170,876.66
18,832,074.66
873,070,622.75
10,642,074.66
4,642,074.66
8,190,000.00
868,428,548.09
- Receivables from the State related to PPP Diabolo
0.00
359,527,250.77
- Other receivables from the State
0.00
471,435,005.40
- Other
8,190,000.00
37,466,291.92
231,743,800.14
277,277,816.98
A. Stocks
221,801,097.33
240,134,338.76
1. Raw materials
214,610,444.52
234,604,028.38
2. Work in progress
3,856,798.20
3,494,693.88
3. Finished products
3,330,920.11
1,929,180.21
6. Advance payments
VI. Stocks and contracts in progress
2,934.50
106,436.29
9,942,702.81
37,143,478.22
VII. Accounts receivable within one year
570,296,583.53
461,115,294.86
A. Trade receivables
275,211,482.98
231,463,982.72
B. Other accounts receivable
295,085,100.55
229,651,312.14
- Subsidised receivables
200,305,495.10
126,198,554.54
- Recoverable VAT
39,854,020.92
47,304,855.02
- State funding and Rail Investment Fund
32,481,000.00
32,262,447.42
- Other
22,444,584.53
23,885,455.16
260,006,000.00
404,925,193.61
260,006,000.00
404,925,193.61
824,764.82
199,569,358.53
3,418,404.96
487,212,589.93
B. Contracts in progress
VIII. Cash investments
B. Other cash investments and deposits
IX. Cash at bank and in hand
X. Deferred charges and accrued income
- Deferred charges related to PPP Diabolo
- Other deferred charges
- Accrued income
TOTAL ASSETS
20
0.00
449,714,565.14
3,408,596.29
20,754,686.92
9,808.67
16,743,337.87
18,720,176,473.26
21,060,196,447.22
Balance sheet 2014
2. Liabilities
Balance sheet financial year 2014 (in €)
Balance sheet at
31/12/2013
Balance sheet at
31/12/2014
17,091,694,202.19
15,970,222,897.75
1,247,761,500.00
875,280,391.67
1,247,761,500.00
875,280,391.67
0.00
0.00
299,317,752.80
299,317,752.80
1,220,005,945.97
62,470,997.59
17,170,597.69
17,170,597.69
A. Legal reserves
17,170,597.69
17,170,597.69
V. Result carried forward
27,555,285.85
-103,068,364.01
14,279,883,119.88
14,819,051,522.01
79,498,425.38
413,839,550.14
79,498,425.38
413,839,550.14
79,498,425.38
413,839,550.14
0.00
189,742,801.48
79,498,425.38
224,096,748.66
LIABILITIES
Equity
I. Capital
A. Issued capital
B. Uncalled capital (-)
II. Share premium
III. Revaluation surpluses
IV. Reserves
VI. Investment grants
PROVISIONS AND DEFERRED TAXES
VII.Provisions for liabilities and charges and deferred taxes
A. Provisions for liabilities and charges
1.Pensions and similar obligations
4.Other liabilities and charges
21
Balance sheet 2014
Balance sheet at
31/12/2013
Balance sheet at
31/12/2014
1,512,903,450.79
4,676,133,999.33
681,547,136.73
2,918,388,687.21
A. Financial debts
5.40
1,883,652,943.95
2. Unsubordinated debentures
0.00
1,317,656,060.67
3. Leasing and other similar obligations
5.40
0.00
4. Credit institutions
0.00
204,080,000.00
5. Other loans
0.00
361,916,883.28
B. Trade debts
667,378,200.67
1,021,790,417.78
- PPP Liefkenshoek rail link
667,378,200.67
662,263,167.01
0.00
359,527,250.77
14,168,930.66
12,945,325.48
646,904,204.89
976,293,198.31
6,808,846.13
311,139,866.81
10,000,394.34
66,051,264.45
LIABILITIES
DEBTS
VIII. Accounts payable after more than one year
- PPP Diabolo
D. Other debts
IX. Accounts payable within one year
A. Accounts payable after more than one year due within the year
B. Financial debts
1. Credit institutions
2. Other loans
394.34
233.13
10,000,000.00
66,051,031.32
C. Trade payables
605,791,167.78
573,342,400.72
605,791,167.78
573,342,400.72
6,623,227.03
4,764,846.75
1. Trade creditors
D. Advances received on contracts
E. Debts with regard to taxes. remuneration and social security
F. Other debts
X. Accrued charges and deferred income
- Accrued charges
- Deferred income related to PPP Diabolo
- Deferred income from infrastructure fee
- Other deferred income
TOTAL LIABILITIES
22
0.00
2,617.76
17,680,569.61
20,992,201.82
220,532,504.07
781,452,113.81
107,951,550.99
117,042,195.28
0.00
450,035,365.07
111,193,963.63
112,067,946.66
1,386,989.45
102,306,606.80
18,720,176,473.26
21,060,196,447.22
Balance sheet 2014
3. Notes to the balance sheet
3.1.
Introduction
The balance sheet total increased from € 18.7 billion end 2013 to
€ 21.1 billion end 2014.
The main causes of this increase are:
• investments made in 2014 in the amount of € 1.1 billion;
• the partial demerger of SNCB-Holding in the context of the
reform of the SNCB Group, which led to the transfer of assets
amounting to € 0.8 billion and;
• the decision to present on the balance sheet Infrabel’s existing
obligations with regards to the PPP Diabolo as well as the receivable from the State and the related accruals for a total of
€ 0.8 billion.
The increase in fixed assets and investment grants for a value of
€ 0.6 billion is the result of, on the one hand, investments made in
2014 and on the other hand, depreciation and retirements.
The partial demerger results in a significant increase in debt that is
explained by the transfer of debts of the former SNCB-Holding for
€ 2.2 billion and at the same time, a transfer of current assets for
€ 0.6 billion, mainly receivables from the State and cash investments
related to these liabilities. In addition, provisions were transferred
in the amount of € 0.2 billion. The partial demerger has also given
rise to capital movements that caused a decrease of € 0.4 billion in
capital and of € 1.1 billion in revaluation surpluses.
In the context of increasingly stringent accounting rules, the decision was taken to present on the balance sheet Infrabel’s existing
obligations with regards to the PPP Diabolo and the related receivable from the State. This caused an increase of € 0.4 billion in respectively receivables, payables, deferred charges and deferred income.
3.2.
Intangible fixed assets
The intangible fixed assets include, on the one hand, the right to
operate the Belgian network with a book value of € 1,222,626,262.61.
This operating right is depreciated on a straight-line basis over
99 years. On the other hand, they include the investments in software for specific applications like amongst others SAP. The book
value of the software is € 167,358,986.79.
See also the notes to the annual financial statements - Statement 1 (page 39).
3.3.
Tangible fixed assets
Infrabel has a considerable annual investment budget. The company’s investments particularly relate to expansion, modernisation and
maintenance of the traditional railway infrastructure. Furthermore,
Infrabel is investing significant amounts in the completion of infrastructure works aimed at providing greater accessibility to Brussels
(RER) and in investment projects provided for in the strategic plan
23
FOCUS, such as the concentration of signalling boxes, the implementation of the TBL1+ and ETCS systems, access to the ports, etc.
The net increase of the tangible fixed assets compared to 31 December 2013 amounts to € 616,961,798.27. This increase is mainly due
to investments made by Infrabel in 2014 for € 1,072,855,957.95 and
to tangible fixed assets transferred from the SNCB-Holding in the
context of the reform of the SNCB Group for € 53,898,095.5. This
increase is partially offset by depreciation of fixed assets, sales and
retirements for € 509,792,255.18.
3.4.
Financial fixed assets
The company holds a majority shareholding interest in 6 subsidiaries
amounting to € 3,470,093.42:
•
•
•
•
•
•
Brussels Creosote Centre (BCC) for € 1,796,732.27
TUC RAIL SA for € 1,487,361.15
SPV 162 for € 62,000.00
SPV Zwankendamme for € 62,000.00
SPV Brussels Port for € 62,000.00
Syntigo SA for € 0.00 (after impairment)
As a precaution, a full impairment was recorded on the shareholding
interest in Syntigo for an amount of € 16,728,945.31.
Infrabel provided a roll-over credit to the company TUC RAIL of up
to € 5,000,000.00 from which the total amount has been drawn end
2014.
Following the reform of the SNCB Group, loans to SPVs created for
the pre-financing of some priority investment projects, Syntigo and
AlphaCloud were transferred via the partial demerger mechanism.
End 2014, these loans amounted to € 75,069 836.91.
In 2013, as part of the reform of the SNCB Group, Infrabel and SNCBHolding formed the subsidiary HR Test. Following the Royal Decree
of December 11, 2013, HR Test was converted into HR Rail, which since
1st of January 2014 acts as legal employer of all Infrabel and SNCB
staff. Infrabel holds 49% of the shares, as it received 100 shares for
its contribution and has transferred 2 shares to the Belgian State, in
accordance with the law.
Furthermore, Infrabel is also member of the EEIG (European Economic Interest Grouping) RFC 2 and the EEIG Corridor Rhine-Alpine.
Infrabel holds a shareholding interest in CVBA GREENSKY, SPS FIN
and Black Swan Solar II, which were all established within the framework of projects for alternative energy.
Infrabel was participating in the Central Clearing Office (BCC) of
the International Union of Railways (UIC), a system of clearing funds
between railway companies. In 2014, Infrabel has decided to leave
this system.
Balance sheet 2014
The participation in NPO Benor, which represents a quality label resulting in the certification of products mainly in the field of construction, is to be considered as a free membership. Hence it is no longer
accounted for as a shareholding interest.
The general structure of Infrabel’s interests in its subsidiaries’ capital
is presented in the following diagram.
Infrabel also has a shareholding interest in the NPO Liège Carex,
which conducts studies on the construction of a trimodal terminal
(air, train and road) at Liège Airport.
Through these subsidiaries, Infrabel indirectly inherited shareholdings
in Woodprotect SA, Rail Facilities SA, AlphaCloud SA, NPO Euro
Carex and Eurostation SA.
BELGIAN
STATE
99,3 %
Private
shareholders
0,7 %
99,9 %
75 %
100 %
100%
100 %
51 %
29,2 %
25 %
1,5 %
10 %
10 %
0,01 %
Syntigo
TUC RAIL
SPV162
SPV
Brussels
Port
SPV
Zwankendamme
CCB
RFC2
Corridor1
RhineAlpine
SPS Fin
Greensky
Liège
Carex
Black
Swan
Solar II
0,01%
50%
0,03%
49%
99,8%
25%
AlphaCloud
Eurostation
HR Rail
Woodprotect
Eurocarex
2%
99,9%
Rail
Facilities
24
Balance sheet 2014
3.5.
Accounts receivable after more than one year
On 31/12/2014, the accounts receivable after more than one year
amount to € 873,070,622.75 made up of trade receivables for
€4,642,074.66 and other receivables for € 868,428,548.09. The
amount of trade receivables represents the partial reclassification of a
credit note from TUC RAIL of € 16,642,074.66 which repayment plan
is spread over several years. A first payment of € 6,000,000.00 took
place in 2014. The part that will be repaid in 2015, € 6,000,000.00,
was reclassified to short-term trade receivables.
The other receivables include the following receivables:
• Receivable from the State related to the PPP Diabolo in the
amount of € 359,527,250.77 for the implementation of the rail infrastructure intended to improve access to the Brussels airport.
• Other State receivables amounting to € 471,435,005.40 for the
implementation of various railway infrastructure works.
• Other receivables for an amount of € 37,466,291.92.
3.6.
Stocks and contracts in progress
On 31/12/2014, the company has a total amount of € 240,134,338.76 in
stocks on its balance sheet. A large part of these stocks concern supplies
in consumables, including advance payments, such as signalling equipment, sleepers, track equipment, telecom materials, etc. amounting to
€ 234,710,464.67. Finished products and work in progress have a value
of € 3,494,693.88 and € 1,929,180.21 respectively.
Contracts in progress, excluding impairments, amount to € 37,143,478.22
and mainly concern works where a contract is signed with the third
party who placed the order. These open orders will later be invoiced to
the third party in question.
Amounts in €
Stocks :
1. Supplies
Acquisition value
- Raw materials
- Various deliveries
- Ballast
240,134,338.76
234,710,464.67
258,260,715.59
35,628.77
9,896,210.49
690,814.97
- Sleepers
25,570,843.17
- Rails
10,950,249.74
- Track equipment
13,794,995.32
- Crossings
13,833,602.19
- Cables
3,218,826.12
- Signalling equipment
119,419,086.31
- Other track materials
36,392,658.12
- Decommissioned equipment
- Telecom materials
- Rolling stock
7,893,550.24
13,708,068.54
2,749,745.32
- Advances on supplies
106,436.29
Recorded impairments
-23,550,250.92
2. Work in progress
3,494,693.88
3. Finished products
1,929,180.21
Amounts in €
Contracts in progress :
- Manufacturing cost
- Impairments
25
37,143,478.22
37,369,023.84
-225,545.62
Balance sheet 2014
3.7.
Accounts receivable within one year
3.8.
Cash investments and cash at bank and in hand
The accounts receivables within one year stand at € 461,115,294.86 on
31/12/2014 and consist of trade receivables of € 231,463,982.72 and
other receivables of € 229,651,312.14.
The trade receivables towards the railway operator SNCB amount to
€ 87,855,536.33. These relate mainly to the invoice for the infrastructure fee for the month of February 2015. Infrastructure fees are invoiced
two months in advance to each operator active on the Belgian railway
network. The receivable linked to the operating grant from the State
amounts to € 89,684,000.07.
The other receivables, amounting to € 229,651,312.14, include mainly
receivables linked to funding by third parties for € 126,198,554.54,
€ 89,340,868.44 of which concerns the RER fund. The VAT amount to
be recovered amounts to € 47,304,855.02.
As of 31/12/2014, Infrabel has cash investments amounting to
€ 404,925,193.61 of which almost the entire amount is unavailable
because these cash investments have the same maturity dates as
the debts they are linked to.
These cash investments are composed as follows:
• Fixed income securities and deposits held to cover some longterm debts for € 243,069,193.61:
As part of the reform of the SNCB Group and the mechanism of
partial demerger of the SNCB Holding, several “Concession and
concession back” debts were transferred to Infrabel. Long-term
cash investments related to these debts, which will be used to pay
back these debts on maturity date, have also been transferred.
• Collaterals related to swaps for € 145,150,000.00:
In the same context, swaps linked to debts, and related collaterals
were taken over from the former SNCB Holding. For these swaps,
collaterals need to be created as guarantee based on the real value of the debts they cover. Following the considerable decrease
of interest rates, these collaterals increased significantly in 2014.
• Term deposits with the Debt Agency of the Belgian State for
€ 16,706,000.00.
As of 31/12/2014, Infrabel has also cash at bank and in hand for
€ 199,569,358.53. This amount also includes € 66,051,031.32 in deposits from subsidiaries at Infrabel in the context of the cash pooling.
This cash does not belong to Infrabel.
The actual available cash for the treasury department amounts to
€ 150,224,327.21.
The cash flow table below presents the movements in cash investments and cash and the way in which these were generated and
allocated. The indirect method was applied for the preparation of
the cash flow statement. This method reconstructs the cash flow by
correcting the net profit for activities without a monetary character,
such as depreciation, impairments and provisions.
26
Balance sheet 2014
Cash flow
31 December 2014
Cash investments and cash equivalents at the start of the financial year
260,830,764.82
Operational activities
Company result
Non-cash items included in the company result
-3,745,652.08
75,284,552.88
- Depreciation of fixed assets
- Revenue recognition of investment grants
- Depreciation of revaluation surpluses
-1,168,384.31
- Impairments
16,381,324.61
- Provisions for risks and charges
51,678,253.33
- Gains and losses on derecognition of fixed assets
-8,556,055.47
- Translation adjustments
Gross cash flow generated by the company's operational activities
Variation in stocks and contracts in progress
Variation in trade receivables
Variation in receivables linked to the operating grant from the State
Variation in other short-term receivables
Variation in other long-term receivables
600,839,946.49
-586,231,901.30
2,341,369.53
71,538,900.80
-44,747,142.64
-782,889,287.92
-31,582,000.07
2,130,779.23
-22,483.33
Variation in short-term trade debts
-32,448,767.06
Variation in long-term trade debts
354,412,217.11
Variation in other debts
3,745,779.98
Variation in the accruals and deferrals
74,784,055.24
Variation in current account VAT
-7,450,834.10
Net cash flow generated by operational activities
-392,528,782.76
Investment activities
Investment in intangible fixed assets
-67,376,263.29
Investment in tangible fixed assets
-1,222,343,145.82
Variation in revaluation surplus
-1,156,366,564.07
Income from the sale of fixed assets
Investment in financial fixed assets
Net cash flow generated by investment activities
10,894,243.17
-105,834,277.22
-2,541,026,007.23
Financing activities
Investment grants from the State for the funding of assets
Variation in receivables linked to the investment grant from the State
Variation in receivables linked to the RER fund
Variation in other receivables linked to the financing of investment projects
Variation in receivables related to the Rail Investment Fund
Variation in debts concerning unused investment grants
1,215,148,399.88
-15,781,447.42
73,744,457.22
362,483.33
16,000,000.00
-16,000,000.00
Variation in financial debts
2,256,521,313.87
Variation in issued capital
-372,481,108.33
Variation in result carried forward following the partial demerger
-126,877,997.78
Variation in provisions for liabilities and charges following the partial demerger
Net cash flow generated by financing activities
Cash investments and cash equivalents at the end of the financial year
27
246,582,476.53
3,277,218,577.31
604,494,552.14
Balance sheet 2014
3.9.
Shareholders’ equity
The shareholders’ equity amounts to € 15,970,222,897.75 and can be summarised as follows:
Issued capital
875,280,391.67
Uncalled capital
0.00
Share premium
299,317,752.80
Revaluation surpluses
62,470,997.59
Reserves
17,170,597.69
Result carried forward
-103,068,364.01
Investment grants
14,819,051,522.01
TOTAL
15,970,222,897.75 €
The evolution of the number of shares that represent the capital is summarized as follows:
Total
Number of shares A
Number of shares B
NUMBER OF SHARES ON DECEMBER 31, 2013
16,786,654
1,064,746
15,721,908
Split of shares on January 1, 2014
167,866,540
10,647,460
157,219,080
42,433,200
42,059,950
Issue of shares following the partial demerger
Cancellation of treasury shares
NUMBER OF SHARES ON DECEMBER 31, 2014
-157,219,080
53,080,660
373,250
-157,219,080
52,707,410
373,250
At 31 December, 2013, Infrabel had issued in total 16,786,654 shares with voting rights and without nominal value of which 1,064,746 shares of
category A and 15,721,908 shares of category B. Category A shares are held by the Belgian State and category B shares are held by other parties
than the Belgian State.
The Extraordinary General Meeting of Shareholders of December 19, 2013 decided to split the existing shares by ten (10). As a result, the share
capital is represented by 167,866,540 shares.
In the same Extraordinary General Meeting of Shareholders, and as a consequence of the approval of the partial demerger of the merged SNCB,
the share capital was increased by issuing 42,059,950 shares of category A and 373.250 shares of category B. As a result of the partial demerger
of the merged SNCB, Infrabel became owner of 157,219,080 treasury shares. The Extraordinary General Meeting of Shareholders of December 19,
2013 decided to decrease the share capital by cancellation of these 157,219,080 treasury shares.
On December 31, 2014, the share capital of the Group is represented by 53,080,660 shares with each one voting right, without nominal value, representing each 1/53,080,660 part of the share capital. All shares are fully paid.
The evolution of the capital is as follows:
Issued capital
On Januari 1st, 2014
Incorporation of revaluation surpluses
Capital increase with issue of new shares
Capital decrease by cancellation of treasury shares
Cancellation art 355 transfer of capital to capital grants
On December 31st, 2014
28
1,247,761,500.00
1,164,744,061.45
1,675,064,517.69
-3,550,132,014.36
337,842,326.89
875,280,391.67
Balance sheet 2014
Following the partial demerger and the Extraordinary General Meetings
of Shareholders of December 19, 2013 and May 21, 2014, the following
capital movements became effective:
- Incorporation of revaluation surpluses for an amount of
€ 1,164,744,061.45 without issuing new shares but through the increase of the nominal value of the existing shares;
- Capital increase of € 1,675,064,517.69 by issuing 42,433,200 shares
as compensation for the net assets acquired through the partial
demerger of the merged SNCB;
- Capital decrease of € 3,550,132,014.36 by the cancellation of treasury shares acquired through the partial demerger of the merged
SNCB;
At the end of December 2014, Infrabel owned no treasury shares.
A partial demerger entails that each category of equity must be transferred at the ratio “net transferred assets on total net assets”. At that
ratio, a deferred loss of € - 126,877,997.78 was also transferred from
the former SNCB Holding to Infrabel via the partial demerger mechanism. Combined with the carried forward profit on December 31, 2013 of
€ 27,555,285.85 and the result of the year 2014 of € -3,745,652.08, this
explains the result carried forward of € -103,068,364.01 on December
31, 2014.
The increase in investment grants compared with the previous financial
year, relates to new investment grants received for different investment
projects such as the RER project along with all other investment projects financed by the State, the European Union, the provinces, etc.
- Cancellation of the transfer from capital to capital grants in the
context of art. 355 of the Law of July 20, 2006 in the amount of
€ 337,842,326.89 as a result of the reform of the SNCB Group.
3.10
Provisions and deferred taxes
To cover all significant known liabilities and obligations, Infrabel has included provisions in the balance sheet totalling € 413,839,550.14.
The provisions refer to:
Pensions and similar obligations
189,742,801.48
Financial instruments
98,760,142.24
Deferred leave
56,615,523.85
Environment
35,136,211.73
Legal disputes
26,252,942.26
Seniority leave and seniority premiums
TOTAL
Following the reform of the SNCB Group, all provisions relating to Infrabel’s employee benefits, mainly pensions and similar obligations, were
transferred. These provisions are calculated actuarially and individually.
7,331,928.58
413,839,550.14 €
Following a change in accounting treatment, deferred leave is no longer
recognised as an accrual but as a provision for risks and charges.
Following the reform of the SNCB Group, the provisions for the financial
instruments related to the debt transferred to Infrabel, were also transferred and they increased in 2014 primarily due to the evolution in the
interest rates.
29
Balance sheet 2014
3.11
Accounts payable after more than one year
Long-term debts amount to € 2,918,388,687.21 and can be broken down as follows:
Unsubordinated debentures
1,317,656,060.67
Financial debts with credit institutions
204,080,000.00
Other financial debts
361,916,883.28
Trade payables
1,021,790,417.78
Other debts
12,945,325.48
TOTAL
Following the allocation of the historical debt as part of the reform
of the SNCB Group, Infrabel was allotted:
•
•
•
•
2,918,388,687.21 €
Trade payables consist of the debt related to the PPP Liefkenshoek
rail link for € 662,263,167.01 and the debt related to the PPP Diabolo
for € 359,527,250.77.
unsubordinated debentures (Euro Medium Term Notes and
private placements),
financial debts with credit institutions,
other unsecured financial debts,
other debts related to currency swaps.
3.12
Accounts payable within one year
Short- term debts amount to € 976,293,198.31 and can be broken down as follows:
Long-term debts due within the year
311,139,866.81
Financial debts
66,051,264.45
Trade payables
573,342,400.72
Advance payments received
Taxes, remuneration and social security
Other debts
TOTAL
Long-term debts due within the year consist of the part of the
financial debts with credit institutions and long-term commercial
debts that falls due in the short term.
4,764,846.75
2,617.76
20,992,201.82
976,293,198.31 €
Trade payables consist of supplier invoices, invoices to be received
and credit notes to be issued to customers.
The financial debts are mainly the result of the deposits of Infrabel’s
subsidiaries at Infrabel through the cash pooling.
30
Balance sheet 2014
03
31
Income statement 2014
1. Detailed income statement
INCOME STATEMENT (in comparison to the previous financial year)
Year to date
31.12.2013
Year to date
31.12.2014
Variation
I. Operating revenues
1,405,840,640.70
1,581,472,437.63
175,631,796.93
A. Turnover
1,099,648,835.26
1,162,654,034.48
63,005,199.22
1,099,648,835.26
1,162,654,034.48
63,005,199.22
Sales and services
- State funding
203,634,316.70
237,734,088.45
34,099,771.75
- Infrastructure fee
667,449,487.66
676,953,090.26
9,503,602.60
- Energy for traction and buildings
125,763,873.35
115,876,050.87
-9,887,822.48
- Investments for third parties
52,678,488.22
36,718,354.10
-15,960,134.12
- Other
50,122,669.33
95,372,450.80
45,249,781.47
0.00
0.00
0.00
B. Variation in work in progress, finished products and
contracts in progress (increase+,decrease-)
-16,328,144.03
24,342,210.50
40,670,354.53
C. Produced fixed assets
284,211,713.96
357,460,859.80
73,249,145.84
38,308,235.51
37,015,332.85
-1,292,902.66
1,792,898,454.74
1,966,421,700.48
173,523,245.74
159,893,626.22
208,573,370.94
48,679,744.72
151,917,205.92
221,366,275.30
69,449,069.38
Awarded discounts, returns and rebates
D. Other operating income
II. Operating costs
A. Raw materials and consumables
1. Purchases
2. Variation in stocks (increase-,decrease+)
7,976,420.30
-12,792,904.36
-20,769,324.66
1,214,726,361.02
1,247,166,475.10
32,440,114.08
715,186,768.77
752,407,698.74
37,220,929.97
24,987,493.10
28,974,558.88
3,987,065.78
474,552,099.15
465,784,217.48
-8,767,881.67
0.00
0.00
0.00
407,196,450.02
481,701,959.97
74,505,509.95
E. Impairments on stocks, contracts in progress and
trade receivables (increase+,decrease-)
-2,116,867.44
-355,800.57
1,761,066.87
F. Provisions for liabilities and charges
(increase+,decrease-)
11,342,208.18
24,701,474.29
13,359,266.11
1,856,676.74
4,634,220.75
2,777,544.01
-387,057,814.04
-384,949,262.85
2,108,551.19
B. Services and other goods
- Payroll charges
- Other personnel related costs
- Other
C. Remuneration, social security costs and pensions
D. Depreciation and impairments on formation
expenses, tangible and intangible fixed assets
G. Other operating costs
III. Operating result
32
INCOME STATEMENT ( in comparison to the previous financial year )
Year to date
31.12.2013
Year to date
31.12.2014
Variation
IV. Financial income
467,836,401.82
663,321,448.41
195,485,046.59
0.00
6,390,695.11
6,390,695.11
2,770,592.04
25,233,384.02
22,462,791.98
A. Income from financial fixed assets
B. Income from current assets
C. Gains on derecognition of current assets
3,119.73
2,980,777.53
2,977,657.80
465,047,098.29
628,421,960.07
163,374,861.78
15,591.76
294,631.68
279,039.92
V. Financial costs
22,288,893.69
154,798,781.41
132,509,887.72
A. Debt costs
22,731,760.77
123,558,884.36
100,827,123.59
B. Impairments on current assets other than
those referred to in II.E. ( increase+,decrease-)
-2,750,180.78
-1,615,490.67
1,134,690.11
1,338,792.22
3,161,910.49
1,823,118.27
D. Investment and interest grants
E. Other financial income
C. Losses on derecognition of current assets
D. Write-back of capital grants
692,854.91
208,236.82
-484,618.09
E. Other financial costs
275,666.57
29,485,240.41
29,209,573.84
58,489,694.09
123,573,404.15
65,083,710.06
1,352,115.85
9,740,939.47
8,388,823.62
147,470.20
0.00
-147,470.20
B. Write-back of impairments on financial fixed assets
0.00
0.00
0.00
C. Write-back of provisions for extraordinary liabilities and
charges
0.00
0.00
0.00
D. Gains on derecognition of fixed assets
659,530.93
9,540,136.56
8,880,605.63
E. Other extraordinary income
545,114.72
200,802.91
-344,311.81
52,652,967.28
137,059,995.70
84,407,028.42
52,600,945.85
119,338,789.43
66,737,843.58
11,597.53
16,737,125.18
16,725,527.65
VI. Profit (loss) on ordinary activities before taxes
VII.Extraordinary income
A. Write-back of depreciation and impairments on tangible
and intangible fixed assets
VIII.Extraordinary costs
A. Extraordinary depreciation and impairments on
formation expenses, tangible and intangible fixed assets
B. Impairments on financial fixed assets
C. Provisions for extraordinary liabilities and charges
D. Losses on derecognition of fixed assets
E. Other extraordinary costs
IX. Profit (loss) of the financial year before taxes
33
0.00
0.00
0.00
40,423.90
984,081.09
943,657.19
0.00
0.00
0.00
7,188,842.66
-3,745,652.08
-10,934,494.74
2. Notes to the income statement
2.1.
Turnover
Total turnover amounts to € 1,162,654,034.48 and can be presented as follows:
Amounts in €
I. Operating revenues
A.Turnover
1,162,654,034.48
Infrastructure fee
676,953,090.26
State funding
237,734,088.45
Energy for traction and buildings
115,876,050.87
ICT services
53,825,836.57
Investments for third parties
36,718,354.10
Other services provided
23,418,605.76
Scrap sales
9,176,708.73
Contractual fees
4,765,954.83
Miscellaneous services provided to third parties
3,737,862.92
Maintenance and modification of railway installations
447,481.99
The infrastructure fee obtained from railway operators represents
€ 676.95 million or 58% of the turnover.
Infrabel receives a fee from the various railway operators calculated
per train kilometre for use of the Belgian railway infrastructure, both
for national and international passenger transport and for freight
transport.
To finance its operating costs, the company has also obtained state
funding for € 237.73 million, which is 20% of the turnover.
Infrabel purchases electrical energy end then provides it to the various users. This means reinvoicing for both traction energy and energy for buildings. This income amounted to € 115.88 million in 2014.
Infrabel earns also other revenues from amongst others ICT services,
investments for third parties, scrap sales, contractual fees etc. Following the reform of the SNCB Group, Infrabel has taken over the
ICT activities from the former SNCB Holding and provides ICT services, mainly to SNCB and to HR Rail, since January 1, 2014.
34
2.2.
Produced fixed assets
Infrabel has its own resources that it may use to construct tangible and
intangible fixed assets, within the framework of its economic activities.
These sustainable assets, investments made using internal resources,
are referred to as “produced fixed assets”.
The charges for works carried out under the entity’s own management are neutralised by posting a corresponding income, while the
investments realised are put on the balance sheet.
The produced fixed assets amount to € 357,460,859.80 in 2014.
2.3.
Raw materials and consumables
The costs related to raw materials and consumables amount to
€ 208.57 million and include € 153.62 million for specific consumables
and supplies for the railroad.
Amounts in €
II. Operating costs
A. Raw materials and consumables
208,573,370.94
221,366,275.30
1. Purchases
Rails
29,818,275.31
Ballast
10,762,867.40
Sleepers
32,428,548.98
Track accessories
5,741,627.70
Points
3,623,912.63
Overhead wires and cabling
10,205,371.30
Signalling equipment
77,576,134.04
Items for catenaries
10,818,919.55
Telecommunication items
11,367,284.93
Other consumables
29,025,622.40
Discounts, returns and rebates
2. Variation in stocks
Variation in stocks of specific railroad items
Variation in stocks of other items
35
-2,288.94
-12,792,904.36
-27,356,253.58
14,563,349.22
2.4.
Services and other goods
Services and other goods amount to € 1,247.17 million, including € 781.38 million which are related to payroll charges.
Amounts in €
II. Operating costs
B. Services and other goods
1,247,166,475.10
Payroll charges
Other payroll charges
Energy for traction and buildings
124,171,492.51
Infrastructure maintenance
108,482,911.69
Rent of movable and immovable properties
65,992,528.83
Investments for third parties
51,311,266.99
Costs of technical control, industrial processes and transport
20,892,324.79
Telecommunication and network costs
Other services
752,407,698.74
28,974,558.88
3,142,491.95
91,791,200.72
Because the entire staff is seconded by HR Rail, playing the role of legal
employer, personnel expenses are treated as services and other goods.
Infrabel buys electrical energy for its own use and for other users. Only
Infrabel’s part has an impact on the profit and loss account. These
Following a change in accounting treatment, charges related to deferred leave are not accounted for anymore in services and other goods,
but in costs related to provisions for risks and charges.
purchases include both traction energy and energy for buildings. These
purchases amount to € 124.17 million.
2.5.
Depreciation, impairments and provisions
for liabilities and charges
Depreciation is posted on a monthly basis and commences on the
first day of the month following the month in which the fixed asset
can be commissioned, in accordance with the approved valuation
rules.
Depreciation of tangible and intangible fixed assets is largely compensated by the depreciation of the corresponding investment
grants. The latter are accounted for as financial income.
The cost of € 24.7 million for the provisions for liabilities and charges
is mainly due to higher provisions for pensions and similar obligations and for financial instruments due to the considerable decrease
of interest rates.
Amounts in €
II. Operating costs
D. Depreciation and impairments on formation expenses, tangible and intangible fixed assets
481,701,959.97
Formation expenses
Concession right
13,737,373.74
Other intangible fixed assets (mainly software)
35,261,048.70
E. Impairments on stocks, contracts in progress and trade receivables
F. Provisions for liabilities and charges
36
0.00
432,703,537.53
-355,800.57
24,701,474.29
2.6.
Financial income
The financial income amounts to € 663.32 million and mainly results
from depreciation on the investment grants (€ 586.44 million) and
from interest grants (€ 41.98 million). Furthermore, an amount of
€ 25.23 million comes from the interests on investments received
via the partial demerger mechanism. An amount of € 6.39 million
is generated by the financial assets, particularly interest income on
loans to the SPVs, Syntigo and AlphaCloud.
Amounts in €
IV. Financial income
A. Income from financial fixed assets
B. Income from current assets
C. Gains on derecognition of current assets
D. Investment and interest grants
E. Other financial income
663,321,448.41
6,390,695.11
25,233,384.02
2,980,777.53
628,421,960.07
294,631.68
2.7.
Financial costs
The financial costs amount to € 154.79 million and can mainly be
explained by the interest charges on the debts (€ 123.56 million), of
which € 79.60 million as a result of the transfer of debts by the partial
demerger mechanism. Furthermore, other financial costs have been
accounted for in the amount of € 29,49 million, mainly a higher provision for financial instruments (€ 26,97 million) following the considerable decrease in interest rates.
Amounts in €
V. Financial costs
154,798,781.41
A. Debt costs
123,558,884.36
B. Impairment on current assets
C. Losses on derecognition of current assets
D. Write-back of capital grants
E. Other financial costs
37
-1,615,490.67
3,161,910.49
208,236.82
29,485,240.41
04
38
Notes to the annual accounts
1. Statement of intangible fixed assets
Amounts in €
Concessions, patents, licences,…
A. Acquisition value
At the end of the previous financial year
1,548,800,876.17
Movements during the financial year :
- Acquisitions, including produced fixed assets
93,771,630.18
- Sales and disposals
-3,513,094.01
- Transfer from one heading to another
Situation at the end of the financial year
671,321.90
1,639,730,734.24
C. Depreciation and impairments
174,727,401.87
- Recorded
51,961,442.66
- Write-backs
- Acquisitions from third parties
26,395,366.89
-3,513,094.01
D. Net book value at the end of the financial year
39
174,367.43
249,745,484.84
1,389,985,249.40
2. Statement of tangible fixed assets
Amounts in €
Land and buildings
Plant, machinery and
equipment
Furniture and vehicles
5,481,788,352.12
10,955,606,644.66
131,599,038.39
- Acquisition, including produced fixed assets
105,504,546.38
259,055,936.70
11,315,265.98
-11,223,092.17
-167,095,679.52
-3,696,078.95
452,802,395.83
972,031,524.88
3,441,451.23
6,028,872,202.16
12,019,598,426.72
142,659,676.65
811,423,893.87
5,260,725,750.27
109,213,451.66
79,599,920.00
459,149,428.10
5,580,392.73
397,687.84
106,306,295.73
1,827,898.54
-7,921,369.50
-167,095,679.52
-3,648,555.49
-1,282,457.34
9,651,136.47
119,043.45
882,217,674.87
5,668,736,931.05
113,092,230.89
6,316,618,359.24
6,350,861,495.67
29,567,445.76
B. Revaluation surpluses
1,215,688,659.89
- Recorded
9,861,046.50
- Reversals
-55,585,874.44
1,169,963,831.95
- Recorded
- Write-backs
40
Leasing and similar
rights
Other tangible fixed
assets
Assets under construction and advance
payments
12.14
104,529,661.03
4,631,289,794.19
- Acquisition, including produced fixed assets
19,395,301.56
933,031,613.43
-2,832,546.20
-7,104,740.59
-1,421,841,953.25
113,987,675.80
4,142,479,454.37
Amounts in €
12.14
B. Revaluation surpluses
39,303,297.19
- Recorded
1,099,029.08
- Acquisition from third parties
- Reversals
39,303,297.19
1,099,029.08
34,986,011.35
87,049,655.37
1,168,384.42
3,581,181.49
- Recorded
- Write-backs
4,168,730.16
-1,743,598.89
-8,662,090.01
41
36,154,395.77
84,393,878.12
3,148,913.56
30,692,826.76
4,142,479,454.37
3. Statement of financial fixed assets
Amounts in €
Affiliated companies
Companies linked
by a shareholding
interest
Other companies
3,284,093.42
40,750.00
11,250.50
16,916,070.32
10,300,000.00
-1,125.01
-200,615.00
-1,250.00
20,199,038.73
10,140,135.00
10,000.50
2,181.90
9,535.73
16,728,945.31
7,715.60
464.27
16,728,945.31
9,897.50
10,000.00
1. Shareholding interests
- Acquisitions
At the end of the financial year
C. Impairments
- Recorded
- Write-backs
D. Uncalled amounts
Movements during the financial year
Net book value at the end of the financial year
0.00
0.00
3,470,093.42
10,130,237.50
0.50
Net book value at the end of the previous financial year
- Transfer to short-term receivables
Net book value at the end of the financial year
42
1,250,000.00
297.47
- Additions
149,833,927.46
1,360.00
- Reimbursements
-62,538,215.00
-8,475,875.55
80,069,836.91
0.00
1,657.47
4. Other investments and deposits
Amounts in €
Fixed income securities
109,934,351.72
Fixed term deposits with credit institutions
With a residual maturity up to one month
16,706,000.00
With a residual maturity of more than one year
278,284,841.89
Amounts in €
Deferred charges
470,469,252.06
Charges related to the PPP Diabolo
449,714,565.14
Insurance premiums
1,225,513.55
Software licences
3,512,826.26
Maintenance costs for the data center Muizen
4,974,880.68
Maintenance costs for locomotives and wagons
8,400,000.00
Other deferred costs
2,641,466.43
Accrued income
16,743,337.87
Accrued unmatured interests on cash investments
16,743,337.87
6. Statement of capital
Amounts in €
Number of shares
1,247,761,500.00
16,786,654
A. Capital
1. Issued capital
Changes during the financial year
- Split of existing shares by 10 on January 1, 2014
- Incorporation of revaluation surpluses
167,866,540
1,164,744,061.45
- Capital increase with issue of new shares
- Capital decrease by cancellation of treasury shares
- Cancellation transfer of capital to investment grants
337,842,326.89
875,280,391.67
53,080,660
875,280,391.67
53,080,660
1,675,064,517.69
42,433,200
-3,550,132,014.36
-157,219,080
2. Structure of the capital
2.1. Categories of shares
Registered shares without par value
B. Unpaid capital
1. Uncalled capital
43
0.00
Amounts in €
Accrued charges
117,042,195.28
Holiday pay and staff bonus
61,647,527.78
Accrued unmatured interests on financial debts
55,259,695.56
Various expenses
134,971.94
Deferred income
664,409,918.53
Income related to PPP Diabolo as a result of the receivable from the State
450,035,365.07
Infrastructure fee
112,067,946.66
Income related to other receivables from the State
98,040,163.69
Other deferred income
4,266,443.11
8. Off balance sheet rights and commitments
Amounts in €
Personal guarantees given or irrevocably promised by the enterprise
as security for debts and commitments of third parties
55,930,444.00
Substantial commitments to acquire fixed assets
- Investments in railway infrastructure
1,480,223,196.00
Forward transactions
- Currencies purchased
109,538,107.00
- Currencies sold
109,538,107.00
Important legal disputes and other important commitments
- Purchase of materials and delivery of services
333,511,027.00
- Commitments related to legal disputes
260,000.00
- Interest rate swaps
295,310,000.00
Nature and business purpose of off-balance sheet arrangements
- Rental contract
1,204,473.58
- Guarantees given by third parties on behalf of the company
305,196,837.73
- Rights related to customer contracts
23,859,177.49
- Securities held for third parties
551,099.89
Other rights and commitments not reflected on the balance sheet
Rights and commitments resulting from the Royal Decree of 11 December 2013 regarding the reform of the structures of the
SNCB-Holding, Infrabel and the SNCB :
1. SNCB holds for free a perpetual easement on the platforms, ... to achieve its public service missions,
2. Infrabel holds for free a perpetual easement on SNCB’s stations and properties needed to execute Infrabel’s public
service missions.
44
9. Relations with affiliated companies and companies linked by
shareholding interests
Amounts in €
2013
2014
4,534,093.42
83,539,930.33
3,284,093.42
3,470,093.42
Affiliated companies
1. Financial fixed assets
Investments
Accounts receivable : others
1,250,000.00
80,069,836.91
220,662,911.51
32,863,176.84
18,492,074.66
4,642,074.66
Within one year
202,170,836.85
28,221,102.18
3. Cash investments
103,400,000.00
0.00
After more than one year
Accounts receivable
4. Accounts payable
103,400,000.00
0.00
404,600,926.29
88,068,464.82
13,710,084.31
0.00
Within one year
390,890,841.98
88,068,464.82
7. Financial results
-662,561.65
6,370,850.80
0.00
6,390,695.11
Income from financial fixed assets
Income from current assets
134,486.32
56.47
10.88
21,965.34
Charges from debts
-648,686.85
-41,861.28
Other financial charges
-148,372.00
-4.84
38,568.10
10,130,237.50
38,568.10
10,130,237.50
Other financial income
Companies linked by shareholding interests
Investments
0.00
4,337,303.21
0.00
0.00
Within one year
0.00
4,337,303.21
4. Accounts payable
0.00
132,018,391.07
0.00
0.00
Within one year
0.00
132,018,391.07
10. Social report
In 2014, Infrabel had a workforce of 12,045.2 employees expressed as the average full-time equivalents over the year. The entire staff is seconded
by HR Rail, which plays the role of legal employer.
45
05
46
Valuation rules 2014
These valuation rules have been prepared in compliance with the legal provisions in force in Belgium, and more particularly those resulting from
the law of 17 July 1975 relating to corporate accounting and the Royal Decree of 30 January 2001 implementing the Code des Sociétés [Companies Code].
Where appropriate, when legislation or accounting practice does not provide any guidance on accounting for extraordinary transactions, the
accounting texts used are done so in accordance with the provisions of article 24 of the Royal Decree of 30 January 2001, and, if possible, using
the notices issued by the Commission des Normes Comptables [Accounting Standards Commission] or the requirements of the IAS/IFRS international accounting rules.
The valuation rules have been aligned as much as possible with IAS/IFRS.
The main valuation rules are the following:
1. Formation expenses
Formation expenses are charged to the financial year during which they are in-curred. Formation expenses cannot be capitalised.
2. Intangible fixed assets
This heading includes identifiable, non-monetary assets with no physical substance, held with a view to their use for the production or supply of goods or services, for leasing to third parties or for administrative purposes.
Intangible assets can however only be posted as assets if they are
likely to have a future economic use that contributes to the functioning of the company and if the cost of the asset can be reliably valued.
With regard to software programs developed in-house, only the
development costs are capitalised, while research costs are charged
directly to the net result. Development costs only relate to: (a) programming and description of the concept and the introduction of controls, (b) examination of the operational reliability of the programmed
concept and review of the effectiveness of the controls intro-duced,
and (c) further but fundamental adaptation of the program in order to
change or extend the application.
Intangible assets are valued according to the cost model, i.e. at their
initial cost after deduction of accumulated depreciation and any accumulated impairment losses.
The initial cost for intangible assets:
• acquired separately includes, in addition to the purchase price, additional costs such as non-recoverable taxes and transport costs;
• internally generated equals the sum of the costs incurred from the
date at which the assets met the criteria for recognition under IAS
38 for the first time, namely from the time when the Company can
demonstrate (1) the technical feasibility of the project, (2) its intention
to sell or use the asset, (3) how the asset will generate future economic benefits, (4) the existence of adequate resources to complete the
project and (5) that these costs can be reliably measured. These costs
incorporate both direct costs and the running costs of operational services (Infrastructure areas, districts and workshops).
47
Intangible assets are depreciated on a straight-line basis over their probable useful life. The concession right is amortised over the duration of the
right as set out in the A.R. [Royal Decree] of 14 June 2004. Licences are depreciated over the duration of the contract. The depreciation periods
applied are as follows:
Categories
Depreciation periods
Concession right
99 years
ERP development costs
10 years
Other software development costs
5 years
Software acquired from third parties
5 years
Websites
3 years
Licences
Contract duration
3. Tangible fixed assets
This heading includes tangible assets which are held by the company,
either to be used in the production or supply of goods or services, or
to be leased to third parties, or for administrative purposes, and which
are expected to be used over more than one financial year.
Tangible fixed assets are valued according to the cost model, i.e. at
their initial cost after deduction of accumulated depreciation and any
accumulated impairment losses.
The initial cost includes:
• the costs directly attributable to the purchase transaction;
• the costs directly attributable to the transfer of the asset to its place
of use and to put them in the condition required to be used as intended by the Company.
The cost therefore excludes the costs inherent in the study phase
incurred in connection with tangible fixed asset construction projects,
management costs, overheads related to non-operational services (i.e.
excluding Infrastructure areas, districts and workshops), staff training
costs and HR management costs.
Land
Service, logistics and technical buildings
Components
Administrative buildings
Components
The initial cost of tangible fixed assets generated internally is equal to
the sum of the costs incurred from the date on which the assets have
met the criteria for recognition under IAS 16 for the first time, i.e. if it
is probable that associated future economic benefits will flow to the
Company and that the cost of the asset can be reliably valued.
For industrial buildings, the rail infrastructure (tracks, certain engineering structures, level crossings, signalling, lighting, LHPP installations,
electrical traction installations) and sundry installations and equipment, the acquisition value of the tangible fixed assets is broken down
into its various components with different periods of use, and each
component is depreciated over its specific useful life.
With the exception of land, tangible fixed assets are depreciated over
their probable useful life, using the straight-line method. The amount
to be depreciated corresponds to the acquisition cost reduced by
its residual value, provided the latter can be determined reliably. The
depreciation periods applied are as follows:
Depreciation periods
N/A
50 years
15 to 20 years
60 years
10 to 30 years
Small constructions
15 years
Facilities in leased buildings
15 years
Main lines:
rails
25 to 40 years
sleepers - timber
25 to 30 years
sleepers - concrete
40 to 45 years
ballast
track bed
48
40 years
100 years
Secondary lines:
rails
40 years
sleepers - timber
30 years
sleepers - concrete
50 years
ballast
40 years
track bed
Track equipment
100 years
25 to 30 years
Buffers
50 years
Weighbridges
30 years
Level crossings:
signalling
coating
Tunnels, storm basins, monolithic bridges
Tunnel components
Culverts:
30 years
10 to 25 years
120 years
5 to 20 years
100 years
Bridges:
infrastructure
120 years
superstructure
75 years
paint/leak tightness treatment
20 years
Supporting walls
75 years
Reinforced embankments
30 years
Noise-reduction panels / rock walls
20 years
Signalling
7 to 35 years
Traction sub-stations:
connector cabling/ overhead line
other components
Lighting, heating and power plant
50 years
10 to 25 years
7 to 30 years
Overhead lines:
pillars, gantries or consoles
other components
50 years
15 to 25 years
Wagons
20 years
Locomotives
35 years
Cars, trucks, etc.
Special tools
4 to 15 years
20 to 40 years
Telecommunication
4 to 20 years
Workshop installations and equipment
5 to 30 years
Computer equipment
Land equipment
Station equipment
49
4 to 5 years
20 to 30 years
30 years
For tangible fixed assets acquired by leasing or similar rights, the
means of financing may not influence the book value of these fixed
assets. Such fixed assets are recognised at the start of the contract
at their fair value or, if lower, at the discounted value of the minimum
lease payments.
Disused fixed assets or those which have ceased to be sustainably
employed in the company’s business are, if appropriate, subject to
exceptional depreciation in order to align their valuation with their
probable realisation value.
The fixed assets (or a group of fixed assets) must be classified as held
for sale if their book value is recovered mainly by means of a sales
transaction rather than by continuous use. In other words, this means
that the fixed asset is available for immediate sale in its current state
and that the sale is highly probable.
Land held for sale is valued according to the revaluation model, i.e.
at its fair value at the date of revaluation less the costs to sell, minus
potential impairments. The revaluation is performed on a regular basis
to ensure that the book value does not become significantly different
from the fair value at closing date. When this land meets the IFRS 5
requirements for « Assets held for sale », it is classified in this category.
In 2013 Infrabel decided to revalue certain land as part of restructuring
the SNCB Group. To determine the potential of the revaluation, the
recoverable value from the revalued assets was calculated on the basis
of future cash flows. This calculation was carried out using the best
available forecasts with regards to future cash flows, interest rates,
inflation, etc. Given that all the land Infrabel owns can be regarded as
required to its mission of public service as the Rail Infrastructure Manager, the sites were revalued at their «Depreciated Replacement Cost»
(‘DRC’), as determined by an external expert. Each year, an impairment test is performed.
The assets acquired through a specific contract, are depreciated
according to the useful life which is at least equal to the contract
period. The underlying assets which are part of the specific contract,
and for which the useful life is longer than the contract period, are
depreciated over their normal useful life.
This heading includes (a) shareholdings, regardless of the relative significance, in other companies, where the aim is to perpetuate or support their operations, (b) shares and interests that do not constitute a
shareholding, when such holding seeks, through the establishment of
a sustainable and specific link with the companies concerned, to contribute to Infrabel’s own activity, (c) receivables made available long
term to sustainably support the activity of those companies and (d)
cash bonds paid as permanent guarantees.
Financial fixed assets are recorded at their acquisition value, less any
impairment losses.
Expenses incidental to their acquisition are recorded directly as costs.
assets are subject, at least once a year, to an impairment test.
If the impairment test shows that the recoverable amount of the financial fixed asset concerned is lower than its book value, the holding or
the shares held are subject to an impairment loss.
On the basis of this impairment test and on the basis of the other
information made available to the management, an allocation or writeback to the impairment losses must be recorded.
Financial fixed assets represented by receivables are subject to impairment if their repayment on the due date is wholly or partly uncertain
or compromised.
Financial fixed assets represented by receivables are valued at their
nominal value, applying the conversion rate at acquisition if the
amount is stipulated in foreign currency.
In accordance with the stipulations of standard IAS 36, financial fixed
5. Accounts Receivable after more than one year
This heading includes receivables with a contractual term of more
than one year.
Receivables are valued at their nominal value, except for receivables in
the form of fixed-income securities which are valued at their acquisition value. They are adjusted, where appropriate, by value reductions.
mally low interest, it is subject to discounting intended to record it at
its current value, in any event if the effect of the discounting is significant. This discounting is posted in the accrued charges.
Receivables are subject to value reduction if their repayment on the
due date is in whole or in part uncertain or compromised.
When a long-term receivable is non-interest-bearing or yields abnor-
50
6. Stocks and contracts in progress
The heading ‘stocks’ includes assets (a) held for sale, (b) in the course
of production, including materials or raw materials and supplies
already incorporated into the production process, (c) in the form of
raw materials or supplies to be consumed in the production or supply
of services process.
The heading “contracts in progress” includes works being executed,
products in the course of being manufactured and services in the
course of being performed, carried out on behalf of a third party pursuant to an order.
Stocks are valued at the lower of acquisition cost or net realisable
value.
The acquisition price of fungible stocks is determined by applying the
weighted average price method.
The cost of stocks includes all the acquisition and processing costs,
plus the other costs incurred in transporting the stocks to their present place and in their present condition.
Work in progress and contracts in progress are valued at cost price.
Financing costs are excluded from the cost price.
Certain stock articles are periodically subject to value reductions following regular examination of their condition by the technical services
concerned.
Ranges of stock articles with no direct link to tangible fixed assets
undergo a value reduction when they do not experience any movement for at least one year. The percentage value reduction applied
to the value of the articles is based on the known stock rotation rate.
Value reductions are recorded on contracts in progress (a) if their cost
price, plus the estimated amount of related costs still to be incurred,
exceeds, according to the circumstances, their net selling price on the
closing date or the cost price set out in the contracts, and (b) by 50%
and 100% respectively if their execution date exceeds the invoicing
date by 1 or 2 years.
Stock processing costs include the costs directly linked to the units
produced, such as direct labour. They also include the routine allocation of fixed or variable production overheads which are incurred in
processing the raw materials into finished products.
7. Accounts receivable within one year
This heading includes receivables - commercial or otherwise - whose
initial term is one year maximum, as well as receivables or parts of
receivables whose initial term exceeded one year, but which come to
term within twelve months of the end of the last financial year.
valued at their acquisition value. They are adjusted, where appropriate, by value reductions.
Receivables are subject to value reduction if their repayment on the
due date is wholly or partly uncertain or compromised.
Receivables are entered on the balance sheet at their nominal value,
except for those in the form of fixed-income securities which are
8. Cash investments
This heading includes receivables in term deposits with credit institutions and securities acquired as cash investments and which are not
classified as financial fixed assets.
Cash investments due to be realised shortly are subject to appropriate
value reductions if, at the end of the financial year, the estimate of their
realisation value is lower than their acquisition price.
Cash investments are valued at the lowest of acquisition value or market value.
For treasury investments represented by shares or stocks, value reductions are recorded either (a) for the difference between book value
and repurchase or realisation value, or (b) for the difference between
book value and market value or (c) for the difference between book
value and the share in the equity of the company.
For fixed-income securities, if there is a difference between the acquisition and redemption value, the difference is accounted for in profit
and loss pro rata temporis over the remaining term of the securities,
as a constituent part of the interest produced by these securities and
is, as appropriate, added to or deducted from the acquisition value of
the securities, the recording in profit and loss being made on a discounted basis.
51
9. Cash at bank and in hand
This heading includes available financial items, such as cash in hand,
securities falling due for collection and credit balances at banks.
An appropriate value reduction is registered when the realisation value
at the fi-nancial year-end is lower than the nominal value.
Cash at bank and in hand is recorded at its nominal value and adjusted,
where appropriate, by value reductions.
This heading includes (1) deferred charges, i.e. pro rata charges incurred during the financial year or a previous year but which relate to one
or more later years, and (2) accrued income, i.e. pro rata income which
will only fall due during a subsequent financial year but which relate
to a previous year.
Deferred charges, accrued income and pro rata interest included in
the nominal value of debts are valued at their acquisition value taking
due account, for income, of its recoverability.
11. Capital
The capital consists of two items, in particular the issued capital, formed by the amounts which the shareholders have agreed to contribute, and the uncalled capital, i.e. the part of which the company’s
management bodies have not yet claimed the payment.
Shares representing capital are valued at their nominal value.
12. Revaluation surpluses
This heading includes unrealised revaluation surpluses recorded on the
net book value of tangible or financial fixed assets, to the extent that
they constitute an increase in the intrinsic value of the capital invested.
the net book value posted under assets.
In case of future capital loss on a revalued asset, the recorded revaluation surplus is reversed for the amount not yet depreciated.
Revaluation surpluses are recorded at their nominal value and apply
only to positive differences between the estimation by an expert and
13. Reserves
This heading includes profits of previous financial years not distributed by the Company, in a sustainable context, in accordance with legal,
regulatory or corporate provisions, following a decision of the General
Shareholders’ Meeting.
Reserves are valued at their nominal value.
14. Investment grants
This heading includes public aid, taking the form of transfers of
resources to a company, the main condition of obtaining which is
the purchase, construction or acquisition by any means of assets in
the long term, and granted by the European Community, the Belgian
State, other Belgian or foreign public authorities, or by third parties.
52
Investment grants are recorded at their nominal value.
Investment grants are subject to straight-line depreciation at the same
rate as the tangible and intangible fixed assets which they have financed.
15. Provisions and deferred taxes
This heading includes liabilities whose due date or amount is uncertain.
Two kinds of provisions are included, firstly those provisions valued in accordance with the principles set out in Standard IAS 37, and secondly
those provisions valued in accordance with the principles set out in Standard IAS 19.
15.1
IAS 37 provisions
Provisions valued in accordance with IAS 37 principles must be included
in the balance sheet only when (a) there is a current (legal or implicit)
obligation resulting from a past event, (b) it is probable that the expense
will be incurred, and (c) the amount of the obligation can be reliably
estimated.
The discount rate used is determined by reference to the market rate
at the date of calculation of the bonds of leading companies and with
maturity comparable to that of the commitments. The other actuarial
hypotheses (mortality, salary increases, inflation, etc.) reflect the Company’s best estimate.
When the impact of the effect of time is likely to be significant, the provision is valued on a discounted basis.
Other long-term benefits
The other long-term benefits are benefits that are not wholly due in the
twelve months following the end of the financial year during which the
employees rendered the corresponding services.
Contingencies and expenditure which are the subject of a provision are
estimated, case-by-case, based on information brought to the Company’s attention, while ensuring compliance with the criteria of prudence,
truthfulness and good faith.
The amount recorded in the financial statements is equal to the present
value of the obligation reduced, if appropriate, by the market value at
the date of closing of the plan assets. The calculations are based on the
“projected unit credit method”.
A provision must be recorded under liabilities at its gross value (= cannot
be reduced by a recoverable asset).
Termination benefits
Termination benefits are benefits payable following a decision by the
Company to terminate the contract of employment of one or more employees before the normal retirement date, or following the decision of
the employee(s) to leave voluntarily in exchange for benefits.
15.2
IAS 19 provisions
Employee benefits are subject to provisions in line with the principles set
out in Standard IAS 19. These mainly concern provisions for post-employment benefits, other long-term benefits and termination benefits.
Post-employment benefits
Post-employment benefits refer to employee benefits that are payable
subsequent to cessation of employment.
For these benefits, a debt determined on an actuarial basis is recorded
to the extent that an obligation exists for the Company. This debt is discounted if the benefits are payable beyond twelve months.
15.3
Deferred taxes
No deduction for deferred taxes is recorded.
Post-employment benefits granted to personnel can be of two types:
• “defined contributions” type: these are plans for which a contribution is paid by the Company to a distinct entity, and in respect
of which the Company will have no legal or implicit obligation to
pay additional contributions. These contributions are recorded as
costs in the periods during which the services are rendered by the
employees. If appropriate, contributions paid in advance (not yet
paid) are recorded under assets (liabilities) in the financial statements;
• “defined benefit” type: these are all plans other than the “defined
contributions” type.
Post-employment benefits granted to employees and of the “defined
benefit” type are subject to actuarial valuation. They are provided for
(subject to deduction of any plan assets, i.e. any assets previously constituted to pay for the benefits) to the extent that the Company has
an obligation to bear the costs, related to the services rendered by the
personnel. This obligation can result from a law, a contract or “acquired
rights” on the basis of established practice (implicit obligation). The actuarial method used is the “projected unit credit method”.
53
16. Accounts payable after more than one year
This heading includes debts which have a contractual term exceeding one year.
Debts are entered at their nominal value.
Non-interest-yielding debts or those yielding abnormally low interest are entered as liabilities at their nominal value, but the entry is accompanied by an accrued income entry and an entry in the P&L pro rata temporis on the basis of the compound interest, of the discount calculated at
the market rate.
Debts represented by fixed-income securities are valued at their acquisition value.
17. Accounts payable within one year
This heading includes debts which have a contractual term of less than, or equal to, one year.
Debts are entered at their nominal value.
Debts represented by fixed-income securities are valued at their acquisition value.
This heading includes (1) accrued charges, i.e. the pro rata of charges which will only fall due during a later financial year but which relate to a
previous year, and (2) deferred income, i.e. the pro rata of income received during the financial year or a previous year but which relates to one
or more later years.
Accrued charges, deferred income and interest included in receivables are recorded at their nominal value.
54
06
55
Board of Auditors’ Report on
the financial statements for the
year ended 31 December 2014
INFRABEL NV VAN PUBLIEK RECHT
Marcel Broodthaersplein 2
1060 SINT-GILLIS
RPR : BE 0869.763.267
FREE TRANSLATION – The original versions of this report are in Dutch and in French
Statutory Auditor’s report to the general meeting of shareholders of Infrabel NV van
Publiek Recht on the financial statements for the year ended 31 December 2014
In accordance with the legal and statutory requirements, we report to you on the performance of the
mandate of statutory auditor, which has been entrusted to us. This report contains our opinion on the true
and fair view of the financial statements as well as the required additional statements and information and a
report on the accounts by sector of activity. The financial statements include the balance sheet as at 31
December 2014 and the income statement for the year then ended as well as the notes to the account.
Report on the annual accounts - Unqualified opinion
We have audited the financial statements of the company Infrabel NV van Publiek Recht for the year ended
31 December 2014, prepared in accordance with the financial reporting framework applicable in Belgium as
defined in the company code, and in accordance with the framework specific to the company as defined
mainly in the law of 21 March 1991 and in the regulations specific to railway companies, which show a
balance sheet total of EUR 21.060.196.447,22 and a loss for the year of EUR 3.745.652,08.
Responsibility of the Board of Directors for the preparation of the annual accounts
The Board of Directors is responsible for the preparation of annual accounts that give a true and fair view in
accordance with the financial reporting framework applicable in Belgium, and for such internal control as the
Board of Directors determines is necessary to enable the preparation of annual accounts that are free from
material misstatement, whether due to fraud or error.
Grant Thornton Bedrijfsrevisoren CVBA | burgerlijke vennootschap met handelsvorm
Tel +32 (0)2 242 11 40 | Fax +32 (0)2 242 03 45 | bruxelles@be.gt.com | www.grantthornton.be
Metrologielaan 10, bus 15 | 1130 Brussel
BTW BE 0439 814 826 | RPR Antwerpen
Mazars Réviseurs d’Entreprises – Société Civile à forme de société coopérative à responsabilité limitée
Avenue Marcel Thiry 77 b. 4 – B 1200 Bruxelles
Tel. : + 32 (0)2 779 02 02 – Fax: + 32 (2) 779 03 33 – www.mazars.be – www.mazars.com
TVA : BE 0428.837.889 - RPM Bruxelles
Rekenhof | Cour des comptes
Regentschapsstraat 2 – 1000 Brussel | Rue de la Régence 2 – 1000 Bruxelles
56
Tel +32 (0)2 551 81 11 | Fax +32 (0)2 551 86 22 | www.ccrek.be
Responsibility of the statutory auditors
Our responsibility is to express an opinion on these annual accounts based on our audit. We conducted our
audit in accordance with the International Standards on Auditing (ISAs). Those standards require that we
comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the annual accounts are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
annual accounts. The procedures selected depend on the statutory auditor’s judgement, including the
assessment of the risks of material misstatement of the annual accounts, whether due to fraud or error. In
making those risk assessments, the statutory auditor considers the company’s internal control relevant to the
preparation of annual accounts that give a true and fair view, in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used
and the reasonableness of accounting estimates made by the Board of Directors, as well as evaluating the
overall presentation of the annual accounts.
We have obtained from the Board of Directors and the company officials the explanations and information
necessary for performing our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Unqualified opinion
In our opinion, the annual accounts give a true and fair view of the company’s net equity and financial
position as at 31 December 2014, and of its results for the year then ended, in accordance with the financial
reporting framework applicable in Belgium and in accordance with the legal and regulatory framework
specific to the company.
Matters of emphasis
Without qualifying our opinion, we draw your attention to the explanatory notes to the financial statements
and more specifically:
1.
To the valuation rules in VOL 7 in which the principles are defined for the revaluation of land.
During the financial year 2013, the board of directors proceeded to the revaluation of land (1.215
million EUR) and this has been accounted for in the financial statements as at 31 December 2013 in
a separate line of equity, in accordance with article 57 of the Royal Decree of 30 January 2001 to
execution of the Company Code. In 2014 a capital increase by incorporation of revaluation surpluses
was carried out for an amount of EUR 1.164.744.061,45 and additional revaluation surpluses on land
were accounted for for an amount of EUR 7.278.468,30.
57
The board of directors is of the opinion that, based on an external expert report, the value of a large
number of land exceeds in a certain and durable way the carrying value, considering the “Depreciated
Replacement Cost”, supported by the total amount recoverable from the whole of the activities of
Infrabel (cash generating unit).
Given all land may be considered necessary in the light of the mission of public service of the railway
infrastructure manager, the land was revalued at the “Depreciated Replacement Cost” (‘DRC’), as
assessed by an external expert. An impairment test is performed annually.
We draw the attention to the fact that the revaluation and the annual impairment test are based on
financial data and valuation parameters on which inherently a degree of uncertainty and
interpretation margin is linked. Moreover, the accounting estimates resulting here from, are subject
to changes in case of questioning the data and parameters used.
2.
In the annual report (point 2.3) incorporated in VOL 8 of the annual accounts, the Board of
Directors justifies, in accordance with article 96, 6° of the Company Code, the application of the
valuation rules from a going concern perspective. The matters described in the notes indicate the
existence of an uncertainty regarding going concern related to the reform of the Belgian railways.
Other matters
1.
We draw attention to the fact that the reorganization of the company was implemented in the course
of the 2014 financial year. As a result, at the beginning of the 2014 financial year the administrative
organisation and internal control was not adapted to this changed environment and the increased
complexity.
2.
We draw attention to the accounting estimates and the elements of assessment in the accounts, in
particular the environmental provisions (soil contamination and remediation) which are based on the
current state of the inventory and the assessment of pollution related to the land, the valuation of
financial instruments and the valuation of obligations to employees. These accounting estimates and
elements of assessment include inherent elements of uncertainty.
3.
We draw attention to the annual report in which the Board of Directors provides an explanation of
the future rights and obligations given by the company to the PPP Diabolo.
4.
The company has taken steps to develop a fraud management policy. Fraud risks should be further
identified and it should be verified whether the existing management measures reduce these fraud
risks to an acceptable level.
Report on other legal and regulatory requirements
The Board of Directors is responsible for the preparation and the content of the Director’s report, as well as
for the compliance with the legal and regulatory requirements regarding bookkeeping, with the Company
Code and with the company’s by-laws.
In the context of our mandate and in accordance with the Belgian standard which is complementary to the
International Standards on Auditing (ISAs) as applicable in Belgium, our responsibility is to verify, in all
58
3
material respects, compliance with certain legal and regulatory requirements. On this basis, we make the
following additional statements, which do not modify the scope of our opinion on the annual accounts:

The Director’s report includes the information required by the law, is consistent with the annual
accounts and does not present any material inconsistencies with the information that we became
aware of during the performance of our mandate.

Regarding completeness and the assessment of off balance sheet commitments, we rely on the
confirmation of the management and relevant third parties. Without prejudice to certain formal
aspects of minor importance, the accounting records are maintained in accordance with the legal and
regulatory requirements applicable in Belgium.

The appropriation of results proposed to the general meeting complies with the relevant
requirements of the law and the company’s by-laws.

There are no transactions undertaken or decisions taken in breach of the by-laws or of the Company
Code that we have to report to you.
Other matters

We point out that, pursuant to Article 156c, paragraph 2 of the Act of 21 March 1991, the authority
to carry out investment work on platforms is accorded to NMBS from 2014. Infrabel, in the absence
of an agreement between the two companies, has continued to carry out such investment work and
recorded this as work in progress on behalf of NMBS.

Despite of numerous references to IAS/IFRS in the financial statements, we would like to
emphasize that our mission is strictly limited to the verification of the financial statements in
accordance with the financial and legal reporting framework applicable in Belgium and with the
framework specific to the Company.
Report on the accounts by sector of activity
Pursuant to Article 27 § 1 of the Act of 21 March 1991 on the reform of certain economic public companies,
Infrabel should provide a separate set of accounts for its activities related to public service tasks, which are
specifically defined in Article 199 the aforementioned Act of 21 March 1991, on the one hand, and with
respect to its other activities (namely the acquisition, development, maintenance, management, operation and
marketing of computer systems and telecommunications networks), on the other hand.
The notes to the financial statements should include a summary statement of the accounts relating to the
public service tasks and a corresponding commentary.
The management is responsible for the preparation and fair presentation of the accounts by sector of activity
in accordance with Article 27, §1 of the Act of 21 March 1991 and for such internal
control as management determines is necessary to enable the preparation of financial statements that do not
contain any material misstatement resulting from fraud or error.
59
4
The Board of Directors adopted the 2014 accounts by sector of activity in its meeting on 30 March 2015.
These accounts are included in the notes to the financial statements.
The Board of Auditors has audited the accounts by sector of activity for the 2014 financial year. The audit
was performed in accordance with the ISAE 3000 standard "Assurance Engagements Other Than Audits or Reviews
of Historical Financial Information".
Based on our audit of the accounts by sector of activity, we draw your attention to the following points:
1.
The paragraphs that emphasize certain matters as contained in the report of the Board of Auditors
on the statutory financial statements also apply to accounts by sector of activity.
2.
The accounts by sector of activity are partly based on the use of a distribution formula based on a
number of parameters. The assumptions underlying this, include elements of uncertainty.
3.
At the debt distribution in accordance with Article 5 of the Royal Decree of 7 November 2013 to
reform the structures of NMBS Holding, Infrabel and NMBS abstraction was made of the origin of
the net financial debt at 31 December 2013. Until 31 December 2013, the breakdown of the total
debt at the level of NMBS Holding for the sectors of activity could be followed through the cash
flow statements of the NMBS Group, in application of Article 94 of the management contract
between the Belgian State and NMBS Holding. A distinction was made between the ABX debt
(EUR 1,85 billion), a number of other commercial debts (EUR 0,49 billion) and debts relating to
public service tasks (EUR 0,95 billion). In the absence of clarity about its origin, the debt transferred
to Infrabel was allocated entirely to the public sector.
4.
For some assets (mainly ICT systems and software) that are classified as being in the public sector,
the attribution of the associated costs of use by the sectors has yet to be reflected in the accounts by
sector of activity.
60
Brussels, May 4, 2015
The Statutory Auditors
Het Rekenhof
represented by
Rudi Moens
Counselor at het Rekenhof
Michel de Fays
Counselor at La Cour des Comptes
The members of the Institute of Registered Auditors
(Instituut van de Bedrijfsrevisoren / Institut des Réviseurs d’Entreprises)
Mazars Bedrijfsrevisoren CVBA
represented by
Grant Thornton Bedrijfsrevisoren CVBA
represented by
Philippe Gossart
Registered Auditor
Ria Verheyen
Registered Auditor
61

Annual financial statements 2014

Transcription

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