Fluxys Belgium's net profits down

Oil&Gas Materials 26 March 2020 11:43 (UTC +04:00)
Fluxys Belgium's net profits down

BAKU, Azerbaijan, March 26

By Leman Zeynalova – Trend:

Fluxys Belgium's net profits totalled €42.5 million, compared with €47.6 million in 2018, Trend reports with reference to the company.

“This decrease on the previous financial year is due to changes in the parameters that determine the regulated return, as well as the dividend income and the lower profits from non-regulated activities,” the company said in its report.

Since 2010, barring unforeseen events, Fluxys Belgium has striven towards distributing 100 percent of its annual net profits plus the share of reserves freed up as and when the revaluation surplus is depreciated.

At its Annual General Meeting on 12 May 2020, Fluxys Belgium will propose paying out a gross dividend of €1.30 per share by releasing €9.9 million from unavailable reserves. Taking into account a profit of €53.0 million carried over from the previous financial year and a withdrawal of €49.3 million from the reserves, the Board of Directors will propose to the Annual General Meeting that the profits be allocated as follows: €91.3 million as a dividend payment, and €53.5 million as profit to be carried forward.

“If that profit allocation proposal is adopted, the total gross dividend for the 2019 financial year will be €1.30 per share. This amount will be payable as of 20 May 2020.”

Fluxys Belgium is the independent operator of both the natural gas transmission grid and gas storage infrastructure in Belgium. Through its wholly owned subsidiary Fluxys LNG, the company also operates the Zeebrugge liquefied natural gas (LNG) terminal. Fluxys Belgium is a subsidiary of Fluxys, the gas infrastructure group based in Belgium and active across Europe.


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