Nederlands
Financial policy
EBN is an independent company, with the Dutch State as its sole shareholder. In accordance with the agreements made on this subject with the shareholder, EBN does not maintain any financial reserves. The net result is paid out in full to the State.
An important aspect of the financial policy involves managing the cash flow. Seasonal patterns in gas sales result in fluctuations in gas production. Payments to the State, such as levies, dividends and tax payments, are made at set times, but the actual amounts are highly dependent on the seasonal pattern in gas revenues.
EBN's funding requirements are initially met from the company's cash flow after dividend, i.e. primarily from the cash flow attributable to depreciation. This is supplemented by short-term and long-term loans arranged in the market. Structural deficits are funded by long-term loans, while the money market is used for incidental deficits or surpluses.
EBN seeks to fund its activities at the lowest possible costs, while maintaining good access to the capital and money markets. EBN’s current AAA ratings from Moody's and Standard & Poor’s provide a stable foundation, as do its financial statements prepared in accordance with the International Financial Reporting Standards (IFRS).
