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Key Figures

   

Realised in 2019

Realised in 2020

Budgeted for 2021

Estimate 2022

Estimate 2023

Estimate 2024

Estimate 2025

Signalling value

Solvency1

  

0.68

0.62

0.60

0.59

0.57

0.54

0.53

> 0.3

 

Liquidity2

  

0.77

0.47

0.27

0.28

0.28

0.28

0.28

> 0.5

 

Accommodation ratio3

  

0.11

0.09

0.09

0.08

0.08

0.09

0.09

< 0.15

 

Resilience4

  

0.53

0.40

0.35

0.33

0.33

0.32

0.32

> -0.05

 

Return5

  

0.02

0.00

-0.02

-0.01

0.00

0.00

0.00

> -0.10

1-year

          

> -0.05

2-year

          

> 0

3-year

  • 1 (equity + reserves) / total liabilities
  • 2 current assets / current liabilities
  • 3 ratio in accordance with MIP
  • 4 equity / total income
  • 5 operating result / total income

Internal Standard for Liquidity

With the exception of the liquidity ratio, all the indicators set by the Inspectorate of Education are being met over the long term. Although the liquidity ratio was not achieved on the balance sheet date, there is no evidence of a liquidity shortfall. The budget is based on an amount of liquid assets of at least €20 million. If the amount of liquid assets falls below this level, the university can draw on a current account overdraft facility from the Ministry of Finance (amounting to €32 million). Moreover, the government's payment schedule follows the pattern of expenditure. Ample pre-financing on research projects is also a regular source of funding, which contributes to liquidity.

With regard to solvency, the Ministry of Education, Culture and Science, via the Inspectorate of Education, has also determined a signalling value for the maximum size of ‘public’ equity: the value of tangible fixed assets plus a risk buffer of 5% of the total income minus 75% of the provisions.

Based on figures at the end of 2020, this leads to a maximum permitted (public) equity of €432 million for Radboud University. The actual amount of this equity at the end of 2020 was €235 million, which is well within the norm. For the entire period from 2019 up to and including 2025, the university also meets the signalling value.

amounts x €1,000

        
 

Realised in 2019

Realised in 2020

Budgeted for 2020

Budgeted for 2021

Estimate 2022

Estimate 2023

Estimate 2024

Estimate 2025

Public equity capital

236,838

234,607

223,416

217,883

209,933

207,907

205,783

206,780

Normative equity capital

        

Acquisition value for buildings *0.5*1.27

406,223

428,983

424,943

443,383

453,934

477,683

502,956

524,038

5% of the income

30,201

30,739

31,351

33,064

33,291

33,640

33,880

34,136

Book value of other tangible assets

22,392

27,394

28,718

32,765

29,181

25,330

21,563

18,318

 

414,032

432,327

427,576

443,682

458,045

485,993

515,274

539,857

The liquidity as of 2020 is below the signal value of 0.5. This is because, for a number of years, the university has been aiming towards reducing the balance of liquid assets by financing investments in buildings with its own money, as much as possible. Financing with borrowed capital will be arranged in 2021 so payment obligations can always be met. This has been taken into account in the multi-year forecast.