Shareholders and Investors

As a major energy network company, we have an important function in Dutch society. Consequently, our social, financial and sustainability performance plays a significant role in the considerations of shareholders and investors. And having a sound financial position enables us to perform accordingly.

Our civil-society and financial stakeholders have identified the following themes as being of material importance to them (the figures correspond to the position in the materiality matrix):

  • corporate social responsibility in the supply chain ⑩

  • responsible investment policy ⑪

Objectives and results relevant to shareholders and investors


To retain a solid A rating profile
S&P AA-/A-1+/stable outlook
Moody’ s Aa2/P-1/stable outlook

CO2 emissions from business operations 1

333 kt max
288 kt
416 kt in 2017

Circularity 2

10.0 %
16.5 %
6.0 % in 2017

FFO/Net debt

> 20.0 %
32.2 %
27.4 % in 2017

Interest cover

> 3.5
10.2 in 2017

Net debt

< 60.0 %
33.8 %
34.4 % in 2017

Solvency ratio

> 30.0 %
57.3 %
56.7 % in 2017
  • 1 For 2018, CO2 emissions have been calculated using a new method. The new method has a lower coefficient for grid loss purchases from EDF and DONG. Originally, this coefficient was not known, and an average (trading mix) was assumed. For 2017, a comparable figure has been included, calculated according to the new method.
  • 2 The KPI is measured by calculating an overall KPI score for the four largest asset groups procured based on a weighted average of the amount in kilograms purchased per category.