Investor relations

Key figures and annual report

From February 1, 2017 the Eneco Group is unbundeld in an energy company (Eneco Group) and a network company (Stedin Group). The networkoperator Stedin Netbeheer B.V. is a part of the regulated segment of the Stedin Group. Stedin Holding N.V. is the holding of the Stedin Group. This company was called Eneco Holding N.V until February 1, 2017. 

The key figures and annual reports of the Eneco Group are published on Annual reports of the Eneco GroupThe annual reports of the netbeheerder Stedin (Stedin Netbeheer B.V.) are published on Jaarverslagen en publicaties

Half-year report 2017*

Annual update 2016

The 2017 Half-year Report of Stedin Holding N.V. published on 8 August 2017 was reissued with changes on 22 September 2017 as a result of changed insights with respect to the correct application of IFRS 10. The changes are explained in more detail on page 14 and 16 and do not affect the ‘Profit after income tax’ or ‘Total equity’ previously presented. On 4 October 2017 the English version of the Half-year Report was altered further to correct the translation from Dutch to English for a number of balance sheet line items on page 13. Compared to the previous version of the Half-year Report no figures were changed.

Credit Ratings

Standard & Poor's issued a rating on September 20, 2016 for Stedin Netbeheer B.V. and updated the rating for Stedin Holding N.V. (formerly Eneco Holding N.V.) as if the unbundling has already taken place. The current ratings, shown below, are a reflection of the high degree of creditworthiness of Stedin Group and the positive attitude of Standard & Poor's regarding the positioning, strategy and management of the organization.

The solid cash flow, conservative financial strategy and the availability of committed credit facilities contribute to the current ratings.

1

Corporate Rating

 Description  Rating
 Corporate Credit rating Stedin Holding N.V.  A-/Stable/A-2
 Corporate Credit rating Stedin Netbeheer B.V.  A-/Stable/ - -


2

Issue Ratings

Instrument Rating Rating date
EUR 750 million ECP program A-2 June 17, 2016
EUR 500 million Perpetual Fixed Rate Reset Securities (Hybrid) BBB  


Financing

Stedin Group has attracted funding and has several funding programs in place in order to attract capital in the future for different purposes and durations. Below the existing loans categorized are displayed as well as the details of the financing frameworks. Please click on one of the items below to find the requested financial information.

1

Private Placements

A Private Placement is a direct private offering of securities to a limited number of accredited institutional investors.
The major outstanding private placements are listed below.

Schuldschein 2013      
Issuer Stedin Holding N.V.
Arrangers Citibank
Amount EUR 150.000.000
Ranking Senior Unsecured
Maturity 2033
US Private Placement 2009                                     
Issuer Stedin Holding N.V.
Arrangers Barclays Capital and ING Financial Markets
Amount USD 269.000.000 and GBP 75.000.000
Ranking Senior Unsecured Notes
Maturity Several until 2029
EUR Private Placement 2009                         
Issuer Stedin Holding N.V.
Arrangers Deutsche Bank AG and ING Bank N.V.
Amount EUR 95.000.000
Ranking Senior Unsecured Notes
Maturity  2019
EUR Private Placement 2009                            
Issuer Stedin Holding N.V.
Arrangers Royal Bank of Scotland
Amount
EUR 150.000.000
Ranking
Senior Unsecured Inflation Linked Notes
Maturity
2019
JP Private Placement 2009  
Issuer Stedin Holding N.V.
Arrangers
Citibank
Amount
JPY 20.000.000.000
Ranking
Senior Unsecured Notes
Maturity 2039 
US Private Placement 2007                                       
Issuer Stedin Holding N.V.
Arrangers
Barclays Capital and RBS Greenwich Capital
Amount
EUR 775.000.000
Ranking
Senior Unsecured Notes
Maturity
Several until 2027

2

Revolving Credit Facility

The Revolving Credit Facility has a maximum tenor until 3 July 2024 and is used for general corporate purposes of Stedin Group.

Borrower     Stedin Holding N.V.
Amount EUR 600.000.000
Coordinator 
ABN AMRO Bank N.V. 
Facility agent ABN AMRO Bank N.V.
Lead arrangers
ABN AMRO, Bank of Tokyo-Mitsubishi, BNP Paribas, ING Bank, Rabobank, Royal Bank of Scotland
Maturity
3 July 2024

 

3

Subordinated securities

On December 1, 2014 Stedin Holding N.V. has issued a perpetual subordinated bond for a total nominal amount of EUR 500 million at an issue price of 99,232% and an annual interest coupon of 3.25%. The bonds are subordinated to all other liabilities of Stedin Group. The term of the bonds is infinite, where Stedin Group has the right to repay the bonds in 2021 and every year thereafter. Standard & Poor's has rated the instrument BBB. The bonds are listed on the Luxembourg Stock Exchange's Euro MTF Market (ISIN XS1141810991).

Issuer Stedin Holding N.V.
Amount  EUR 500.000.000
Advising Banks
Royal Bank of Scotland and Barclays (Structuring Advisors)
ABN AMRO; Barclays BNP PARIBAS; ING Bank and Royal Bank of Scotland (Joint Bookrunners) 
Ranking
Deeply subordinated; senior to share capital
Term
Perpetual
Offering Memorandum

4

Euro Commercial Paper (ECP) programme

A Euro Commercial Paper Programme (ECP) is a standardized issuance platform for short-term debt instruments in the public and private market. The paper is unsecured and unsubordinated.

Issuer 
Stedin Holding N.V.
Advising bank ING Bank N.V.
Amount
EUR 750.000.000
Dealers  Barclays Bank Plc
BNP Paribas 
Citibank Europe Plc, UK Branch
Coöperatieve Rabobank U.A.
ING Bank N.V.
Royal Bank of Scotland Plc
Ranking
Senior Unsecured Notes
Rating
A-2
Issue & Paying Agent
Citibank, N.A., London Branch 

Euro Commercial Paper Programme

5

Euro Medium Term Note (EMTN) Programme

The Euro Medium Term Note programme allows Stedin Groep to issue notes with various maturities from 1 year typically up to 30 years in different currencies. The current EMTN programme size is EUR 2.000.000.000. 

This prospectus enclosed below is approved by the Dutch Authority for the Financial Markets (AFM) and is valid for 1 year following the date of approval.

Issuer   Stedin Holding N.V.
Arrangers
Coöperatieve Rabobank U.A.
Amount
EUR 2.000.000.000
Dealers 
ABN AMRO Bank N.V.
BNP Paribas
Coöperatieve Rabobank U.A.
ING Bank N.V.
MUFG Securities EMEA plc
The Royal Bank of Scotland Plc (trading as NatWest Markets)
Ranking
Senior Unsecured Notes

Base prospectus 6 October 2017

Contactpersoon Investor Relations


Ernst Japikse

Manager Treasury Stedin Groep

Sebastiaan Weeda

+31 (0)6 270 427 29 

Sebastiaan.Weeda@stedingroep.nl