- Who are Nuon’s shareholders?
- What is Nuon’s value?
- What is Nuon’s financial framework?
- What is Nuon’s target credit rating?
- What are Nuon’s main financing options?
- What are the x-factors that have been assigned to Nuon by the Office of Energy Regulation?
- Who are Nuon’s shareholders?
Nuon’s largest shareholders are the provinces of Gelderland, Noord-Holland, the municipality of Amsterdam and bv Houdstermaatschappij Falcon, whose shares are held by the province of Fryslân. They represent together some 76%.
The other shareholder, with each less than 3% of the shares, are about 65 smaller municipalities and the province of Flevoland.
The authorised share capital of the company is divided into 350 million shares each having a nominal value of Euro 5. As at year-end 2006, 133,486,618 shares had been issued. - What is Nuon’s value?
The shareholders’ equity at the end of 2007 amounted to EUR 5,6 billion.
- What is Nuon’s financial framework?
Nuon’s financial policy, which is part of its general policy and strategy, is to obtain an adequate return for shareholders and protect the interests of bondholders and other lenders, while maintaining the flexibility to grow and invest in the business.
The financial framework within which Nuon aims to operate is:
• A ratio of net profit plus depreciation and amortisation to net debt of at least 30%
• A ratio of net profit (excluding non-recurring tax effects) plus depreciation and amortisation plus net financial income and expenses to net financial income and expenses (interest cover) of at least 5
• To ensure a balanced repayment schedule
• To ensure sufficient cash and cash equivalents balances and committed credit facilities
• To maintain a solid A rating profileOur dividend policy:
• To distribute a stable cash dividend over the years
• To strive for a cash dividend of at least EUR 45 million per year
• A pay-out ratio of 45% of net profit after tax, adjusted for non-recurring exceptional items
• Subject to a minimum solvency ratio of 35% - What is Nuon’s target credit rating?
We strive to maintain a solid A credit rating profile. This has a direct impact on the cost of debt and will allow easier access to capital markets. Furthermore, our A rating impacts our trading position in the global energy market and determines the need to issue Letters of Credit relating to cross-borderleases.
- What are Nuon’s main financing options?
The following means of financing are available to Nuon:
• A EUR 1.5 billion credit facility (expiring November 2009). This facility has thus far remained unused.
• The EUR 1.5 billion ECP (European Commercial Paper) programme for short-term financing needs (<18 months).
• Green Loans.
• Project financing (mainly windparks).Nuon will use these instruments based upon the type and tenor of projects to be financed.
- What are the x-factors that have been assigned to Nuon by the Office of Energy Regulation?
As per June 26, 2006, Nuon has been assigned with an x-factor of 1.1 for power transportation for the period from 2007-2009.
As per August 31, 2005, Nuon has been assigned with an x-factor of 3.2 for gas transportation for the period from 2005-2007.
The Office of Energy Regulation (Energiekamer) is the supervisory authority for the energy market in the Netherlands. The DTe is part of the Ministry of Economic Affairs. The x-factor is the compulsory reduction in permitted turnover for the in the Netherlands regulated market of gas and power transportation imposed by the Dte. The reduction is compulsory in order to enforce the regulated energy transportation market in the Netherlands to function more efficiently.