TenneT Holding B.V.

Name: TenneT Holding B.V. financial statements and ratios
Creator: Annalist

Utilities, electricity transmission · Netherlands · IFRS · Fiscal year ends December

Latest report: FY2024, the fiscal year ended 31 December 2024. Snapshot FY2024_d435c531.

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Overview

Revenue, fiscal year

+7.5% year on year

Operating profit, fiscal year

+125% year on year

Net income, fiscal year

+179% year on year

Diluted EPS, fiscal year

+193% year on year

Operating margin, fiscal year

+16.7pp year on year

Return on equity, fiscal year

+10.9pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2024 was €10.0 billion, 7.5% higher than in the previous fiscal year.
Newin FY2024 · first stated
Rule: Revenue against the previous fiscal year · Sources Annual financial report 2024-12
History of this finding, 3 records
1. FY2024 NewRevenue for the fiscal year ended 31 December 2024 was €10.0 billion, 7.5% higher than in the previous fiscal year.Recorded from FY2024_d435c531 · data update
2. FY2024 RetiredThe finding changed to higher than a year earlier.Recorded from FY2024_d435c531 · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was €9.3 billion.Reconstructed · initial
Net income attributable to the company for fiscal 2024 was €1.8 billion, 179.4% higher than in the previous fiscal year.
Newin FY2024 · first stated
Rule: Net income against the previous fiscal year · Sources Annual financial report 2024-12
History of this finding, 5 records
1. FY2024 NewNet income attributable to the company for fiscal 2024 was €1.8 billion, 179.4% higher than in the previous fiscal year.Recorded from FY2024_d435c531 · data update
2. FY2024 RetiredThe finding changed to higher than a year earlier.Recorded from FY2024_d435c531 · data update
3. FY2023 NewNet income attributable to the company for fiscal 2023 was €652 million, against a net loss of €910 million in the previous fiscal year.Reconstructed · data update
4. FY2023 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
5. FY2022 NewThe company reported a net loss of €910 million for fiscal 2022, against a net loss of €344 million in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2024 was 32.0%, 16.7 percentage points higher than a year earlier.
Newin FY2024 · first stated
Rule: Operating margin against a year earlier · Sources Annual financial report 2024-12
History of this finding, 3 records
1. FY2024 NewThe operating margin for fiscal 2024 was 32.0%, 16.7 percentage points higher than a year earlier.Recorded from FY2024_d435c531 · data update
2. FY2024 RetiredThe finding changed to higher than a year earlier.Recorded from FY2024_d435c531 · data update
3. FY2023 NewThe operating margin for fiscal 2023 was 15.3%.Reconstructed · initial
Return on equity for fiscal 2024 was 19.7%, against 8.8% a year earlier.
Weakenedin FY2024 · stated since FY2023
Rule: Return on equity against a year earlier · Sources Annual financial report 2024-12, Annual financial report 2023-12
History of this finding, 4 records
1. FY2024 WeakenedReturn on equity for fiscal 2024 was 19.7%, against 8.8% a year earlier.Recorded from FY2024_d435c531 · data update
2. FY2023 NewReturn on equity for fiscal 2023 was 8.8%, against -12.8% a year earlier.Reconstructed · data update
3. FY2023 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2022 NewReturn on equity for fiscal 2022 was -12.8%, against -4.8% a year earlier.Reconstructed · initial
Net debt was €28.8 billion at 31 December 2024, 6.2 times EBITDA for fiscal 2024.
Strengthenedin FY2024 · stated since FY2023
Rule: Net debt or net cash · Sources Annual financial report 2024-12
History of this finding, 2 records
1. FY2024 StrengthenedNet debt was €28.8 billion at 31 December 2024, 6.2 times EBITDA for fiscal 2024.Recorded from FY2024_d435c531 · data update
2. FY2023 NewNet debt was €22.4 billion at 31 December 2023, 8.1 times EBITDA for fiscal 2023.Reconstructed · initial

Records before FY2024 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest Annual financial report for the year to 31 December 2024List

DownloadsExcel workbook · JSON · Brief for AI

SnapshotFY2024_d435c531

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, euros

Operating Profit

By fiscal year, euros

Profit Attributable to Owners of the Parent

By fiscal year, euros

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Net Debt

Total debt less cash and short-term investments, at fiscal year end, euros

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2024

Annual financial report for the year to 31 December 2024. Changes are against the previous report, and each figure shows its period.

0changes1threshold crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 1

ConfirmedDebt Against the S&P Benchmark Bands
Lease-adjusted debt was 7.1 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 11.4% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the highly leveraged band is number 6 of 6, and a higher number means more debt against earnings.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsHighly leveraged bandDebt to EBITDA 7.10x, FFO to debt 11.4% · FY2024

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 7.1 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 11.4% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the highly leveraged band is number 6 of 6, and a higher number means more debt against earnings.
Confirmedin FY2024 · stated since FY20237.10x from 8.46x in FY2023
Rule: Debt against the S&P benchmark bands · Sources Annual financial report 2024-12
History of this finding, 2 records
1. FY2024 ConfirmedLease-adjusted debt was 7.1 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 11.4% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table.Recorded from FY2024_d435c531 · data update
2. FY2023 NewLease-adjusted debt was 8.5 times adjusted EBITDA for fiscal 2023, and funds from operations equalled 9.4% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2024

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 7.1 years of adjusted EBITDA; a year of funds from operations equals 11.4% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	7.10x5x and above
FFO to debt	60% and above	45% to 60%	30% to 45%	20% to 30%	12% to 20%	11.4%below 12%

By Fiscal Year

Ratio	FY202031 Dec 2020	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet	n/a	n/a	n/a
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	n/a	n/a	n/a	highly leveraged	highly leveraged
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	n/a	n/a	n/a	highly leveraged	highly leveraged
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA	n/a	n/a	n/a
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted	n/a	n/a	n/a
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)	n/a	n/a	n/a
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities	n/a	n/a	n/a
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt	n/a	n/a	n/a

Reconciliation of the Credit Figures

Item	FY202031 Dec 2020	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024
Borrowings	n/a	n/a	n/a	€22.5bn	€31.9bn
Lease liabilities	n/a	n/a	n/a	€968m	€1.2bn
Borrowings and lease liabilities presented as one line	n/a	n/a	n/a	€0	€0
Lease-adjusted debt	n/a	n/a	n/a	€23.5bn	€33.2bn
EBIT	€1.4bn	−€275m	−€976m	€1.4bn	€3.2bn
Depreciation and amortisation, with the impairment reported with them	€1.1bn	€1.2bn	€1.2bn	€1.4bn	€1.5bn
Share-based payments	€0	€0	€0	€0	€0
Adjusted EBITDA	€2.4bn	€890m	€257m	€2.8bn	€4.7bn
Cash interest	−€189m	−€174m	−€202m	−€417m	−€568m
Cash taxes	−€402m	−€246m	−€231m	−€140m	−€321m
Funds from operations	€1.8bn	€470m	−€176m	€2.2bn	€3.8bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

By Fiscal Year

Ratio	FY202331 Dec 2023	FY202431 Dec 2024
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −7.1%, Operating cash flow to EBITDA 1.11x · FY2024

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 7.1% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Newin FY2024 · first stated
Rule: Cash backing of earnings · Sources Annual financial report 2024-12
History of this finding, 5 records
1. FY2024 NewOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 7.1% of average total assets.Recorded from FY2024_d435c531 · data update
2. FY2024 RetiredThe finding changed to earnings backed by cash.Recorded from FY2024_d435c531 · data update
3. FY2023 NewNet income attributable to the company for fiscal 2023 exceeded operating cash flow by an amount equal to 5.7% of average total assets.Reconstructed · data update
4. FY2023 RetiredThe finding changed to earnings led by accruals.Reconstructed · data update
5. FY2022 NewOperating cash flow for fiscal 2022 exceeded net income attributable to the company by an amount equal to 6.0% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)	n/a	n/a	n/a
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)	n/a	n/a	n/a
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)	n/a	n/a

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresBeneish −3.12 · Piotroski 7 of 9

Published distress and misstatement models, with their original coefficients and thresholds.

The Beneish M-score for fiscal 2024 was minus 3.12, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Newin FY2024 · first stated
Rule: Beneish M-score against its threshold · Sources Annual financial report 2024-12
History of this finding, 1 record
1. FY2024 NewThe Beneish M-score for fiscal 2024 was minus 3.12, below the model threshold of minus 1.78.Recorded from FY2024_d435c531 · initial
The Piotroski F-score for fiscal 2024 was 7 of 9. The 2 signals not met were long-term debt to assets lower than a year earlier and asset turnover higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Newin FY2024 · first stated
Rule: Piotroski F-score · Sources Annual financial report 2023-12, Annual financial report 2024-12
History of this finding, 1 record
1. FY2024 NewThe Piotroski F-score for fiscal 2024 was 7 of 9. The 2 signals not met were long-term debt to assets lower than a year earlier and asset turnover higher than a year earlier.Recorded from FY2024_d435c531 · initial

By Fiscal Year

Ratio	FY202431 Dec 2024
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)

Beneish M-score

fiscal 2024

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−3.12Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 3.12 is below the model threshold of minus 1.78. Of the 8 measures, sales growth raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	0.621	0.920	0.571
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.000	0.528	0.528
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.790	0.404	0.319
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.075	0.892	0.959
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.165	0.115	0.134
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.000	−0.172	−0.172
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.064	4.679	−0.298
Leverage indexDebt against total assets, against a year earlier.	0.988	−0.327	−0.323
Score			−3.122

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Piotroski F-score

fiscal 2024

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

7 of the 9 tests are met, in the high group of 7 to 9.

Signal	FY2024	A year earlier
Return on assets above zero	Met	n/a
Operating cash flow above zero	Met	n/a
Return on assets higher than a year earlier	Met	n/a
Operating cash flow above net income	Met	n/a
Long-term debt to assets lower than a year earlier	Not met	n/a
Current ratio higher than a year earlier	Met	n/a
No common equity issued	Met	n/a
Margin higher than a year earlier	Met	n/a
Asset turnover higher than a year earlier	Not met	n/a

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which the public index of structured annual reports added it.

Document	Date	Id
Annual financial report for the year to 31 December 2024 Search page of the AFM register of financial reporting	11 Mar 2025, added to the index	AFR:724500LTUWK3JQG63903-2024-12-31-0
Annual financial report for the year to 31 December 2023 Search page of the AFM register of financial reporting	18 Mar 2024, added to the index	AFR:724500LTUWK3JQG63903-2023-12-31-0
Annual financial report for the year to 31 December 2022 Search page of the AFM register of financial reporting	14 Mar 2023, added to the index	AFR:724500LTUWK3JQG63903-2022-12-31-0
Annual financial report for the year to 31 December 2021 Search page of the AFM register of financial reporting	22 Mar 2022, added to the index	AFR:724500LTUWK3JQG63903-2021-12-31-0
Annual financial report for the year to 31 December 2020 Search page of the AFM register of financial reporting	20 May 2021, added to the index	AFR:724500LTUWK3JQG63903-2020-12-31-0

Checks

10623 of 106 checks passed, 83 warnings

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Earnings per share4 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Withheld values83 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Income tax expense, FY2023: withheld, reported with opposite signs

Net cash from investing activities, FY2019: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Net cash from investing activities, FY2020: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Net cash from operating activities, FY2019: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Net cash from operating activities, FY2020: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Finance costs, FY2019: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	153
Confirmed by other figures	9.2%, 14 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	1.3%, 2 values
Values withheld	83
Restated figures tracked	34
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, TenneT Holding B.V., snapshot tennet/FY2024_d435c531 (as of FY2024); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2024_d435c531 · dataset SHA-256 d435c53113c2c91dfe0958c4840593c0af85cc07c31c1c4f432ae24783009efc · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json