Note 36 Events after balance sheet date

Sale of Kenter

On 31 January 2024, Alliander sold the shares of its subsidiary and provider of integrated energy solutions Kenter BV (hereinafter Kenter) to a consortium consisting of ABP and OMERS Infrastructure. The consortium also obtained full control of Kenter and its subsidiaries with effect from this date. In recent years, Kenter has grown from a traditional metering company with 95 employees to an integrated energy solution provider with a staff of over 400. Partly because the market in which Kenter operates is growing strongly, it is expected that in the future Kenter will play an even greater role in the energy transition and in offering its customers total solutions.

The work that Kenter is doing – and will continue to do in the future – is highly relevant to the energy transition. This relevance should really come into full bloom outside Alliander, given that, as a network company, Alliander has to deal with laws and regulations that place restrictions on the company. These restrictions are expected to increase further in the coming years and become an increasing obstacle to the work of Kenter and its staff. In addition, the sale of Kenter allows Alliander to focus even more on the major task of getting more work done, responding faster to developments and designing the energy network of the future together with partners.

Kenter’s net revenue in 2023 amounted to €107 million. Part of the transaction also involves a limited number of free domain activities. These activities are currently still part of a Cross Border Lease (CBL) agreement and are therefore still held by Liander NV. These activities will be transferred by Alliander to Kenter after the termination of the CBL on 2 January 2025.

Alliander received a total of €990 million on 31 January 2024. Of that amount, €875 million relates to the sale of the shares of Kenter BV, €65 million to the aforementioned free domain activities and the remaining €50 million to the repayment of the current account debt and interest. The preliminary book profit on the sale of Kenter BV amounts to €758 million. The final purchase price and book profit relating to the sale of the shares of Kenter will be determined in March 2024, and the final purchase price and book profit relating to the free domain activities in the spring of 2025. As at 31 December 2023, Kenter’s assets and liabilities were classified as held for sale in Alliander’s consolidated balance sheet. The assets of the free domain activities will be classified as such in 2024. All 400 employees of Kenter transferred to the new owner.