Financial position
Development in debt position
The development in the net debt position over 2019 is shown below.
Development in net debt position
The net debt position had risen by €300 million to €2,223 million at year-end 2019 (31 December 2018: €1,907 million). The main components of the net debt are the balance of free cash flow (minus €75 million), the dividend payment and payments to bondholders in 2019 (€158 million), and the independent increase in the debt position as a result of the implementation of IFRS 16 (€64 million). Please see page 124 for further information.
Net debt position
Net debt position
€ million | 31 December 2019 | 31 December 2018 | ||
Long-term interest-bearing debt | 1,765 | 1,475 | ||
Short-term interest-bearing debt | 297 | 321 | ||
Lease liabilities | 226 | 159 | ||
Gross debt | 2,288 | 1,955 | ||
Cash and cash equivalents | 153 | 140 | ||
Investments held for lease obligations related to cross-border leases | 160 | 156 | ||
Total cash and cash equivalents and investments | 313 | 296 | ||
Net debt in accordance with the annual financial statements (IFRS) | 1,975 | 1,659 | ||
50% of the subordinated perpetual bond loan | 248 | 248 | ||
Net debt on the basis of Alliander's financial policy | 2,223 | 1,907 | ||
Alliander has a €3 billion EMTN programme. As at 31 December 2019, the carrying amount of the outstanding bonds was €1,392 million (nominal value €1,400 million). Alliander has an ECP programme totalling €1,500 million which can be used to issue short-term debt instruments. Alliander issued ECP loans at various times during the year; rounded off, €289 million in ECP loans were outstanding at year-end 2019 (year-end 2018: nil).
Interest-bearing debt
The repayment schedule for the interest-bearing debt as at year-end 2018 and 2019 was as follows:
Repayment schedule for interest-bearing debt
The amounts scheduled for repayment in 2022, 2024 and 2026 mainly relate to bond loans. The other amounts relate to the repayment of shareholder loans and other loans.