Financial position
Development in debt position
The development in the net debt position over 2021 is shown below.
Development in net debt position
The net debt position rose by €52 million to €2,559 million at year-end 2021 (31 December 2020: €2,507 million).
Net debt position
Net debt position
€ million | 31 December 2021 | 31 December 2020 | ||
Long-term interest-bearing debt | 2.630 | 2.479 | ||
Short-term interest-bearing debt | 481 | 8 | ||
Lease liabilities | 123 | 217 | ||
Gross debt | 3.234 | 2.704 | ||
Cash and cash equivalents | 624 | 298 | ||
Investments held for lease obligations related to cross-border leases | - | 147 | ||
Total cash and cash equivalents and investments | 624 | 445 | ||
Net debt in accordance with the annual financial statements (IFRS) | 2.610 | 2.259 | ||
50% of the subordinated perpetual bond loan | 248 | 248 | ||
50% of the convertible shareholders loan | -299 | - | ||
Net debt on the basis of Alliander's financial policy | 2.559 | 2.507 | ||
Alliander has a €3 billion euro medium-term note (EMTN) programme. As at 31 December 2021, the carrying amount of the outstanding bonds was €1,990 million (nominal value €2,000 million). Alliander has two euro commercial paper (ECP) programmes totalling €1,500 million, which can be used to issue short-term debt instruments. In addition to the standard ECP programme, there is also a separate programme to issue green ECP debt instruments. In the latter case, the funds obtained are used to finance assets that are further specified in the Green Finance Framework. No ECP loans were outstanding as at year-end 2021, and the same applies to year-end 2020.
Interest-bearing debt
The repayment schedule for the interest-bearing debt as at year-end 2021 and 2020 was as follows:
Repayment schedule for interest-bearing debt
The amounts scheduled for repayment in 2022, 2024, 2026 and 2030 mainly relate to bond loans. The other amounts relate to the repayment of shareholder loans and other loans.
Available green financing capacity
Alliander has arranged four green financing facilities since 2016, including three green bond loans. The proceeds of these financing facilities have been used to fund various assets that are defined in more detail in the Green Finance Framework (https://www.alliander.com/nl/green-finance-framework/). These assets and financing facilities are accounted for in separate reports (https://www.alliander.com/nl/investor-relations/financiering/groene-obligaties/). A summary referred to as the allocation table is part of these reports. This summary details the size and composition of Alliander N.V.’s green asset portfolio and green financing facilities.
The allocation table at year-end 2021 is included. This is the updated version of the table as included in the 2020 Green Finance Report dated 15 September 2020.
Allocation table: use of funds available from green financing facilities
€ million | Net carrying amount | Weighting factor | Weighted sum |
Renewable energy | 3,537 | 33% | 1,181 |
Smart meters | 530 | 100% | 530 |
Fibre optic network | 50 | 100% | 50 |
Total energy efficiency | 580 | 100% | 580 |
Sustainable buildings | 67 | 100% | 67 |
Total green asset portfolio | 1,828 |
€ million | Instrument (ISIN) | Date of issue | Maturity date | Principal sum |
Green bond loan | XS1400167133 | 04-22-2016 | 04-22-2026 | 300 |
Green bond loan | XS2014382845 | 06-24-2019 | 06-24-2032 | 300 |
Green, privately placed bond loan | XS2152901315 | 04-08-2020 | 04-08-2035 | 100 |
Green bond loan | XS2187525949 | 06-10-2020 | 06-10-2030 | 500 |
Total green financing | - | - | - | 1,200 |
The table shows that the net carrying amount of green assets at 31 December 2021 is €1,828 million. This represents an increase of €356 million since 31 December 2020. As a result, €628 million in green financing capacity was available as at year-end 2021. No new long-term green financing was arranged in 2021.
The weighting factor for the renewable energy asset category as at year-end 2021 has been determined as 33.4% (source: energieopwek.nl). This relates to the share of renewable energy generation in the total production capacity for electricity in the Netherlands. Rather than using green financing for our entire electricity grid, we have decided to invest these funds solely in the part used to transmit green electricity.