Note 13 Interest-bearing debt

The movements in new loans and loan repayments during the year resulted in cash flows; the currency translation differences and other movements did not result in cash flows during the year.

The carrying amount of the long-term interest-bearing debt, including the current portion, was as follows:

Short and long-term interest-bearing debt

Short-term interest-bearing debt, amounting to €307 million as at year-end 2018 (2017: €231 million), is made up of the current portion of the long-term debt (€7 million) and a bond loan that is due for redemption (€300 million).

As at year-end 2018, a carrying amount of €1,396 million (face value €1,400 million) had been issued under the EMTN programme. The notes issued under the EMTN programme are listed on the Amsterdam and Luxembourg stock exchanges. At the end of 2018, no short-term finance had been raised under the ECP programme (2017: €225 million).

In July 2017, Alliander secured a loan from the European Investment Bank on favourable terms. The amount of the loan is €300 million and it was drawn down in three tranches. The first tranche of €75 million in 2017 and the remaining €225 million were drawn in two tranches during 2018. The loan becomes repayable in full in 2031.

Subordinated loans

These loans carry interest at rates of 8% to 10%. These loans are subordinated to other liabilities.

Maturities of interest-bearing debt