Financial position

Development in debt position

The development in the net debt position over 2020 is shown below.

Development in net debt position

The net debt position had risen by roughly €300 million to €2,507 million at year-end 2020 (31 December 2019: €2,223 million). 

Net debt position

Net debt position

€ million

31 December 2020

31 December 2019

Long-term interest-bearing debt

2,479

 

1,765

 

Short-term interest-bearing debt

8

 

297

 

Lease liabilities

217

 

226

 

Gross debt

 

2,704

 

2,288

     

Cash and cash equivalents

298

 

153

 

Investments held for lease obligations related to cross-border leases

147

 

160

 

Total cash and cash equivalents and investments

 

445

 

313

     

Net debt in accordance with the annual financial statements (IFRS)

 

2,259

 

1,975

     

50% of the subordinated perpetual bond loan

 

248

 

248

     

Net debt on the basis of Alliander's financial policy

 

2,507

 

2,223

Alliander has a €3 billion EMTN programme. As at 31 December 2020, the carrying amount of the outstanding bonds was €1,990 million (nominal value €2,000 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. There were no ECP loans outstanding at year-end 2020 (year-end 2019: €289 million).

Interest-bearing debt

The repayment schedule for the interest-bearing debt as at year-end 2019 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/investor-relations/financiering/groene-obligaties/).  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 2020 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

Electricity network (distribution network and connections)

3,098

26.2%

812

Total renewable energy

3,098

26.2%

812

    

Smart meters

537

100.0%

537

Fibre optic network

53

100.0%

53

Total energy efficiency

590

100.0%

590

    

Duiven

70

100.0%

70

Total green buildings

70

100.0%

70

    

Total green asset portfolio

-

-

1,472

€ million

Instrument (ISIN)

Date of issue

Maturity date

Principal sum

Green bond loan

XS1400167133

22/04/2016

22/04/2026

300

Green bond loan

XS2014382845

24/06/2019

24/06/2032

300

Green private loan

XS2152901315

08/04/2020

08/04/2035

100

Green bond loan

XS2187525949

10/06/2020

10/06/2030

500

     

Total green financing

   

1,200

The table indicates that the net carrying amount of green assets at 31 December 2020 is €1,472 million. This represents an increase of €256 million since 30 June 2020. As a result, €272 million in green financing capacity was available as at year-end 2020.

The weighting factor for the renewable energy asset category as at year-end 2020 has been determined as 26.2% (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.