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.