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.