Enexis Holding N.V. issued a € 500 million green bond with an coupon interest of 3.50% in May 2024. This green bond was issued under the Green Finance Framework of April 2023. The Green Finance Framework shows that Enexis makes a major contribution to sustainability. Enexis's impact on a sustainable society has been validated externally and confirmed by ISS-ESG. For more information regarding the terms and conditions of the issued green bond, reference is made to the Final Terms and the Green Finance Framework on the Enexis website.
Fair value for interest-bearing loans
As at 30 June 2024, Enexis Holding N.V. had a total of € 3,479 million (year-end 2023: € 2,984 million) in interest-bearing loans (excluding lease liabilities) on its balance sheet. The fair value of these interest-bearing loans (excluding lease liabilities) amounted to € 3,184 million (year-end 2023: € 2,685 million). The fair value of listed bonds is based on their listed prices. The fair value of other loans, including the convertible hybrid shareholders’ loan, is based on the calculation method using the Euro Utility (A) BFV yield curve as at 30 June 2024. A mark-up for the subordinated and illiquid character of the loan is taken into account in the calculation of the fair value of the convertible hybrid shareholders’ loan.
The carrying amount and fair value of the interest-bearing loans was higher as of 30 June 2024 compared to the end of 2023 due to the issue of a green bond with a nominal value of € 500 million in May 2024.
Credit rating
The long-term credit rating issued by Standard & Poor's (S&P) was revised in February 2024 from A+ with a positive outlook to AA- with a stable outlook. The long-term credit rating issued by Moody's remained unchanged (Aa3 with a stable outlook). Enexis Holding N.V.'s short-term credit ratings remained unchanged as at the end of June 2024 compared to year-end 2023: A-1 (S&P) and P-1 (Moody’s). In order to achieve the objective of maintaining at least an A credit rating and a financially robust capital structure, we aim for an FFO/net interest-bearing liabilities ratio of at least 12%.
|
Standard |
Actual |
|
|
FFO/net interest-bearing liabilities |
≥ 12% |
22% |
The ‘FFO/net interest-bearing liabilities’ ratio is calculated as follows:
FFO/net interest-bearing liabilities: (operating income + depreciation – amortisations + dividend received from associates – financial expenses + financial income – taxes due and payable) / net interest-bearing liabilities.