Debt structure
As of 31 December 2023, the Group’s gross debt amounted to 846.5 million Euros* with an average residual life of 2.6 years, in line with the asset structure, and an average cost of debt of 1.89%. The debt mainly consists of forms of fixed-rate financing (88%).
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MAIN DATA
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31/12/2023
|
|---|---|
|
NFP
|
549.8
|
|
Cash for investments in rolling stock financed by Regione Lombardia
|
93.0
|
|
Adj. NFP
|
642.8
|
|
Cash
|
302.3
|
|
Payables for funded investments in railway infrastructure financed by Regione Lombardia
|
(98.6)
|
|
Gross debt
|
846.5
|
In particular, 94% of the gross debt is represented by bank loans and a bond loan detailed below:
- 76% is represented by a senior unsecured non-convertible bond with an annual coupon equal to 0.75% issued in October 2021 and expiring on 20 October 2026;;
- 15% from bank loans held by the subsidiary Milano Serravalle – Milano Tangenziale (MISE);
- 3% from loans granted by the European Investment Bank (EIB) for the purchase of rolling stock for the cross-border service.
he Group also has 302.3 million Euros in cash. The adjusted net financial position** is therefore equal to 642.8 million Euros, while the net financial position stands at 549.6 million Euros, of which 24.1 million Euros pertaining to MISE.
In addition, as at 31 December 2023the Group has a liquidity headroom of 120 million Euros represented by uncommitted credit lines.
Financial debt composition as of 31 December 2023
Composizione del debito lordo per tipologia di strumento
Composizione del debito lordo per tipologia di durata
Composizione del debito lordo per tipologia di tasso
Costo medio del debito nel 2023: 1.89% *escludendo gli investimenti finanziati per 98,6 milioni di Euro
* Excluding debt for funded investments for 98.6 million Euros
** NFP calculated excluding cash and current payables related to financial investments made in accordance with Regione Lombardia’s “2017-2032 Rolling Stock purchase programme”, with the aim of sterilizing the timing effects of contributions collection and payments made to suppliers, recognized in accordance with IFRIC 12
