Debt structure
As of 30 September 2022, the Group’s gross debt amounted to €952.3 million (1) with an average residual life of 3.8 years, in line with the asset structure, and an average cost of debt of 1.37%. The debt mainly consists of forms of fixed-rate financing (83%).
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MAIN DATA
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30 SEPTEMBER 2022
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|---|---|
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NFP
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693.5
|
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IFRIC 12 effect on financed rolling stock
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45.9
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Adj. Net Financial Position
|
739.4
|
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Cash available
|
259.5
|
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Payables for funded investments
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(46.6)
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Gross debt
|
952.3
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In particular, 92% of the gross debt is represented by bank loans and a bond loan detailed below:
- 68% is represented by a senior unsecured non-convertible bond with an annual coupon equal to 0.75% issued in October 2021 and expiring on October 20, 2026;
- 20% from bank loans held by the subsidiary Milano Serravalle – Milano Tangenziale (MISE);
- 4% from loans granted by the European Investment Bank (EIB) for the purchase of rolling stock for the cross-border service.
The Group also has 259.5 million in cash. The adjusted net financial position (2) is therefore equal to 739.4 million euros, while the net financial position stands at 693.5 million euros, of which 79.7 million pertaining to MISE.
In addition, as at 30 September 2022 the Group has a liquidity headroom of € 141 million represented by uncommitted credit lines.
Financial debt composition as of 30 September 2022
GROSS DEBT COMPOSITION BY TYPE OF INSTRUMENT
No Data Found
Gross debt composition by maturity
No Data Found
Interest rate composition
Avg.cost of debt in 9M22: 1.37% *Excluding debt for funded investments for €46.6 million
No Data Found
(1) Excluding debt for funded investments for €46.6 million
(2) 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
