Liquidity management

Gross debt maturities

 

 

At December 31, 2017 the financial debt maturing within one year included principal and accrued interest falling due related to long-term debt and the zero-coupon bond issued by Frendy Energy, acquired by Edison in October 2017.

In order to assure financial flexibility and coverage of the financial needs over the coming months, in addition to the availability on the current account with EDF Sa (199 million euros), two revolving credit lines with 2 years maturity were subscribed in the year and are fully available at December 31, 2017:

• with EDF Sa for a nominal amount of 600 million euros; and secondly

• with a pool of banks on Club Deal basis for a nominal amount of 300 million euros.

In addition to the above revolving facilities Edison has cash and cash equivalents for 260 million euros, of which 140 million euros held in the treasury current account with EDF Sa.

The financial debt maturing after one year mainly includes principal and accrued interest on long term debt, almost all granted by European Investment Bank (EIB) directly or indirectly. More in detail, it includes:

• 25 million euros related to the first tranche of a new credit line of 150 million euros provided to Edison by EIB. This line, signed in November 2017 and usable in several tranches with maturity up to 15 years, is intended to finance the execution of wind projects (capacity of 165 MW) through the company E2i Energie Speciali;

• the non-current portion (5 million euros) of the loan provided by Intesa Sanpaolo to Edison Spa (on EIB funds) for an original amount of 120 million euros, subject to depreciation, with maturity date at June 15, 2019;

• a drawdown of 113 million euros on the medium-long term direct line, granted by EIB to finance storage projects;

• a drawdown of 70 million euros on the credit line provided by EDF Sa on EIB funds (total amount of 200 million euros with 10 year maturity) to finance certain Exploration & Production project in Italy.