Interest-bearing debt

25 Interest-bearing debt

Movements in interest-bearing debt:

The maturities of the interest-bearing debts are presented below:

Most interest-bearing debts as at 31 December 2022 were contracted by Stedin Holding N.V., and no collateral has been provided. More information on interest-bearing debt is included in 32 Financial risk management.

The following significant financing transactions took place in 2022:

• Repayment of €300 million on the loan from 2018, in accordance with the regular schedule.

• A new €500 million green bond has been issued with a term of 8 years and an interest coupon of 2.375%

Some of the loans are subject to financial covenants, which are set out below:

• a gearing ratio (net debt / total capitalisation) lower than 70%;

• an interest coverage ratio (EBITDA / net interest expense) higher than 3.

The above ranges for ratios are assessed at the end of each measurement period.

The following definitions apply:

• Measurement period: 12-month moving average per 31 December and 30 June of each financial year.

• Net debt: sum of current and non-current interest-bearing debt, including lease liabilities, minus cash and cash equivalents.

• Total capitalisation: sum of current and non-current interest-bearing debt, including lease liabilities, plus total group equity adjusted for capital components related to goodwill, intangible assets and minority interests.

• EBITDA: Profit before income tax adjusted for depreciation, amortisation, net interest expense, gains/losses on disposal of group entities, revaluations and the minority interest.

• Net interest expense: sum of interest income and expenses relating to loans adjusted for capitalised interest.

The tables below show that Stedin Holding N.V. complied with the conditions stated above during 2022.