As of 30 September 2020, financial debt of the Group towards third parties amounts to €2,033 million, consisting in medium and long-term loans signed during 2020 for an amount of €750 million, use of short-term uncommitted credit lines during the period for €660 million, a Private Placement issued by Poste Italiane SpA of €50 million and two loans granted by the EIB - European Investment Bank, aimed at financing some investment projects, totaling €573 million.
On the same date, the Strategic Business Unit Mail, Parcels and Distribution has Liquidity in bank and postal current accounts of €2,367 million, and has €500 million notional amount of Italian Government Bonds (BTP) classified as HTCS (hold to collect and sale) used for repurchase agreements of approximately €508 million. Such amounts represent the Group's free liquidity generated by the company's self-financing capability, partly attributable to Poste SpA and partly deriving from the centralization of the Group liquidity and from the related cash pooling activity by the parent company.
Furthermore, as of 30 September 2020 Poste Italiane SpA has Revolving Credit Facilities committed of €1.75 billion fully undrawn and undrawn short-term uncommitted credit lines of about €360 million.
On the same date, the Strategic Business Unit Mail, Parcels and Distribution has Liquidity in bank and postal current accounts of €2,367 million, and has €500 million notional amount of Italian Government Bonds (BTP) classified as HTCS (hold to collect and sale) used for repurchase agreements of approximately €508 million. Such amounts represent the Group's free liquidity generated by the company's self-financing capability, partly attributable to Poste SpA and partly deriving from the centralization of the Group liquidity and from the related cash pooling activity by the parent company.
Furthermore, as of 30 September 2020 Poste Italiane SpA has Revolving Credit Facilities committed of €1.75 billion fully undrawn and undrawn short-term uncommitted credit lines of about €360 million.
POSTE ITALIANE GROUP FINANCIAL DEBT AT 30/09/2020 (€/m)
Note: all amounts are expressed at nominal value and exclude leases deriving from the application of IFRS 16, funding from current account deposits of BancoPosta, repurchase agreements, derivative financial instruments and other financial liabilities mainly referring to BancoPosta RFC.
DEBT OUTSTANDING AT 30/09/2020
As of 30 September 2020, the financial Group debt structure is 63% at a fixed rate, as shown in the graph below.
FIX / FLOAT
Note: the €50 million Private Placement has been swapped into a fixed rate
FIX / FLOAT
Note: the €50 million Private Placement has been swapped into a fixed rate
WEIGHTED AVERAGE MATURITY DEBT AT 30/09/2020
REPAYMENT SCHEDULE (€/m)
| €/m | 2017 | 2018 | 2019 | 3Q2020 |
|---|---|---|---|---|
| Use of uncommitted credit lines | - | - | - | 660 |
| Medium and long-term loans | - | - | - | 750 |
| Private Placement | 50 | 50 | 50 | 50 |
| EIB loans | 400 | 200 | 573 | 573 |
| Poste Italiane Bond | 763 | - | - | - |
| Poste Vita Bond | 760 | 762 | - | - |
| GROSS FINANCIAL DEBT TOWARDS THIRD PARTIES | 1,973 | 1,012 | 623 | 2,033 |
| EQUITY | 7,550 | 8,105 | 9,698 | 10,471 |
| EBITDA* | 1,668 | 2,068 | 2,548 | 2,194 |
| DEBT/EQUITY | 0.3 | 0.1 | 0.1 | 0,2 |
| DEBT/(DEBT + EQUITY) | 21% | 11% | 6% | 16% |
| DEBT/EBITDA | 1.2x | 0.5x | 0.2x | 0.9x |
| Mail, Parcels and Disribution's cash and cash equivalents | 1,997 | 973 | 851 | 2,367 |
* = EBITDA 3Q LTM
Poste Italiane SpA has an EMTN Programme listed on the Luxembourg Stock Exchange for a total amount of €2 billion. As of 30 September 2020, the amount of the bonds outstanding is of €50 million, referred to a single Private Placement. The Base Prospectus has been updated on 6 November 2020 and supplemented on 30 November 2020.
- Base Prospectus Supplement 30.11.2020
- Company Presentation 30.11.2020
- Poste Italiane signs a preliminary agreement for the possible acquisition of Nexive
- Interim Report for the nine months ended 30 September 2020
- Base Prospectus EMTN 06.11.2020
- Half-year report for the six months ended 30 June 2020
- Annual Report 2019 EMTN
- Annual Report 2018 EMTN
Rating
| Standard & Poor's | Rating | Outlook | S/T |
|---|---|---|---|
| Poste Italiane S.p.A. | BBB | Stab | A-2 |
| Moody's | Rating | Outlook | S/T |
|---|---|---|---|
| Poste Italiane S.p.A. | Baa3 | Stab | P-3 |
(*) Ratings solicited
Rating/outlook history
Poste Italiane S.p.A.
|
|
|||
|---|---|---|---|
| Rating | Date | Action | Prev. |
| BBB / Stab / A-2 | 27/10/2020 | Outlook Change | BBB / Neg / A-2 |
| BBB / Neg / A-2 | 30/10/2018 | Outlook Change | BBB / Stab / A-2 |
| BBB / Stab / A-2 | 31/10/2017 | Upgrade | BBB- / Stab / A-3 |
| BBB- / Stab / A-3 | 12/12/2014 | Downgrade | BBB / Neg |
| BBB / Neg / A-2 | 16/07/2013 | Downgrade | BBB+ / Neg |
| BBB+ / Neg | 18/01/2012 | Downgrade | A- / Neg |
|
|
|||
|---|---|---|---|
| Rating | Date | Action | Prev. |
| Baa3/ Stab / P-3 | 23/10/2018 | Downgrade | Baa2 / Neg / P-2 |
| Baa2, Possible Downgrade / Ratings under Review / P-2, Possible Downgrade | 30/05/2018 | On watch - Possible Downgarde | Baa2 / Neg / P-2 |
| Baa2 / Neg / P-2 | 12/12/2016 | Outlook Change | Baa2 / Stab / P-2 |
| Baa2 / Stab / P-2 | 18/02/2014 | Outlook Change | Baa2 / Neg / P-2 |
| Baa2 / Neg / P-2 | 16/07/2012 | Downgrade | A3 / Neg |
| A3 / Neg | 16/02/2012 | Downgrade | A2 / Neg |
Last Rating Actions and P.I. Analysis
| Agency | Long term | Short term | Outlook | Rating action / Affirmation | Credit Opinion Report |
|---|---|---|---|---|---|
| Standard & Poor's | BBB | A-2 | Stable | 30/03/2021 | 30/03/2021 |
| Moody's | Baa3 | P-3 | Stable | 23/10/2018 | 23/10/2020 |
