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As of 31 March 2020, structural financial debt of the Group towards third parties amounts to €623 million, consisting in 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, of €173 million (maturity date March 2026) and €400 million (maturity date October 2026).

On the same date, the Strategic Business Unit Mail, Parcels and Distribution has Liquidity in bank and postal current accounts of €1,321 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 €509 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 31 March 2020 Poste Italiane SpA has Revolving Credit Facilities committed of €2 billion fully undrawn and short-term uncommitted credit lines of €1,021 million drawn for €20 million.

In addition, in April 2020, in order to have additional liquidity and to cope with any adverse scenarios related to the COVID-19 pandemic:
  • uncommitted credit lines for short-term loans were increased by €5 million and used for an additional €640 million;
  • two medium-term financing operations for a total amount of €350 million were stipulated and disbursed.

Group Debt as of 31 March 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

The current Group debt structure is 100% at a fixed rate, as shown in the graph below.

* Note: the €50 million Private Placement has been swapped into a fixed rate.

(Euro m) Category Amount Issue date   Maturity Issue price Rate
EIB loan Bank loan 173 12 March 2019 12 March 2026 n.a. Fixed
EIB loan Bank loan 400 18 Oct.2019 16 Oct.2026 n.a. Fixed
Private Placement Private Issue
(EMTN)
50 25 Oct. 2013 25 Oct. 2023 100.00    Fixed*

* Floating rate swapped into fixed







€/m 2017 2018 2019
Private Placement 50 50 50
EIB loans 400 200 573
Poste Italiane Bond 750 0 0
Poste Vita Bond 750 750 0
STRUCTURAL FINANCIAL DEBT TOWARDS THIRD PARTIES 1,950 1,000 623
EQUITY 7,550 8,105 9,698
NET INVESTED CAPITAL * 1,983 2,732 4,031
EBITDA 1,668 2,068 2,548
DEBT/EQUITY 0.3 0.1 0.1
DEBT/(DEBT + EQUITY) 21% 11% 6%
DEBT/NET INVESTED CAPITAL * 98% 37% 15%
DEBT/EBITDA  1.2x 0.5x 0.2x
Mail, Parcels and Disribution's cash and cash equivalents 1,997 973 851

* = The 2019 Net Invested Capital includes € 1,254 million of right-of-use assets

Poste Italiane SpA has an EMTN Programme listed on the Luxembourg Stock Exchange for a total amount of €2 billion. As of 31 March 2020, the amount of the bonds outstanding is of €50 million, referred to a single Private Placement. The Base Prospectus has been updated on 18 July 2019 and supplemented on 8 October 2019.

Rating

Standard & Poor's Rating Outlook  S/T
Poste Italiane S.p.A. BBB Neg 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.

Standard & Poor's
Rating Date Action Prev.
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
A- / Neg 07/12/2011 Downgrade A / Neg
 
Moody's
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
A2 / Neg 05/10/2011 Downgrade Aa2 / 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 Negative 03/03/2020 03/03/2020
Moody's Baa3 P-3 Stable 23/10/2018 25/10/2019

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