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Debt Profile

e& and its subsidiaries consolidated outstanding debt as shown on its consolidated balance sheet (Debt consists of bond, bank overdrafts, bank loans, vendor financing and loans/advances from non-controlling interests)

AED millionQ3 2023Q4 2023Q1 2024Q2 2024Q3 2024
Short-Term Debt11,24613,1917,8735,8409,127
Long-Term Debt35,64235,85040,19541,88242,481
Total Debt46,88749,04148,06847,72151,608
Cash & Bank Balances24,18928,98931,64023,86125,721
Net Debt22,69820,05116,42823,86025,888

 

 

(x)Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024
Net Debt
/LTM EBITDA (x)		0.88x0.77x0.62x0.91x1.00x

 

 

AED millionQ3 2023Q4 2023Q1 2024Q2 2024Q3 2024
Group36,73338,96438,76638,63439,020
Maroc Telecom6,0345,8685,2905,0768,588
PTCL2,8353,0973,0282,9052,941
Egypt1,2451,1129841,1061,059
Other40----

 

 

AED millionQ3 2023Q4 2023Q1 2024Q2 2024Q3 2024
Bank Loans30,41232,40231,94833,61434,237
Bonds10,31310,69210,4898,5898,969
Overdrafts5,3005,0584,7484,7207,614
Other862889882798789

 

 

%Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024
United Arab Emirates Dirham51%52%59%63%58%
Euro18%18%18%18%17%
United States Dollar12%11%5%1%2%
Moroccan Dirham6%5%5%5%10%
Pakistani Rupee5%5%6%6%5%
Others8%8%7%8%8%

 

 

AED MillionQ3 2023Q4 2023Q1 2024Q2 2024Q3 2024
Year 111,24613,1917,8735,8409,127
One to Two Yrs3,2928,14812,36234,93635,371
Two to Five Yrs30,11825,34125,0124,0054,721
5 Yrs2,2322,3622,8212,9402,389

The financial performance of e& is regularly evaluated by the credit rating agencies, S&P Global and Moody's. Updated ratings activity:

LONG-TERM rating of e& groupS&P GlobalMoody’s
2024AA-/ StableAa3/ Stable
2023AA-/ StableAa3/ Stable
2022AA-/ StableAa3/ Stable

Note: Credit rating represents an opinion about the Group solvency and may be revised, suspended or withdrawn at any time.

Outstanding Issues

EMTN (Euro Medium Term Note) Program Overview

IssuerEmirates Telecommunication Group Company PJSC ("Etisalat Group")
Programme ValueUSD 10,000,000,000
TrusteeDeutsche Trustee Company Limited
Citigroup Inc.
Principle Paying Agent & Transfer AgentDeutsche Bank AG, London Branch
Citigroup Inc.
TrancheISINCurrencyAmountCouponCoupon FrequencyMaturity
Euro €12 YearsXS1077882394EUR1,200,000,0002.750%Annual18-Jun-26
Euro €7 YearsXS2339427747EUR500,000,0000.375%Annual17-May-28
Euro €12 YearsXS2339427820EUR500,000,0000.875%Annual17-May-33

Bond Prospectus