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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 millionQ4 2023Q1 2024Q2 2024Q3 2024Q4 2024
Short-Term Debt13,1917,8735,8409,12735,536
Long-Term Debt35,85040,19541,88242,48133,659
Total Debt49,04148,06847,72151,60869,195
Cash & Bank Balances28,98931,64023,86125,72133,628
Net Debt20,05116,42823,86025,88835,567

 

 

(x)Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024
Net Debt
/LTM EBITDA (x)		0.77x0.62x0.91x1.00x1.34x

 

 

AED millionQ4 2023Q1 2024Q2 2024Q3 2024Q4 2024
Group38,96438,76638,63439,02047,913
Maroc Telecom5,8685,2905,0768,5888,252
e& PPF Telecom----7,311
PTCL3,0973,0282,9052,9414,713
Egypt1,1129841,1061,0591,006
Other-----

 

 

AED millionQ4 2023Q1 2024Q2 2024Q3 2024Q4 2024
Bank Loans32,40231,94833,61434,23746,602
Bonds10,69210,4898,5898,96914,736
Overdrafts5,0584,7484,7207,6147,000
Other889882798789857

 

 

%Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024
United Arab Emirates Dirham52%59%63%58%57%
Euro18%18%18%17%23%
United States Dollar11%5%1%2%0%
Moroccan Dirham5%5%5%10%7%
Pakistani Rupee5%6%6%5%7%
Others8%7%8%8%7%

 

 

AED MillionQ4 2023Q1 2024Q2 2024Q3 2024Q4 2024
Year 113,1917,8735,8409,12735,536
One to Two Yrs8,14812,36234,93635,37124,125
Two to Five Yrs25,34125,0124,0054,7217,372
5 Yrs2,3622,8212,9402,3892,162

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Note: Credit rating represents an opinion about the Group solvency and may be revised, suspended or withdrawn at any time.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