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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 millionQ2 2023Q3 2023Q4 2023Q1 2024Q2 2024
Short-Term Debt11,31011,24613,1917,8735,840
Long-Term Debt35,90835,64235,85040,19541,882
Total Debt47,21846,88849,04148,06847,721
Cash & Bank Balances24,02124,18928,98931,64023,861
Net Cash / (Debt)(23,196)(22,698)(20,051)(16,428)23,860

 

 

(x)Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024
Net Cash (Debt)
/LTM EBITDA (x)		0.18x0.11x(0.58x)0.77x0.91x

 

 

AED millionQ2 2023Q3 2023Q4 2023Q1 2024Q2 2024
Group36,99736,73338,96438,76638,634
Maroc Telecom5,7276,0345,8685,2905,076
PTCL2,9872,8353,0973,0282,905
Egypt1,5061,2451,1129841,106
Other-40---

 

 

AED millionQ2 2023Q3 2023Q4 2023Q1 2024Q2 2024
Bank Loans30,24930,41232,40231,94833,614
Bonds10,58710,31310,69210,4898,589
Overdrafts5,5395,3005,0584,7484,720
Other843862889882798

 

 

%Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024
United Arab Emirates Dirham50%51%52%59%63%
Euro19%18%18%18%18%
United States Dollar12%12%11%5%1%
Moroccan Dirham6%6%5%5%5%
Pakistani Rupee5%5%5%6%6%
Others8%8%8%7%8%

 

 

AED MillionQ2 2023Q3 2023Q4 2023Q1 2024Q2 2024
Year 111,31011,24613,1917,8735,840
One to Two Yrs3,2543,2928,14812,36234,936
Two to Five Yrs30,41030,11825,34125,0124,005
5 Yrs2,2442,2322,3622,8212,940

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Note: Credit rating represents an opinion about the Group solvency and may be revised, suspended or withdrawn at any time.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

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