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Debt Profile

e& and its subsidiaries consolidated outstanding debt as shown on its consolidated balance sheet:

Quarterly

AED million Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022
Short-Term Debt 7,267 6,556 5,447 5,208 6,544
Long-Term Debt 17,282 19,176 18,797 34,472 33,596
Total Debt 24,548 25,732 24,244 39,679 40,140
Cash & Bank Balances 24,917 28,575 29,184 25,197 26,024
Net Cash / (Debt) 369 2,843 4,940 (14,482) (14,116)

Debt consists of bond, bank overdrafts, bank loans, vendor financing and loans/advances from non-controlling interests.

Annual

AED million FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
Short-Term Debt 4,670 8,552 6,539 12,881 6,556
Long-Term Debt 20,035 14,973 17,350 13,820 19,176
Total Debt 24,705 23,526 23,889 26,701 25,732
Cash & Bank Balances 27,125 28,361 29,657 31,345 28,575
Net Cash / (Debt) 2,420 4,835 5,768 4,644 2,843

Debt consists of bond, bank overdrafts, bank loans, vendor financing and loans/advances from non-controlling interests.

The charts listed below show e& and its subsidiaries outstanding borrowings breakdown by operations, currencies, and repayment schedule as of last reported results. e& intends to update this chart quarterly after filing its financials with the Abu Dhabi Stock Exchange.

q3-2022-en-1
q3-2022-en-2
q3-2022-en-3

The financial performance of e& is regularly evaluated by the credit rating agencies Standard and Poor's and Moody's, Ratings activity updated as of December 2021.

Long-Term Rating of Etisalat S&P Global Moody’s
2021 AA-/ Stable Aa3/ Stable
2020 AA-/ Stable Aa3/ Stable
2019 AA-/ Stable Aa3/ Stable

Note: Credit rating represents an opinion about the Company solvency and may be revised, suspended or withdrawn at any time.

Outstanding Issues

EMTN (Euro Medium Term Note) Program Overview

Issuer Emirates Telecommunication Group Company PJSC ("Etisalat Group")
Programme Value USD 10,000,000,000
Trustee Deutsche Trustee Company Limited
Citigroup Inc.
Principle Paying Agent & Transfer Agent Deutsche Bank AG, London Branch
Citigroup Inc.
Tranche ISIN Currency Amount Coupon Coupon Frequency Maturity
US$10 Years XS1077883012 USD 500,000,000 3.500% Semi-annual 18-Jun-24
Euro €12 Years XS1077882394 EUR 1,200,000,000 2.750% Annual 18-Jun-26
Euro €7 Years XS2339427747 EUR 500,000,000 0.375% Annual 17-May-28
Euro €12 Years XS2339427820 EUR 500,000,000 0.875% Annual 17-May-33

Bond Prospectus

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