Debt

The Iren Group accesses the capital market in order to ensure adequate coverage of its short- and long-term financial requirements through adequate diversification of sources and with the aim of maintaining a sound and efficient capital structure.

 

Below is the structure of debt, in relation to the fixed-rate and floating-rate portions (data updated to FY 2022). Learn more about the details and maturity of the debt.

Debt structure

Interest rates

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Credit rating

 

Following the update of the Business Plan to 2030 and the presentation of the economic and financial results, both rating agencies deemed there were conditions to revise upwards the rating or outlook for the Iren Group's long-term creditworthiness and senior unsecured debt. In particular, S&P improved the rating to "BBB" Outlook "Stable" from the previous "BBB-" Outlook “Positive", while Fitch confirmed the rating at BBB, increasing the Outlook to "Positive" from "Stable".

Standard & Poor’s

 
  • Last update 27/04/2023
  • Long term Issuer Default Rating BBB
  • Outlook Stable

Fitch

 
  • Last update 11/05/2023
  • Long term Issuer Default Rating BBB
  • Outlook Positive

Key Debt Ratios

Below are the main financial ratios.

RATIOS

Net financial debt /Net invested capital

Net financial debt / Net assets

Net cash flow from operating activities / Net financial debt

Net financial debt /EBITDA

31/12/2022

51%

1.0x

32%

3.2x

31/12/2021

50%

1.0x

33%

2.9x

31/12/2020

52%

1.1x

28%

3.2x

31/12/2019

51%

1.0x

27%

3.0x

31/12/2018

49%

1.0x

32%

2.5x

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EMTN Program 

The adoption of the EMTN program is part of the Iren Group's financial strategy aimed at flexibility and optimisation of the financial structure.

Bonds

View bonds issued.

Sustainable finance 

Starting in 2017, the Iren Group embarked on sustainable finance to support investment strategies focused on projects with positive sustainability impacts.

Balance Sheet 

The main items in the annual and year-to-date balance sheet.

 

Investors and lenders relationship

For further details on relations with lenders it is possible to consult the relevant chapter in the Sustainability Report

Investors and lenders relationship

Investors and lenders relationship