Net financial position
Situation 31/12/2023
Net financial position
End March 2024, the Proximus net financial position (excl. lease liabilities) stood at € 3,263 million.
| Net financial position EOP 2023 | Free cash flow | Dividents | Other* | Net financial position EOP 2024 |
|---|---|---|---|---|
| -3,131 | -128 | 0 | -4 | -3,263 |
* Mainly remeasurement to fair value of cash flow hedge instrument for future LT debt, net of debt issuance, Sale of treasury shares and repayment of Debt
Debt maturity schedule
(in € M)
| Year | Institutional Eurobonds | Investment loan | ¥ private placement |
|---|---|---|---|
| 2025 | 500 | ||
| 2026 | 11 | ||
| 2028 | 150 | 400 | |
| 2030 | 500 | ||
| 2031 | 100 | ||
| 2033 | 750 | ||
| 2034 | 700 | ||
| 2036 | 750 | ||
| 2040 | 150 |
Proximus actively manages its long-term debt portfolio by having hedged its interest rate exposure of the bonds maturing in 2024 and 2025.
Funding
Situation 29/04/2022
| Currency | Facility Amount | Outstanding Amount | |
|---|---|---|---|
| Capital markets funding | |||
| Institutional Eurobonds (EMTN) | EUR | 5,000M EUR | 3,500M EUR |
| Yen private placement | YEN | 1.5B YEN | 1.5B YEN |
| Investment Loan | EUR | 400M EUR | 400M EUR |
| Commercial paper | EUR | 1,000M EUR | 260M EUR |
| Credit facilities | |||
| Syndicated bank facilities | EUR | 700M EUR | 0 EUR |
| Overdraft facilities | EUR | 50M EUR | 0 EUR |
Credit facilities
Syndicated bank facility
Proximus has a Sustainable Revolving Credit Facility that is provided by a wide range of local and international banks. This facility also serves as back-up against the refinancing risk related to any issued commercial papers.
| Amount | Tenor | Maturity |
|---|---|---|
| 700M EUR | 3+1+1 years | Oct 2025 |
Overdraft facilities
Proximus has overdraft facilities with local and international banks for a total amount of 50M EUR. Typically, these facilities are extended on a yearly or bi-yearly basis.
Capital markets funding
EMTN Program and Bonds
Proximus has established a Euro Medium Term Note (EMTN) Program for its long-term funding needs. The Program enables Proximus to issue unsecured bonds with a tenor of minimum 1 year within a EUR 5,000 million program.
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2024 – Supplement N° 3 of 19 March February188 KB
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2024 – Supplement N° 2 of 27 February 2024220 KB
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2023 – Supplement N° 1 of 6 November 2023266 KB
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2023 – Base Prospectus – 4 July 20231 MB
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2022 – Supplement N° 1 of 28 February 2023390 KB
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2022 – Base Prospectus – 7 June 20221 MB
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2021 – Supplement N° 1 of 29 October 2021685 KB
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2021 – Base Prospectus – 31 March 20211 MB
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2020 – Base prospectus – 7 April 20201 MB
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2019 – Base Prospectus – 20 March 20192 MB
Proximus has issued the following unsecured bonds under its EMTN Program:
| Amount | Tenor | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| 600M EUR | 10 years | 4 April 2024 | 2.375% | BE6265262327 |
| 500M EUR | 10 years | 1 Oct 2025 | 1.875% | BE0002237064 |
| 150M EUR | 15 years | 20 March 2028 | 3.19% | BE6251142749 |
| 500M EUR | 7 years | 8 March 2030 | 4.00% | BE0002925064 |
| 100M EUR | 12,5 years | 8 September 2031 | 1.75% | BE0002639202 |
| 750M EUR | 10 years | 17 November 2033 | 4.125% | BE0002977586 |
| 700M EUR | 10 years | 27 March 2034 | 3.75 % | BE0390123868 |
| 750M EUR | 15 years | 17 November 2036 | 0.75% | BE0002830116 |
| 150M EUR | 20 years | 14 May 2040 | 1.5% | BE0002697788 |
Yen private placements
On March 27th of 2015, 85% of JPY 10 billion Note due in December 2026 have been bought back with settlement on April 1st 2015. The remaining 15% (EUR 11 million) will mature in 2026.
Proximus (previously Belgacom) has issued the following Yen private placements.
| Amount | Tenor | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| 10B YEN | 30 years | 16 dec 2026 | - | BE007199961 |
Commercial Paper Program
Proximus has established a commercial paper program for the issue of short term treasury notes (thesauriebewijzen/billets de trésorie). The program enables Proximus to issue commercial papers with a tenor of maximum 12 months within a EUR 1 billion program. The commercial paper program is a complement to Proximus’ core funding.