22. Interest-bearing liabilities (non-current)

Non-current interest-bearing liabilities include loans available to Enexis for over a year. The amounts of repayment due within one year are included in the current interest-bearing liabilities.

For more information on the non-current interest-bearing liabilities, see note 30 ‘Financing policy and risks associated with financial instruments’.

The listed bonds with a maturity of more than one year have a total nominal value of €3,000 million. After deduction of the amortised cost, the remaining value is €2,981 million.

In May 2024, X N.V. issued a €500 million green bond with a coupon of 3.50%. Enexis now has six bonds outstanding, four of which are green bonds. Enexis N.V. used the bond for investments in grid expansions and upgrades necessary to accommodate renewable energy, distribution automation, smart meters and sustainable buildings. A Green Finance Framework has been developed for the issuance of green bonds. The current Green Finance Framework is fully aligned with the EU Taxonomy. This has been externally validated and confirmed by ISS ESG, demonstrating that Enexis makes a significant contribution to sustainability and has an impact on a sustainable society.

The carrying value of the convertible hybrid shareholders’ loan amounted to €500 million at year-end 2024. The convertible hybrid shareholders’ loan was issued in 2020 in two tranches. Both tranches have a maximum term to maturity up to 30 November 2080. An interest revision on 30 November 2030 and after that every 10 years applies for both tranches. Early redemption is possible at each interest revision or under agreed conditions.

Enexis Holding N.V. has the right to convert the loan into shares if one of the credit ratings falls below Enexis' policy level (A/A2) or if it is threatened with a downgrade under credit watch. Enexis Holding N.V. can also obtain the right to convert the loan into shares in other cases with the consent of at least two-thirds of the shareholders. If Enexis Holding N.V. chooses to convert the loan into shares, then the nominal value of the loan (including still to be paid interest at that point in time) will be converted into an equal market value of the shares whereby the market value of the shares will be determined by an independent party. The conversion right is a right but not an obligation of Enexis Holding N.V.

The convertible hybrid shareholders’ loan concerns a hybrid financial instrument in which various derivatives are embedded in the base contract. The embedded derivatives concern, for example, the conditional right of Enexis to convert the loan into shares as well as the conditional right of Enexis to redeem the loan earlier. Based on the assessment of these embedded derivatives, Enexis concludes that the embedded derivatives do not have to be separated from the base contract and that the whole convertible hybrid shareholders’ loan must be recognised as a non-current interest-bearing liability with valuation at amortised cost. Enexis expects that on 30 November 2030 use shall be made of the option to repay the convertible hybrid shareholders’ loan earlier. For this reason, a term to maturity up to 30 November 2030 has been taken into account in determining the amortised cost.

Lease liabilities amounted to €112 million at year-end 2024, of which €31 million is classified as the current portion. Lease liabilities are recognised at the present value of the remaining lease payments, discounted at the marginal interest rate. The weighted average marginal interest rate for the lease liabilities at year-end 2024 was 2.0%. The financial expenses in connection with leases amounted to €1 million for 2024. The average remaining term of the liability arising from the right-of-use assets at year-end 2024 was 3.0 years. The remaining term of the lease liabilities can be broken down as follows:

The table below shows the changes in the lease liability for 2024:

The comparative overview for 2023 is as follows: