XML 207 R39.htm IDEA: XBRL DOCUMENT v3.25.0.1
Cash and cash equivalents and borrowings
 12 Months Ended
Dec. 31, 2024
Cash and cash equivalents and borrowings [Abstract]  
Disclosure of cash and cash equivalents and borrowings [Text Block]
5.2 CASH AND CASH EQUIVALENTS AND BORROWINGS
In order to aid understanding of the Group’s financial performance, and as mentioned in Note 1.1.3, the Group analyzes cash and cash equivalents and borrowings for each corresponding period distinguishing between infrastructure project companies and ex infrastructure companies.
The main items forming the Group's cash and cash equivalents and borrowings, are described below.
5.2.1 Cash and cash equivalents
a) Cash and cash equivalents and restricted cash of infrastructure projects companies
The cash and cash equivalents of infrastructures project companies as at December 31, 2024 and December 31, 2023 stood at EUR 175 million and EUR 204 million, respectively.
Infrastructure project financing agreements often impose the obligation to arrange certain restricted accounts to cover short-term or long-term obligations relating to the payment of principal or interest on the borrowings and the infrastructure maintenance and operation.
Restricted cash is classified as short-term or long-term depending on whether it must remain restricted for less or more than one year. These funds are invested in highly-liquid financial products earning floating interest. The type of financial product in which the funds may be invested is also restricted by the financing agreements or, where no restrictions are stipulated, the decision is made on the basis of the Group’s policy for the placement of cash surpluses.
For 2024:
Short-term balances, which amounted to EUR 18 million, are recognized under cash and cash equivalents in the balance sheet, whereas long-term balances totaling EUR 380 million are carried as financial assets. Therefore, short- and long-term restricted cash recognized at December 31, 2024 amounts to EUR 398 million and relates to the NTE Segment 3, LBJ, I-66 and NTE toll roads (EUR 22 million, EUR 12 million, EUR 57 million and EUR 281 million, respectively), as well as to other European concessions in the amount of EUR 26 million, primarily treatment plants in the United Kingdom, and the Autovía de Aragón toll road (EUR 9 million and EUR 17 million, respectively). The variation of EUR -228 million compared to December 2023 is explained by:
•A net decrease in the restricted cash amount of EUR -257 million (excluding exchange rate effects), essentially from the NTE toll road (EUR -70 million), I-66 (EUR -82 million) and the I-77 (EUR -101 million), due mainly to the distribution of dividends in these toll roads.
•The exchange rate effect reached EUR 29 million, mainly generated by US dollar fluctuations (Note 1.4).
Other cash and cash equivalents relate to bank accounts and highly-liquid investments subject to interest rate risk.
For 2023:
Short-term balances, which amounted to EUR 31 million, are recognized under cash and cash equivalents in the balance sheet, whereas long-term balances totaling EUR 596 million are carried as financial assets. Therefore, short- and long-term restricted cash recognized at December 31, 2023 amounts to EUR 627 million and relates to the NTE Segment 3, LBJ, I-77, I-66 and NTE Mobility Partners toll roads (EUR 23 million, EUR 7 million, EUR 99 million, EUR 134 million and EUR 333 million, respectively), as well as to other European concessions in the amount of EUR 31
million, primarily treatment plants in the United Kingdom and the Autovía de Aragón toll road in Spain (EUR 14 million, EUR 17 million respectively).
Other cash and cash equivalents relate to bank accounts and highly-liquid investments subject to interest rate risk.
b) Cash and cash equivalents and restricted cash of ex- infrastructures projects
Cash and cash equivalents of ex-infrastructure project companies at December, 31 2024 and December, 31 2023 amounted to EUR 4,653 million and EUR 4,585 million, respectively. At December 2023, EUR 207 million denominated in Canadian dollars and the exchange rate risk affecting these cash and cash equivalents is fully hedged by forward derivatives.
At December, 31 2024, certain accounts totaling EUR 22 million (EUR 37 million at December, 31 2023) are restricted due mainly to the UK waste treatment business (Thalia). This is cash but is kept in escrow so that Thalia cannot access it without the Environment Agency's consent. When there is a need to pay for landfill aftercare in the future, the cash can be used at that time.
5.2.2 Borrowings
a) Infrastructure project companies
a.1) Breakdown by project, significant changes during the year and main features of the borrowings
There follows a breakdown of borrowings secured by project cash flows, distinguishing between bonds and bank borrowings, short- and long-term, and changes during 2024 and 2023:
20242023Change 24/23
(Million euro)BondsBank borrowingsTotalBondsBank borrowingsTotalBondsBank borrowingsTotal
Long term5,1983,0588,2564,4413,4127,852758(354)404
Toll roads5,1982,7077,9054,4412,9377,378758(230)528
US toll roads5,1982,1387,3374,4412,3076,748758(169)589
Spanish toll roads—564564—611611—(47)(47)
Other concessions—55—1919—(14)(14)
Airports————8989—(89)(89)
Construction—9797—102102—(4)(4)
Energy—209209—236236—(26)(26)
Other—4444—4848—(4)(4)
Short term114214316263—8181
Toll roads1383913133—77
US toll roads1—11—1———
Spanish toll roads—2424—1717—66
Other concessions—1414—1414—11
Airports—9494—1515—8080
Construction—55—55—11
Energy—22—1111—(9)(9)
Other—33—33———
TOTAL5,1993,2008,4004,4423,4737,915757(272)485
The following table shows, for 2024 movements in infrastructure project borrowings, broken down into variations in borrowings with balancing entries in cash flows, exchange rate effects and scope changes, as well as movements in borrowings due to the accrual of interest, which do not affect period cash positions.
(Million euro)Dec. 2023Increase/decrease with impact on cash flow
Foreign exchange effectImpact of scope changes and other
Capitalized/accrued interestDec. 2024
 Infrastructures project borrowings7,915 70 472 (22)(36)8,400 
Infrastructure project borrowings increased by EUR 485 million in 2024 with respect to December 2023, mainly for the following reasons:
•Exchange rate effect amounting to EUR 472 million, mainly due to the appreciation of the US dollar against the euro.
•Increase of EUR 34 million in debt, excluding the foreign exchange effect and scope changes, relating primarily to the US projects and attributable to the debt drawn down by the I-77 toll road, capitalization of interest and accrued unmatured interest.
US toll roads:
NTE Mobility Partners, LLC
Regarding NTE Mobility Partners, the total debt at December, 31 2024 reached USD 1,600 million were as follows:
–A taxable bond issue of USD 871.1 million maturing in 2049 at a fixed interest rate of 3.92% and a PAB (Private Activity Bonds) issue of USD 331.8 million (at a fixed interest rate of 4.00% for USD 122.8 million and 5.00% for USD 209.0 million, repayable from 2030 to 2039).
–USD 397 million in bonds issued in August 2023 at a fixed interest rate of 5.50%, repayable from 2052 to 2058, for the funding of the Mandatory Capacity Improvement project.
NTE Mobility Partners Seg 3 LLC
In relation to NTE Mobility Partners Seg 3 LLC the total debt at December 31, 2024 reached USD 1,578 million. This debt consists of:
–The issuance of USD 265.9 million in PABs related to the debt of the 3A-3B segments at a rate of 5.00% fixed interest on USD 32.4 million, 5.13% on USD 22.5 million, 5.25% on USD 23.7 million, 5.38% on USD 64.7 million and 5.50% on USD 122.6 million.
–A TIFIA loan in the amount of USD 437.7 million at a fixed rate of 3.84% at December 31, 2024 with final maturity in 2053.
–Amount of USD 221 million drawn down in 2024 from the 5-year bonds.
–The issuance of USD 653.9 million in PABs repayable from 2047 to 2058 at a fixed interest rate of 5.00% for the debt of segment 3C (total of USD 750 million including the issuance premium).
LBJ Infr. Group LLC
The total debt of this company at December 31, 2024 reached USD 2,007 million. This debt consists of:
–A PABs issuance of USD 537.5 million (total of USD 615 million including the premium) at a fixed interest rate of 4.00%, repayable from 2030 to 2040.
–Taxable bond issuance of USD 615.5 million (of which USD 7 million bears a fixed interest rate of 2.75% and matures in 2026, and USD 608.5 million bears a fixed interest rate of 3.80% and matures in 2057).
–A TIFIA loan granted by the U.S. Federal Government, valued at USD 835.6 million as of December 31, 2024, with an amortization profile from 2035 to 2050, bearing a fixed interest rate of 4.22%.
–A credit line maturing in 2027 with an interest rate of 4.51%, of which USD 18.0 million had been drawn as of December 31, 2024.
I-77 Mobility Partners, LLC
The total debt of I-77 Mobility Partners, LLC this company at December 31, 2024 reached USD 471 million. This debt consists of:
–USD 100 million in PABs at a fixed rate of 5.00% maturing between 2026 and 2030.
–On April 25, 2024, the issuance of USD 371 million in Senior Secured Notes was completed, the proceeds of which were used to refinance the TIFIA debt, thereby increasing the average maturity of the outstanding debt. The Senior Secured Notes bear interest at a fixed rate of 6.57% and mature in 2051.
–On April 26, 2024, the TIFIA debt was repaid in full.
I-66 Mobility Partners, LLC
Regarding I-66 Mobility Partners, LLC, the total debt of this company at December 31, 2024 reached USD 2,084 million. This debt consists of:
–USD 737 million in PABs (a total of USD 800.4 million including the premium) at a fixed rate of 5.00%, maturing between 2047 and 2056.
–A TIFIA loan balance of USD 1,346.9 million, of which USD 21.2 million had been prepaid as of December 31, 2024. This loan bears interest at a fixed rate of 2.8% and finally matures in 2057.
Spanish toll roads:
Cintra Inversora Autopistas de Cataluña (Terrasa Manresa toll road)
In relation to Cintra Inversora Autopistas de Cataluña , the total debt of this company at December 31, 2024 reached EUR 584.9 million. This debt consists of:
–Tranches A and B amounting to EUR 264.9 million and EUR 280.3 million as of December 31, 2024, accruing interest at the 6-month EURIBOR rate +3.672% +1.5% at year-end. Both tranches were fully utilized and fall due in 2035.
–A liquidity tranche (tranche C) with a balance of EUR 39.7 million as of December 31, 2024 (the year-end interest rate is the 6-month EURIBOR +3.672% +1.5%).
–It should also be noted that this company has an interest rate derivative with a notional amount of EUR 551.7 million, with a guaranteed interest rate of 5.2064% and maturity in 2035. The fair value of the derivative (recognized under “Derivative financial instruments”, Note 5.5) was EUR -83.4 million at the year- end 2024.
Breakdown of other projects:
20242023
(Million euro)Long termShort termTotalLong termShort termTotalChange 24/23
Autovía de Aragón5 14 19 19 14 33 (14)
Dalaman International Airport— 94 94 89 15 104 (10)
Conc. Prisiones Lledoners,S.A.61 3 63 63 2 65 (2)
Depusa Aragón S.A.22 2 24 24 1 25 (2)
Budimex Group15 1 16 15 1 16 — 
Parque Solar Casilla— — — 20 3 23 (22)
Transchile Charrúa Transmisión, S.A.105 — 105 91 8 99 5 
Centella Transmisión, S.A.105 2 106 125 — 125 (18)
UK Waste Treatment (Thalia)44 3 47 48 1 49 (2)
TOTAL Other infrastructure project company borrowings356 119 474 494 44 538 (64)
Other project borrowings decreased by EUR -64 million against December 2023 primarily in the Autovía de Aragón, Spanish toll road. Also noteworthy is Dalaman international airport, which waiver effective as of December 31, 2024, originally ending on February 28, 2025, has been extended to December 31, 2025. In December 2024, the airport´s borrowings (EUR 94 million) were reclassified from long-term to short-term.
On December 2024, Centella Transmisión S.A. carried out a refinancing operation in the amount of USD 112.6 million at a “Daily Compounded SOFR” rate, applicable to any business day of the U.S. government securities market during an interest period, with a maturity date of December 12, 2029. In addition, in December 2024, Centella also repaid the credit line with Ferrofin S.L., which at December 31, 2023 amounted to EUR 31 million.
a.2) Maturities by currency and fair value of infrastructure project company borrowings
December 31, 2024
(Million euro)CurrencyFair value 2024Carrying amount 2024202520262027202820292030+Total maturities
Infrastructure project company obligations3,574 5,199 1 8 1 215 1 4,704 4,930 
TOLL ROADS3,574 5,199 1 8 1 215 1 4,704 4,930 
USD3,574 5,199 1 8 1 215 1 4,704 4,930 
EUR— — — — — — — — — 
Bank borrowings of infrastructure project companies3,200 3,200 120 233 155 151 274 2,690 3,624 
TOLL ROADS2,745 2,745 98 104 130 122 133 2,565 3,152 
USD2,138 2,138 70 71 95 79 82 2,153 2,549 
EUR607 607 28 33 35 43 51 412 603 
AIRPORTS94 94 14 16 18 20 21 16 105 
EUR94 94 14 16 18 20 21 16 105 
CONSTRUCTION103 103 4 4 5 5 5 79 102 
EUR87 87 4 4 5 5 5 64 87 
PLN16 16 — — — — — 15 15 
ENERGY211 211 2 106 — — 109 — 216 
EUR— — — — — — — — — 
USD211 211 2 106 — — 109 — 216 
OTHER47 47 3 3 3 4 5 30 49 
GBP47 47 3 3 3 4 5 30 49 
TOTAL INFRASTRUCTURE PROJECT COMPANY BORROWINGS6,774 8,400 121 241 156 366 275 7,394 8,554 
December 31, 2023
(Million euro)CurrencyFair value 2023Carrying amount 2023202420252026202720282029+Total maturities
Infrastructure project company obligations4,092 4,442 — 1 7 1 1 2,625 2,636 
TOLL ROADS4,092 4,442 — 1 7 1 1 2,625 2,636 
USD4,092 4,442 — 1 7 1 1 2,625 2,636 
EUR— — — — — — — — — 
Bank borrowings of infrastructure project companies3,473 3,473 76 60 285 61 169 4,782 5,434 
TOLL ROADS2,968 2,968 34 38 34 35 141 4,627 4,909 
USD2,307 2,307 3 — — — 97 4,154 4,253 
EUR661 661 31 38 34 35 44 473 656 
AIRPORTS104 104 10 14 16 18 20 37 115 
EUR104 104 10 14 16 18 20 37 115 
CONSTRUCTION106 106 4 4 4 5 5 84 106 
EUR91 91 4 4 4 5 5 69 91 
PLN15 15 — — — — — 15 15 
ENERGY295 295 28 5 230 3 4 34 304 
USD224 224 2 2 228 — — — 232 
OTHER49 49 3 3 3 3 4 34 49 
GBP49 49 3 3 3 3 4 34 49 
TOTAL INFRASTRUCTURE PROJECT COMPANY BORROWINGS7,565 7,915 76 61 292 62 171 7,407 8,070 
At December 31, 2024 the difference between the total maturities of bank borrowings of EUR 8,554 million (EUR 8,070 million in 2023) and the carrying amounts recognized at December 31, 2024 in the amount of EUR 8,400 million (EUR 7,915 million in 2023) is explained mainly by the difference between the nominal values and carrying amounts of the borrowings, as certain adjustments are made in accordance with applicable accounting rules. Thus, the accrued interest payable and the application of the amortized cost method had an impact of EUR 154 million (EUR 155 million in 2023), considering that the maturities of the borrowings do not include interest.
The fair value reflected in the table above is calculated as follows:
•For fixed-rate bonds, subject to changes in value due to fluctuations in market interest rates: since they are quoted in an active market, the related market value is used.
•For fixed-interest bank borrowings, also subject to changes in value due to fluctuations in rates: future cash flows are discounted using a market interest rate, calculated using an internal valuation model.
•Lastly, for floating-rate bank borrowings: no significant differences are deemed to exist between the fair value of the borrowings and their carrying amount and therefore the carrying amount is used.
a.3) Information on credit limits and credit drawable for infrastructure projects
There follows is a comparative analysis of borrowings not drawn down at December 31, 2024 and 2023:
20242023
(Million euro)LimitUtilizedDrawableDebt recognizedLimitUtilizedDrawableDebt recognized
Toll Roads8,091 8,082 9 7,945 7,545 7,545 — 7,410 
US toll roads7,479 7,479 — 7,338 6,889 6,889 — 6,749 
Spanish toll roads593 584 9 587 623 623 — 628 
Other concessions19 19 — 19 33 33 — 33 
Airports105 105 — 94 115 115 — 104 
Construction103 102 — 103 106 106 1 106 
Energy220 216 4 211 255 255 — 246 
Other49 49 — 47 49 49 — 49 
TOTAL BORROWINGS8,567 8,554 13 8,400 8,070 8,070 1 7,915 
a.4) Guarantees and covenants for project borrowings
The borrowings classified as project borrowings are without recourse to the project shareholders or with recourse limited to the guarantees given. The guarantees given by Ferrovial subsidiaries for project borrowings are described in Note 6.5, Contingent liabilities.
After reviewing the information reported by the businesses and conducting a subsequent review, we have concluded that there is no event of default for the fully-consolidated project companies as of December 31, 2024. In the case of Dalaman International Airport, there was a waiver effective as of December 31, 2024, originally ending on February 28, 2025. As this waiver ended before December 2025, the borrowings of the airport have been reclassified from long-term to short-term at December 2024. On February 17, 2025 the waiver has been extended to December 31, 2025.
At December 31 2023, all the fully-consolidated project companies fulfilled the significant covenants in force.
b) Ex-infrastructure projects
b.1) Breakdown of short- and long-term borrowings, changes during 2024 and main features
20242023
(Million euro)Long termShort termTotalLong termShort termTotal
Corporate bonds and debentures1,773 518 2,292 2,270 320 2,590 
Euro Commercial Paper— 249 249 — 500 500 
Corporate liquidity lines60 252 312 296 — 296 
Other borrowings3 33 36 5 58 63 
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE PROJECT COMPANIES1,836 1,052 2,889 2,571 879 3,449 
The following table shows changes to ex-infrastructure project borrowings, broken down into variations in borrowings with balancing entries in cash flows, exchange rate effects and scope changes, as well as changes in borrowings due to the accrual of interest during 2024, which do not affect period cash positions:
(Million euro)Dec. 2023Increase/decrease with impact on cash flowForeign exchange effectImpact of scope changesCapitalized/accrued interest and otherDec. 2024
Bank borrowings3,449 (569)19 — (11)2,888 
Cross- currency swaps13 — (16)— (2)
Ex-infrastructure projects borrowings3,463 (569)4 — (11)2,886 
b.1.1) Corporate debt
Corporate debt comprises the following debt instruments:
Corporate bonds:
The carrying amount totals EUR 2,292 million at December 31, 2024 (EUR 2,590 million at December, 31 2023). The breakdown is as follows:
Issuance dateNominal value (Million euro)MaturityAnnual coupon
3/29/2017500 3/31/20251.375 %
5/14/2020780 5/14/20261.38 %
11/12/2020500 11/12/20280.540 %
9/10/2023500 9/13/20304.375 %
Regarding the variation in corporate bonds during 2024, the repayment of the bond issued in July 2014 and maturing in July 2024 (EUR 300 million) should be noted. All issues completed for 2017 and up to 2023 are admitted to trading on the AIAF fixed income market (Spain). All these issuances except the 2023 bond, are guaranteed by the Company. The bond issued by Ferrovial SE in 2023 is listed on Euronext Dublin.
Euro Commercial Paper:
This Euro Commercial Paper (ECP) issuance program has been renewed each year since 2018, with maturities between 1 and 364 days as from the issue date, allowing further diversification of capital market funding and more efficient liquidity management.
The notes outstanding during 2024 were issued under the EUR 1,500 million Sustainability Target STEP label compliant Euro-commercial paper program registered on July 31, 2023, at an average rate of 3.74% (2023: 3.13%). Regarding the notes outstanding as of December 31, 2024, the average cost were 3.17% (2023: 4.09%).
Regarding the movement during 2024, it is worth noting the variation in the Euro Commercial Paper issued at December 2024 closing (EUR 249 million) compared to December 2023 (EUR 500 million), representing a reduction of EUR -251 million.
Other corporate debt:
In July 2018, Ferrovial refinanced the liquidity facility and included sustainability criteria in the process for a maximum of EUR 1.100 million. The limit was reduced to EUR 788 million in 2024 and the balance can be drawn-down in EUR, USD, CAD and GBP.
EUR 250 million had been utilized at December 31, 2024 and 2023, and in order to cover possible interest rate and foreign exchange fluctuations affecting this amount, Ferrovial arranged cross currency swaps for USD 260 million, maturing in 2025 for an agreed equivalent value of EUR 250 million, the fair value of which amounts to EUR 1.49 million (EUR -13 million at December 31, 2023).
Additionally, Ferrovial has a credit line, fully draw down, for a total of EUR 60 million which matures in 2027 at a fixed rate of 0.425%.
The Group’s liquidity stood at EUR 5,320 million and EUR 5,387 million (Note 5.4.d) at December 31, 2024 and 2023, respectively.
b.1.2) Information on corporate debt limits and drawable balances.
Set out below is a breakdown of corporate debt limits and drawable balances at December 31, 2024 and at December 31, 2023:
20242023
(Million euro)LimitUtilizedDrawableConsolidated debtLimitUtilizedDrawableConsolidated debt
Bonds2,280 2,280 — 2,292 2,581 2,581 — 2,590 
Syndicated facility788 250 538 252 900 250 650 236 
ECPs249 249 — 249 500 500 — 500 
Credit lines60 60 — 60 60 60 — 60 
TOTAL CORPORATE DEBT3,377 2,839 538 2,852 4,041 3,391 650 3,386 
The variation in corporate debt compared to December 2023 (EUR -534 million) is explained mainly by the repayment of the bond issued in July 2014 and maturing in July 2024 (EUR 300 million) and by the lower volume of ECPs outstanding (EUR -251 million).
The Company's credit rating
The credit rating agencies Standard & Poor’s and Fitch maintained their opinion regarding the financial rating of Ferrovial’s corporate debt in 2024 and 2023, respectively rating it at BBB and BBB with stable outlook and, therefore, within the “Investment Grade” category.
b.1.3) Other borrowings
At December 31, 2024 “Other borrowings” of EUR 36 million (EUR 63 million at December 31, 2023) related primarily to Construction Division bank borrowings.
b.1.4) Information on limits and drawable balances of other borrowings:
Set out below is a breakdown of debt limits and drawable balances at December 31, 2024 and 2023:
20242023
(Million euro)LimitUtilizedDrawableConsolidated debtLimitUtilizedDrawableConsolidated debt
Construction131 17 114 14 163 26 137 13 
Airports— — — 14 — — — 31 
Other8 8 — 8 22 20 2 19 
OTHER BORROWINGS140 26 114 36 185 46 139 63 
The differences between total bank borrowings and the carrying amount at December 31, 2024 and 2023 are explained mainly by the difference between the nominal values and carrying amounts of the borrowings, as certain adjustments are made in accordance with applicable accounting rules.
b.2) Maturities by currency and fair value of borrowings excluding infrastructure project companies
At December 31, 2024:
Borrowings (Million euro)CurrencyFair value 2024Carrying amount 2024202520262027202820292030+Total maturities
Corporate debt2,830 2,852 999 780 60 500 — 500 2,839 
EUR2,830 2,852 999 780 60 500 — 500 2,839 
Other borrowings36 36 2 9 12 2 1 — 26 
EUR7 7 — — — 1 — — 1 
PLN5 5 2 1 1 — 1 — 5 
CLP7 7 — — 7 1 — — 8 
Other17 17 — 8 4 — — — 12 
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE PROJECT COMPANIES2,866 2,889 1,001 789 72 502 1 500 2,865 
At December 31, 2023:
Borrowings (Million euro)CurrencyFair value 2023Carrying amount 2023202420252026202720282029+Total maturities
Corporate debt3,331 3,386 800 750 781 60 500 500 3,391 
EUR3,331 3,386 800 750 781 60 500 500 3,391 
Other borrowings63 63 21 5 13 6 1 — 46 
EUR3 3 — — — — 1 — 1 
PLN9 9 1 5 2 1 — — 9 
CLP19 19 20 — — — — — 20 
Other32 32 — — 11 5 — — 16 
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE PROJECT COMPANIES3,394 3,449 821 755 794 66 501 500 3,437 
The differences between the total maturities of borrowings and the carrying amounts of the debt at December 31, 2024 and 2023 are primarily explained by the difference between the nominal values and carrying amounts of the borrowings, as certain adjustments are made in accordance with applicable accounting legislation (basically accrued interest payable and the application of the amortized cost method).
The fair value of bank borrowings excluding infrastructure project companies matches the related carrying amount because the borrowings are tied to floating market interest rates and therefore changes to the benchmark interest rates do not affect fair value.
As corporate debts are quoted in an active market, the related market value is used.
On this basis, the estimated total fair value of bank borrowings and bonds excluding infrastructure project companies at December 31, 2024 and December 31, 2023 amounted to EUR 2,866 million and EUR 3,394 million, respectively.
The 2025 maturities total EUR 1,001 million and relate to the ECPs (EUR 249 million), corporate bonds (EUR 500 million) and liquidity facility (EUR 250 million). The debt maturities do not include interest.