Debt financing 

Structure of debt financing on March 31, 2012 (EUR million)

Tikkurila's debt financing consists mainly of a club loan of EUR 180 million, which was entered into with  a club of three banks. The debt facility has two components: a EUR 60 million term loan with a five-year maturity, and a EUR 120 million revolving credit facility with a three-year maturity, having two one-year extension options.

Moreover, Tikkurila has a bilateral five-year EUR 25 million multipurpose credit facility, a commercial paper program of EUR 100 million, as well as some credit limits and finance leasing contracts.

Key figures and ratios

The chart below presents the year-end key figures and ratios related to debt financing. In addition, the chart shows the latest quarterly figures and ratios. 

	1-3/2012	2011	2010	2009
Interest-bearing debt (EUR million)	134.4	109.8	148.0	154.1
Cash and cash equivalents (EUR million)	13.5	10.4	69.4	24.5
Net interest-bearing debt (EUR million)	120.9	99.4	78.6	129.5
Gearing (%)	73.2	51.9	41.4	90.0
Equity ratio (%)	33.6	44.1	41.1	35.7
Average capital-weighted rate of interest-bearing debt (%)	3.5	5.2	5.2	6.9