Debt financing
Structure of debt financing on March 31, 2013 (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.
| 1–3/2013 | 2012 | 2011
| 2010 | 2009 |
Interest-bearing debt (EUR million)
| 106.5 | 96.6
| 109.8
| 148.0 | 154.1 |
Cash and cash equivalents (EUR million) | 12.5 | 15.9
| 10.4
| 69.4 | 24.5 |
Net interest-bearing debt (EUR million) | 94.0 | 80.6 | 99.4
| 78.6 | 129.5 |
Gearing (%) | 45.5 | 39.1 | 51.9
| 41.4 | 90.0 |
Equity ratio (%) | 43.4 | 47.7 | 44.1
| 41.1 | 35.7 |
Average capital-weighted rate of interest-bearing debt (%) | 1.7 | 2.1
| 4.3
| 5.2 | 6.9 |
Further information
Stock Exchange Release:
Tikkurila restructures its debt financing
The financial risks are described in the notes to the consolidated Financial Statements for 2012 (note 35, pages 48–53 in the Financial Statements).
