Lemminkäinen´s interest-bearing debt and debt maturity distribution
Interest-bearing debt and liquid funds | 31.12.2012 | 31.12.2011 | 31.12.2010 | 31.12.2009 | 31.12.2008 |
|---|---|---|---|---|---|
Interest-bearing debt, of which | 371.2 | 431.6 | 375.5 | 399.1 | 586.5 |
| - short-term | 232.4 | 237.0 | 161.4 | 108.4 | 467.7 |
| - long-term | 138.8 | 194.6 | 214.1 | 290.7 | 118.8 |
| Liquid funds | 93.9 | 30.4 | 26.3 | 74.4 | 250.1 |
| Net financial expenses | -21.1 | -18.9 | -22.2 | -33.4 | -32.1 |
| Financing expenses on average, % | 3.12 | 3.44 |
In addition, Lemminkäinen issued a EUR 70 million domestic hybrid bond in spring 2012. The coupon rate of the bond is 10 % per annum. The bond has no maturity but the company may exercise an early redemption option after four years. A hybrid bond is an instrument which is subordinated to the company's other debt obligations and which is treated as equity in the IFRS financial statements. Hybrid bonds do not confer to their holders the right to vote at shareholder meetings and do not dilute the holdings of the current shareholders.
Lemminkäinen´s debt portfolio and loan maturities are updated yearly. You will find more information about company´s financial situation in Interim reports and on Financial position webpage.
Breakdown of the loan portfolio as per 31 December 2012
(compared to 31 December 2011)
Of the company’s interest-bearing debt, 15% (17) comprises loans from financial institutions, 23% (28) commercial papers, 18% (12) project loans related to residential and commercial development, 12% (15) pension loans, 16% (14) finance leasing liabilities, and 16% (14) bonds.
Of all interest-bearing debt, 45 per cent (38) was with a fixed interest rate and the financing expenses of all interest-bearing debt was, on average, 3.12 per cent (3.44).
At the end of the financial period, the company also had binding, unused credit limits to the sum of EUR 139.6 million (140.7), which fall due at the end of 2013.
The loan arrangements include two financial covenants that are measured quarterly: The net debt to EBITDA ratio and the Company's equity ratio.
Long term loan maturities 2012-2015 as per 31 December 2012
2012: debt with maturity of one year or more at the time the loan was drawn
Updated 17.6.2013