Wilhelmsen

Debt

Updated

The group (parent company and subsidiaries) funds its investments and operations mainly from the commercial bank loan market.

The group business activities are primarily financed over the balance sheet of the relevant subsidiary. Most loan agreements contain financial covenants in respect of the relevant borrowing company or group of companies. Financial covenants will normally include a mix of equity ratio, liquidity, current ratio and/or NIBD/EBITDA (net interest bearing debt / earning before interest, tax, depreciation and amortization).

Associates and other companies where the group has non-controlling interests will have separate funding and covenant structures.

Further information on interest-bearing debt at year end is available in note 18 of the Wilhelmsen group 2021 annual accounts (Annual report 2021). Information on interest-bearing debt on a quarterly basis is available in the quarterly reports.

Net interest-bearing debt

USD mill 31.12.2021  31.12.2020
Non current interest-bearing debt 203  426
Non current leasing liabilities 139 161
Current interest-bearing debt 270  38
Current lease liabilities 30 31
Total interest-bearing debt 642  657
Cash and cash equivalents  231 269
Current financial investments 135 124
Net interst-bearing debt 276 264

Interest bearing debt

USD mill 31.12.2021 31.12.2020
Bank and mortgage loan  473  464
Leasing debt 169 192
Total interest-bearing debt 642 657

Repayment schedule for interest-bearing debt

USD mill 31.12.2021 31.12.2020
Due in 1 year 300  70
Due in 2 year  204 233
Due in 3 year  22 32
Due in 4 year  26 30
Due in 5 year and later   90 291
Total interst-bearing debt  642 657

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