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 2019 annual accounts (Annual report 2019). Information on interest-bearing debt on a quarterly basis is available in the quarterly reports.

Net interest-bearing debt

USD mill  31.12.2019 31.12.2018 
Non current interest-bearing debt  429  448
Non current leasing liabilities 154  
Current interest-bearing debt  65   85
Current lease liabilities 27  
Total interest-bearing debt  675  533
Cash and cash equivalents  153 140
Current financial investments 102 88
Net interst-bearing debt 419  306

Interest bearing debt

USD mill 31.12.2019 31.12.2018
Bank and mortgage loan   494  533
Leasing debt 181  
Total interest-bearing debt 675 533

Repayment schedule for interest-bearing debt

USD mill 31.12.2019 31.12.2018
Due in 1 year  92 85
Due in 2 year  40 27
Due in 3 year  40 22
Due in 4 year  251 217
Due in 5 year and later   252 182
Total interst-bearing debt  675  533

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