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 17 of the Wilhelmsen group 2023 annual accounts (Annual report 2023). Information on interest-bearing debt on a quarterly basis is available in the quarterly reports.

Net interest-bearing debt

USD mill 31.12.2023  31.12.2022
Non current interest-bearing debt 456 473
Non current leasing liabilities 101 93
Current interest-bearing debt 27 65
Current lease liabilities 24 23
Total interest-bearing debt 608  654
Cash and cash equivalents  224 163
Current financial investments 124 104
Net interst-bearing debt 260 386

Interest bearing debt

USD mill 31.12.2023 31.12.2022
Bank and mortgage loan  483  538
Leasing debt 125 116
Total interest-bearing debt 608 654

Repayment schedule for interest-bearing debt

USD mill 31.12.2023 31.12.2022
Due in 1 year 51  88
Due in 2 year  19 17
Due in 3 year  28 22
Due in 4 year  435 24
Due in 5 year and later   76 503
Total interst-bearing debt  608 654