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 2020 annual accounts (Annual report 2020). Information on interest-bearing debt on a quarterly basis is available in the quarterly reports.

Net interest-bearing debt

USD mill  31.12.2020 31.12.2019 
Non current interest-bearing debt  426  429
Non current leasing liabilities 161 154
Current interest-bearing debt  38   65
Current lease liabilities 31 27
Total interest-bearing debt  657  675
Cash and cash equivalents  269 153
Current financial investments 124 102
Net interst-bearing debt 264  419

Interest bearing debt

USD mill 31.12.2020 31.12.2019
Bank and mortgage loan   464  494
Leasing debt 192 181
Total interest-bearing debt 657 675

Repayment schedule for interest-bearing debt

USD mill 31.12.2020 31.12.2019
Due in 1 year  70 92
Due in 2 year  233 40
Due in 3 year  32 40
Due in 4 year  30 251
Due in 5 year and later   291 252
Total interst-bearing debt  657  675

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