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 17 of the Wilhelmsen group 2024 annual accounts (Annual report 2024). Information on interest-bearing debt on a quarterly basis is available in the quarterly reports.

Net interest-bearing debt

USD mill 31.12.2024  31.12.2023
Non current interest-bearing debt 277 456
Non current leasing liabilities 108 101
Current interest-bearing debt 23 27
Current lease liabilities 26 24
Total interest-bearing debt 434  608
Cash and cash equivalents  155 224
Current financial investments 121 124
Net interst-bearing debt 157 260

Interest bearing debt

USD mill 31.12.2024 31.12.2023
Bank and mortgage loan  300  483
Leasing debt 134 125
Total interest-bearing debt 434 608

Repayment schedule for interest-bearing debt

USD mill 31.12.2024 31.12.2023
Due in 1 year 49  51
Due in 2 year  36 19
Due in 3 year  259 28
Due in 4 year  13 435
Due in 5 year and later   77 76
Total interst-bearing debt  434 608