Debt

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

Interest bearing debt

Repayment schedule for interest-bearing debt