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 16 of the Wilhelmsen group 2018 annual accounts (Annual report 2018). Information on interest-bearing debt on a quarterly basis is available in the quarterly reports.

Interest-bearing debt

USD mill  31.12.2018 31.12.2017 
Non current interest-bearing debt  448  493 
Current interest-bearing debt  85   108
Total interest-bearing debt  533  601
Cash and cash equivalents  140 167
Current financial investments 88 101
Net interst-bearing debt 306  953

Specification interest bearing debt

USD mill 31.12.2018 31.12.2017
Bank loan   533  601
Total interest-bearing debt 533 601

Repayment schedule for interest-bearing debt

USD mill 31.12.2018 31.12.2017
Due in 1 year  85 108 
Due in 2 year  27 25
Due in 3 year  22 22
Due in 4 year  217 22 
Due in 5 year and later   182 425 
Total interst-bearing debt  533  601