DEBT AND FINANCING
In this section you can find information on Nokian Tyres’ financial position. Nokian Tyres has not issued any bonds, and company currently has no credit ranking.
May 21, 2019: Nokian Tyres signed EUR 100 million loan agreement – terms are linked to sustainability targets. Read more.
Financial position on September 30, 2020
Nokian Tyres has implemented actions to strengthen the liquidity position, which as of September 30, 2020 amounted to EUR 722.8 million, including cash, cash equivalents and undrawn committed short- and long-term credit limits (EUR 424.3 million at the end of 2019). In April, additional EUR 125 million committed credit facilities were signed.
|
EUR million |
Sept 30, 2020 |
Sept 30, 2019 |
Dec 31, |
|
Cash and cash equivalents |
517.5 |
92.7 |
218.8 |
|
Interest-bearing liabilities |
798.1 |
515.3 |
259.9 |
|
of which current interest-bearing liabilities |
597.6 |
277.6 |
30.9 |
|
Interest-bearing net debt |
280.6 |
422.6 |
41.1 |
|
Unused credit limits* |
413.8 |
298.7 |
561.0 |
|
of which committed |
205.4 |
205.5 |
205.5 |
|
Gearing ratio, % |
18.5% |
25.0% |
2.3% |
|
Equity ratio, % |
57.5% |
66.3% |
75.9% |
|
* The current credit limits and the commercial paper program are used to finance inventories, trade receivables, and subsidiaries in distribution chains, thereby controlling the typical seasonality in the Group’s cash flow. The commercial paper program was increased from EUR 350 million to EUR 500 million in April 2020. |
Earlier positions:
Nokian Tyres has implemented actions to strengthen the liquidity position, which as of June 30, 2020 amounted to EUR 734.1 million, including cash, cash equivalents and undrawn committed short- and long-term credit limits (EUR 424.3 million at the end of 2019). In April, additional EUR 125 million committed credit facilities were signed.
|
|
June 30, 2020 |
June 30, 2019 |
December 31, |
|
Cash and cash equivalents, M€ |
403.7 |
109.3 |
218.8 |
|
Interest-bearing liabilities, M€ |
657.8 |
361.3 |
259.9 |
|
of which current interest-bearing liabilities, M€ |
446.6 |
116.1 |
30.9 |
|
Interest-bearing net debt, M€ |
254.1 |
252.0 |
41.1 |
|
Unused credit limits*, M€ |
567.3 |
458.7 |
561.0 |
|
of which committed, M€ |
330.4 |
205.5 |
205.5 |
|
Gearing ratio, % |
16.3% |
15.7% |
2.3% |
|
Equity ratio, % |
63.3% |
70.5% |
75.9% |
|
* The current credit limits and the commercial paper program are used to finance inventories, trade receivables, and subsidiaries in distribution chains, thereby controlling the typical seasonality in the Group’s cash flow. The commercial paper program was increased from EUR 350 million to EUR 500 million in April 2020. |
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Nokian Tyres has implemented actions to strengthen the liquidity position, which as of March 31, 2020 amounted to EUR 608.9 million, including cash, cash equivalents and undrawn committed short- and long-term credit facilities (EUR 424.3 million at the end of 2019). In April, additional EUR 125 million committed credit facilities were signed.
|
|
March 31, 2020 |
March 31, 2019 |
December 31, |
|
Cash and cash equivalents, M€ |
328.6 |
321.4 |
218.8 |
|
Interest-bearing liabilities, M€ |
449.5 |
266.6 |
259.9 |
|
of which current interest-bearing liabilities, M€ |
243.9 |
140.6 |
30.9 |
|
Interest-bearing net debt, M€ |
120.9 |
-54.9 |
41.1 |
|
Unused credit limits*, M€ |
502.1 |
558.8 |
561.0 |
|
of which committed, M€ |
280.3 |
205.5 |
205.5 |
|
Gearing ratio, % |
7.3% |
-3.2% |
2.3% |
|
Equity ratio, % |
69.4% |
75.7% |
75.9% |
|
* The current credit limits and the commercial paper program are used to finance inventories, trade receivables, and subsidiaries in distribution chains, thereby controlling the typical seasonality in the Group’s cash flow. The commercial paper program was increased from EUR 350 million to EUR 500 million in April 2020. |
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|
|
December 31, 2019 |
December 31, |
|
Cash and cash equivalents, M€ |
218.8 |
447.5 |
|
Interest-bearing liabilities, M€ |
259.9 |
132.3 |
|
of which current interest-bearing liabilities, M€ |
30.9 |
126.0 |
|
Interest-bearing net debt, M€ |
41.1 |
-315.2 |
|
Unused credit limits*, M€ |
561.0 |
558.8 |
|
of which committed, M€ |
205.5 |
205.5 |
|
Gearing ratio, % |
2.3% |
-21.2% |
|
Equity ratio, % |
75.9% |
71.0% |
|
* The current credit limits and the commercial paper program are used to finance inventories, trade receivables, and subsidiaries in distribution chains, thereby controlling the typical seasonality in the Group’s cash flow. |
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|
|
September 30, 2019 |
September 30, 2018 |
December 31, 2018 |
|
Cash and cash equivalents, M€ |
92.7 |
107.6 |
447.5 |
|
Interest-bearing financial liabilities, M€ |
515.3 |
133.4 |
132.3 |
|
of which current interest-bearing financial liabilities, M€ |
277.6 |
124.3 |
126.0 |
|
Interest-bearing net debt, M€ |
422.6 |
25.8 |
-315.2 |
|
Unused credit limits*, M€ |
298.7 |
558.7 |
558.8 |
|
of which committed, M€ |
205.5 |
205.5 |
205.5 |
|
Gearing ratio, % |
25.0% |
1.8% |
-21.2% |
|
Equity ratio, % |
66.3% |
70.5% |
71.0% |
|
* The current credit limits and the commercial paper program are used to finance inventories, trade receivables, and subsidiaries in distribution chains, thereby controlling the typical seasonality in the Group’s cash flow. |
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|
|
June 30, 2019 |
June 30, |
December 31, 2018 |
|
Cash and cash equivalents, M€ |
109.3 |
234.0 |
447.5 |
|
Interest-bearing financial liabilities, M€ |
361.3 |
134.4 |
132.3 |
|
of which current interest-bearing financial liabilities, M€ |
116.1 |
124.8 |
126.0 |
|
Interest-bearing net debt, M€ |
252.0 |
-99.6 |
-315.2 |
|
Unused credit limits*, M€ |
458.7 |
558.7 |
558.8 |
|
of which committed, M€ |
205.5 |
205.5 |
205.5 |
|
Gearing ratio, % |
15.7% |
-7.2% |
-21.2% |
|
Equity ratio, % |
70.5% |
70.5% |
71.0% |
|
* The current credit limits and the commercial paper program are used to finance inventories, trade receivables, and subsidiaries in distribution chains, thereby controlling the typical seasonality in the Group’s cash flow. |
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|
|
March 31, 2019 |
March 31, 2018 |
December 31, 2018 |
|
Cash and cash equivalents, M€ |
321.4 |
309.0 |
447.5 |
|
Interest-bearing financial liabilities, M€ |
266.6 |
134.9 |
132.3 |
|
of which current interest-bearing financial liabilities, M€ |
140.6 |
0.9 |
126.0 |
|
Interest-bearing net debt, M€ |
-54.9 |
-174.1 |
-315.2 |
|
Unused credit limits*, M€ |
558.8 |
508.8 |
558.8 |
|
of which committed, M€ |
205.5 |
155.5 |
205.5 |
|
Gearing ratio, % |
-3.2% |
-11.6% |
-21.2% |
|
Equity ratio, % |
75.7% |
79.1% |
71.0% |
|
* The current credit limits and the commercial paper program are used to finance inventories, trade receivables, and subsidiaries in distribution chains, thereby controlling the typical seasonality in the Group’s cash flow. |
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Contractual maturities of financial liabilities
| 31.12.2018 | ||||||||
|
Carrying amount |
Contractual maturities* | |||||||
| EUR million | 2019 | 2020 | 2021 | 2022 | 2023 | 2024- | Total | |
| Non-derivative financial liabilities | ||||||||
| Loans from financial institutions and pension loans | ||||||||
| Fixed rate loans | 7.0 | -0.8 | -0.8 | -0.7 | -0.7 | -1.2 | -3.7 | -7.9 |
| Floating rate loans | 125.4 | -126.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -126.6 |
| Trade and other payables | 111.0 | -111.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -111.0 |
| * The figures are undiscounted and include both the finance charges and the repayments. | ||||||||