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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. 

In May 2019, Nokian Tyres signed EUR 100 million loan agreement, which terms are linked to sustainability targets. Read more.

Financial position on December 31, 2020

In 2020, Nokian Tyres implemented actions to strengthen its liquidity position, which as of December 31, 2020 amounted to EUR 709.6 million, including cash, cash equivalents and undrawn committed short- and long-term credit limits (EUR 424.3 million at the end of 2019). A total of EUR 275 million bilateral loans, which were withdrawn in the first half of the year, were prepaid before maturity at the end of the year. 

EUR million

Dec 31, 2020

Dec 31, 2019

Cash and cash equivalents

504.2

218.8

Interest-bearing liabilities

487.0

259.9

of which current interest-bearing liabilities

229.7

30.9

Interest-bearing net debt

-17.2

41.1

Unused credit limits*

507.1

561.0

of which committed

205.5

205.5

Gearing ratio, %

-1.1%

2.3%

Equity ratio, %

65.3%

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.

   

 

EUR million

Sept 30, 2020

Sept 30, 2019

Dec 31,
2019

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.

     

 

 

June 30, 2020

June 30, 2019

December 31,
2019

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.

 

 

March 31, 2020

March 31, 2019

December 31,
2019

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.

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.