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 September 30, 2021
|
EUR million |
Sept 30, 2021 |
Sept 30, 2020 |
Dec 31, 2020 |
|
Cash and cash equivalents |
89.8 |
517.5 |
504.2 |
|
Interest-bearing liabilities |
340.8 |
798.1 |
487.0 |
|
of which current interest-bearing liabilities |
98.5 |
597.6 |
229.7 |
|
Interest-bearing net debt |
251.0 |
280.6 |
-17.2 |
|
Unused credit limits* |
751.2 |
413.8 |
507.1 |
|
of which committed |
305.5 |
205.4 |
205.5 |
|
Gearing ratio, % |
15.9% |
18.5% |
-1.1% |
|
Equity ratio, % |
65.7% |
57.5% |
65.3% |
|
* The current credit limits including the EUR 500 million 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 credit limits were increased by EUR 100 million with two bilateral back-up facilities in June 2021. |
Financial position on June 30, 2021
|
EUR million |
June 30, 2021 |
June 30, |
Dec 31, |
|
Cash and cash equivalents |
187.1 |
403.7 |
504.2 |
|
Interest-bearing liabilities |
327.1 |
657.8 |
487.0 |
|
of which current interest-bearing liabilities |
84.2 |
446.6 |
229.7 |
|
Interest-bearing net debt |
140.0 |
254.1 |
-17.2 |
|
Unused credit limits* |
765.8 |
567.3 |
507.1 |
|
of which committed |
305.5 |
330.4 |
205.5 |
|
Gearing ratio, % |
9.4% |
16.3% |
-1.1% |
|
Equity ratio, % |
66.1% |
63.3% |
65.3% |
|
* The current credit limits including the EUR 500 million 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 credit limits were increased by EUR 100 million with two bilateral back-up facilities in June 2021. |
Financial position on March 31, 2021
|
EUR million |
March 31, 2021 |
March 31, |
Dec 31, |
|
Cash and cash equivalents |
410.4 |
328.6 |
504.2 |
|
Interest-bearing liabilities |
441.3 |
449.5 |
487.0 |
|
of which current interest-bearing liabilities |
198.9 |
243.9 |
229.7 |
|
Interest-bearing net debt |
30.9 |
120.9 |
-17.2 |
|
Unused credit limits* |
548.2 |
502.1 |
507.1 |
|
of which committed |
205.5 |
280.3 |
205.5 |
|
Gearing ratio, % |
1.9% |
7.3% |
-1.1% |
|
Equity ratio, % |
66.8% |
69.4% |
65.3% |
|
* The current credit limits including the EUR 500 million 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. |
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. |
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. | ||||||||