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Debt and financing

 

The objective of Kalmar treasury management is to secure sufficient funding for business operations, avoid financial constraint at all times, provide business units with financial services, minimise the costs of financing, manage financial risks (currency, interest rate, liquidity and funding, credit and counterparty risks as well as operational risks) and to provide management with information on the financial position and risk exposures of Kalmar and its business units.

 

Key Figures

 

Net debt

Net debt 30 September 2024, MEUR

Loans from financial institutions

299

Lease liabilities

84 

Other interest-bearing liabilities

12

Total interest-bearing liabilities

395

   

Loans receivable and other interest-bearing assets

-4

Cash and cash equivalents

-293

Total interest-bearing assets

-297

   

Interest-bearing net debt

98

Equity

611

Gearing

16%


Liquidity

Kalmar's liquidity and funding position is strong. Table below illustrates Kalmar’s liquidity position.

Liquidity 30 September 2024, MEUR

Cash and cash equivalents

293

Committed long-term undrawn revolving credit facilities

150

Liquidity reserve

443

Repayments of interest-bearing liabilities in the following 12 months

-28

Liquidity

415

 

Loans from financial institutions 

Kalmar held 300 million euros of loans from financial institutions, which were transferred from Cargotec to Kalmar on the effective date of the demerger.

Maturity profile*

2024

2025

2026

2027

Loans from financial institutions 

0

100

150

50

*Detailed information about the maturities for interest-bearing liabilities can be found from the Demerger and Listing Prospectus.

Average interest rate of interest-bearing liabilities excluding on-balance sheet lease liabilities was 4.9%.

Revolving credit facilities

The revolving credit facility agreements include the following agreements: 

  • EUR 100 million revolving credit facility maturing on 2025
  • EUR 50 million revolving credit facility maturing on 2027

Covenants

The financing arrangements contain a financial covenant (net debt to equity), which restricts the capital structure. According to the covenant, Kalmar’s net debt to equity must be retained below 125%.

Credit ratings

Kalmar has not applied for a credit rating from any rating agency.