Financing in 2013
|31 Dec 2013||31 Dec 2012||31 Dec 2011||31 Dec 2010|
|Operating net cash, M€||106.5||112.8||99.2||102.6|
|Net cash used in investing, M€||-27.4||-75.3||-222.9||-39.5|
|Net cash used in financing, M€||-90.1||-34.4||123.6||-65.9|
|Cash flow from operations per share, €||0.40||0.40||0.37||0.37|
|Interest-bearing debt, M€||1,788.8||1,736.2||1,754.8||1,572.6|
|Net financial expensies, M€||-59.8||-58.8||-75.6||-58,5|
|Cash and cash equivalents, M€||18.8||30.1||26.4||27.0|
|Average loan maturity, yrs||2.5||2.7||3.1||3.2|
|Average interest rate,%||3.2
|Average fixed interest rate period, yrs||2.3||1.9||2.2||2.2|
|Interest cover ratio||3.1||2.8||2.7||3.0|
|Mortgaged loans||144.8 M€ ie. 4.2% total balance sheet||141.8 M€ ie. 4.0% total balance sheet||140,4 M€ ie. 4,1% total balance sheet||141,1 M€ ie. 4,6%total balance sheet|
Main financial arrangements in 2013
Sponda carried out four significant financial arrangements in 2013. The funds received were used to repay existing debts and were also directed to the Group’s other general financing needs.
In June 2013, Sponda redeemed the remaining EUR 92.8 million of a hybrid bond issued in June 2008 with an original notional value of EUR 130 million. In December 2012, Sponda issued a new EUR 95 million hybrid bond, which coincided with the repurchase by a public tender offer of a notional amount of EUR 37.2 million of the hybrid bond originally issued in 2008. In conjunction with the repurchase, Sponda announced that it aims to redeem the remaining principal balance of EUR 92.8 million in June 2013. After this transaction, the company’s only outstanding hybrid loan is the EUR 95 million hybrid bond issued in December 2012.
In June 2013, Sponda signed an agreement on the five-year extension of a mortgaged loan of EUR 85 million with Helaba (Landesbank Hessen Thüringen Girozentrale). The agreement extended the loan, which was originally set to mature in spring 2014, until spring 2018.
In October 2013, Sponda issued a EUR 150 million senior unsecured bond. The five-year bond matures in October 2018 and carries a fixed annual coupon at the rate of 3.375 per cent. Danske Bank and SEB acted as joint lead managers and bookrunners for the transaction.
Sponda signed two credit agreements in December 2013. The loan agreement signed with Nordea Bank Finland is for a four-year unsecured loan of EUR 150 million. The agreement extended the loan, which was originally set to mature in 2014, until December 2017. The second agreement, signed with Danske Bank A/S, Helsinki branch, is for an unsecured five-year credit limit of EUR 100 million. The arrangement extended the credit limit, which was originally set to mature in June 2014, until December 2018.
The diverse financing arrangements carried out in 2013 and the unused credit limits of approximately EUR 510 million on the financial statements date are strong evidence of Sponda’s good creditworthiness in the market. The key covenants associated with Sponda’s financial arrangements are also safely above the minimum requirements stipulated by the credit agreements. On the financial statements date, the interest cover ratio was 3.1 (covenant at 1.75) and the equity ratio was 41 per cent (covenant at 28 per cent).