4.1 Interest-bearing debt
The Group’s main sources of financing are from the Norwegian Bond market and bilateral bank facilities.
Certificate loans are also used as a source of liquidity. The time to maturity for new loans and credit
facilities is normally 3-5 years.
In 2019, the Group increased bond funding from NOK 1 555 million to NOK 2 400 million. The loan
from Nordic Investment Bank (NIB) of USD 120 million is maintained and semi-annual instalments began
in 2018.
As of 31 December 2019, there were no drawings on the committed credit facilities.
(NOK THOUSAND) 31.12.2019 31.12.2018 Currency Term Due
Non-current interest-bearing debt
Bond 2014-21 400 000 400 000 NOK Fixed rate 3.9% 2021
Bond 2018-22 750 000 500 000 NOK NIBOR + 0.7 % 2022
Bond 2018-24 650 000 500 000 NOK NIBOR + 0.9 % 2024
Bond 2019-23 600 000 - NOK NIBOR + 0,9 % 2023
Bank debt (NIB), unsecured 569 107 723 274 USD US LIBOR + 1.2 % 2024
Other Bank debt unsecured 57 609 115 145
Other Bank debt secured - 14 349
Total excl. lease liability 3 026 715 2 252 768
Lease liability 334 006 -
Total 3 360 721 2 252 768
Current interest-bearing debt
Bond 2014-19 - 155 000
Bank debt (NIB), unsecured 162 602 160 728
Other bank debt unsecured 894 305 954 262
Other bank debt secured 28 565 109 411
Total excl. lease liability 1 085 472 1 379 401
Lease liability 111 311 -
Total 1 196 783 1 379 401
Total interest-bearing debt excl. lease liability 4 112 188 3 632 168
Total lease liability 445 317 -
Total interest-bearing debt 4 557 504 3 632 169
Non-current interest-bearing receivables 73 217 94 242
Cash and cash equivalents 1 902 945 1 011 564
Net interest-bearing debt 2 581 342 2 526 363
Net interest bearing debt (NOK million) Net debt/EBITDA
1 591 1 523
2 029
2 526 2 581
0.6
0.7
1.1
1.3
0.8
Back to Notes for the Group
1,8
1,6
1,4
1,2
1
0,8
0,6
0,4
0,2
0
3 000
2 500
2 000
1 500
1 000
500
0
2015 2016 2017 2018 2019
Change in interest-bearing debt balance
Non-cash changes
(NOK THOUSAND) 31.12.2018
Lease liability
01.01.2019 Cash
Reclass. &
other FX 31.12.2019
Non-current interest-bearing debt 2 252 768 394 059 917 600 -225 248 21 543 3 360 721
Current interest-bearing debt 1 379 401 114 485 -324 627 9 304 18 220 1 196 783
Maturity profile interest-bearing debt and unutilised credit facilities
(NOK THOUSAND) Total 2020 2021 2022 2023 2024 >2024
Total interest-bearing debt excl. lease liability
2019 4 112 188 1 085 472 595 209 927 782 769 230 734 496 -
2018 3 632 169 1 379 401 180 919 560 767 660 767 238 411 611 905
Unutilised credit facilities
2019 1 700 000 - 600 000 400 000 600 000 - 100 000
2018 1 300 000 - - 600 000 - 600 000 100 000
JOTUN GROUP
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