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Financing structure

On December 31, 2019, the Group's interest-bearing liabilities stood at EUR 221.7 (199.4) million. Aspo Group’s credit portfolio is reviewed with regard to the average interest rate, the duration of interest rate position, average loan maturity, and relation between fixed-rate and floating-rate liabilities. At the end of 2019, the average interest rate on interest-bearing liabilities was 1.4% (1.6), the duration of interest rate position was 1.1 (1.1) years, the average loan maturity was 2.7 (3.5) years, and the share of fixed-rate liabilities was 27% (30). 

The amount of committed revolving credit facilities signed between Aspo and its main financing banks was EUR 40 million at the end of the review period. The revolving credit facilities remained fully unused at the end of the review period. EUR 21 million of Aspo’s EUR 80 million commercial paper program were in use. In 2019, a total of approximately EUR 35 million in financing agreements fell due.

In May, Aspo signed a term loan facility agreement of EUR 15 million with a three-year loan period. In addition, Aspo signed a revolving credit facility agreement in June of EUR 20 million, with a maturity of three years. Both credit agreements were used to replace similar earlier credit agreements.

In September 2019, Aspo Plc participated in a EUR 40 million group bond guaranteed by Garantia Insurance Company with a loan unit of EUR 15 million. The loan has a maturity of five years and a fixed annual coupon rate of 0.75%. In addition to the coupon rate, Aspo will pay an annual guarantee provision to Garantia. The proceeds from the loan unit will be used to cover the Group’s general financing needs.

On May 27, 2016, Aspo Plc issued a hybrid bond of EUR 25 million. The fixed coupon rate of the bond is 6.75% per annum. The bond has no specified maturity date, but the company may exercise an early redemption option after four years of its issuance date. 

The development of the Group’s capital structure is regularly monitored mainly through the equity ratio and gearing. On December 31, 2019, the equity ratio was 30.1% (29.5), and gearing was 162.2% (154.4). Following the adoption of IFRS 16 at the beginning of 2019, gearing increased by approximately 30 percentage points and the equity ratio decreased compared to the 2018 financial statements.


Updated: 13.02.2020

Equity ratio and gearing

Maturity of significant loan agreements

Interest bearing liabilities on Dec. 31, 2019: 200 M€