On December 31, 2018, the Group's interest-bearing liabilities stood at EUR 199.4 (136.6) 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 2018, the average interest rate on interest-bearing liabilities was 1.6% (1.8), the duration of interest rate position was 1.1 (1.9) years, the average loan maturity was 3.5 (3.4) years, and the share of fixed-rate liabilities was 30% (47).
Aspo Plc had a Finnish commercial paper program of EUR 80 million at the end of 2018, of which EUR 17 million were in use. In addition, Aspo Plc had revolving credit facilities with selected partner banks, totaling EUR 40 million, which remained fully unused.
On May 27, 2017, 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, 2018, the equity ratio was 29.5% (35.6), and gearing was 154.4% (103.9).