FINANCING STRUCTURE Q2 2024

Net interest-bearing debt was EUR 119.6 (12/2023: 165.2) million and net debt to comparable EBITDA was 2.0 (2.3). Net interest-bearing debt decreased due to the cash consideration of EUR 45 million received from the sale of the minority stake in ESL Shipping Ltd. and due to the related increase in cash and cash equivalents as well as total equity. Also, the proceeds of EUR 33.5 million from the sale of the supramax vessels increased the cash and cash equivalents balance. The Group’s equity ratio at the end of the review period was 37.2% (34.8%).  

Net financial expenses in January–June totaled EUR -4.3 (-4.1) million. The average interest rate of interest-bearing liabilities, excluding lease liabilities, continued to rise and was 5.4% (4.7%), increasing Aspo’s interest expenses compared to the corresponding period last year.  

The Group’s liquidity position remained strong. Cash and cash equivalents stood at EUR 87.2 (12/2023: 30.7) million at the end of the review period. Committed revolving credit facilities, totaling EUR 40 million, were fully unused, as in the comparative period. Aspo’s EUR 80 million commercial paper program also remained fully unused.  

BONDS

On June 7, 2022, Aspo issued a new hybrid bond of EUR 30 million. The coupon rate of the bond is 8.75% per annum. The bond has no maturity, but the company is entitled to redeem it in June 2025 at the earliest. Aspo’s previous hybrid bond of EUR 20 million was redeemed on May 2, 2022.

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.