Annual Report 2009 - Husqvarna Group

60 Husqvarna Annual Report 2009 Notes
Amounts in SEKm unless otherwise stated.
Cont. Note 2
Maturity profile of loans and other financial instruments as of 31 December 2009 11)
2010 2011 2012 2013 2014 2015 Total
Financial leases 63 57 51 48 48 222 489
Bond loans 489 51 558 47 50 1,245 2,440
Utilized part of committed revolving
credit facility —
Bank and other loans 158 2,194 1,392 1,083 1,092 666 6,585
Derivative liabilities, balance sheet 2 546 64 64 43 42 759
Total 1,256 2,366 2,065 1,221 1,232 2,133 10,273
Unutilized committed revolving credit
facilities covering short-term financing –10,000 1,000 1,810 7,190
Adjusted maturity profile –8,744 3,366 3,875 8,411 1,232 2,133 10,273
Liquid funds excl derivative assets –2,578 –2,578
Derivative assets, balance sheet 2 –178 –51 –73 –60 –65 –427
Trade receivables –3,385 –3,385
Trade payables 2,854 2,854
Net –12,031 3,315 3,802 8,351 1,167 2,133 6,737
1) Please note that the table includes the forecast future nominal interest payment and, thus, does not correspond to the carrying amounts in
the balance sheet.
2) For more detailed information on derivative contracts, see table under “Credit risk in financial activities” in Note 2 on page 63.
distribution of maturities. A maximum of SEK 3,000m in borrowings
is normally allowed to mature in the next 12-month
period. When Husqvarna assesses its refinancing risk, the
maturity profile is adjusted for available unutilized committed
credit facilities.
In addition, seasonality in the cash flows is an important
factor in the assessment of the financing risk. Consequently,
Husqvarna always takes into account the fact that financial
planning must include future seasonal fluctuations.
The average adjusted time to maturity for the Group’s
financing was 3.2 years (3.4) at the end of 2009, taking the
unutilized part of committed credit facilities into account.
Interest-bearing liabilities
At year-end 2009, the Group’s total interest-bearing liabil ities
amounted to SEK 9,094m (16,287), of which SEK 7,934m
(10,694) referred to long-term loans. The major portion of the
long-term borrowings pertains to bilateral loan agreements
and Medium Term Notes issued in the domestic market. The
short-term portion of previously long-term loans was
SEK 450m, which is lower than last year.
Husqvarna has, as mentioned, substantial seasonal
vari ation in its borrowings. The seasonal peak of the
in debtedness normally implies additional borrowings of
SEK 3,000–5,000m in excess of year-end borrowings, taking
yearly dividend into account.
The table below sets out the amount of the Group’s
borrowings, allocated by different funding sources.
Market programs
Husqvarna has established a Medium Term Note program
(MTN), denominated in SEK, to issue long-term debt in the
domestic capital market. The total amount of the program is
SEK 5,000m. During the year, MTN loans amounting to SEK
1,100m have matured and no new issuance has been made. In
addition, Husqvarna has a Swedish Commercial Paper program
(CP). The total amount of the program is SEK 7,000m.
The table on the next page shows outstanding amounts
under these two programs.
Borrowings Total borrowings Facility amount Total borrowings Facility amount
2009 2009 2008 2008
Medium Term Note Program 2,067 5,000 3,205 5,000
Other bond loans 72 63
Committed revolving credit facility — 10,000 1,500 8,000
Long-term bank loans 5,942 8,184
Financial leases 344 386
Commercial papers — 7,000 — 7,000
Other short-term loans 170 515
Fair value derivative liabilities 499 2,434
Total 9,094 16,287