Annual report 2011 - Trelleborg

72
CONSOLIDATED BALANCE SHEETS
Net debt
sek m 2011 2010
Non-current interest-bearing investments and receivables 232 140
Current interest-bearing receivables 213 118
Cash and cash equivalents 753 838
Total interest-bearing assets 1,198 1,096
Interest-bearing non-current liabilities –5,452 –4,343
Interest-bearing current liabilities –2,171 –3,162
Total interest-bearing liabilities –7,623 –7,505
Net debt
Change in net debt:
–6,425 –6,409
Net debt at January 1 –6,409 –8,369
Net cash flow for the year –67 950
Discontinued operations 98 134
Exchange-rate differences –47 876
Net debt at year-end –6,425 –6,409
2011 2010
Group
Debt/equity ratio, % 48 53
Net debt/EBITDA, multiples 1.8 2.1
EBITDA/ net financial income, multiples 17.5 13.5
Continuing operations, excluding items
affecting comparability
Net debt/EBITDA, multiples 1.8 1.9
EBITDA/ net financial income, multiples 17.2 14.8
Annual Report 2011 Trelleborg AB
Net debt and financing
The Group’s net debt for the year rose to sek 6,425 m (6,409), a
marginal increase of sek 16 m. Exchange-rate differences increased
net debt by sek 47 m. The debt/equity ratio at year-end was 48
percent (53). The net debt/EBITDA ratio amounted to 1.8 (2.1).
At year-end 2011, the Group’s committed confirmed credit facilities
primarily comprised a syndicated loan corresponding to approximately
eur 1,200 m and a loan commitment of eur 65 m (sek 582 m)
from the European Investment Bank. The syndicated loan matures in
its entirety in March 2016. A total of 16 leading financial institutions
from Europe, Asia and the US are participating in the syndicated loan.
The loan commitment from the European Investment Bank
provides the option of raising loans of up to eur 65 m with terms
of up to seven years for the period until June 14, 2012.
The equity/assets ratio was 47 percent (45). At the end of the
year, equity per share (271.1 million shares) totaled sek 49 (45).
Return on equity increased to 14.3 percent (9.5). For continuing
operations excluding items affecting comparability, return on equity
increased to 13.4 percent (11.9).
Net debt
SEK M
0
-3,000
-6,000
-9,000
-12,000
-15,000
2007 2008 2009 2010 2011
Net debt, SEK M