Debt information
Debt investors
The objective of Kalmar treasury management is to secure sufficient funding for business operations, avoiding financial constraint at all times, to provide business units with financial services, to minimise the costs of financing, to manage financial risks (currency, interest rate, liquidity and funding, credit and operational risks) and to provide management with information on the financial position and risk exposures of Kalmar and its business units.
Debt and liquidity
Kalmar's liquidity and funding position are strong. As at March 2024, Kalmar had 80 million euros of cash and cash equivalents as well as a net cash pool receivable from Cargotec Group of 262 million euros. Detailed information about the maturities for interest-bearing liabilities can be found from the Demerger and Listing Prospectus.
Loans from financial institutions
Kalmar held 300 million euros of loans from financial institutions, which were transferred from Cargotec to Kalmar on the effective date of the demerger.
|
Maturity profile* |
2024 |
2025 |
2026 |
2027 |
|
Loans from financial institutions |
0 |
100 |
150 |
50 |
*Detailed information about the maturities for interest-bearing liabilities can be found from the Demerger and Listing Prospectus.
Revolving credit facilities
The revolving credit facility agreements include the following agreements:
- revolving credit facility in the amount of EUR 50 million maturing on 2027
- revolving credit facility in the amount of EUR 100 million maturing on 2025
Covenants
The financing arrangements contain a financial covenant (net debt to equity), which restricts the capital structure. According to the covenant, Kalmar’s net debt to equity must be retained below 125%.
Credit ratings
Kalmar has not applied for a credit rating from any rating agency
* Prior to the effective date of the demerger, Kalmar has not operated as an independent company and, consequently, has not been capitalised or financed as such. Cargotec has managed its financing and cash resources centrally and cash generated by Kalmar has been returned to Cargotec either as distributions, repayments of indebtedness, internal deposits or cash pools.