Debt Programs
Trelleborg AB (publ) is the sole issuer under a Swedish Medium Term Note (MTN) program, originally established in 2010 with Trelleborg Treasury AB (publ) as the sole issuer, guaranteed by Trelleborg AB (publ). The program allows for the issuance of bonds denominated in SEK and EUR, with maturities ranging from one to 15 years, and has a total program frame amount of SEK 8,000 million.
In 2025, the issuer under the MTN program was changed from Trelleborg Treasury AB (publ) to Trelleborg AB (publ). Additionally, the Green Finance Framework, initially introduced in August 2021, was updated in 2025 to align with current market standards and renamed the Green and Blue Bond Framework, reflecting the possibility to issue both Green and Blue bonds.
Below, you will find the program prospectus (available in Swedish only), any subsequent supplements as published from time to time, links to certain documents incorporated by reference, as well as the updated Green Finance Framework and the related Second-Party Opinion from Sustainalytics (available in English only).
Download our Final Terms in Swedish
Annual Reports Trelleborg Treasury
Net debt and financing
At the beginning of 2024, the Group reported a net cash position of SEK 2,682 M.
During the year, net debt was impacted by free cash flow for the year of SEK 2,917 M (2,526). Net cash flow amounted to SEK –8,323 M (23,137). Net cash flow for the period was impacted by effects from acquisitions of SEK –5,496 M (–447), dividends to the shareholders of the Parent Company of SEK –1,617 M (–1,524) and the repurchase of own shares of SEK –4,127 M (–3,880). The comparison figures from the preceding year included effects from the divestment of the Group’s tire and printing blanket operations, with an aggregate impact of SEK 26,462 M. Consolidated net debt amounted to SEK –6,735 M at the end of the year.
The debt/equity ratio was 16 percent (–6). Net debt in relation to EBITDA was 0.9 percent (–0.2).
|
SEK M
|
2024 | 2023 | 2022 |
2021
|
| Non-current interest-bearing investments and receivables | 5 | 50 | 47 | 0 |
| Current interest-bearing receivables | 80 | 709 | 429 | 114 |
| Cash and cash equivalents | 2,162 | 10,546 | 4,759 | 3,497 |
| Total interest-bearing assets | 2,247 | 11,305 | 5,235 | 3,611 |
| Interest-bearing non-current liabilities | -5,474 | -5,344 | -9,452 | -9,685 |
| Pension liabilities* | -421 | -326 | -438 | -548 |
| Interest-bearing current liabilities | 3,087 | -2,953 | 16,242 | -1,745 |
| Total interest-bearing liabilities | -8,982 | -8,623 | -26,132 | -11,978 |
| Net debt | -6,735 | 2,682 | -20,897 | -8,367 |
| Change in net debt: | ||||
| Net debt at January 1 | 2,682 | -20,897 | -8,367 | -10,026 |
| Operating cash flow | 5,011 | 4,737 | 5,204 | 4,569 |
| Cash-flow effect of items affecting comparability | -334 | -479 | -306 | -98 |
| Financial items | -365 | -325 | -150 | -199 |
| Tax paid | -1,395 | -1,407 | -1,443 | -962 |
| Free cash flow | 2,917 | 2,526 | 3,305 | 3,310 |
| Acquisitions | -5,496 | -447 | -11,199 | -573 |
| Divested operations | - | 26,462 | 149 | 616 |
| Dividend paid – shareholders of the Parent Company | -1,617 | -1,524 | -1,481 | -1,355 |
| Repurchase of own shares | -4,127 | -3,880 | -3,097 | |
| Net cash flow | -8,323 | 23,137 | -12,322 | 1,969 |
| Exchange rate differences | -959 | 390 | -518 | -446 |
| Lease liabilities** | -72 | 62 | 146 | 70 |
| Pension liabilities** | -63 | -10 | 164 | 66 |
| Net debt at year end | -6,735 | 2,682 | -20,897 | -8,367 |
| Of which: | ||||
| Pension liabilities* | -421 | -326 | -438 | -548 |
| Lease liabilities | -1,851 | -1,606 | -2,215 | -2,102 |
| Net debt excluding impact of lease and pension liabilities | 4,463 | 4,614 | -18,244 | -5,717 |
| Equity/assets ratio, %, Group | 69 | 70 | 49 | 59 |
| Debt/equity ratio, % , Group | 16 | -6 | 56 | 25 |
| Net debt/EBITDA, Group*** | 0.9 | -0.2 | 2.5 | 1.2 |
| Group | ||||
| EBITDA/net interest income, multiples | 22.9 | 32.7 | 29.0 | 29.6 |
| Return on shareholders’ equity, % | 9.0 | 25.4 | 14.9 | 12.0 |
Credit rating
Trelleborg has no official credit rating and has no history of credit rating.