Debt Programs
Domestic MTN
Trelleborg Treasury, as the sole issuer, established a Swedish Domestic Medium Term Note Program in 2010 allowing for issuance of bonds denominated in SEK and EUR with tenors ranging between one and 15 years. The MTN program frame amount is M 8,000 SEK. As of August 2021, a Green Finance Framework has been put in place. Below you will find the program prospectus (available in Swedish only), additions thereto as published from time to time, links to certain documentation as incorporated by reference therein, as well as the 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
Part of Trelleborg's funding is provided by bonds listed on Nasdaq Stockholm with Trelleborg Treasury AB (publ) as the issuer. Trelleborg Treasury AB (publ) is a wholly owned subsidiary of Trelleborg AB (publ).
Net debt and financing
Net debt at the beginning of 2021 amounted to SEK 10,026 M. Net debt at the end of the year was impacted by the year’s net cash flow of SEK 1,969 M, negative exchange rate differences of SEK 446 M and non-cash adjustments of lease and pension liabilities totaling SEK 136 M.
Net debt at year-end for the Group amounted to SEK 8,367 M. Excluding the impact of lease liabilities and pension liabilities, net debt amounted to SEK 5,717 M (7,374).
The debt/equity ratio at the end of the period was 25 percent (35). Net debt in relation to EBITDA was 1.2 (1.7) at the end of the period.
Net debt, Group
|
SEK M
|
2022 |
2021
|
| Non-current interest-bearing investments and receivables | 47 | 0 |
| Current interest-bearing receivables | 429 | 114 |
| Cash and cash equivalents | 4,759 | 3,497 |
| Total interest-bearing assets | 5,235 | 3,611 |
| Interest-bearing non-current liabilities | -9,452 | -9,685 |
| Pension obligations | -438 | -548 |
| Interest-bearing current liabilities | 16,242 | -1,745 |
| Total interest-bearing liabilities | -26,132 | -11,978 |
| Net debt | -20,897 | -8,367 |
| Change in net debt: | ||
| Net debt at January 1 | -8,367 | -10,026 |
| Operating cash flow, Group | 5,204 | 4,569 |
| Cash-flow effect of items affecting comparability | -306 | -98 |
| Financial items | -150 | -199 |
| Tax paid | -1,443 | -962 |
| Free cash flow | 3,305 | 3,310 |
| Acquisitions | -11,199 | -573 |
| Divested operations | 149 | 616 |
| Capital contribution to associated companies | -17 | -29 |
| Dividend paid – shareholders of the Parent Company | -1,481 | -1,355 |
| Repurchase of own shares | -3,097 | |
| Net cash flow | -12,322 | 1,969 |
| Exchange rate differences | -518 | -446 |
| Lease liabilities*** | 146 | 70 |
| Pension liability*** | 164 | 66 |
| Net debt at year end | -20,897 | -8,367 |
| Of which: | ||
| Pension liability | -438 | -548 |
| Lease liability | -2,215 | -2,102 |
| Net debt excluding impact of lease and pension liability | -18,244 | -5,717 |
| Debt/equity ratio, % Group | 56 | 25 |
| Net debt/EBITDA 3 Group | 2.5 | 1.2 |
| Group | ||
| EBITDA/net interest income, multiples | 29.0 | 29.6 |
| Return on shareholders’ equity, % | 14.9 | 12.0 |
Credit rating
Trelleborg has no official credit rating and has no history of credit rating.