Notes to the Consolidated Financial Statements

 22. Financial liabilities

€ 000

2012
Fair values

2011
Fair values

2012

Balance sheet
values

2011

Balance sheet values

Non-current

 

 

 

 

   Bank loan

12,500

14,500 12,500 14,500

   Finance lease liabilities

514

942

514

942

  Total

13,014 15,442 13,014 15,442

 

 

 

 

 

Current

 

 

 

 

   Bank loan

6,000 5,500 6,000 5,500

   Subordinated loan

- 44 - 44

   Finance lease liabilities

797 886 797 886

  Total

6,797 6,429 6,797 6,430

Total

19,811 21,871 19,811 21,871
         

To finance its Qt business acquisition, Digia took out EUR 4.0 million in a long-term loan on 17 September 2012. The covenants of the financing package agreed in 2011 remained unchanged. The loan covenants related to the company’s solvency and liquidity comprised the following key figures: operating profit before depreciation and amortisation (EBITDA) in relation to net debt, equity ratio and net gearing. The company may distribute a maximum of 50 per cent of the Group’s net profit for the year without separate agreement. The company fulfilled the set loan covenants in 2012. The maximum and minimum values specified in the loan covenants, and the realised figures on 31 December 2012 were:


 

Covenant
value

Realised
value

Net debt / EBITDA, max.

2.5

1.1

Solvency, min.

35% 53%

Net gearing, max.

60% 27%
     

During the financial year, the company repaid EUR 5.5 million in loans, reducing its interest-bearing liabilities to EUR 17.0 million. The loans have floating interest rates tied to Euribor, plus a margin. The average interest rate of the loans in 2012 was 2.9% (3.2% in 2011). The shares of Digia Finland Ltd are pledged as collateral for the loans. On 31 December 2012, the book value of the pledged shares was EUR 107.4 million.

Additionally, the company had EUR 2.5 million in re-borrowing of pension contributions at a fixed interest rate of 2.5% at the year-end.

The effective interest rate on finance lease liabilities during the fiscal year was 4.25% (4.51%).

Interest-bearing liabilities fall due as follows:

Year, € 000 2012 2011
2013 6,797 5,689
2014 12,853 9,752
2015 97 -
2016 64 -
Later - -
Total 19,811 15,422
     

The tables below describe agreement-based maturity analysis results for 2012 and the 2011 comparison period. The figures are undiscounted and include interest payments and the repayment of loan capital:


€ 000

31.12.2012

Balance sheet values

Cash flow

Less than 1 year

1–2 years

2–5 years

Bank loans

18,500 19,166

6,428

12,738 0

Finance lease liabilities

1,311

1,311

797

 353

161

Accounts payable and other liabilities

2,189 2,189 2,189 0 0

Total

22,000 22,666 9,414 13,091 161
           

€ 000

31.12.2011

Balance sheet values

Cash flow

Less than 1 year

1–2 years

2–5 years

Bank loans 

22,000

21,165

6,055

5,395 9,714

Subordinated loans

44 44

44

0

0

Finance lease liabilities

1,828 1,828 886 689 252

Accounts payable and other liabilities 

3,618 3,618 3,071 282 265

Total

25,490 26,655 10,057 6,366 10,232