Key Balance Sheet and Financing Figures

  31 Mar'1831 Mar'17 Change, % 31 Dec'17 Change, %
Balance sheet total EURm 1,731.5 1,776.5 -2.5 1,719.8 0.7
Interest-bearing debt EURm 885.1 889.5 -0.5 805.0 10.0
Cash and equivalents EURm 60.8 62.5 -2.6 71.8 -15.2
Average loan maturity yrs4.5 5.1 -12.4 4.5 -1.3
Loan-to-value (LTV) % 54.6 53.4 - 50.1 -
Equity ratio % 39.6 40.9 - 44.8 -
Solvency ratio % 47.6 46.3 - 42.6 -
Secured solvency ratio % 37.7 38.3 - 35.3 -
Unencumbered asset ratio % 25.6 12.3 - 13.8 -
Interest coverage multiple 5.2 3.8 36.8 4.3 20.9

On March 31, 2018, the average interest rate on interest-bearing liabilities was 2.43% (2.54%).

On March 5, 2018, Technopolis signed a five-year EUR 518 million refinancing agreement with three Nordic financial institutions. The agreement has an extension option of up to two years. The package consists of four secured facilities:

  • a EUR 150 million term loan facility for refinancing existing debt,
  • a EUR 100 million committed capex facility,
  • a EUR 100 million committed revolving credit facility and
  • a EUR 168 million guarantee facility.

These facilities replaced the majority of Technopolis Plc’s bilateral secured bank loans the company had in place earlier in Finland, with the exception of long-term loans from the European Investment Bank, totaling EUR 166 million at year-end 2017.

Main Covenants

The facility agreement includes customary financial covenants that are based on maintaining:

  • an equity ratio above 30%,
  • an LTV below 65% and
  • an interest coverage ratio above 2.25.

Division of Interest-Bearing Liabilities, March 31, 2018

Total: EUR 885.1 million

  • The average interest rate on interest-bearing liabilities was 2.43%.
  • The average interest fixing period was 4.7 years.
  • Hedge ratio 56.3%.

Maturity Profile of Interest-Bearing Debt, March 31, 2018

Last updated 5.7.2018