Key Balance Sheet and Financing Figures

  30 Jun'1830 Jun'17 Change, % 31 Dec'17 Change, %
Balance sheet total EURm 1,724.9 1,745.3 -1.2 1,719.8 0.3
Interest-bearing debt EURm 892.3 887.4 0.5 805.0 10.8
Cash and equivalents EURm 30.7 31.0 -1.1 71.8 -57.3
Average loan maturity yrs4.2 4.8 -4.5 -
Loan-to-value (LTV) % 54.253.2 - 50.1 -
Equity ratio % 40.6 42.2 - 44.8 -
Solvency ratio % 50.0 49.1 - 42.6 -
Secured solvency ratio % 37.2 37.8 - 35.3 -
Unencumbered asset ratio % 23.9 10.6 - 13.8 -
Interest coverage multiple 4.5 4.1 8.5 4.3 4.5

On June 30, 2018, the average interest rate on interest-bearing liabilities was 2.39% (2.47%).

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, June 30, 2018

Total: EUR 892.3 million

  • The average interest rate on interest-bearing liabilities was 2.39%.
  • The average interest fixing period was 4.2 years.
  • Hedge ratio 52.0%.

Maturity Profile of Interest-Bearing Debt, June 30, 2018

Last updated 23.8.2018