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4.1 INTEREST-BEARING DEBT
The Group’s main sources of financing are from the Norwegian Bond market and bilateral bank facilities.
Certificate loans are also used as a source of liquidity. The time to maturity for new loans and credit facilities is
normally 3-5 years.
Bond funding in the Group has remained unchanged during 2021. The loan from Nordic Investment Bank (NIB)
of USD 120 million is maintained and semi-annual instalments began in 2018.
As of 31 December 2021, there were no drawings on the committed credit facilities.
(NOK million) Currency 31.12.2021 31.12.2020
Non-current interest-bearing debt
Bond 2018-22 (NIBOR+0.7 %) NOK - 750
Bond 2018-24 (NIBOR+0.9 %) NOK 650 650
Bond 2019-23 (NIBOR+0.93 %) NOK 600 600
Bond 2021-26 (NIBOR+0.7 %) NOK 300 -
Bond 2021-28 (NIBOR+0.9 %) NOK 350 -
Bank debt NIB 2013-24 (USD LIBOR+1.2 %), unsecured USD 245 394
Other Bank debt, unsecured 406 286
Other Bank debt, secured 46 -
Total excl. lease liability 2 597 2 680
Lease liability, ref. Note 5.4 399 327
Total 2 995 3 007
Current interest-bearing debt
Bond 2014-21 (Fixed rate 3.9 %) NOK - 400
Bond 2018-22 (NIBOR+0.7 %) NOK 640 -
Bank debt NIB 2013-24 (USD LIBOR+1.2 %), unsecured USD 163 158
Other bank debt, unsecured 1 255 810
Other bank debt, secured 85 44
Total excl. lease liability 2 143 1 412
Lease liability, ref. Note 5.4 123 116
Total 2 266 1 528
Total interest-bearing debt excl. lease liability 4 740 4 092
Total lease liability, ref. Note 5.4 522 443
Total interest-bearing debt 5 261 4 534
Non-current interest-bearing receivables 67 65
Cash and cash equivalents 3 388 2 956
Net interest-bearing debt 1 807 1 514
Net interest-bearing debt (NOK million)
Net debt/EBITDA
2 029
1.1
2017
2 526 2 581
1.3
0.8
0.4
0.5
2018 2019 2020 2021
Change in interest-bearing debt balance
1 514
(NOK million) 31.12.2020 Cash
1 807
Non-current interest-bearing debt 3 007 717 -741 13 2 995
Current interest-bearing debt 1 528 -16 969 -215 2 266
Maturity profile interest-bearing debt and unutilised credit facilities
Non-cash changes
Reclass. &
other FX 31.12.2021
(NOK million) Total < 1 year 1-2 years 2-3 years 3-4 years 4-5 years >5 years
Total interest-bearing debt excl. lease liability
2021 4 740 2 143 861 763 16 300 657
2020 4 092 1 412 936 785 736 4 218
Unutilised credit facilities
2021 2 000 400 - 600 600 300 100
2020 1 700 - 400 600 600 - 100
Jotun Group
34 I Jotun Annual Report 2021