Funding sources and maturity profile (SEK M), 30 June 2008.
The image below shows SCA's funding sources per loan type and adjusted maturity profile. The latter shows the Group's total refinancing risk.
| |
2008 |
2009 |
2010 |
2011 |
2012 |
2013+ |
Total |
| CP and S/T bank loans |
14,847 |
623 |
0 |
0 |
0 |
0 |
15,470 |
| Financial leasing |
77 |
1,124 |
36 |
31 |
31 |
44 |
1,343 |
| Bond loans |
0 |
0 |
2,000 |
6,612 |
0 |
4,691 |
13,303 |
| Other loans |
7,012 |
807 |
865 |
593 |
1,133 |
4,485 |
14,895 |
| Total |
21,936 |
2,554 |
2,901 |
7,236 |
1,164 |
9,220 |
45,011 |
Committed credit
facilities 1) |
-14,640 |
0 |
0 |
0 |
5,195 |
9,445 |
|
Adjusted maturity
profile |
7,296 |
2,554 |
2,901 |
7,236 |
6,359 |
18,665 |
45,011 |
| Liquidity reserve 2) |
11,104 |
|
|
|
|
|
|
Refinancing risks and liquidity
At 30 June 2008, the financial liabilities amounted to SEK 45,011 M. After additions for net provisions for pensions and interest-bearing receivables, accrued interest expense and capital-investment shares, the net debt was SEK 42,394 M.
SCA’s financing is partly secured through medium-term credit facilities syndicated among first-class banks. With these as protection against refinancing risks, SCA uses short-term borrowing under market programs to the extent that this provides a lower financing cost than drawings under the credit facilities.
SCA’s policy is that loan documentation should not contain clauses that provide the lenders with opportunities to terminate the loans or change coupon rates when changes occur in SCA’s financial key ratios or credit ratings.
The interest-bearing financial liabilities weighted average term amounted to 3,8 years at 30 June 2008. For this, SEK 14,640 M of committed credit facilities with terms of more than one year were taken into consideration. In addition to these lines of credit, at 30 June 2008 there were unutilized credit facilities totaling SEK 11,140 M with average remaining terms of 3.5 years. Thus SCA's liquidity reserve was SEK 11,140 M, corresponding to 10% of SCA's forecasted net sales in 2008.
Bank credit facilities
SCA's committed credit facilities consist of two syndicated bank facilities: EUR 1,2001 (SEK 11,334 M) with a final due date in 2012 and EUR 1,000 M (SEK 9,445 M) with a final due date in 2014. Furthermore, SCA has bilaterally committed credit facilities with banks with a total value of SEK 5,000 M maturing between 2010 and 2013.