Debt information

Debt and financing

The objective of Kalmar treasury management is to secure sufficient funding for business operations, avoid financial constraint at all times, provide business units with financial services, minimise the costs of financing, manage financial risks (currency, interest rate, liquidity and funding, credit and counterparty risks as well as operational risks) and to provide management with information on the financial position and risk exposures of Kalmar and its business units.

Key Figures

Net debt

Net debt 30 June 2024, MEUR

Loans from financial institutions	299
Lease liabilities	83
Loans and cash pool liabilities,Cargotec Group	20
Other interest-bearing liabilities	9
Total interest-bearing liabilities	411

Loans receivable and other interest-bearing assets	-6
Cash and cash equivalents	-249
Total interest-bearing assets	-254

Interest-bearing net debt	157
Equity	575
Gearing	27%

Liquidity

Kalmar's liquidity and funding position is strong. Table below illustrates Kalmar’s liquidity position.

Liquidity 30 June 2024, MEUR

Cash and cash equivalents	249
Committed long-term undrawn revolving credit facilities	150
Liquidity reserve	399
Repayments of interest-bearing liabilities in the following 12 months	-25
Repayments of interest-bearing liabilities during next 12 months, Cargotec Group	-20
Liquidity	354

Loans from financial institutions

Kalmar held 300 million euros of loans from financial institutions, which were transferred from Cargotec to Kalmar on the effective date of the demerger.

Maturity profile*	2024	2025	2026	2027
Loans from financial institutions	0	100	150	50

*Detailed information about the maturities for interest-bearing liabilities can be found from the Demerger and Listing Prospectus.

Average interest rate of interest-bearing liabilities excluding on-balance sheet lease liabilities was 4.8%.

Revolving credit facilities

The revolving credit facility agreements include the following agreements:

EUR 100 million revolving credit facility maturing on 2025
EUR 50 million revolving credit facility maturing on 2027

Covenants

The financing arrangements contain a financial covenant (net debt to equity), which restricts the capital structure. According to the covenant, Kalmar’s net debt to equity must be retained below 125%.