21. Financial liabilities

Notes to the Consolidated Financial Statements

21. Financial liabilities

€ 000

2015
Fair values

2014
Fair values

2015
Balance

sheet values

2014

Balance

sheet values

Non-current

       

Bank loan

7,500 9,000 7,500 9,000

Finance lease liabilities

696 646 696 646

Total

8,196 9,646 8,196 9,646

 

       

Current

       

Bank loan

4,500 6,000 4,500 6,000

Finance lease liabilities

817 599 817 599

Total

5,317 6,599 5,317 6,599

Total

13,513 16,245 13,513 16,245
 

The loan covenants related to the company’s solvency and liquidity comprised the following key figures: operating profit before depreciation and amortisation (EBITDA) in relation to net debt, equity ratio and net gearing. The company fulfilled the set loan covenants in 2015. The maximum and minimum values specified in the loan covenants, and the realised figures on 31/12/2015 were:

 

Covenant value

Realised value

Net debt / EBITDA, max. 2.5 0.7

Solvency, min.

35% 54%

Net gearing, max.

60% 17%
     

During the financial year, the company repaid EUR 3.0 million in loans, reducing its interest-bearing liabilities to EUR 12.0 million at the year-end. The loans have floating interest rates tied to Euribor, plus a margin. The average interest rate of the loans in 2015 was 2.1% (2.1% in 2014). The shares of Digia Finland Oy and The Qt Company Oy are pledged as collateral for the loans. On 31/12/2015, the book value of pledged shares was EUR 111.5 million.


The effective interest rate on finance lease liabilities during the fiscal year 2015 was 2.74% (2.98% in 2014).

Interest-bearing liabilities fall due as follows:

Year, € 000 2015 2014
2015 - 6,599
2016 5,317 1,822
2017 7,979 7,786
2018 213 35
2019 4 2
Total 13,513 16,245
     

The tables below describe agreement-based maturity analysis results for 2015 and the 2014 comparison period. The figures are undiscounted and include interest payments and the repayment of loan capital:


€ 000

31 Dec 2015

Balance sheet values

Cash flow

Less than

1 year

1–2 years

2–5 years

Bank loans

12,000 12,159 4,649 7,510 0

Finance lease liabilities

1,513 1,513 817 479 217

Accounts payable and other liabilities

3,324 3,324 3,324 0 0

Total

16,837 16,996 8,790 7,989 217
           


€ 000

31 Dec 2014

Balance sheet values

Cash flow

Less than

1 year

1–2 years

2–5 years

Bank loans

15,000 15,547 6,312 1,718 7,516

Finance lease liabilities

1,245

 1,245

 599

 322

 323

Accounts payable and other liabilities

2,886 2,886 2,886 0 0

Total

 19,131 19,677 9,797 2,040 7,840