Notes to the Consolidated Financial Statements

 22. Financial liabilities

€ 000

2014
Fair values

2013
Fair values

2014
Balance
sheet values
2013
Balance sheet values 

Non-current

       

   Bank loan

9,000 12,000 9,000 12,000

   Finance lease liabilities

646 742 646 742

  Total

9,646 12,742 9,646 12,742

 

       

Current

       

   Bank loan

6,000 3,500 6,000 3,500

   Finance lease liabilities

599 641 599 641

  Total

6,599 4,141 6,599 4,141

Total

16,245 16,883 16,245 16,883

 

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 2014. The maximum and minimum values specified in the loan covenants, and the realised figures on 31 December 2014 were:

 

Covenant value

Realised value

Net debt / EBITDA, max. 2.5 1.6

Solvency, min.

35% 51%

Net gearing, max.

60% 30%

 

During the financial year, the company repaid EUR 3.0 million in loans, reducing its interest-bearing liabilities to EUR 15.0 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 2014 was 2.1% (2.2% in 2013). The shares of Digia Finland Ltd and The Qt Company Oy are pledged as collateral for the loans. On 31 December 2014, the book value of pledged shares was EUR 111.5 million.

The effective interest rate on finance lease liabilities during the fiscal year 2014 was 2.98% (3.40% in 2013).

Interest-bearing liabilities fall due as follows:

Year, € 000 2014 2013
2015 6,599 3,394
2016 9,322 9,297
2017 286 51
2018 35 -
Later 2 -
Total 16,245 12,742


The tables below describe agreement-based maturity analysis results for 2014 and the 2013 comparison period. The figures are undiscounted and include interest payments and the repayment of loan capital:


€ 000

31 Dec 2014

Balance sheet values

Cash flow

Less than

1 year

1–2 years

2–5 years

Bank loans

15,000 15,447 6,231 9,216 0

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 19,577 9,716 9,538 323
           

€ 000

31 Dec 2013

Balance sheet values

Cash flow

Less than

1 year

1–2 years

2–5 years

Bank loans 

15,500

16,217

3,804

3,238 9,174

Finance lease liabilities

1,383 1,383 641 394 348

Accounts payable and other liabilities

3,821 3,821 3,821 0 0

Total

20,704 21,421 8,266 3,632 9,523