Maturity profile
Financing risk refers to the risk that the financing of the Group's capital requirements and the refinancing of existing loans could become more difficult or more costly. This risk can be decreased by ensuring that maturity dates are evenly distributed over time, and that total short-term borrowings do not exceed available liquidity. Disregarding seasonal variations, net debt shall be long-term, according to the Financial Policy.
The Group's goals for long-term borrowings include an average time to maturity of at least two years, and an even spread of maturities. A maximum of SEK 3,000m in borrowings is normally allowed to mature in the next 12-month period. When Husqvarna assesses its refinancing risk, the maturity profile is adjusted for avail-able unutilized committed credit facilities. In addition, seasonality in the cash flows is an important factor in the assessment of the financing risk. Consequently, Husqvarna always takes into account the fact that financial planning must include future seasonal fluctuations.
The average adjusted time to maturity for the Group's financing was 3.4 years (3.5) at the end of 2008, taking the unutilized part of the committed credit facility into account.
| Maturity profile of loans and other financial instruments as of 31 December 2008 | |||||||
|---|---|---|---|---|---|---|---|
| SEKm | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | Totalt |
| Financial leases | 70 | 62 | 55 | 53 | 53 | 273 | 566 |
| Bond loans | 1,220 | 511 | 64 | 566 | 52 | 1,331 | 3,744 |
| Utilized part of Committed revolving credit facility | 1,511 | 1,511 | |||||
| Bank and other loans | 552 | 5,038 | 2,150 | 1,000 | 8,740 | ||
| Derivative liabilities, balance sheet | 2,434 | 2,434 | |||||
| Total | 5,787 | 573 | 5,157 | 2,769 | 1,105 | 1,604 | 16,995 |
| Committed revolving credit facilities covering short-term financing | -8,000 | 810 | 7,190 | ||||
| Adjusted maturity profile | -2,213 | 573 | 5,157 | 3,579 | 8,295 | 1,604 | 16,995 |
| Liquid funds | -2,735 | -2,735 | |||||
| Trade receivables | -4,184 | -4,184 | |||||
| Trade payables | 3,280 | 3,280 | |||||
| Net | -5,852 | 573 | 5,157 | 3,579 | 8,295 | 1,604 | 13,356 |