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                            Debt financing

                            SSAB's funding is focused on supporting the Group’s strategy and covering the needs for financing within the framework of the Group's financial policy. The funding is primarily executed through the parent company. In order to minimize the refinancing risk, the objective is that the debt should have an even maturity profile. Short-term funding is primarily obtained through the commercial paper markets in Sweden and Finland. SSAB has a strong and supportive bank group providing committed back-stop facilities to secure the short-term funding and liquidity needs.  In order to secure access to competitively priced funding in the relevant markets, SSAB strives to be transparent and informative toward the investor community.

                             

                            Key figures     Q2/2020  2019  2018  2017  2016  2015  2014
                            Net debt* SEK million 12,782  11,696  8,582  11,574 17,887
                            23,156
                            24,674
                            Net debt/equity ratio* % 21 19  14  22  34 52 56
                            Average term on the loan portfolio years 5.3 7.1  6.5  5.5  5.1 4.6 3.9
                            Averaged fixed interest term years 0.9 1.1  1.1  1.1  0.8 1.1
                            1.2
                            Non-utilized credit facilities SEK million 14,757  6,727  6,992  8,263  7,096 8,308
                            8,714
                            Cash and cash equivalents SEK million 5,559  3,591  2,598  4,249  3,879 2,711
                            3,014

                            *Including IFRS 16 from Q1/2019 onwards

                             

                            Cash flow, financing and liquidity (from Q2/2020 report)

                            Operating cash flow for the second quarter of 2020 amounted to SEK 629 (1,696) million. Compared with the second quarter of 2019, cash flow was impacted primarily by lower operating profit.

                            Net cash flow amounted to SEK 48 (-1,577) million. The second quarter last year was impacted by acquisitions and payment of a dividend to shareholders. Net debt at June 30, 2020 was SEK 12,782 (11,809) million.

                            The term to maturity of the total loan portfolio at June 30, 2020 averaged 5.3 (6.4) years, with an average fixed interest period of 0.9 (1.1) years.

                            Cash and cash equivalents were SEK 5,559 (4,427) million and non-utilized credit facilities were SEK 14,757 (7,153) million, which combined corresponds to 29% (15%) of rolling 12-month revenue.

                            Debt structure on (at June 30, 2020)

                            Debt structure on

                            Net debt and net debt/equity ratio

                            Debt maturity (at June 30, 2020)

                            Debt maturity

                            Debt cost and duration

                            Debt cost and duration

                            Debt programs

                            SSAB’s funding is conducted primarily through the bank market and existing note and commercial paper programs. For borrowing for terms of up to ten years, a European Medium Term Note program (EMTN) is used, while Swedish and Finnish commercial paper programs are used for borrowing for shorter terms. The program limit of the EMTN program is EUR 2,000 million. The Swedish commercial paper program has a limit of SEK 5,000 million and the Finnish commercial paper program has a limit of EUR 500 million.

                            Main financial arrangements 
                            Total amount
                            European medium Term Note
                            program (EMTN)
                            EUR 2,000 million
                            Swedish commercial paper program
                            SEK 5,000 million
                            Finnish commercial paper program
                            EUR 500 million

                            Related documents

                            PDF 1,12 Mb
                            EMTN Prospectus 2019
                            pdf 1,08 Mb
                            EMTN Prospectus 2018
                            pdf 1,2 Mb
                            EMTN Prospectus 2017
                            pdf 1,03 Mb
                            EMTN Prospectus 2016
                            pdf 1,06 Mb
                            EMTN Prospectus 2015
                            pdf 1,51 Mb
                            EMTN Prospectus 2014
                            pdf 246 Kb
                            Prospectus Amendment
                            pdf 72 Kb
                            Swedish Commercial Paper Program

                            Credit ratings

                            On May 27, 2019 S&P Global Ratings raised its long-term corporate credit rating on SSAB to “BB+” from ” BB”.
                            At the same time, S&P affirmed the “B” short-term corporate credit rating. The outlook is stable.
                            pdf 116 Kb
                            Standard & Poors' Ratings Direct, Research update 2019-05-27
                            pdf 285 Kb
                            Standard & Poors' Ratings Direct, Research update 2018-06-25
                            pdf 280 Kb
                            Standard & Poors' Ratings Direct, Research update 2018-02-15
                            pdf 279 Kb
                            Standard & Poors' Ratings Direct, Research update 2017-10-31
                            PDF 273 Kb
                            Standard & Poors' Ratings Direct, Research update 2017-03-22
                            pdf 304 Kb
                            Standard & Poors' Ratings Direct, Research update 2016-06-08
                            pdf 261 Kb
                            Standard & Poors' Ratings Direct, Research Update 2016-02-22
                            pdf 257 Kb
                            Standard & Poor's RatingsDirect, Research Update 2015-05-29
                            pdf 267 Kb
                            Standard & Poor's RatingsDirect Research Update 2015-12-21
                            pdf 269 Kb
                            Standard & Poor's RatingsDirect, Bulletin 2014-01-22
                            pdf 278 Kb
                            Standard & Poor's RatingsDirect, Research Update 2013-11-12

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