Debt and financing
In this section you can find information on Valmet's financing structure, financing facilities and interest-bearing debt. Valmet currently has no credit rating.
Key figures
| As at Dec 31, 2023 | As at Dec 31, 2022 | |
| Interest-bearing liabilities | EUR 1,484 million | EUR 809 million |
| Current debt (including portion of non-current debt) | EUR 103 million | EUR 155 million |
| Non-current debt | EUR 1,240 million | EUR 555 million |
| Net interest-bearing liabilities | EUR 1,027 million | EUR 502 million |
| Gearing | 40% | 20% |
| Equity ratio | 43% | 49% |
| Average maturity of non-current debt | 3.0 years | 3.3 years |
| Average interest rate | 4.5% | 2.3% |
Debt instruments and credit facilities as at December 31, 2023
- Undrawn committed revolving credit facility of EUR 300 million, which matures in October 2026
- Uncommitted commercial paper program worth of EUR 300 million, of which EUR 44 million outstanding
Debt maturity structure as at December 31, 2023 (excluding lease liabilities), EUR million
Green Notes
On March 6, 2024, Valmet announced that it issues EUR 200 million green notes. Read more here.
The Finnish Financial Supervisory Authority has approved the listing prospectus of the Notes on March 14, 2024. Read more here.
The listing prospectus can be found here.
Green Finance Framework
Valmet announced on March 1, 2024, that it has established a Green Finance Framework applicable for the issuance of green debt instruments to further integrate its ambitious sustainability targets into its financing.
Valmet’s Green Finance Framework has received an independent second party opinion from ISS ESG, confirming the alignment of the framework with the Green Loan Principles 2023 and the Green Bond Principles 2021.
Links:
Valmet’s Green Finance Framework
ISS ESG’s independent second party opinion
Press release on March 1, 2024: Valmet publishes Green Finance Framework
