21. Financial liabilities

Notes to the Consolidated Financial Statements

21. Financial liabilities

€ 000

2016
Fair values

2015
Fair values

2016 
Balance

sheet values

2015

Balance

sheet values

Non-current

       

Bank loan

8,000 7,500 8,000 7,500

Finance lease liabilities

975 696 975 696

Total

8,975 8,196 8,975 8,196

 

       

Current

       

Bank loan

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

Finance lease liabilities

711 817 711 817

Total

4,711 5,317 4,711 5,317

Total

13,686 13,513 13,686 13,513
 

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 and net gearing. The company fulfilled the set loan covenants in 2016. The maximum and minimum values specified in the loan covenants, and the realised figures on 31 December 2016 were:

 

Covenant value

Realised value

Net debt / EBITDA, max. 2.5 1.5

Net gearing, max.

60% 36%
     

On 14 April 2016, Digia Plc agreed on a new three-year financial loan arrangement with Danske Bank Oyj that replaced Digia's loan portfolio, which totalled EUR 12 million. The new financial arrangement totalled EUR 17 million. The financial agreement includes customary covenant terms concerning the company's solvency and debt-servicing ability. The loans have floating interest rates tied to Euribor, plus a margin. The average interest rate of the loans in 2016 was 0.9% (2.1% in 2015).


The effective interest rate on finance lease liabilities during the fiscal year 2016 was 2.34% (2.74% in 2015).

Interest-bearing liabilities fall due as follows:

Year, € 000 2016 2015
2016 - 5,317
2017 4,711 7,979
2018 2,581 213
2019 6,277 4
2020 111 -
2021 56 -
Total 13,686 13,513
     

The tables below describe agreement-based maturity analysis results for 2016 and the 2015 comparison period. The figures are undiscounted and include interest payments and the repayment of loan capital:


€ 000

31 Dec 2016

Balance sheet values

Cash flow

Less than

1 year

1–2 years

2–5 years

Bank loans

12,000 12,186 4,096 2,073 6,017

Finance lease liabilities

1,686 1,686 711 581 394

Accounts payable and other liabilities

5,063 5,063 5,063 0 0

Total

18,749 18,935 9,870 2,654 6,411
           


€ 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