Capital management

It is particular the gearing ratio (net indebtedness as a percentage of equity) that is used to monitor and manage capital. The indebtedness includes bonds, long-term loans, payables due to banks and leasing rates, less cash and cash equivalents and long-term financial investments.

The gearing ratio was 12.0 % as of 31 December 2016 and -5.8 % as of 31 December 2015.

Currently no bond is issued by SBO. The latest bond in the amount of MEUR 20.0 was repaid, as planned, on 18 June 2015.

SBO has not applied for a rating from any rating agency, as it has not been found necessary to ensure sufficient funding.