Financial position

EUR million 2019 2018
Interest-bearing net debt* 261.1 135.4
Equity ratio, % 56% 70%
Net gearing, %** 34% 11%
Cash flow from operating activities before financial items and taxes 117.5 136.8

 

At the end of the quarter, Fiskars Group had EUR 300 million in unused, long-term, committed credit facilities and a commercial paper program of EUR 400 million with Nordic banks.

*The increase in interest-bearing debt is a result of the application of the IFRS 16 accounting standard. As a result of the IFRS 16 application, the net debt increased by EUR 111 million in Q4 2019 compared to Q4 2018.
**Increase in net gearing is a result of the application of the IFRS 16 accounting standard and the distribution of the Wärtsilä share dividend. Excluding these, the equity ratio in Q4 2019 would have been 71% and the net gearing 12%.