Financial position

EUR million Q3/2019 Q3/2018
Interest-bearing net debt* 317.1 203.8
Equity ratio, % 55% 69%
Net gearing, %** 42% 16%
Cash flow from operating activities before financial items and taxes 10.5 41.1

 

At the end of the quarter, Fiskars Group had EUR 300.0 million (300.0) in unused, long-term, committed credit facilities 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 100 million in Q3 2019 compared to Q3 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 Q3 2019 would have been 70% and the net gearing 18%.