Financing Overview

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Funding sources

The Group uses several sources of long-term loan capital, whereof banks and bond markets are the most important. The Group Treasury also continuously evaluates other funding sources. External borrowing is centralised at the parent company level, and capital needs in subsidiaries are mainly covered by internal loans, or equity. The capital structure in subsidiaries is adapted to commercial, as well as legal and tax considerations. The short-term liquidity of Group companies is managed at Group level through cash pools.

An overview of the Group’s funding as of 31.12.20 is shown below.



Orkla has no loan agreements with financial covenants for the Group or for Orkla ASA. The loan agreements include some limitations on disposals of businesses, creation of security interest on assets, borrowing at subsidiary level, and cross default clauses. As of 31.12.20, debt secured by pledges amounted to NOK 74 million, whereas the book value of pledged assets was NOK 188 million. The Group’s total guarantee commitments amounted to NOK 109 million. Bonds issued in the Norwegian bond market are listed on the Oslo Stock Exchange.


Bond Agreements and Prospectuses regarding outstanding bonds