Gearbulk Integrated Report 2023 - Report - Page 82
GEARBULK
FINANCIAL CAPITAL
EVALUATING
THE CAPITAL
What Financial Capital means to Gearbulk
How Financial Capital supports our value creation goals
Our Financial Capital is the sum of funds available to us
In the cyclical industry we operate in it is of critical importance
to operate and develop our business. We aim to raise the
to have liquidity available to ensure operations can continue
funds from diversi昀椀ed external sources such as shareholders,
through the down cycle. A diversi昀椀ed source of capital helps
stakeholders and 昀椀nanciers, as well as from pro昀椀table opera-
ensure this. Cost e昀昀ective and 昀氀exible sources of funding
tions (retained earnings) and from divesting assets no longer
allows us to renew our 昀氀eet and remain competitive. Estab-
deemed to 昀椀t our strategy.
lishing a sound equity base and actively managing the cost
of capital contributes to sustainable operations and return
to our shareholders.
KEY OUTPUTS
Value created
100%
34.6%
OF NEW LOANS
SUSTAINABILITY-LINKED
EQUITY RATIO
(EQUITY NOMINALLY
INCREASED FROM
$474M TO $490M)
(2022: 79% sustainability-linked)
Value sustained
Value eroded
67%
61%
OF FX AND
OF VARIABLE INTEREST
RATE DEBT WAS HEDGED
as a result of 昀椀nancial risk
management activities
(2022: 28.9%)
163.86
MUSD
78.27
MUSD
$ 0.9
BILLION
EBITDA
OPERATING CASH FLOW
DEBT
(2022: 384.10 MUSD)
(2022: 308.45 MUSD)
(2022: $1.1 billion)
2
OF
3
LOAN FACILITIES HAVE
A REVOLVING CREDIT
ELEMENT
new type of 昀氀exible loan
“Accordion facility”
also established
82
PART 4 – HOW WE CREATE VALUE
63.5%
LIQUIDITY REDUCTION DUE
TO DELEVERAGING AND
DISTRIBUTIONS
DISTRIBUTION
TO SHAREHOLDERS
