Borrowings

The financing of Husqvarna is managed centrally by Group Treasury in order to ensure efficiency and risk control. Debt is primarily raised at Parent Company level and transferred to subsidiaries as internal loans or capital injections. In this process, various derivatives are used to convert the funds to the required currency. Financing is also undertaken locally, mostly in countries in which there are legal restrictions preventing financing through Group companies.

The major part of the Group's financing is currently conducted through bilateral loan agreements, bonds through a Swedish Medium Term Note (MTN) program and other bond financing. In addition, the Group has a SEK 6,000m unutilized committed revolving credit facility maturing in 2016. Due to the nature of its business, the Group has major seasonal variations in its funding needs. These variations have during 2013 been managed mainly by utilizing the Group's commercial paper (CP) program and short-term bank loans.

Borrowings
  Total borrowings 2013 Facility amount 2013 Total borrowings 2012 Facility amount 2012
Medium Term Note Program 3,029 5,000 2,511 5,000
Other bond loans 1,915 - 2,165 -
Committed revolving credit facility - 6,000 - 6,000
Long-term bank loans 1,497 - 2,373 -
Financial leases 177 - 178 -
Commercial papers - 7,000 146 7,000
Other short-term loans 433 - 708 -
Fair value derivate liabilities 239 - 285 -
Total 7,290 18,000 8,366 18,000