Wetteri has significantly reduced its debt financing
Wetteri Plc Press Release 3 January 2025 at 11.00
On 31 December 2024 and 2 January 2025, Wetteri has paid off EUR 6.9 million in total of its interest-bearing, repayable bank loans. Prior to this, Wetteri had EUR 15.4 million in bank loans. After the payments Wetteri has EUR 8.5 million left in bank loans.
On 2 January 2025, Wetteri has also paid off EUR 8 million of interest-bearing overdraft facilities. Prior to the payment, Wetteri had access to EUR 18.5 million in overdraft facilities. After the payment, Wetteri has access to EUR 10.5 million in overdraft facilities. Interest is paid on the use of the overdrafts.
As of 31 December 2024, Wetteri has EUR 12.6 million in total in different guarantees from financing companies related to its business and the premises it leases. The guarantees are not paid off, but a commission is paid on them. In the company’s financial reporting, the guarantees are not included in the liabilities on the balance sheet but are presented as off-balance sheet items.
The majority of Wetteri’s interest-bearing liabilities on its balance sheet are related to consignment stock financing of used cars, leasing financing of demonstration cars and lease liabilities regarding the company’s leased premises and equipment. On its balance sheet on the interim report of 1 January to 30 September 2024 published on 22 November 2024, Wetteri had a total of EUR 26.3 million in consignment stock financing of used cars. For the dealer, consignment stock financing is a risk-free form of financing, in which the car financed in the limit may be returned to the financing company if desired. Interest is paid on the use of the limit and it varies depending on how long the car has been in the consignment stock. On 30 September 2024, Wetteri had EUR 17.2 million in leasing financing for demonstration cars and EUR 50.2 million in long- and short-term lease liabilities for premises and equipment.
More information
Aarne Simula, CEO and President, Wetteri Plc
Tel. +358 400 689 613, aarne.simula@wetteri.fi
Wetteri Plc – an entrepreneur-driven growth company in the automotive sector
Wetteri Plc is an entrepreneur-driven growth company in the automotive sector. The company engages in the retail sales of passenger cars, commercial vehicles and heavy vehicles, and produces maintenance and repair shop services for vehicles, from passenger cars to heavy vehicles. Headquartered in Oulu, the company has 50 locations in Finland. The company employs app. 1,000 people, of whom around 76% work in maintenance and repair services. Wetteri promotes digitalisation in the automotive sector and is an important player on the common journey towards emission-free motoring. More information: sijoittajat.wetteri.fi/en/