Citycon focuses on having a strong capital base with an appropriate gearing level, low cost of debt and flexible access to debt financing supported by investment-grade credit ratings. Sufficient and attractively priced financing gives us the capacity and flexibility to deliver on our strategy and to buy, sell or develop when opportunities arise. Long-term joint venture partnerships extend our capital base, spread the risk and leverage the expertise.
Long-term financing targets
Loan-To-Value (LTV): 40-45%
Debt portfolio's hedge ratio: 70-90%
Average loan maturity: >5 years
| Key financing figures | 31 DEC 2021 |
30 Sep 2021 |
31 Dec 2020 |
|
|---|---|---|---|---|
| Fair value of debt | MEUR | 1 ,860.3 | 2 ,086.7 | 2 ,098.0 |
| Available liquidity | MEUR | 583.7 | 832.7 | 447.0 |
| Average loan maturity | years | 4.2 | 4.0 | 3.8 |
| Loan to Value (LTV) | % | 40.7 | 39.6 | 46.9 |
| Interest cover ratio (financial covenant > 1.8) | x | 4.1 | 4.0 | 4.1 |
| Net debt to total assets (financial covenant < 0.60) |
x | 0.38 | 0.36 | 0.45 |
| Solvency ratio (financial covenant < 0.65 ) | x | 0.39 | 0.37 | 0.46 |
| Secured solvency ratio (financial covenant < 0.25) |
x | 0.00 | 0.00 | 0.02 |
| Average interest-rate fixing period | years | 4.2 | 4.0 | 3.7 |
| Interest rate hedging ratio | % | 100.0 | 88.9 | 83.5 |
