Citycon focuses on having a strong capital base

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.

Key financial figures

Key financing figures   30 Jun 2023 30 Jun 2022 31 Dec 2022
Fair value of debt MEUR 1776.7 1 797.0 1781.7
Available liquidity MEUR 442.8 533.8 577.7
Average loan maturity years 2.9 3.7 3.2
Loan to Value (LTV) % 43.0 40.8 41.4
Interest cover ratio (financial covenant > 1.8) x 3.7 4.2 4.0
Net debt to total assets
(financial covenant < 0.60)
x 0.40 0.39 0.39
Solvency ratio (financial covenant < 0.65 ) x 0.42 0.40 0.40
Secured solvency ratio
(financial covenant < 0.25) 
x 0.06 0.00 0.00
Average interest-rate fixing period years 2.5 3.7 3.2
Interest rate hedging ratio % 88.3 99.7 93.0
Breakdown of loans Q2 2023

Debt fixed

88%

 

Of our assets unencumbered

100%

 

No near term maturities until

2024