Efficient portfolio financing

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  30 June 2019 30 June 2018 31  December 2018
Interest bearing debt, fair value MEUR  2,123.3 2,083.6 2,154,6
Available liquidity MEUR 560.4 565.7 556.4
Average loan maturity years 4.6  4.7 5.0
Loan to Value (LTV) % 48.9  47.0 48.7
Equity ratio (financial covenant > 32.5) % 44.7 47.1 45.4
Interest cover ratio (financial covenant > 1.8) x 4.0 3.98 3.8
Solvency ratio (financial covenant < 0.65) x 0.47 0.46 0.48
Secured solvency ratio (financial covenant < 0.25) x  0.02   0.02  0.02
Average interest-rate fixing period years 4.6 4.6 5.0
Weighted average interest rate % 2.42 2.78 2.35
Interest rate headging ratio % 83.3  94.9 91.7


Updated

19.09.2019