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 March 2019 | 31 March 2019 | 31 December 2018 | |
| Interest bearing debt, fair value | MEUR | 2,169.9 | 2,087.6 | 2,154.6 |
| Available liquidity | MEUR | 2,216.0 | 2,074.9 | 556.4 |
| Average loan maturity | years | 4.8 | 4.9 | 5.0 |
| Loan to Value (LTV) | % | 48.7 | 46.8 | 48.7 |
| Equity ratio (financial covenant > 32.5) | % | 44.4 | 47.2 | 45.4 |
| Interest cover ratio (financial covenant > 1.8) | x | 3.8 | 3.9 | 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 | 4.7 | 4.8 | 5.0 |
| Interest rate headging ratio | % | 91.7 | 94.4 | 91.7 |
Breakdown of loans and loan maturities
31 March 2019
