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 Mar 2020 |
31 Mar 2019 |
31 Dec 2019 |
|
|---|---|---|---|---|
| Fair value of debt | MEUR | 2,034.4 | 2,169.9 | 1,830.7 |
| Available liquidity | MEUR | 516.8 | 561.0 | 562.1 |
| Average loan maturity | years | 4.0 | 4.8 | 4.6 |
| Loan to Value (LTV) | % | 45.7 | 48.7 | 42.4 |
| Equity ratio (financial covenant > 32.5) | % | 47.2 | 44.4 | 50.9 |
| Interest cover ratio (financial covenant > 1.8) | x | 4.3 | 3.8 | 4.2 |
| Solvency ratio (financial covenant < 0.65 ) | x | 0.44 | 0.47 | 0.42 |
| Secured solvency ratio (financial covenant < 0.25) | x | 0.04 | 0.02 | 0.02 |
| Average interest-rate fixing period | years | 3.8 | 4.7 | 4.6 |
|
Interest rate hedging ratio |
% | 75.8 | 91.7 | 88.8 |