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  31 March 2018 31 March 2017 31 December 2017
Interest bearing debt, fair value MEUR 2,087.6 2,243.9 2,097.2
Available liquidity MEUR 561.3 557.1 559.4
Average loan maturity years 4.9 5.2 5.1
Loan to Value (LTV) % 46.8 47.1 46.7
Equity ratio (financial covenant > 32.5) % 47.2 46.5 47.4
Interest cover ratio (financial covenant > 1.8) x 3.9 3.8 3.8
Solvency ratio (financial covenant < 0.65) x 0.46 0.46 0.46
Secured solvency ratio (financial covenant < 0.25) x 0.02 0.02 0.02
Average interest-rate fixing period years 4.8 5.1 5.1
Interest rate headging ratio % 94.4 90.8 94.1



Breakdown of loans and loan maturities
31 March 2018