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‘Strong capital base’ stands for allocating capital efficiently and maintaining a conservative gearing level in order to finance developments and maximise returns.
What does this mean in practise?
- Securing sufficient and attractively priced financing to provide flexibility for strategic decisions
- Investment grade credit ratings
What did we do in 2018?
- Successfully refinanced maturing bonds resulting in increased average maturity and lower cost of debt
- Maintained investment grade credit ratings
Main financing targets
|Loan to Value 40-45%||- 48.2%|
|Average maturity of loan portfolio > 5 yrs||✓ 5.2|
|Debt portfolio's hedge ratio 70-90%||✓ 92.1%|
|Strong investment-grade credit ratings||✓ BBB/Baa2|
|Financing mainly unsecured||✓ 95%|
|Substantial liquidity buffer||✓ MEUR 557|
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