Strong capital base

‘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

Current status Q1/2019
Loan to Value 40-45% - 48.7%
Average maturity of loan portfolio > 5 yrs - 4.8
Debt portfolio's hedge ratio 70-90% 91.7%
Strong investment-grade credit ratings BBB-/Baa2
Financing mainly unsecured 95%
Substantial liquidity buffer MEUR 561