policy | Q2 2024 | |
---|---|---|
maintain an investment grade rating from Standard and Poor’s or another rating institute | ✓ | BBB- from S&P |
max 60 percent loan-to-value if property prices decrease 25 percent | ✓ | 51 |
interest coverage ratio above 1.5 if interest rates increase five percentage points | ✓ | 5.2 |
loan-to-value below 35 percent | ✓ | 36 |
secured loan-to-value below 25 percent | ✓ | 2 |
interest coverage ratio excluding realized value growth exceeds 2.0 | ✓ | 6.3 |
liquidity reserve exceeds EUR 500 million | ✓ | 823 |
cash sources divided by cash uses exceed 100 percent | ✓ | 143 |
interest rate hedge maturities within a year less than 40 percent of debt | ✓ | 25 |
The aim of the net dividend policy is to be able to distribute dividends while maintaining the equity needed for financial stability.
The company will not pay any dividends will be paid in a financial crisis unless at least an equal amount of equity is raised at the same time.
Dividends paid to holder of ordinary shares of class A are mainly reinvested in the company to support organic growth.
Reinvestment of dividends through share issues has been beneficial for the common shareholders.
It has supported the company in its organic growth.
MEUR
dividend | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|---|---|
preference shares | - | - | - | 32 | 37 | 39 | 41 | 40 | |
class D shares | 11 | 22 | 22 | 22 | - | - | - | - | - |
class A shares | 167 | 6,064 | 950 | 96 | - | 835 | 840 | 509 | 11 |
total | 178 | 6,086 | 972 | 118 | 32 | 872 | 880 | 550 | 51 |
share issue | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
preference shares | - | - | - | - | - | - | - | - | 214 |
class D shares | - | - | - | - | 378 | - | - | - | - |
class A shares | 168 | 4,085 | - | - | - | 835 | 1,049 | 436 | - |
total | 168 | 4,085 | - | - | 378 | 835 | 1,049 | 436 | 214 |
cash flow | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
preference shares | - | - | - | - | -32 | -37 | -39 | -41 | 174 |
class D shares | -11 | -22 | -22 | -22 | 378 | - | - | - | - |
class A shares | 1 | -1,979 | -950 | -96 | - | - | 208 | -73 | -11 |
total | -10 | -2,001 | -972 | -118 | 346 | -37 | 169 | -114 | 163 |