Balance sheet, cash flow and financing

At the end of the review period, the Group’s balance sheet total was EUR 3,983.4 (4,031.3) million. Equity totalled EUR 1,729.9 (1,604.2) million. The equity ratio stood at 43.5 (39.9) per cent. Equity per share was EUR 233.61 (216.64). The equity ratio of the Lumo segment stood at 44.4 (45.1) per cent. The Group’s return on equity was 10.2 (12.1) per cent and return on investment 7.6 (8.5) per cent.

At the end of the review period, the Group’s liquid assets totalled EUR 138.0 (108.5) million. The Group maintained good liquidity throughout the period. EUR 155.8 (69.8) million of the EUR 200 million commercial paper programme had been issued by the end of the review period. In addition, the Group has committed credit facilities of EUR 100 million and an uncommitted credit facility of EUR 5 million that remained unused at the end of the review period.

At period end, interest-bearing liabilities stood at EUR 1,506.7 (1,856.1) million, of which EUR 1,003.8 (905.1) million was accounted for by market-based loans. At the end of the review period, the Group’s loan to value was 42.4 (48.6) per cent.

The average interest rate of the loan portfolio stood at 2.3 (2.5) per cent, including interest rate derivatives. The average maturity of loans at the end of the review period was 7.2 (10.5) years.

On 29 March 2016, VVO Kodit Oy signed a contract with Swedbank AB concerning a five-year secured loan worth EUR 100 million.