Balance sheet, cash flow and financing

At the end of the review period, the Group’s balance sheet total was EUR 4,385.2 (4,109.4) million. Equity totalled EUR 1,731.7 (1,692.5) million. The equity ratio stood at 39.5 (41.2) per cent. Equity per share was EUR 233.93 (228.57). The equity ratio of the Lumo segment stood at 38.8 (45.2) per cent. The Group’s return on equity was 9.6 (10.9) per cent and return on investment 7.0 (7.7) per cent.

At the end of the review period, the Group’s liquid assets totalled EUR 106.6 (74.2) million. The Group maintained good liquidity throughout the period. EUR 193.2 (67.9) 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 1,984.8 (1,888.4) million, of which EUR 1,560.2 (1,054.1) million was accounted for by market-based loans. At the end of the review period, the Group’s loan to value was 47.7 (47.9) per cent.

The average interest rate of the loan portfolio stood at 2.1 (2.3) per cent, including interest rate derivatives. The average maturity of loans at the end of the review period was 5.5 (10.2) years.

On 29 March 2016, VVO Kodit Oy signed a contract with Swedbank AB, concerning a five-year secured loan worth EUR 100 million. During the second quarter, VVO Kodit Oy signed secured credit agreements worth a total of EUR 120 million: A 7-year loan worth EUR 50 million was signed with Aktia Bank Plc. Longer, 10-year loans were agreed upon with Danske Bank Plc (EUR 20 million) and with Svenska Handelsbanken AB (publ) (EUR 50 million).

The central conditions of the contracts correspond to those of other credit agreements by VVO Group.

Loan to Value

Lumo segment39.141.541.742.743.447.7

Loan maturation

EUR million20162017201820192020202120222023202420252026-

Structure of debt portfolio 30 September 2016

EUR million
Annuity 64.5 M€64.5
Market-based 1,367.0 M€1,367.0
Interest-subsidised 349.6 M€349.6
Commercial papers 193.2 M€193.2
Other 10.5 M€10.5



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