Balance sheet and financing

The Group’s balance sheet total at year-end amounted to EUR 4,236.1 (3,957.2) million. Equity totalled EUR 1,739.1 (1,579.5) million. Equity ratio on 31 December 2015 was 41.1 (40.0) per cent, and the equity ratio of the VVO Non-subsidised segment on 31 December 2015 was 45.7 (45.8) per cent. Equity per share was EUR 234.85 (213.30). The Group’s return on equity was 10.8 (7.2) per cent and return on investment 7.6 (5.9) per cent.

The Group’s liquidity remained good throughout the financial year. At the end of the financial year, the Group’s liquid assets totalled EUR 116.0 (114.4) million. A total of EUR 108.8 (64.9) million of the facility associated with the commercial paper programme was in use at the end of the financial year. In 2015, VVO Group plc signed bilateral committed credit facility agreements of EUR 100 million, maturing in 2–5 years. In addition, an uncommitted credit facility agreement of EUR 5 million was signed. The credit facilities were unused on the balance sheet date.

At the end of the financial year, interest-bearing liabilities stood at EUR 1,494.6 (1,850.1) million, of which EUR 1,114.9 (930.7) million was accounted for by market-based loans. The hedging ratio of market-based loans was 72 (68) per cent. During the financial year, EUR 195.9 (124.2) million of new long-term financing was raised. A total of EUR 460.7 million of interest-bearing liabilities were transferred to non-current liabilities held for sale.

During the review period, the Group’s net financial expenses totalled EUR 37.1 (47.3) million. Lower interest expenses, the change in fair value of derivatives not included in hedge accounting and sales profit from investments reduced the financial costs.

At the end of the review period, the average interest rate of the loan portfolio stood at 2.2 (2.6) per cent, including interest rate derivatives. The average maturity of loans at the end of the financial year was 9.8 (10.4) years.

 

 

© VVO Group plc 2015