Balance sheet, cash flow and financing

At the end of the review period, the Group’s balance sheet total was EUR 4,072.9 (3,866.5) million. Equity totalled EUR 1,662.0 (1,523.7) million. The equity ratio stood at 40.9 (39.5) per cent. Equity per share was EUR 224.44 (205.77). The VVO Non-subsidised segment’s equity ratio stood at 45.6 (46.0) per cent. The Group’s return on equity was 12.1 (6.4) per cent and its return on investment 8.5 (5.4) per cent.

At the end of the review period, the Group’s liquid assets totalled EUR 87.8 (134.0) million. The Group maintained good liquidity throughout the period. EUR 99.8 (59.4) million of the EUR 200 million commercial paper programme had been issued by the end of the review period.

At period end, interest-bearing liabilities stood at EUR 1,887.0 (1,840.8) million, of which EUR 927.3 (838.1) million was accounted for by market-based loans. At the end of the review period, Group’s loan to value was 48.4 (50.8) per cent.

The average interest rate of VVO’s loan portfolio was 2.3 (2.6) per cent, and the average maturity of its loans was 14.1 (15.5) years at period end.

Loan to Value Q2/2015

EUR millionQ2/2015Q2/20142014
VVO Non-subsidised42.1942.3841.60

Loan maturation Q2/2015

EUR million201520162017201820192020202120222023202420252026202720282029 and after
Loan maturation48,4132,8134,993,4126,8269,486,570,556,7113,492,936,452,843,2467,1

Structure of debt portfolio 30 June 2015, Q2/2015

Annuity 260,2260,2
Market-based 927,3927,3
Interest-subsidised 585,4585,4
Commercial papers 99,899,8
Other 14,314,3