Belgie heet het moeilijk maar verder is het volgende van belang voor de komende jaren
Funding
The Company’s mortgage-based loan financing structure provides it with the flexibility to raise finance secured against single or groups of assets. The Company has strong and long-standing business relationships with a group of over 15 Belgian, Dutch, French, German, Italian and Swedish specialist real estate financing banks, ensuring diversity of access to finance among lenders and across different geographies.
The first long-term refinancing need will materialise in the second half of 2023 when borrowings mainly related to properties in Sweden will be up for renewal. We are starting the discussions on the refinancing of these properties with our partner banks and further updates are expected by the beginning of 2023.
At 30 September 2022 IFRS consolidated debt stood at €1,535 million compared to €1,548 million at 30 June 2022.
The loan to value ratio as per 30 September 2022, calculated after deducting purchaser’s costs and on the basis of the proportionally consolidated net debt of the Company of €1,571 million, was 40.2% compared to 38.9% at 30 June 2022, due to the payment in July 2022 of the €78.2 million cash dividend for the year 2021, partially compensated by the cash generated in the period. The loan to value ratio at 31 December 2021 was 42.3%.
The Group covenant loan to value ratio agreed with the banks is 60%, the usual market practice ratio. For comparison purposes, our loan to value ratio adding back purchaser’s costs as at 30 September 2022 was 39.2% and our loan to value ratio adding back purchaser’s costs using the IFRS consolidated balance sheet was 38.7%.
As at 30 September 2022, about 86% of the Company’s interest expenses are fixed for an average period of five and a half years and the average interest rate as at 30 September 2022 is 2.2%. As a result, our interest expenses are expected to remain substantially stable for the coming period. The average committed unexpired term of its bank loans is almost four years.