Debt Structure
The authorised statutory limit on
debt for Sicafis is 65% (debt to total assets). As at 31.12.2011,
Cofinimmo is in full compliance with this limit, the debt ratio
standing at 49.89%.
The Loan-to-Value ratio, as defined in the documentation for the
bank credit facilities (Net financial debt/Fair value of the
property portfolio and of lease finance receivables), stood at
51.73% at the same date.
Situation at 31.12.2011 (x € 1,000,000)
| Debt type |
Financial debt |
Total LT commitments |
| Capital market facilities |
| Bonds |
261.48 |
250.00 |
| Convertible bond |
161.50 |
173.31 |
| Long-term commercial papers |
15.0 |
15.00 |
| Short-term commercial papers |
235.50 |
- |
| Others |
4.35 |
4.35 |
| Bank facilities |
| Roll over loans |
797.48 |
1,328.68 |
| Term loans |
186.56 |
186.56 |
| Others |
19.54 |
9.10 |
| Total |
1,681.41 |
1.967.00 |
Maturity profile of LT debt commitments (€ 1,953.30M)
Long-term financial commitments
(credit lines, bonds, commercial paper and capital leases) with
outstandings totalling € 1,681.41 million at 31.12.2011, display a
well spread maturity profile up to 2019.
The average maturity of the
Cofinimmo debt (excluding the short-term maturities of the treasury
bills, which are fully covered by the undrawn portions of long-term
credit facilities) is 3.3 years at 31.12.2011.
Situation of the interest cover (at 31.12.2011)
