Debt Structure
The authorised statutory limit on
debt for Sicafis is 65% (debt to total assets). As at 30.06.2010,
Cofinimmo is in full compliance with this limit, the debt ratio
standing at 50.85%.
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
53.73% at the same date. This ratio was relaxed during the 4th
quarter of 2009: henceforth if the Groupe exceeds a threshold of
57.5%, it has been agreed that it will return to below this
threshold during the following 6 months. This relaxation does not
entail any change to the Group's financial policy, namely to keep
the financial debt ratio below 55%.
Situation at 30.06.2010 (x € 1,000,000)
| Debt type |
Financial debt |
Total LT commitments |
| Capital market facilities |
| Bond |
217.89 |
200.00 |
| Long-term commercial papers |
15.00 |
15.00 |
| Short-term commercial papers |
123.30 |
- |
| Bank facilities |
| Roll over loans |
1,145.80 |
1,662.01 |
| Term loans |
125.00 |
125.00 |
| Others |
21.01 |
5.11 |
| Total |
1,648.00 |
2,007.12 |
Maturity profile of LT debt commitments (€ 2,007.12M)
Long-term financial commitments
(credit lines, bonds, commercial paper and capital leases) with
outstandings totalling € 2,007.12 million at 30.06.2010, display a
well spread maturity profile up to 2018, with a maximum of 16.97%
of these outstandings maturing during both years 2013 and 2014.
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 3.91 years at 30.06.2010.
Situation of the interest cover
