As at 30 June 2017, Vastned Retail Belgium has a conservative financial structure allowing it to carry out its activities also in 2017.
The most important characteristics of the financial structure as at 30 June 2017 are:
- Amount of withdrawn financial debts: € 100 million (excluding the market value of financial derivatives).
- 40% of credit lines are long-term financing with an average remaining duration of 2,9 years. 60% of the credit lines are short-term financing of which 29% are credit facilities with an unlimited duration (€ 32 million) and 31% a credit facility expiring in the third quarter of 2017 (€ 20 million) and the first semester of 2018 (€ 15 million).
Proportion of long-term and short term credit facilities
- Expiry dates of credit facilities between 2017 and 2021.
- Spread of credit facilities over 4 European financial institutions.
- € 12 million of available non-withdrawn credit lines to cover the fluctuations of cash needs and for financing future investments.
- 80% of the credit lines have a fixed interest rate or are fixed by means of interest rate swaps and 20% have a variable interest rate. As at 30 June 2017, 90% of the utilised credit lines had a fixed rate, 10% had a variable rate.
- Fixed interest rates are set for a remaining period of 1,8 years on average.
- Average interest rate for the first semester of 2017: 3,1% including bank margins (3,1% for the first semester 2016).
- Value of financial derivatives: € 2,9 million negative.
- Limited debt ratio of 28% (27% as at 31 December 2016) (legal maximum: 65%)
- In the first semester of 2017 there were no changes made to the existing agreements contracted, and the RREC fulfilled these agreements as at 30 June 2017.
Due dates calendar of credit lines