Balance sheet, cash flow and financing

At the end of the review period, the Group’s balance sheet total was EUR 4,031.3 (3,847.0) million. Equity totalled EUR 1,604.2 (1,508.5) million. The equity ratio stood at 39.9 (39.3) per cent. Equity per share was EUR 216.64 (203.72). The VVO Non-subsidised segment's equity ratio stood at 45.1 (46.0) per cent. The Group's return on equity was 12.1 (7.6) per cent and its return on investment 8.5 (5.8) per cent.

At the end of the review period, the Group's liquid assets totalled EUR 108.5 (167.0) million. The Group maintained good liquidity throughout the period. EUR 69.8 (38.0) 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 1,856.1 (1,826.2) million, of which EUR 905.1 (833.9) million was accounted for by market-based loans.

During the review period, VVO Group converted EUR 31.0 million in high-interest government annuity loans into market-based loans. Interest expenses from new local government funding loans are significantly lower than they have been in the past. The new loans have maturities of 10–23 years. At the end of the review period, loan to value was 48.6 per cent.

The average interest rate of VVO's loan portfolio during the review period was 2.5 (2.6) per cent, and the average maturity of its loans was 15.0 (15.7) years at period end.