Balance sheet, cash flow and financing

At the end of the review period, the Group’s balance sheet total was EUR 4,109.4 (3,879.3) million. Equity totalled EUR 1,692.5 (1,545.0) million. The equity ratio stood at 41.2 (39.9) per cent. Equity per share was EUR 228.57 (208.64). The VVO Non-subsidised segment’s equity ratio stood at 45.2 (46.4) per cent. The Group’s return on equity was 10.9 (6.4) per cent and its return on investment 7.7 (5.3) per cent.

At the end of the review period, the Group’s liquid assets totalled EUR 74.2 (130.3) million. The Group maintained good liquidity throughout the period. EUR 67.9 (47.9) 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 1,888.4 (1,827) million, of which EUR 1 054.1 (888.9) million was accounted for by market-based loans. At the end of the review period, the Group’s loan to value was 47.9 (50.0) per cent.

The average interest rate of VVO’s loan portfolio was 2.3 (2.6) per cent, and the average maturity of its loans was 13.6 (15.4) years at period end.