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financial policy

Objectives

  • minimize impact of a financial crisis
  • maintain buffer to financial covenants
  • enable stable growth with low risk
policy Q3 2022
investment grade rating min BBB

BBB
below 60 percent loan-to-value if property prices decrease 25 percent29
interest coverage ratio above 1.5 if interest rates increase five percentage points14.5
loan-to-value below 45 percent13
secured loan-to-value below 25 percentn/a
interest coverage ratio excluding realized value growth exceeds 2.04.1
liquidity reserve exceeds EUR 500 million 2,954
cash sources divided by cash uses exceed 100 percent3,519
interest rate hedge maturities within a year less than 40 percent of debt0

dividend policy

commitment to sustainable financial resilience

Akelius strives for continuous dividends on its ordinary shares.
This continuity is enabled by 

  • high financial resilience based on a prudent financing structure
  • a diversified portfolio of residential properties with the ability to generate increasing rental income

net dividend policy for financial stability

The aim of the net dividend policy is to be able to distribute dividends while maintaining the equity needed for financial stability.
The company will not pay any dividends will be paid in a financial crisis unless at least an equal amount of equity is raised at the same time.

Dividends paid to holder of ordinary shares of class A are mainly reinvested in the company to support organic growth.

reinvestment supports growth

Reinvestment of dividends through share issues has been beneficial for the common shareholders.
It has supported the company in its organic growth.

historical dividends and share issues

MEUR       
dividend2021

2020

20192018201720162015
preference shares

-

-

3237394140
class D shares

22

22

-----
class A shares

950

96

-83584050911
total

972

118

3287288055051
 

 

 

     
share issue

2021

2020

20192018201720162015
preference shares

-

-

----214
class D shares

-

-

378----
class A shares

-

-

-8351,049436-
total

-

-

3788351,049436214
 

 

 

     
cash flow

2021

2020

20192018201720162015
preference shares

-

-

-32-37-39-41174
class D shares

-22

-22

378----
class A shares

-950

-96

--208-73-11
total

-972

-118

346-37169-114163