LTV (Loan to Value)

The (loan to value) is as follows as of the end of the quarter:

in € million

 

Mar. 31, 2017

 

Mar. 31, 2018

 

Change in %

 

Dec. 31, 2017

 

 

 

 

 

 

 

 

 

*

Funds held for the payment of cash component by second conwert acceptance deadline

Non-derivative financial liabilities

 

14,435.3

 

18,887.0

 

30.8

 

14,060.5

Foreign exchange rate effects

 

-194.8

 

-17.8

 

-90.9

 

-23.5

Cash and cash equivalents

 

-1,007.9

 

-829.3

 

-17.7

 

-266.2

Net debt

 

13,232.6

 

18,039.9

 

36.3

 

13,770.8

Sales receivables/advance payments from sales

 

-144.4

 

-232.4

 

60.9

 

-201.2

Additional purchase price for outstanding acquisitions*

 

275.0

 

 

100.0

 

Adjusted net debt

 

13,363.2

 

17,807.5

 

33.3

 

13,569.6

 

 

 

 

 

 

 

 

 

Fair value of the real estate portfolio

 

29,607.6

 

38,485.6

 

30.0

 

33,436.3

Shares in other real estate companies

 

520.4

 

666.6

 

28.1

 

642.2

Adjusted fair value of the real estate portfolio

 

30,128.0

 

39,152.2

 

30.0

 

34,078.5

 

 

 

 

 

 

 

 

 

LTV

 

44.4%

 

45.5%

 

1.1 pp

 

39.8%

The financial have been fulfilled as of the reporting date.

in € million

 

Mar. 31, 2017

 

Mar. 31, 2018

 

Change in %

 

Dec. 31, 2017

 

 

 

 

 

 

 

 

 

Non-derivative financial liabilities

 

14,435.3

 

18,887.0

 

30.8

 

14,060.5

Total assets

 

34,848.1

 

44,176.2

 

26.8

 

37,516.3

 

 

 

 

 

 

 

 

 

LTV bond covenants

 

41.4%

 

42.8%

 

1.3 pp

 

37.5%

LTV Ratio (Loan-to-Value Ratio)
The LTV ratio shows the extent to which financial liabilities are covered. It shows the ratio of non-derivative financial liabilities pursuant to IFRS, less foreign exchange rate effects, cash and cash equivalents, receivables from disposals, plus purchase prices for outstanding acquisitions, to the total fair values of the real estate portfolio, plus the fair values of outstanding acquisitions and investments in other real estate companies.
Covenants
Requirements specified in loan agreements or bond conditions containing future obligations of the borrower or the bond obligor to meet specific requirements or to refrain from undertaking certain activities.