LTV (Loan to Value)

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

in € million

 

Sept. 30, 2017

 

Sept. 30, 2018

 

Change in %

 

Dec. 31, 2017

 

 

 

 

 

 

 

 

 

Non-derivative financial liabilities

 

13,921.1

 

20,053.2

 

44.0

 

14,060.5

Foreign exchange rate effects

 

-26.5

 

-31.5

 

18.9

 

-23.5

Cash and cash equivalents

 

-339.8

 

-507.3

 

49.3

 

-266.2

Net debt

 

13,554.8

 

19,514.4

 

44.0

 

13,770.8

Sales receivables/advance payments from sales

 

-177.6

 

-273.2

 

53.8

 

-201.2

Adjusted net debt

 

13,377.2

 

19,241.2

 

43.8

 

13,569.6

 

 

 

 

 

 

 

 

 

Fair value of the real estate portfolio

 

30,948.1

 

41,948.6

 

35.5

 

33,436.3

Shares in other real estate companies

 

605.4

 

733.6

 

21.2

 

642.2

Adjusted fair value of the real estate portfolio

 

31,553.5

 

42,682.2

 

35.3

 

34,078.5

 

 

 

 

 

 

 

 

 

LTV

 

42.4%

 

45.1%

 

2.7 pp

 

39.8%

The financial have been fulfilled as of the reporting date.

in € million

 

Sept. 30, 2017

 

Sept. 30, 2018

 

Change in %

 

Dec. 31, 2017

 

 

 

 

 

 

 

 

 

Non-derivative financial liabilities

 

13,921.1

 

20,053.2

 

44.0

 

14,060.5

Total assets

 

35,416.4

 

47,540.4

 

34.2

 

37,516.3

 

 

 

 

 

 

 

 

 

LTV bond covenants

 

39.3%

 

42.2%

 

2.9 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.