2019, an excellent start to the 2019-23 growth plan Financial results
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EVOLUTION HEDGE RATIO 100%
9y
90%
8y
80%
7y
70%
6y
60%
5y
50%
4y
40%
3y
30% 20%
2y
10%
1y
0%
0y 2019
2020
2021
Hedge ratio (left scale)
2022
2023
2024
2025
2026
2027
2028
2029
2030
Weighted average term of the hedges (right scale)
Implementation of the financing strategy during 2019 Financing policy in 2019 2019 saw the achievement of a considerable net investment volume of approx. 445 million euros. In advance, an appropriate financing strategy was outlined in order to meet the investment requirements, and to safeguard the solid capital structure of the company.
For instance, the net capital expenditures were financed with new shareholders’ equity in an amount of approx. 285 million euros (by means of the optional dividend, the retained earnings and the ABB capital increase) and the balance by means of new borrowings, which could also be used to maintain a buffer of unused lines of credit of approx. 350 million euros. In addition, this also anticipated the maturity dates for loans in 2020. The loan-to-value is 45% and the gearing ratio (proportionate) is 46.7% as at 31 December 2019.
We strive to manage our capital structure in a proactive manner and to attract capital in innovative ways. WDP was the first GVV/SIR able to quickly and efficiently generate capital through ABB. Mickaël Van den Hauwe WDP CFO