For more information about financing and credit ratios, refer to the chapter on 'outside assets' in the annual 2008 report of the Vesteda Group.
All the bonds issued have been assigned a triple-A rating by the three credit rating agencies Moody's, Standard & Poor's and Fitch Ratings.
Overview of bond loans issued
| bond |
|
|
|
|
caps |
|
|
swaps |
|
|
|
series |
original value
(€ millions) |
start date |
maturity date |
spread |
cap-
rate |
start date |
maturity date |
swap-
rate |
start date |
maturity date |
|
| A2 |
400 |
20.07.05 |
20.07.10 |
0.15% |
|
|
|
3.130% |
20.04.07 |
20.07.10 |
| A3a |
100 |
20.07.05 |
20.07.12 |
0.20% |
|
|
|
3.370% |
20.04.07 |
20.07.12 |
| A3b |
300 |
20.07.05 |
20.07.12 |
0.20% |
4.500% |
20.07.05 |
20.04.09 |
2.830% |
20.01.09 |
20.04.09 |
|
|
|
|
|
|
|
|
3.645% |
20.04.09 |
20.07.12 |
| A4 |
300 |
20.07.05 |
20.07.15 |
0.28% |
4.500% |
20.07.05 |
20.04.09 |
2.830% |
20.01.09 |
20.04.09 |
|
|
|
|
|
|
|
|
3.895% |
20.04.09 |
20.07.15 |
| A5 |
350 |
20.04.07 |
20.07.12 |
0.13% |
|
|
|
4.236% |
20.07.07 |
20.07.12 |
| A6 |
150 |
20.07.08 |
20.07.13 |
1.00% |
|
|
|
4.840% |
20.10.08 |
20.07.13 |
|
1.600 |
|
|
|
|
|
|
|
|
|
Overview of financing ratios
As is clear from the overview below, the relevant ratios were more than complied with since the bonds were issued.
| ratio |
standard
|
reference date
|
period
|
2008
|
2007
|
2006
|
2005
|
2004
|
|
|
Loan to value ratio (LTV)
|
no more than 0.45*
|
quarter end
|
-
|
0.34
|
0.34
|
0.30
|
0.32
|
0.32
|
|
Debt Service Cover ratio (DSCR)
|
no less than 1.80
|
quarter end
|
quarter
|
2.28
|
2.77
|
3.72
|
3.61
|
3.69
|
|
Debt Service Cover ratio (DSCR)
|
no less than 1.80
|
quarter end
|
year
|
2.28
|
2.67
|
2.98
|
3.30
|
3.46
|
|
Cash flow ratio (CFR)
|
no less than 1.50
|
quarter end
|
quarter
|
1.92
|
2.23
|
3.04
|
2.94
|
2.99
|
|
Cash flow ratio (CFR)
|
no less than 1.50
|
quarter end
|
year
|
1.92
|
2.13
|
1.87
|
2.09
|
1.99
|
|
*
|
|
to 2004: no more than 0.40 |
Overview of credit facilities utilised by Vesteda Project bv
In 2008, Vesteda Project bv took out a revolving credit facility.
Overview of financing for Vesteda Project bv
revolving credit
|
|
|
|
|
|
|
|
swaps |
|
|
|
|
original value (€ millions) |
start date |
maturity date |
spread |
|
|
|
swap-
rate |
start date |
maturity date |
|
|
140 |
16.04.08 |
30.04.10 |
0.8% |
|
|
|
4.240% |
03.11.08 |
30.04.10 |
Overview of credit ratios
| ratio |
standard
|
reference date
|
|
2008
|
|
|
|
|
|
|
Pre-sale ratio*
|
no less than 0.60
|
quarter end
|
|
0.79
|
|
|
|
|
|
Loan to cost ratio**
|
no more than 0.50
|
quarter end
|
|
0.48
|
|
|
|
|
|
Solvency ratio***
|
no less than 0.35
|
quarter end
|
|
0.46
|
|
|
|
|
| * |
Pre-sale ratio: the level of work in progress on all projects already sold but in the under construction phase compared with the total work in progress on the balance sheet |
| ** |
Loan to cost ratio: total loans drawn compared with the work in progress on the balance sheet |
| *** |
Solvency ratio: shareholders' equity compared with total assets |