Financial target and dividend policy
Pandox defines loan-to-value ratio as interest-bearing debt divided by the sum of property market value of Investment and Operating properties. Pandox targets a loan-to-value ratio of between 45 per cent and 60 per cent, depending on the market environment and prevailing opportunities.
Pandox’s target is a dividend pay-out ratio of between 40 per cent and 60 per cent of cash earnings, with an average payout ratio over time of approximately 50 per cent. Future dividends, and the size of any such dividends, are dependent on Pandox’s future performance, financial position, cash flows, working capital requirements, planned investments and other factors.
 See also “Risk factors – Risks relating to the Offering – Pandox’s ability to pay dividends is dependent upon its future earnings, financial condition, cash flows, net working capital requirements, capital expenditures and others factors”