Financial target and dividend policy
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 defines loan-to-value ratio as interest-bearing debt less liquid funds as a percentage of the properties' market value at the end of period.
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.
 Read more about targets and target fulfillment in Pandox's annual report.