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Financial targets

Pandox’s board of directors has adopted the following financial target and dividend policy.

Loan-to-value ratio
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.

Target fullfilment 2021:
Per 31 December 2021, Pandox loan-to-value net was 49.8 percent.

Dividend policy
Pandox’s target is a dividend pay-out ratio of between 30-50 percent of cash earnings, with an average payout ratio over time of approximately 40 percent. 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.

Target fullfilment 2021:
Taking into account the effects of the pandemic and the Covid-related government support received, the Board of Directors proposed no dividend payment for 2021.

For historical dividend, click here.