The debt ratio (RREC Royal Decree) was 50.02% on 31 December 2023. The debt ratio (IFRS) amounts to 48.83%.

Taking into account Home Invest Belgium's strategy to keep its debt level below 55% in the medium and long term, Home Invest Belgium still has a debt capacity of € 89.09 million to fund new investments.

Taking into account a maximum permitted debt ratio of 65%, Home Invest Belgium has a debt capacity of € 344.66 million, as defined by the RREC Act to fund new investments.

On 31 December 2023 Home Invest Belgium had € 378.00 million in financial debts, composed of:

• Bilateral credit lines drawn for an amount of € 278.00 million with 7 different financial institutions with well spread maturity dates until 2031. There are no maturity dates in 2024. The next maturity date is in the second half of 2025;
  
  
• Bonds for an amount of € 49.00 million maturing between 2028 and 2032;
  
  
• A €40.00 million bond loan maturing in June 2024 for which long-term bank credit lines are already ready for refinancing;
  
  
• Sort-term treasury notes ("commercial paper") for an amount of € 11.00 million. Notwithstanding the short-term nature of the outstanding commercial paper, the outstanding amount is fully covered by available long-term credit lines (back-up lines).

The weighted average remaining duration of the financial debts amounts to 4.7 years.

On 31 December 2023, Home Invest Belgium disposed of € 125.00 million of undrawn available credit lines consisting of:

• € 11.00 million long-term back-up lines covering short-term outstanding treasury notes;
  
  
• € 40.00 million long-term credit lines to refinance the bond maturing in June 2024;
  
  
• € 74.00 million available credit lines.

On 31 December 2023, 93.1% of financial debts (for an amount of € 352.0 million) had a fixed interest rate, using Interest Rate Swaps as hedging instruments, among other things.

The fixed interest rates have a weighted average remaining duration of 4.9 years.

The total value of the hedges at closing date was positive for an amount of € 20.10 million due to an increase in interest rates after conclusion of the hedges.

Through its hedging policy, the board of directors wishes to protect the company against potential increases in interest rate.