Balance sheet and financing

At the end of the review period, the Group’s balance sheet total was EUR 2,543.4 (2,379.8) million. Equity totalled EUR 522.2 (456.3) million. Equity ratio at fair value was 41.3 (38.4) and at book value 21.0 (19.7) per cent. Equity per share at fair value was EUR 214.17 (183.74) (taking into account imputed tax liability). The equity ratio for VVO Non-subsidised operations was 48.6 (46.8) per cent calculated with fair values and 25.4 (25.2) per cent when book values are used. Return on equity was 15.6 (14.3) per cent and return on investment 6.5 (6.2) per cent.

At the end of June, the Group’s liquid assets totalled EUR 149.6 (148.3) million. The Group maintained good liquidity during the period. Of the EUR 80 million commercial paper programme, EUR 59.5 (31.5) million had been issued.

Interest-bearing liabilities stood at EUR 1,847.7 (1,744.2) million at the end of the period.