Balance sheet and financing

At the end of the review period, the Group’s balance sheet total was EUR 2,544.9 (2,450.0) million. Equity totalled EUR 539.8 (473.6) million. The equity ratio was 41.8 (38.2) per cent at fair value and 21.7 (19.8) per cent at book value. Equity per share calculated at fair value (including deferred tax liability) was EUR 217.12 (186.99). The VVO Non-subsidised segment's equity ratio was 49.0 (46.1) per cent at fair value and 26.1 (24.9) per cent at book value. The Group's return on equity was 14.7 (14.3) per cent and its return on investment 6.3 (6.2) per cent.

At the end of September, the Group's liquid assets totalled EUR 135.9 (145.7) million. The Group maintained good liquidity throughout the period. Of the EUR 80 million commercial paper programme, EUR 48.0 (45.5) million had been issued.

At period end, interest-bearing liabilities stood at EUR 1,833.8 (1,787.1) million.