Financial targets and risk limits

• Average net operating income shall grow by at least 25 per cent per year between 2019 and 2025
• Average EPRA NRV attributable to ordinary shareholders shall grow by at least 20 per cent per year between 2019 and 2025
• The long-term loan-to-value ratio for the group shall not exceed 70 per cent
• The long-term interest coverage ratio for the group shall not be less than 1.5 times

Dividend policy

Over the long-term, dividends shall amount to maximum one third of average annual profit over the past three financial years. Over the next few years, K2A will prioritise growth over dividend, which could mean that low or no dividend is paid on ordinary shares. Preference shares shall be allotted in accordance with the Articles of Association.