Pixee Raises $15M to Automate Code Security to Meet the Velocity of GenAI-Enabled Developers
The new capital will accelerate Pixee's product development and expansion of the go-to-market team, enabling the company to scale adoption among enterprises and capture the growing demand for its AI-powered solution.
Early enterprise customers have seen substantial benefits from adopting Pixee, including recapturing 91% of developer remediation time and cutting security triage time by 74%. Automated code fixes achieve an impressive 76% merge rate.
Pixee is the first enterprise-grade tool that uses agentic AI for context and logic alongside deterministic techniques, delivering both intelligent vulnerability triage and accurate, trusted fixes. It integrates directly into developer workflows, including GitHub, GitLab, Bitbucket, and Azure DevOps, creating pull requests with ready-to-accept code. Purpose-built for security-conscious enterprises, the on-premises deployment option keeps customers' sensitive data, intellectual property, and source code fully under the customer's control. This eliminates the risk of data leaks or exposure to unregulated AI tools, ensuring strong trust, security, and protection.
'Developers are more prolific today than ever before, especially those leveraging the latest genAI tools like Cursor, Claude Code & GitHub Co-pilot,' said Surag Patel, co-founder and CEO of Pixee. 'It's time application security teams are empowered with a platform that enables them to 10X their team and keep pace with their counterparts. By focusing on capabilities like automated, production-ready code fixes directly into developer workflows and automating expert automated triage for security, enterprises can now ship secure code at unprecedented velocity. Teams can trust that any vulnerabilities within code are being resolved faster than new ones can be introduced.'
IDC projects that by 2027, 70% of corrective code fixes for application security issues will be generated by AI-assisted automated remediation tools, reducing the time to patch vulnerabilities to just days. The report also found that developers estimate spending 19% of their weekly hours on security-related tasks, often outside normal working hours. The average organization spends a whopping $28,100 per developer each year in security-related tasks.
'It's time Application Security teams have their 'Cursor' equivalent platform. Pixee is the first platform we've seen that truly changes the equation in security programs and enables them to keep up with the pace of developers. By natively weaving into the developer workflow and automating work that previously was a tax on developers and security teams, security gets done automatically. Instead of the same story of understaffed product security teams, we finally have a path to the enterprise dream,' said Dan Nguyen-Huu, Partner at Decibel.
'At the heart of Pixee is a powerful insight: genAI-fueled developer productivity and security can coexist without friction. By automating the complex tasks of resolving issues from product security scanners, Pixee allows developers and security teams to reclaim valuable time, driving innovation and delivering higher quality software, faster,' added Jake Flomenberg, Partner at Wing.
Pixee was founded by industry veterans with decades of experience in security and developer enablement. Co-founder and CEO Surag Patel was the Chief Strategy Officer at Contrast Security, and held leadership roles at 41st Parameter (acquired by Experian), comScore, and InMobi. Co-founder and CTO Arshan Dabirsiaghi co-founded cybersecurity unicorn Contrast Security and is recognized as one of the world's most prominent application security experts. Together, they are building Pixee to redefine how security is managed in the development process.
About Pixee, Inc.
Pixee is the first enterprise-grade platform that automates the last mile of application security, from alerts to resolution. The company's technology integrates directly into developer workflows, using a combination of agentic AI and deterministic techniques to deliver trusted, automatic code fixes with an 87% merge rate. Founded by security industry veterans Surag Patel and Arshan Dabirsiaghi, Pixee is backed by Decibel, Wing VC, and strategic investors including early GitHub engineer Zach Holman and HackerOne Founder Alex Rice. For more information, visit pixee.ai.
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Capital allocation & portfolio strategy | Major capital allocation decisions (€1.3bn) demonstrating the Group's unique know-how Disposal of a mature student housing portfolio (€538m excl. duties) with a rent loss rate of 3.9% and reflecting a 23% premium over the latest valuation prior to the transaction. This portfolio, comprising 20 operational assets and 2 developments, illustrates a long-term value creation story initiated in 2007, showcasing Gecina's integrated expertise in delivering sustained operational performance through to portfolio maturity (investment, development, asset and property management). Acquisition of a prime office complex (€435m incl. duties) in the heart of the Paris CBD, strategically located near the Saint-Lazare transport hub, with exceptional connectivity. 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Clear demonstration of Gecina's in-house market expertise, as well as execution capabilities, from sourcing and funding transactions without financing contingencies to managing complex repositioning projects and long-term value creation, while delivering assets aligned with evolving market expectations. | Preparing a prime repositioning for the T1 Tower Ongoing discussions to monitor lease maturity with Engie, currently set for June 2027. Should the client wish to benefit from flexibility for an early exit (depending on the progress of the company's relocation to its new head office) an early termination would be possible, subject to a termination fee calculated based on the remaining lease duration. Close coordination with the tenant will continue over the coming months to adapt to their evolving needs. Repositioning the tower as a prime asset to stand out, leveraging the building's strong fundamentals: a modern construction (2008), strategic location in La Défense – a growing transport and commercial hub – efficient floorplates, four trading floors minimum, and no asbestos. The strategic repositioning plan aims to create a prime tower with optimized investment (facade retained, selective upgrades to technical equipment, enhanced service offerings and modern redesign of the shared areas – estimated work program c. €140 million). No new or refurbished large prime office spaces are expected before 2027–2028, creating a favorable future supply-demand dynamic in La Défense (the 180,000 sq.m of new/restructured space to date is expected to be progressively absorbed, with only 7,000 sq.m and 6,000 sq.m of additional space of this kind forecast for 2026 and 2027, respectively). 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Example of the contribution from a newly delivered asset: with 18 months of operational feedback, 37 Boétie (10,000 sq.m office asset in Paris, 8th arrondissement), the first low-carbon certified asset in Paris CBD, energy-efficient by design, has achieved a -63% reduction in energy consumption – significantly outperforming the market average. 100% of the office portfolio certified in H1 2025 (vs 26% on the market – CBRE). Balance sheet maintained strong and healthy | Portfolio values firmly recovering with a +1.6% over the past six months Portfolio values up +1.6% since year-end 2024 on a like-for-like basis (excluding the impact of change in transaction tax rates. After this change, values are up +1.2% (like-for-like)), with an overall portfolio value of €17.0bn. This reflects both the underlying valuation trends and the impact of disposals (prior to the acquisition of the new office complex in Paris CBD). ‒ Stabilization of the yield effect in central areas, supported by signs of a potential reopening of the investment market for large office transactions in core Paris locations, while yield decompression continues to decelerate in other areas. ‒ Rental effect remains positive, though stabilizing. Rent growth expectations continue to support values in central locations (Paris, Neuilly), while more subdued dynamics persist in secondary areas where rental values are still adjusting. Values up by +2.3% since the though confirming the same trend observed each semester since the end of 2023 – driven by gains in Paris and Neuilly, which have consistently offset ongoing adjustments in other locations. | Financial strategy: ready to operate and grow Best-in-class rating: recent confirmation of Gecina's A-/A3 ratings by S&P and Moody's (stable outlook), supported by the continuous capacity to generate steady cash flows due to the Group's focused investment strategy, securing the best financing conditions. Low average cost of drawn debt at 1.2%, stable compared with 2024, while the overall cost of debt remains at 1.5%. Gecina's optimized hedging profile provides long-term visibility over the cost of debt, with close to 100% of the 2025-2026 maturities hedged and 85% of the 2025-2029 maturities based on end-June 2025 debt, pro forma of the secured large office complex acquisition. Strong liquidity profile to provide short, medium, and long-term security and flexibility (€3.7bn of net liquidity – undrawn credit lines excluding commercial papers – covering maturities until 2029 all else equal). Net debt volume of €6.1bn (-€0.5bn vs end-2024, mainly due to the disposal of the student housing portfolio), with a maturity of 6.4 years. 100% of Group financing is green, following the greening of the latest credit line in the third quarter of 2024. | NAV (NTA) up +1.1% vs end-2024 to €144.3 per share NAV (NTA) up +€1.5 per share since December 31, 2024 to €144.3, primarily reflecting the value created through both the pipeline deliveries and the asset rotation strategy: ‒ Dividend paid in the first half of 2025: -€2.7 ‒ Recurrent net income: +€3.4 ‒ Value adjustment linked to the yield effect: +€1.3 ‒ Value adjustment linked to the rent effect: +€1.0 ‒ Other (including IFRS 16): -€1.4 | Outlook & upper guidance confirmed Market perspectives: ‒ Indexation expected to continue to slow down. ‒ Demand for centrally located offices still strong (bifurcating markets), with office job creations still on the rise in the Paris Region and companies favoring central, accessible, prime office spaces. ‒ Rental income: (1) impact of the disposals of mature residential assets and the student housing portfolio in particular (c. €10.4m of net rent after platform costs, over 6 months); (2) support from the deliveries of newly repositioned assets in 2024 (Mondo, 35 Capucines, Montrouge Porte Sud, Dareau) and 2025 (Icône, 27 Canal); (3) €20m rent loss (on the entire year) due to the transfer of assets to the pipeline, (4) contribution from the fully let building on the recent acquisition (c. €5-6m of annual rent). ‒ Discipline maintained on the cost base and visibility over financial costs. 2025 Guidance confirmed: Recurrent net income (Group Share) now expected between €6.65 and €6.70 per share (+3.6% to +4.4% vs FY 2024 RNI per share). Financial agenda - 10.14.2025: Business at September 30, 2025, after market close About Gecina Gecina is a leading operator, that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at €17.0bn as at June 30, 2025. Strategically located in the most central areas of Paris and the Paris Region, Gecina's portfolio includes 1.2 million sq.m of office space and nearly 5,300 residential units. By combining long-term value creation with operational excellence, Gecina offers high-quality, sustainable living and working environments tailored to the evolving needs of urban users. As a committed operator, Gecina enhances its assets with high-value services and dynamic property and asset management, fostering vibrant communities. Through its YouFirst brand, Gecina places user experience at the heart of its strategy. In line with its social responsibility commitments, the Fondation Gecina supports initiatives across four core pillars: disability inclusion, environmental protection, cultural heritage, and housing access. Gecina is a French real estate investment trust (SIIC) listed on Euronext Paris, and is part of the SBF 120, CAC Next 20 and CAC Large 60 indices. Gecina is also recognized as one of the top-performing companies in its industry by leading sustainability rankings (GRESB, Sustainalytics, MSCI, ISS-ESG, and CDP) and is committed to radically reducing its carbon emissions by 2030. Appendices | Financial statements, net asset value (NAV) and pipeline At the Board meeting on July 23, 2025, chaired by Philippe Brassac, Gecina's Directors approved the financial statements at June 30, 2025. The audit procedures have been completed on these accounts, and the verification reports have been issued. | Consolidated balance sheet ASSETS Dec. 31, Jun 30, LIABILITIES Dec. 31, Jun 30, In million euros 2024 2025 In million euros 2024 2025 Non-current assets 16,602.4 16,838.3 Shareholders' equity 10,522.3 10,413.4 Investment properties 14,828.2 15,431.2 Share capital 575.5 575.5 Buildings under redevelopment 1,212.0 871.4 Additional paid-in capital 3,312.8 3,312.8 Buildings in operation 80.6 80.2 Consolidated reserves 6,307.8 6,220.7 Other property, plant and equipment 10.1 6.1 Consolidated net income 309.8 289.1 Goodwill 165.8 165.8 Other intangible assets 11.7 11.1 Capital and reserves attributable to owners of the parent company 10,506.0 10,398.1 Financial receivables on finance leases 27.6 25.6 Non-controlling interests 16.3 15.3 Investments in associates 82.0 80.7 Long-term financial investments 35.9 36.2 Non-current liabilities 5,569.3 5,399.1 Non-current financial instruments 147.7 129.0 Non-current financial liabilities 5,315.7 5,221.4 Deferred tax assets 0.9 0.9 Non-current lease obligations 49.6 49.4 Non-current financial instruments 108.0 102.6 Current assets 1,315.5 1,229.4 Non-current provisions 96.0 25.6 Properties for sale 990.4 301.0 Current liabilities 1,826.3 2,255.2 Trade receivables and related 31.5 54.1 Current financial liabilities 1,397.0 1,571.1 Other receivables 83.3 113.5 Security deposits 87.9 85.0 Prepaid expenses 28.7 31.1 Trade payables and related 160.6 187.7 Current financial instruments 2.6 2.0 Current taxes due & other employee-related liabilities 58.5 101.8 Cash & cash equivalents 179.0 727.6 Other current liabilities 122.2 309.6 TOTAL ASSETS 17,918.0 18,067.7 TOTAL LIABILITIES 17,918.0 18,067.7 Expand | Net asset value June 30, 2025 IFRS Equity attributable to shareholders 10,398.1 10,398.1 10,398.1 Due dividends 203.5 203.5 203.5 Include / Exclude Hybrid instruments - - - Diluted NAV 10,601.7 10,601.7 10,601.7 Include Revaluation of IP (if IAS 40 cost option is used) 175.3 175.3 175.3 Revaluation of IPUC (if IAS 40 cost option used) - - - Revaluation of other non-current investments - - - Revaluation of tenant leases held as finance leases 0.7 0.7 0.7 Revaluation of trading properties - - - Diluted NAV at Fair Value 10,777.7 10,777.7 10,777.7 Exclude Deferred tax in relation to fair value gains of IP - - x Fair value of financial instruments (28.5) (28.5) x Goodwill as result of deferred tax - - - Goodwill as per the IFRS balance sheet x (165.8) (165.8) Intangibles as per the IFRS balance sheet x (11.1) x Include Fair value of fixed interest rate debt (1) x x 410.9 Revaluation of intangibles to fair value - x x Real estate transfer tax 1,107.0 155.6 x EPRA NAV 11,856.3 10,728.0 11,022.9 Fully diluted number of shares 74,323,379 74,323,379 74,323,379 NAV per share €159.5 €144.3 €148.3 Unit NAV per share (2) €167.5 €151.8 €155.8 (1) Fixed-rate debt has been fair valued based on the interest rate curve as of June 30, 2025 (2) Taking into account the residential portfolio's unit values Expand | Development pipeline overview Project Location Delivery date Total space (sq.m) Total invest. (€m) Already invest. (€m) Still to invest (€m) YoC (est.) Pre-let (%) Paris - 27 Canal Paris Q3-25 15,600 128 74% Paris - Rocher-Vienne (Solstys) Paris CBD Q4-26 25,000 358 0% Paris - Quarter (Gamma) Paris Q4-26 19,100 229 0% Neuilly - Les Arches du Carreau Neuilly-sur-Seine Q2-27 36,500 479 0% Paris - Mirabeau Paris Q3-27 37,300 439 0% Total offices 133,500 1,632 1,116 516 5.8% 9% Bordeaux - Brienne Bordeaux Q4-25 5,500 27 n.a Total residential 5,500 27 23 3 3.8% Total committed projects 139,000 1,659 1,140 519 5.7% Controlled & Certain offices 9,300 129 85 44 5.0% Controlled & Certain residential 4,200 29 0 29 4.8% Total Controlled & Certain 13,500 158 85 73 5.0% Total Committed + Controlled & Certain 152,500 1,817 1,225 592 5.7% Total Controlled & likely 121,350 587 306 282 5.2% TOTAL PIPELINE 273,850 2,404 1,530 874 5.6% Expand EPRA reporting at June 30, 2025 Gecina applies the EPRA (1) best practices recommendations regarding the indicators listed hereafter. Gecina has been a member of EPRA, the European Public Real Estate Association, since its creation in 1999. The EPRA best practice recommendations include, in particular, key performance indicators to make the financial statements of real estate companies listed in Europe more transparent and more comparable across Europe. Gecina reports on all the EPRA indicators defined by the 'Best Practices Recommendations' available on the EPRA website. When they are not applicable, the lines of the tables defined by EPRA do not appear below. Moreover, EPRA defined recommendations related to corporate social responsibility (CSR), called 'Sustainable Best Practices Recommendations'. | EPRA earnings The table below indicates the transition between the consolidated net income and the EPRA earnings: | Net Asset Value The calculation for the Net Asset Value is explained in subsection 1.1.7 Net Asset Value. | EPRA net initial yield and EPRA 'Topped-up' net initial yield The table below indicates the transition between the yield rate disclosed by Gecina and the yield rates defined by EPRA: EPRA net initial yield and EPRA 'Topped-up' net initial yield (in million euros) Offices Residential Total H1 2025 Investment properties 13,967 2,949 16,916 (3) Adjustment of assets under development and land reserves (1,333) (369) (1,702) Value of the property portfolio in operation excluding duties 12,634 2,581 15,215 Transfer duties 853 187 1,040 Value of the property portfolio in operation including duties B 13,487 2,768 16,255 Gross annualized IFRS rents 563 99 662 Non-recoverable property charges 17 21 38 Annual net rents A 546 78 624 Rents at the expiration of the lease incentives or other rent discount 61 0 61 'Topped-up' annual net rents C 607 78 685 EPRA net initial yield (1) A/B 4.0% 2.8% 3.8% EPRA 'Topped up' net initial yield (2) C/B 4.5% 2.8% 4.2% (1) The EPRA net initial yield rate is defined as the annualized contractual rent, net of property operating expenses, excluding lease incentives, divided by the portfolio value including duties. (2) The EPRA 'Topped-up' net initial yield rate is defined as the annualized contractual rent, net of property operating expenses, excluding lease incentives, divided by the portfolio value including duties. (3) Except finance lease and hotel. Expand | EPRA vacancy rate EPRA vacancy rate corresponds to the vacancy rate 'spot' at the end of the period. It is calculated as the ratio between the estimated market rental value of vacant spaces and potential rents for the operating property portfolio. The financial occupancy rate reported in other parts of this document corresponds to the average financial occupancy rate of the operating property portfolio. EPRA vacancy rate does not include leases signed with a future effect date. | EPRA cost ratios | Capital expenditure In million euros 06/30/2025 06/30/2024 Group Joint ventures Total Group Joint ventures Total Acquisitions 0 n.a. 0 0 n.a. 0 Pipeline 110 n.a. 110 159 n.a. 159 of which capitalized interest 5 n.a. 5 8 n.a. 8 Maintenance Capex (1) 68 n.a. 68 52 n.a. 52 incremental lettable space 0 n.a. 0 0 n.a. 0 no incremental lettable space 62 n.a. 62 47 n.a. 47 tenant incentives 5 n.a. 5 5 n.a. 5 other expenses 0 n.a. 0 0 n.a. 0 capitalized interest 0 n.a. 0 0 n.a. 0 Total Capex 177 n.a. 177 211 n.a. 211 Conversion from accrual to cash basis 11 n.a. 11 –13 n.a. –13 Total Capex on cash basis 188 n.a. 188 197 n.a. 197 (1) Capex corresponding to (i) renovation work on apartments or private commercial surface areas to capture rental reversion, (ii) work on communal areas, (iii) lessees' work. Expand | EPRA Loan-to-Value Additional information on rental income | Rental situation Gecina's tenants come from a wide range of sectors of activity, reflecting various macro-economic factors. Breakdown of tenants by sector (offices – based on annualized headline rents) Weighting of the top 20 tenants (% of annualized total headline rents) | Annualized gross rental income Annualized rental income is down by –€55 million from December 31, 2024, mainly reflecting the impact of residential asset disposals (–€34 million, including the student portfolio) and the loss of rents due to the departure of tenants from buildings undergoing or expected to undergo redevelopment (–€33 million), partially offset by the proceeds from building deliveries (+€13 million). In addition, the annualized rental income figures below do not yet include the rental income that will be generated by committed or controlled projects, which may represent nearly €80-€90 million of potential headline rents. | Volume of rental income by three-year break and end of leases Commercial lease schedule (in million euros) 2025 2026 2027 2028 2029 2030 2031 >2031 Total Break-up options 32 68 143 75 56 42 49 155 621 End of leases 29 31 96 33 48 78 54 252 621 Expand 3.4 Financial resources The first half of 2025 was marked by the continuation of the monetary easing initiated in 2024. With the disinflation process well underway, the European Central Bank continued its gradual reduction of the deposit facility rate, which fell from 3.00% to 2.00% during the semester. This accommodative stance further eased long-term interest rates, helping to restore confidence in financial markets. However, the French economic growth remains moderate, held back by still-fragile domestic demand and an uncertain geopolitical environment. At June 30, 2025, Gecina had immediate liquidity of €5.2 billion, or €3.7 billion excluding NEU CP, significantly surpassing the long-term internal target of a minimum of c. €2.0 billion. This excess liquidity notably covers all bond maturities until 2029. The proactive and dynamic management of the Group's financial structure further increases its strength, resilience and visibility for the coming years. It also ensures that the Group's main credit indicators remain at an excellent level. The maturity of the debt is 6.4 years, the interest rate risk hedging is fully hedged until the end of 2026 and 85% on average until the end of 2029 (pro forma of secured large office complex acquisitions), and the average maturity of this hedging is 5.3 years. The loan-to-value (LTV) ratio (including duties) was 33.6%, and the interest coverage ratio (ICR) stood at 6.4x. Gecina therefore has a significant margin with respect to all of its banking covenants. The average cost of drawn debt is stable and stands at 1.2%. | Debt structure at June 30, 2025 Net financial debt amounted to €6.1 billion at the end of June 2025, down €468 million compared to end-December 2024, mainly due to disposals carried out during the first half. The main characteristics of the debt are: Debt by type Gecina uses diversified sources of financing. Long-term bonds represent 76% of the Group's nominal debt and 53% of the Group's authorized financing. At June 30, 2025, Gecina's gross nominal debt was €6.9 billion and comprised: ◆ €5.3 billion in long-term Green Bonds issued under the Euro Medium-Term Notes (EMTN) program; ◆ €0.2 billion in Green Term Loans; ◆ €1.5 billion in NEU CP covered by confirmed medium and long-term green credit lines. | Liquidity The main objectives of the liquidity are to provide sufficient flexibility to adapt the volume of debt to the pace of acquisitions and disposals, cover the refinancing of short-term maturities, allow refinancing under optimal conditions, meet the criteria of the credit rating agencies, and finance the Group's investment projects. As of June 30, 2025, Gecina had €5.2 billion in liquidity (including €4.4 billion in undrawn credit lines and €0.7 billion in cash, mainly linked to the proceeds from the disposal of the student housing portfolio completed at the end of June, which will be reinvested in July for the acquisition of a large office complex), covering all bond maturities through 2029 (including those in 2027, 2028, and 2029). After deducting short-term resources and taking into account available cash, liquidity stands at €3.7 billion. In the first half of 2025, Gecina continued to use short-term resources via the issue of NEU CPs. At June 30, 2025, the Group's short-term resources totaled €1.5 billion. | Debt maturity breakdown At June 30, 2025, the average maturity of Gecina's debt, after allocation of unused credit lines and cash, was 6.4 years. The following chart shows the debt maturity breakdown after allocation of unused credit lines at June 30, 2025: Debt maturity breakdown after taking into account undrawn credit lines (in billion euros) All of the credit maturities up to 2029, including the 2027, 2028 and 2029 bond maturities in particular, were covered by unused credit lines as at June 30, 2025 and by free cash. | Average cost of debt The average cost of the drawn debt amounted to 1.2% at the end of June 2025 (and 1.5% for total debt), stable compared to 2024. | Credit rating The Gecina group is rated by both Standard & Poor's and Moody's, which maintained the following ratings in the first half of 2025: ◆ A– (stable outlook) for Standard & Poor's; ◆ A3 (stable outlook) for Moody's. | Management of interest rate risk hedge Gecina's interest rate risk management policy is aimed at hedging the Company's exposure to interest rate risk. To do so, Gecina uses fixed-rate debt and derivative products (mainly caps and swaps) in order to limit the impact of interest rate changes on the Group's results and to keep the cost of debt under control. In the first half of 2025, Gecina continued to adjust and optimize its hedging policy with the aim of: ◆ maintaining an optimal hedging ratio; ◆ maintaining a high average maturity of hedges (fixed-rate debt and derivative instruments); and ◆ securing favorable long-term interest rates. At June 30, 2025, the average duration of the portfolio of firm hedges stood at 5.3 years. Based on the current level of debt (pro forma of secured large office complex acquisitions), the hedging ratio averages nearly 100% over the next two years, and 85% on average through the end of 2029. The chart below shows the profile of the hedging portfolio (in billion euros): Gecina's interest rate hedging policy is implemented mainly at Group level and on the long-term; it is not specifically assigned to certain loans. Measuring interest rate risk Gecina's anticipated nominal net debt in 2025 is fully hedged against interest rate increase. Based on the existing hedging portfolio, contractual conditions as at June 30, 2025, and anticipated debt in 2025, a 50 basis point increase or decrease in the interest rate, compared to the forward rate curve of June 30, 2025, would have no material impact on financial expenses in 2025. | Financial structure and banking covenants Gecina's financial position as at June 30, 2025, meets all requirements that could affect the compensation conditions or early repayment clauses provided for in the various loan agreements. The table below shows the status of the main financial ratios outlined in the loan agreements: The financial ratios shown above are the same as those used in the covenants included in all the Group's loan agreements.
