Multi-year summary - Annual Report 2020

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	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Income statement, MSEK
Income	6,004	5,821	5,577	5,182	4,533	3,299	3,318	3,249	3,073	2,919
Property costs	–1,669	–1,708	–1,632	–1,605	–1,497	–1,074	–1,096	–1,105	–1,042	–1,003
Net operating income	4,335	4,113	3,945	3,577	3,036	2,225	2,222	2,144	2,031	1,916
Central administrative expenses	–149	–163	–158	–162	–143	–113	–108	–96	–93	–83
Joint venture (Income from prop. mgmt.)	—	—	—	—	3	23	—	—	—	—
Letting cost/Site leasehold fee	–20	–22	—	—	—	—	—	—	—	—
Net interest costs	–786	–782	–835	–885	–832	–602	–664	–702	–683	–660
Income from prop. mgmt incl. joint venture income	3,380	3,146	2,952	2,530	2,065	1,533	1,450	1,346	1,255	1,173
Acquisition and restructuring costs, etc.	–95	–9	—	–5	–163	—	—	—	—	—
Impairment of goodwill	—	–179	—	—	–373	—	—	—	—	—
Change in values on properties	3,863	3,918	5,216	4,540	4,085	1,837	344	328	–69	194
Change in values on derivatives	–120	–111	152	247	82	216	–660	429	–110	–429
Revaluation of earnings due to stepwise acquisition	—	—	—	—	27	–2	—	—	—	—
Current tax	–186	–165	–74	–96	–23	–16	–11	–6	–7	–10
Deferred tax	–1,227	–950	–793	–1,340	–727	–687	88	–390	404	–217
Net income for the year/period	5,615	5,650	7,453	5,876	4,972	2,881	1,211	1,707	1,473	711
Other comprehensive income	–172	45	8	–8	6	–8	8	3	–4	0
Comprehensive income for the year/period	5,443	5,695	7,461	5,868	4,978	2,873	1,219	1,710	1,469	711
Balance sheet, MSEK
Investment properties	103,042	95,168	89,168	81,078	70,757	41,818	37,599	37,752	36,328	33,867
Goodwill/Joint Venture (2015)	1,673	1,691	1,659	1,659	1,659	526	—	—	—	—
Other assets	5,040	1,953	1,070	772	5,640	269	442	291	259	207
Cash and cash equivalents	161	173	243	203	257	39	47	70	44	97
Total assets	109,916	98,985	92,140	83,712	78,313	42,652	38,088	38,113	36,631	34,171
Equity	48,243	43,777	39,749	33,736	29,234	15,768	13,649	13,127	12,065	11,203
Deferred tax liability	11,376	10,153	9,203	8,405	7,065	4,299	3,612	3,700	3,310	3,714
Derivatives	1,132	715	716	1,352	1,582	1,117	1,357	683	1,105	1,003
Interest-bearing liabilities	45,720	40,826	40,358	38,226	38,467	20,396	18,446	19,481	19,094	17,160
Non-interest bearing liabilities	3,445	3,514	2,114	1,993	1,965	1,072	1,024	1,122	1,057	1,091
Total equity and liabilities	109,916	98,985	92,140	83,712	78,313	42,652	38,088	38,113	36,631	34,171
Financial Key Metrics
Surplus ratio	74%	72%	71%	69%	67%	67%	67%	66%	66%	66%
Interest rate, average	1.9%	2.0%	2.0%	2.4%	2.7%	3.0%	3.3%	3.7%	3.9%	4.1%
Interest coverage ratio	530%	502%	454%	386%	348%	351%	318%	292%	284%	278%
Return on long-term EPRA NRV	15.2%	15.1%	22.0%	18.3%	20.9%	20.4%	7.6%	13.2%	7.9%	6.4%
Return on total capital	7.5%	8.4%	10.6%	10.1%	11.9%	10.0%	6.5%	6.4%	5.3%	6.2%
Return on equity	13.0%	14.5%	22.6%	20.6%	20.1%	21.7%	9.5%	14.6%	13.5%	6.6%
Investments in properties, MSEK	5,158	6,112	5,292	6,488	31,491	3,553	2,525	1,768	2,798	2,015
Sales, MSEK	891	4,138	2,635	875	6,754	1,140	3,054	687	253	107
Loan-to-value ratio	44%	43%	45%	47%	50%	49%	49%	51%	52%	50%
Data per share (since there are no potential shares, there is no dilution effect)
Average number of shares, thousand	273,628	273,201	273,201	273,201	234,540	189,014	189,014	189,014	189,014	189,014
Income from prop. mgmt, SEK	12.35	11.52	10.81	9.26	8.80	8.11	7.67	7.12	6.64	6.21
Income from prop. mgmt. after tax (EPRA EPS), SEK	11.25	10.44	9.65	8.39	8.26	7.84	7.17	6.97	6.31	6.08
Earnings after tax, SEK	20.52	20.68	27.28	21.51	21.20	15.24	6.41	9.03	7.79	3.76
Number of shares outstanding, thousand	277,093	27,201	273,201	273,201	273,201	189,014	189,014	189,014	189,014	189,014
Property value, SEK	372	348	326	297	259	221	199	200	192	179
Net reinstatement value (EPRA NRV), SEK	214	195	176	153	133	112	99	93	87	84
Net tangible assets (EPRA NTA), SEK	205	187	169	146	131	109	97	91	86	83
Net disposal value (EPRA NDV), SEK	168	154	139	117	101	83	72	69	64	59
Dividend, SEK (2019 proposed)	6.90	6.50	6.10	5.30	5.00	4.25	3.99	3.69	3.43	3.21
Payout ratio	56%	56%	56%	57%	57%	52%	52%	52%	52%	52%
Property-related key metrics
Rental value, SEK/sq. m.	1,538	1,495	1,407	1,341	1,304	1,095	1,064	1,036	1,015	995
Economic occupancy rate	93.1%	92.6%	93.2%	90.9%	91.3%	90.3%	88.7%	88.4%	88.6%	89.3%
Property costs, SEK/sq. m.	369	384	378	364	376	316	307	307	298	300
Property value, SEK/sq. m.	23,549	22,363	20,417	18,268	16,558	12,282	11,118	10,285	9,916	9,835