Multi-year summary

 

 

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