Quarterly summary

 

 

2020
Jan–Mar

 

2020
Apr–Jun

 

2020
Jul–Sep

 

2020
Oct–Dec

 

2020

 

2019
Jan–Mar

 

2019
Apr–Jun

 

2019
Jul–Sep

 

2019
Oct–Dec

 

2019

Income statement, MSEK

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

1,476

 

1,523

 

1,489

 

1,516

 

6,004

 

1,433

 

1,438

 

1,472

 

1,478

 

5,821

Property costs

 

–438

 

–391

 

–367

 

–473

 

–1,669

 

–456

 

–371

 

–414

 

–467

 

–1,708

Net operating income

 

1,038

 

1,132

 

1,122

 

1,043

 

4,335

 

977

 

1,067

 

1,058

 

1,011

 

4,113

Central administrative expenses

 

–37

 

–38

 

–30

 

–44

 

–149

 

–48

 

–42

 

–29

 

–44

 

–163

Letting cost/Site leasehold fee

 

–7

 

–5

 

–6

 

–2

 

–20

 

–4

 

–6

 

–6

 

–6

 

–22

Net interest costs

 

–200

 

–194

 

–187

 

–205

 

–786

 

–199

 

–202

 

–186

 

–195

 

–782

Income from prop. mgmt

 

794

 

895

 

899

 

792

 

3,380

 

726

 

808

 

837

 

766

 

3,146

Acquisition and restructuring costs, etc.

 

 

 

 

–95

 

–95

 

 

–9

 

 

 

–9

Impairment of goodwill

 

 

 

 

 

 

–179

 

 

 

 

–179

Change in values on properties

 

3

 

415

 

398

 

3,047

 

3,863

 

689

 

1,193

 

623

 

1,413

 

3,918

Change in values on derivatives

 

–167

 

–42

 

–3

 

92

 

–120

 

–12

 

–176

 

–120

 

306

 

–111

Current tax

 

–42

 

–40

 

–58

 

–107

 

–247

 

–33

 

–74

 

–106

 

48

 

–165

Deferred tax

 

–106

 

–176

 

–221

 

–663

 

–1,166

 

259

 

–506

 

–183

 

–520

 

–950

Net income for the year/period

 

482

 

1,052

 

1,015

 

3,066

 

5,615

 

1,341

 

1,245

 

1,051

 

2,013

 

5,650

Other comprehensive income

 

140

 

–178

 

18

 

–152

 

–172

 

34

 

25

 

–3

 

–11

 

45

Comprehensive income for the year/period

 

622

 

874

 

1,033

 

2,914

 

5,443

 

1,375

 

1,270

 

1,048

 

2,002

 

5,695

Balance sheet, MSEK

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment properties

 

96,262

 

97,012

 

98,076

 

103,042

 

103,042

 

89,231

 

91,427

 

92,719

 

95,168

 

95,168

Goodwill

 

1,691

 

1,670

 

1,673

 

1,673

 

1,673

 

1,703

 

1,691

 

1,691

 

1,691

 

1,691

Other assets

 

2,257

 

2,196

 

2,158

 

5,040

 

5,040

 

2,749

 

2,122

 

2,147

 

1,953

 

1,953

Cash and cash equivalents

 

1,174

 

200

 

198

 

161

 

161

 

150

 

157

 

217

 

173

 

173

Total assets

 

101,384

 

101,078

 

102,105

 

109,916

 

109,916

 

93,833

 

95,397

 

96,774

 

98,985

 

98,985

Equity

 

42,623

 

43,469

 

44,502

 

48,243

 

48,243

 

39,457

 

40,727

 

41,775

 

43,777

 

43,777

Deferred tax liability

 

10,279

 

10,493

 

10,718

 

11,376

 

11,376

 

8,936

 

9,433

 

9,633

 

10,153

 

10,153

Other provisions

 

6

 

5

 

3

 

3

 

3

 

6

 

6

 

6

 

5

 

5

Derivatives

 

506

 

863

 

871

 

1,132

 

1,132

 

777

 

701

 

803

 

715

 

715

Interest-bearing liabilities

 

43,544

 

41,834

 

42,486

 

45,720

 

45,720

 

40,566

 

40,242

 

40,637

 

40,826

 

40,826

Non-interest bearing liabilities

 

4,426

 

4,414

 

3,525

 

3,442

 

3,442

 

4,091

 

4,288

 

3,920

 

3,509

 

3,509

Total equity and liabilities

 

101,384

 

101,078

 

102,105

 

109,916

 

109,916

 

93,833

 

95,397

 

96,774

 

98,985

 

98,985

Financial Key Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Surplus ratio

 

72%

 

76%

 

76%

 

70%

 

74%

 

69%

 

76%

 

73%

 

70%

 

72%

Interest rate, average

 

2.0%

 

1.9%

 

1.9%

 

1.9%

 

1.9%

 

2.1%

 

2.1%

 

2.0%

 

1.9%

 

2.0%

Interest coverage ratio

 

497%

 

561%

 

581%

 

486%

 

530%

 

465%

 

504%

 

550%

 

512%

 

502%

Return on EPRA NRV

 

4.1%

 

17.6%

 

9.3%

 

34.3%

 

13.4%

 

13.3%

 

14.5%

 

10.3%

 

19.6%

 

15.1%

Return on total capital

 

4.0%

 

5.9%

 

5.8%

 

14.9%

 

7.5%

 

7.0%

 

9.4%

 

6.9%

 

9.8%

 

8.4%

Return on equity

 

4.5%

 

9.9%

 

9.3%

 

27.6%

 

13.1%

 

13.8%

 

12.6%

 

10.3%

 

19.3%

 

14.5%

Investments in properties, MSEK

 

643

 

854

 

620

 

3,041

 

5,158

 

3,295

 

948

 

607

 

1,262

 

6,112

Sales, MSEK

 

 

119

 

2

 

770

 

891

 

4,021

 

36

 

52

 

29

 

4,138

Loan-to-value ratio

 

44%

 

43%

 

43%

 

44%

 

44%

 

45%

 

44%

 

44%

 

43%

 

43%

Data per share (since there are no potential shares, there is no dilution effect)

 

 

 

 

 

 

 

 

 

 

Average number of shares, thousand

 

273,201

 

273,113

 

273,031

 

275,197

 

273,628

 

273,201

 

273,201

 

273,201

 

273,201

 

273,201

Income from prop. mgmt, SEK

 

2.91

 

3.28

 

3.29

 

2.88

 

12.35

 

2.66

 

2.99

 

3.06

 

2.80

 

11.52

Income from prop. mgmt. after tax (EPRA EPS), SEK

 

2.65

 

2.93

 

2.96

 

2.71

 

11.25

 

2.35

 

2.61

 

2.64

 

2.84

 

10.44

Earnings after tax, SEK

 

1.76

 

3.85

 

3.72

 

11.14

 

20.52

 

4.91

 

4.56

 

3.85

 

7.37

 

20.68

Number of shares outstanding, thousand

 

273,201

 

273,031

 

273,031

 

277,093

 

277,093

 

273,201

 

273,201

 

273,201

 

273,201

 

273,201

Property value, SEK

 

352

 

355

 

359

 

372

 

372

 

327

 

335

 

339

 

348

 

348

Net reinstatement value (EPRA NRV), SEK

 

193

 

199

 

200

 

214

 

214

 

178

 

184

 

186

 

195

 

195

Net tangible assets (EPRA NTA), SEK

 

185

 

190

 

191

 

205

 

205

 

170

 

177

 

178

 

187

 

187

Net disposal value (EPRA NDV), SEK

 

153

 

156

 

157

 

168

 

168

 

141

 

146

 

147

 

154

 

154

Dividend, SEK (2020 proposed)

 

 

 

 

 

6.90

 

 

 

 

 

6.50

Payout ratio

 

 

 

 

 

56%

 

 

 

 

 

56%

Property-related key metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental value, SEK/sq. m.

 

1,516

 

1,551

 

1,546

 

1,640

 

1,538

 

1,462

 

1,502

 

1,532

 

1,529

 

1,495

Economic occupancy rate

 

93.8%

 

91.4%

 

92.4%

 

92.3%

 

93.1%

 

94.5%

 

94.4%

 

93.6%

 

92.9%

 

93.8%

Property costs, SEK/sq. m.

 

383

 

344

 

331

 

441

 

369

 

419

 

333

 

374

 

420

 

384

Property value, SEK/sq. m.

 

22,451

 

22,541

 

22,836

 

23,549

 

23,549

 

21,084

 

21,679

 

21,971

 

22,363

 

22,363

Valuation yield

 

5.1%

 

5.1%

 

5.1%

 

5.0%

 

5.0%

 

5.1%

 

5.1%

 

5.1%

 

5.1%

 

5.1%