Multi-year overview

Income statement

Amounts in SEK million 2018 2017 2016 2015 2014
Property income 2,618 2,375 2,204 2,000 2,063
Property costs -668 -587 -552 -524 -577
Net operating income 1,950 1,788 1,652 1,476 1,486
Central administrative expenses -146 -130 -182 -154 -173
Profit from participations in associated companies 11 - - - -
Operating profit 1,815 1,659 1,470 1,322 1,313
Financial items 11 -345 -359 -416 -690
Interest on shareholder loans - - - -53 -210
Profit before changes in value 1,443 1,314 1,111 906 623
Profit from property management 1,443 1,314 1,111 959 833
Changes in value, properties 2,060 1,682 2,072 581 -261
Changes in value, derivatives 91 135 -208 140 -760
Current tax -36 -63 -49 -46 -89
Deferred tax -466 -477 -583 -231 127
Profit for the year 3,092 2,591 2,343 1,350 -360
Other comprehensive income 22 31 81 -50 42
Total comprehensive income 3,114 2,622 2,424 1,300 -318

Balance sheet

Amounts in SEK million 2018 2017 2016 2015 2014
Investment properties 46,236 38,883 33,629 26,502 24,668
Other assets 720 660 392 443 209
Cash and cash equivalents 450 1,134 932 157 107
Total assets 47,406 40,677 34,953 27,102 24,984
Equity 13,199 10,795 8,672 6,764 2,682
Deferred tax liability 3,067 2,591 2,103 1,518 1,289
Derivatives 281 544 723 679 826
Shareholder loan - - - - 3,000
Interest-bearing liabilities 29,728 25,575 22,483 17,454 16,507
Non-interest-bearing liabilities 1,131 1,172 972 687 680
Total equity and liabilities 47,406 40,677 34,953 27,102 24,984

Key ratios

Financial key ratios 2018 2017 2016 2015 2014
Loan-to-value ratio, % 63.3 62.9 64 65.2 66.5
Interest-coverage ratio, times 4.9 4.8 4.1 3.6 2.7
Proportion of secured debt, % 3.1 7.7 15.4 29.2
Equity/assets ratio, % 27.8 26.5 24.8 25 22.7
Average interest rate, % 1.3 1.5 1.5 1.95 2.26
Return on profit from property management, % 10.8 12.1 13 13.9 12.8
Return on equity, % 25.8 26.6 30.4 22.4 -2.6
Total return, % 9.7 9.8 12.8 8.1 5.2
Net asset value, SEK million 16,547 13,930 11,498 8,961 7,797
Property-related key ratios 2018 2017 2016 2015 2014
Market value of investment properties 46,236 38,883 33,629 26,502 24,668
Yield, % 4.9 5.2 5.7 5.7 6
Surplus ratio, % 74.5 75.3 75 73.8 72
Economic occupancy rate, % 98.3 98.3 97 96.2 96.5
Property value, SEK/sqm 26,695 23,763 20,528 17,686 16,186
Number of properties 365 346 356 317 313
Lettable area, tsqm 1,732 1,636 1,638 1,499 1,524