Multi-year overview

Income statement

Amounts in SEK million 2021 2020 2019 2018 2017
Property income 3,639 3,293 3,046 2,618 2,375
Property costs -896 -867 -770 -668 -587
Net operating income 2,742 2,425 2,276 1,950 1,788
Central administrative expenses -156 -158 -135 -146 -130
Profit from participations in associated companies 177 1 -2 11 1
Operating profit 2,764 2,268 2,139 1,815 1,659
Financial items -486 -500 -419 11 -345
Interest on shareholder loans 2,278 1,768 1,720 1,443 1,314
Profit from property management 2,145 1,810 1,760 1,443 1,314
Changes in value, properties 7,587 2,441 2,037 2,060 1,682
Changes in value, derivatives 209 -72 -25 91 135
Current tax -107 -115 -78 -36 -63
Deferred tax -1,779 -688 -543 -466 -477
Profit for the year 8,189 3,333 3,111 3,092 2,591
Other comprehensive income 58 -88 87 22 31
Total comprehensive income 8,247 3,245 3,198 3,114 2,622

Balance sheet

Amounts in SEK million 2021 2020 2019 2018 2017
Investment properties 75,737 62,240 55,027 46,236 38,883
Right-of-use assets 759 605 582 - -
Other assets 2,164 1,456 1,348 720 660
Derivatives 161 - - - -
Cash and cash equivalents 687 891 988 450 1,134
Total assets 79,508 65,193 57,945 47,406 40,677
Equity 28,350 20,082 16,714 13,199 10,795
Interest-bearing liabilities 42,498 38,652 35,542 29,728 25,575
Lease liabilities 759 605 582 - -
Derivatives - 231 211 281 544
Deferred tax liability 6,082 4,270 3,600 3,067 2,591
Other liabilities 1,819 1,353 1,296 1,131 1,172
Total equity and liabilities 79,508 65,193 57,945 47,406 40,677

Key ratios

Financial key ratios 2021 2020 2019 2018 2017
Loan-to-value ratio, % 54.3 60 62.1 63.1 62.6
Interest-coverage ratio, times 5.7 4.5 5.1 4.9 4.8
Proportion of secured debt, % - - - - 3.1
Equity/assets ratio, % 35.7 30.8 28.8 27.8 26.5
Average interest rate, % 1.1 1.2 1.3 1.3 1.5
Return on profit from property management, % 8 8.9 10.6 10.8 12.1
Total return, % 15.8 8.5 8.7 9.7 9.8
Net asset value, SEK million 34,466 24,608 20,525 16,547 13,930
Property-related key ratios 2021 2020 2019 2018 2017
Market value of investment properties 75,737 62,240 55,027 46,236 38,883
Yield, % 4 4.5 4.7 4.9 5.2
Surplus ratio, % 75.4 73.7 74.8 74.5 75.3
Economic occupancy rate, % 97.9 97.9 98.1 98.3 98.3
Property value, SEK/sqm 35,759 31,042 29,208 26,695 23,763
Number of properties 441 392 370 365 346
Lettable area, tsqm 2,118 2,005 1,884 1,732 1,636