Multi-year overview

Income statement

Amounts in SEK million 2020 2019 2018 2017 2016
Property income 3,293 3,046 2,618 2,375 2,204
Property costs -867 -770 -668 -587 -552
Net operating income 2,425 2,276 1,950 1,788 1,652
Central administrative expenses -158 -135 -146 -130 -182
Profit from participations in associated companies 1 -2 11 1 -
43 38 7 - -
-38 -39 17 - -
-5 -1 -13 - -
Operating profit 2,268 2,139 1,815 1,659 1,470
Financial items -500 -419 11 -345 -359
Interest on shareholder loans 1,768 1,720 1,443 1,314 1,111
Profit from property management 1,810 1,760 1,439 1,314 1,111
Changes in value, properties 2,441 2,037 2,060 1,682 2,072
Changes in value, derivatives -72 -25 91 135 -208
Current tax -115 -78 -36 -63 -49
Deferred tax -688 -543 -466 -477 -583
Profit for the year 3,333 3,111 3,092 2,591 2,343
Other comprehensive income -88 87 22 31 81
Total comprehensive income 3,245 3,198 3,114 2,622 2,424

Balance sheet

Amounts in SEK million 2020 2019 2018 2017 2016
Investment properties 62,240 55,027 46,236 38,883 33,629
Right-of-use assets 605 582 - - -
Other assets 1,456 1,348 720 660 392
Cash and cash equivalents 891 988 450 1,134 932
Total assets 65,193 57,945 47,406 40,677 34,953
Equity 20,082 16,714 13,199 10,795 8,672
Deferred tax liability 4,270 3,600 3,067 2,591 2,103
Derivatives 231 211 281 544 723
Shareholder loan 38,652 35,542 29,728 25,575 22,483
Interest-bearing liabilities 605 582 - - -
Non-interest-bearing liabilities 1,353 1,296 1,131 1,172 972
Total equity and liabilities 65,193 57,945 47,406 40,677 34,953

Key ratios

Financial key ratios 2020 2019 2018 2017 2016
Loan-to-value ratio, % 60 62.1 63.1 62.6 64
Interest-coverage ratio, times 4.5 5.1 4.9 4.8 4.1
Proportion of secured debt, % - - - 3.1 7.7
Equity/assets ratio, % 30.8 28.8 27.8 26.5 24.8
Average interest rate, % 1.2 1.3 1.3 1.5 1.5
Return on profit from property management, % 8.9 10.6 10.8 12.1 13
Total return, % 8.5 8.7 9.7 9.8 12.8
Net asset value, SEK million 24,583 20,525 16,547 13,930 11,498
Property-related key ratios 2020 2019 2018 2017 2016
Market value of investment properties 62,240 55,027 46,236 38,883 33,629
Yield, % 4.5 4.7 4.9 5.2 5.7
Surplus ratio, % 73.7 74.8 74.5 75.3 75
Economic occupancy rate, % 97.9 98.1 98.3 98.3 97.5
Property value, SEK/sqm 31,042 29,208 26,695 23,763 20,528
Number of properties 392 370 365 346 356
Lettable area, tsqm 2,005 1,884 1,732 1,636 1,638