Financing

The overall objective of Hemsö’s financial operations is to ensure a long-term, stable capital structure, and to achieve the best possible financial net within the given risk frameworks.

Finance policy

Responsibility for Hemsö’s financial transactions and risks are managed centrally by the Group’s Finance Department. Work is conducted according to the Group’s finance policy, which is adopted by the Board of Directors. 

Capital structure

Hemsö is currently partly financed with capital from owners in the form of shareholders’ equity and through external financing. At 30 September 2019, shareholders’ equity amounted to SEK 15,667 million. 

At 30 September 2019 debt portfolio amounted to SEK 36,008 million and comprises secured bank loans, commercial paper and unsecured bonds.

Capital structure, SEK million
  Q3 2019 Q3 2018
Interest-bearing debt 36,008 28,738
Current investments 375 -
Cash and cash equivalents 1,747 1,500
Net debt 33,886

27,238

     
Market value of investment properties  53,218  42,573
Investments in associated companies  622  177
Total  53,840  42,750
Loan-to-value ratio*  62.9%  63.7%
Share of secured debt  0.0%  0.0%

* Due to its investments in associated companies, Hemsö has updated its definition og Loan-to-value ratio to include these investments.