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.
| 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.