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 June 2019, shareholders’ equity amounted to SEK 15,022 million. 

At 30 June 2019 debt portfolio amounted to SEK 35,638 million and comprises secured bank loans, commercial paper and unsecured bonds.

Capital structure, SEK million
  Q2 2019 Q2 2018
Interest-bearing liabilities 35,638 27,786
Current investments 470 -
Cash and cash equivalents 1,863 1,223
Net debt 33,305

26,563

     
Market value of investment properties  51,614  41,597
Investments in associated companies 738 174
Total 52,353 41,771
Loan-to-value ratio*  63.6%  63.6%
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.