Multi-year overview

Income statement

Amounts in SEK million 2022 2021 2020 2019 2018 2017
Property income 4,097 3,639 3,293 3,046 2,618 2,375
Property costs -1,065 -896 -867 -770 -668 -587
Net operating income 3,032 2,742 2,425 2,276 1,950 1,788
Central administrative expenses -183 -156 -158 -135 -146 -130
Profit from shares in joint ventures 82 177 1 -2 11 1
Operating profit 2,931 2,764 2,268 2,139 1,815 1,659
Financial items -613 -486 -500 -419 11 -345
Result after net interest 2,317 2,278 1,768 1,720 1,443 1,314
Profit from property management 2,309 2,145 1,810 1,760 1,443 1,314
Changes in value, properties 589 7,587 2,441 2,037 2,060 1,682
Changes in value, derivatives 251 209 -72 -25 91 135
Current tax -190 -107 -115 -78 -36 -63
Deferred tax -403 -1,779 -688 -543 -466 -477
Profit for the year 2,563 8,189 3,333 3,111 3,092 2,591
Other comprehensive income 187 58 -88 87 22 31
Total comprehensive income 2,750 8,247 3,245 3,198 3,114 2,622

Balance sheet

Amounts in SEK million 2022 2021 2020 2019 2018
Investment properties 84,879 75,737 62,240 55,027 46,236
Right-of-use assets 932 759 605 582 -
Shares in joint venture 1,655 1,271 698 635 112
Derivatives 247 161 - - -
Other assets 1,209 2,164 1,456 1,348 720
Cash and cash equivalents 526 687 891 988 450
Total assets 89,447 79,508 65,193 58,580 47,406
Equity 30,028 28,350 20,082 16,714 13,199
Deferred tax liability 6,557 6,082 4,270 3,600 3,067
Derivatives - - 231 211 281
Interest-bearing liabilities 49,567 42,498 38,652 35,542 29,728
Lease liabilities 932 759 605 582 -
Non-interest-bearing liabilities 2,363 1,819 1,353 1,296 1,131
Total equity and liabilities 89,447 79,508 65,193 57,945 47,406

Key ratios

Financial key ratios 2022 2021 2020 2019 2018
Loan-to-value ratio, % 56.7 54.3 60 62.1 63.1
Interest-coverage ratio, times 4.8 5.7 4.5 5.1 4.9
Proportion of secured debt, % - - - - -
Equity ratio, % 33.6 35.7 30.8 28.8 27.8
Average interest rate, % 1.8 1.1 1.2 1.3 1.3
Total return, % 4.5 15.8 8.5 8.7 9.7
Net asset value, SEK million 36,586 34,466 24,608 20,525 16,547
Property-related key ratios 2022 2021 2020 2019 2018
Market value properties, SEK million 84,879 75,737 62,240 55,027 46,236
Yield, % 4.1 4 4.5 4.7 4.9
Surplus ratio, % 74 75.4 73.7 74.8 74.5
Economic occupancy rate, % 97.9 97.9 97.9 98.1 98.3
Property value, SEK/sqm 35,371 35,759 31,042 29,208 26,695
Number of properties 480 441 392 370 365
Lettable area, tsqm 2,400 2,118 2,005 1,884 1,732