Definitions
Humlegården presents a number of financial performance measures that are not defined in accordance with IFRS. The aim of these performance measures is to supplement the analysis and enable an evaluation of the company’s performance by stakeholders and management.
Property-related
Area, m2 1)
Leasable area, not including area for garage and parking spaces.
Required yield, %1)
Assessment of the required yield set by an investor to invest in a market that reflects the risk and expected future value.
Total energy performance, kWh/m2 1)
Total energy per m2, including the following types of energy: heating, cooling and energy used in buildings.
Rental value, SEK M1)
Contracted annual rent and assessed market rent for vacant premises.
Comparable holding1)
Refers to property holdings throughout the entire reporting period and comparative period. Properties acquired, sold or classified as project properties during this period or the comparable period are not included.
Market value, property, SEK M1)
The most probably price in the event of the sale of the valuation object on an open and free property market between two market participants. This is referred to as fair value in accounting terms.
Unrealised changes in value, %1)
Unrealised changes in the value of properties divided by the sum of the market value at the beginning of the period and the investments for the period.
Project property1)
The property, or well-separated part of the property, that has been changed with the objective of converting and refurbishing the property.
Financial rentability, %1)
Contracted annual rent divided by rental value at the end of the period.
Profit margin, %
Net operating surplus divided by rental income. The profit margin shows the current earnings capacity of the property management operations and corresponds to the portion of rental income remaining after deductions for property expenses.
Finance-related
Return on equity, %
Profit for the year/period divided by average equity. In the six-month financial statements, the return is restated on a full-year basis without taking seasonal variations into account. Shows the Group’s capacity to generate a return on capital contributed by the owners.
Return on total capital, %
Profit before tax plus a reversal of interest expenses divided by average total assets. In the six-month financial statements, the return is restated on a full-year basis without taking seasonal variations into account. Shows the Group’s capacity to generate a return on total contributed capital.
Loan-to-value ratio, %
Interest-bearing liabilities less cash and cash equivalents divided by the market value of the properties. The loan-to-value ratio is used to show financial risk.
Net operating surplus, SEK M
Income less property expenses (operating and maintenance expenses, site leasehold fees, property tax and property administration).
Net financial items, SEK M
Financial expenses less financial income.
Average capital tied up period, %
Average interest rate on the external interest-bearing liabilities on the balance-sheet date. This performance measure is used to show financing risk.
Average interest rate, %
Average coupon rate on the external interest-bearing liabilities on the balance-sheet date. This performance measure is used to show the Group’s current interest rate for external interest-bearing liabilities on the balance-sheet date.
Average fixed-interest period, %
Average remaining period until interest settlement date for external interest-bearing liabilities on the balance-sheet date. This performance measure is used to show interest-rate risk.
Interest-coverage ratio, multiple
Profit from property management plus a reversal of net interest income (interest expenses less interest income) divided by net interest income. The interest-coverage ratio is used to show the sensitivity of earnings to interest-rate changes and to assess financial risk.
Net Debt/EBITDA, multiple
Average interest-bearing liabilities less cash and cash equivalents divided by operating surplus and central administration as well as reversal of depreciation. Net debt/EBITDA describes the Group’s ability to pay its debt.
Debt/equity ratio, multiple
Interest-bearing liabilities divided by equity. The debt/equity ratio shows the company’s financial risk.
Equity/assets ratio, %
Equity divided by total assets. The equity/assets ratio is used to show the company’s financial stability.
Current net worth, SEK M
Recognised equity plus a reversal of the fair value of interest-rate derivatives and the carrying amount of deferred tax less estimated actual deferred tax on properties. Actual deferred tax on properties is estimated at 5%. Current net worth shows the owner’s net value in Humlegården.
Long-term net worth, SEK M
Recognised equity plus a reversal of the fair value of interest-rate derivatives and deferred tax attributable to these derivatives.
Long-term net worth shows the owner’s net value in Humlegården.
Net worth per share, SEK
Net worth divided by the number of shares outstanding at the end of the period. This performance measure shows net worth per share.
Change in net worth per share, %
Change in net worth per share during the year divided by opening net worth per share. Change in net worth shows the change in net worth during the period.
1) The performance measure is of an operational nature and is not an alternative performance measure according to the guidelines of the European Securities and Markets Authority (ESMA).