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Definitions

Platzer uses ESMA’s guidelines for alternative key ratios. The Company presents certain financial ratios in the interim report that are not defined according to IFRS. The Company believes that these ratios provide valuable additional information for investors and the Company’s management since they facilitate an evaluation of the company’s performance. Since not all companies calculate financial ratios in the same way, these are not always comparable with ratios used by other companies. These financial ratios should therefore not be viewed as a replacement of measures that are defined in accordance with IFRS.

The table below presents the alternative key ratios that are deemed relevant. Platzer uses the alternative key ratios debt ratio, interest coverage ratio, loan to value ratio, equity and return on equity as these are considered relevant to readers of the report as a complement to assessing the potential for dividend, strategic investment and assessing the company's ability to meet financial commitments. Furthermore, the Company uses the key ratios direct yield and surplus ration which are measures deemed relevant to investors who want to understand the earnings generation. As a listed company, Platzer also chooses to use relevant key ratios per share, such as long-term net asset value. The key ratios are based on reports of results, financial position, changes in equity and cash flow. In cases where the key ratios cannot be derived directly from the above reports, the source and calculation of these is set out below.

Link to Calculation of key performance indicators.

Return on equity

Profit after tax as a percentage of average equity, converted into an annual figure for interim periods. Attributable to Parent Company’s shareholders.

Loan-to-value ratio

Interest-bearing liabilities divided by the value of properties (including the value of properties under the heading assets held for sale).

Investment yield

Operating surplus as a percentage of the average value of investment and project properties, as well as properties recognised as held-for-sale assets; annualised
amount given for interim periods. See next page for calculation.

Economic occupancy rate (1)

Rental income as a percentage of rental value.

Property costs

Direct property costs, including running costs, maintenance costs and property tax, as well as indirect costs such as letting and property administration.

Rental income 

Rents charged, including discounts and supplements, such as reimbursement of utility costs and property tax.

Rental value

Rental income plus the estimated market rent of vacant premises (in their existing condition).

Rental value, SEK/sq. m.(1)

Rental value divided by lettable area at the end of the period. The rental value is converted into an annual figure for interim periods.

Rent increase, renegotiated leases

The increase in rent is calculated by comparing the previous rent with the new rent as per the new lease agreement. Rent is defined according to the same model as for new leases and terminated leases, see definition of Net lettings.

Investment gain

(Market value when completed – Investment including any cost on acquisition) / The investment

Net reinstatement value (EPRA NRV), SEK

Equity according to the balance sheet, including reversals of interest rate derivatives and deferred tax, divided by the number of outstanding shares at the end of
the period. Attributable to Parent Company’s shareholders.

Net tangible assets per share (EPRA NTA), SEK

Reported equity, including reversals of derivatives and adjusted for estimated actual deferred tax, divided by the number of outstanding shares at the end of the period.

Net disposal value per share (EPRA NDV), SEK

Reported equity, adjusted for the fair value of interest-bearing liabilities, divided by the number of outstanding shares at the end of the period.

Income from property management less nominal tax per share (EPRA EPS), SEK

Profit before changes in value less estimated current tax divided by the average number of outstanding shares at the end of the period. Deducted tax has been calculated taking into account e.g. tax deductible depreciation/amortisation and investments using the applicable tax rate for the reporting period. 

Net lettings

Rental income from leases signed during the period, less rental income from leases terminated in the period. All discounts are included for new leases and are annualised on the basis of the lease term.
 

Key performance indicators per share: Equity, Long-term net asset value, Profit after tax, Income from property management, Cash flow from operating activities

Equity and long-term net asset value are calculated on the basis of the number of outstanding shares as at the balance sheet date. Other key performance indicators per share are calculated on the average number of outstanding shares. Profit after tax refers to profits attributable to the Parent Company’s shareholders (definition according to IFRS). Income from property management is calculated excluding changes in value attributable to associates

Interest coverage ratio

Result after financial income divided by interest expense. Excluding realised changes in the value of derivatives and changes in value attributable to associates. See next page for calculation.

Debt/equity ratio

Interest-bearing liabilities divided by equity

Equity/assets ratio

Equity divided by total assets.

Surplus ratio

Operating surplus as a percentage of rental income.

(1) These key performance indicators are operational and are not considered to be alternative performance measures
according to ESMA guidelines.