Finance
Average effective interest rate. Weighted average contracted interest rate for all loans in the loan portfolio at year-end.
Average equity. The average of opening and closing equity for the year.
Capital employed. Total assets reduced by non-interest-bearing liabilities and deferred tax liabilities.
Central administration. Costs for Group Management, Group staff functions, maintaining the company’s stock exchange listing, and other common costs.
Company-specific profit from property management after tax. Company-specific profit from property management after deduction of nominal tax. Operating profit before items affecting comparability and changes in value less financial income and expenses and estimated current tax excluding loss carryforwards.
Debt/equity ratio. Net debt in relation to equity at year-end.
Equity ratio. Equity at year-end in relation to total assets.
Gross margin. Gross profit in relation to net revenue.
Interest coverage ratio. Profit after financial items excluding items affecting comparability and changes in value plus financial expenses in relation to financial expenses.
Items affecting comparability. Non-recurring items that make comparison between periods difficult.
MTN programme. Medium Term Note. A bond programme with a term of 1–15 years.
Net debt. Interest-bearing liabilities including lease liabilities and proposed dividend, less short-term investments and cash and cash equivalents.
Net disposal value. Reported equity.
Net loan-to-value ratio. Net debt in relation to the carrying amount of properties.
Net profit from current operations. Profit before tax, excluding changes in value and items affecting comparability, less standard tax.
Net reinstatement value. Reported equity adjusted for interest rate derivatives and deferred tax according to the balance sheet, excluding deferred tax on assets and/or liabilities other than investment properties and right-of use assets attributable to site leasehold fees.
Net tangible assets. Reported equity adjusted for derivatives and intangible assets, and adjusted for estimated actual deferred tax instead of nominal deferred tax.
Profit from property management. Operating profit before items affecting comparability and changes in value minus financial income and expenses.
Profit from property management after tax. Profit from property management after deduction of nominal tax. Operating profit before changes in value less financial income and expenses and estimated current tax excluding loss carryforwards.
Return on capital employed. Profit before tax plus financial expenses in relation to average capital employed.
Return on equity. Net result for the year after tax in relation to average equity.
Return on equity, adjusted. Net result for the year after tax excluding tax-adjusted items affecting comparability andchanges in value, in relation to average equity.
Surplus ratio. Net operating income as a percentage of net revenue from property management including intra-Group rents.
Tax. The Group’s total tax consists of current tax and deferred tax.
Share
Average number of shares outstanding. Weighted average number of shares outstanding during the year.
Cash flow for the year per share. Cash flow for the year in relation to the average number of shares outstanding during the year.
Cash flow from operating activities per share. Cash flow from operating activities in relation to the average number of shares outstanding during the year.
Company-specific profit from property management after tax per share. Company-specific profit from property management after tax in relation to the average number of shares outstanding during the year.
Dividend payout ratio. Dividend in relation to net profit from current operations.
Earnings per share. Net result for the year after tax in relation to the average number of shares outstanding during the year.
Equity per share. Equity in relation to the number of shares outstanding at year-end.
Free float. Shares available for trading excluding shares held by controlling shareholders.
P/E ratio. Share price at year-end in relation to earnings per share.
Profit from property management after tax per share. Profit from property management after tax in relation to the average number of shares outstanding during the year.
Shares outstanding. All shares less shares repurchased by the company.
Yield. Dividend per share in relation to the share price at year-end.
Property
Annual rent. Gross rent, including service income at the end of the period, calculated on an annual basis. Vacant premises are reported at market rent.
CBD. Central Business District. The most central part of a city for commercial office and retail properties.
Comparable portfolio. Excludes properties sold during the year. Includes properties acquired during the year and adjusts the previous year for the corresponding period.
Fair value. The estimated market value of the properties.
Floor space vacancy rate. Vacant space in square meters in relation to total lettable area.
Gross rent. Defined as contracted rent excluding supplements for consumption charges and including estimated market rent for vacant premises.
Lettable area. Total area available for letting.
Net operating income. Net revenue from property management including intra-Group rents less property management costs.
New letting. Lease signed during the year with a new tenant, other than the tenant who previously leased the premises, or for premises that were previously vacant.
Property market value. The amount for which properties could be transferred, assuming the transaction is between independent parties with an interest in completing the transaction. In accounting terms, this is referred to as fair value.
Property tax supplement. Compensation from tenants for property tax.
Property yield. Net operating income in relation to the fair value of properties.
Renegotiation. New or extended lease with an existing tenant whose previous lease has expired.
Rental losses. Loss of income due to vacant premises.
Rental vacancy rate. Vacant space estimated at market rent in relation to total annual rent.
Rental vacancy rate excl. development projects. Vacant space estimated at market rent in relation to total annual rent, excluding ongoing development projects.
Turnover-based rent supplement. Rent in addition to guaranteed minimum rent, based on a store’s or restaurant’s turnover.
