| Group | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
| Net revenue, SEK m | 771 | 799 | 722 | 726 | 715 |
| Return on equity, % | 0.8 | -6.4 | -4.4 | -3.0 | 0.5 |
| Return on equity, adjusted, % | 2.9 | 3.1 | 3.1 | 3.0 | 2.8 |
| Equity ratio, % | 58 | 59 | 59 | 59 | 60 |
| EPRA EPS, SEK | 1.19 | 3.14 | 1.33 | 1.37 | 1.25 |
| EPRA Company specific Adjusted EPS, SEK | 1.19 | 1.31 | 1.33 | 1.37 | 1.25 |
| Net reinstatement value (EPRA NRV) per share, SEK | 180 | 185 | 188 | 189 | 195 |
| EPRA LTV, % | 22.0 | 20.7 | 20.8 | 20.7 | 20.1 |
| Net earnings per share for the period, SEK | -1.96 | -1.69 | -1.05 | -4.31 | -2.47 |
| Equity per share, SEK | 137.64 | 142.30 | 143.99 | 145.04 | 149.36 |
| Cash flow from operating activities per share, SEK | 0.84 | 3.43 | 0.66 | 1.25 | 1.51 |
Alternative Performance Measures
Hufvudstaden applies the European Securities and Markets Authority’s (ESMA) Guidelines on Alternative Performance Measures. A number of the key performance measures above are alternative performance measures, i.e. a set of financial metrics not defined in IFRS or the Annual Accounts Act, and which are used to present the Company’s development and improve comparability between periods. Definitions of performance measures are given in the glossary. Below is the derivation of alternative performance measures.
| Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | |
| Return on equity, adjusted | -396 | -1,927 | -1,585 | -1,373 | -499 |
| Net result for the year | 759 | 3,672 | 2,854 | 2,295 | 906 |
| Reversal of items affecting comparability and changes in value | -156 | -833 | -588 | -473 | -187 |
| Reversal of tax on items affecting comparability and changes in value | 207 | 912 | 681 | 449 | 220 |
| Net result for the period, adjsuted | 828 | 912 | 681 | 449 | 880 |
| Recalculated to full year | 28,628 | 30,026 | 29,237 | 29,780 | 31,069 |
| Average equity | 2.9 | 3.0 | 2.3 | 1.5 | 2.8 |
| Retorn on equity, adjusted, % | |||||
| Equity ratio, SEK m | |||||
| Equity | 27,846 | 28,789 | 29,131 | 29,343 | 30,216 |
| Total assets | 48,064 | 48,444 | 49,199 | 49,700 | 50,749 |
| Equity ratio, % | 58 | 59 | 59 | 59 | 60 |
| Interest coverage ratio, SEK m | |||||
| Profit or loss before tax | 2902) | -2,535 | -1,7092) | -1,1542) | 2102) |
| Reversal of items affecting comparability and changes in value | 759 | 3,672 | 2,854 | 2,295 | 906 |
| Financial expense 1) | 3452) | 289 | 2732) | 2472) | 2162) |
| Total | 1,394 | 1,426 | 1,418 | 1,388 | 1,332 |
| Financial expense 1) | 3452) | 289 | 2732) | 2472) | 2162) |
| Interest coverage ratio, multiple | 4.0 | 4.9 | 5.2 | 5.6 | 6.2 |
| Net debt, SEK m | |||||
| Non-current interest-bearing liabilities | 7,100 | 7,300 | 7,300 | 7,300 | 6,500 |
| Non-current leasing liabilities | 719 | 721 | 721 | 704 | 706 |
| Current interest-bearing liabilities | 2,900 | 2,100 | 2,300 | 2,400 | 3,000 |
| Current leasing liabilities | 8 | 8 | 8 | 8 | 8 |
| Cash and bank holdings | -350 | -382 | -325 | -543 | -426 |
| Net debt | 10,377 | 9,747 | 10,004 | 9,869 | 9,788 |
| Net loan-to-value ratio, properties, SEK m | |||||
| Net debt | 10,377 | 9,747 | 10,004 | 9,869 | 9,788 |
| Carrying amount, properties | 46,232 | 46,743 | 47,507 | 47,837 | 48,909 |
| Net loan-to-value ratio, properties, % | 22.4 | 20.9 | 21.1 | 20.6 | 20.0 |
| EPRA Earnings (Earnings from property mgmt. after nom. tax) | |||||
| Operating result | -413 | -2,256 | -1,797 | -1,606 | -575 |
| Reversal of changes in value | 759 | 4,042 | 2,854 | 2,295 | 906 |
| Financial income and expense | -83 | -279 | -198 | -119 | -52 |
| Earnings from property management | 263 | 1,507 | 859 | 570 | 279 |
| Current tax, earnings from property management | -23 | -74 | -60 | -40 | -27 |
| EPRA Earnings (Earnings from property mgmt. after nom. tax) | 240 | 1,433 | 799 | 531 | 252 |
| Reversal of items affecting comparability | - | -370 | - | - | - |
| EPRA Company specific Adjusted Earnings, SEK m | 240 | 1,063 | 700 | 531 | 252 |
| Average number of outstanding shares, million | 202.3 | 202.3 | 202.3 | 202.3 | 202.3 |
| EPRA EPS, SEK | 1.19 | 7.08 | 3.95 | 2.62 | 1.25 |
| EPRA Company specific Adjusted EPS, SEK | 1.19 | 5.25 | 3.95 | 2.62 | 1.25 |
| EPRA LTV | |||||
| Non-current interest-bearing liabilities | 7,100 | 7,300 | 7,300 | 7,300 | 6,500 |
| Current interest-bearing liabilities | 2,900 | 2,100 | 2,300 | 2,400 | 3,000 |
| Working capital, net (if liabilities exceed receivables) | 563 | 671 | 620 | 746 | 778 |
| Cash and cash equivalents | -350 | -382 | -325 | -543 | -426 |
| Net debt according to EPRA LTV | 10,213 | 9,689 | 9,895 | 9,903 | 9,852 |
| Investment properties | 46,232 | 46,743 | 47,507 | 47,837 | 48,909 |
| Intangible fixed assets | 89 | 95 | 97 | 95 | 92 |
| Working capital, net (if receivables exceed liabilities) | - | - | - | - | - |
| Property valuation according to EPRA LTV | 46,321 | 46,838 | 47,604 | 47,932 | 49,001 |
| EPRA LTV, % | 22.0 | 20.7 | 20.8 | 20.7 | 20.1 |
| EPRA vacancy rate | |||||
| Rental value for vacant space, in total | 230 | 211 | 210 | 182 | 205 |
| Rental value for vacant space, project | 53 | 74 | 74 | 76 | 76 |
| Total rental value | 2,494 | 2,381 | 2,394 | 2,360 | 2,417 |
| Vacancy rate, in total, % | 9.2 | 8.8 | 8.8 | 7.7 | 8.5 |
| Vacancy rate, project, % | 2.1 | 3.1 | 3.1 | 3.2 | 3.1 |
| EPRA vacancy rate, % | 7.1 | 5.7 | 5.7 | 4.5 | 5.4 |
1)Excluding fees for withdrawal of mortage deeds.
2)Recalculated 12 months.
