Definitions Fabege's financial tables - Fabege

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Definitions

Certain financial performance measures in our financial tables are not defined according to IFRS. Below, you can find a list of the key ratios that are not defined according to IFRS.

ACTUAL DEFERRED TAX
Estimated actual deferred tax has been calculated at approximately 4 per cent based on a discount rate of 3 per cent. Furthermore, it has been assumed that loss carry forwards are realised over four years with a nominal tax rate of 21.4 per cent, which gives a net present value for deferred tax assets of 19.7 per cent. The calculation is also based on the property portfolio being realised over 50 years, with 10 per cent being sold directly with a nominal tax rate of 20.6 per cent and the remaining 90 per cent being sold indirectly via companies with a nominal tax rate amounting to 6 per cent, which gives a net present value for deferred tax liabilities of 4 per cent.

CASH FLOW FROM OPERATING ACTIVITIES PER SHARE
Cash flow from operating activities (after changes in working capital) divided by the average number of shares outstanding.

DEBT RATIO
Interest-bearing liabilities divided by rolling twelve-month net operating income less central administration.

DEBT/EQUITY RATIO
Interest-bearing liabilities divided by shareholders’ equity.

DEVELOPMENT PROPERTIES*
Properties in which a conversion or extension is in progress or planned that has a significant impact on the property’s net operating income. Net operating income is affected either directly by the project or by limitations on lettings prior to impending improvement work.

EARNINGS PER SHARE
Parent Company shareholders’ share of earnings after tax for the period, divided by average number of shares outstanding during the period. Definition according to IFRS.

EPRA EPS
Profit from property management less tax at a nominal rate attributable to profit from property management, divided by average number of shares. Taxable profit from property management is defined as profit from property management less such amounts as tax-deductible depreciation and remodelling.

EPRA NDV – NET DISPOSAL VALUE
Shareholders’ equity according to balance sheet.

EPRA NRV – NET REINVESTMENT VALUE
Shareholders’ equity according to balance sheet following the reversal of fixed-income derivatives and deferred tax according to the balance sheet.

EPRA NTA – NET TANGIBLE ASSETS
Shareholders’ equity according to balance sheet following the reversal of fixed-income derivatives and deferred tax according to the balance sheet. Adjusted for actual deferred tax instead of nominal deferred tax.

EPRA VACANCY RATE
Estimated market rent for vacant rents divided by the annual rental value for the entire property portfolio.

EQUITY PER SHARE
Parent Company shareholders’ share of equity according to the balance sheet, divided by the number of shares outstanding at the end of the period.

EQUITY/ASSETS RATIO
Shareholders’ equity including non-controlling interest divided by total assets.

FINANCIAL OCCUPANCY RATE*
Lease value divided by rental value at the end of the period.

INTEREST COVERAGE RATIO
Net operating income including ground rent less central administration in relation to net interest items (interest expenses less interest income).

INVESTMENT PROPERTIES*
Properties that are being actively managed on an ongoing basis.

LAND AND PROJECT PROPERTIES*
Land and development properties and properties in which a new construction/complete redevelopment is in progress.

LEASE VALUE*
Stated as an annual value. Index-adjusted basic rent under the rental agreement plus rent supplements.

LOAN-TO-VALUE RATIO, PROPERTIES
Interest-bearing liabilities divided by the carrying amount of the properties at the end of the period.

NET LETTINGS*
New lettings during the period less terminations to vacate.

RENTAL VALUE*
Lease value plus estimated annual rent for vacant premises after a reasonable general renovation.

RETENTION RATE*
Proportion of leases that are extended in relation to the proportion of cancellable leases.

RETURN ON EQUITY
Profit for the period/year divided by average shareholders’ equity including non-controlling interest. In interim reports, the return is converted into its annualised value without taking account of seasonal variations.

RETURN ON INVESTED CAPITAL IN THE PROJECT PORTFOLIO*
Change in value of project and development properties, divided by invested capital (excluding initial value) in project and development properties during the period.

RETURN, SHARE
Dividend for the year divided by the share price at year-end.

SURPLUS RATIO*
Net operating income divided by rental income.

TOTAL RETURN PROPERTIES
Net operating income for the period plus unrealised and realised changes in the value of properties, divided by market value at start of period plus investments for the period.

*This key performance indicator is operational and is not regarded as an alternative performance measure according to ESMA’s guidelines.

Changed 9 July 2021