Definitions key figures
Pandox applies the European Securities and Market Authority’s (ESMA) guidelines for Alternative Performance Measurements. The guidelines aim at making alternative Performance Measurements in financial reports more understandable, trustworthy and comparable and thereby enhance their usability
Financial information
Average interest on debt, %
Average interest expense based on interest maturity in respective currencies as a percentage of interest-bearing liabilities.
Cash earnings, MSEK
EBITDA plus financial income less financial expense less financial cost for right-of-use assets according to IFRS 16 less current tax, adjusted any unrealised translation effect on bank balances.
EBITDA, MSEK
Total gross profit less central administration (excluding depreciation).
EBITDA margin, %
EBITDA in relation to total revenues.
EPRA Earnings, MSEK
Earnings Leases and Own operations before tax. Reversal of change in value of properties, change
in value of derivatives and non-controlling interests. Company-specific reversal of depreciation of own operations, depreciation of central administration costs, unrealised translation effect of bank balances, less current tax.
EPRA NRV, MSEK
Recognised equity, attributable to the Parent Company’s shareholders, including reversal of derivatives, deferred tax asset derivatives, deferred tax liabilities related to properties, and revaluation of Operating Properties.
EPRA NTA, MSEK
Recognised equity, attributable to the Parent Company’s shareholders, including reversal of derivatives, deferred tax asset derivatives, deferred tax liabilities related to properties, and revaluation of Operating Properties.
EPRA NDV, MSEK
Recognised equity, attributable to the Parent Company’s shareholders, including revaluation Operating Properties.
EPRA LTV, %
Loan-to-value ratio net adjusted for net operating assets and operating liabilities.
EPRA NYI, %
Net operating income Leases, before property administration, rolling 12 months, divided by
market value Investment properties.
Growth for comparable units adjusted for currency effects
Growth measure that excludes effects of acquisitions, divestments and reclassifications, as well as exchange rate changes.
Growth in EPRA NRV (net asset value growth), annual rate, %
Accumulated percentage change in EPRA NRV, with dividends added back and issue proceeds deducted, for the immediately preceding 12-month period.
Gross profit, Own Operations, MSEK
Revenue less directly related costs for Own Operations including depreciation of Own Operations.
Gross profit, Leases, MSEK
Revenue less directly related costs for Leases.
Interest-bearing net debt, MSEK
Current and non-current interest-bearing liabilities plus arrangement fee for loans less cash and cash equivalents and short-term investments that are equivalent to cash and cash equivalents. Long-term and short-term lease liabilities according to IFRS 16 are not included.
Interest-bearing net debt/EBITDA, times
Interest-bearing net debt at the end of the period in relation to accumulated EBITDA R12.
Interest cover ratio, multiple
EBITDA less financial expense for right-of-use assets divided by net interest expense, which consists of interest expense less interest income.
Investments, MSEK
Investments in non-current assets excluding acquisitions.
Loan-to-value ratio net, %
Interest-bearing liabilities, including arrangement fee for loans, less cash and cash equivalents as a percentage of the properties’ market value at the end of the period.
Net operating income Own Operations, MSEK
Gross profit for Own Operations plus depreciation included in costs for Own Operations.
Net operating income, Leases, MSEK
Net operating income corresponds to gross profit for Leases.
Net operating margin, Own Operations, %
Net operating income for Own Operations as a percentage of total revenue from Own Operations.
Net operating margin, Leases, %
Net operating income for Leases as a percentage of total revenue from Leases.
Results before changes in value, MSEK
Profit before tax plus change in value of properties plus change in value of derivatives.
Property information
Market value properties, MSEK
Market value of Investment Properties plus market value of Operating Properties.
RevPAR for Leases/Own Operations (comparable units at constant exchange rates), SEK
Revenue per available room, i.e. total revenue from sold rooms divided by the number of available rooms. Comparable units are defined as hotel properties that have been owned and operated during the entire current period and the comparative period. Constant exchange rate is defined as the exchange rate for the current period, and the comparative period is recalculated based on that rate.
WAULT (Investment Properties)
Average lease term remaining to expiry, across the property portfolio, weighted by contracted rental income.