FIVE YEAR INDICATORS

Key financial indicators

2016 2015 2014 2013** 2012**
Net sales, MEUR

318 323 312 312 287
Operating profit, MEUR

267 196 191 178 160
Net financing expenses, MEUR

-48 -37 -39 -38 -39
Profit before taxes, MEUR

219 159 152 141 121
Balance sheet total, MEUR

3,562 2,980 2,802 2,596 2,360
Shareholders' equity, MEUR

1,253 993 892 823 693
Liabilities, MEUR

2,310 1,986 1,909 1,773 1,696
Intrest bearing liabilities, MEUR

1,943 1,676 1,585 1,501 1,375
Return on invested capital, % (ROI)

9.1% 7.6% 7.7% 7.7% 7.7%
Return on equity, % (ROE)

15.6% 13.5% 14.0% 15.5% 13.5%
Equity ratio, %

35.2% 33.3% 31.8% 31.7% 29.4%
Investment property, MEUR

3,383 2,753 2,528 2,316 2,088
Gross investments, MEUR

573 250 174 191 160
as percentage of net sales

180.1% 77.4% 55.7% 61.2% 55.7%
Personnel, average***

170 172 165 156 152
Personnel at the end of period

175 170 169 156 150

Key indicators per share






Earnings per share, EUR

3.22 2.49 2.37 2.34 1.78
Equity per share, EUR ****

22.12 19.53 17.55 16.16 13.72
Number of shares, million *

56.6 50.8 50.8 50.8 50.8

Key figures according to EPRA recommendations and operational cash earnings




EPRA Earnings, MEUR

69.5 64.5 65.1 62.7 44.4
EPRA Earnings per share, EUR

1.28 1.27 1.28 1.23 0.87
EPRA Net Asset Value, MEUR*****

1,517.5 1,227.8 1,120.3 1,006.9 900.5
EPRA Net Asset Value per share, EUR*****

26.80 24.15 22.04 19.80 17.71
Cash earnings, MEUR

86.2 78.1 72.9 66.1 61.6
Cash earnings per share, EUR

1.59 1.54 1.43 1.30 1.21








* The 160,000 shares held by the Group have been deducted from the number of shares.

** Adoption of IAS 40 Investment properties standard fair value model has been taken into account retrospectively in key figures. Retrospectively adjusted figures are unaudited.

*** Including summer trainees

**** Equity excluding non-controlling interests

***** Includes items valued at their carrying amount


Formulas used in calculation

Return on investment, % = (Profit or loss before taxes + interest expense and other financing expenses) x 100
Balance sheet total – non-interest-bearing debts (average during the financial year)








Return on equity, % = (Profit or loss after taxes) x 100
Shareholders’ equity (average during the financial year)








Equity ratio, % = Shareholders’ equity x 100
Balance sheet total – advances received








Earnings per share, EUR = Net profit for year due to owners of parent company

Adjusted number of shares (average during the financial year)








Equity per share, EUR = Shareholders' equity

Adjusted number of shares (at the end of the reporting period)



EPRA Earnings
Profit for the period, IFRS


-/+ Gains and losses from valuation of investment properties


- Profit on sales of investment properties


+ Loss on sales of investment properties


-/+ Profit on sales of new apartments adjusted with sales and marketing expenses


-/+ Profit on sales of land areas


-/+ Fair value change of financial instruments


-/+ Deferred taxed of above items


- Non-controlling interests








EPRA Net Asset Value
Net asset value






-/+ Fair value of financial instruments (net), net of tax


-/+ Deferred tax assets and liabilities (net)








Cash Earnings
Operating profit






+/- Gains and losses from valuation of investment properties


+ Depreciations


+/- Change of provisions


+/- Defined benefit plans


- Cash based financial income and expenses


- Cash taxed


+/- Other items

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