FIVE YEAR INDICATORS

Key financial indicators

2017 2016 2015 2014 2013**
Net sales, MEUR

280.1 262.7 249.4 243.2 229.5
Net rental income, MEUR

188.4 167.1 151.8 146.2 131.8
Net rental income (%)

5.6% 5.7% 6.0% 6.3% 6.2%
Operating profit, MEUR

230.7 267.2 196.5 191.3 178.3
Net financing expences, MEUR

-45.8 -47.8 -37.0 -39.1 -38.0
Profit before taxes, MEUR

184.9 219.4 159.4 152.2 140.8
Balance sheet total, MEUR

3,694.6 3,562.2 2,979.6 2,801.6 2,596.0
Shareholders' equity, MEUR

1,411.2 1,252.6 993.2 892.3 823.0
Liabilities, MEUR

2,283.4 2,309.6 1,986.5 1,909.3 1,773.0
Intrest bearing liabilities, MEUR

1,931.7 1,943.0 1,676.2 1,584.9 1,501.3
Return on invested capital, % (ROI)

7.1% 9.1% 7.6% 7.7% 7.7%
Return on equity, % (ROE)

11.0% 15.6% 13.5% 14.0% 15.5%
Equity ratio, %

38.2% 35.2% 33.3% 31.8% 31.7%
Investment property, MEUR

3,564.8 3,383.2 2,752.9 2,528.0 2,316.0
Investments, MEUR

156.0 572.6 250.5 174.0 191.0
as percentage of net sales

55.7% 218.0% 100.4% 71.5% 83.2%
Personnel, average***

206 170 172 165 156
Personnel at the end of period

212 175 170 169 156








Key indicators per share






Earnings per share, EUR

2.58 3.22 2.49 2.37 2.34
Equity per share, EUR****

24.92 22.12 19.53 17.55 16.16
Number of shares, million*

56.6 56.6 50.8 50.8 50.8








Key figures according to EPRA recommendations and operational cash earnings






EPRA Earnings, MEUR 82.9 69.5 64.5 65.1 62.7
EPRA Earnings per share, EUR 1.46 1.28 1.27 1.28 1.23
EPRA Net Asset Value, MEUR***** 1,680.6 1,517.5 1,227.8 1,120.3 1,006.9
EPRA Net Asset Value per share, EUR***** 29.68 26.80 24.15 22.04 19.80
Cash earnings, MEUR 91.1 86.2 78.1 72.9 66.1
Cash earnings per share, EUR 1.61 1.59 1.54 1.43 1.30








* The 160,000 shares held by the Group have been deducted from the number of shares.
** Adoption of IAS 40 Investment property 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














Net rental income, EUR
Rental income





- Property, maintenance and reparation expenses



- Ground rents









Net rental income, % = Net rental income x 100
(fair value of investment property - property under construction) average during the financial year








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 taxes 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