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Result of operations and financial position (compared with January-December 2012)

  • Total revenue was EUR 264.3 (264.6) million.
  • Net operating income was EUR 190.9 (192.2) million. Net operating income was decreased by sales of properties.
  • Operating profit was EUR 153.0 (210.5) million. This includes a fair value change of EUR -14.2 (33.0) million.
  • Cash flow from operations per share was EUR 0.40 (0.40).
  • The fair value of the investment properties amounted to EUR 3,253.3 (3,261.3) million.
  • Net assets per share totalled EUR 4.64 (4.45).
  • The economic occupancy rate was 87.9% (88.1%).
  • A decrease in the Finnish corporate tax rate from 24.5% to 20% took effect from the beginning of 2014. The change decreased Sponda’s deferred taxes by EUR 36.3 million.

Financial position

The consolidated balance sheet total was EUR 3,471.7 (31.12.2012: 3,521.8) million. The total value of property assets was EUR 3,261.1 (3,269.1) million. Of this total, investment properties accounted for EUR 3,253.3 (3,261.3) million and trading properties for EUR 7.8 (7.8) million. Investments in real estate funds totalled EUR 88.3 (83.6) million.

In 2013, Sponda sold properties for EUR 33.1 (2012: 61.8) million recording a sales profit of EUR 0.8 million. Property maintenance and quality improvement investments totalled EUR 22.6 (28.4) million and property development EUR 14.0 (47.5) million. New property acquisitions in 2013 amounted to EUR 3.1 (53.1) million.

The consolidated equity at the end of 2013 stood at EUR 1 409.3 (1,447.7) million. The sum of EUR 94.0 million recorded in the other equity reserve comprises equity bonds issued in December 2012. Debts totalled EUR 2,062.5 (2,074.1) million, of which EUR 1,714.8 (1,704.4) million was long-term debt and EUR 347.6 (369.7) million short-term debt. The total value of interest-bearing debt was EUR 1,788.8 (1,736.2) million.

   

Key figures showing Sponda Group's financial performance:

Consolidated key figures

1−12/2013

 

1−12/2012

 

1−12/2011

 

Economic occupancy rate,%

87.9

 

88.1

 

88.2

 

Total revenue, M€

264.3

 

264.6

 

248.2

 

Net operating income, M€

190.9

 

192.2

 

179.4

 

Operating profit, M€

153.0

 

210.5

 

209.6

 

Equity ratio,%

40.7

 

41.2

 

37.9

 

Gearing ratio,%

125.6

 

117.9

 

134.9

 

Return on equity,%

7.2

 

8.2

 

9.5

 

Earnings per share, €

0.34

 

0.37

 

0.39

 

Dividend per share, €

0.181)

 

0.17

 

0.16

 

Total dividend, M€

51.01)

 

48.1

 

45.3

 

Net assets per share, €

4.64

 

4.45

 

4.06

 

Cash flow from operations per share, €

0.40

 

0.40

 

0.37

 

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