Skip to content
Start / Investors / Financing
Kornellen - Giffeln 1, Nursing home in Örebro, Sweden.

Financing

The overall objective of Hemsö’s financial operations is to ensure a long-term, stable capital structure, and to achieve the best possible financial net within the given risk frameworks. Hemsö issues bonds in the Swedish and European capital markets and commercial paper in the Swedish market. In addition, Hemsö has credit commitments and subscription commitments from Nordic banks, the European Development Bank and the Third Swedish National Pension Fund.

  • Sustainability

    Sustainable Finance

    Hemsö was the first company in the Nordic region to issue a sustainable bond.

    Hemsö’s sustainable framework
  • EMTN Programme

    EMTN Programme

    Hemsö established an EMTN programme to raise funding on the European capital market.

    EMTN-programme
  • Credit rating

    Rating

    Hemsö has credit rating issued by Moody´s, Fitch Ratings and Standard & Poor´s.

    Hemsö’s credit rating

Summary Financial Policy

Responsibility for the Group's financial transactions and risks is managed by the Group's finance function. The financial operations are conducted in accordance with the Group's financial policy, which is annually approved by the Board of Directors.

Financing riskOutcome as of 31 March 2025
Loan-to-value ratioMax. 60%56.8%
Net Debt/EBITDAMax. 15 times13.5 times
Loan maturityAt least 3 years5.1 years
Loan maturityMax. 25% within 12 months, thereafter max. 20% per yearFulfilled
Debt-coverage ratioAt least 125%175%
Share of secured debtMax. 20%1.2%
Interest risk
Interest-coverage ratioAt least 2.5 times (rolling 12 month period)3.2 times
Fixed-rate periodAverage fixed-rate period 3-8 years4.7 years
Fixed-rate maturityMax. 35% whitin 12 months, thereafter max 20% per yearFulfilled
Counterparty risk
Financial instrumentsBank with a minimum credit rating of A- (S&P)Fulfilled
Currency risk
Currency exposure relative to equityMax. 35%6.5%
Currency exposure relative to assets in EUR5-30%6.5%

Capital structure

Hemsö is currently partly financed with capital from owners in the form of shareholder’s equity and through external financing. At 31 March 2025, shareholder’s equity amounted to SEK 30,201 million (28,539). Hemsö's interest-bearing liabilities amounted to SEK 49,775 million (50,876) and consist of secured bank loans, commercial papers and unsecured bonds.

SEK million31 Mar 202531 Mar 2024
Non-current interest-bearing liabilities41,09743,246
Current interest-bearing liabilities8,6787,630
Cash and cash equivalents-591-365
Net debt49,18450,512
Investment properties (market value)84,65584,236
Investments in joint venture1,9151,709
Total86,57085,945
Loan-to-value ratio56.8%58.8%
Share of secured debt1.2%1.2%

Loan maturity and fixed-rate period

At 31 March, loan maturity was 5.1 years (5.4) and the fixed-rate period was 4.7 years (5.1). The average interest rate was 2.1 per cent (2.3).

Loan maturityFixed-rate period
YearLoans and commited credit facililites, SEK millionLoans, SEK millionShare, %SEK millionShare, %
20252,2552,25558,92718
202611,9016,901146,31213
202712,8364,751107,12414
20287,2257,225154,4369
20296,3286,328135,81312
20305,6574,15784,3119
20311,8951,89541,3243
20321,2611,26133,4527
20331,9921,99248002
>20337,9777,977167,27715
Summa59,32644,7419049,775100
Commercial papers5,03410
Total59,32649,775100

Commercial papers

In 2013, Hemsö established an Commercial paper programme with a ceiling of SEK 12,000,000,000.

Issuer:Hemsö Fastighets AB
Total amount:12,000,000,000 SEK
Maturity:Not less than 1 day anf not more than 1 year
Arranger:Swedbank AB
Emissionsinstitut:Swedbank AB, Danske Bank A/S, Nordea Bank AB, Nordea Bank Finland Abp,
Skandinaviska Enskilda Banken AB och Svenska Handelsbanken AB
Issuing and Paying Agent:Svenska Handelsbanken AB
  • About Hemsö

    About Hemsö

    Hemsö is the leading owner of properties for public use in Sweden, managing and developing properties for nursing homes, education, healthcare and the justice system.

    Read more
  • Policies

    Code of Counduct and Policies

    Hemsö strives to act with the greatest possible credibility, honesty and transparency. This means acting in an ethical and professional manner and treating everyone with respect.

    Read more
  • Risk management

    Risks and risk management

    Hemsö is exposed to various risks that may affect the company’s future operations, costs and results.

    Read more