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Kornellen - Giffeln 1, Nursing home in Örebro, Sweden.


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.

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 December 2023
Loan-to-value ratio:Long-term max. 60%58.4%
Loan maturity:At least 3 years5.5 years
Debt-coverage ratio:At least 125%165%
Share of secured debt:Max. 20%1.2%
Interest risk
Interest-coverage ratio:At least 3.0 times (rollinng 12 month period)3.0 times
Fixed-rate period:Average fixed-rate period 3-8 years5.0 years
Fixed-rate maturity:Max. 40% whitin 12 months23%
Counterparty risk
Financial instruments:Bank with a minimum credit rating of A- (S&P)Fulfilled
Currency risk
Currency exposure:Max. 20% of equity1.5%

Capital structure

Hemsö is currently partly financed with capital from owners in the form of shareholder’s equity and through external financing. At 31 December 2023, shareholder’s equity amounted to SEK 28,156 million (30,028). Hemsö's interest-bearing liabilities amounted to SEK 50,823 million (49,567) and consist of secured bank loans, commercial papers and unsecured bonds.

SEK million31 Dec 202331 Dec 2022
Non-current interest-bearing liabilities41,60841 064
Current interest-bearing liabilities9,2168,503
Cash and cash equivalents-1,593-526
Net debt49,23049,041
Investment properties (market value)82,62484,879
Investments in joint venture1,6311,665
Loan-to-value ratio58.4%56.7%
Share of secured debt1.2%0.0%

Loan maturity and fixed-rate period

At 31 December 2023, loan maturity was 5.5 years (6.3) and the fixed-rate period was 5.0 years (5.6). The average interest rate was 2.3 per cent (1.8).

Loan maturityFixed-rate period
YearLoans and commited credit facililites, SEK millionLoans, SEK millionShare, %SEK millionShare, %
20311,4511,32831, 2172
Commercial papers4,7519

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

    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.

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  • 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.

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  • Risks and risk management

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

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