Skip to content
Start / Investors / Financing
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 March 2024
Loan-to-value ratio:Long-term max. 60%58.8%
Loan maturity:At least 3 years5.4 years
Debt-coverage ratio:At least 125%183%
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 years5.1 years
Fixed-rate maturity:Max. 40% whitin 12 months19%
Counterparty risk
Financial instruments:Bank with a minimum credit rating of A- (S&P)Fulfilled
Currency risk
Currency exposure:Max. 20% of equity0.8%

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 2024, shareholder’s equity amounted to SEK 28,589 million (29 581). Hemsö's interest-bearing liabilities amounted to SEK 50,876 million (53 645) and consist of secured bank loans, commercial papers and unsecured bonds.

SEK million31 Mar 202431 Mar 2023
Non-current interest-bearing liabilities43,24642,169
Current interest-bearing liabilities7,6308,366
Current investments-398
Cash and cash equivalents-365-611
Net debt50,51249,526
Investment properties (market value)84,23684,784
Investments in joint venture1,7091,709
Loan-to-value ratio58.8%57.3%
Share of secured debt1.2%1.2%

Loan maturity and fixed-rate period

At 31 March 2024, loan maturity was 5.4 years (6.1) and the fixed-rate period was 5.1 years (5.3). The average interest rate was 2.3 per cent (2.1).

Loan maturityFixed-rate period
YearLoans and commited credit facililites, SEK millionLoans, SEK millionShare, %SEK millionShare, %
Commercial papers4,1618

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.

    Read more
  • 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
  • Risks and risk management

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

    Read more