Note 36 - Reconciliation of alternative performance measures
EBITDA, adjusted
SEK m
2021
2020
Profit for the year
-117
41
+ Income tax expense
78
41
+/– Net result from financial transactions
-85
6
+ Interest expense
574
582
+/– Interest income (excl. interest from run-off performing portfolio)
2
-5
+/– Portfolio revaluations
635
805
+ Depreciation and amortisation of tangible and intangible assets
129
134
EBITDA
1,216
1,604
+ Gross cash collections on acquired loan portfolios
6,557
6,324
– Interest income on acquired loan portfolios
-3,006
-3,302
EBITDA, adjusted
4,767
4,626
Return on equity
SEK m
2021
2020
Equity
4,941
5,158
Additional Tier 1 capital
-1,106
-1,106
Reversal of interest expense paid for AT1 capital
90
60
Total equity
3,925
4,112
Total equity (quarterly average)
3,902
4,144
Profit for the year
-117
41
Adjustment of interest on AT1 capital
-91
-85
Adjusted annual profit
-208
-44
Return on equity, %
-5
-1
Return on equity, adjusted for items affecting comparability
SEK m
2021
2020
Equity
4,941
5,158
Additional Tier 1 capital
-1,106
-1,106
Reversal of interest expense paid for AT1 capital
90
60
Reversal of items affecting comparability 1) 2)
106
155
Total equity
4,031
4,267
Total equity (quarterly average)
3,997
4,260
Profit for the year
-117
41
Reversal of items affecting comparability 1) 2)
106
155
Estimated annual profit
-11
196
Adjustment of interest on AT1 capital
-91
-85
Adjusted annual profit
-102
111
Return on equity, adjusted for items affecting comparability, %
-3
3
1) Items affecting comparability for 2021 pertain to a provision for an ongoing tax audit and management restructuring costs
2) Items affecting comparability for 2020 pertain to costs related to portfolio revaluations in Spain, changes in the market value of bonds in the liquidity portfolio, and unrealised changes in value of interest rate hedging instruments during the first quarter. Items affecting comparability for the third quarter pertain to restructuring costs in Italy and the UK, and for the fourth quarter to bond buy-back costs, expensed securitisation projects, and provisions for legal processes in Spain. Tax effects are included in all items affecting comparability.
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