Key financial indicators
2024
2023
2022
2021
2020
Net sales, EUR million
304.1
288.4
291.2
298.3
303.4
Net rental income, EUR million
214.4
198.7
200.4
210.6
220.3
Operating profit, EUR million
185.6
-113.6
198.9
304.5
179.6
Net financing expenses, EUR million
-80.1
-72.2
-47.0
-45.1
-50.0
Profit before taxes, EUR million
105.4
-185.8
151.9
259.4
129.5
Balance sheet total, EUR million
5,059.6
5,085.0
5,184.7
5,091.4
5,104.7
Shareholders' equity, EUR million
2,599.8
2,435.0
2,480.9
2,351.3
2,155.7
Interest-bearing liabilities, EUR million
1,970.1
2,159.2
2,145.7
2,169.5
2,381.5
Return on invested capital, % (ROIC)
4.0 %
-2.5 %
4.3 %
6.7 %
4.1 %
Return on equity, % (ROE)
3.3 %
-6.3 %
5.0 %
9.1 %
4.8 %
Equity ratio, %
51.4 %
47.9 %
47.8 %
46.2 %
42.2 %
Personnel, average*
315
333
328
276
229
Personnel at the end of the period
300
323
325
313
242
Key indicators per share
Earnings per share, EUR
1.04
-2.72
2.13
3.64
1.80
Equity per share, EUR**
30.63
43.01
43.82
41.53
38.07
Number of shares outstanding, million pcs
84.9
56.6
Operational key figures and net asset value
Operational earnings, EUR million
74.4
58.7
88.5
101.6
109.0
Operational earnings per share, EUR
0.92
1.56
1.79
1.92
Net asset value, EUR million
2,949.8
2,767.5
2,849.4
2,779.3
2,577.2
Net asset value per share, EUR
34.75
48.88
50.33
49.09
45.52
Cash earnings, EUR million
88.2
32.9
141.3
107.9
132.1
Cash earnings per share, EUR
1.09
0.58
2.50
1.91
2.33
* Including seasonal employees. ** Equity excluding non-controlling interests.
Annual report 2024
Sustainability report 2024
Green Finance Framework Report 2024
EUR million
1 Jan – 31 Dec 2024
1 Jan – 31 Dec 2023
Net sales
Property maintenance expenses
-89.8
-89.7
Net rental income
Fair value change of investment properties, realised
0.7
-18.7
Fair value change of investment properties, unrealised
12.0
-249.3
Sales, marketing and administrative expenses
-39.0
-41.4
Other operating income
0.4
0.0
Other operating expenses
-2.9
-3.0
Share of profit of associated companies and joint ventures
Operating profit
Financial income
28.9
17.7
Financial expenses
-109.0
Net financing expenses
Profit before tax
Income tax expenses
-21.3
31.9
Profit for the period
84.1
-153.9
Profit for the period attributable to
Equity holders of the parent
Non-controlling interests
Total
Earnings per share attributable to equity holders of the parent
Basic, EUR
Diluted, EUR
Average number of shares, million pcs
81.1
31 Dec 2024
31 Dec 2023
ASSETS
Non-current assets
Investment property
4,971.4
4,885.7
Tangible assets
2.6
3.3
Intangible assets
6.7
7.2
Investments in associated companies and joint ventures
0.1
Other non-current investments
1.0
Other right-of-use assets
4.1
4.2
Derivative receivables
15.2
23.0
Non-current receivables
3.1
Deferred tax assets
6.9
10.5
5,010.6
4,938.1
Current assets
Accounts and other receivables
15.4
129.1
Current tax assets
2.3
10.8
Cash and cash equivalents
31.3
7.0
49.0
146.9
TOTAL ASSETS
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Share capital
4.4
Fair value and other reserves
11.9
18.1
Reserve fund
43.7
Reserve for invested non-restricted equity
314.8
227.9
Retained earnings
2,225.2
2,141.0
2,600.0
2,435.2
-0.2
TOTAL SHAREHOLDERS' EQUITY
Non-current liabilities
Deferred tax liabilities
368.8
366.1
Provisions
1.4
1.5
Lease liabilities
55.7
54.2
Derivative liabilities
0.6
Long-term interest-bearing liabilities
1,709.0
1,516.3
2,135.5
1,938.2
Current liabilities
Accounts payable and other liabilities
54.0
58.6
0.5
5.8
5.3
Current tax liabilities
2.9
Short-term interest-bearing liabilities
261.1
642.9
324.3
711.8
TOTAL LIABILITIES
2,459.8
2,650.1
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
The review year 2024 was challenging, much like its predecessor. An oversupply of rental apartments, weak consumer confidence, high interest rates, and general economic uncertainty posed challenges for players in the rental housing sector. Despite the market conditions, SATO's financial occupancy rate and customer satisfaction improved compared to the previous year.
Financing
Risk management