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Sensitivity analysis

Pandox is exposed to a number of risks and its valuation is dependent on a number of factors. Below we highlight some important factors and their effect on Pandox.

Sensitivity to key valuation parameters
(As of 31 December, 2022)

Investment properties effect on fair valueChange %Effect on value 2022, MSEKEffect on value 2021, MSEK
Change in currency exchange rates+/- 1%+/- 421+/- 374
Net operating income 1)+/- 1%+/- 532+/- 395
Investment properties effect on revenuesChange %Change in revenues MSEK 
RevPAR (assuming 50/50 split between occupancy and rate) 1)+/- 1%+/- 20+/- 5 (26)
Financial sensitivity effect on pre-tax earningsChange %Profit before value changes 2022, MSEKProfit before value changes 2022, MSEK
Current fixed interest, change in interest rate, with derivatives+/- 1% -1-0,035087719
Current fixed interest, change in interest rate, without derivatives+/- 1% -1-6,935483871
Remeasurement of interest-rate derivatives following shift in yield-curves   

1) ) The value relates to the level at the end of 2022 based on 31 revenue-based leases without a contractual minimum level and 78 (out of 96) revenue-based leases with a contractual minimum level that generated variable rent above the minimum level. In leases with a contractual minimum rent level, revenue-based rent is generated only once cumulative rent exceeds the minimum level.