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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 March, 2021)

Investment properties effect on fair valueChange %Effect on value MSEK
Yield+/-0.5pp-4,307/ 5,175
Change in currency exchange rates+/- 1%+/- 368
Net operating income 1)+/- 1%+/- 389 (536)
  
Investment properties effect on revenuesChange %Change in revenues MSEK
RevPAR (assuming 50/50 split between occupancy and rate) 1)+/- 1%+/- 3 (25)
  
Operating properties effect on revenuesChange %Change in revenues MSEK
RevPAR (assuming 50/50 split between occupancy and rate) 1)+/- 1%+/- 7 (23)
  
Financial sensitivity effect on pre-tax earningsChange %Change in pre-tax earnings MSEK
Interest expenses with current fixed interest hedging of our portfolio, change in interest rates 2)+/- 1% +33/+163
Interest expenses with a change in the average interest rate level 2)+/- 1% +241/-24
Remeasurement of interest-rate derivatives following shift in yield-curves+/- 1% -/+ 1,071

1) The lower value refers to outcome in 2020 and the higher value in parenthesis refers to normal years, "pre-Covid-19".
2) The earnings effect is asymmetrical due to limited possibilities for Pandox to benefit in full from negative interest rates.