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Note 36 - Reconciliation of alternative performance measures

EBITDA, adjusted

SEK m20212020
Profit for the year-11741
+ Income tax expense78 41
+/– Net result from financial transactions-85 6
+ Interest expense574 582
+/– Interest income (excl. interest from run-off performing portfolio)2 -5
+/– Portfolio revaluations635 805
+ Depreciation and amortisation of tangible and intangible assets129 134
EBITDA1,216 1,604
+ Gross cash collections on acquired loan portfolios6,557 6,324
– Interest income on acquired loan portfolios-3,006 -3,302
EBITDA, adjusted4,767 4,626

Return on equity

SEK m20212020 
Equity 4,9415,158 
Additional Tier 1 capital-1,106-1,106 
Reversal of interest expense paid for AT1 capital9060 
Total equity3,925 4,112 
Total equity (quarterly average) 3,9024,144 
Profit for the year-11741 
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 m20212020
Equity4,941 5,158
Additional Tier 1 capital-1,106 -1,106
Reversal of interest expense paid for AT1 capital90 60
Reversal of items affecting comparability 1) 2)106 155
Total equity4,031 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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- Annual Report 2021 -
- Årsredovisning 2021 -