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Note 36 - Reconciliation of alternative performance measures

EBITDA, adjusted

SEK m20202019
Profit for the year41605
+ Income tax expense 41143
+/– Net result from financial transactions 679
+ Interest expense 582494
+/– Interest income (excl. interest from run-off performing portfolio) -56
+/– Portfolio revaluations 805145
+ Depreciation and amortisation of tangible and intangible assets 134122
EBITDA 1,6041,594
+ Gross cash collections on acquired loan portfolios 6,3246,179
– Interest income on acquired loan portfolios -3,302-3,359
EBITDA, adjusted 4,6264,414

Return on equity

SEK m2020 2019 
Equity 5,158 4,898 
Additional Tier 1 capital-1,106 -690 
Reversal of interest expense paid for AT1 capital60 62 
Total equity4,112 4,270 
Total equity (quarterly average) 4,144 4,042 
Profit for the year41 605 
Adjustment of interest on AT1 capital-85 -60 
Adjusted annual profit-44 545 
Return on equity, %-1 13 

Return on equity, adjusted for items affecting comparability

SEK m20202019
Equity 5,1584,898
Additional Tier 1 capital -1,106-690
Reversal of interest expense paid for AT1 capital 6062
Reversal of items affecting comparability 1) 2) 15572
Total equity 4,2674,342
Total equity (quarterly average) 4,2604,063
Profit for the year 41605
Reversal of items affecting comparability 1) 2) 15572
Estimated annual profit 196677
Adjustment of interest on AT1 capital -85-60
Adjusted annual profit 111617
Return on equity, adjusted for items affecting comparability, % 315

1) 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.

2) Items affecting comparability 2019 refer to restructuring costs for the French operations, to the IT organisation and to interest rate swaps in the third quarter, and to securitisation expenses and to start-up expenses related to IT outsourcing during the fourth quarter, including tax.

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- Annual Report 2020 -
- Årsredovisning 2020 -