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Bonava Annual and Sustainability Report 2020 This Is Bonava

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Bonava Annual and Sustainability Report 2020 This Is Bonava Annual and Sustainability Report 2020 Contents OVERVIEW This is Bonava ............................................................................................ 2 The year in brief ......................................................................................... 4 Comments from the CEO ........................................................................ 7 Value creation ............................................................................................. 8 Strategy and objectives ........................................................................ 10 SUSTAINABILITY REPORT Our sustainability agenda...................................................................... 13 Information and GRI ................................................................................ 14 Happy neighbourhoods for the many ................................................ 18 Protecting our planet ............................................................................. 22 TCFD ........................................................................................................... 28 Passionate workplace ............................................................................. 30 Reliable business ..................................................................................... 36 About the sustainability report ............................................................ 42 GRI index .................................................................................................... 43 Auditor’s report......................................................................................... 47 FINANCIAL REPORTING Report of the Board of Directors ....................................................... 50 Segments .................................................................................................. 53 Risks and risk management ................................................................ 55 Consolidated accounts and notes ...................................................... 59 Parent Company accounts and notes .............................................. 88 Appropriation of profit ................................................................. 97 Auditor’s Report ........................................................................... 98 CORPORATE GOVERNANCE Corporate Governance Report .................................................. 102 Board of Directors ....................................................................... 108 Executive Management Group ................................................. 110 Auditor’s limited assurance report ............................................ 112 OTHER INFORMATION Capital structure and financing ................................................. 113 The Bonava share and shareholders ......................................... 115 Information to shareholders ....................................................... 117 Definitions ................................................................................... 118 Contact information .................................................................... 119 About the annual report Pages 13–47 constitute the statutory sustainability report and pages 50–112 constitute the statutory annual report, which have been audited. This Annual and Sustainability Report is an English translation of the Swedish original. In the event of any discrepancies, the Swedish version shall govern. Read more about Bonava and the past year in our 2020 Annual Review on the web and at bonava.com This is Bonava Leading residential developer in northern Europe Not only does Bonava build homes, we also create neighbourhoods where people have the highest quality of life. With our broad product portfolio, we meet the needs of both consumers and investors. We offer apartments and single-family homes to consumers, and rental apartments to investors. With our 2,100 employees, Bonava has operations in Germany, Sweden, Finland, Denmark, Norway, St. Petersburg, Estonia, Latvia and Lithuania. Bonava’s share and green bond are listed on Nasdaq Stockholm. Net sales per segment SWEDEN SEK 3,528 M Net sales SEK 283 M Operating profit Germany, 44% 188 No. of employees Nordic, 27% Sweden, 21% St. Petersburg-Baltics, 8% ST. PETERSBURG- BALTICS NORDIC SEK 1,439 M Net sales SEK 4,563 M Net sales SEK 236 M Operating profit SEK 97 M Operating profit 524 No. of employees 374 No. of employees GERMANY SEK 7,466 M Net sales SEK 752 M Operating profit 905 No. of employees 9 23 2,100 17 COUNTRIES REGIONS EMPLOYEES SEK BN SEK NET SALES 2 Bonava Annual and Sustainability Report 2020 This is Bonava Our strengths Drive sustainable Broad geographic Customer-insight-driven change reach business model We develop value-creating, affordable We operate in carefully selected regional We develop relevant offerings based on data- living environments for the many that markets with favourable conditions for driven customer insights and become more enable a sustainable, active and social growth, where we aim to be one of three cost efficient through the industrialisation lifestyle in resource-efficient buildings. largest players. and digitalisation of our processes. Net sales per segment Balanced Financial product portfolio resilience Our project portfolio is diversified in Along with the cash flow from our opera- terms of geography, types of tenure and tions, our strong capital structure provides products, and our offering is targeted at us with financial resilience and enables us both consumers and investors. to invest in our future value creation. Bonava Annual and Sustainability Report 2020 3 The year in brief 2020 in brief Despite a dramatic year across the world, the housing market displayed a strong trend, which benefited Bonava. Net sales increased, and we delivered, sold and started more new projects during the year. Having halved the company’s net debt, Bonava is entering 2021 with a strong financial position that will create scope for growth. Key performance indicators SEK M (unless otherwise stated) 2020 2019 2018 Net sales 16,997 15,474 14,008 1) Operating profit 1,121 1,202 1,654 4,451 1) 5,710 Operating margin, % 6.6 7.8 11.8 Housing units started Profit after financial items 999 834 1,513 Profit for the period after tax 733 615 1,265 Earnings per share adjusted for items affecting comparability, SEK2) 6.82 7.54 11.74 Earnings per share, SEK2) 6.82 5.71 11.74 Cash flow before financing 3,662 –138 –764 Net debt 3,311 6,873 5,542 5,568 5,162 Capital employed at end of period 12,641 14,933 13,332 Return on capital employed, %1) 7.9 8.1 12.8 Housing units sold Equity/assets ratio, % 34.6 32.1 34.9 Dividend, SEK per share3) 5.25 0.00 5.20 Number of housing units sold in the period 5,568 5,162 6,009 Sale value of housing units sold 16,852 14,477 14,919 Number of housing starts in the period 5,710 4,451 6,478 5,814 5,511 Number of housing units in production at end of period 9,769 9,732 10,712 Housing units Sales rate for housing units in ongoing production, % 70 72 68 recognised in profit Value of sold housing units, not yet recognised in profit, SEK Bn 20.4 21.1 21.1 Number of housing units recognised in profit in the period 5,814 5,511 5,225 1) Excluding items affecting comparability. 2) Before and after dilution. 3) Dividend 2020 refers to the Board’s proposal to the AGM. Net sales Operating profit and operating margin Net debt per quarter per quarter per quarter SEK M SEK M % SEK M 8,000 1,000 15 8,000 7,000 7,000 800 12 6,000 6,000 5,000 600 9 5,000 4,000 4,000 3,000 400 6 3,000 2,000 2,000 200 3 1,000 1,000 0 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2020 2018 2019 2020 2019 2020 Net debt in tenant-owner associations and housing companies Other net debt 4 Bonava Annual and Sustainability Report 2020 The year in brief 2020 in brief Financial targets Return on capital employed, % Equity/assets ratio, % Dividend policy, % Target: 10–15% Target: >30% Target: >40 per cent of profit after tax 20 40 6 34.9% 34.6% 44% 77% 32.1% 5 15 30 8,1% 12.8% 4 10 20 3 8.1% 7.9% 2 5 10 1 0% 0 0 0 2018 2019 2020 2018 2019 2020 2018 2019 2020 Dividend in April Dividend in October The AGM resolved that no profit would be distributed for 2019 due to the uncertainty caused by COVID-19. Operational and sustainability targets TARGET TARGET 2020 Outcome 2020 Outcome 2019 Outcome 2018 Affordable Half of our housing starts will be in the housing affordable segment. 54% 57% 61% Green At least half of our housing starts will be offering ecolabelled in markets where Nordic Swan 64% 54% 45% ecolabelling or Green Zoom apply. Climate Our greenhouse gas (GHG) emissions are to GHG emissions Targets established Survey of base year action be reduced in line with approved science- compared with 2018 and approved by the based targets. Read more about the scopes SBTi on page 26. Own organisational control (Scope 1 and 2) Scope 1–2: –24% Value chain (Scope 3) Scope 3: –10% Passionate Our already high results for employee Target established workplace engagement are to be maintained or 84 (79) 84 (77) in 2019 improved, based on our benchmark index (benchmark). Zero harm Our safety culture is to be improved and the risk of accidents reduced in accordance 98% 100% 99% with our extensive Zero Harm programme. Bonava Annual and Sustainability Report 2020 5 The year in brief Strong conclusion to a year unlike any other 2020 was marked by abrupt changes as a consequence of the pandemic and an increased focus on people’s living
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