DOCSLIB.ORG

“ Our Customers and Locations Are Central in Everything We Do.”

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
“ Our Customers and Locations Are Central in Everything We Do.” “ Our customers and locations are central in everything we do.” Annual Report 2009Ä P L Ä Ä G E N Contents Highlights of 2009 Introduction 2009 in brief 1 This is Fabege 2 Message from the CEO 4 Financial highlights The business Strategic focus 6 • Earnings after tax for the year increased by SEK The business 10 936m from SEK –511m to SEK +425m. The lower Property portfolio 15 net interest expenses added SEK +244m and re- Market valuation 18 duced negative value adjustments brought another The investment market 19 Market review 20 SEK +1,753m, while the effective tax rate increased Fabege markets by SEK – 1,084m. Stockholm inner city 23 • Earnings before tax were SEK 561m (–1,285) Solna 24 in Property Management and SEK 119m (–55) in Hammarby sjöstad and Other markets 27 Improvement Projects. List of properties 28 • The profit from property management increased to Responsible enterprise 34 SEK 838m (568) while rental income decreased Financial reports Directors’ report 42 to SEK 2,194m (2,214) due to sales of properties. The Group Profit and loss account 48 • The surplus ratio increased to 67 per cent (65%). Balance sheet 49 Statement of changes in equity 50 • Earnings per share were SEK 2.59 (–3.07) and Cash flow statement 51 equity per share was SEK 61 (60). The parent company Profit and loss account 52 • The Board proposes a dividend of SEK 2.00 per Balance sheet 52 share (2.00). Statement of changes in equity 53 Statement of Cash flows 53 Notes 54 Signing of the Annual Report 66 www.fabege.se Audit report 67 More information about Fabege and our operations Corporate governance report 68 is available on the Group’s website. Board of Directors 74 Senior management 75 Share price performance 76 Information to shareholders 79 Five-year summary 80 Definitions 81 History 81 The formal annual report, which has been audited, comprises pages 42–66. 2009 IN BRIEF Some figures From 40,000 to 5,000 Key figures 2009 2008 tonnes of carbon dioxide Rental income, SEKm 2,194 2,214 in seven years Net operating income, SEKm 1,465 1,438 Profit/loss for the year, SEKm 425 –511 Fabege’s climate work began in 2002 Return on equity, % 4.3 –4.8 with a project to replace old oil-fired Surplus ratio, % 67 65 boilers with district heating. After that Equity/assets ratio, % 32 32 Fabege initiated a systematic effort Interest coverage ratio, times 2.6 1.9 to optimise the use of energy, which to Earnings per share after dilution, SEK 2.59 –3.07 date has led to a reduction in energy Dividend per share, SEK 2.001) 2.00 consumption by about 30 per cent. Taken 1)Proposed cash dividend for 2009. together, the various measures have cut annual carbon dioxide emissions from Rental income and Net operating income about 40,000 tonnes to 5,000 tonnes. • SEKm 3,000 Read more on page 36. 2,500 2,000 1,500 1,000 500 0 05 06 07 08 09 Rental income Net operating income Surplus ratio % 68 Fabege is a partner of SOS Children’s Villages and is funding the building of a family house 66 in Burundi that is aimed at giving vulnerable children a dignified life. Read more on page 41. 64 62 60 Major deal with Vattenfall 58 56 In January 2009, Vattenfall signed an agreement with Fabege for the 00 01 02 03 04 05 06 07 08 09 lease of about 43,000 m² of office space in Arenastaden in Solna, where Vattenfall’s Nordic unit and its business areas will be moving as a tenant Equity/assets ratio into a brand new office building. The new building construction began in % February 2010, and is expected to be completed in 2012. In addition to 45 modern and flexible office premises with 2,000 workplaces, the property 40 will house garages, a restaurant, an auditorium, a gym and exhibition 35 rooms. 30 25 Environmental requirements and energy specifications for the building 20 are impressive. Energy use in the building will be well below what is 15 required for certification under the EU’s GreenBuilding programme, partly 10 thanks to the use of solar and wind power. • 5 0 00 01 02 03 04 05 06 07 08 09 Outcome Target: min. 30% 1 This is Fabege Fabege is one of Sweden’s Fabege’s leading property companies sub-markets focusing mainly on office prem- Stockholm inner city ises and property development. Most of Fabege’s inner city proper- ties are located in the area around Kungsgatan and Drottninggatan, Fabege offers attractive and efficient premises, in the Norrtull area and in western mainly offices but also retail and other and eastern Kungsholmen. The portfolio includes the DN-building premises. The company’s operations are and Wenner-Gren Center, two well- highly concentrated to a number of fast- known Stockholm landmarks. growing sub-markets in the Stockholm region, primarily the inner city of Stockholm, Solna and Hammarby sjöstad. Solna Fabege manages a well positioned property portfolio that is continually being Arenastaden and Solna Business Park are Fabege’s main sub-markets developed through improvement projects, in Solna. Fabege is one of the sales and acquisitions. The concentration of initiators and part-owners of the properties to well contained clusters brings new Arenastaden district, which will the company closer to its customers, which, be home, not only to a large part coupled with Fabege’s extensive local exper- of office buildings, but also to the tise, creates a solid foundation for efficient spectacular new Swedbank Arena, property management and high occupancy. an extensive retail complex, hotels At year-end 2009, Fabege owned 148 and residential buildings. properties with a total market value of SEK 29.2bn. Rental revenues in 2009 were SEK 2.2bn. Hammarby sjöstad Fabege’s vision is to be the most proac- Fabege owns the majority of com- tive, innovative and competent commercial mercial properties in Hammarby property company in Stockholm as well as an sjöstad, the largest being the Luma important partner for its clients and society building. The district is one of in general. Stockholm’s most exciting develop- ment areas, and it has become a highly attractive residential and office location area. Other markets Outside its three priority markets, Fabege owns a number of com- mercial properties in the suburbs of www.fabege.se Stockholm, including Täby, Nacka, Bromma and Järla Sjö. In 2009, More information about Fabege and Fabege also owned residential our operations is available on the properties in Tensta/Rinkeby. These Group’s website. were sold in early 2010. 2 Fabege 2009 THIS IS fabege Stockholm inner city Breakdown of rental value No. of properties 45 Office 84% Lettable area, ‘000 m² 547 Retail 8% Market value, SEKbn 16.417 Industrial/ warehouse 2% Rental value, SEKbn 1.248 Residential 1% Financial occupancy rate, % 91 Other 5% Solna Breakdown of rental value No. of properties 36 Office 82% Lettable area, ‘000 m² 494 Retail 5% Market value, SEKbn 8.502 Industrial/ warehouse 6% Rental value, SEKbn 0.735 Residential 0% Financial occupancy rate, % 91 Other 7% Hammarby sjöstad Breakdown of rental value The Business No. of properties 13 Office 70% Fabege operates in three business areas; Property Management, Improvement Projects, Business Development. Lettable area, ‘000 m² 146 Retail 7% Market value, SEKbn 1.943 Industrial/ warehouse 20% Rental value, SEKbn 0.184 FABEGE Residential 1% Financial occupancy rate, % 81 Other 2% PROPERTY IMPROVEMENT BUSINESS MANAGEMENT PROJECTS DEVELOPMENT Other markets Breakdown of rental value Operational Key Figures 2009 2008 No. of properties 54 Office 36% Property value, Management, SEKbn 23.3 23.8 Lettable area, ‘000 m² 242 Retail 21% Property value, Improvement projects, SEKbn 5.9 5.7 Market value, SEKbn 2.331 Industrial/ warehouse 15% Invested in the company property Rental value, SEKbn 0.244 portfolio, SEKbn 1.1 2.0 Residential 28% Aquisitions, SEKbn 0 0.2 Financial occupancy rate, % 89 Other 1% Sales, SEKbn 1.2 2.1 3 Message from the CEO We are creating values Against all odds, 2009 proved to be a good year for the property market. Fabege managed to increase its net operating income as well as its surplus ratio. Net lettings were positive, and we strengthened our balance sheet. The attractive growth locations of the property portfolio supports our busi- ness model in creating value through management as well as improvement projects and transactions. With the economy growing again in 2010, the winds are favourable. 2009 was a good year for those of us who like chal- The 2009 property market saw a significantly lenges. World trade fell by over ten per cent. Never smaller number of transactions than in recent years. before have we experienced a sharper contraction Yield requirements for properties have generally in times of peace. One thing that we have all learnt increased, while the spread between attractive and from 2009 is that events are unfolding ever faster less attractive locations and products has widened. and becoming harder to predict. Therefore, it is more It is, therefore, nice to see, in a year like this, that the important than ever before to build your business in average yield requirement in our property portfolio a proactive and adaptable manner. The winner is the has remained unchanged compared with the year one who is most skilled at adapting his business and before. The write-downs made have been offset by does so faster than the others. Our company culture, gains from improvements to project properties and expressed by our core values, is based precisely on stronger cash flows in our investment properties.
Load more

Recommended publications
  • “Our Customers and Locations Are Central in Everything We Do.” Contents 2010 in Brief
    Annual Report 2010 “Our customers and locations are central in everything we do.” Contents 2010 in brief Introduction 2010 in brief 1 This is Fabege 2 Message from the CEO 4 Solna The business Strategic focus 6 Stockholm Opportunities and risks 9 Financing 10 The business 12 Property portfolio 20 Hammarby Property valuation 24 Sjöstad Market review 26 Fabege markets Stockholm inner city 28 Solna 30 Concentrated portfolio Hammarby Sjöstad 32 During the year, Fabege sold 54 properties for List of properties 34 SEK 4,350m. Accordingly, Fabege has concluded Responsible enterprise 40 the streamlining of its portfolio to its prioritised submarkets. The concentration has resulted in 98 per Financial reports The 2010 fi nancial year 48 cent of Fabege’s properties now being located within Directors’ report 50 fi ve kilometres of Stockholm’s centre. The divestments have freed capital with which to increase project in- The Group Profi t and loss accounts 56 vestments in the proprietary portfolio, and to acquire Balance sheets 57 properties offering favourable growth potential. Statement of changes in equity 58 Cash fl ow statement 59 Fabege’s heat consumption is The parent company Profi t and loss accounts 60 Balance sheets 60 40 per cent below national Statement of changes in equity 61 Cash fl ow statement 61 average. Fabege’s climate work began in 2002 with a project to replace Notes 62 old oil-fi red boilers with district heating. After that Fabege initiated Corporate governance report 74 a systematic effort to optimize the use of energy, and Fabege cur- Board of Directors 80 rently consumes 40 per cent less heat than the national average.
    [Show full text]
  • View Annual Report
    “ Our customers and locations are central in everything we do.” Annual Report 2009Ä P L Ä Ä G E N Contents Highlights of 2009 Introduction 2009 in brief 1 This is Fabege 2 Message from the CEO 4 Financial highlights The business Strategic focus 6 • Earnings after tax for the year increased by SEK The business 10 936m from SEK –511m to SEK +425m. The lower Property portfolio 15 net interest expenses added SEK +244m and re- Market valuation 18 duced negative value adjustments brought another The investment market 19 Market review 20 SEK +1,753m, while the effective tax rate increased Fabege markets by SEK – 1,084m. Stockholm inner city 23 • Earnings before tax were SEK 561m (–1,285) Solna 24 in Property Management and SEK 119m (–55) in Hammarby sjöstad and Other markets 27 Improvement Projects. List of properties 28 • The profit from property management increased to Responsible enterprise 34 SEK 838m (568) while rental income decreased Financial reports Directors’ report 42 to SEK 2,194m (2,214) due to sales of properties. The Group Profit and loss account 48 • The surplus ratio increased to 67 per cent (65%). Balance sheet 49 Statement of changes in equity 50 • Earnings per share were SEK 2.59 (–3.07) and Cash flow statement 51 equity per share was SEK 61 (60). The parent company Profit and loss account 52 • The Board proposes a dividend of SEK 2.00 per Balance sheet 52 share (2.00). Statement of changes in equity 53 Statement of Cash flows 53 Notes 54 Signing of the Annual Report 66 www.fabege.se Audit report 67 More information about Fabege and our operations Corporate governance report 68 is available on the Group’s website.
    [Show full text]
  • WE CREATE CONDITIONS for SUCCESS ANNUAL REPORT 2015 This Document Is a Translation of the Original, Published in Swedish
    WE CREATE CONDITIONS FOR SUCCESS ANNUAL REPORT 2015 This document is a translation of the original, published in Swedish. In cases of any discrepancies between the Swedish and English version, or in any other context, the Swedish original shall have precedence. FABEGE CREATES CONDITIONS FOR SUCCESS INTRODUCTION This is Fabege 1 Highlights of the year 2 Message from the CEO 4 Business concept, strategy and value chain 6 Business model 8 Targets 10 OPERATIONS Overview of operations 12 Property Management 14 Property Development 18 ATTRACTIVE Transactions 22 Valuation 24 LOCATIONS Market overview 26 Fabege’s properties are located in a Stockholm inner city 28 number of the fastest growing areas in Hammarby Sjöstad 30 Stockholm all of which offer excellent Solna 32 Arenastaden 34 transport facilities. Sustainability work 36 Stakeholder dialogue 38 Material issues 39 Employees 40 Business ethics 44 Social involvement 46 CONCENTRATED MODERN Awards and nominations 47 PORTFOLIO PROPERTIES FINANCIAL Directors’ Report 49 Concentrated portfolios facilitate market Modern, sustainable offi ces REPORTING Risks and opportunities 56 awareness and provide opportunities to in attractive locations in terms of Group meet customer requirements. This means the transport links and good surrounding Statement of comprehensive income 63 Statement of fi nancial position 64 company is well placed to infl uence the services are increasingly in demand. Statement of changes in equity 65 development of entire city districts and Fabege offers modern, fl exible and Statement
    [Show full text]
  • View Annual Report
    WE CREATE CONDITIONS FOR SUCCESS ANNUAL REPORT 2017 CONTENTS INTRODUCTION This is Fabege 1 Highlights of the year 2 Message from the CEO 4 Employees 6 How we create value 10 Business model 12 Targets and results 14 DEVELOPMENT OF CITY DISTRICTS Market overview 16 City district development strategy 20 Stockholm inner city 22 Hammarby Sjöstad 23 Arenastaden 24 Haga Norra 26 Solna Business Park 27 Projects 28 OPERATIONS Overview of operations 34 Property Management business area 36 Property Development business area 38 Transactions business area 40 Energy and environment 42 Sustainable relationships 46 Valuation of the property portfolio 48 FINANCIAL REPORTING Directors’ Report 51 Financing 54 Risks and opportunities 57 Group 63 Statement of comprehensive income 63 Statement of financial position 64 Statement of changes in equity 65 Statement of cash flows 66 Parent Company 67 Profit and loss accounts 67 Balance sheets 67 Statement of changes in equity 68 Statement of cash flows 68 Notes 69 Corporate Governance Report 82 Message from the Chairman 82 Executive Management Team 91 Board of Directors and Auditor 92 Signing of the Annual Report 94 Auditor’s Report 95 OTHER INFORMATION GRI index 98 Sustainability Report in accordance with Swedish Annual Accounts Act 100 Limited assurance review of the Sustainability Report 101 Five-year summary 102 Reconciliation of key ratios 103 The Fabege share 104 Property portfolio 108 Property listing 110 Definitions 116 Annual General Meeting and registration 117 Audited financial information Sustainability information subjected to limited assurance review Information about Fabege’s sustainability work is detailed under each operating segment and management of sustainability issues is described in the Corporate Governance Report.
    [Show full text]
  • We Create Conditions for Success
    We create conditions Annual Report 2013 FABEGE AB for success | ANNUAL REPORT 2013 REPORT ANNUAL Introduction 2013 at a glance 2 Message from the CEO 4 This is Fabege 6 Business model 8 Targets 10 Core values 12 The business Market and driving forces 14 Business areas 16 Property Management 18 Property Development 20 Transaction 22 Market overview 24 Stockholm inner city 26 Hammarby Sjöstad 28 Solna 30 Arenastaden 32 Valuation 34 Financing 36 Risks and uncertainties 38 Sustainability Sustainability report 42 report Brief note from the CEO 43 Sustainability for Fabege 44 Environment 46 Employees 50 Business ethics 54 Social involvement 55 GRI index 56 Financial Directors’ Report 58 reporting Group Statement of comprehensive income 64 Statement of financial position 65 Statement of changes in equity 66 Statement of cash flows 67 Parent Company Profit and loss accounts 68 Balance sheets 68 Statement of changes in equity 69 Statement of cash flows 69 Notes 70 Corporate Governance Report 81 Executive Management Team 87 Board of Directors and Auditor 88 Signing of the Annual Report 90 Auditor’s Report 91 Other Five-year summary 93 information Share information 94 Property portfolio 96 Property listing 98 Definitions 104 Information to shareholders 104 This document is a translation of the original, published in Swedish. In cases of any discrepancies between the Swedish and English versions, or in any other context, the Swedish original shall have precedence. FABEGE ANNUAL REPORT 2013 Modern properties Sustainable Stockholm Long-term Growth areas Concentrated portfolio Customer proximity Informal Project development Prime locations Efficient Business orientation Property Management Offices We are one of Sweden’s leading property com panies, focusing mainly on letting and managing office premises as well as property development.
    [Show full text]
  • Fabege – Annual Report 2016
    ANNUALANNUAL REPORT REPORT 2016 2016 WE CREATE CONDITIONS FOR SUCCESS CONTENTS Introduction This is Fabege 1 Highlights of the year 2 Message from the CEO 4 How we create value 6 Business model 8 Targets and results 10 Development of city districts Introduction 12 Market overview 14 Stockholm inner city 18 Hammarby Sjöstad 20 Solna 22 Arenastaden 24 Solna Business Park 26 Operations Overview of operations 28 Property Management business area 30 Property Development business area 34 Transactions business area 38 Valuation of the property portfolio 40 Energy and the environment 42 Sustainable relationships 44 Employees 46 Financial reporting Directors’ Report 51 Financing 54 Risks and opportunities 56 Group 63 Statement of comprehensive income 63 Statement of financial position 64 Statement of changes in equity 65 Statement of cash flows 66 Parent Company 67 Profit and loss accounts 67 Balance sheet 67 Statement of changes in equity 68 Statement of cash flows 68 Notes 69 Corporate Governance Report 82 Message from the Chairman 82 Executive Management Team 91 Board of Directors and Auditor 92 Signing of the Annual Report 94 Auditor’s Report 95 Other information GRI index 98 Limited assurance review of the Sustainability Report 100 Five-year summary 101 The Fabege share 102 Property portfolio 104 Property listing 106 Definitions 112 Information to shareholders 113 Audited financial information Sustainability information subjected to limited assurance review Information about Fabege’s sustainability work is detailed under each operating segment and management of sustainability issues is described in the Corporate Gover- nance Report. For further information about Fabege’s sustainability work, visit www.fabege.com.
    [Show full text]
  • Our Customers and Our Locations Are Central in Everything We Do
    Our customers and our locations are central in everything we do. ANNUAL REPORT 2012 Contents Fabege Introduction 2012 in brief Fabege is one of Sweden’s leading property This is Fabege com panies, focusing mainly on letting and managing Message from the CEO 2 offi ce premises as well as property development. The business Business model and strategic focus 4 A goal-oriented business 6 Fabege off ers attractive and effi cient premises, mainly offi ces The business 8 but also retail and other premises. Th e company’s operations are Property Management 10 highly concentrated to a number of fast-growing submarkets Property Development 12 in the Stockholm region, namely Stockholm inner city, Solna and Transactions 14 Hammarby Sjöstad. Market and property portfolio 16 Fabege manages a well-located property portfolio that is Market overview 18 continuously refi ned through development, sales and acquisitions. Fabege’s markets Th e concentration of properties to well-contained clusters brings Stockholm inner city 20 the company closer to its customers, which, coupled with Fabege’s Hammarby Sjöstad 22 Solna 24 extensive local expertise, creates a solid foundation for effi cient Property portfolio 28 property management and high occupancy. Valuation of the Fabege’s vision is to be the most proactive, innovative and property portfolio 30 competent commercial property company in Stockholm as well as Property listing 32 an important partner for its customers and society in general. Opportunities and risks 38 At the close of 2012, Fabege owned 95 properties with a Financing 42 combined market value of SEK 31.6 bn.
    [Show full text]