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Genova Property Group's Annual Report 2019

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Genova Property Group's Annual Report 2019 Annual Report / Genova – the personal property company January–December 2019 Rental income amounted to SEK 180.6m (127.7). Net operating income amounted to SEK 129.9m (92.2). Income from property management amounted to SEK 42.9m (21.6), of which income from property manage­ ment attributable to ordinary shareholders was SEK 6.2m (­9.9), corresponding to SEK 0.11 (­0.20) per ordinary share. Net income after tax amounted to SEK 540.4m (263.9), corresponding to SEK 9.05 (4.22) per ordinary share. Long­term net asset value attributable to ordinary shareholders amounted to SEK 1,457.0m (804.4), corresponding to SEK 23.71 (16.09) per ordinary share. The Board proposes that a dividend of SEK 10.50 (10.50) per preference share be distributed quarterly and that no dividend be paid on ordinary shares. Genova 2019 Annual Report 3 GENOVA’S CORPORATE SOCIAL RESPONSIBILITY INITIATIVES ARE PRESENTED IN THE ANNUAL REPORT 4 Genova 2019 Annual Report CEO STATEMENT 12 Genova’s CEO Michael Moschewitz presents the company’s secure business model GENOVA’S VALUE-CREATING REFURBISHMENT PROCESS 18 Target Business model How we create value THE INVESTMENT PROPERTY PORTFOLIO 20 INVESTMENT PROPERTIES 26 Properties for long-term ownership Personal property management Care for the tenant PROJECT DEVELOPMENT 36 Development creates value Urban development from several perspectives A customer and tenant focus SUSTAINABILITY 50 Genova’s sustainable philosophy Genova’s sustainability performance FINANCING AND GOVERNANCE 62 Financial stability enables flexibility Risk and risk management Shares and ownership structure Board of Directors Senior executives Corporate Governance Report FINANCIAL INFORMATION 84 Directors’ Report Financial statements Accounting policies and notes Auditor’s report Handelsmannen 1, Norrtälje Genova 2019 Annual Report 5 6 Genova 2019 Annual Report New Brunna – Between a residential area and an industrial site in the Brunna district a sustainable of Upplands-Bro, Genova has acquired an 11-hectare property that will and modern soon become a vibrant neighbourhood. Genova’s vision has evolved garden city from the municipality’s ambitions and intentions for Brunna, and the citizen dialogue we conducted in autumn 2018. Urban develop- ment is a complex process in which diverse interests, conditions and preferences must be boiled down to a single goal that is acceptable to the municipality and its residents, as well as Genova. Based on this process, we have agreed that the site should be developed into a small- scale mixed-use city, close to services, retail, green spaces and trans- port links. A neighbourhood that breathes community and safety, where the built environment is characterised by variation in terms of scale, types of housing and forms of tenure, creating social diversity. Genova 2019 Annual Report 7 GENOVA | INTRODUCTION Genova in brief Genova is a personal property company that owns, manages and develops prop- Property value erties with a long-term, sustainable and highly committed approach. We are focused on commercial, community ser- vice and residential properties in Greater SEK 4,420m Stockholm and the Uppsala Region. 31 December 2019 Genova’s large portfolio of own residential building rights ensures the Group’s long- term growth and continued stable growth Residential building rights of the investment property portfolio, regardless of economic conditions. We are active across the entire value chain – from acquisitions, urban and project develop- 5,406 ment to letting and property management. 31 December 2019 Our mission is to combine stable cash flows from the investment property port- folio with cost-efficient project development Loan-to-value ratio of mainly community service properties and rental apartments for our own long- term management. 60 % Sustainable, safe and attractive urban 31 December 2019 environments evolve where Genova develops and invests. We see a direct link between good architecture, sustainability and prof- Long-term net asset value itability. New construction is carried out efficiently, with wood as our building mate- rial of choice, in close collaboration with well-established construction companies. SEK 1,975m 31 December 2019 8 Genova 2019 Annual Report Customer perspective Committed employees Active acquisitions Architecture Sustainable Genova’s and design Large project Geographic cornerstones focus portfolio Long-term Value creation owners Urban developer Customer perspective Sustainable Value creation We are a personal property company, always Sustainability is our compass and we take We create value through both active property close to our tenants. By trying to understand our responsibility as a property owner and urban management and project development. We customers and see things from their perspective, developer. Key components are green financing, do this by increasing letting, development and we build better and more long-term relationships. environmental certification of properties, wood investment in properties and projects with attrac- as our preferred choice of building material and tive residential units and premises. social initiatives. Active acquisitions Large project portfolio We are active in the acquisition market where we Geographic focus seek properties with stable cash flows and devel- We ensure production and growth through our opment potential, always with the starting point of We are based and mainly growing in Greater own large project portfolio, mainly generated from finding opportunities for value growth. Stockholm and Uppsala, which are expansive existing properties. Cash flows from our property regions with a major demand for residential units. portfolio provide a stable foundation for financing Good relationships with municipalities and local acquisitions and projects. operators create conditions for further acquisi- tions and project opportunities. Architecture and design Long-term owners We have a passion for design and architecture. We see a direct link between design, architecture, We mainly develop rental apartments and com- sustainability and profitability. Quality, design and munity service properties for our own long-term architecture are aligned with Genova’s long-term management. Ownership with an eternal perspec- ownership perspective. tive motivates long-term investments and creates scope for sustainable urban development. Committed employees Urban developer By being responsive and committed, want we to help improve job satisfaction and quality of life in We invest in projects where the city is evolving with a more sustainable society. Employees are Geno- a holistic approach to urban development. Genova va’s most valuable asset and our most important helps to create sustainable and attractive environ- ambassadors. ments where people want to live, work and visit. Genova 2019 Annual Report 9 InvestmentFastighetsvärde properties Yta Hyresvärde 32% Community 68% Kategori Commercial Sundsvall service properties properties Total property value SEK 3,661m Investment properties Gävle Project development Uppsala Fastighetsvärde Yta Hyresvärde 7% Knivsta Commercial properties Norrtälje 35% Enköping Geogra Co-operative apartments 10% Greater Stockholm Community Kategori service 48% properties Rental apartments Total property/project value SEK 16,559m Borås Ongoing construction Planned projects Geogra In Palma, Spain, one hotel is under Lund construction and an additional hotel is planned. GENOVA | HISTORY 2006 2007-2013 2014 2015 • Genova Property Group • Genova grew through acquisi- • New organisation was formed • A number of properties in was founded by Micael Bile. tions and project development. with Andreas Eneskjöld as CEO Uppsala, Lidingö and Nacka • The geographic focus of the and Michael Moschewitz as were acquired, totalling SEK • Gävlesund Fastigheter was new CFO. 170m. acquired, with properties in operations was Greater Stock- Sundsvall, Gävle and Mjölby. holm and Uppsala. • The credit portfolio was refi- • Dedicated efforts to reduce • Andreas Eneskjöld joined the nanced. vacancies and increase cash company as partner and Board • Lillsätra in Sätra, Knarrarnäs in flow. member. Kista and Viby 19:3 in Kungsän- • Successful sale of 79 co- gen were acquired, totalling operative apartments. 32 ksqm. • 1,800,000 preference shares issued and listed on Nasdaq First North Growth Market Premier. 10 Genova 2019 Annual Report Our main markets are Greater Stockholm and Uppsala – expansive regions with high demand for both residential units and com- munity service properties. Value of investment properties Key metrics per geography 2019 2018 Rental income, SEKm 180.6 127.7 Mkr Net operating income, SEKm 129.9 92.2 4 000 Income from property management, SEKm 42.9 21.6 3 000 Income from property management per ordinary share, SEK 0.11 –0.20 Residential units under construction, no.1 527 235 2 000 Residential units completed, no. 133 135 1 000 Net investments, SEKm 1,141.2 624.0 Loan-to-value ratio, % 60.4 61.8 31 dec 31 dec 31 dec 31 dec 31 dec Equity/assets ratio, % 35.0 35.6 2015 2016 2017 2018 2019 Interest-coverage ratio2 1.8 1.9 Long-term net asset value, SEKm 1,975.3 1,200.5 Greater Uppsala Other Long-term net asset value attributable to ordinary shareholders, SEKm 1,457.0 804.4 Stockholm Long-term net asset value attributable to ordinary shareholders, SEK per ordinary share 23.71 16.09 1) Including 35 hotel rooms. 2) Excluding non-recurring costs. 2016 2017 2018 2019 • Eight properties, mainly • Nine properties were acquired • The Balneum co-operative apart-
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