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Annual Report 2020 WE CREATE SPACE TO DEVELOP YOUR BUSINESS COREM ANNUAL REPORT AND SUSTAINABILITY REPORT 2020 Corem Annual Report and Sustainability Report 2020 INTRODUCTION About Corem 1 2020 in brief 2 Message from the CEO 4 18,674 14,002 Market and external environment 6 ASSETS, SEK M FAIR VALUE, PROPERTIES, SEK M Business model and strategies 12 Targets and outcomes 15 SEK M SEK M 000’ sq.m. 20,000 15 1,500 OPERATING ACTIVITIES 15,000 Customer-oriented management 18 10 1,000 Value-adding property 22 10,000 development 5 500 Strategic acquisitions 24 5,000 Our properties 26 0 0 0 2015 2016 2017 2018 2019 2020 Market valuation 30 2016 2017 2018 2019 2020 Properties Shareholding Property value Lettable area SUSTAINABILITY Sustainable business model 32 S Environmental consideration 36 S and resource efficiency An attractive employer 38 S Good business partner 40 S 48 985,887 KAPITALSTRUKTUR LONG-TERM SHARE HOLDINGS 42 EQUITY RATIO, ADJUSTED, % LETTABLE AREA, SQ.M. % FINANCE AND SHARES 60 Financing 43 Shares and shareholders 48 40 Five reasons to invest in Corem 50 20 CORPORATE GOVERNANCE 0 Corporate Governance Report 52 2016 2017 2018 2019 2020 Board and management 60 Equity ratio, adjusted Logistics, 70% Retail: 5 % FINANCIAL STATEMENTS Offices: 21% Other: 4% Directors’ report 64 A Opportunities and risks 69 A Accounts – Group 72 A Accounts – Parent company 78 A Notes 82 A Sustainability notes including 101 S 22.22 970 GRI index NET ASSET VALUE PER RENTAL VALUE, Signing of the Annual Report 109 A S and Sustainability Report ORDINARY SHARE, SEK SEK M Auditor’s Report 110 A SEK/share SEK M Review of Sustainability Report 113 25 1,200 20 1,000 800 15 OVERVIEWS AND OTHER 600 10 Multi-year overviews 114 400 Key figures and ratios 116 5 200 Definitions 117 0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 List of properties 118 Contact details 123 Net asset value per ordinary Rental value Invitation to the 125 share, SEK Annual General Meeting A Annual Report S Sustainability Report Pages 62–100 and page 109 contain Corem’s 0.65 -5 Annual Report and consolidated accounts and have been reviewed by Ernst & Young AB. The DIVIDEND PER ORDINARY SHARE, SEK REDUCED ENERGY CONSUMPTION, % Auditor’s Report is on pages 110–112. SEK/share kWh/sq.m. Corem’s Sustainability Report has been 0.7 140 prepared in accordance with GRI Standards. 0.6 120 0.5 100 The statutory Sustainability Report required by 0.4 80 the Swedish Annual Accounts Act is on pages 0.3 60 32–41 and 101–108, with the GRI index on pages 0.2 40 107–108. The auditor’s report on Ernst & Young 0.1 20 AB’s limited assurance review is on page 113. 0.0 0 2010 2011 2012 2013201420152016 2017 201820192020 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 This document is a translation of a Swedish language original. In case of any discrepancy Dividend SEK/ordinary share Electricity between the two versions, the original shall Figure for 2020, proposed dividend. Heating take precedence. Figures for previous years, agreed dividend. About Corem STOCKHOLM WE CREATE INTRODUCTION SPACE TO DEVELOP YOUR WEST SMÅLAND BUSINESS SOUTH Corem Property Group owns, manages and develops properties located in prime logistics locations. Our goal is to be the leading provider of properties suitable for city logistics in our selected regions. COREM’S REGIONS STOCKHOLM Our property portfolio is concentrated to Lettable area 457,556 sq.m. strategic locations close to urban areas with Property value SEK 7,903 m good accessibility and growth. The portfolio is No. of properties 94 divided into four regions, and managed locally Percentage 57 percent through regional property management offices. In-house property management is an impor- tant part of our strategy and a key factor in SOUTH Lettable area 193,079 sq.m. gaining a good understanding of the Fair value SEK 1,650 m local market as well as having a close No. of properties 25 relationship with our tenants. Percentage 12 percent WEST Lettable area 236,954 sq.m. Property value SEK 3,271 m No. of properties 26 Percentage 23 percent SMÅLAND Lettable area 98,298 sq.m. Property value SEK 1,178 m No. of properties 22 Percentage 8 percent For more information, see Our properties on pages 26–29. Corem Annual Report and Sustainability Report 2020 1 2020 in brief STRONG GROWTH AND INTRODUCTION INCREASED PROFITABILITY Corem performed strongly in 2020. Property value rose by 16 percent and profitability increased. Income from property management increased by 5 percent, despite properties corresponding to 25 percent of net operating income being sold in 2019. The occupancy rate at the end of the year was 93 percent, the highest in eleven years. Demand for properties suitable for city logistics is currently strong and boosted by societal trends such as digitalisation and sustainability. THE FINANCIAL YEAR — Income amounted to SEK 894 million (961). The decrease is due to Key financial figures and ratios the divestment of a property portfolio of 30 properties in July 2019. For a like-for-like portfolio, income increased by 4 percent. 2020 2019 2018 — The economic occupancy rate has increased and amounted to Income, SEK m 894 961 965 93 percent at year end (91). Net operating income, SEK m 668 701 733 — Net operating income amounted to SEK 668 million (701). For a Profit/loss from property management, 420 400 380 like-for-like portfolio, net operating income increased by 5 percent. SEK m — Profit from property management amounted to SEK 420 million Profit/loss after tax, SEK m –108 3,114 1,183 (400), an increase of 5 percent. Occupancy rate, economic, % 93 91 91 — Changes in property value amounted to SEK 759 million (1,695). Surplus ratio, % 75 73 76 — Changes in value of financial investments amounted to Equity ratio, adjusted, % 48 55 38 SEK -1,042 million (1,089) for the year. Interest coverage ratio, multiple 2.5 2.8 2.9 — Profit after tax for the year was SEK -108 (3,114), corresponding Loan to value ratio, % 38 22 58 to earnings per ordinary share of SEK -0.52 (8.35). Earnings per ordinary share, SEK –0.52 8.35 3.05 — Fair value of the property portfolio increased by 16 percent Net asset value per ordinary share, SEK 22.22 22.74 14.27 to SEK 14,002 million (12,114), following the acquisition of ten Dividend per ordinary share, SEK1) 0.65 0.60 0.45 properties, investments of SEK 741 million in new-builds, exten- Dividend per preference share, SEK 20.00 20.00 20.00 sions and refurbishments, and divestment of five properties in 1) 2020 – proposed dividend. non-priority locations. — The value of financial investments in listed shares amounted to SEK 4,347 million (4,733). — Net asset value per ordinary share amounted to SEK 22.22, — The Board’s independent bid committee recommended to the (22.74). shareholders not to accept M2’s mandatory bid of SEK 18.60 per — Board member Rutger Arnhult announced that he intended to ordinary share and SEK 317.00 per preference share. On the basis stand down from Corem’s board on 25 March 2021. of an overall assessment, they did not consider that the condi- — The main owner, M2 Asset Management (M2), acquired ad- tions represented current value or future growth opportunities. ditional shares in Corem, triggering an obligation to make a — The outcome of M2’s offer to shareholders showed the offer was mandatory bid for the outstanding shares. accepted by the owners of 785,119 ordinary A shares, 1,557,123 — The Board of Directors intends to propose to the Annual General ordinary B shares and 692,183 preference shares. As a result, Meeting a dividend of SEK 0.65 (0.60) per ordinary share A and M2’s holdings increased to approximately 47.2 percent of total ordinary share B and SEK 20.00/year per preference share. capital and 49.1 percent of the total number of votes. In terms of outstanding votes, this corresponds to approximately 53.8 EVENTS AFTER THE PERIOD percent. — Tap issues of the green bond issued in the fourth quarter have — M2’s increased ownership meant a Change of Control Event totalled SEK 550 million. according to the terms for the Corem bonds 2020/2023 and — An agreement has been entered into for the acquisition of the 2020/2024 respectively. During an accept period, bondholders Hedenstorp 1:99 property in Jönköping (approximately 4,000 have the right to request repurchase of bonds at a price corre- sq.m. of lettable area). sponding to 101 percent of the nominal amount plus accrued — An agreement has been entered into for the sale of the Instru- interest. mentet 13 and 18 properties in Örnsberg in Stockholm (approxi- mately 5,700 sq.m. of lettable space). 2 Corem Annual Report and Sustainability Report 2020 2020 in brief GROWTH THROUGH PROPERTY DEVELOPMENT INTRODUCTION Three completed projects 93% Property development is a core compo- ECONOMIC OCCUPANCY nent of Corem’s activities and contributes to the development of towns and cities. During the year, Corem invested SEK 741 million (506) in new-builds, extensions and refurbishment. Three major projects comprising a total investment of SEK 191 million have been completed during the year. At the turn of the year, three major projects were underway and due for com- pletion in the first half of 2021, with a total estimated investment of SEK 682 million. Find out more on pages 22–23.
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