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Annual Report 2019 Wallenstam AB

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Annual Report 2019 Wallenstam AB Contents This is This is Wallenstam 1 Strategic Direction Wallenstam This is how we create value 2 Business plan 2019–2023 4 Guiding principle Customer 6 Guiding principle Employee 7 Guiding principle Environment 8 Comments by the CEO 9 Vision Comments by the Chairman 12 Wallenstam shall be the natural choice of Board of Directors 14 people and companies for housing and Group Management 16 premises. The Wallenstam share 18 Investing in Wallenstam 22 Financial strategy 24 Business concept Responsible enterprise 27 We develop and manage people’s homes Risks that generate opportunities 34 and workplaces based on a high level of service and long-term sustainability in Operations and Markets selected metropolitan areas. Organization and employees 40 Market outlook 43 Property management 48 Goal Value of the properties 53 To achieve an increase in net asset value Value-creating construction 56 of SEK 40 per share through 2023. We are building here 62 Five-year summary 64 Core values Financial Reports Progress, respect, commitment. How to read our income statement 66 Administration report 67 Consolidated accounts 72 Group accounting principles and notes 76 Parent company accounts 112 Parent company accounting principles and notes 116 Auditor’s report 129 Corporate governance report 132 Property List Stockholm Business Area 138 Gothenburg Business Area 140 Completed new construction, acquisitions and sales 145 Wind power 145 Other Wallenstam’s GRI reporting 146 Annual General Meeting 2020 149 Glossary 149 Definitions see cover Calendar see cover Wallenstam’s statutory sustainability report is found on the following pages: business model pages 2–4, environmental questions pages 8, 27–33, 39 and 146–148, social conditions and personnel-related ques- tions pages 7, 27–35, 40–42 and 146–148, respect for human rights pages 27–33 and 147–148, anti-corruption pages 27–30, 32–33, 36 and 148 as well as diversity in the Board pages 42 and 133. SEK 2,026 million RENTAL INCOME SEK 1,108 million INCOME FROM PROPERTY MANAGEMENT SEK 792 million CHANGE IN VALUE NEW CONSTRUCTION 98% OCCUPANCY RATE UPPSALA STOCKHOLM SEK 52 billion GOTHENBURG PROPERTY VALUE 44% EQUITY/ASSETS RATIO Wallenstam’s operations are SEK 91.30 concentrated in Gothenburg, NET ASSET VALUE PER SHARE Stockholm and Uppsala. THIS IS WALLENSTAM 1 This is how we create value 1 | Our resources 2 | Our operations and business model Financial capital Business process SEK 24 billion in capital from shareholders and Wallenstam builds, develops and manages properties and generated profits that remain in the company and areas based on the needs of people and society, and SEK 24 billion from external lenders. according to the wishes and requirements of customers and shareholders. We create value growth through Produced capital construction, development and management with a high More than 200 properties – residential properties in level of service and long-term sustainability. Profits are attractive locations in the growth regions of Gothen- reinvested and used to further develop the business. burg, Stockholm and Uppsala as well as commercial Shareholders receive a share of the profits in the form of properties in Gothenburg inner city. 66 wind turbines dividends. from Jämtland in the north to Skåne in the south, producing renewable energy. Efficient management and development Our properties and public areas adjacent to the properties Human capital are developed and refined based on maintenance plans Just over 250 dedicated and knowledgeable and customer needs and wishes. Safety, comfort and long- employees and combined competencies through part- term profitability are key words when we, for example, mo- ners within management, service and construction. dernize the courtyards of residential buildings, Social and relationship capital carry out optimized All customers that live in our around 9,500 rental operations projects, or apartments, or that work in the offices, shops etc., when we develop in- which comprise more than 500,000 sq m of commer- ner city environments cial floor space. In addition, relationships with financi- to contribute to meeting places and a city pulse. Through ers, partners, municipalities and local communities. our own wind power production, we are self-sufficient in renewable energy, something that makes us less sensitive Intellectual capital to changes in the electricity price. About 11,000 potential apartments in the project portfolio which can become future homes for families Successful letting organization through our combined experience and processes With good knowledge of the local market and its needs concerning management, construction and urban and great commitment in taking care of customer rela- development with dialogue and collaboration. tionships, a strong basis is created for maintaining a uni- form and high occupancy rate in our commercial holdings. Natural capital The residential holdings are fully let and in line with the Land, energy and building materials such as wood, completion of our new construction projects, letting of a stone and metal provide the basis for our construction large number of apartments occurs every year. operations. Cost-efficient construction We mainly build rental apartments for our own manage- ment, but also a smaller number of co-op apartments and commercial properties. Our process and flexible business model, makes it possible to complete our new construc- 218 tion projects in both economic upturns and downturns. We work continually on acquiring land and seek land PROPERTIES Wallenstam has 1.2 million sq m of lettable area, allocations in order to regularly replenish our project of which just over 500,000 sq m is commercial floor space. portfolio. 2 THIS IS HOW WE CREATE VALUE We create value growth through construction, development and management with a high level of service and long-term sustainability. VALUE GROWTH Construction, development and management of housing NEED PROFIT and commercial premises with a high level of service and long-term sustainability. Build and buy Manage and develop Dividend 3 | Created value for our stakeholders Owners Suppliers, partners and lenders » Stable and safe investment » Paid goods and services » Share price trend » Interest payments » Share dividend » Long-term collaborative relationships » Value growth » Jobs Customers Society and the city » Functional, qualitative homes and well-adapted, » Regional development through more housing and flexible working environments premises for people and companies » Realized entrepreneurial and residential dreams » More attractive, lively cities with pleasant meeting places » Housing free from financial risk and developed infrastructure and service » Simplified and hassle-free everyday life – at home » Tax revenue and jobs and at work » Engagement in the local community and sponsorship Employees Environment » Jobs with secure and stable employer » More renewable energy » Personal and professional development » Lower environmental impact by reduction of energy » Remuneration and benefits use, carbon emissions and water consumption in our properties » The possibility of charging electric vehicles, solutions for sorting at source, and initiatives to promote cycling etc. THIS IS HOW WE CREATE VALUE 3 Business plan 2019–2023 GOAL 2023 To achieve an increase in net asset value of SEK 40 per share he goal to achieve an increase growth is created by successful letting, ef- in net asset value of SEK 40 per ficient management, value-creating invest- share during the period is equiva- ments, cost-efficient new construction and lent to an increase of 50 percent strong business operations. starting from October 1, 2018. As of TSeptember 30, 2018, the Group’s During the business plan 2023, Wallenstam net asset value amounted to SEK 25,608 is continuing to work in the growth regions million, which is equivalent to SEK 79.20 of Gothenburg, Stockholm and Uppsala. We per share and is the starting point for the are striving to become even more service- measurement. On December 31, 2019, the oriented, productive and efficient, so that we net asset value amounted to SEK 29,501 can create even more value for our sharehol- million, which corresponds to SEK 91.30 per ders, employees, customers and society as a share. This means that we have generated whole. During the business plan, the equity/ SEK 12.10 per share to date. Net asset value assets ratio shall not fall below 30 percent. Increase in net asset value, SEK/share 40 30 20 12.10 10 3.10 0 Q4 2018 2019 2020 2021 2022 2023 4 BUSINESS PLAN 2019–2023 Net asset value growth is created by successful letting, efficient management, value-creating investments, cost-efficient new construction and strong business operations. Guiding principles Our guiding principles aim to clarify important focus areas in our operations. CUSTOMER EMPLOYEE ENVIRONMENT We shall exceed customer Through our strong We shall reduce our expectations and improve the corporate culture, we shall environmental impact every overall impression of Wallenstam be an attractive employer and year, through initiatives within the every year through attractive improve our Engagement Index focus areas energy, transports apartments and premises as score every year. and resources. well as good service. read more on page 6 read more on page 7 read more on page 8 The Sturefors block, Gothenburg. BUSINESS PLAN 2019–2023 5 GUIDING PRINCIPLE CUSTOMER “We shall exceed customer expectations and improve the overall impression of Wallenstam every year through attractive
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