2020 Annual Report Annehem Fastigheter AB Table of Contents
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2020 Annual Report Annehem Fastigheter AB Table of contents THIS IS ANNEHEM 2 Annehem’s business concept, vision and mission 3 The year in brief 4 Significant events 5 CEO’s comments 6 Introduction to the Directors’ Report 8 Strategy, targets and target achievement 9 Our properties 12 Our customers 18 Market 19 Sustainability 22 The Annehem share 25 Financing 27 Risks and risk management. 28 Corporate Governance Report 33 CORPORATE GOVERNANCE 33 Board of Directors 38 Invitation to the Annual General Meeting Senior executives 39 Remuneration report 41 ACCOUNTS 42 Annehem Fastigheter AB (publ) will hold its Annual General Meeting on 19 May 2021. Since the spread of COVID-19 continues to be widespread, Annehem’s Annual General Meeting will be held in a different manner than normal. To Financial developments and events reduce the risk of spreading the virus and taking into account the recommendations and advice of the authorities to during the year 42 avoid assemblies, the meeting will be held only by advance voting (postal vote) pursuant to temporary legal provisions. Financial statements 45 A meeting with attendance in person or by proxy will therefore not take place. Annehem invites you to take part in the Annual General Meeting by advance voting and encourages shareholders to ask questions in advance by mail or e-mail Financial key figures 72 ([email protected]) that must be received by Annehem no later than 9 May 2021. Auditor’s report 74 Shareholders who wish to take part in the meeting through advance voting must be (i) listed as shareholders in the share register produced by Euroclear Sweden regarding the conditions on 10 May 2021, and (ii) register for the meeting OTHER 77 no later than 18 May 2021 by submitting their advance vote in accordance with the instructions set out in the Glossary and definitions 77 convening notice published no later than 21 April 2021. Abbreviations 79 The convening notice of the meeting, power of attorney forms and advance voting forms will be available on Annehem Fastigheter’s website no later than 21 April 2021, www.annehem.se/investors/corporate-governance/ shareholders-meetings/. ANNEHEM FASTIGHETER AB 2020 ANNUAL REPORT | 1 ANNEHEM’S BUSINESS CORPORATE GOVERNANCE ACCOUNTS OTHER This is Annehem We own and manage commercial properties in the Swedish growth regions of Stockholm, Gothenburg and Skåne, and also at a Nordic level in Helsinki and Oslo. The properties are largely state-of-the-art, flexible, with good access to public transport and other communications and are of high quality. 8 % OSLO 26 % 5 % HELSINKI GOTHENBURG 38 % 15 % STOCKHOLM ÄNGELHOLM/ HELSINGBORG AREA 8 % Distribution as a percentage of total property value. MALMÖ ANNEHEM FASTIGHETER AB 2020 ANNUAL REPORT | 2 ANNEHEM’S BUSINESS CORPORATE GOVERNANCE ACCOUNTS OTHER Annehem’s business concept, vision and mission Business concept Vision Mission Annehem shall own and manage high- Annehem shall always be the number Annehem creates attractive meeting quality commercial, community service one choice for customers and employees places and homes. Annehem believes and residential properties with a clear wherever the company chooses to that the workplace, meeting place and environmental profile located near good operate. home are tools for nurturing growth and transport links in the Nordic growth attractiveness. The positive development areas. Annehem builds lasting relation- of Annehem’s customers in turn creates ships and value through management growth and attractiveness in the cities in being close to the customers. which the company operates. ANNEHEM FASTIGHETER AB 2020 ANNUAL REPORT | 3 ANNEHEM’S BUSINESS CORPORATE GOVERNANCE ACCOUNTS OTHER The year in brief SEK 122 • Annehem Fastigheter AB (Annehem) was formed on 1 January 2020 as a separate property million Group within Peab. Annehem was distributed to Peab’s shareholders and was listed on Net operating income 11 December 2020. 31 December 2020 • Rent revenue for the year amounted to SEK 151.5 million (96.5). • Net operating income amounted to SEK 121.8 million (60.2). The improvement is attributable to a larger portfolio of properties and a higher occupancy rate year-on-year. • Income from property management amounted to SEK 16.0 million (31.5) and was impacted by costs for setting up Annehem as an independent Group as well as IPO and refinancing costs of SEK –29.0 million, which yielded an adjusted income from property management SEK 3,318 of SEK 45.0 million. million • The fair value of investment properties amounted to SEK 3,317.5 million (2,437.2). Property value 31 December 2020 • Investments in existing properties amounted to SEK 137.3 million. • Earnings per share amounted to SEK 1.22 (1.74). • Acquired but not yet closed two housing projects and two commercial properties at a total underlying property value of SEK 791 million. • Positive result in the Fastighetsbarometer survey, with Annehem placing as one of five companies that achieved a CSI of 80 or higher. 96 % • In accordance with the company’s dividend policy, no dividend is proposed for 2020. Economic occupancy rate 31 December 2020 SEK million 2020 2019 Rent revenue 151.5 96.5 Net operating income 121.8 60.2 Income from property management 16.0 31.5 Income from property management excluding items affecting comparability 45.0 31.5 Income from property management excluding items affecting comparability per share 0.76 0.53 Income for the period 71.8 102.7 ≥80 Earnings per share for the period, SEK 1.22 1.74 Net loan-to-value ratio, % 33.1 58.0 Customer Satisfaction Equity/assets ratio, % 54.4 37.3 Index 2020 Interest-coverage ratio, multiple 2.0 2.5 Economic occupancy rate, % 95.5 82.7 Surplus ratio, % 80.4 62.4 ANNEHEM FASTIGHETER AB 2020 ANNUAL REPORT | 4 ANNEHEM’S BUSINESS CORPORATE GOVERNANCE ACCOUNTS OTHER Significant events Letters of intent enable Acquisitions during the year rapid growth During the year, Annehem acquired Annehem has entered letters several properties from Peab. of intent with Peab regarding Possession was taken of two modern acquisitions of a number of office properties in Solna and Malmö. development rights as fully A property in Oslo was acquired and developed properties. The possession taken in the fourth quarter properties are located directly of 2020. In addition, Annehem adjacent to Annehem’s existing acquired two residential properties portfolio in Stockholm, Helsinki and two commercial properties from and Malmö. The possibility to Peab but has not yet taken these into acquire the future properties possession. The agreed underlying both strengthens the geo- property value for these four proper- graphic position and enables ties is SEK 791 million. more efficient property management. Listing on Nasdaq Stockholm On 11 December 2020, Annehem Fastigheter AB (publ) was listed on Strong financial position Nasdaq Stockholm after the distri- bution by Peab and became an inde- In conjunction with the listing of Annehem, the entire debt port- pendent company. The listing of folio was refinanced. Annehem’s total framework is SEK 1.9 bil- Annehem was the first important lion, in three currencies (SEK, NOK and EUR) that can be drawn step on a journey of growth and, due upon on three occasions. The credit has a tenor of three years. to the pandemic, was celebrated At the end of the year, SEK 1,470 million had been utilised and with a virtual bell-ringing ceremony SEK 420 million remained for utilisation within the existing in Annehem’s business park, framework in addition to cash of SEK 448 million. In other Valhall Park. words, Annehem is well prepared for its continued expansion. ANNEHEM FASTIGHETER AB 2020 ANNUAL REPORT | 5 ANNEHEM’S BUSINESS CORPORATE GOVERNANCE ACCOUNTS OTHER CEO’s comments New high-quality and flexible properties create stability in challenging times The listing of Annehem was the first important step on a journey of growth and was celebrated by bell-ringing in Annehem’s business park, Valhall Park. In the process of becoming an independent company, Annehem acquired and took possession of a number of properties from Peab with a value of SEK 3,318 million. As a result, we have created a platform of high-quality, modern and flexible properties located in growing metropolitan areas in Sweden, Norway and Finland. Annehem’s CEO Jörgen Lundgren at Annehem’s listing ceremony. In the background Peab’s founder Mats Paulsson. ANNEHEM FASTIGHETER AB 2020 ANNUAL REPORT | 6 ANNEHEM’S BUSINESS CORPORATE GOVERNANCE ACCOUNTS OTHER A solid foundation to build on Value-generating strategic acquisitions during the year It is difficult to assess how GDP and the labour market will be I am extremely pleased to find that we are in the upper quarter of Annehem has an explicit strategy of increasing exposure to resi- impacted by the coronavirus pandemic. It will depend on how the Fastighetsbarometer’s customer satisfaction index with a score dential homes and properties with community service tenants. We rapidly the global economy recovers and whether there is a further of 82 CSI, while the average for the industry is 75 CSI. This is have now begun implementing this strategy. We have acquired but broad spread of infection. To date, the hotel, retail and restaurant evidence of our understanding that our tenants form a crucial pillar not yet taken into possession two housing projects and two com- sectors have been impacted to the greatest extent. To dampen in our operations and that we succeeded in building up a well- mercial properties at a total underlying property value of SEK 791 the negative economic effects, countries have deployed powerful functioning and stable organisation in 2020. million. In addition, letters of intent for acquisitions Annehem has stimulus packages. The continued low interest rates has led to signed with Peab during the year will further strengthen the compa- capital seeking low-risk returns being increasingly invested in ny’s geographic position for the coming years.