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Annual Report / 2020 Annual Report / 2020 Genova – the personal Full-year January-December 2020 Rental income amounted to SEK 231.1m property (180.6), an increase of 28%. Net operating income amounted to company SEK 177.4m (129.9), an increase of 37%. Income from property management increased 49% to SEK 60.8m (40.8), of which income from property management attribut- able to ordinary shareholders was SEK 18.8m (4.1), corresponding to SEK 0.53 (0.09) per ordinary share. Net income after tax amounted to SEK 418.0m (571.0), corresponding to SEK 10.69 (11.77) per ordinary share. The decrease was due to lower changes in value for the period compared with 2019. Long-term net asset value attributable to ordinary shareholders increased 62% to SEK 2,364.6m (1,457.0), corresponding to SEK 59.75 (47.43) per ordinary share. Genova 2020 Annual Report 3 4 Genova 2020 Annual Report CEO STATEMENT 12 Genova’s CEO Michael Moschewitz presents the company’s performance for the year GENOVA’S VALUE-CREATING 20 DEVELOPMENT PROCESS Target Business model How we create value HANDELSMANNEN PROJECT 22 – from building rights to new homes in Norrtälje INVESTMENT PROPERTY PORTFOLIO 28 INVESTMENT PROPERTIES 34 Properties for long-term ownership Acquisitions and divestments Tenants PROJECT DEVELOPMENT 42 Development creates value Ongoing construction Building rights portfolio 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 87 Directors’ Report Financial statements Contents Accounting policies and notes GENOVA’S CORPORATE Auditor’s report SOCIAL RESPONSIBILITY INITIATIVES ARE PRE- SENTED IN THE ANNUAL REPORT 6 Genova 2020 Annual Report New urban In December 2020, Genova commenced the Segerdal project with the space in Knivsta construction of new rental apartments located in central Knivsta, next to the Town Hall and directly adjacent to the train station. The property, in the form of a car park and a central building with unlet premises, is a typical acquisition for Genova, which will work together with Redito Property Investors to transform the site into a town centre for the burgeoning small town of Knivsta. Knivsta is one of the fastest growing municipalities in Sweden. That means of course that housing is needed as well as more service, shops, meeting places, green areas and a new urban space. Here, we plan to construct residential units of varying sizes, suitable for young people, families and senior citizens, thereby helping to promote social diversity in the neighbourhood and supporting urban life. Alongside housing, the new neighbourhood will also feature squares, pedestrian streets, green areas and small secluded public places to enjoy. The Segerdal project buildings will be environmentally certified and the first occupancy is scheduled for year-end 2022. Genova 2020 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 m Stockholm and the Uppsala Region. 5,355 31 December 2020 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- 5,890 ment to letting and property management. 31 December 2020 Our mission is to combine stable cash flows from the investment property portfo- lio with cost-efficient project development Loan-to-value ratio of mainly community service properties and rental apartments for our own long- term management. 55% Sustainable, safe and attractive urban envi- 31 December 2020 ronments 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. SEK2,883m 31 December 2020 8 Genova 2020 Annual Report Customer perspective Committed employees Active acquisitions Architecture Sustainable Genova’s and design Large project Geographic cornerstones focus portfolio Long-term owners Value creation Urban developer Customer perspective Sustainable Value creation We are a personal property company, always Sustainability is our compass and we take respon- We create value through both active property close to our tenants. By trying to understand our sibility as a property owner and urban developer. management and project development. We customers and see things from their perspective, Key components are green financing, environmen- do this by increasing letting, development and we build better and more long-term relationships. tal certification of properties and social initiatives. investment in properties and projects with attrac- tive residential units and premises. Active acquisitions Geographic focus Large project portfolio We are active in the acquisition market where we We are based and mainly growing in Greater seek properties with stable cash flows and devel- Stockholm and Uppsala, which are expansive We ensure production and growth through our opment potential, always with the starting point of regions with a major demand for residential units. own large project portfolio, mainly generated from finding opportunities for value growth. Good relationships with municipalities and local existing properties. Cash flows from our property operators create conditions for further acquisi- portfolio provide a stable foundation for financing tions and project opportunities. acquisitions and projects. Long-term owners Architecture and design We mainly develop rental apartments and com- We have a passion for design and architecture. munity service properties for our own long-term We see a direct link between design, architecture, management. Ownership with an eternal perspec- sustainability and profitability. Quality, design and tive motivates long-term investments and creates architecture are aligned with Genova’s long-term scope for sustainable urban development. ownership perspective. Urban developer Committed employees We invest in projects where the city is evolving By being responsive and committed, we want to with a holistic approach to urban development. help improve job satisfaction and quality of life in Genova helps to create sustainable and attractive a more sustainable society. Employees are Geno- environments where people want to live, work va’s most valuable asset and our most important and visit. ambassadors. Genova 2020 Annual Report 9 InvestmentFastighetsvärde properties Yta Hyresvärde 48% Community 52% Kategori Commercial service properties properties Total property value SEK 4,560m Gävle Investment properties Uppsala Knivsta Project development Norrtälje Fastighetsvärde Yta Hyresvärde Enköping 8% Commercial properties Greater StockholmGeogra 28% Co-operative apartments 12% Community Kategori service 52% Rental properties apartments Borås Total property/project value SEK 19,322m Ongoing construction Planned projects Geogra Lund In Palma, in Spain, one hotel is under construction and an additional hotel is planned “Genova’s priority markets are Greater Stockholm and Uppsala, expansive regions with a major demand for residential units. Good relationships with municipalities and local operators create conditions for further acquisitions and project opportunities.” 10 Genova 2020 Annual Report Key metrics 2020 2019 Rental income, SEKm 231.1 180.6 Net operating income, SEKm 177.4 129.9 Income from property management, SEKm1 60.8 40.8 Income from property management per ordinary share, SEK1 0.53 0.09 “2020 was a year of Residential units under construction, no.2 540 527 Residential units completed, no. 137 133 strong development Net investment, SEKm 1,074.7 1,146.1 Loan-to-value ratio, % 55.2 61.0 Equity/assets ratio, % 39.0 33.5 and growth.” Interest-coverage ratio, times3 1.8 1.8 Long-term net asset value, SEKm 2,883.0 1,975.3 Long-term net asset value attributable to ordinary shareholders, SEKm 2,364.6 1,457.0 Total no. of ordinary shares outstanding, 000s4 39,577 30,722 Long-term net asset value attributable to ordinary shareholders per ordinary share, SEK 59.75 47.43 1) Currency effects are no longer included in income from property management and are recognised separately in profit or loss. Comparative figures have been restated. Refer to Performance analysis on page 93. 2) Including 35 hotel rooms. 3) Excluding non-recurring items. 4) Restated for 2019 to correspond to the number following the withdrawal of every other share in the second quarter of 2020. Property value, SEK billion Income from property management, SEKm 5.36 4.42 2.60 60.8 1.83 1.64 1.38 40.8 33.9 14.6 15.7 2015 2016 2017 2018 2019 2020 -9.7 Genova 2020 Annual Report 11 CEO statement 2020 was a year of strong development and growth for Genova despite the turbulence in the macro-environment caused by the coronavirus pandemic. Our ordinary share was listed on Nasdaq Stockholm and the proceeds of a new share issue strengthened our financial position and liquidity. Genova’s first rental
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