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A New Era for the City

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A New Era for the City ANNUAL REPORT AND SUSTAINABILITY REPORT 2017 A NEW ERA FOR THE CITY 6 CEO’S STATEMENT 10 STRATEGIC ORIENTATION 10 Business model 12 Goals 15 Strategies 16 Organisation 15 Sustainable urban development 20 MARKET OVERVIEW 26 SUSTAINABILITY 26 Focus areas and governance 27 Environment and resource utilisation 30 Employees 33 Business ethics 36 OUR PROPERTY PORTFOLIO 38 INVESTMENTS AND PROJECTS 38 Investments in our own properties, acquisitions and sales 40 Confirmed projects 41 Potential projects 42 OUR AREAS 42 STOCKHOLM 46 Sickla 49 Farsta 50 Hagastaden 51 Kista 54 Södermalm 55 Liljeholmen 56 Sundbyberg Read about Digital Natives on pages 24–25. 57 Barkarby 58 UPPSALA 62 Gränbystaden 64 Uppsala City 66 MALMÖ 70 Mobilia 71 Malmö City 72 GOTHENBURG 76 Lindholmen 80 TL BYGG – OUR SUBSIDIARY 83 FINANCIAL REPORTS 2017 84 Directors’ Report 84 Operations 88 Risks and risk management 93 Financing 96 The share and shareholders 98 Chairman’s Statement 100 Corporate governance report, incl. remuneration 104 Board of directors 105 Management 106 Internal control 108 Consolidated accounts, incl. comments 114 Parent Company’s accounts, incl. comments 117 Supplementary information – notes 145 Company’s Sustainability Report in accordance with the Swedish Annual Accounts Act 153 Proposed treatment of unappropriated earnings 154 Annual report signatures 155 AUDITOR’S REPORT 155 Audit report 159 The auditor’s limited assurance report on Atrium Ljungberg AB (publ)’s Sustainability Report 160 MULTI-YEAR OVERVIEW 162 PROPERTY LIST 166 DEFINITIONS 169 GRI INDEX 171 INFORMATION THE CITIES OF THE FUTURE ARE TAKING SHAPE We strongly believe in innovation and the development of attractive spaces for the future. And attractive city districts are not only about beautiful buildings. What is happening inside and between the buildings is just as important. Urban innovation is our development work to build urban environments at the cutting edge. An essential part of this process is to learn from others. We are always curious. We want to learn, try out new ideas and find new ways of collaborating. Working with strategic partners, we are developing spaces for culture and creativity; spaces for innovation and entrepreneurship, where people and worlds meet and where different thoughts, backgrounds, sectors and ideas come together to create something entirely new. This is how we create attractive spaces for the future and value for the city. ATRIUM LJUNGBERG ANNUAL REPORT 2017 ATRIUM LJUNGBERG AS AN INVESTMENT AS A SHAREHOLDER in Atrium Ljungberg you receive a stable dividend yield at low risk. At the same time, you have the potential for a healthy long-term total yield on your investment with regard to the company’s interesting project portfolio. Investing in Atrium Ljungberg also means investing in sustainable urban development. Dividend and share dividend yield FOUR REASONS TO OWN SHARES IN ATRIUM LJUNGBERG SEK/share % 5 5 4 4 STABLE DIVIDEND YIELD 3 3 1 The dividend yield over the past five years has been 3.1 per cent 2 2 per year on average. The dividends paid by the company since its listing on the stock exchange in 1994 have never dropped. 1 1 0 0 2013 2014 2015 2016 2017 Dividend, SEK/share (2017 proposed) LOW FINANCIAL RISK Dividend yield, % 2 We have a strong financial position, with solid key ratios, such as a low gearing ratio and a high interest Gearing ratio and interest coverage ratio coverage ratio, and an investment grade rating from % multiple Moody’s of Baa2 with stable outlook. 80 5 60 4 3 POTENTIAL FOR GOOD VALUE GROWTH 40 3 With a planned investment rate of SEK 1 billion per year and a goal of 20 per cent return on property development and extension projects, Atrium Ljungberg, and there- 20 2 fore the share, has excellent potential for good value growth over time. The total yield over the past five years 0 1 2013 2014 2015 2016 2017 has been 12 per cent per year on average. Gearing ratio, % Interest coverage ratio, multiple SUSTAINABLE URBAN DEVELOPMENT Share’s total return 4 % Sustainability work is integrated in the business model, 40 where we continuously develop our areas in a sustainable direction. We are a long-term player that takes 30 responsibility for the impact of our business on people and the environment. 20 10 0 –10 2013 2014 2015 2016 2017 Share change in value, % Dividend yield, % Total return, % 2 ATRIUM LJUNGBERG ANNUAL REPORT 2017 ATRIUM LJUNGBERG IN FIGURES Key ratios 2017 2016 Contracted annual rent, Net sales, SEK m 2,563 2,299 SEK billion 2.4 Operating surplus, SEK m 1,647 1,458 Profit/loss before changes in value, SEK m 1,180 965 Profit after tax, SEK m 2,559 2,681 Investments in Atrium Ljungberg’s own Letting rate, % properties, SEK m 1,593 1,002 95 Acquisition of properties, SEK m 2,265 1,461 Cash flow from operating activities, SEK m 1,166 949 Letting rate, % 95 93 Property value, SEK billion Operating surplus margin, % 69 68 41 Equity/assets ratio, % 42.6 43.7 Gearing ratio, % 44.7 41.9 Adjusted gearing ratio, % 44.1 41.9 Average interest rate on interest-bearing Number of properties liabilities (at end of period), % 1.7 2.3 53 Interest coverage ratio, multiple 4.2 3.5 Earnings per share, SEK 19.21 20.13 Profit/loss before changes in value less nominal tax, SEK/share 6.91 5.65 Energy consumption, kWh/m² Dividend, SEK/share (proposed for 2017) 4.50 3.95 232 Share price as of 31 December SEK/share 130.30 142.30 Shareholders’ equity, SEK/share 136.79 121.42 EPRA NAV, SEK/share 172.59 156.21 EPRA NNNAV, SEK/share 162.57 144.38 Number of employees This annual report has been prepared in Swedish and translated into 295 English. In the event of any discrepancies between the Swedish and the translation, the former shall have precedence. 1,146 Letting area, m² ’000 Contracted annual rent per premises type Residential 3 %, SEK 81 m Restaurant 4 %, SEK 100 m Offices 45 %, SEK 1,055 m Culture/ education 4 %, SEK 104 m Health/care 4 %, “ We are exceedingContracted all annual our rent financial per region targets forSEK growth 85 m and stability.” Other 4 %, Gothenburg 6 %, SEK 147 m SEK 89 m Stockholm 74 %, Retail 36 %, SEK 842 m Malmö 9 %, SEK 218 m SEK 1,730 m Uppsala 11 %, SEK 263 m ATRIUM LJUNGBERG ANNUAL REPORT 2017 3 SIGNIFICANT EVENTS 2017 Acquisition of properties for SEK 2.3 billion. Divestment of the Port 73 retail hub in Haninge. Several awards including “One of Sweden’s best workplaces”, the Sweden Green Building Council’s award “Positive contribution to sustainable urban development” and a finalist for the AllBright prize. Start of several new construction projects in Sickla, Gränbystaden and Mobilia, with a total investment of more than SEK 2 billion. Complete strategy for our residential offer and adapting the organisation to this new initiative. Strategic investment in innovative urban development. High rate of investment by investing SEK 1.6 billion in Atrium Ljungberg’s own properties. New project opportunities through land allocations with a development right of approximately 50,000 m2 GFA. Several recruitments to equip and strengthen the organisation for the new projects that are coming in the next few years. THIS IS ATRIUM LJUNGBERG We own, develop and manage properties totalling 1,146,000 m2 letting area with a property value of SEK 41 billion. Our focus is on developing attractive urban environments in Stockholm, Gothenburg, Malmö and Uppsala. Working with the municipalities, our customers and people living in the city, we build vibrant urban environments where offices, residentials and retail are mixed with culture, service and education. This is how we create spaces where people and worlds meet, creating something entirely new. And this is how we create value – for us, our customers and the communities where we operate. This is truly sustainable and innovative urban development. CEO’S STATEMENT CEO’S STATEMENT WE HAVE EXCEEDED OUR GOALS WE ARE DELIVERING strong results and exceeding all of our financial targets. We are also maintaining a high investment rate, with several new construction projects launched during the year. We are currently working hard to start construction of two exciting projects in 2018: Life City in Hagastaden and Bas Barkarby in Järfälla. RESULTS 2017 ACQUISITIONS WHERE WE WILL GROW I can summarise 2017 by saying that we once again In 2017 we acquired properties for a value of SEK 2.3 have delivered strong results that were higher than had billion. One of the acquisitions was Sjömansinstitutet been forecast. We are exceeding all our financial targets in Slussen in Stockholm, which is next to Glashuset, for growth and long-term stability. I am particularly which we already own. Our position in the attractive pleased that we have increased our operating surplus by area of Södermalm has now been strengthened, and as as much as 13 per cent. This increase is due to our soon as our land allocation in front of Glashuset is property acquisitions, but also due to the excellent realised, it will give us better overall planning of the work carried out in our daily property management area. During the year we also took into possession and the fact that we have completed several successful Fatburen 2 at Medborgarplatsen in Södermalm. This new lettings and renegotiations of leases. means that we now own and manage both the properties which Söderhallarna comprises. Another acquisition, Lindholmen 30:1 in Our strong financial position and large Gothenburg is a large office property that has project portfolio put us in a good position been fully let to Ericsson.
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