Wihlborgs Annual Report 2013 Wihlborgs Fastigheter AB – Annual Report 2013
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Wihlborgs Annual Report 2013 Wihlborgs Fastigheter AB – Annual Report 2013 AB – Annual Report Fastigheter Wihlborgs Invitation to attend Annual General Meeting The Annual General Meeting (AGM) of shareholders in Wihlborgs Fastigheter AB (publ) will be held at 4.00 p.m. on Tuesday, 29 April 2014 at Slagthuset, Jörgen Kocksgatan 7 A, Malmö, Sweden. Share- holders wishing to attend the Meeting must: – be entered in the register of shareholders maintained by Euroclear Sweden AB on Wednesday 23 April 2014, – notify the Company of their intention to attend, with any assistant, no later than 4.00 p.m. on Wednesday 23 April 2014. Notification of intention to attend the AGM may be made in any of the following ways: – by post to: Wihlborgs Fastigheter AB, Box 97, SE-201 20 Malmö, Sweden – by telephone on: +46 (0)40 690 57 32 – by e-mail to: [email protected] – via the Wihlborgs website – www.wihlborgs.se – where further information on the AGM is also available. Those who have notified the Company of their intention to attend the AGM will receive an attendance card by post. This card must be presented during registration at the AGM. At notification of intention to attend, the shareholder must give details of name, civic registration number/corporate registration number, address, telephone number and shareholding. Shareholders who have registered their shares in the name of a trustee must, in order to be able to attend the AGM, temporarily re-register their shares in their own name with Euroclear Sweden AB. Any request for such re- registration must be made in good time before 23 April 2014. Introduction and Contents Wihlborgs Fastigheter AB (publ) is a property company that focuses on commercial properties in the Öresund region. Its property portfolio is located in Malmö, Helsingborg, Lund and Copenhagen. In Malmö, Lund and Helsingborg, Wihlborgs is the leading property company. The book value for the Company’s properties totals SEK 22.6 billion. The annual rental value of the properties is SEK 2 billion. Wihlborgs shares are quoted on the Mid Cap List of the OMX Nordic Exchange. Highlights of the Year Rental income rose 13 percent to SEK 1,707 million (1,505). The operating surplus was up 13 percent at SEK 1,238 million (1,099). Income from property management increased by 9 percent to SEK 749 million (685). Profit for the year totalled SEK 1,063 million (823), corresponding to earnings per share of SEK 13.83 (10.71). The Board of Directors proposes a dividend of SEK 4.25 (4.00). Key Ratios for the Group, SEK m. 2013 2012 Jan–Dec Jan–Dec Rental income 1,707 1,505 Operating surplus 1,238 1,099 Income from property management 749 685 Changes in value 616 4 Profit for the period 1,063 823 Earnings per share, SEK 13.83 10.71 Surplus ratio, % 73 73 Equity/assets ratio, % 29.9 30.0 Occupancy rate, % 91 92 Financial Information 2014 Wihlborgs prints its annual report and sustainability report in both Swedish and English. The Annual Report will be sent to any shareholders notifying the Company that they wish to receive the document in printed form. The reports are also available in digital form at wihlborgs.se. Our sustainability report is prepared in accordance with at B+ level of the Global Reporting Initiative (GRI). We also publish our interim reports on our website, as follows: Interim Report, Jan.–Mar. 29 April Interim Report, Jan.–June 7 July Interim Report, Jan.–Sep. 21 October Wihlborgs Annual Report 2013 05 Major events Quarter 1 Quarter 3 Modern property acquired at Central Station Wihlborgs becomes sole owner of the Ideon Science Park A Wihlborgs acquires Ikano’s ten properties in the Ideon A The Östersjön 1 building in central Malmö is acquired at a Science Park at a total cost of SEK 1.5 billion. cost of SEK 241 million. The property is close to the Central Station and the City Tunnel. A Wihlborgs issues a further corporate bonds for SEK 250 million. A Arvid Liepe joins the Company as new CFO. A Anna Nambord is appointed Director of HR and CSR. Quarter 2 Wihlborgs issues bonds A Wihlborgs issues corporate bonds in its own name for the Quarter 4 first time, for a total of SEK 750 million. Wihlborgs acquires logistics property in Malmö A Sunnanå 12:27, a large, modern logistics building on the A Wihlborgs invests in the installation of its first solar power edge of Malmö, is acquired at a cost of SEK 181 million. facility under its own management, at Berga, Helsingborg. A Wihlborgs’ single biggest development property, Landsdomaren 6, Lund, is completed on behalf of Psykiatri Skåne (the Skåne Psychiatric Service). A Wihlborgs acquires development property Landstinget 2 in Lund at a cost of SEK 29 million. 08 11 13 CEO’s Statement Historical review Mission, goals and strategy 17 29 33 Sustainable The Wihlborgs share The Öresund region enterprise 49 55 61 Projects and Acquisitions Our properties development and sales Financial statements 77 Comprehensive income 94 Valuation- principles Financial position 95 Changes in Equity 96 Group Cash Flow Statement 97 Income Statement 98 Balance Sheet 99 81 Changes in Equity 100 Risks and opportunities Cash Flow Statement 100 Taxes Company Parent Notes to Consolidated & Parent Company Financial Statements 101 Signatures 123 Audit Report 124 89 Corporate Governance 126 Administration Five-Year Review 134 Report Definitions 135 Articles of Association 137 CEO’s Statement By working together, we doubly secure the future A future for ourselves and for the society. has not slowed; what has grown is the supply of new office What we do is interconnected with what others do, and through space. So the vacancies in Malmö are not due to declined synergies with decisions and strategies from different players, we demand – the supply of vacant space has outstripped demand. create a favourable climate for growth and development. Close to us, Denmark and Copenhagen in particular have Our responsibility to help society grow is based on this inter- suffered most from tougher times. The hope is that the worst is change: everything goes hand in hand. over, and if the trend turns upward, it may turn sharply and spill Dockan, Malmö, is a good example. The area has grown over to us. Copenhagen is a big city and there is potential there because Malmö is growing. But the reverse is just as relevant for us to grow considerably for many years once brighter times – Malmö, too, has grown thanks to Dockan. arrive on the Danish side. Looking further ahead, everything When we create desirable environments, it becomes more indicates that the Öresund region will show strongest growth, attractive to establish there – and if many businesses gather in whatever the pessimists say. the same location, it drives further growth. That is our approach in playing our part in influencing development – in Malmö, in Lund, in Helsingborg and in Copenhagen. The new Lund In 2013, our focus on creating good conditions for our cus- Wihlborgs is now sole property owner in Ideon. tomers yielded an increase of 9 percent in our income from This is an outstanding opportunity to be part of the future on a property management, from SEK 685 million to SEK 749 million. bigger scale. With its proximity to the University of Lund and the Evidence as good as any that the cliché “putting the customer Faculty of Engineering, Ideon is the breeding ground for many at the centre” still reflects a concept that pays dividends. new R&D-based business ideas. It is here that new ideas take Even when times are tough – or perhaps especially then. their first commercial steps and here that the business successes of tomorrow are born and develop over their first few years. As property owner, we can offer solutions for small enter- Not as bad as it sounds prises, for businesses that are growing and for businesses that Many reports are steeped in pessimism. want to be part of this idea-intensive zone – that is our concept They talk of failing growth, higher vacancies, pressure on for Ideon. rents and a generally subdued propensity to invest. In Lund, we also completed the Landsdomaren project, adding Certainly, the world economy has been weak for a long 13,000 m2 to the existing 17,000 m2. This has created conditions while now, but Sweden has been relatively little affected. At for modern psychiatry directly adjacent to the hospital district. Wihlborgs, we have opted for a less aggressive approach; we With MAX IV and ESS just outside Lund, the transformation of have built less and concentrated on the management side. central Lund is also picking up speed and the city has a vision of However, where we have not built others have, speculatively, how the urban centre can be enhanced and made more attrac- creating a certain imbalance in the market. Growth in the market tive, a development that we aim to be part of. Wihlborgs Annual Report 2013 09 “Through synergies with decisions and strategies from different players, we create a favourable climate for growth and development”, says Anders Jarl, Chief Executive Officer at Wihlborgs since 2004. is attracting ever-increasing attention and Hanna Claesson, our And the new Helsingborg Environmental Affairs Director, is often invited to talk about our In Helsingborg, work on the transformation of Knutpunkten is work at various seminars. gathering renewed pace. During the year, we also increased our employee numbers to To enable Helsingborg to keep up with the competition and 113. We are growing as our ideas come to fruition – as we see it, be an attractive location for establishment, we aim to make it this is the way to create job satisfaction.