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Wallenstam Annual Report 2018

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ANNUAL REPORT 2018 CONTENTS We achieved the Business Plan 1 STRATEGIC DIRECTION Vision, Business Concept and Core Values 3 We are celebrating 75 years 3 Business Plan 2019–2023 4 This is How We Create Value 6 Comments by the CEO 8 Comments by the Chairman 12 Board of Directors 14 Group Management 16 The Wallenstam Share 18 Investing in Wallenstam 22 Financial Strategy 24 Responsible Enterprise 27 Risks That Generate Opportunities 34 OPERATIONS AND MARKETS Organization and Employees 38 Market Outlook 42 Property Management 48 Property Valuation 54 Property Overview 55 Value-creating Construction 56 Energy Production 64 Five-year Summary 66 SEK 1,011 million in income from property management operations. FINANCIAL REPORTS How to Read Our Income Statement 68 Administration Report 69 Consolidated Accounts 74 Group Accounting Principles and Notes 80 SEK 598 million Parent Company Accounts 115 in value generated from our cost-efficient new production. Parent Company Accounting Principles and Notes 119 Auditor’s Report 132 Corporate Governance Report 135 PROPERTY LIST 99 percent Completed New Construction, occupancy rate in terms of floor space. Acquisitions and Sales 141 Stockholm 142 Uppsala 143 Gothenburg 144 Helsingborg 148 Wind Power 149 SEK 46 billion in property value, investment properties. OTHER Wallenstam’s GRI Reporting 150 Welcome to the AGM 153 Glossary 153 Definitions see cover Calendar see cover 45 percent equity/assets ratio. Wallenstam’s statutory sustainability report is found on the following pages: business model pages 3-5, environmental questions pages 27-33, 35, 37 and 150-152, social conditions and personnel-related questions pages 27-32, 35-36, 38- 41 and 150-152, respect for human rights pages 27-32, 35 and 151-152, anti-corruption pages 27-32, 35 and 11,000 152 as well as diversity in the Board page 136. apartments in our project portfolio for future production. WE ACHIEVED THE BUSINESS PLAN EXCEEDED THE GOAL The goal for the business plan 2014-2018 was to have an average growth rate in net asset value, excluding dividends and repurchases, of at least 10 percent per year. We exceeded the goal by a good margin! The average net asset value growth during the business plan amounted to 17.4 percent per year. The Group’s net asset value amounted to SEK 26,574 mil- cost-efficient new construction, efficient management and lion (24,314) on closing day. Net asset value describes the letting, value-creating investments and successful business Group’s total value and includes equity and deferred tax operations. liability. Deferred tax liability refers mainly to diffe- In 2018, net asset value growth, excluding dividends rences between carrying amounts and residual and repurchases, was 12.6 percent. Net asset value values for tax purposes in Group properties, The growth rate growth during the year was mainly affected po- in net asset value, and amounted to SEK 4,965 million (4,907) sitively by efficient property management and excluding dividends in 2018. Net asset value growth is created by and repurchases, shall changes in value of properties. average at least 10 percent per year. NET ASSET VALUE GROWTH Goal: 10% 2014 3.0% 2015 20.0% 2016 22.6% 2017 13.3% 2018 12.6% Average growth 17.4% per year NET ASSET VALUE GROWTH 2014–2018 OF SEK 13.9 BILLION* SEK billion Changes in value 32 Realized Impairment charges Taxes 30 Derivatives etc. Net asset value Dividends and Dec 31, 2018: 28 repurchases SEK 26.6 billion Existing properties 26 24 22 New construction 20 18 Income from property management 16 * Excluding dividends and repurchases WE ACHIEVED THE BUSINESS PLAN 1 We achieved the business plan and exceeded the goal! We achieved an average increase in net asset value of 17.4 percent per year. GUIDING PRINCIPLES 2014–2018 Our guiding principles aim to clarify important focus areas in our operations. NUMBER OF APARTMENT CONSTRUCTION To start production of 7,500 apartments STARTS IN THE BUSINESS PLAN Housing construction requires both endurance and advance planning, not least when 7,500 it comes to carrying out zoning plan work together with the municipalities. Some of our major urban development projects were affected by delays in the zoning plan pro- cess, which meant that we had to defer planned construction starts. These projects 5,000 will be completed, but according to a modified timetable. 4,605 units We have a uniform and high construction rate of about 2,000 apartments in production. During 2018, we started construction of 1,400 apartments, of which 2,500 579 were in the Stockholm business area and 821 in the Gothenburg business area. Overall during the business plan, construction started of 4,605 apartments. To reduce the carbon footprint of the property holdings REDUCED CARBON FOOTPRINT PER SQ M by at least 15 percent per sq m 2014 9% The work on reducing our carbon footprint occurs in several ways, such as optimized 2015 38% operations, improved technical installations with modern energy units powered by internally produced carbon-neutral wind power, and by replacing fossil fuels with 2016 43% greener technology. Optimization of operations contributes to lower operating expenses 2017 41% and a reduced carbon footprint. During 2018, the carbon footprint per square meter increased by 18 percent, which is due to the fact that the district heating this year 2018 30% * was based on larger proportion of oil, something that Wallenstam cannot influence. 15% During the entire business plan, the carbon footprint decreased by just over 30 percent Shows total improvement from the start of the business plan. per square meter. * Estimated value of actual impact. The proportion of tenants willing to recommend Wallenstam MORE CUSTOMERS RECOMMENDING WALLENSTAM Tenants Tenants should increase annually Residential Commercial It is important that our customers are happy and satisfied with their apartment or 2014 ✔ ✔ premises. Over the years, tenant views and wishes have led to a number of concrete 2015 ✔ ✘ improvements, for example renegotiated supplier contracts for better cleaning of 2016 ✘ ✔ stairwells, new playground equipment and central customer service, which improved 2017 ✔ ✔ accessibility and service levels, with increased customer satisfaction as a result. 2018 ✘ ✔ Unfortunately, the proportion of residential tenants that are willing to recommend Wallenstam as a landlord decreased in 2018 compared to 2017. Among commercial tenants, the proportion of tenants that are willing to recommend Wallenstam as a landlord increased. 2 WE ACHIEVED THE BUSINESS PLAN VISION Wallenstam shall be the natural choice of people and companies for housing and premises BUSINESS CONCEPT We develop and manage people’s homes and workplaces based on a high level of service and long-term sustainability in selected metropolitan areas CORE VALUES Progress, respect, commitment In 2019 we will celebrate 75 years! Seventy five years of residential properties, premises, construction, management, urban development and wind power, in economic upturns and downturns. Seventy five years of gathered competencies and experience in developing and densifying our cities. Seventy five years of customers, employees, suppliers and partners, which have developed and are developing with us. Wallenstam offers housing and premises in attractive locations in Gothenburg, Stockholm and Uppsala. We want to make comfortable and problem-free housing possible for the more than 9,000 families that have their homes in our properties, and for more than 1,000 commercial tenants our ambition is to provide well-adapted and attractive premises for every business. We conduct extensive construction operations, mainly production of rental apartments for our own management, and we work continually on adapting, developing and refining our existing holdings. As an urban developer, our aim is to create EN SNABB TITT BAKÅT 3 Tuletornen, Sundbyberg safe and pleasant areas that people want to live in, work in and visit. BUSINESS PLAN 2019–2023 GOAL 2023: GUIDING TO ACHIEVE AN INCREASE IN NET ASSET VALUE OF PRINCIPLES Our guiding principles aim to SEK 40 per share clarify important focus areas in our operations. The goal to achieve an increase in net asset value of SEK 40 per share during the period is equivalent to an increase of 50 percent starting from October 1, CUSTOMER 2018. We shall exceed customer expectations and The Group’s net asset value amounted to SEK 25,608 million on improve the overall impression of Wallenstam September 30, 2018, which corresponds to SEK 79.20 per share, and is every year through attractive apartments and the starting point of the measurement. On December 31, 2018, the net premises as well as good service. asset value amounted to SEK 26,574 million, which corresponds to SEK 82.30 per share. This means that we have generated SEK 3.10 per share EMPLOYEE to date. Net asset value growth is created by successful letting, efficient Through our strong corporate culture, we shall management, value-creating investments, cost-efficient new construction be an attractive employer and improve our Engagement Index score every year. and strong business operations. Wallenstam during the business plan 2023 will continue to work in the ENVIRONMENT growth regions of Gothenburg, Stockholm and Uppsala. We will strive We shall reduce our environmental impact every to become even more service-oriented, productive and cost-efficient, so year, through initiatives within the focus areas we can create even more value for our shareholders, employees, customers energy, transports and
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