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Annual Report 2020 the Year in Brief Operations Corporate Governance Financial Statements Sustainability Report Other Annual Report 2020 The year in brief Operations Corporate Governance Financial Statements Sustainability Report Other The year in brief Operations Corporate Governance Sustainability Report Årsredovisning Overview Business model Administration Report About our Sustainability Report 2020 Highlights 2020 Our responsibility Financing Stakeholder dialogues Statement by the CEO Market and trends Risk Materiality review Strategies and goals Corporate Governance Report Climate Report according to TCFD The image from the cover is from the Our off ering Internal Control GRI index roof terrace at Sergelhusen. Environment and climate The Board of Directors and auditors Sustainability notes This is an interactive, clickable PDF. People and society Senior executives Auditor’s limited assurance report on the Sustainability Report The chapter menu is at the top of each Property development page. Click on the chapter you want to Impact Report read to skip directly there. Our property holdings Financial Statements The contents of each chapter are on Auditor’s limited assurance Our regions Consolidated income statement the left of each page. report on the Impact Report Click on the Vasakronan logo in the — Stockholm Consolidated balance sheet document to come back to this page. — Gothenburg Consolidated statement of Click on the symbol in the upper right changes in equity Other corner to return to the page you were — Malmö on before. Targets and fulfi lment Consolidated cash-fl ow statement — Uppsala You can fi nd a printable version Quarterly overview of the annual report here. Parent Company fi nancial statements Five-year overview Proposed appropriation of profi ts Defi nitions Note contents Financial Calendar Notes Contact information Board of Directors’ signatures Auditors’ report The Corporate Governance and Financial Statements sections are part of the statutory Annual Report. The scope of the Sustainability Report is available on page 127. 2 Annual Report 2020 The year in brief Operations Corporate Governance Financial Statements Sustainability Report Other Overview Sweden’s largest property company Highlights 2020 Statement by the CEO Vasakronan’s assignment is to generate a high, risk- Our vision is to create future-proof weighted return for our owners the First, Second, cities for everyone, where people Third and Fourth Swedish National Pension Funds, and companies thrive. A return that will benefit Sweden’s current and future pensioners, though never at the expense of the environment and people. In addition to the assignment from our owners, Vasakronan’s ambition is to be Sweden’s leading property company. Property value Rental revenue Operating surplus We will achieve this by: SEK billion SEK million SEK million • Generating a high total yield, that should also exceed that of the industry in general • Being the preferred choice for tenants looking Uppsala , , for office or retail premises. Stockholm • Being perceived as the most attractive employer Result of Environmental Energy in the industry. renegotiations certifi cation intensity • Running our operations sustainably, from economic, Gothenburg per cent Share of buildings in % kWh/sq. m.2 environmental and social perspectives. To accomplish our assignment, we must create long- term sustainable value in the business. This is achieved Occupancy rate Square metres Project volumes through good property management and development Malmö of our properties, streets and areas, supplemented by per cent million SEK million active transactions. , 3 Annual Report 2020 The year in brief Operations Corporate Governance Financial Statements Sustainability Report Other Highlights 2020 Overview 2020 was a challenging year, for individuals, businesses and society at large. Highlights 2020 The pandemic also affected Vasakronan. But there were also bright spots World’s first environmental certification that deserve some extra attention. Some of them are listed here. at the press of a button Statement by the CEO Together with the PropTech company Idun Real Estate Solutions, Vasakronan created a solution to automate LEED certification of Successful new lettings at Sergelhusen existing buildings. All of the data from the properties is submitted directly to the certi- During the year, EY, DLA Piper and Amazon Web Services signed rental contracts for Sergel- fication platform ARC. It saves time and increases the quality of the data. husen totalling 17,000 square metres. King and Stureplansgruppen had already decided to In addition to data about water, energy and waste, data about levels of establish themselves in the property. The transformation of Sergelhusen encompasses three various emissions, carbon dioxide and particles as well as relative buildings totalling 60,000 square metres at Sergels Torg in the heart of Stockholm. Occupancy humidity and temperature are now collected and can be automatically began in autumn 2020 and will continue throughout 2021. transmitted digitally through air quality meters installed in the properties. During the year, the preliminary data for re-certifying just over one third of the company’s properties was submitted at the press of a button. Celsius: the world’s largest BIM project Essentially all of the work in the new construction project Celsius in Uppsala Science Park is digital and model-based, from planning and procurement to purchasing, production and management. This earned the project the buildingSmart International Award. The award is the foremost in the world for Building Improvement Modelling projects. Celsius encompasses 10,000 square metres and LEED certification is ongoing, with the objective of earning a Platinum certification. 4 Annual Report 2020 The year in brief Operations Corporate Governance Financial Statements Sustainability Report Other Overview Highlights 2020 Project completion Climate efforts improve profitability hat trick Statement by the CEO The competitive advantages of working on climate issues are During the year, three of our proj- obvious. We can clearly see that climate initiatives have been ects were completed and entered a success factor that have driven and responded to market into management: Celsius in demand for climate-smart solutions. This has, in turn, contri- Uppsala Science Park, Bank- buted to the company’s profitability. In 2020 we developed the palatset in Stockholm and Priorn 2030 Road Map. With this we resolved that our operations should in Malmö. In Celsius, which is fully be climate neutral throughout the entire value chain by 2030. let, the Swedish Food Agency is This is a challenging goal, but we are convinced that it is possible. the largest tenant. Game devel- oper Embark Studios will move in to Bankpalatset at Kungsträd- gården in Stockholm (pictured). Reused This means that Bankpalatset, at concrete a winner 4,350 square metres, is fully let. Tenants at Priorn include COWI, Even though Sergelhusen is not yet Region Skåne and E. ON Wind. complete, it is already a winner in two competitions. In the autumn, the Sweden Green Building Council named the building as winner in the category Stability through green assets and strong ratings “LEED Building/Project of the Year” and at Betonggalan (“Concrete In uncertain times, the difference between green and more traditional Gala”) it won the year’s envi- financing is becoming clear. After a short period of turbulence in the ronmental prize. Judges in capital market during the spring, access to financing is good and credit both competitions noted margins have returned to low levels. A low interest rate, a strong credit how Vasakronan clearly rating and strong owners means that Vasakronan is a secure issuer in demonstrates sustain- the bond market. This means that we remain strong in uncertain times. ability gains by reusing a This is primarily due to a large share of green assets. During the year, concrete framework and the company issued debt of just over SEK 12 billion in the bond market, extending its lifespan. of which 96% was green. 5 Annual Report 2020 The year in brief Operations Corporate Governance Financial Statements Sustainability Report Other Earnings remained stable Overview Despite a challenging year, Vasakronan remained stable and continued to deliver a healthy Highlights 2020 operating surplus on a par with the previous year. At the same time, the company’s development projects started to reach completion and the property portfolio expanded with several new, attractive Statement by the CEO properties in prime locations. How would you summarise 2020 for Vasakronan? 2020 was a tough year for your retail tenants, wasn’t it? “It was a year unlike any other – for society, for our customers “Yes, even if there was only a minor impact on our earnings, and for Vasakronan. That is why I’m extremely pleased and many of our retail, restaurant and tourism customers experi- proud of working together with such a stable, committed and enced one of their worst years ever. During the year we had dedicated organisation. Our ability to act quickly when condi- close dialogues with those most affected to see how we could tions changed in spring shows Vasakronan’s strength and is best support them. a precondition for the company to continue to stand strong. “We have provided rent rebates, granted deferrals on rent The management of customers, projects and the year at large payments and the number of new store openings has been shows that our strategy holds true and our operations are few. At the same time, there are positive signs. One of the resilient, even in the
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