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Annual Report 2003 Contents Annual Report 2003 Contents 1 Year Summary 2 CEO’s Comments 4 Real Estate Companies - a general description Operations 6 Overall Objectives and Strategies 7 Strategy for the Real Estate Portfolio 9 Organisation and Employees 12 Customers 13 Responsible Business 18 The Real Estate Portfolio 22 Greater Gothenburg 27 Öresund Region 32 Greater Stockholm 37 Western Småland 42 Mälardalen 47 Development Projects and Building Permissions 52 Financing 52 Shareholders’ Equity and Interest-bearing Liabilities 54 The Castellum Share 58 Board of Directors, Senior Executives and Auditors 62 Financial Review 65 Financial Reports 66 Income Statement 67 Balance Sheet 68 Change in Equity 69 Cash Flow Statement 70 Accounting Principles and Notes 92 Proposed Appropriation of Profi ts 93 Auditors’ Report 94 Summary of the Real Estate Portfolio 96 Real Estate Schedule 112 Properties Sold in 2003 113 Defi nitions Addresses The Directors’ Report comprises pages 6-63 and page 92. ANNUAL GENERAL MEETING Castellum AB’s Annual General Meeting will take place on Thursday March 25th 2004 at 5 pm in Stenhammarsalen, the Gothenburg Concert Hall, Götaplatsen in Gothenburg. For further information see the inside of the back cover. Comparisions shown in brackets are made with the corresponding amounts previous year. In the event of confl ict in interpretation or differences between this report and the Swedish version, the latter will have priority. Castellum Annual Report 2003 Castellum is one of the major listed real estate companies in Sweden. The real estate portfolio comprises mainly commercial premises in fi ve growth regions: Greater Gothenburg, the Öresund Region, Greater Stockholm, Western Småland and Mälardalen. Within each of these regions, market areas and sub-markets, where suffi cient volume for rational management with a strong and clear presence can be achieved, have been chosen. The real estate portfolio is owned and managed by six subsidiaries operating under own names and with focus on availability, everyday consideration and customer-oriented service. Rental income for 2003 amounted to SEKm 1,758 (1,684). Net income after tax for the year amounted to SEKm 526 (873). Earnings per share amounted to SEK 12.83 (21.29). Net income excluding items affecting comparability and after a 28% tax deduction was SEKm 522 (495). Items affecting comparability include reversed write-downs of SEKm 32 (316) and this year’s write-downs of SEKm 26 (0). Income from property management per share rose 7% to SEK 13.29. The net asset value at the year-end amounted to SEK 186 per share. The Board proposes an increased dividend to SEK 8.50 per share. DATA PER SHARE SEK 2003 2002 2001 2000 1999 1998 1997 Income property management 13.29 12.39 10.68 8.60 6.92 5.50 4.74 Change +7% +16% +24% +24% +26% +16% Cash flow property management 16.39 15.17 13.32 10.72 8.70 7.14 6.30 Change +8% +14% +24% +23% +22% +13% Net income excluding items affecting comparability and after a 28% tax deduction 12.73 12.07 9.95 8.39 6.56 5.24 4.34 Change +5% +21% +19% +28% +25% +21% Dividend (for 2003 proposed) 8.50 7.50 6.50 5.50 4.50 3.50 2.75 Change +13% +15% +18% +22% +29% +27% CASTELLUM ANNUAL REPORT 2003 1 CEO’s Comments Income and costs Despite a delayed improvement in the economic trend we are pleased with a year of increased rental income as well as higher income from property management. Income from property management, which is where the company’s effi ciency is measured, was SEKm 545, an improvement of 7 percent. This was on a weak market with good leasing but also many contracts terminated. The result had not been achievable without the steady work of all of Castellum’s dedicated and competent employees. The rental income for 2003 was SEKm 1,758, an improvement of almost 4.5 percent compared with 2002. The result has been achieved despite increased vacancies and increased operating expenses. The increase in operating expenses is mainly an effect of higher energy prices. The low interest rate level has in part had a positive effect on Castellum and may be seen as a compensation for the decrease in the economic activity. Our constant work on maintaining a wide spread The past year 2003 of risks involves a very large lease portfolio with To begin with there are also this year two things I customers in many lines of business. Castellum’s would like to emphasise as especially satisfying. First business concept with operations focused on fi ve of all, the good result we have achieved. Second, all growth regions within the country is an other factor the dedicated employees who are constantly facing of risk management. It can be confi rmed that the situations where their actions are based on their own regional conditions have varied during 2003. Greater judgement. Castellum aim to take part in fair and Stockholm has showed the weakest market with a sound business transactions and to satisfy customers supply of premises larger than the demand, followed needs. In order to be successful and at the same time by increasing vacancies and a downward pressure on take responsibility for both hard and soft values rents. The other regions where Castellum is present our daily actions must be based on the expectations have showed relatively stable rental levels and and demands of the world around us. That we meet occupancy rates. these expectations is proven by the yearly Satisfi ed Customer Index (SCI), the survey shows that our Investments and sales tenants continue to have great faith in Castellum. We have, during 2003, made investments totalling more than SEK 1.1 billion in acquisitions and investments in existing properties. During 2003, we have sold 24 properties for a total of SEKm 397 with a capital gain of SEKm 180. Of the properties sold, a majority were residential properties sold to new tenant-owners’ associations. 2 CASTELLUM ANNUAL REPORT 2003 Economic sustainability Our strategy is to continuously enhance and In order to secure the long-term economic develop the real estate portfolio by refurbishment development the objectives for the capital structure and extension of existing properties as well as new are, a visible equity/assets ratio of at least 30 percent construction. Investments are made in order to and an interest coverage ratio not below 200 percent. improve cash fl ow and hence improve income from Both objectives are met. property management. Since 1997 Castellum has made investments of The Castellum share SEK 8.8 billion and sold properties for SEK 3.5 The development of the Castellum share has during billion, which have helped create the average growth the year been very good with a total return of 45 in income from property management of 19 percent percent, to be compared with Stockholmsbörsen’s per year, fully in line with Castellum’s strategy. increase of 34 percent and the real estate sector’s With our current objectives Castellum has the increase of 32 percent. The proposed dividend of capacity to make annual investments of more than SEK 8.50 corresponds to a dividend yield of 5 percent SEK one billion. The present criteria for investments on the basis of the share price at the year-end. will assure that future investments as well as investments already made will contribute to higher The new year 2004 income from property management. The general economic outlook both global as well as My long-term objective is to show an annual national is to a great extent effecting the conditions improvement of at least 10 percent in income from that Castellum has to work from. property management. – Will there be a growth in 2004 or will the A continued uncertainty on the economic outlook economy still be expectant? may contribute to a general precaution and an – What will the regional development be like? expectant approach towards both the starting of new – Will Greater Stockholm begin a recovery already companies as well as expanding existing operations. in 2004. Precaution and expectancy do not promote neither – Will the industry continue with cost reducing the employment rate nor the demand for premises. activities rather than taking offensive actions. Despite this I look positively on the possibility of an Irrespective of the development Castellum is well other successful year for Castellum. prepared with both vacant premises ready for moving in as well as building permissions in attractive and expansive areas. Castellum has vacant premises of Gothenburg, February 10th 2004 SEKm 200, which in an improved economy will constitute a substantial potential. In the short term and with a continued weak economic trend we will not see any signifi cant improvements in either rental levels or occupancy rates a part from the usual indexation. The trend in operating expenses is still uncertain when looking at costs that we have only Lars-Erik Jansson limited infl uence on such as taxes and municipal fees. Chief Executive Officer However, 2004 is looking better with stable or lower prices for electricity. With the recent interest rate cut along with Castellum’s interest rate maturity structure in mind I do not, in the short term, see a change in the interest costs to the worse. CASTELLUM ANNUAL REPORT 2003 3 Real Estate Companies – a general description Property and building Property costs Jordabalken (Code of Land Laws) defi nes a property. The owner of the property normally pays all of the “Real estate is land, which is divided into properties. costs for the property and the building such as heating, A property is bounded either horizontally or both cooling, gardening, repairs, maintenance, property tax horizontally and vertically”.
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