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View Annual Report 2019 Enriching and simplifying life through Friendly Homes HEIMSTADEN ANNUAL REPORT WITH SUSTAINABILITY REPORT Contents OUR BUSINESS 1 Heimstaden’s journey of growth 2 A comment from our CEO • 5 Significant events in 2019 6 Our vision and the path ahead 8 Values we generate 10 Our strategy 11 Our business model 13 Our core values 14 Heimstaden as an investment 15 Earning capacity • 16 Importance of partnerships 18 OUR MARKET 20 Heimstaden’s market 26 Regulated and unregulated market 28 Geographic distribution 32 Sweden 34 Denmark Administration Report and Financial information Heimstaden AB’s Annual Report is published in Swedish and English. The Swedish version is the original and has been 36 Norway audited by Heimstaden’s auditor. The annual and consolidated accounts for the 2019 38 Germany financial year and the Administration Report are presented on pages 5, 16–17 and 44–55, 74–87 of this document. The financial information is presented on pages 40 Netherlands 98–141 of this document. The Audit Report is also presented on pages 142–144. Other external review The Auditor has reviewed the Corporate Governance Report on 42 HOW WE WORK pages 88–95 in accordance with FAR’s auditing standard RevU 16 The auditor’s • 44 Analysis and transactions examination of the corporate governance statement. The Auditor has reviewed the Sustainability Report on pages 148 –163, in accordance with FAR’s recommendation • 46 Project and property development RevR 12 Auditor’s opinion regarding the statutory Sustainability Report. • 50 Property management Reporting under GRI Standards For 2019, Heimstaden is reporting on sustainability in accordance with the GRI SUSTAINABILITY Standards, Global Reporting Initiative’s guidelines for sustainability reporting, at the core level. An overview of the 56 Responsible business GRI index is found on pages 153 –154. 64 Employees Heimstaden and the Global Compact Since 2019, 68 Environmentally efficient properties Heimstaden has been affiliated to the UN Global Compact, an initiative for responsible business practices, focusing HOW OUR OPERATIONS ARE GOVERNED on the environment, working conditions, human rights and anti-corruption. • 74 Well-balanced capital structure • 80 The preference share • 82 Risks and risk management 88 Corporate governance and internal control 92 Board of Directors 94 Senior positions 97 FINANCIAL INFORMATION • 98 Consolidated financial statements • 106 Accounting principles and notes to the consolidated accounts • 130 Parent Company financial statements • 134 Accounting principles and notes to the Parent Company accounts • 140 Appropriation of profit • 141 Signing of the Annual Report 142 Audit Report 146 Multi-year overview 148 SUSTAINABILITY REPORT 166 Shareholder information 168 Definitions and glossary Refers to audited sections. Pages 5, 16–17, 44–55, 74–87 and 98–141 form part of Heimstaden’s formal Annual Report and have been subject to review by the company’s auditors. HEIMSTADEN ANNUAL REPORT 2019 HEIMSTADEN IN BRIEF An infiniteSt rategperspectiveiska pelare v 5B on Friendly Homes VISION BUSINESS MODEL LONG-TERM BUSINESS GOALS STRATEGIC PILLARS Customer Exeptional Sustainable satisfaction employer development Role model Innovative Sustainable for societal portfolio and competitive contribution management growth CODE OF CONDUCT VALUES Heimstaden acquires, develops and manages residential properties in growth communities in Scandinavia, Germany and the Netherlands. In 2019, we decided to expand our operations to other European countries with strong demographics and favourable market conditions, which resulted in a large acquisition in the Czech Republic at the beginning of 2020. Our vision is to enrich and simplify life for our customers through Friendly Homes. We hold a lifelong perspective on our properties, meaning that we build, develop and manage sustainable and modern homes of a good standard. In this way, we generate lasting value for shareholders, partners and customers, but also for our employees and for society as a whole. Our ambition is to grow responsibly and sustainably alongside partners who share our values. Within the framework of our strategy, we will work with other stakeholders and create opportunities by contributing experience, knowledge and capital. Heimstadens main owner is the Norwegian Company Fredensborg AS and the preference share is listed on Nasdaq Stockholm. HEIMSTADEN ANNUAL REPORT 2019 HEIMSTADEN IN BRIEF Our business model Heimstaden generates long-term value through its three core processes: 54,863 • Analysis and transaction Residental units • Project and property development • Property management These processes interact as we actively, and with sustainability in focus, manage the property portfolio, expand and optimise the portfolio and refine and develop individual properties. Read more about how we work on pages 44–53. project development thorough analysis and long-term and acquisition refinement of properties in line of property portfolio with our strategy Total area 4 million SQUARE METRES local, in-house property management through our values Market value, SEK 114 billion Number of employees 571 HEIMSTADEN ANNUAL REPORT 2019 OUR BUSINESSES – THE GROWTH JOURNEY Property value Since the company was founded in 1998, Heimstaden’s property value has grown to SEK 114 billion at the end of 2019. Qualitative and sustainable growth PROPERTY VALUE, SEK Heimstaden is the largest private residential property company in Denmark, Norway and the Czech Republic 114 and we are among the largest owners in Sweden and the Netherlands. At the end of 2019, we expanded our BILLION operations in Germany, and in early 2020 a large acquisition was made in the Czech Republic. The rapid expansion imposes high demands on our ability to grow sustainably from many aspects. We invest considerable effort in all investment decisions and conduct thorough due diligence with regard to financial, social and environmental aspects. We take care of our staff and make sure all customers – new and old – receive the same degree of attention and high level of service. By staying true to our core values (Care – Dare – Share), we ensure high-quality growth in markets throughout Europe. Rental income Through a well-developed business model and strategy, we have continuously created growth with quality. Over the past five years, rental income has increased tenfold to SEK 4.8 billion at the end of 2019. RENTAL INCOME, SEK 4.8 BILLION HEIMSTADEN ANNUAL REPORT 2019 1 OUR BUSINESS – A COMMENT FROM OUR CEO A year to remember In a few years time, as we look back at 2019, I think we will see it as a very important year for Heimstaden AB. We made a number of strategic acquisitions, strengthened our organisation in preparation for the future and continued to fill the Heimstaden brand with the values essential to a lifelong ownership perspective. The objective is to build a company able to balance favourable earnings and good key data with human values, such as care for our employees and a high level of customer satisfaction. Back in 2018, we took the decision to broaden our horizon from we also acquired a large portfolio in Germany, political discus- Scandinavia and to extend our operations through Northern sions regarding the decision to impose a five-year embargo Europe. In 2019, we took an additional step in that direction by on rent increases in Berlin and the consequences for property determining that our subsidiary, Heimstaden Bostad, should maintenance and investment cause us to maintain a cautious view most of Europe as its home market. We have, in recent attitude towards the Berlin market for the time being. years, alongside the other owners of Heimstaden Bostad, built up a stable company, with sound finances and the capacity to In the second half of 2019, considerable effort was invested into operate in more markets than previously. the acquisition, presented by Heimstaden Bostad in early 2020, of slightly fewer than 43,000 apartments in the Czech Republic. Several major acquisitions during the year Although I have received a number of questions regarding the Over the year, we acquired two major portfolios in the Nether- lands, becoming a player there, with 10,447 apartments in that country. The Dutch market is of interest, both from a macro- economic perspective, as well as with regard to housing policy » Action is what matters and and we have quickly become a major player there. We are now manifests our unequivocal building up our own organisation in that country to be able to put our principle into practice so that all property management for our promise to future generations. « holdings should be performed by in-house personnel. Although 2 HEIMSTADEN ANNUAL REPORT 2019 OUR BUSINESS – A COMMENT FROM OUR CEO choice of market, in my view the Czech Republic has favourable infrastructure, a very good labour market and other important drivers of development of a standard comparable to Sweden. We had the opportunity to acquire a well-managed company » Together, we now stand prepared with a favourably composed and attractive portfolio, as well as advanced systems for property management and customer to make 2020 another service. It also applies a customer philosophy that is, in many memorable year for Heimstaden.« ways, similar to Heimstaden’s. The energy mix in the Czech Republic is challenging and we will be working actively to transition to more sustainable alternatives where possible and to implement measures to improve energy efficiency. The acqui- sition is the largest in Heimstaden Bostad’s history in terms of the number of units and has provided valuable knowledge in preparation for the Company entering its next new market. I see a strength in Heimstaden Bostad now having the capacity to conduct truly large-scale acquisitions, while the Company’s entrepreneurial culture means that no opportunities are missed to acquire individual properties complementing the existing port- folio. It is important to be able to balance large-scale matters against smaller-scale ones to be able to achieve a favourable risk diversification and long-term profitability. I wish we could have made more acquisitions in Scandinavia in 2019.
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