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Year-End Report January-December/2020 the Period in Summary

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Year-End Report January-December/2020 the Period in Summary Year-end Report January-December/2020 The period in summary Full-year January-December 2020 October-December 2020 quarter • Rental income amounted to SEK 231.1m (180.6), an increase • Rental income amounted to SEK 62.8m (52.6), an increase of 28%. of 19%. • Net operating income amounted to SEK 177.4m (129.9), an • Net operating income amounted to SEK 47.2m (35.5), an increase of 37%. increase of 33%. • Income from property management1 increased 49% to SEK • Income from property management1 amounted to SEK 60.8m (40.8), of which income from property management 10.8m (13.7), of which income from property management attributable to ordinary shareholders was SEK 18.8m (4.1), attributable to ordinary shareholders was SEK 0.3m (3.2), corresponding to SEK 0.53 (0.09) per ordinary share. corresponding to SEK 0.01 (0.10) per ordinary share. • Net income after tax amounted to SEK 418.0m (571.0), • Net income after tax amounted to SEK 108.2m (150.6), corresponding to SEK 10.69 (11.77) per ordinary share. The corresponding to SEK 2.47 (4.56) per ordinary share. decrease is a result of lower value changes during the period compared with 2019. • Long-term net asset value attributable to ordinary shareholders increased 62% to SEK 2,364.6m (1,457.0), corresponding to SEK 59.75 (47.43) per ordinary share. • The Board proposes that a dividend of SEK 10.50 (10.50) per preference share be distributed quarterly and that no dividend be paid on ordinary shares. 1) Currency effects for the quarter and the period are no longer included in income from property management and are recognised separately in profit or loss. Comparative figures have been restated. Refer to Performance analysis on pages 21-22. Jan-Dec Jan-Dec Oct-Dec Oct-Dec 2020 2019 2020 2019 Rental income, SEKm 231.1 180.6 62.8 52.6 Net operating income, SEKm 177.4 129.9 47.2 35.5 Income from property management, SEKm1 60.8 40.8 10.8 13.7 Income from property management per ordinary share, SEK1 0.53 0.09 0.01 0.10 Residential units under construction, no.2 540 527 540 527 Residential units completed, no. 137 133 48 133 Net investment, SEKm 1,074.7 1,146.1 368.1 132.5 Loan-to-value ratio, % 55.2 61.0 55.2 61.0 Equity/assets ratio, % 39.0 33.5 39.0 33.5 Interest-coverage ratio, times3 1.8 1.8 1.7 1.4 Long-term net asset value, SEKm 2,883.0 1,975.3 2,883.0 1,975.3 Long-term net asset value attributable to ordinary shareholders, SEKm 2,364.6 1,457.0 2,364.6 1,457.0 Total no. of ordinary shares outstanding, 000s4 39,577 30,722 39,577 30,722 Long-term net asset value attributable to ordinary shareholders, per ordinary share, SEK 59.75 47.43 59.75 47.43 1) Currency effects for the quarter and the period are no longer included in income from property management and are recognised separately in profit or loss. Comparative figures have been restated. Refer to Performance analysis on pages 21-22. 2) Including 35 hotel rooms. 3) Excluding non-recurring items. 4) Restated for 2019 to correspond to the number following the withdrawal of every other share in the second quarter of 2020. 2 Genova Year-end Report January-December 2020 “2020 was a year of strong development and important growth steps for Genova, in a turbu- lent business environ- ment marked by the coronavirus pandemic.” SEK 5,355m 5,890 55 % SEK 2,883m Property value Residential building rights Loan-to-value ratio Long-term net asset value Value of investment properties Rental income Project development per geography 12% 57% SEKm SEKm Other Greater Stockholm 5,000 70 60 4,000 50 3,000 40 2,000 30 31% 20 Uppsala 1,000 10 Total of 5,890 residential building rights 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 31 December 2020 2016 2017 2018 2019 2020 2018 2019 2020 Rental apartments 71% Co-operative apartment 21% Greater Stockholm Uppsala Other Community service properties 6% Other 1% Genova Year-end Report January-December 2020 3 Significant events during and after the end of the period First quarter Second quarter shares on Nasdaq Stockholm. The • In February, Genova’s Board of • In May, Genova agreed to acquire a offering was oversubscribed and in total, Directors adopted new financial and community service property in Ekeby, including the over-allotment option that operational targets and a new dividend Uppsala, at an underlying property was exercised in July, the company gen- policy. value of SEK 350m. The lettable area erated proceeds of approximately SEK is approximately 16,500 sqm with a lot 576m before listing expenses. • In March, Genova concluded an size of about 16,700 sqm. The largest agreement to divest 50% of the shares • 30 June was the first day of trading for tenants are Gluntens Montessori in the property-owning company that the ordinary shares on Nasdaq Stock- School, Stadsmissionens Skolstiftelse, owns Stapelbädden 3 in Lidingö at an holm’s Main Market. Friskis & Svettis and Uppsala Munic- underlying property value of SEK 400m ipality. The average remaining rental Third quarter before deductions for deferred tax. duration is 2.9 years and the annual • In July, Genova announced that the • In March, Genova signed a letter of rental value approximately SEK 26m. over-allotment option had been fully intent with Internationella Engelska Accession took place in August 2020. exercised. Skolan to build an elementary school • In June, Genova agreed to acquire a • In July, the zoning plan for Genova’s with a 20-year rental agreement in the property in Åkersberga at an under- jointly owned project in central Knivsta Viby 19:3 property in Upplands-Bro, lying property value of SEK 20m. The came into force. The zoning plan for the where Genova is planning to build a property is located in central Åkers- Segerdal project grants permission to new district together with housing berga adjacent to one of Genova’s develop approximately 25,000 sqm of company K2A. existing properties. The lettable area is gross lighted floor area, where Genova is • In March, Genova agreed to acquire a about 1,100 sqm, with an approximate planning to construct approximately 300 ground lease in Nacka at an underlying lot size of 6,000 sqm. The property is rental apartments combined with some property value of approximately SEK fully let to Lidl Sweden, has an annual commercial operations. rental value of approximately SEK 40m. Accession took place in May 2020. • In July, Peter Lövgren resigned from his 1.3m and a rental term of approxi- • During the quarter, rental agreements position as Head of Business Develop- mately 3.5 years. Accession took place for approximately 4,500 sqm in two ment. In conjunction with this, Head of in July 2020. properties in Lund were extended, Properties Henrik Sandström assumed with an annual rental value of approx- • In June, 50% of the shares in the responsibility for Genova’s business imately SEK 6.2m. The agreements property-owning company that owns development. Stapelbädden 3 in Lidingö were have terms of five and eight years, • In August, Genova and SBB jointly divested. The shares were acquired by respectively, with National Historical acquired and gained accession to Nacka- Samhällsbyggnadsbolaget i Norden Museums and Friskis & Svettis as the husen Holding AB, which owns six prop- AB (SBB) in March 2020, and the tenants. erties in Nacka Strand. The properties, parties will develop the property • Genova decided to change its account- which contain building rights of approx- jointly with a focus on sustainable, ing policies and will henceforth imately 40,000 sqm of gross lighted community-oriented residential units. consolidate the co-operative housing floor area, were acquired for SEK 1. The The underlying property value of SEK association that owns the Liljegatan 1 parties assumed the existing bond loan 400m in the transaction exceeded project in Fålhagen, Uppsala. Under of approximately SEK 360m. Following Genova’s book value by approximately the new policies, the date on which the settlement of Nackahusen Holding’s SEK 220m, which was recognised as a income from newly constructed previously divested properties, Genova value change in the first quarter. co-operative apartments is recognised and SBB will jointly control properties is the point in time when home buyers • In June, Genova’s first own-produced and building rights of about 30,000 sqm gain accession to their units and not, rental apartments were completed of gross lighted floor area. The proper- as previously, over a period of time as and occupied. Genova will own and ties are owned through a joint venture, the work is completed. Due to appli- manage the 35 rental apartments, where Genova’s investment commit- cation of the new accounting policies which are located in Alsike in Knivsta. ment amounts initially to SEK 30m. from the first quarter of 2020, items • As of 12 June, Genova’s preference • In September, Genova successfully attributable to prior periods have been shares were admitted to trading on issued senior unsecured bonds in the restated, which is presented in Note 1. Nasdaq Stockholm’s Main Market. total amount of SEK 400m under a As a result of the restatement, equity framework of SEK 750m. The bonds decreased by SEK 47.0m. Revenue • In June, Genova decided on an have a tenor of four years and a floating will be recognised when the project is offering to subscribe for and purchase interest rate of Stibor three months plus completed, which is scheduled for the ordinary shares in the company, and 450 bps and will mature on 9 September fourth quarter of 2020.
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