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WE CREATE CONDITIONS for SUCCESS ANNUAL REPORT 2015 This Document Is a Translation of the Original, Published in Swedish

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WE CREATE CONDITIONS for SUCCESS ANNUAL REPORT 2015 This Document Is a Translation of the Original, Published in Swedish WE CREATE CONDITIONS FOR SUCCESS ANNUAL REPORT 2015 This document is a translation of the original, published in Swedish. In cases of any discrepancies between the Swedish and English version, or in any other context, the Swedish original shall have precedence. FABEGE CREATES CONDITIONS FOR SUCCESS INTRODUCTION This is Fabege 1 Highlights of the year 2 Message from the CEO 4 Business concept, strategy and value chain 6 Business model 8 Targets 10 OPERATIONS Overview of operations 12 Property Management 14 Property Development 18 ATTRACTIVE Transactions 22 Valuation 24 LOCATIONS Market overview 26 Fabege’s properties are located in a Stockholm inner city 28 number of the fastest growing areas in Hammarby Sjöstad 30 Stockholm all of which offer excellent Solna 32 Arenastaden 34 transport facilities. Sustainability work 36 Stakeholder dialogue 38 Material issues 39 Employees 40 Business ethics 44 Social involvement 46 CONCENTRATED MODERN Awards and nominations 47 PORTFOLIO PROPERTIES FINANCIAL Directors’ Report 49 Concentrated portfolios facilitate market Modern, sustainable offi ces REPORTING Risks and opportunities 56 awareness and provide opportunities to in attractive locations in terms of Group meet customer requirements. This means the transport links and good surrounding Statement of comprehensive income 63 Statement of fi nancial position 64 company is well placed to infl uence the services are increasingly in demand. Statement of changes in equity 65 development of entire city districts and Fabege offers modern, fl exible and Statement of cash fl ows 66 neighbourhoods. environmentally effi cient premises Parent Company in prime locations. Profi t and loss accounts 67 Balance sheets 67 Statement of changes in equity 68 Statement of cash fl ows 68 Notes 69 Corporate Governance Report Message from the Chairman 84 Executive Management Team 93 Board of Directors and Auditor 94 Signing of the Annual Report 96 Auditor’s Report 97 OTHO ERR GRI index 98 INFINFFORMORRMRMATATIAT ON Five-year summary 101 The Fabege share 102 Property portfolio 104 Property listing 106 Defi nitions 112 Information to shareholders 112 Audited fi nancial Sustainability information information reviewed in brief Since sustainability issues are an integral part of Fabege’s current operations, information in this year’s Annual Report has been allocated differently. Information about the company’s environmental work is detailed under each operating segment and manage- ment of sustain ability issues is described in the Corporate Governance Report. For further information about Fabege’s sustainability work, please visit www.fabege.se. Sustainability information that has been subject to a brief review by the auditors is available on pages 1, 2, 4, 6–9, 11–36, 38–40, 42–46, 49, 56–59, 75–76, 84–90, 93–95, 98–99, 102–103, 113, back page. Cover photo: BAU Arkitekter THIS IS FABEGE Fabege’s strategy is to create value by managing and developing the property portfolio and, through transactions, acquiring and divesting properties with the aim of increasing potential in the property portfolio. Solna Business Park Arenastaden Excellent transport links and a well-established A vibrant city district is fast emerging, featuring an attractive offi ce district are the characteristic features of Solna Business mix of modern offi ces, shopping, residential units, hotels and the Park. As a major property owner, Fabege participates in the Swedish national arena. The area has excellent transport links development of both properties and the area. and is close to green spaces. SOLNA STOCKHOLM 5 KM 100% of the lettable area is located within 5 km of central Stockholm HAMMARBY SJÖSTAD Stockholm inner city Hammarby Sjöstad For many companies, a central location is the key factor Its waterside location, with easy access to when choosing where to locate their offi ces, which is refl ected the inner city and green areas, makes Hammarby in the extremely high level of demand for offi ces in Stockholm Sjöstad a highly attractive area for both residents inner city. and businesses. FABEGE ANNUAL REPORT 2015 1 HIGHLIGHTS OF THE YEAR Total return on the HIGHLIGHTS property portfolio % 15 OF THE YEAR 12 9 6 3 0 11 12 13 14 15 Net operating income plus unreal- ised and realised changes in the • 2015 was an excellent year for Fabege, with record value of properties, divided by market value at year-end. strong earnings and improved key ratios. 15 • The Fabege share performed well in 2015 and rose Satisfied employees 1) 1) 39.3 per cent, from SEK 100.60 to SEK 140.10 . Performance index 4.0 • The strong market contributed to major changes in value. Unrealised 3.8 changes in the value of properties amounted to approximately 10 per cent, 3.6 corresponding to SEK 3,252m. 3.4 • At the end of the year, Fabege decided to reduce its loan-to-value ratio target 3.2 (from max 60 per cent to max 55 per cent) while increasing the surplus ratio 3.0 target (from 70 per cent to 75 per cent). 13 14 15 Industry average Result 1) Closing price 100 per cent of Fabege’s employ- ees participated in the employee satisfaction survey in 2015. The results show a performance rating of 3.8. The average for the sector was 3.5. Satisfied customers Index 100 80 60 40 20 0 Key fi gures 2015 2014 13 14 15 Rental income, SEKm 1,998 2,087 Fabege’s client survey resulted in a satisfi ed customer index of 77, Net operating income, SEKm 1,429 1,485 which shows that our clients con- Profi t/loss for the year, SEKm 3,232 1,738 tinue to be satisfi ed.1) Return on equity, % 21.4 13.2 1) Result is not entirely comparable Surplus ratio, % 72 71 due to changes to data collection Equity/assets ratio, % 39 38 methods. Interest coverage ratio, multiple 2.1 2.4 Earnings per share before and after dilution, SEK 19.54 10.51 Dividend per share, SEK 3.50 3.25 2 FABEGE ANNUAL REPORT 2015 HIGHLIGHTS OF THE YEAR KEY EVENTS PER QUARTER • SBAB signs lease for relocation to Solna • The development rights portfolio is consider- Business Park. ably expanded with the acquisitions of • A surplus ratio of 70 percent is achieved, the project property Fräsaren 9 in Solna which is a Q1-record for Fabege. Business Park and Stora Frösunda 2 and Hagalund 2:2, adjacent to Arenastaden. • A joint MTN programme of SEK 8,000m is launched together with Wihlborgs, Platzer, Diös • Fabege is awarded Best Interim Report from and Catena via the newly established fi nance company Kanton and Aktiespararna. Nya Svensk Fastighetsfi nansiering AB (Nya SFF). • KPMG signs lease for relocation of parts of its business to Arenastaden. • Fabege’s sustainability work is ranked • Fabege named CERO Challenger of the Year2). highest in Europe within the offi ce sector • Fabege extends contract with Evry at Solna by GRESB1). Business Park. • ICA Gruppen signs lease for relocation • New build of The Winery Hotel at to new premises in Arenastaden. Järva krogen 3 is completed. • Telenor signs lease for relocation of • A milestone is passed in Arenastaden’s develop- its Swedish head offi ces to Råsunda. ment with the opening of Unibail-Rodamco’s Mall of • Pontus Frithiof occupies Tidningshuset with Atelier 23, Scandinavia, adding a much sought after service for Fabege’s customers. a unique restaurant and events concept. • Fabege acquires the Lagern 2 property, including the commercial • Fabege signs a new long-term credit with the European Investment development rights from co-owned Visio, in connection with Fabege bank concerning investments in environmentally certifi ed property and Peab splitting ownership of Gamla Råsunda. projects. • Solna Business Park joins the sustainability-focused urban development initiative Citylab Action. 1) The report from GRESB (Global Real Estate Sustainability Benchmark) is based on an assessment of a total of 707 companies and property funds representing 61,000 property assets, at a value of USD 2,300 billion. The entire report is available for reading at www.gresb.com. 2) CERO: Climate and Economic Research in Organizations Fabege’s sustainability work is ranked highest in Europe ICA Gruppen is relocating its head offi ce to Arenastaden within the offi ce sector for listed companies. in 2018. FABEGE ANNUAL REPORT 2015 3 MESSAGE FROM THE CEO STRONG MARKET AND THE RIGHT STRATEGY CREATE VALUE After 2014, we said that we were seeing a unique A strong market and profi table projects contribute towards positive fi nancial development situation on the property market. As we sum up 2015, The property market remains extremely favourable. Although it is harder we can see that market conditions have improved to judge the state of the economy now than a year ago, we are not even further. Stockholm’s growth has contributed seeing any impact on our market from global uncertainty. Stockholm’s growth and Sweden’s solid economy mean that we are continuing to towards stronger demand, with rising rents in all our experience strong demand for modern, sustainable offi ces in attractive, areas, while interest rates continue to fall. accessible locations, along with rising rent levels. 2015 was an extremely successful year, with strong key ratios and high value growth Exemplary sustainability work creates value in both the project and investment property portfolios. We have We have continued to be proactive in our work with sustainability entered an intense project phase, with around 200,000 sqm under issues, in line with our strategy. The fact that our work with corporate production; profi table projects that create value. The strong value responsibility and environmental issues is at the forefront was acknow- increase on the market has also meant that our property portfolio has ledged in particular by the awards we received during the year.
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