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Fabege – Annual Report 2016

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ANNUALANNUAL REPORT REPORT 2016 2016 WE CREATE CONDITIONS FOR SUCCESS CONTENTS Introduction This is Fabege 1 Highlights of the year 2 Message from the CEO 4 How we create value 6 Business model 8 Targets and results 10 Development of city districts Introduction 12 Market overview 14 Stockholm inner city 18 Hammarby Sjöstad 20 Solna 22 Arenastaden 24 Solna Business Park 26 Operations Overview of operations 28 Property Management business area 30 Property Development business area 34 Transactions business area 38 Valuation of the property portfolio 40 Energy and the environment 42 Sustainable relationships 44 Employees 46 Financial reporting Directors’ Report 51 Financing 54 Risks and opportunities 56 Group 63 Statement of comprehensive income 63 Statement of financial position 64 Statement of changes in equity 65 Statement of cash flows 66 Parent Company 67 Profit and loss accounts 67 Balance sheet 67 Statement of changes in equity 68 Statement of cash flows 68 Notes 69 Corporate Governance Report 82 Message from the Chairman 82 Executive Management Team 91 Board of Directors and Auditor 92 Signing of the Annual Report 94 Auditor’s Report 95 Other information GRI index 98 Limited assurance review of the Sustainability Report 100 Five-year summary 101 The Fabege share 102 Property portfolio 104 Property listing 106 Definitions 112 Information to shareholders 113 Audited financial information Sustainability information subjected to limited assurance review Information about Fabege’s sustainability work is detailed under each operating segment and management of sustainability issues is described in the Corporate Gover- nance Report. For further information about Fabege’s sustainability work, visit www.fabege.com. Sustainability information that has been subjected to a limited assurance review by the auditors appears in the GRI index on pages 98–99. Information about Fabege’s sustainability governance (DMA) can be found at www.fabege.com/G4DMA. Cover photo: Vision image, new Solna Business Park This is a translation of the Swedish original. In case of any inconsistency between the Swedish and the English version, the Swedish version shall prevail. THIS IS FABEGE THREE GOOD REASONS TO OWN Attractive FABEGE SHARES locations 1. CLEAR PORTFOLIO STRATEGY We focus on city district development and Fabege’s properties are located in a number of the fastest growing areas commercial properties. We work with part- in Stockholm, all of which offer excellent transport links. ners to develop sustainable city districts with offices, housing and services. 2. ATTRACTIVE MARKET Concentrated We are found in a select number of portfolio fast-growing submarkets in the Stockholm area. Stockholm is growing and demand for modern, sustainable offices will remain strong, which leads to higher rent levels and lower vacancies. Concentrated portfolios facilitate market awareness and provide opportu- nities to help our customers’ employees achieve a good work-life balance. 3. This means the company is well placed to influence the development of entire city districts and surrounding areas. GOOD TOTAL RETURN Total return defined as share price trend including reinvested dividends has amounted to +232 per cent over the past five years. At least 50 per cent of profit from continuous property management and Modern realised gains from the sale of properties is paid out as a dividend. properties Source: Alert IR. Modern, sustainable offices in locations with great transport links and good surrounding services are increasingly in demand. Fabege offers modern, flexible and environmentally efficient premises in attractive locations. THIS IS FABEGE 1 WELCOME TO FABEGE! Fabege is a property company focusing on urban development and commercial properties. We work with strategic partners to develop attractive and sustainable city districts with modern offices, residential units and a wide range of services. We have a long-term perspective and approach to ownership, and we are passionate about creating the right conditions for everyone living, working and spending time in our areas. We are found in four attractive, well located and fast-growing submarkets in the Stockholm area. STOCKHOLM INNER CITY Stockholm inner city is the Nordic region’s largest office market and one of the fastest growing in Europe. With excellent communication links, a high service level and modern offices in attractive districts, demand is higher than ever. Find out more on pages 18–19 Arenastaden HAMMARBY SJÖSTAD Its waterside location, with easy access to the inner city and green areas, makes Hammarby Sjöstad a highly attractive area for both residents and Stockholm inner city businesses. Find out more on pages 20–21 Solna Business Park 5 km ARENASTADEN A vibrant city district is rapidly emerging, featuring an attractive mix of modern offices, shopping, residential units, hotels and an arena. The area has excellent transport links and is close to green spaces. Find out more on pages 24–25 Hammarby Sjöstad SOLNA BUSINESS PARK Excellent transport links and a well-established office district are the characteristic features of this area. As a major property owner, Fabege is spearheading the development of both properties and the area as a whole. 2016 saw the launch of our new vision for the area. Find out more on pages 26–27 Fabege Annual Report 2016 2 HIGHLIGHTS OF THE YEAR 2016 IN BRIEF l 2016 was an excellent year for Fabege, with record strong earnings and improved key ratios. l Fabege’s share climbed by 6.3 per cent in 2016, from SEK 140.10 to SEK 148.90. l The strong market contributed to substantial changes in value. Unrealised changes in the value of properties amounted to approximately 19 per cent, corresponding to SEK 7,614m. l Several acquisitions and divestments contributed to increased potential in the property portfolio. TOTAL RETURN ON SATISFIED EMPLOYEES, CUSTOMER SATISFACTION INDEX CARBON DIOXIDE EMISSIONS, TONNES THE PROPERTY PORTFOLIO, % PERFORMANCE INDEX 25 4.4 85 5,000 20 4,000 4.0 80 15 3,000 3.6 10 2,000 75 3.2 5 1,000 0 12 13 14 15 16 2.8 14 15 16 70 13 14 15 16 0 12 13 14 15 16 n Employees n Industry average n Managers Net operating income plus unrealised and 99 per cent of Fabege’s employees partici- Fabege’s customer survey resulted in a CSI Since 2002, Fabege’s carbon dioxide realised changes in the value of properties pated in the employee satisfaction survey in rating of 78, an improvement of one unit, emissions have fallen by more than 95 per divided by market value at the beginning 2016. The results show a performance rat- which shows that our customers continue to cent. In 2016, 100 per cent of the energy of the year. ing of 3.8. The average for the sector was be satisfied. required for the properties came from 3.5. All managers also completed a survey renewable sources. which gave a performance rating of 4.0. Key figures 2016 2015 Change, % Rental income, SEKm 2,105 1,998 5 Net operating income, SEKm 1,507 1,429 5 Profit/loss for the year, SEKm 7,107 3,232 120 TOTAL RETURN ON Return on equity, % 36.1 21.4 124 THE PROPERTY PORTFOLIO Surplus ratio, % 72 72 0 Equity/assets ratio, % 46 39 18 Interest coverage ratio, multiple 2.7 2.1 29 Earnings per share before and after dilution, SEK 42.97 19.54 120 Dividend per share, SEK 4.00 3.50 14 23 % Fabege Annual Report 2016 HIGHLIGHTS OF THE YEAR 3 KEY EVENTS PER QUARTER • Vattenfall’s head office, Uarda 5, is sold to Union Investment • Fabege launches a Green MTN programme of SEK 2,000m. for a purchase price of SEK 2.3bn. Q1 Q2 • Telia’s new head offices, Nationalarenan 8, open and just • Fabege’s aim is for its entire property portfolio to be environmen- over 3,500 Telia Employees relocate to Arenastaden. tally certified. Six properties gain BREEAM In-Use certification in the first quarter. • Fabege and 3 (HI3G Access) sign a 10-year green lease on a 14,700 sqm office space in Pelaren 1, next to Globen in • The Uarda 7 property in Arenastaden is completed, with the new Söderstaden district. tenants including Sodexo, Svenska Spel and KPMG. • Fabege and Ambea sign a 7-year lease of around 3,600 sqm in Uarda 6, Arenastaden. • Fabege’s sustainability work is ranked highest in Sweden • Swedish Migration Agency signs a 6-year lease for approxi- and second best in Europe among listed property companies mately 17,000 sqm in Grand Central Sundbyberg (Orgeln 7). Q3 within the office category by GRESB1). Q4 • The Uarda 7 property is sold to Union Investment for a • The Grand Central Sundbyberg (Orgeln 7) project is purchase price of approx. SEK 1.2bn. launched. The new property will include a total space of • Fabege acquires Peab’s 50 per cent shareholding in Visio. around 36,000 sqm. Following the acquisition Fabege owns 100 per cent of Visio, • Fabege continues with its ambition of attaining green financ- which owns development rights in Solna. Furthermore, Fabege ing through an issue of SEK 460m under the green framework acquires the Distansen 4, 6 and 7 properties in Ulriksdal from in Svensk FastighetsFinansiering AB (SFF). Peab.2) • As a city district developer, Fabege launches its vision for • HagaHuset (Fortet 2)3) is acquired for SEK 172m, with the aim Solna Business Park, which will involve the creation of 2,000 of developing a Live-Work-Play concept building. residential units and 180,000 sqm of office space. • Fabege acquires the City of Solna, Peab and Jernhusen’s shares in Arenabolaget i Solna KB, which owns the Friends Arena property (Nationalarenan 1). 1) The report from GRESB (Global Real Estate Sustainability Benchmark) is based on an assessment of over 700 companies and property funds with an esti- 2) The properties and shares were taken over in January 2017.
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