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Bonava Annual Report 2018 Contents Annual Report 2018 The Swedish “bo” means living and “nav” means hub. That is what we are all about. We don’t just build houses. We create homes and neighbourhoods where people live their lives. A leading residential developer in northern Europe Bonava develops and sells homes across with stable local labour markets, which place. Bonava provides multi-family housing 23 regions in eight countries. The selected generates demand for new housing over time. and single-family housing, and develops geographical markets are Sweden, Germany, We develop land into affordable and sus- homes for consumers and investors, such as Finland, Denmark, Norway, St. Petersburg, tainable neighbourhoods, where housing is pension funds, alongside municipalities and Estonia and Latvia. Bonava focuses on major adapted to customers’ wants and needs, as other stakeholders. That is how Bonava helps city regions with pronounced growth and well as the unique circumstances of each to create new and happy neighbourhoods. SHARE OF NET SALES 2018 (%) Sweden Finland 28% 16% St. Petersburg 4% Estonia and Latvia Denmark and Norway % 9% 2 Germany 41% Housing units in production Sold homes Production starts of homes at the end of the year during 2018 during 2018 10,712 6,009 6,478 2 Bonava Annual Report 2018 Contents Introduction The year in brief 4 Comments from the CEO 6 The Residential development market 9 Operations Strategy and objectives 15 Sustainability agenda 22 Customers and offering 34 Value chain 39 Bonava’s geographical markets 43 Working at Bonava 54 Information for investors Bonava on the capital markets 58 – Capital structure and financing 59 – Owners and the share 61 – Investor Relations 64 – Interview with CFO 65 Risks and risk management 66 Governance Corporate Governance Report 71 – Comments from the Chairman 72 We create happy neighbourhoods where people feel they belong, thrive and want to spend – Board of Directors 80 time. Our offering targets consumers and investors with a product mix of multi-family – Executive Management Group 82 homes, semi-detached houses and single-family homes. Financial reporting Read more about Bonava’s offering on page 34. Report of the Board of Directors 87 Consolidated Accounts and Notes 90 Parent Company Accounts and Notes 119 Appropriation of profit 127 Audit Report 128 Sustainability Sustainability – information and GRI 131 Other information Definitions 145 Key performance indicators 146 Key performance indicators, housing units 147 Annual General Meeting 2019 148 Bonava offers an exciting working environment where you can be part of a journey: The statutory Annual Report covers pages 87–130. The statutory Sustainability Report covers pages Bonava’s journey, your individual career path and the journey our projects take from 22–32, 66–69 and 131–144. land acquisition through to blueprints and all the way to homes and neighbourhoods The Annual Report is published in Swedish and where our customers can be happy and feel at home. English. The Swedish version is the original. In any instance of discrepancy between the two versions, Read more about working at Bonava on page 54. the Swedish original shall apply. Bonava Annual Report 2018 3 Introduction | The year in brief The year in numbers Key performance indicators SEK M 2018 2017 2016 Net sales 14,008 14,479 13,492 Operating profit 1,654 1,946 1,562 Operating margin, % 11.8 13.4 11.6 Profit after financial items 1,513 1,721 1,283 Profit for the period after tax 1,265 1,402 1,004 Earnings per share, SEK1) 11.74 12.99 9.26 Cash flow before financing –764 –26 536 Net debt 5,542 4,165 3,699 Capital employed at period end 13,332 12,003 10,134 Return on capital employed, % 12.8 16.6 14.6 Equity/Assets ratio, % 34.9 33.7 33.7 Number of housing units started in the period 6,478 6,702 5,832 Number of housing units in production at period end 10,712 9,880 9,113 Number of housing units sold in the period 6,009 5,702 6,233 Number of housing units recognised for profit in the period 5,225 5,464 4,778 Dividend, SEK 5,202) 5.20 3.80 1) No dilution effect. 2) Proposed by the Board. For definitions of key performance indicators, see bonava.com/en/investor-relations/financial-information. Financial targets Return on capital employed (%), Equity/Assets ratio (%), target >30% Dividend policy (%) target 10–15% At least 40 per cent of consolidated profit after tax should be distributed to shareholders % % SEK/share 20 40 8 16.6% 33.7% 33.7% 34.9% 15 14.6% 30 6 12.8% 40% 44% 10 20 4 41% 5 10 2 0 0 0 2016 2017 2018 2016 2017 2018 2016 2017 2018 Dividend in April Dividend in October Sustainability targets Happy neighbourhoods Protecting our planet Passionate workplace Reliable business for the many By 2020 Bonava shall fight climate The long-term goal of Zero- Bonava shall publish annual By 2020, 50 per cent of change through science-based targets. Harm: no person whether Sustainability Reports in accor- Bonava’s production starts By 2020, 50 per cent of Bonava’s an employee, subcontractor, dance with GRI’s guidelines of housing units shall be in production starts of housing units member of the public or and report progress to UN the affordable segment. on markets with Nordic Swan eco- customer should injure them- Global Compact. labelling or Green Zoom certification, selves or fall ill because of shall be subject to environmental Bonava’s workplaces. certification or labelling. Read more about how Bonava works with Sustainability and our sustainability targets on page 22. 4 Bonava Annual Report 2018 Introduction | The year in brief The year in brief Significant events • For the sixth consecutive year, Bonava was ranked as Germany’s • At the end of 2018, Bonava had 10,712 housing units in produc- most active residential developer. Germany is Bonava’s largest tion which is an increase compared to last year and with a main- market and stands for 41 per cent of the net sales. tained good sales rate of 68 per cent. • Investor relations are growing and in December 2018, Bonava • Sustainability remains an important focus area for Bonava, and executed its first investor deal in theBaltics which means that we are currently developing targets according to the Science we have now executed investor deals on all our markets. Based Targets Initiative. • The work on streamlining our design and production processes continues, and we launched a new kitchen concept based on customer insights during the year. In September, Bonava started the last phase of Märtas Berså in Sollentuna, Sweden. Since 2009, five neighbourhoods with a total of 387 homes have been developed along the road Sollentunavägen. Read more about Bonava’s operations in Sweden on page 44. In Germany, our largest market, Bonava is developing the neighbourhood Parkstadt Karlshorst which is located around 10 km from central Berlin. 1,000 new homes are planned, with 250 subsidised rental apartments, a further 250 rental apartments and the remaining 500 apartments to be sold as condominiums. Read more about our operations in Germany on page 46. Bonava Annual Report 2018 5 Introduction | Comments from the CEO Comments from the CEO JOACHIM HALLENGREN, PRESIDENT AND CEO “We have chosen a diversified strategy where we invest in different geographical regions with focus on both consumers and investors.” It is only three years since we presented the less sensitive to fluctuations, and adapted some 230,000–290,000 housing units business concept that would eventually to the market’s needs. annually will be needed over the coming become Bonava and outlined the strategy years. The demand from consumers and that we intended to pursue. We introduced Germany our largest market investors is good, and we are currently work- concepts such as affordable housing and When summarising 2018, it feels natural to ing on several major projects, for instance the importance of neighbourhood, terms start with Germany where we have retained in Berlin. House prices remain stable, while that are now common parlance when dis- our position as the market’s most active resi- our efficient methods generate good project cussing the residential property market. At dential property developer. Germany is now margins. that time, Stockholm’s housing market was our largest market, according to plan. Net As we predicted three years ago, the over- hot, although we predicted a slowdown. This sales increased by 14 per cent compared to heated Swedish market has now cooled led us to pursue a diversified strategy where 2017, outperforming our target of an annual down, particularly in Stockholm. We expect we invest in different geographical regions growth of 5–10 per cent in Germany until the Swedish market to remain cautious in with focus on both consumers and investors. 2020. Demand for housing is strong on this 2019, and we are responding to market con- This has created a balanced portfolio that is market, and German authorities expect that ditions by increasing the proportion of rental 6 Bonava Annual Report 2018 Introduction | Comments from the CEO “On the basis of customer insights, we have developed an entirely new kitchen concept that gives our customers what they want. We have gone from having a kitchen catalogue with thousands of items to choose from where every customer put together their own kitchen, to a modularized kitchen offering. This generates remarkable savings for Bonava, both in money and time, while simultaneously the customer's decision-making process becomes simpler and more enjoyable. By modularizing and simplifying processes Bonava can become the cost leader on more markets.
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