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Fabege
Quarterly Report • Jul 5, 2024
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Quarterly Report
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Summary, SEKm
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | |
| Net sales | 864 | 977 | 1,873 | 1,993 |
| Gross profit | 644 | 648 | 1,264 | 1,268 |
| Profit/loss from property management |
331 | 351 | 659 | 703 |
| Profit/loss before tax | 67 | -1,246 | -769 | -3,222 |
| Profit/loss after tax | 17 | -952 | -682 | -2,535 |
| Net lettings | -38 | 34 | -74 | 22 |
| Surplus ratio, % | 75 | 75 | 73 | 74 |
| Loan-to-value ratio, % | 43 | 40 | ||
| EPRA NRV, SEK per share | 146 | 161 | ||
Jan–Jun 20241
Q2
2024
- Rental income increased to SEK 1,731m (1,685). In a likefor-like property portfolio, income rose by 8 per cent compared to the previous year (12).
- Revenue from residential development totalled SEK 142m (308).
- Net operating income increased to SEK 1,269m (1,241). In a like-for-like property portfolio, net operating income rose by 8 per cent (13).
- The surplus ratio was 73 per cent (74).
1 definitions The comparison figures for income and expense items relate to values for the Jan–Jun 2023 period and for balance sheet items on 31 December 2023.
• Gross profit fromresidential development was SEK -5m (27)
- Net interest items amounted to SEK –486m (–460).
- Profit from property management amounted to SEK 659m (703).
- Realised and unrealised changes in the value of properties amounted to SEK –1,461m (–3,824) and for fixedincome derivatives SEK 29m (–100).
- Profit/loss before tax for the period totalled SEK –769m (–3,222).
- Earnings after tax for the period amounted to SEK –682m (–2,535), corresponding to earnings per share of SEK –2.17 (–8.06).
- Net lettings totalled SEK –74m (22).
- Leases totalling SEK 58m (73) were renegotiated, with an average change in rental value of –2.3 per cent (1.5). Leases worth SEK 145m (241) were also extended on unchanged terms.
- The equity/assets ratio was 46 per cent (47).
- The loan-to-value ratio stood at 43 per cent (42).
See page 26 for key performance indicator
Message from the CEO
OPERATIONAL TARGETS
- Net lettings of at least SEK 80m per year.
- Surplus ratio of 75 per cent.
- Investment volume of approximately SEK 2,500m per year.
NET LETTINGS
Target: SEK 80m per year
SURPLUS RATIO
Target: 75%
Rental income continued to increase in the second quarter and totalled SEK 864m (855), despite the divestments made in 2023. In a comparable portfolio, rental income rose by 8 per cent (12). The Stockholm market generally continues to show stable rent levels; we are seeing slightly better activity levels in the rental market but there are still long lead times to completion.
Net operating income increased but was offset by somewhat higher interest costs. Profit from property management was down slightly, mainly due to the negative performance of associated companies. Overall, a stable result in a still turbulent environment.
I normally sleep well, but I've said in recent years that what can make me sleep less well is geopolitical developments. Unfortunately, recent developments do not make me feel any calmer. There are elections in a lot countries, not least in many of the largest economies. The outcomes of these and future developments in the countries are uncertain. In particular, the risk of protectionism has increased, with potentially far-reaching impacts on our economy and our businesses. Hopefully, the concerns are unfounded, but the level of uncertainty is high. Dealing with recessions, interest rate fluctuations and price changes is an integral part of our reality. In recent years, the fluctuations have been significant. Dealing with geopolitical events and risks is a different matter altogether and creates even more uncertainty, which is never good for development.
On the positive side of the scales, inflation in Sweden has continued to move towards the Riksbank's target and a first interest rate cut since 2016 was announced on 8 May. The key policy rate was lowered by 0.25 percentage points, to 3.75 per cent. Since then, the ECB also cut its interest rate in June. In June, the Riksbank stated that, if inflation continues to fall, the policy rate could be cut two or three more times in the second half of the year. The ECB and the US Federal Reserve are expected to cut their interest rates in the autumn.
On the negative side of the scales, GDP in Sweden has stagnated since 2022 and the economy is in a recession. This, together with all the turbulence in the world, creates uncertainty for companies in Sweden with regard to planning and investing for the future. This is also reflected in lengthy decisionmaking processes relating to their offices. The volatility of the Swedish krona further accentuates this.
We chose to have an independent valuation of a large part (53 per cent) of our portfolio carried out in the second quarter as well. The average yield requirement increased by 0.02 percentage points to 4.54 per cent and impairment of property values amounted to SEK 80m. There were several deals both in the CBD and in areas further out with yield requirements that confirmed our valuations. Several smaller properties in the CBD were sold at levels below four per cent. Good properties quite simply find new owners at good levels.
The renegotiation with Telia is the main reason why net lettings in the quarter totalled SEK –38m. We expect that the settlement with Telia in the long run term will have a positive impact on both the net lettings and the property's profitability.
The negative net lettings in the first two quarters are disappointing. However, we continue to see good interest in premises in central locations with good transport links, while the pace is slower in areas that are less central. Most people agree that offices are needed, but there is now a greater focus on how to organise them. The trend of there being fewer square metres per employee continues. In particular, we are getting better at utilising space and making efficient use of the various workplaces that are available. The interest in related support services continues to grow, so we have taken further steps to be at the forefront regarding advising our current and potential tenants. This is all so that we can help create places for bringing people together, and encouraging dialogue, concentration and business transactions. We have a target of achieving positive annual net lettings of SEK 80m. After the start we have had this year, I'm not sure I really dare to
INVESTMENT VOLUME
Target: SEK 2.5bn per year over a business cycle
FINANCIAL TARGETS
Fabege's Board of Directors has adopted the following financial targets:
- Loan-to-value ratio of max. 50 per cent.
- Interest coverage ratio of at least 2.2x.
- Debt ratio of max. 13.0x.
- Equity/assets ratio of 35 per cent min.
Outcome 30/06/2024
- Loan-to-value ratio of
- 43 per cent • Interest coverage ratio of 2.4x
- Debt ratio of 13.9x
- Equity/assets ratio of 46 per cent
believe that this will happen in 2024, but it is likely that the year will end with an accumulated plus. We have several good discussions ongoing, but we unfortunately successfully concluded too few of them before the summer.
The big news in Flemingsberg was that we completed the project for the Royal Swedish Opera/Royal Dramatic Theatre, and they moved into their new premises. This is a milestone in the development of and realisation of the vision for Flemingsberg.
In mid-June, Taylor Swift had three concerts at what will be called Strawberry Arena from 12 July. Audience records were broken. The City of Stockholm presented a study showing positive effects of more than SEK 800m for the city and the business community. It attracted over 130,000 tourists, including 67,000 from abroad. Stockholm and Arenastaden really showed themselves from their best sides. I thought the whole weekend provided a lot of hope. Hope for what is possible and that it is possible to create belief in the future. Hope about the good in people. All the visitors were friendly, happy, positive and considerate. It felt like a good counterweight to a lot of other things we are seeing in the world at the moment.
In the area of sustainability, we have endorsed the roadmap for a fossil-free and climateneutral construction industry. Fossil-free Sweden (Fossilfritt Sverige) is a government initiative that aims to bring together different industry sectors to speed up the climate transition. We have come a long way and now have 96 per cent lower CO2 emissions compared (scope 1 and 2) to 2002, but there is still a lot to do. The Reuse Park in Arenastaden is a new initiative that will become a central hub for trees, bushes and outdoor materials that are to be reused but are awaiting relocation.
We were active in the bond market during the quarter, and issued SEK 1.2bn with good conditions. The situation in the bond market has gradually improved and the conditions are now competitive against or better than bank financing. The fact that the capital market has come back so strongly is positive not only for us but for the whole industry. At the end of the quarter, we received Moody's confirmation of our unchanged investment grade rating Baa2, negative outlook.
Our average interest rate has increased slightly, to 3.17 per cent. The fact that the increase has not been greater is mainly due to the long-term interest rate hedges, which have been in place for several years, and our active work with the derivatives portfolio. The falling margins are now also having a positive impact.
Although unemployment has continued to rise slightly, the outlook for households appears to have brightened and housing market activity has started to pick up. Falling interest rates are obviously positive for the market. Residential construction has fallen dramatically since its peak in 2022 and is unlikely to recover to those levels for many years. The sharp rise in construction costs and higher interest rates are driving this downturn, but weak demographic developments are also having an impact. In our ongoing project with 288 apartments in Haga Norra, we will begin sales in early autumn. The interest we are already seeing strengthens our belief that this will be a good project. It quite simply offers good housing in a good location.
The fact that much of the property and financial market has a focus on quality benefits Fabege. In the rental market, the focus is on flexible premises in central locations with good transport links. In the transaction market, we are mainly seeing completed deals for properties in good and sought-after locations, and in the financing market margins have come down for companies with well-managed operations and stable finances.
For 2024, our main objectives are to:
- Increase the occupancy rate in managment property portfolio. The goal in the long term is for the occupancy rate to reach 95 percent
- Ensure cost control
- Enable future projects
- Refinance our bond maturities and secure access to capital
- Remain at the forefront in terms of sustainability
- Contribute to the creation of a sense of safety and well-being in the places in which we have operations
In addition, we are continuing with our internal work, with a focus on the day-to-day management of our properties, the "daily grind", and with always keeping the customer in focus. There are certainly short-term challenges, but we must have the ability to look further ahead as well. We must have the courage to take decisions that build the future. If that courage had not existed almost 20 years ago, Arenastaden would not exist today and Taylor Swift would not have been able to have an audience of over 60,000 in Solna three evenings in a row.
In our work, we look at the whole person, the whole company and whole place. We do that all the time, every day of the year. Have a great summer!
Stefan Dahlbo, CEO
Earnings Jan–June 20241
Earnings after tax for the period amounted to SEK –682m (–2,535), corresponding to earnings per share of SEK –2.17 (–8.06). Profit before tax for the period amounted to SEK –769m (–3,222). Net operating income increased somewhat but was offset by higher interest costs. Lower negative changes in the value of the property portfolio and derivatives portfolio meant that pre-tax earnings increased compared with the same period in the previous year.
SECOND QUARTER 2024 IN BRIEF
- New lettings totalled SEK 31m (88).
- Net lettings amounted to SEK –38m (34).
- Rental income totalled SEK 864m (855).
- The surplus ratio was 75 per cent (75).
- Revenue from residential development amounted to SEK 0m (122) and gross earnings totalled SEK –6m (6).
- Net interest items amounted to SEK –245m (–239).
- Profit from property management amounted to SEK 331m (351).
- Unrealised changes in the value of the property portfolio amounted to SEK –80m (–1,715).
- Unrealised changes in value in the derivatives portfolio totalled SEK −184m (117).
- Profit after tax amounted to SEK 17m (–952).
RENTAL INCOME AND NET OPERATING INCOME
Rental income increased to SEK 1,731m (1,685) and net operating income amounted to SEK 1,269m (1,241). On a like-for-like basis, income rose by approximately 8 per cent (12). The increase in income was mainly due to the increase in the index that took effect at the beginning of the year and a positive net inflow from relocations. Income included non-recurring items of SEK 12m. The increase in property expenses was mainly attributable to higher heating and administration costs. Net operating income on a like-for-like basis rose by approximately 8 per cent (13). The surplus ratio was 73 per cent (74).
PROFIT FROM RESIDENTIAL DEVELOPMENT
Revenue from residential development totalled SEK 142m (308). Residential development costs amounted to SEK – 147m (–281), of which administrative costs were SEK –13m (–14). Gross earnings therefore totalled SEK –5m (27). Income is recognised in connection with phased occupancy or upon completion. During the period, one project was completed and finalised.
CENTRAL ADMINISTRATION
Central administration costs amounted to SEK –60m (–55).
NET FINANCIAL ITEMS
Net interest items amounted to SEK –486m (–460). The average interest rate at 30 June 2024 was 3.17 per cent (3.13 at the start of the year). Ground rent amounted to SEK –21m (–23).
SHARE IN PROFIT/LOSS OF ASSOCIATED COMPANIES
The share in the profit/loss of associated companies totalled SEK –38m (–27), of which SEK –49m related to contributions to Arenabolaget, SEK 9m related to results from the JV project in Haga Norra and SEK 1m related to Urban Services.
CHANGES IN THE VALUE OF PROPERTIES
The property portfolio is valued using a well-established process. The entire property portfolio is independently valued at least once a year. Due to the market situation, a larger proportion has been independently valued each quarter for the last two years. Approximately 50 per cent of the portfolio was valued independently in the second quarter of 2024, while the remaining properties were valued internally based on the most recent independent valuations. The total market value at the end of the period was SEK 77.6bn (78.1). Unrealised changes in value totalled SEK – 1,461m (–3,824). The average yield requirement increased by a further 0.03 percentage points in the second quarter and by a total of 0.11 percentage points since the start of the year to 4.54 per cent (4.43). Realised value changes of SEK 4m related to additional results from the transaction with Nrep 2023.
TAX
The tax expense for the period amounted to SEK 87m (687) and related to deferred tax. Tax was calculated at a rate of 20.6 per cent on taxable earnings. The interest deduction limitations are not expected to have a material effect on taxes paid over the next few years.
SEGMENT REPORTING
The Property Management segment generated net operating income of SEK 1,218m (1,185), representing a surplus ratio of 76 per cent (76). The occupancy rate was 90 per cent (91). Profit from property management amounted to SEK 714m (697). Unrealised changes in the value of
CHANGES IN PROPERTY VALUES, JAN–JUN 2024
Changes in property values, SEKm
| Opening fair value, 01/01/2023 | 78,093 |
|---|---|
| Property acquisitions | 0 |
| Sales, disposals and other | 0 |
| Investments in new builds, extensions and con | 1,299 |
| Unrealised changes in value | -1,461 |
| Reclassifikations | -347 |
| Closing fair value, 30/06/2024 | 77,584 |
AVERAGE YIELD REQUIREMENT, 30/06/2024
| Average yield | |
|---|---|
| Area | requirement |
| Stockholm city | 4.11% |
| Solna | 4.73% |
| Hammarby Sjöstad | 4.77% |
| Flemingsberg | 5.39% |
| Other markets | 5.41% |
| Average yield | 4.54% |
properties amounted to SEK –1,124m (–2,789).
The Property Development segment generated net operating income of SEK 65m (59), resulting in a surplus ratio of 52 per cent (54). Profit from property management amounted to SEK 14m (12). Unrealised changes in the value of properties amounted to SEK –400m (– 370).
In the Projects segment, unrealised changes in value of
SEK 78m (–645) were recognised. Project gains were offset to some extent by impairment due to increased yield requirements when assessing the final value of the project properties. The Residential segment generated gross earnings of SEK –2m (27). Profit from property management amounted to SEK –6m (21). Unrealised changes in value totalled SEK –15m (–20). Further information about the breakdown by segment is provided in the segment report on page 11.
GOODWILL
Recognised goodwill of SEK 205m is entirely attributable to the acquisition of Birger
BOSTAD AB.DEVELOPMENT PROPERTIES
The carrying amount refers to ongoing projects managed by the company itself and development properties for future construction within Birger Bostad. During the second quarter, part of Kvinten 1,
Haga Norra, where the project to build a new residential area is currently ongoing, was acquired internally. The value at the end of the quarter totalled SEK 795m (519), SEK 494m (201) of which relates to ongoing construction and SEK 301m (318) to development properties for future development.
FINANCIAL POSITION AND NET ASSET VALUE
Equity at the end of the period amounted to SEK 37,996m (39,244) and the equity/assets ratio was 46 per cent (47). Equity per share attributable to Parent Company shareholders totalled SEK 121 (125). EPRA NRV amounted to SEK 146 per share (150).
CASH FLOW
Cash flow from operating activities before changes in working capital amounted to SEK 660m (705). Changes in working capital had an impact on cash flow of SEK 179m (324). Investing activities had an impact on cash flow of SEK –1,317m (−1,041), while financing activities had an impact on cash flow of SEK 403m (1). In investing activities, cash flow is driven by property transactions and projects. Cash and cash equivalents declined by a total of SEK −75m (−11) during the period.
RESIDENTIAL DEVELOPMENT IN HAGA NORRA
In an internal transaction, Fabege's wholly owned subsidiary Birger Bostad acquired part of the Kvinten 1 property for the development of the next residential area in Haga Norra.
The project comprises 288 homes, made up of190 tenant-owned apartments, 50 owner-occupied apartments and 78 rental apartments. NCC has been appointed as the contractor. It will become a continuous neighbourhood with a shared communal outdoor area and garage.
The project will reuse bricks and use climate-enhanced concrete. The apartments will be Nordic Eco-labelled.
Apartment sales will start during the third quarter, with moving in expected to take place from the second half of 2025.
Financing
Fabege employs long-term credit facilities subject to fixed terms and conditions. The company's creditors mainly comprise the major Nordic banks and investors on the capital market. The capital market continued to improve in the first half of 2024 in terms of both availability and conditions.
BREAKDOWN OF SOURCES OF FINANCING
99% Green financing 30 June 2024
Moody's Rating
negative outlook Confirmed in June 2024
FINANCING
Fabege strives to achieve a balance between different forms of financing on both the capital and banking markets, with long-term relationships with major financial backers having high priority. Fabege's bank facilities are complemented by an MTN programme of SEK 18bn, a commercial paper programme of SEK 5bn and the possibility of borrowing a maximum of SEK 6bn via SFF's secured MTN programme. The Riksbank cut its key interest rate at the beginning of May, resulting in lower shortterm interest rates. Long-term interest rates have been a little more volatile, but are roughly at the same level as at the start of the year. The favourable capital market developments in the first quarter of the year continued in the second quarter, resulting in lower credit margins. Fabege took advantage of the market situation and issued bonds in the second quarter totalling SEK 2.2bn, of which SEK 1.2bn became available as liquid assets after the end of the quarter, with the main purpose being amortisation of bank financing. Interest-bearing liabilities increased slightly during the period, while interest costs remained relatively stable. At the end of the quarter, the total loan volume amounted to SEK 33.7bn, of which SEK 12.5bn was via the capital market and SEK 21.2bn was via
FINANCING, 30/06/2024
the banking market.
Click or tap here to enter text.
Overall, financing via the banking market increased by almost SEK 0.2bn, and via the capital market it increased by just over SEK 0.5bn.Committed lines of credit and undrawn credit facilities, including the backup facility for the commercial paper programme, amounted to SEK 7.2bn at the end of the quarter, an increase of SEK 1.2bn relating to not yet paid bond proceeds.
At 30 June 2024, the fixed-term maturity was 3.8 years and the fixed-rate period was 1.8 years. Including the estimated maturity of the callable swaps in the derivatives portfolio, the adjusted maturity is 2.6 years. The derivatives portfolio consisted of traditional interest rate swaps totalling SEK 16.1bn and callable swaps totalling SEK 7.0bn. The traditional swaps mature in 2032 and carry fixed annual interest of between –0.15 and 1.30 per cent.
Net financial items included other financial expenses of SEK 20m, which mainly related to accrued opening charges for credit agreements and costs relating to bond and commercial paper programmes. During the period, interest totalling SEK 47m (22) relating to project properties was capitalised.
Fabege firmly believes in the ability of the financial market to contribute to a more sustainable society, and is keen to play an active role in its transition towards greater accountability. 99 per cent of the loan portfolio is classified as being green.
| 2024-06-30 | 2023-12-31 | |
|---|---|---|
| Interest-bearing liabilities, SEKm | 33,715 | 32,982 |
| of which outstanding MTN, SEKm | 9,050 | 9,570 |
| of which outstanding SFF, SEKm | 738 | 764 |
| of which outstanding commercial paper, SEKm | 2,750 | 1,655 |
| Undrawn facilities, SEKm ¹ | 7,160 | 6,960 |
| Fixed-term maturity, years | 3.8 | 4.1 |
| Fixed-rate period, years ² | 1.8 | 2.1 |
| Fixed-rate period, percentage of portfolio, % | 55 | 60 |
| Derivatives, market value, SEKm | 715 | 686 |
| Average interest expenses, incl. committed credit facilities, % | 3.17 | 3.13 |
| Average interest expenses, excl. committed credit facilities, % | 3.08 | 3.04 |
| Unpledged assets, % | 38 | 41 |
| Loan-to-value ratio, % | 43 | 42 |
¹ Included credit facilities for commercial paper
2 The fixed interest rate period adjusted by the estimated maturity of callable swaps amounted to 2.6 years
SUPPLY OF CAPITAL
Equity, 51%
Interest-bearing liabilities, 34%
BREAKDOWN OF COLLATERAL Other liabilities, 15%
Unpledged assets 38%
INTEREST MATURITY STRUCTURE, 30/06/2024
| Amount, SEKm | Average interest rate,% | Percentage, % | |
|---|---|---|---|
| < 1 year | 18,489 | 4.78 | 55 |
| 1-2 years | 2,000 | 0.95 | 6 |
| 2-3 years | 4,150 | 1.01 | 12 |
| 3-4 years | 4,376 | 1.41 | 13 |
| 4-5 years | 1,700 | 0.95 | 5 |
| 5-6 years | 1,200 | 0.20 | 4 |
| 6-7 years | 400 | 0.60 | 1 |
| 7-8 years | 900 | 0.72 | 3 |
| 8-9 years | 500 | 0.81 | 1 |
| 9-10 years | 0 | 0.00 | 0 |
| 11 years | 0 | 0.00 | 0 |
| Total | 33,715 | 3.08 | 100 |
* The average interest rate for the period <1 year includes the margin for the variable portion of the debt portfolio. This also includes the variable portion of the interest rate swaps, which, however, do not include any credit margin as they are traded without a margin.
LOAN MATURITY STRUCTURE, 30/06/2024
| Credit agreements, SEKm | Drawn, SEKm | |
|---|---|---|
| Commercial paper programme | 2,750 | 2,750 |
| < 1 year | 5,503 | 4,293 |
| 1-2 years | 10,868 | 6,068 |
| 2-3 years | 9,900 | 8,750 |
| 3-4 years | 2,041 | 2,041 |
| 4-5 years | 2,080 | 2,080 |
| 5-10 years | 6,546 | 6,546 |
| 10-15 years | 1,186 | 1,186 |
| 15-20 years | 0 | 0 |
| Total | 40,875 | 33,715 |
GREEN FINANCING, 30/06/2024
| Outstanding loans and | ||
|---|---|---|
| Credit facilities | bonds | |
| Green MTN bonds, SEKm | 9,050 | 9,050 |
| Green bonds via SFF, SEKm | 738 | 738 |
| Green commercial paper, SEKm | 2,750 | 2,750 |
| Green loans, other, SEKm | 27,922 | 20,762 |
| Total green financing, SEKm | 40,460 | 33,300 |
| Green financing, % | 99 | 99 |
| Total green available borrowing facility, SEKm | 46,188 | |
| of which unrestricted green available borrowing facility, SEKm | 15,205 |
GREEN FINANCING
Fabege's green financing framework was updated in June 2022. The framework has been designed to give Fabege broad opportunities for green financing and is based on third party-certified properties and ambitious energy consumption targets. It is based on the green bond principles, adapted to the EU taxonomy and linked to Fabege's ambition to contribute to the goals of Agenda 2030. In addition to stringent energy efficiency requirements, this includes climate analyses that assess risks associated with climate change such as flooding, strong winds, intense heat and other extreme weather events. CICERO has issued a second opinion, with ratings of 'medium green' for the green terms and conditions, and 'excellent' for governance. Green financing offers Fabege better terms and access to more financing alternatives.
Find out more about Fabege's green financing at
www.fabege.se/en/investors/financing/green-financing/, where you will also find the investor reports.
Operations Jan-Jun 20241
The Stockholm market generally continues to show stable rent levels, although we are seeing slightly lower activity levels in the rental market and continuing long lead times to completion. Net leasing amounted to SEK –74m (22), while the occupancy rate decreased to 90 per cent (91). Projects proceeded according to plan.
BREAKDOWN OF MARKET VALUE,
PROPERTY PORTFOLIO AND PROPERTY MANAGEMENT
Fabege's property management and urban and property development activities are concentrated on a few selected submarkets in and around Stockholm: Stockholm city centre, Solna, Hammarby Sjöstad and Flemingsberg. On 30 June 2024, Fabege owned 100 properties with a combined rental value of SEK 4.1bn, lettable floor space of 1.3m sqm and a carrying amount of SEK 77.6bn, of which development and project properties accounted for SEK 13.8bn.
OCCUPANCY RATE
The investment property portfolio's financial occupancy rate was 90 per cent (91) at the end of the period. The biggest vacancies relate mainly to three properties in Solna Business Park. The financial occupancy rate for development properties is not measured as most of these properties are vacant, or have been partially let on short-term leases pending demolition or redevelopment. These cover an area of 228,000 sqm, of which 141,000 sqm are being let for a current annual rent of SEK 258m. Significant ongoing projects make up a lettable area of approximately 134,000 sqm, with a rental value of SEK 366m.
The occupancy rate in the project portfolio amounted to 85 per cent (39).
NET LETTINGS
During the period, 60 (72) new leases were signed with a combined rental value of SEK 83m (136), with 94 per cent (96) of the space being connected to green leases. Lease terminations amounted to SEK –157m (–114). Net lettings amounted to SEK –74m (22). Leases totalling SEK 59m (73) were renegotiated, with an average decline in rental value of 2.3 per cent (1.5). Leases worth SEK 145m (241) were also extended on unchanged terms. The retention rate during the period was 58 per cent (76).
CHANGES IN THE PROPERTY PORTFOLIO
During the second quarter, part of the Kvinten 1 property, Haga Norra, was divested internally to Birger Bostad, which is managing a residential development project on the property. As a result of the transfer, the property changed character, from an investment property to a development property.
PROJECTS AND INVESTMENTS
The purpose of Fabege's project investments in the investment property portfolio is to reduce vacancy rates and increase rents in the property portfolio, thereby improving cash flows and values. Investments in existing properties and projects during the period totalled SEK 1,299m (1,402) for existing properties and projects, of which SEK 922m (884) related to investments in project and development properties. Capital invested in the investment property portfolio amounted to SEK 377m (518), a significant proportion of which related to tenant adaptations.
COMPLETED PROJECTS
During the second quarter, the project for the Royal Swedish Opera and Royal Dramatic Theatre at the Regulatorn 4 property in Flemingsberg was completed. The tenants took possession as planned on 1 June 2024.
MAJOR ONGOING PROJECTS
New construction of the office building at the Ackordet 1 property, Haga Norra, is proceeding with interior work on installations and tenant adaptations. The investment amounts to an estimated total of just over SEK 1.4bn. The occupancy rate is 66 per cent. The first tenant will move in during August. The remaining occupancies will begin in the autumn and in March. The property is being certified to BREEAM-SE standard, Outstanding.
The construction of the garage property in Haga Norra has had its final inspection and the garage will be opened up for parking for Bilia and others from August. The investment totals SEK 453m.
TOTAL INVESTMENTS, JAN–JUN 2024
| Total investments, SEKm | |
|---|---|
| Investments in investment properties | 377 |
| Investments in development properties | 90 |
| Investments in project properties | 832 |
| Total investments | 1,299 |
PROPERTY ACQUISITIONS, JAN–JUN 2024
| Property | Area | Category | Lettable area, sqm |
|
|---|---|---|---|---|
| Q1 | ||||
| No acquisitions | ||||
| Q2 | ||||
| No acquisitions | ||||
| Total |
PROPERTY SALES, JAN–JUN 2024
| Property | Area | Category | Lettable area, sqm |
|
|---|---|---|---|---|
| Q1 | ||||
| No sales | ||||
| Q2 | ||||
| No sales | ||||
| Total |
In Flemingsberg, the project at Separatorn 1 relating to the construction of offices and laboratories for Alfa Laval is continuing. The project encompasses a lettable area of roughly 23,400 sqm excluding parking, of which Alfa Laval is leasing approximately 91 per cent. Work is currently being carried out on the interior, including installations and tenant adaptations. The investment is estimated at SEK 1,060m, excluding land acquisition. The property is being certified to BREEAM-SE standard, Excellent. Alfa Laval will take up occupancy on 30 April 2025. The redevelopment of part of Regulatorn 3 in Flemingsberg is ongoing. The investment is estimated at SEK 193m. The occupancy rate is 83 per cent. Redevelopment of Nöten 4, Solna Strand, is underway with basic building investments and customisations for Saab, which has signed a lease for the entire property. The estimated investment amounts to almost SEK 1.2bn including the customisations for Saab. The property has been certified to BREEAM In-Use standard, Outstanding.
The conversion and extension of the Påsen 1 property in Hammarby Sjöstad is proceeding with interior works and tenant adaptations. The total estimated investment is SEK 486m including investments for tenant adaptations. The occupancy rate is 47 per cent. The property is being certified to BREEAM Bespoke standard, Excellent.
BIRGER BOSTAD
Birger Bostad's project portfolio comprises 19 projects, of which 6 (including 5 phases in Haga Norra) are currently in ongoing production. The estimated investment volume in ongoing projects amounts to approximately SEK 1.1bn, including land acquisition, of which SEK 0.1bn relates to an apartment block project in Upplands Väsby and just over SEK 1bn relates to the development of the residential neighbourhood in Haga Norra. The project in Upplands Väsby has been completed, occupied and will be recognised in financial statements in the third quarter. The project in Haga Norra comprises a total of 288 apartments, including 78 rental apartments with possible occupancy starting in the second half of 2025. The design has been completed, the frame is being erected step by step and the first stairwell will get a sealed roof during the summer. During the second quarter, the property was reclassified from an investment property to a development property.
During the first quarter, one project in Staffanstorp was completed and finalised. There have been 7 homes sold since the start of the year, leaving 7 homes unsold in completed and ongoing projects, excluding Haga Norra. The sale of the apartments in Haga Norra will begin in the early autumn.
RESIDENTIAL DEVELOPMENT IN JOINT VENTURES
The residential project in cooperation with Brabo in Haga Norra has now been completed. All 418 apartments have been sold and the last apartment will become occupied in July.
PROPERTY PORTFOLIO, 30/06/2024
| Lettable area, '000 | Market | Rental | Financial | ||
|---|---|---|---|---|---|
| Property holdings | No. of properties | sqm | value SEKm | value² | occupancy rate % |
| Management properties¹ | 63 | 965 | 63,776 | 3,594 | 90 |
| Development properties¹ | 18 | 228 | 6,887 | 467 | |
| Land and project properties¹ | 19 | 64 | 6,921 | 38 | |
| Total | 100 | 1,245 | 77,584 | 4,099 | |
| Of which, Inner city | 26 | 312 | 28,947 | 1,592 | 91 |
| Of which, Solna | 51 | 687 | 36,631 | 1,846 | 91 |
| Of which, Hammarby Sjöstad | 10 | 139 | 7,937 | 483 | 87 |
| Of which, Flemingsberg | 9 | 80 | 3,095 | 110 | - |
| Of which, Other | 4 | 39 | 974 | 68 | 82 |
| Total | 100 | 1,258 | 77,584 | 4,099 | 90 |
¹See definitions. ²In the rental value, time limited deductions of about SEK 132m (in rolling annual rental value at 30 June 2024) have not been deducted.
ONGOING PROJECTS > SEK 50M, 30/06/2024
| Property listing | Category | Area | Completed | Lettable area, sqm |
Occupancy rate, % space¹ |
Rental value² | Book value, SEKm |
Estimated investment, SEKm |
of which spent, SEKm |
|---|---|---|---|---|---|---|---|---|---|
| Ackordet 1 | Offices | Haga Norra | Q3-2024 | 27,000 | 66% | 101 | 1,517 | 1,441 | 1,062 |
| Påsen 1 | Offices | Hammarby Sjöstad | Q1-2025 | 11,500 | 47% | 41 | 741 | 486 | 352 |
| Regulatorn 3 (part of) Offices | Flemingsberg | Q1-2025 | 5,800 | 83% | 10 | 679 | 193 | 153 | |
| Separatorn 1 | Offices | Flemingsberg | Q2-2025 | 23,400 | 91% | 59 | 811 | 1,060 | 831 |
| Nöten 4 ᵌ | Offices | Solna Strand | Q3-2025 | 66,000 | 100% | 155 | 1,975 | 1,196 | 350 |
| Total | 133,700 | 85% | 366 | 5,723 | 4,376 | 2,748 | |||
| Other land and project properties | 1,877 | ||||||||
| Other development properties | 6,208 | ||||||||
| Total project, land and development properties 13,808 |
¹ Operational occupancy rate at 30 June 2024.
² Rental value including additions. The annual rent for the largest projects in progress could increase to SEK 366m (fully let) from SEK 8m in annualised current rent at 30 June 2024.
BIRGER BOSTAD CURRENT PROJECTS, 30/06/2024
| Est. | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| No. of resi. | Book value, | Investment, | Of which | ||||||
| Project | Area | GFA, sqm | RFA, sqm | properties | Selling grade, % | Completion | SEKm | SEKm | spent, SEKm |
| Haga Norra rentel | 3,227 | 2,338 | 78 | - | Q4-2025 | ||||
| Haga Norra owner-occupied | 3,124 | 2,246 | 50 | 0 | Q4-2026 | ||||
| Haga Norra tenant-owned | 14,516 | 11,263 | 160 | 0 | Q2-2025 - Q3-2026 | ||||
| Total Haga Norra | 20,867 | 15,847 | 288 | 401 | 854 | 191 | |||
| Fyrklövern, tenant-owned | 2,643 | 2,217 | 18 | 89 | Q3-2024 | 93 | 105 | 86 | |
| Total | 23,510 | 18,064 | 306 | 89 | 494 | 959 | 277 |
DEVELOPMENT RIGHTS, 30/06/2024
| Commercial building rights | Residential building rights | |||||||
|---|---|---|---|---|---|---|---|---|
| Area | Gross floor area, sqm Legal approval, % Book value, SEK/sqm |
Area | Gross floor area, sqmLegal binding, % | Book value, SEK/sqm | ||||
| Inner city | 32,400 | 13 | 8,300 | Inner city | 3,600 | 0 | 0 | |
| Solna | 306,000 | 39 | 6,700 | Solna | 184,400 | 41 | 8,400 | |
| Hammarby Sjöstad | 49,000 | 75 | 5,400 | Hammarby Sjöstad | 24,600 | 17 | 14,900 | |
| Flemingsberg | 268,900 | 6 | 4,600 | Flemingsberg | 264,500 | 0 | 5,000 | |
| Birger Bostad | - | - | - | Birger Bostad | 106,100 | 80 | 5,800 | |
| Other | 20,000 | 100 | 1,500 | Other | - | - | - | |
| Total | 676,300 | 29 | 5,700 | Total | 583,200 | 28 | 6,600 |
Areas and carrying amount relate to additional development rights space. Development will in some cases require the demolition of existing spaces, which will impact project calculations. The volumes are not maximised. The ongoing planning work aims to increase the volume of future development rights. All agreed land allocations have been included. The carrying amount also includes future, unpaid purchase prices for agreed land allocations.
SEGMENT REPORTING, 30/06/2024
| 2024 | 2024 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2023 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan-Jun | Jan-Jun | Jan-Jun | g | Jan-Jun Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun g |
Jan-Jun | |
| SEKm | Management | Development | Projects | Bostad | Total | Management | Development | Projects | Bostad | Total |
| Rental income | 1,595 | 124 | 6 | 6 | 1,731 | 1,564 | 109 | 6 | 6 | 1,685 |
| Contract sales, residential | - | - | - | 142 | 142 | - | - | - | 308 | 308 |
| Other income | - | - | - | - | - | - | - | - | - | - |
| Total net sales | 1,595 | 124 | 6 | 148 | 1,873 | 1,564 | 109 | 6 | 314 | 1,993 |
| Property expenses | -377 | -59 | -23 | -3 | -462 | -379 | -50 | -14 | -1 | -444 |
| Contract costs. residential development | - | - | - | -147 | -147 | - | - | - | -281 | -281 |
| Gross profit | 1,218 | 65 | -17 | -2 | 1,264 | 1,185 | 59 | -8 | 32 | 1,268 |
| Of which net operating income property management | 1,218 | 65 | -17 | 3 | 1,269 | 1,185 | 59 | -8 | 5 | 1,241 |
| Sur plus ratio, prorety management | 76% | 52% | -283% | 50% | 73% | 76% | 54% | -133% | 83% | 74% |
| Of which gross profit residential development | - | - | - | -5 | -5 | - | - | - | 27 | 27 |
| Central administration | -48 | -6 | -6 | - | -60 | -46 | -5 | -4 | - | -55 |
| Net interest income/expense | -393 | -44 | -45 | -4 | -486 | -383 | -42 | -24 | -11 | -460 |
| Ground rent | -21 | - | - | - | -21 | -23 | - | - | - | -23 |
| Share in profits of associated companies | -38 | - | - | - | -38 | -36 | - | 9 | - | -27 |
| Profit from property management | 718 | 15 | -68 | -6 | 659 | 697 | 12 | -27 | 21 | 703 |
| Realised changes in value properties | 4 | - | - | - | 4 | - | - | - | - | 0 |
| Unrealised changes in value properties | -1,124 | -400 | 78 | -15 | -1,461 | -2,789 | -370 | -645 | -20 | -3,824 |
| Profit before tax per segment | -402 | -385 | 10 | -21 | -798 | -2,092 | -358 | -672 | 1 | -3,121 |
| Changes in value interest rate derivatives & shares | 29 | -101 | ||||||||
| Profit before tax | -769 | -3,222 | ||||||||
| Market value properties | 63,548 | 6,887 | 6,921 | 228 | 77,584 | 69,477 | 7,662 | 6,138 | 243 | 83,520 |
| Developmentproperties | - | - | - | 795 | 795 | - | - | - | 716 | 716 |
| Occupancy rate, % | 90 | - | - | - | - | 91 | - | - | - | - |
In accordance with IFRS 8, segments are presented from the management's point of view, broken down by segment. Fabege's operations are classified as follows:
- Property Management properties under ongoing, long-term management.
- Property Development properties awaiting a redevelopment or extension that will have a significant impact on ongoing property management and net operating income.
- Projects Land and development properties, and properties undergoing new construction/complete redevelopment.
- Residential Birger Bostad carries out residential property development. It's business operations constitute a separate segment.
Rental income and property expenses, as well as realised and unrealised changes in the value of properties, are directly attributable to properties in the respective segments (direct income and expenses). If a property changes type during the year, the earnings attributable to that property are allocated to the respective segments based on the period of time for which the property belonged to each segment. Central administration costs and net financial items have been allocated to segments on a standardised basis according to each segment's share of the total property value (indirect income and expenses). Property assets are directly attributed to the respective segments and recognised on the balance sheet date. All revenue and expenses attributable to Birger Bostad's operations are recognised in the Residential segment.
During the second quarter, part of the Kvinten 1 property, Haga Norra, was divested internally to Birger Bostad, which is managing a residential development project on the property. As a result of the transfer, the property changed character, from an investment property to a development property. In the second quarter, the project for the Royal Swedish Opera and the Royal Dramatic Theatre on the Regulatorn 4 property was completed and the property was reclassified from a project property to an investment property. Furthermore, the property Stigbygeln 3 was reclassified from a development property to an investment property. No other reclassifications were made during the period.
Fabege's sustainability work
Our ambition is not limited to developing sustainable city districts, properties and premises. We aim to contribute to a sustainable Stockholm. Our sustainability strategy is an integral part of our business concept, business model and corporate culture.
Goals for 2030
- Carbon neutral property management.
- Cutting the climate impact of project development per GFA by half
71 kWh/sqm
Average energy use 2023
OMX SWEDEN SMALL CAP 30
ESG RESPONSIBLE INDEX Fabege has been included in the new OMX Sweden Small Cap 30 ESG Responsible Index (OMXSS30ESGGI) on Nasdaq Stockholm, which highlights companies on the Swedish stock market that show leadership in environmental, social and governance (ESG) issues.
SCIENCE BASED TARGETS
Our ambitious climate target has been approved by SBTi since 2020.
Goals & strategy
URBAN DEVELOPMENT
Our approach is rooted in a holistic perspective that aims to strengthen our neighbourhoods as experience-based meeting places, where the primary focus is on comfort, convenience, health and safety. By influencing everything from energy systems to sustainable travel, we can also help reduce our carbon footprint.
Examples of areas of work:
- Work-life balance
- District identity and attractiveness
- Outdoor environments meeting places, green spaces
- Multifunctionality
- Bridging physical and social barriers
- Adaptation to climate change
- Energy system solution
- Public transport, accessibility and navigability
- Security measures
- Participation and dialogue
REDUCED CARBON FOOTPRINT IN PROJECTS
The targets and roadmap that we have established in support of the Paris Agreement via the Science Based Targets initiative form the backbone of Fabege's work on climate issues. New construction and major refurbishments completed after 2030 will have a 50 per cent lower carbon footprint compared with Fabege's 2019 baseline. During the quarter, we worked in accordance with the first intermediate goal as part of our 2030 commitment:
- Planning permission before 2025, 20 per cent lower CO2 footprint
- Circularity index 20% for major renovations
In May, we took another step in our efforts to promote circular material flows, resource efficiency and reduced climate emissions by opening Stockholm's first reuse park. The Reuse Park, located in Arenastaden, is a branch of our Reuse
Hub in Solna Business Park and complements it by acting as a storage area for recycled outdoor materials and plants, as opposed to the Reuse Hub's storage facility for indoor materials.
Fabege has a long-term, target-based and integrated approach to creating more sustainable properties. Our ultimate long-term goal is for Fabege's property management to be carbon neutral, as measured in kg CO2e/sqm, by 2030. By this we mean that we will have control over all the emissions associated with our operations, and we will minimise emissions to the greatest possible extent using the tools available. We will compensate for emissions over which we have no control via carbon offsetting, for example investments in additive technology that reduces the amount of carbon dioxide in the atmosphere.
ENERGY EFFICIENCY TARGETS
Fabege's average energy consumption in 2023 totalled 71 kWh/sqm (specific energy). The target is average energy use of 70 kWh/sqm in 2024.
The cumulative energy consumption of the investment portfolio at the end of the second quarter increased by 1.3% compared to the same period in the previous year, mainly due to external factors such as significantly colder and warmer than normal months in the first half of 2024.
ENVIRONMENTAL CERTIFICATION OF PROPERTIES
All project properties and investment properties have been certified to BREEAM-SE/BREEAM In-Use since 2019. New construction is certified according to BREEAM-SE, ambition level Excellent, and the management of properties is certified according to BREEAM In-Use, ambition level Very Good. All residential new builds are certified according to the Nordic Ecolabel.
THE EU TAXONOMY
Fabege is subject to the EU's Non-Financial Reporting Directive. Reporting on the extent to which the Group's activities are covered by, and compliant with, the EU taxonomy can be found in Note 3 EU taxonomy, page 24.
The full tables in accordance with EU taxonomy objective 1, including DNSH criteria and minimum safeguards, are presented in the 2023 Annual Report.
KVARTERET POOLEN WON THE SOLNA URBAN ENVIRONMENT PRIZE 2024
The Solna Urban Environment Prize is presented annually by the municipal building committee for a building, facility or other project in Solna that has made a lasting improvement to the urban environment.
This year, our property Poolen 1, Arenastaden in Solna, a 3D building consisting of a ten-storey office block and a swimming pool, won. The building has a distinctive look with its rounded corners and brickwork, and the swimming pool is clearly highlighted in the streetscape using glass sections in the facade.
EXAMPLES OF SOCIAL SUSTAINABILITY INITIATIVES
- BID (business improvement district) started in Flemingsberg
- Läxhjälp homework club in Flemingsberg
- Active in Flemingsberg Science
- TalangAkademin in Huddinge
- Support for the Stockholm City Mission
- Street Gallery, Solna Business Park
- Support for local sports clubs
- Pep Parks in Solna
- Vinnova 'Social sustainability in the physical environment' project
- Nature and the environment guide, containing teaching materials for grades 4, 5 & 6
CERTIFIED PROPERTIES*
| System | Quantity | Sqm, GLA | Percentage of certified area, % |
|---|---|---|---|
| BREEAM In-Use | 47 | 713,491 | 66% |
| BREEAM-SE** | 15 | 365,185 | 34% |
| Miljöbyggnad | 1 | 5,593 | 1% |
| Total certified properties | 63 | 1,084,269 | 100% |
* The properties for which certification has not yet begun include land and development properties for future project development.
** BREEAM-SE now also includes the properties certified according to BREEAM Bespoke, as BREEAM Bespoke is a customised manual based on BREEAM-SE.
SUSTAINABILITY PERFORMANCE MEASURES
| 2024, Q2 | 2023 | 2022 | Target | |
|---|---|---|---|---|
| Energy performance, KWh/sqm Atemp* | 39.5 | 71 | 73 | Max. 70 kWh/sqm* |
| Proportion of renewable energy, % | 90 | 90 | 94 | 100 |
| Environmental certification, number of properties** | 63 | 63 | 63 | - |
| Environmental certification, % of total area | 82 | 82 | 84 | 100 |
| Green leases, % of newly signed space | 94 | 96 | 100 | 100 |
| Green leases, % of total space | 91 | 91 | 89 | 100 |
| Green financing, % | 99 | 99 | 100 | 100 |
| Satisfied employees, confidence rating, % | n/a | 88 | 87 | 2024 >88 |
| GRESB, points | n/a | 93 | 94 | >91 |
*Atemp is the total internal area for each floor, loft and basement that is heated to more than 10°C. Areas occupied by internal walls, openings for stairs, shafts and the like are included. The area for garages, within the building, in a residential building or a commercial building other than a garage, is not included.
** The properties for which certification has not yet started include land and development properties for future project development.
During the quarter, work continued with making sustainable improvements, within the framework of the certifications, to the buildings themselves and with regard to the property management and operational activities, which resulted in us succeeding in raising the ratings of two properties in the management portfolio, which have now
been recertified according to BREEAM In-Use.
SOCIAL SUSTAINABILITY INITIATIVES
Fabege collaborates with customers, municipalities, authorities, other property owners and associations to create safe and attractive areas. We are continuing to focus on social sustainability in urban planning and projects as we develop the physical environment in our city districts. Fabege's actions are centred on networks and dialogue, as well as education, leisure time, health and work.
ABOUT THE SUSTAINABILITY REPORT
This is a quarterly follow-up of Fabege's work on sustainability issues. The starting point is Fabege's annual sustainability reporting. The quarterly report has not been prepared in accordance with the GRI guidelines and therefore does not address certain issues.
CSRD/ESRS
We have started preparing for sustainability reporting under the new Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). During autumn 2023, a dual materiality analysis and a gap analysis were carried out as a basis for further work. In 2026, Fabege, which is already covered by the Non-Financial Reporting Directive, will report for the 2025 financial year.
An overall picture of the company's sustainability work is published once a year in the Sustainability Report; find out more at
https://www.fabege.se/en/sustainability.
Other financial information
SENSITIVITY ANALYSIS – PROPERTY VALUES
| Change in value, % | Impact on earnings after tax, SEKm |
Equity/assets ratio, % |
Loan-to-value ratio, % |
|---|---|---|---|
| +1 | 605 | 46.2% | 43.2% |
| 0 | 0 | 45.9% | 43.5% |
| -1 | -605 | 45.6% | 43.7% |
Earnings and key performance indicators are affected by realised and unrealised changes in the value of properties. The table shows the effect of a 1 percentage point change in value after the deduction of deferred tax.
SENSITIVITY ANALYSIS – CASH FLOW AND EARNINGS
| Change | Effect, SEKm | |
|---|---|---|
| Rental income, total | 1% | 34.6 |
| Rent level, commercial income | 1% | 33.4 |
| Financial occupancy rate | 1 percentage point | 35.8 |
| Property expenses | 1% | -8.7 |
| Interest expenses, LTM¹ | 1 percentage point | 145.0 |
| Interest expenses, longer term perspec 1 percentage point | 337.1 | |
| The sensitivity analysis shows the effects on the Group's cash flow and |
earnings on an annualised basis after taking into account the full effect of each parameter.
RENTAL INCOME – TREND FOR THE NEXT FOUR QUARTERS
The graph above shows the trend in contracted rental income, including announced occupancies and departures and renegotiations, but excluding letting targets. The decrease in Q4 2023 was due to sold, vacated properties. The graph is not a forecast, but instead aims to show the rental trend for the existing lease portfolio on the balance sheet date.
HUMAN RESOURCES
At the end of the period, 225 people (227) were employed by the Group.
PARENT COMPANY
Revenue during the period amounted to SEK 209m (229) and earnings before appropriations and tax totalled SEK 1,569m (445). Net financial items include dividends from subsidiaries of SEK 1,750m (750) Net investments in property, equipment and shares totalled SEK 1m (2).
EVENTS OCCURRING AFTER THE BALANCE SHEET DATE
No significant events occurred after the balance sheet date.
LEASE MATURITY STRUCTURE
| Annual rent, | |||
|---|---|---|---|
| Maturity, year | No. of leases | SEKm | Percentage, % |
| 2024¹ | 333 | 417 | 12% |
| 2025¹ | 407 | 569 | 17% |
| 2026 | 294 | 581 | 17% |
| 2027 | 212 | 499 | 15% |
| 2028 | 79 | 209 | 6% |
| 2029+ | 113 | 923 | 28% |
| Commercial | 1,438 | 3,197 | 95% |
| Housing leases | 205 | 22 | 1% |
| Indoor and outdoor parking | 644 | 135 | 4% |
| Total | 2,287 | 3,354 | 100% |
¹Of which just over SEK 416m has already been renegotiated.
LARGEST CUSTOMERS
| Share, % | Year of expiry | |
|---|---|---|
| Skandinaviska Enskilda Banken AB | 6.7% | Q4-2037 |
| Ica Fastigheter AB | 3.9% | Q2-2030 |
| Convendum Stockholm City AB | 3.7% | Q2-2034 |
| Telia Sverige AB | 3.6% | Q4-2031 |
| Tietoevry AB | 2.1% | Q1-2029 |
| Carnegie Investment Bank AB | 1.7% | Q3-2027 |
| Bilia AB | 1.6% | Q1-2041 |
| Svea Bank AB | 1.5% | Q4-2029 |
| Statens Skolverk | 1.3% | Q3-2030 |
| Telenor Sverige AB | 1.3% | Q3-2028 |
| Total | 27% |
¹Percentage of contracted rent.
RENTAL VALUE PER CATEGORY
OPPORTUNITIES AND RISKS
Risks and uncertainties relating to cash flow from operations relate primarily to changes in rents, vacancies and interest rates. The effect of the changes on consolidated profit, including a sensitivity analysis, and a more detailed description of risks and opportunities, are presented in the section on Risks and opportunities in the 2023 Annual Report (pages 50–60).
Properties are recognised at fair value and changes in value are recognised in profit or loss. The effects of changes in value on consolidated profit, the equity/assets ratio and the loan-tovalue ratio are also presented in the section on Risks and opportunities and the sensitivity analysis in the 2023 Annual Report. Financial risk, defined as the risk of insufficient access to long-term funding via loans, and Fabege's management of this risk, are also described in the Risks and opportunities section of the 2023 Annual Report (pages 50–60).
Fabege's aims for the capital structure are to have an equity/assets ratio of at least 35 per cent and an interest coverage ratio of at least 2.2x. The target for the loan-to-value ratio is a maximum of
50 per cent. The long-term debt ratio will amount to a maximum of 13x.
No material changes in the company's assessment of risks have arisen, aside from the above, since the publication of the 2023 Annual Report.
SEASONAL VARIATIONS
Expenses for the running and maintenance of properties are subject to seasonal variations. For example, cold and snowy winters give rise to higher costs for heating and snow clearance, while hot summers result in higher cooling costs. Activity in the rental market is seasonal. Normally, more business transactions are completed in the second and fourth quarters, which means that net lettings in these quarters are often higher.
MARKET OUTLOOK
We note that activity on the rental market in Stockholm has been more cautious, but with continued stable rent levels. Lettings continue to be agreed at good levels, but the indexlinked increases from the start of the year are expected to limit the potential in future renegotiations.
Access to capital market financing has improved, with significantly lower margins. Market interest rates have peaked and are expected to fall during the rest of 2024. Roughly 60 per cent of Fabege's loan portfolio is at fixed rates, which will mitigate the effect of higher market rates for the next few years. Rising interest rates have impacted yield requirements in property valuations. Yield requirements, which had been increasing since the second half of 2022, have stabilised. Completed transactions in Fabege's submarkets confirm that the decline in values has levelled out and that long-term investors are willing to pay well for quality in Stockholm.
Fabege enjoys a consistently strong financial position. We have created new investment opportunities in our areas via the acquisitions completed in recent years. With the acquisition of Birger Bostad in the autumn of 2021, we took a step towards more comprehensive urban development that extends to residential units as well. Fabege's hallmark is stability – we have a portfolio of modern properties in attractive locations, stable customers and committed employees. We are well-placed to take on the challenges and opportunities open to us on the market over the coming year.
ACCOUNTING POLICIES
Fabege prepares its consolidated accounts in accordance with IFRS Accounting Standards. This Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act.
Disclosures in accordance with IAS 34.16A Interim Financial Reporting are submitted both in the notes and in other sections of the Interim Report.
The Group has applied the same accounting policies and valuation methods as in the most recent annual report.
New or revised IFRS standards or other IFRIC interpretations that came into effect after 1 January 2024 have not had any material impact on the consolidated financial statements. The Parent Company prepares its financial statements in accordance with RFR 2 Accounting for Legal Entities and the Swedish Annual Accounts Act, and has applied the same accounting policies and valuation methods as in the last annual report.
Stockholm, 5 July 2024
Stefan Dahlbo
This Interim Report has not been reviewed by the company's auditors.
SIGNING OF THE REPORT
The Board of Directors and Chief Executive Officer hereby certify that this half-year report provides a true and fair overview of the development of the Parent Company and Group's operations, position and earnings and describes significant risks and uncertainties faced by the company and Group companies.
Stockholm, 5 July 2024
Jan Litborn Chairman of the Board
Märtha Josefsson Board Member
Anette Asklin Board Member
Bent Oustad Board Member
Sofia Watt Board Member Mattias Johansson Board Member
Lennart Mauritzson Board Member
Share information
Fabege's shares are listed on NASDAQ Stockholm, where they are included in the
Large Cap segment with the ticker FABG.
SHAREHOLDERS*
Fabege had a total of 43,824 known shareholders at 31 May 2024, including 59.1 per cent Swedish ownership. The 12 largest shareholders control 51 per cent of the capital and 54 per cent of the votes.
DIVIDEND 2023
The Annual General Meeting decided on a dividend of SEK 1.80 per share to be paid quarterly at SEK 0.45 per share.
DIVIDEND POLICY
Fabege aims to pay a dividend to its shareholders comprising the part of the company's profit that is not required for the consolidation or development of the business. Under current market conditions, this means that the dividend is expected to amount to, on an enduring basis, at least 50 per cent of the profit from ongoing property management and the gains realised on the sale of properties after tax.
ACQUISITION AND TRANSFER OF TREASURY SHARES*
The 2024 AGM passed a resolution authorising the Board, for the period until the next AGM, to acquire and transfer shares in the company. Share buybacks are subject to a limit of 10 per cent of the total number of shares outstanding at any time. The company held 16,206,048 treasury shares on 30 June 2024. Repurchases have been made at an average price of SEK 120.23 per share. The holding represents 4.9 per cent of the total number of registered shares. There were no repurchases during the period.
GREEN EQUITY DESIGNATION
Fabege shares are green according to the Nasdaq Green Equity Designation. The criteria are that at least 50 per cent of turnover and 50 per cent of investments must be considered to be green, and less than 5 per cent of turnover linked to fossil fuels.
LARGEST SHAREHOLDERS, 31/05/2024*
| Number of shares* | Proportion of capital, % |
Proportion of votes, % |
|
|---|---|---|---|
| Backahill AB | 52,108,718 | 15.75 | 16.56 |
| Geveran Trading Co | 38,202,835 | 11.55 | 12.14 |
| Vanguard | 10,741,212 | 3.25 | 3.41 |
| BlackRock | 10,411,691 | 3.15 | 3.31 |
| Nordea Funds | 10,190,563 | 3.08 | 3.24 |
| Länsförsäkringar Funds | 10,030,107 | 3.03 | 3.19 |
| E.N.A City Aktiebolag | 7,150,000 | 2.16 | 2.27 |
| Folksam | 7,067,983 | 2.14 | 2.25 |
| Third Swedish National Pension Fund | 7,000,429 | 2.12 | 2.23 |
| Norges Bank | 6,283,523 | 1.90 | 2.00 |
| APG Asset Management | 4,977,702 | 1.50 | 1.58 |
| AFA Insurance | 4,462,453 | 1.35 | 1.42 |
| Total 12 largest shareholders | 168,627,216 | 50.98 | 53.60 |
| Total no. ofshares outstanding | 314,577,096 | 95.10 | 100 |
| Treasury shares | 16,206,048 | 4.90 | - |
| Total no. of registered shares | 330,783,144 | 100 | 100 |
TURNOVER & TRADING, JAN-MAY 2024*
| Highest price, SEK | 108.6 |
|---|---|
| Lowest price, SEK | 80.0 |
| VWAP, SEK | 91.7 |
| Average daily turnover, SEK | 64,955,053 |
| Number of traded shares | 74,397,092 |
| Average number of transactions | 1,588 |
| Number of transactions | 166,781 |
| Average value per transaction, SEK | 40,894 |
| Daily turnover relative to market capitalisation, % | 0.21 |
SHARE DISTRIBUTION*
| 2024-05-31 | 2023-05-31 | |
|---|---|---|
| Number of owners | 43,824 | 44,821 |
| Number of foregin owners | 37.5 | 40.9 |
| Fund ownership, % | 33.3 | 27.7 |
| Transparency ownership, % | 15.9 | 15.9 |
COUNTRY DISTRIBUTION, 31/05/2024*
- Sweden 59.1%
- Norway 14.1%
- USA 9.5%
- Netherlands, 3.9%
- Others 13.4%
*Source: Holdings by Modular Finance AB. Data compiled and processed from various sources, including Euroclear, Morningstar and the Swedish Financial
Supervisory Authority (Finansinspektionen). Data for 30/06/2024 was not available at the time of publication of the report.
Financial data
Group Condensed statement of comprehensive income
| 2024 | 2023 | 2024 | 2023 | 2023 | Rolling 12 m | |
|---|---|---|---|---|---|---|
| SEKm | Apr-Jun | Apr-Jun | jan-jun | Jan-Jun | Jan-Dec | jul-jun |
| Rental income¹ | 864 | 855 | 1,731 | 1,685 | 3,366 | 3,412 |
| Sales residential projects | - | 122 | 142 | 308 | 553 | 387 |
| Other income ² | - | - | - | - | 11 | 11 |
| Net Sales | 864 | 977 | 1,873 | 1,993 | 3,930 | 3,810 |
| Property expenses | -214 | -213 | -462 | -444 | -853 | -871 |
| Residential projects expenses | -6 | -116 | -147 | -281 | -549 | -415 |
| Gross profit | 644 | 648 | 1,264 | 1,268 | 2,528 | 2,524 |
| of wich gross profit property managment | 650 | 642 | 1,269 | 1,241 | 2,524 | 2,552 |
| Surplus ratio, % | 75% | 75% | 73% | 74% | 75% | 75% |
| of wich gross profit property projects | -6 | 6 | -5 | 27 | 4 | -28 |
| Central administration | -31 | -29 | -60 | -55 | -97 | -102 |
| Net interest expense | -245 | -239 | -486 | -460 | -962 | -988 |
| Ground rent | -10 | -12 | -21 | -23 | -45 | -43 |
| Share in profit of associated companies | -27 | -17 | -38 | -27 | 34 | 23 |
| Profit/loss from property management | 331 | 351 | 659 | 703 | 1,458 | 1,414 |
| Realised changes in value of properties | 0 | 0 | 4 | 0 | 0 | 4 |
| Unrealised changes in value of properties | -80 | -1,715 | -1,461 | -3,824 | -7,831 | -5,467 |
| Unrealised changes in value, fixed-income derivatives | -184 | 117 | 29 | -100 | -1,003 | -874 |
| Changes in value of shares | - | 1 | 0 | -1 | -4 | -4 |
| Profit/loss before tax | 67 | -1,246 | -769 | -3,222 | -7,380 | -4,927 |
| Current tax | - | 0 | - | - | -1 | -1 |
| Deferred tax | -50 | 294 | 87 | 687 | 1,863 | 1,263 |
| Profit/loss for period/year | 17 | -952 | -682 | -2,535 | -5,518 | -3,665 |
| Items that will not be restated in profit or loss | ||||||
| Revaluation of defined-benefit pensions | - | - | - | 0 | 3 | 3 |
| Comprehensive income for the period/year | 17 | -952 | -682 | -2,535 | -5,515 | -3,662 |
| Of which attributable to non-controlling interests | - | - | - | - | - | - |
| Total comprehensive income attributable to Parent Company shareholders | 17 | -952 | -682 | -2,535 | -5,515 | -3,662 |
| Earnings per share, SEK | -0:05 | -3:03 | -2:17 | -8:06 | -17:54 | -11:64 |
| No. of shares outstanding at period end, thousands | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 |
| Average no. of shares, thousands | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 |
¹ On-charging, service and other income amounts to SEK 59m (58) for the period Jan-Jun 2024.
² Refers to elctricity support
³ Earnings per share are the same before and after dilution.
Condensed statement of financial position
| 2024 | 2023 | 2023 | |
|---|---|---|---|
| SEKm | Jun 30 | Jun 30 | 31 Dec |
| Assets | |||
| Goodwill | 205 | 205 | 205 |
| Properties | 77,584 | 83,520 | 78,093 |
| Right-of-use asset | 949 | 1,243 | 949 |
| Other property, plant and equipment | 31 | 25 | 30 |
| Derivatives | 881 | 1,589 | 925 |
| Non-current financial assets | 1,356 | 514 | 1,319 |
| Development properties | 795 | 716 | 519 |
| Current assets | 857 | 1,122 | 997 |
| Short-term investments | 98 | 96 | 98 |
| Cash and cash equivalents | 10 | 76 | 85 |
| Total assets | 82,766 | 89,106 | 83,220 |
| Equity and liabilities | |||
| Shareholders' equity | 37,996 | 42,224 | 39,244 |
| Deferred tax | 8,218 | 9,508 | 8,305 |
| Other provisions | 153 | 156 | 158 |
| Interest-bearing liabilities¹ | 33,715 | 33,846 | 32,982 |
| Lease liability | 949 | 1,243 | 949 |
| Derivatives | 166 | 0 | 240 |
| Non-interest-bearing liabilities | 1,569 | 2,129 | 1,342 |
| Total equity and liabilities | 82,766 | 89,106 | 83,220 |
¹Of which current, SEK 4,293m (7,169).
Group Condensed statement of changes in equity
| 2024 | 2023 | 2023 | |
|---|---|---|---|
| SEKm | Jan-Jun | Jan-Jun | Jan-Dec |
| Shareholders' equity at beginning of period | 39,244 | 45,514 | 45,514 |
| Shareholders' equity, | |||
| Opening amount | 39,244 | 45,514 | 45,514 |
| Share buybacks | |||
| Approved but unpaid dividend | -425 | -566 | -189 |
| Cash dividend | -141 | -189 | -566 |
| Profit/loss for the period | -682 | -2,535 | -5,518 |
| Other comprehensive income | 3 | ||
| Total Shareholders' equity at end of period¹ | 37,996 | 42,224 | 39,244 |
¹ There is no non-controlling interests
Statement of cash flows
| 2024 | 2023 | 2023 | |
|---|---|---|---|
| SEKm | Jan-Jun | Jan-Jun | Jan-Dec |
| Operations | |||
| Net operating income | 1,264 | 1,268 | 2,528 |
| Central administration | -60 | -55 | -97 |
| Reversal of depreciation and impairment | 5 | 4 | - |
| Other non-cash items | 4 | - | 11 |
| Interest received | 10 | 12 | 24 |
| Interest paid¹ | -563 | -524 | -1,150 |
| Income tax paid | 0 | 0 | 0 |
| Cash flow before changes in working capital | 660 | 705 | 1,316 |
| Change in working capital | |||
| Change in development properties | 72 | 177 | 373 |
| Change in current receivables | 140 | -84 | 44 |
| Change in current liabilities | -33 | 231 | -163 |
| Total change in working capital | 179 | 324 | 254 |
| Cash flow from operating activities | 839 | 1,029 | 1,570 |
| Investing activities | |||
| Business acquisition, net cash outflow | - | - | - |
| Investments in new-builds, extensions and conversions | -1,251 | -1,361 | -2,978 |
| Acquisition of properties | - | -78 | -78 |
| Divestment of properties | - | 484 | 2,977 |
| Other non-current financial assets | -66 | -86 | -253 |
| Cash flow from investing activities | -1,317 | -1,041 | -332 |
| Financing activities | |||
| Dividend to shareholders | -330 | -503 | -881 |
| Treasury share buybacks | - | - | - |
| Borrowings | 11,967 | 10,807 | 22,275 |
| Repayment of debt | -11,234 | -10,303 | -22,634 |
| Cash flow from financing activities | 403 | 1 | -1,240 |
| Cash flow for the period | -75 | -11 | -2 |
| Cash and cash equivalents at beginning of period | 85 | 87 | 87 |
| Cash and cash equivalents at end of period | 10 | 76 | 85 |
¹Of which other financial costs , SEK -20m (39).
Group Key performance indicators
| 2024 | 2023 | 2023 | |
|---|---|---|---|
| Financial¹ | |||
| Jan-Jun | Jan-Jun | Jan-Dec | |
| Return on equity, % | -3.5 | -11.6 | -13.0 |
| Interest coverage ratio, multiple | 2.4 | 2.6 | 2.5 |
| Equity/assets ratio, % | 46 | 47 | 47 |
| Loan-to-value ratio, properties, % | 43 | 40 | 42 |
| Debt ratio, multiple | 13.9 | 14.6 | 13.5 |
| Debt/equity ratio, multiple | 0.9 | 0.8 | 0.8 |
| Share-based¹ | |||
| Earnings per share, SEK² | -2:17 | -8:06 | -17:54 |
| Equity per share, SEK | 121 | 134 | 125 |
| Cash flow from operating activities per share, SEK | 2:67 | 3:27 | 4:99 |
| Average no. of shares, thousands | 314,577 | 314,577 | 314,577 |
| No. of shares outstanding at end of period, thousands | 314,577 | 314,577 | 314,577 |
| Property-related | |||
| No. of properties | 100 | 102 | 100 |
| Carrying amount, properties, SEKm | 77,584 | 83,520 | 78,093 |
| Lettable area, sqm | 1,245,000 | 1,298,000 1,246,000 | |
| Development properties, SEKm | 795 | 716 | 519 |
| Financial occupancy rate, % | 90 | 91 | 91 |
| Total return on properties, % | -0.2 | -3.0 | -6.2 |
| Surplus ratio, % | 73 | 74 | 75 |
¹Unless otherwise stated, the key performance indicator is not defined under IFRS. See definitions.
²Definition according to IFRS.
EPRA key performance indicators
| 2024 | 2023 | 2023 | |
|---|---|---|---|
| Jan-Jun | Jan-Jun | jan-dec | |
| EPRA Earnings (income from property mgmt after tax), SEKm | 659 | 637 | 1,314 |
| EPRA Earnings (EPS), SEK/share | 1:91 | 2:03 | 4:18 |
| EPRA NRV (long-term net asset value), SEKm | 45,924 | 50,709 | 47,052 |
| EPRA NRV, SEK/share | 146 | 161 | 150 |
| EPRA NTA (net asset value), SEKm | 42,922 | 47,325 | 44,177 |
| EPRA NTA, SEK/share | 136 | 150 | 140 |
| EPRA NDV (net asset value), SEKm | 38,216 | 42,585 | 39,228 |
| EPRA NDV, SEK/share | 121 | 135 | 125 |
| EPRA Vacancy rate, % | 10 | 9 | 9 |
| EPRA Rental growth identical portfolio | 8 | 12 | 11 |
Deferred tax
| 2024 | 2023 | 2023 | |
|---|---|---|---|
| Deferred tax attributable to: | Jun 30 | Jun 30 | 31 Dec |
| - tax loss carryforwards, SEKm | -202 | -399 | -410 |
| - difference between carrying amount and tax value of properties, SEKm | 8,295 | 9,600 | 8,596 |
| - derivatives, SEKm | 147 | 327 | 141 |
| - other, SEKm | -22 | -20 | -22 |
| Net debt, deferred tax, SEKm | 8,218 | 9,508 | 8,305 |
Quarterly Group overview
Condensed income statement
| 2024 | 2023 | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| SEKm | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | |
| Rental income | 864 | 867 | 827 | 854 | 855 | 829 | 781 | 771 | |
| Sales property projects | 0 | 141 | 67 | 177 | 122 | 187 | 163 | 104 | |
| Other income | - | - | - | 11 | - | - | - | - | |
| Net sales | 864 | 1,008 | 894 | 1,042 | 977 | 1,016 | 944 | 875 | |
| Property expenses | -214 | -248 | -203 | -206 | -213 | -231 | -207 | -186 | |
| Costs property projects | -6 | -140 | -86 | -182 | -116 | -165 | -252 | -98 | |
| Gross profit | 644 | 620 | 605 | 654 | 648 | 620 | 485 | 591 | |
| of which gross profit property management | 650 | 619 | 624 | 659 | 642 | 598 | 574 | 585 | |
| Surplus ratio | 75% | 71% | 76% | 76% | 75% | 72% | 74% | 76% | |
| of which gross profit property projects | -6 | 1 | -19 | -5 | 6 | 22 | -89 | 6 | |
| Central administration | -31 | -29 | -16 | -26 | -29 | -26 | -25 | -22 | |
| Net interest expense | -245 | -240 | -237 | -265 | -239 | -221 | -189 | -159 | |
| Ground rent | -10 | -11 | -10 | -12 | -12 | -12 | -12 | -11 | |
| Share in profit of associated companies | -27 | -11 | 3 | 59 | -17 | -10 | -24 | 9 | |
| Profit/loss from property management | 331 | 329 | 345 | 410 | 351 | 351 | 235 | 408 | |
| Realised changes in value of properties | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Unrealised changes in value of properties | -80 | -1,381 | -2,415 | -1,591 | -1,715 | -2,110 | -3,665 | 253 | |
| Unrealised changes in value, fixed-income derivatives | -184 | 213 | -888 | -15 | 117 | -217 | -61 | 277 | |
| Changes in value, equities | 0 | 0 | -3 | -1 | 1 | -1 | -3 | 1 | |
| Profit/loss before tax | 67 | -836 | -2,961 | -1,197 | -1,246 | -1,977 | -3,494 | 939 | |
| Current tax | 0 | 0 | -1 | 0 | 0 | 0 | -3 | 0 | |
| Deferred tax | -50 | 137 | 971 | 205 | 294 | 393 | 768 | -211 | |
| Profit/loss for the period | 17 | -699 | -1,991 | -992 | -952 | -1,584 | -2,729 | 728 |
Condensed financial position
| 2024 | 2023 | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| SEKm | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | |
| Assets | |||||||||
| Goodwill | 205 | 205 | 205 | 205 | 205 | 205 | 205 | 205 | |
| Properties | 77,584 | 77,358 | 78,093 | 82,700 | 83,520 | 84,994 | 86,348 | 89,373 | |
| Right-of-use asset, leasehold | 949 | 949 | 949 | 1,243 | 1,243 | 1,243 | 1,243 | 1,090 | |
| Other property, plant and equipment | 31 | 30 | 30 | 28 | 25 | 25 | 25 | 18 | |
| Derivatives | 881 | 1,029 | 925 | 1,574 | 1,589 | 1,472 | 1,689 | 1,750 | |
| Non-current financial assets | 1,356 | 1,343 | 1,319 | 531 | 514 | 490 | 456 | 450 | |
| Development properties | 795 | 395 | 519 | 563 | 716 | 795 | 892 | 957 | |
| Current assets | 857 | 1,247 | 997 | 1,107 | 1,122 | 1,333 | 1,042 | 1,250 | |
| Short-term investments | 98 | 98 | 98 | 97 | 96 | 96 | 96 | 95 | |
| Cash and cash equivalents | 10 | 31 | 85 | 58 | 76 | 82 | 87 | 114 | |
| Total assets | 82,766 | 82,685 | 83,220 | 88,106 | 89,106 | 90,735 | 92,083 | 95,302 | |
| Equity and liabilities | |||||||||
| Shareholders' equity | 37,996 | 38,545 | 39,244 | 41,232 | 42,224 | 43,175 | 45,514 | 48,232 | |
| Deferred tax | 8,218 | 8,168 | 8,305 | 9,303 | 9,508 | 9,802 | 10,195 | 10,957 | |
| Other provisions | 153 | 154 | 158 | 155 | 156 | 157 | 157 | 167 | |
| Interest-bearing liabilities | 33,715 | 33,579 | 32,982 | 34,563 | 33,846 | 33,976 | 33,341 | 32,882 | |
| Lease liability | 949 | 949 | 949 | 1,243 | 1,243 | 1,243 | 1,243 | 1,091 | |
| Derivatives | 166 | 130 | 240 | 0 | 0 | - | - | - | |
| Non-interest-bearing liabilities | 1,569 | 1,160 | 1,342 | 1,610 | 2,129 | 2,382 | 1,633 | 1,974 | |
| Total equity and liabilities | 82,766 | 82,685 | 83,220 | 88,106 | 89,106 | 90,735 | 92,083 | 95,302 |
Key performance indicators
| 2024 | 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|---|
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | |
| Financial¹ | ||||||||
| Return on equity, % | 0.2 | -7.2 | -19.8 | -9.5 | -8.9 | -14.3 | -23.3 | 6.1 |
| Interest coverage ratio, multiple² | 2.5 | 2.4 | 2.4 | 2.3 | 2.5 | 2.6 | 2.8 | 3.5 |
| Equity/assets ratio, % | 46 | 47 | 47 | 47 | 47 | 48 | 49 | 51 |
| Loan-to-value ratio, properties, % | 43 | 43 | 42 | 41 | 40 | 40 | 38 | 36 |
| Debt ratio, multiple | 13.9 | 13.8 | 13.5 | 14.5 | 14.6 | 15.4 | 15.6 | 15.4 |
| Debt/equity raio, multiple | 0.9 | 0.9 | 0.8 | 0.8 | 0.8 | 0.8 | 0.7 | 0.7 |
| Share-based¹ | ||||||||
| Earnings per share for the period, SEK² | 0:05 | -2:22 | -6:33 | -3:15 | -3:03 | -5:04 | -8:68 | 2:30 |
| Equity per share, SEK | 121 | 123 | 125 | 131 | 134 | 137 | 145 | 153 |
| Cash flow from operating activities per share, SEK | 2:07 | 0:60 | 1:15 | 0:60 | 1:80 | 1:44 | 1:49 | 0:97 |
| No. of shares outstanding at the end of the period, thousands | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 |
| Average no. of shares, thousands | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 | 317,221 | 318,102 |
| Property-related | ||||||||
| Financial occupancy rate, % | 90 | 90 | 91 | 91 | 91 | 90 | 89 | 90 |
| Total return on properties, % | 70.0 | -1.0 | -2.2 | -1.1 | -1.3 | -1.7 | -3.4 | 0.9 |
| Surplus ratio, % | 75 | 71 | 76 | 76 | 75 | 72 | 73 | 74 |
¹Unless otherwise stated, the key performance indicator is not defined under IFRS. Please refer to definitions. ²Definition according to IFRS.
Group Reconciliation of key performance indicators
The reconciliation of the financial key performance indicators that Fabege reports is presented below.
| 2024 | 2023 | 2023 | |||
|---|---|---|---|---|---|
| Equity/assets ratio | Jun 30 | Jun 30 | 31 Dec | ||
| Shareholders' equity, SEKm | 37,996 | 42,224 | 39,244 | ||
| Total assets, SEKm | 82,766 | 89,106 | 83,220 | ||
| Equity/assets ratio, % | 46 | 47 | 47 | ||
| 2024 | 2023 | 2023 | |||
| Loan-to-value ratio, properties | Jun 30 | Jun 30 | 31 Dec | ||
| Interest-bearing liabilities, SEKm | 33,715 | 33,846 | 32,982 | ||
| Carrying amount, properties, SEKm | 77,584 | 83,520 | 78,093 | ||
| Carrying amount, development properties, SEKm | 795 | 716 | 519 | ||
| Loan-to-value ratio, properties, % | 43 | 40 | 42 | ||
| 2024 | 2023 | 2023 | |||
| Debt ratio | Jun 30 | Jun 30 | 31 Dec | ||
| Gross profit | 2,524 | 2,343 | 2,528 | ||
| Reversal of impairment | 6 | 81 | 6 | ||
| Central administration, SEKm | -102 | -102 | -97 | ||
| Total, SEKm | 2,428 | 2,322 | 2,437 | ||
| Interest-bearing liabilities, SEKm | 33,715 | 33,846 | 32,982 | ||
| Debt ratio, multiple | 13.9 | 14.6 | 13.5 | ||
| 2024 | 2023 | 2023 | |||
| Interest coverage ratio, multiple | Jun 30 | Jun 30 | 31 Dec | ||
| Gross profit | 1,264 | 1,268 | 2,528 | ||
| Reversal of impairment | - | - | 6 | ||
| Ground rent, SEKm | -21 | -23 | -45 | ||
| Central administration, SEKm | -60 | -55 | -97 | ||
| Total, SEKm | 1,183 | 1,190 | 2,392 | ||
| Net interest expense, SEKm | -486 | -460 | -962 | ||
| Interest coverage ratio, multiple | 2.4 | 2.6 | 2.5 | ||
| 2024 | 2023 | 2024 | 2023 | 2023 | |
| Return on equity | Apr-Jun | Apr-Jun | jan-jun | jan-jun | jan-dec |
| Profit/loss for the period, SEKm | 17 | -952 | -682 | -2,535 | -5,517 |
| Average equity, SEKm | 38,271 | 42,700 | 38,620 | 43,869 | 42,379 |
| Return on equity, % | 0.2 | -8.9 | -3.5 | -11.6 | -13 |
| 2024 | 2023 | 2024 | 2023 | 2023 | |
| Total return on properties | Apr-Jun | Apr-Jun | jan-jun | jan-jun | jan-dec |
| Net operating income, SEKm | 650 | 642 | 1,269 | 1,241 | 2,524 |
| Unrealised and realised changes in the value of properties, SEKm | -80 | -1,715 | -1,457 | -3,825 | -7,831 |
| Market value including investments for the period, SEKm | 77,663 | 85,235 | 79,041 | 87,345 | 85,924 |
| Total return on properties, % | 0.7 | -1.3 | -0.2 | -3 | -6.2 |
| 2024 | 2023 | 2024 | 2023 | 2023 | |
| Debt/equity ratio | Apr-Jun | Apr-Jun | jan-jun | jan-jun | jan-dec |
| Interest-bearing liabilities, SEKm | 33,715 | 33,846 | 33,715 | 33,846 | 32,982 |
| Shareholders' equity, SEKm | 37,996 | 42,224 | 37,996 | 42,224 | 39,244 |
| Debt/equity ratio | 0.9 | 0.8 | 0.9 | 0.8 | 0.8 |
| 2024 | 2023 | 2024 | 2023 | 2023 | |
| Equity per share | Apr-Jun | Apr-Jun | jan-jun | jan-jun | jan-dec |
| Shareholders' equity, SEKm | 37,996 | 42,224 | 37,996 | 42,224 | 39,244 |
| No. of shares outstanding at end of period, million | 315 | 315 | 315 | 315 | 315 |
| Equity, SEK per share | 121 | 134 | 121 | 134 | 125 |
| 2024 | 2023 | 2024 | 2023 | 2023 | |
| Cash flow per share | Apr-Jun | Apr-Jun | jan-jun | jan-jun | jan-dec |
| Cash flow from operating activities, SEKm | 651 | 577 | 839 | 1,029 | 1,570 |
| Avergae number of shares, million | 315 | 315 | 315 | 315 | 315 |
| Cash flow, SEK per share | 2.1 | 1.8 | 2.7 | 3.3 | 5.0 |
Group Reconciliation of EPRA key performance indicators
The reconciliation of the EPRA key performance indicators that Fabege reports is presented below.
| 2024 | 2023 | 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Jan-Jun | Jan-Jun | Jan-Dec | ||||||||
| EPRA NRV, EPRA NTA & EPRA NDV | NRV | NTA | NDV | NRV | NTA | NDV | NRV | NTA | NDV | |
| Shareholders' equity, SEKm | 37,996 | 37,996 | 37,996 | 42,224 | 42,224 | 42,224 | 39,244 | 39,244 | 39,244 | |
| Reversal of approved but unpaid dividend, SEKm | 425 | 425 | 425 | 566 | 566 | 566 | 189 | 189 | 189 | |
| Reversal of fixed-income derivatives according to balance sheet, SEK | -715 | -715 | -715 | -1,589 | -1,589 | -1,589 | -686 | -686 | -686 | |
| Reversal of deferred tax according to balance sheet, SEKm | 8,218 | 8,218 | 8,218 | 9,508 | 9,508 | 9,508 | 8,305 | 8,305 | 8,305 | |
| Reversal of goodwill according to balance sheet, SEKm | - | -205 | -205 | - | -205 | -205 | - | -205 | -205 | |
| Deduction of actual deferred tax, SEKm | - | -2,797 | -2,797 | - | -3,179 | -3,179 | - | -2,670 | -2,670 | |
| Deduction of fixed-income derivatives according to balance sheet, SEK | - | 715 | - | - | 1,589 | - | - | 686 | ||
| Deduction of deferred tax according to balance sheet after | ||||||||||
| adjustment of estimated actual deferred tax, SEKm | - | - | -5,421 | - | - | -6,329 | - | - | -5,634 | |
| NAV, SEKm | 45,924 | 42,922 | 38,216 | 50,709 | 47,325 | 42,585 | 47,052 | 44,177 | 39,229 | |
| Number of shares outstanding, millions | 314.6 | 314.6 | 314.6 | 314.6 | 314.6 | 314.6 | 314.6 | 314.6 | 314.6 | |
| NAV, SEK per share | 146 | 136 | 121 | 161 | 150 | 135 | 150 | 140 | 125 | |
| 2024 | 2023 | 2023 | ||||||||
| EPRA EPS | Jan-Jun | Jan-Jun | Jan-Dec | |||||||
| Profit/loss from property management, SEKm | 659 | 703 | 1458 | |||||||
| Deduction for tax depreciation, SEKm | -380 | -384 | -758 | |||||||
| Total, SEKm | 279 | 319 | 700 | |||||||
| Nominal tax (20.6%), SEKm | 58 | 66 | 144 | |||||||
| EPRA earnings in total (profit/loss from property management | ||||||||||
| less nominal tax), SEKm | 601 | 637 | 1,314 | |||||||
| Number of shares, millions | 314.6 | 314.6 | 314.6 | |||||||
| EPRA EPS, SEK per share | 1:91 | 2:03 | 4:18 | |||||||
| 2024 | 2023 | 2023 | ||||||||
| EPRA Vacancy rate | Jan-Jun | Jan-Jun | Jan-Dec | |||||||
| Estimated market value of vacant property rents, SEKm | 342 | 319 | 318 | |||||||
| Annual rental value, entire portfolio, SEKm | 3,594 | 3,563 | 3,406 | |||||||
| EPRA Vacancy rate, % | 10 | 9 | 9 | |||||||
| 2024 | 2023 | 2023 | ||||||||
| EPRA rental growth identical portfolio Change, % |
Jan-Jun 8 |
Jan-Jun 12 |
Jan-Dec 11 |
|||||||
| Change,SEKm | 122 | 184 | 321 | |||||||
| Rental income identical portfolio current period, SEKm | 1,730 | 1,657 | 3,203 | |||||||
| Rental income identical portfolio previous period, SEKm | 1,608 | 1,473 | 2,882 |
Parent Company
Condensed income statement
| 2024 | 2023 | 2023 | |
|---|---|---|---|
| SEKm | Jan-Jun | Jan-Jun | Jan-Dec |
| Income | 209 | 229 | 443 |
| Expenses | -357 | -336 | -449 |
| Net financial items | 1,688 | 653 | 512 |
| Share in profit of associated companies | - | - | 0 |
| Changes in value, fixed-income derivatives | 29 | -100 | -1,003 |
| Changes in value, equities | - | -1 | -8 |
| Appropriation | - | - | 196 |
| Profit/loss before tax | 1,569 | 445 | -309 |
| Current tax | - | - | - |
| Deferred tax | 35 | 60 | 169 |
| Profit/loss for the period | 1,604 | 505 | -140 |
Condensed balance sheet
| 2024 | 2023 | 2023 | |
|---|---|---|---|
| SEKm | Jun 30 | Jun 30 | 31 Dec |
| Investments in Group companies | 13,400 | 13,400 | 13,400 |
| Other non-current assets | 50,394 | 49,490 | 47,244 |
| of which, receivables from Group companies | 49,453 | 47,838 | 46,299 |
| Current assets | 88 | 92 | 472 |
| Cash and cash equivalents | 0 | 3 | 1 |
| Total assets | 63,882 | 62,985 | 61,117 |
| Shareholders' equity | 12,547 | 12,155 | 11,509 |
| Provisions | 230 | 369 | 220 |
| Non-current liabilities | 46,289 | 44,418 | 42,591 |
| of which, liabilities to Group companies | 17,082 | 16,026 | 16,702 |
| Current liabilities | 4,816 | 6,043 | 6,797 |
| Total equity and liabilities | 63,882 | 62,985 | 61,117 |
NOTE 1 DERIVATIVES
Derivatives are measured at fair value as Level 2 assets. The derivatives portfolio is measured at the present value of future cash flows. Changes in value are recognised in profit or loss. Changes in value are recognised for accounting purposes and have no impact on cash flow. At maturity, the market value of derivative instruments is always zero. The valuation assumptions have not changed significantly compared with the most recent annual report.
NOTE 2 CONTINGENT LIABILITIES
On the balance sheet date, contingent liabilities comprised guarantees and commitments in favour of associated companies and subsidiaries of SEK 484m (503) and other 0 (0).
NOTE 3 EU TAXONOMY
Percentage of activities eligible for the taxonomy
| Key ratios | Total, SEKm | Activities eligible for the taxonomy, % | Activities not eligible for the taxonomy, % |
|---|---|---|---|
| Revenue | 1,731 | 100 | 59 |
| Operating expenditure | 85 | 100 | 43 |
| Capital expenditure | 1,246 | 100 | 30 |
Fabege owns and manages properties, with a primary focus on commercial properties in the Stockholm area. The vast majority of the property portfolio falls within the scope of the taxonomy and the economic activities applied are
CCM 7.1 Construction of new buildings
CCM 7.7 Acquisition and ownership of buildings
The proportion of Fabege's operations that are environmentally sustainable according to the EU Taxonomy Regulation is reported based on three financial indicators: turnover, operating expenditure and capital expenditure.
Recognition of turnover:
All turnover related to the properties included in the economic activities above are recognised. This refers to rental income, including the standard supplements. No material income that should be excluded has been identified.
Recognition of operating expenditure:
Operating expenditure includes property management costs, regular repairs, maintenance and expensed tenant adaptations. Birger Bostad's production costs for residential development are recorded as operating expenses but are not included here, as they do not fall within the definition of operating expenses according to the taxonomy.
Recognition of capital expenditure:
Relates to capital expenditure for acquisitions and capitalised investment expenditure related to the properties included in the economic activities.
Percentage of activities aligned with the taxonomy
Fabege contributes significantly to objective 1, i.e. climate change mitigation, including the Do No Significant Harm criteria. The existing properties assessed as being aligned with objective 1 have an EPC-A level energy performance certificate or are in the top 15 per cent in terms of primary energy use in Sweden (in accordance with the definition applied by the Swedish Property Federation for existing buildings). The properties have undergone a climate resilience analysis.
According to Fabege's assessment, 59 per cent of its turnover, 39 per cent of its operating expenditure and 16 per cent of its capital expenditure are aligned with the taxonomy, based on fulfilment of objective 1 (CCM), including the DNSH criteria. The outcome is based on rolling 12-month outcomes up to and including Q1 2024 for primary energy figures. The reason for the percentage of capital expenditure that is green being reported as low is that Fabege has chosen to make a conservative assessment of ongoing new construction projects and interpret that they are covered by all DNSH requirements in 7.1. These are reported as non-compliant with the taxonomy, as interpretations of the DNSH requirements and documentation of this to demonstrate compliance are not yet fully in place. Fabege believes that, in the long term, at least part of the capital expenditure will be classified as being aligned with the taxonomy.
Fabege also meets the taxonomy's requirements for Minimum Safeguards related to human rights, anti-corruption, transparency regarding tax burdens and fair competition.
The full tables are only presented annually and can be found on pages 83–86 of Fabege's Annual and Sustainability Report for 2023.
This is Fabege
Fabege is one of Sweden's leading property companies. We develop attractive and sustainable city districts, with a primary focus on commercial properties within a limited number of well-located submarkets in the Stockholm region.
We are one of the largest property owners in Stockholm and have a clear strategy for our property holdings, with a portfolio grouped into clusters. The Group also includes Birger Bostad, which is a property development company focused on residential and public-services property. The large number of residential development rights that we hold means that together we have a great opportunity to create mixed-use developments in our city districts. The concentration of our properties in well-contained clusters ensures greater customer proximity and, when coupled with Fabege's thorough knowledge of the market, creates a solid foundation for efficient property management and high occupancy rates. On 30 June 2024, Fabege owned 100 properties with a combined rental value of SEK 4.1bn, lettable floor space of 1.3m sqm and a carrying amount of SEK 77.6bn, of which development and project properties accounted for SEK 14.1bn. The value of development properties in Birger Bostad totalled SEK 0.8bn.
Business concept
Fabege develops sustainable city districts, with a primary focus on commercial properties within a limited number of welllocated submarkets in the Stockholm region.
Value is created via property management, property development, project development and transactions. We are keen to be a supportive partner that puts people front and centre and enables companies, locations and our city to develop.
BUSINESS MODEL
Fabege is active in three business areas: Property Management, Property Development and Transactions.
STRATEGY FOR GROWTH
Fabege's strategy is to create value by managing, improving and developing its property portfolio and, through transactions, to acquire and divest properties with the aim of increasing the property portfolio's potential. Fabege's properties are located in the most liquid market in Sweden. Attractive locations lead to a low vacancy rate in the investment property portfolio. Modern properties permit flexible solutions and attract customers. With its concentrated portfolio and high-profile local presence, investments to enhance the appeal of an area benefit many of Fabege's customers.
VALUE DRIVERS
Fabege's operations are affected by a number of external factors, such as the pricing of and demand for premises, the transaction market's yield requirements, and changes in market interest rates, which create the conditions for the company's success.
THE STOCKHOLM MARKET
Stockholm is one of the five metropolitan areas in Western Europe with the highest rate of population growth. The population of Stockholm County is forecast to continue to grow over the next 20 years. However, since the second half of 2023, growth in the number of people employed in office activities has slowed down slightly.
Changing demand
New technology and new working methods are fuelling demand for flexible and space-efficient premises in prime locations. Peripheral services and effective communication links in the form of public transport are in increasing demand, as are environmentally-certified offices and green leases.
Economic trends
The property market is impacted by trends in both the Swedish and the global economy. Demand for premises is closely linked to GDP growth and companies' need for premises. Changes in market interest rates affect required rates of return.
Sustainable urban development
Sustainability issues are becoming increasingly important in terms of both individual properties and entire areas. Interest in environmental considerations relating to the choice of materials and energy-saving measures is on the rise. Demand is increasing for premises in areas with a good mix of offices, retail, service and residential units, and good transport links and environmental engagement.
Business model
PROPERTY MANAGEMENT
The essence of Fabege's operations is finding the right premises for customers' specific requirements and ensuring customer satisfaction. This is accomplished through long-term efforts, based on close dialogue with the customer, which build mutual trust and loyalty.
PROPERTY DEVELOPMENT
High-quality property development is the second key cornerstone of our business. Fabege has long-standing experience in the management of extensive property development projects, and endeavours to attract longterm tenants for properties that have not yet been fully developed and can be redesigned based on customers' specific requirements.
TRANSACTIONS
Property transactions are an integral part of Fabege's business model and make a significant contribution to the company's earnings. The company continuously analyses its property portfolio in order to utilise opportunities to generate capital growth through acquisitions and divestments.
Definitions
Fabege presents certain financial performance measures in the Interim Report that are not defined in IFRS. The company believes that these measures provide valuable supplementary information for investors and the company's management, as they enable an assessment and benchmarking of the company's reporting. Since not all companies calculate financial performance measures in the same way, they are not always comparable with measures used by other companies. These financial performance measures should therefore not be regarded as substitutes for measures defined in IFRS. The following key performance indicators are not defined in IFRS, unless otherwise stated.
ACTUAL DEFERRED TAX
Estimated actual deferred tax has been calculated as approximately 4 per cent based on a 3 per cent discount rate. Furthermore, it has been assumed that loss carryforwards are realised over four years with a nominal tax rate of 20.6 per cent, which results in a net present value for deferred tax assets of 19.7 per cent. The calculation is also based on the property portfolio being realised over 50 years, 10 per cent being sold directly with a nominal tax rate of 20.6 per cent, and the remaining 90 per cent being sold indirectly via companies with a nominal tax rate of 6 per cent, which results in a net present value for deferred tax liabilities of 4 per cent.
CASH FLOW FROM OPERATING ACTIVITIES PER SHARE
Cash flow from operating activities (after changes in working capital) divided by the average number of shares outstanding.
DEBT jEQUITY RATIO
lnterest-bearing liabilities divided by shareholders' equity
DEBT RATIO
lnterest-bearing liabilities divided by rolling twelve-month gross earnings, less central administration costs and reversal of impairment.
DEVELOPMENT PROPERTIES*
Properties for which a redevelopment or extension is in progress or planned that has a significant impact on the property's net operating income. Net operating income is affected by !imitations on lettings prior to imminent improvement work.
EARNINGS PER SHARE
Parent Company shareholders' share of earnings after tax for the period, divided by the average number of shares outstanding during the period. Definition according to IFRS.
EPRA EPS
Profit from property management less tax at the nominal rate attributable to profit from property management, divided by the average number of shares. T axable profit from property management is defined as the profit
from property management less such items as tax-deductible depreciation and amortisation and redevelopments.
EPRA NDV-NET DISPOSAL VALUE
Shareholders' equity according to the balance sheet.
EPRA NRV -NET REINVESTMENT VALUE
Shareholders' equity according to the balance sheet following the reversal of fixed-income derivatives and deferred tax according to the balance sheet.
EPRA NTA -NET TANGIBLE ASSETS
Shareholders' equity according to the balance sheet following the reversal of fixed-income derivatives and deferred tax according to the balance sheet. Adjusted for actual deferred tax instead of nominal deferred tax.
EPRA VACANCY RATE
Estimated market vacant rents divided by the annual rental value for the entire property portfolio.
EQUITY/ASSETS RATIO
Shareholders' equity including non-controlling interests divided by total assets.
EQUITY PER SHARE
Parent Company shareholders' share of equity according to the balance sheet, divided by the number of shares outstanding at the end of the period.
FINANCIAL OCCUPANCY RATE*
Lease value divided by rental value at the end of the period.
INTEREST COVERAGE RATI
Gross earnings, including ground rent, less central administration costs and reversal of impairment, in relation to net interest items (interest expenses less interest income).
INVESTMENT PROPERTIES*
Properties that are being actively managed on an ongoing basis.
LAND AND PROJECT PROPERTIES*
Land and development properties, and properties undergoing new construction/complete redevelopment.
LOAN-TO-VALUE RA TIO, PROPERTIES
lnterest-bearing liabilities divided by the carrying amount of the properties at the end of the period.
LEASE VALUE*
Stated as an annual value. lndex-adjusted basic rent under the rental agreement plus rent supplements.
NET LETTINGS*
New lettings during the period less leases terminated due to departure.
RETURN ON EQUITY
Profit for the period/year divided by the average shareholders' equity including noncontrolling interests. In interim reports, the return is converted into its annualised value without taking seasonal variations into account.
RETURN ON INVESTED CAPITAL IN THE PROJECT PORTFOLIO*
The change in the value of project and development properties, divided by the capital invested (excluding the initial value) in project and development properties during the period.
RENTAL VALUE*
Lease value plus the estimated annual rent for unleased premises after a reasonable general renovation.
RETENTION RATE*
Proportion of leases that are extended in relation to the proportion of cancellable leases.
RETURN, SHARE
Dividend for the year divided by the share price at year-end.
SURPLUS RATIO*
Net operating income divided by rental income.
TOTAL RETURN ON PROPERTIES
Net operating income for the period plus unrealised and realised changes in the value of properties, divided by the market value at the start of the period plus investments for the period.
CALENDAR
22/10/2024 Interim Report Jan–Sep 2024 06/02/2025 Year-end Report 2024
PRESS RELEASES DURING THE SECOND QUARTER OF 2024
| 09/04/2024 | Resolution by Fabege's Annual General Meeting on 9 April 2024 |
|---|---|
| 24/04/2024 | BSH moves to Solna Business Park |
| 25/04/2024 | Interim Report Jan–Mar 2024 |
| 05/06/2024 | Telia renegotiates and extends tenancy in Arenastaden |
| 07/06/2024 | Fabege publishes updated prospectus for MTN |
| 19/06/2024 | Invitation to Fabege's presentation of the Interim Report Jan–Jun 2024 |
| 28/06/2024 | Moody's confirms Fabege's rating Baa2, negative outlook |
FOLLOW US ONLINE, WWW.FABEGE.SE/EN
There will also be a web presentation on the Group's website, in which Stefan Dahlbo and Åsa Bergström present the report, on 5 July 2024.
Fabege AB (publ) Box 730, SE-169 27 Solna Visitors: Gårdsvägen 6, 7tr 169 70 Solna
Phone: +46 (0) 8 555 148 00 Email: [email protected]
Corporate registration number: 556049-1523 www.fabege.se/en
STEFAN DAHLBO President and CEO Fabege
+46 (0) 8 555 148 10 [email protected] ÅSA BERGSTRÖM Vice President and CFO
+46 (0) 8 555 148 29 [email protected]