Annual Report • Mar 25, 2021
Annual Report
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28
30 Property portfolio
Coworkers
34 Associated companies
The cover photo shows Hovås Höjd, an area south of Gothenburg where Balder is building 138 apartments and 10 town houses.
SEKm 4,244
1) Refers to profit from property management attributable to the parent company's shareholders.
1
Fastighets AB Balder is a listed property company which aims to meet the needs of different customer groups for commercial premises and housing based on local presence. The Group owns, manages and develops homes and commercial properties in Sweden, Denmark, Finland, Norway, Germany and the UK, creating attractive, secure areas for people to live and where new businesses can be developed.
NUMBER OF EMPLOYEES 824
NEWLY BUILT PROPERTIES WITH ENVIRONMENTAL CERTIFICATION
100%
NUMBER OF SQ.M. UNDER CONSTRUCTION
225,765
MARKET CAPITALISATION, SEK MILLION
79,990 The Balder share is listed on Nasdaq Stockholm, Large Cap.
PROJECT LÅNGSTRÖMSALLÉN, GOTHENBURG
"WE HAVE A LARGE PORTFOLIO WITH EXTREMELY ATTRACTIVE BUILDING RIGHTS AND WILL BE LAUNCHING SEVERAL EXCITING PROJECTS DURING THE YEAR AHEAD."
The past year has been eventful in many different ways. The outbreak of the Coronavirus pandemic has had an extremely strong impact on society and on global stock markets and unfortunately, we have not seen the end of it yet.
For Balder, the most important financial goal is to increase our profit from property management and our earning capacity on a long-term basis. This requires both that the existing property portfolio develops positively and that we find new investments with a good balance between risk and reward.
Despite the turbulence and uncertainty, we continued to develop the operations during the year. During 2020, profit from property management increased by 5% and the net asset value by 13%. The profit was weighed by lower revenue from hotel properties, lower earnings from Collector and rent discounts due to the pandemic. Smaller changes in value in respect of our investment properties meant that profit after tax decreased to SEK 36.79 per share (49.77). Current earning capacity per share improved by 12 % compared to the previous year-end.
Since early in the spring of 2020, the world has been dominated by the ongoing pandemic. Apart from those who are directly impacted and become sick, it is very sad on the economic front to see everyone who is affected, through no fault of their own, with businesses in particularly badly hit parts of the economy.
Balder has taken a number of measures to handle the current situation. We are trying as far as possible and in different ways to support those of our tenants that are experiencing most difficulties. The future development is uncertain and it is very important that the operations are flexible and prepared for new challenges.
The rental income during the quarter has been received on the same level as the previous quarters. For the first quarter 2021 approximately 99 % of the rents due on 31 December have been paid.
The investments in our residential projects continued according to plan during the year. We perceive strong demand for rental apartments in all of our markets and also for tenant-owner's apartments in Sweden. We have a large number of apartments under construction and many where construction will start in the coming years.
Access to financing on good terms remained favourable during the year and the Group has a strong liquidity position. At the end of the year, we carried out a directed share issue of 6,500,000 Class B shares. Subscribers to the issue consisted of a large number of Swedish and international institutional investors.
To date, we have made the assessment that the best total return for Balder's shareholders is achieved by reinvestment of the profits generated. The goal is also the same going forward and during the year we also invested in a number of interesting projects and companies.
During the year, we entered into an agreement to acquire Masmästaren with properties in Falun/ Borlänge, Västerås, Uppsala and Nacka. The portfolio consists of approx. 250,000 sq.m., with a property value of approx. SEK 5 billion, which is evenly divided between residential properties and commercial properties.
Among other larger investments, I would like to mention the strengthening of our position in Norway, due to investments in Entra equivalent to 18% of the total share capital and in 50% of Anthon B NiIsen Eiendom. The latter has a very good property portfolio in the Oslo region consisting of both investment properties and future projects, and a really excellent organization with competent employees.
Another positive transaction I would also like to highlight is the structural transaction we carried out with Serneke at the end of the year. It feels very gratifying to be able to contribute to the realisation of such a unique urban development project as Karlatornet. The investment in Karlatornet is included as part of a long-term transaction between Balder and Serneke, which comprises almost 1,400 rental apartments and just over 12,000 sq.m. of commercial premises.
The profit from property management decreased compared to last year but the net profit for the year increased slightly, over time though I believe that this group of companies will also continue to generate increasing profit from property management.
Balder has signed the Global Compact, which is the UN's principles for companies in the areas of human rights, labour, anti-corruption and the environment and we are working to comply with these principles and to help meet the global sustainable development goals. We also notice a continued increased
engagement on sustainability issues from our stakeholders, for example from investors, customers and employees. We are proud of the initiatives we are pursuing in this area, including certifying all new buildings and working actively with social issues in our residential areas.
The day-to-day operations have obviously needed to be adapted to the prevailing circumstances. Our employees contribute in many different ways and during the past year, all colleagues have participated and made a great number of extraordinary efforts, many times over and above their own job descriptions. I want to take this opportunity to thank all of our excellent employees that help out when needed in order to support both our tenants and one another.
In the middle of the pandemic and during this very unusual period, we have also passed Balder's 15th anniversary. I look back on the past 15 years on all we have accomplished together in the Balder family with great happiness and enthusiasm. Today, we have more than 800 employees and we are operating in many places in several countries. Balder as a company and investment platform is continuing to develop well over time.
On my own behalf and on behalf of our shareholders, I want to take this opportunity to express a big and warm thank you to all of you in the Balder family for your really amazing efforts during the year. I look forward with great curiosity to Balder's continued journey. In spite of the difficult times right now we are trying to see over the brow of the next hill and to continue developing the business together. The future is always uncertain but it is bright and filled with opportunities.
Chief Executive Officer
Eva Sigurgeirsdottir is appointed new Director of Economy for the Group.
Through a structural transaction with Serneke Balder acquires 50% of the shares in Karlatornet AB.
In 2020, the world changed in a way that no one could have predicted. Like all companies, Balder was affected by the ongoing pandemic during the year.
Future developments are uncertain, and it is important that the business is flexible and prepared for any new challenges that arise. Balder follows the advice and guidelines issued by the government and authorities, and during the year has taken a number of measures to deal with the prevailing situation. Balder has a stable organisation, and during the year continued to maintain a high tempo, and has therefore not needed to take any action, for example in the form of temporary or permanent layoffs.
Around 60% of the property portfolio consists of homes. Balder is constantly carrying out a large number of activities in the company's areas, not just during the pandemic. In order to support both tenants and society at large in the prevailing situation, the ordinary activities have been supplemented by adapted activities.
One example of this was that when upper secondary schools went over to remote teaching in the spring, Balder provided premises at several locations for upper secondary school students to use for their studies. At some places the company also provided lunch for the students. Residential tenants were also given information about where they can turn for help or to become involved themselves in lending a hand.
Balder continues to develop its property portfolio through new production and renovation. Projects where construction is under way are running to plan. For those projects where construction has not yet started, planning is continuing as before. During the spring, some construction launches were put on hold temporarily, but later on in the year production started once more according to plan, and all projects that were on hold have started.
The strong impact that the pandemic has had on society has so far had a limited effect on the company's financing. In these times, good liquidity and the fact that the company's financing needs are secured is of the utmost importance. Balder continued to have good access to financing during the year, and during the second half of the year bonds were issued to a total value of just over SEK 1 billion. At the turn of the year, Balder has available liquidity and loan commitments of SEK 20,500 million, which can be used if the need were to arise.
As well as offering support to tenants, during the year Balder carried out a number of activities to support society at large during the ongoing pandemic. At the Östra Hospital in Gothenburg, where many of Region Västra Götaland's Covid-19 patients are being cared for, Balder provided parking spaces where healthcare staff could park for free during the spring. Balder also took part in an initiative in May in which several major companies took turns to pay for lunch for healthcare staff at the Östra Hospital.
Since the pandemic began, Balder has maintained an ongoing dialogue with rental tenants and has striven as far as possible to support those experiencing cash flow problems as a consequence of the pandemic.
A number of requests for rental reductions were received in the commercial portfolio, and these cases have been dealt with on an ongoing basis to find the best possible solution and to support these tenants. In many cases, agreements were reached on a transition to monthly payments or the postponement of rental payments. Of the total property portfolio, about 8% consists of hotels, an industry that was hard hit during the pandemic.
To support commercial tenants, Balder has also collected special offers from them and is helping to market the businesses.
Day-to-day activities have been adapted to the prevailing circumstances and employees are contributing in many different ways by doing jobs different to their normal ones. Employees have been given information relating to the pandemic on an ongoing basis, and those who are able have also been given the conditions to work from home. Other measures have also been taken, such as extended cleaning in the offices and reduced numbers of business trips and physical meetings.
Balder's Class B share is listed on Nasdaq Stockholm, Large Cap. The net asset value per share reported positive development during the year and increased by 13%.
Balder's market capitalisation as of 31 December totalled SEK 79,990 million (77,976). The price of Balder's Class B share was SEK 428.90 (433.20) at the year-end, representing a fall of 1% during the year.
Balder carried out a directed share issue during November of 6,500,000 Class B shares, which brought in SEK 2,930 million after issue costs. For existing shareholders, the issue means a dilution effect of 3.61% in relation to
the number of shares and 2.31% in relation to the number of votes. After the share issue and as of 31 December, the share capital in Balder totalled SEK 186,500,000 distributed among 186,500,000 shares, of which 11,229,432 shares are Class A shares and 175,270,568 are Class B shares. Each share has a quota value of SEK 1.00. The total number of outstanding shares is 186,500,000. Each Class A share carries one vote and each Class B share carries one tenth of one vote.
David Flemmich, Nordea Erik Granström, Carnegie Fredric Cyon, Carnegie Tobias Kaj, ABG Sundal Collier Jan Ihrfelt, Kepler Cheuvreux Albin Sandberg, Kepler Cheuvreux Philip Hallberg, Danske Bank Johan Edberg, Handelsbanken Stefan Andersson, SEB Markus Henriksson, Pareto Simen Mortensen, DNB
| 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Data per share | ||||||||||
| Average number of shares, thousand | 180,515 180,000 180,000 180,000 | 173,598 | 162,753 | 161,786 | 159,537 | 159,537 | 158,656 | |||
| Net profit for the year, SEK | 36.79 | 49.77 | 51.71 | 38.71 | 30.38 | 28.98 | 18.10 | 10.11 | 6.69 | 4.87 |
| Profit from property management before tax, SEK |
23.51 | 22.35 | 18.35 | 14.74 | 11.89 | 9.71 | 6.64 | 4.57 | 3.73 | 3.00 |
| Outstanding number of shares, thousand | 186,500 180,000 180,000 180,000 180,000 | 172,397 | 162,397 | 159,537 | 159,537 | 159,537 | ||||
| Equity, SEK | 312.12 | 272.28 | 223.03 | 173.86 | 139.23 | 103.24 | 70.10 | 52.14 | 42.15 | 35.57 |
| Long-term net asset value (NAV), SEK | 387.38 | 341.70 | 277.60 | 218.10 | 180.09 | 134.35 | 86.33 | 60.50 | 50.37 | 41.84 |
| Share price on closing date, SEK | 428.90 | 433.20 | 252.00 | 219.40 | 184.10 | 208.70 | 110.25 | 66.00 | 37.30 | 25.30 |
| Change in share price, % | –1 | 72 | 15 | 19 | –12 | 89 | 67 | 77 | 47 | –14 |
| Dividend, SEK | – | – | – | – | – | – | – | – | – | – |
| Market capitalisation | ||||||||||
| Market capitalisation, SEKm | 79,990 | 77,976 | 45,360 | 39,492 | 36,371 | 39,099 | 21,404 | 13,889 | 7,800 | 5,104 |
Balder's most important goal is to increase the profit from property management per share over time. Over the past five years, the profit from property management has increased by an average of 19% per year and the net asset value by an average of 24% per year. During the same period, the share has been traded at an average of 106% of the net asset value and 16 times the profit from property management.
Equity per share totalled SEK 312.12 (272.28) as of 31 December, representing an increase of 15% (22) during the year. The net asset value per share (NAV) during the same period increased by 13% (23) to
SEK 387.38 (341.70). The difference between equity and net asset value is that derivatives, net of deferred tax liabilities and deferred tax assets are reversed in net asset value.
The share price/net asset value ratio was 111% (127) at the year-end. The profit from property management before tax attributable to the parent company's shareholders totalled SEK 4,244 million (4,023), which represents an increase of 5% (22) compared with the previous year. The profit from property management per share increased by 5% (22) during the year.
135 million shares were traded during the year (78), representing an average of 537 thousand
shares per trading day (319) or SEK 219 million (106) based on the average price during the year. This turnover represents an annual turnover rate of 73% (43), and if Erik Selin Fastigheter AB's shares are excluded, the annual turnover represents approx. 112% (68) of the outstanding shares. The proportion of foreign-owned shares is 33 % (25).
At the end of the year, Balder carried out a directed share issue of 6,500,000 Class B shares. Subscribers to the share issue were a large number of Swedish and international institutional investors.
The charts show the development of the share price in relation to net asset value and profit from property management. The chart on the right provides an illustration of the price per share, net asset value per share and profit from property management per share. The chart on the left shows the price per share in relation to net asset value per share and profit from property management per share.
The principal owner of Fastighets AB Balder is Erik Selin Fastigheter AB, which owns 35.1 % of the capital and 48.8 % of the votes together with Arvid Svensson Invest AB and a number of institutional investors.
At the end of 2020, the total number of shareholders was approximately 22,000 (17,000), and 45% (47) of the share capital was held by the Board and Management.
CARRYING AMOUNT PER REGION total property portfolio, %
Balder's goal is to generate the best long-term total yield for its shareholders. The assessment continues to be that this is best achieved by reinvesting the profits in the business in order to create further growth. The dividend will therefore remain low or will not be declared at all in the next few years.
Balder will instead continue to grow by investing in existing properties, new construction and the acquisition of new properties. The Board proposes to the Annual General Meeting that no dividend for the share should be paid for the financial year 2020.
| Owners | Class A shares | Class B shares | Total number | of shares Capital, % | Votes, % |
|---|---|---|---|---|---|
| Erik Selin via company | 8,309,328 | 57,210,900 | 65,520,228 | 35.1 | 48.8 |
| Arvid Svensson Invest AB | 2,915,892 | 13,542,540 | 16,458,432 | 8.8 | 14.8 |
| Swedbank Robur fonder | – | 8,123,128 | 8,123,128 | 4.4 | 2.8 |
| SEB Investment Management | – | 6,846,649 | 6,846,649 | 3.7 | 2.4 |
| Handelsbanken Fonder AB | – | 5,649,972 | 5,649,972 | 3.0 | 2.0 |
| Länsförsäkringar fondförvaltning AB | – | 5,326,134 | 5,326,134 | 2.9 | 1.9 |
| AMF Försäkring och Fonder | – | 3,674,461 | 3,674,461 | 2.0 | 1.3 |
| Vanguard | – | 3,303,843 | 3,303,843 | 1.8 | 1.1 |
| CBNY Norges Bank | – | 2,338,549 | 2,338,549 | 1.3 | 0.8 |
| Livförsäkringsbolaget Skandia | – | 1,857,429 | 1,857,429 | 1.0 | 0.6 |
| Others | 4,212 | 67,396,963 | 67,401,175 | 36.1 | 23.5 |
| Total | 11,229,432 | 175,270,568 | 186,500,000 | 100 | 100 |
total property portfolio, %
UNDER CONSTRUCTION
GROSS AREA WITH ESTIMATED CONSTRUCTION START 2022 AND ONWARDS
| 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Rental income, SEKm | 8,134 | 7,609 | 6,714 | 5,915 | 5,373 | 2,711 | 2,525 | 1,884 | 1,701 | 1,466 |
| Profit from property management, SEKm1) | 4,244 | 4,023 | 3,304 | 2,804 | 2,265 | 1,780 | 1,275 | 854 | 691 | 516 |
| Changes in value of investment properties, SEKm | 3,453 | 9,577 | 8,007 | 5,336 | 4,932 | 3,388 | 3,050 | 854 | 812 | 990 |
| Changes in value of derivatives, SEKm | –141 | –180 | –34 | 144 | –114 | 227 | –624 | 433 | –71 | –520 |
| Net profit for the year, SEKm1) | 6,641 | 8,958 | 9,308 | 7,118 | 5,474 | 4,916 | 3,128 | 1,738 | 1,162 | 812 |
| Investment properties, SEKm | 149,179 | 141,392 | 116,542 | 98,360 | 86,177 | 68,456 | 37,382 | 27,532 | 22,278 | 17,556 |
| Development properties, SEKm | 2,803 | 2,344 | 1,598 | – | – | – | – | – | – | – |
| Property-related key ratios | ||||||||||
| Rental value full year, SEK/sq.m. | 1,893 | 1,921 | 1,802 | 1,724 | 1,583 | 1,508 | 1,325 | 1,216 | 1,247 | 1,163 |
| Rental income full year, SEK/sq.m. | 1,809 | 1,850 | 1,737 | 1,651 | 1,507 | 1,455 | 1,254 | 1,148 | 1,166 | 1,088 |
| Economic occupancy rate, % | 96 | 96 | 96 | 96 | 95 | 96 | 95 | 94 | 94 | 94 |
| Vacancy rate, % | 4 | 4 | 4 | 4 | 5 | 4 | 5 | 6 | 6 | 6 |
| Surplus ratio, % | 76 | 74 | 73 | 71 | 68 | 72 | 70 | 68 | 68 | 68 |
| Carrying amount, SEK/sq.m. | 32,114 | 31,613 | 28,013 | 24,952 | 21,473 | 18,622 | 17,172 | 13,985 | 14,439 | 12,467 |
| Number of investment properties | 1,362 | 1,298 | 1,185 | 1,148 | 1,220 | 1,177 | 486 | 498 | 432 | 433 |
| Lettable area, thousand sq.m. | 4,502 | 4,304 | 4,025 | 3,739 | 3,806 | 3,430 | 2,177 | 1,969 | 1,543 | 1,408 |
| Financial key ratios | ||||||||||
| Return on equity per share, % | 12.4 | 20.1 | 26.1 | 24.7 | 24.6 | 32.3 | 29.7 | 21.5 | 17.0 | 14.3 |
| Interest coverage ratio, times | 5.3 | 5.2 | 4.6 | 4.3 | 3.7 | 5.1 | 3.4 | 2.9 | 2.4 | 2.1 |
| Equity/assets ratio, % | 38.6 | 38.3 | 38.4 | 35.5 | 36.1 | 34.1 | 35.5 | 37.3 | 34.8 | 35.2 |
| Debt/equity ratio, times2) | 1.3 | 1.4 | 1.4 | 1.5 | 1.5 | 1.6 | 1.6 | 1.5 | 1.7 | 1.6 |
| Net debt to total assets, %2) | 46.1 | 48.4 | 50.1 | 51.8 | 51.8 | 54.6 | 54.6 | 53.3 | 57.3 | 56.0 |
| Net debt/EBITDA, times2) | 13.2 | 13.0 | 12.9 | 12.9 | 13.2 | 18.1 | 12.1 | 12.2 | 11.8 | 11.1 |
1) Attributable to parent company's shareholders.
2) The key ratios for 2020 include SEK 3,009 million that is included in Other liabilities and relates to a commitment in respect of the purchase of shares in Entra ASA.
10 FASTIGHETS AB BALDER ANNUAL REPORT 2020
PROJECT HOTEL DRAKEN, GOTHENBURG
In close collaboration with customers and other actors in society, Balder contributes to the long-term development of areas and city districts. This creates value for everyone who spends time every day in the company's homes, offices, premises and hotels, and for other stakeholders.
Aside from global trends such as urbanisation, digitalisation and sustainability, Balder's operations are also affected by a number of more industry-specific trends, which differ to some extent depending on, for example, property category and geography.
> Read more on page 12
Balder's stakeholders consist of, for example, tenants, business partners, employees and society at large, and there are to some extent different issues that are important for each group. Operations are developed by continuously analysing the issues that are most important.
> Read more on page 96
Balder aims to be a long-term owner with satisfied customers and employees, and stable cash flows. The company generates good profits from property management by means of a high level of activity and efficient management.
Balder secures financing that is sustainable in the long term through a diversified financing structure.
> Read more on pages 20 –22
NET DEBT TO TOTAL ASSETS
< 50%
> 40%
INTEREST COVERAGE RATIO >2.0 times
Balder continues to build up a significant portfolio of building rights and in the longer term is producing both apartments and com-PROPERTY DEVELOPMENT
mercial properties.
Balder's own employees are responsible for property management, finance, letting and operations, creating proximity to the customer and good awareness of both the area and the property.
Balder makes acquisitions continuously in capital cities and major cities that are developing positively in order to further enhance the property portfolio.
> Read more on pages 14–16
Work on sustainability is carried out throughout the organisation, and is divided into five overarching focus areas.
> Read more on pages 24–28 and 96 –104
average
increased net
OWNERS 13%
number of homes completed during the year.
new employees started work at Balder during the year.
sq.m. homes
181,472
SOCIETY
EMPLOYEES
40
CUSTOMERS 1,850
Like all companies, Balder is affected by developments in the external environment. The company works continuously to monitor trends and take advantage of the opportunities that arise.
GLOBAL TRENDS
Growing cities are contributing to higher demand for homes and commercial premises. Recent years have seen a constant increase in people moving into major cities. This trend will probably continue, with medium-sized cities also growing at the same time with more people moving in.
Digitalisation and AI bring opportunities for connected properties and greater transparency, alongside new kinds of services. This can also bring a risk of increased vulnerability and inadequate security, and it places greater demands on security when it comes to the information infrastructure and IT.
Buildings account for a significant proportion of emissions in society, both from existing buildings and from the construction process in new production. Financial risks associated with climate change are also becoming evident in many places, for example the negative impact of floods, fires or extreme heat and cold.
Low interest rate levels in recent years have contributed to a strong housing market. As a consequence of the pandemic and uncertainty about how the global economy will develop, demand may fall, although there are no signs of this yet. There may instead be an increase in demand for larger homes, further away from city centres, as more people continue to work from home.
Balder owns properties in the metropolitan regions and other major cities with continued growth. Balder's property portfolio consists to 60% of homes, and the Group has a strong project portfolio for the production of new homes in attractive locations in both big cities and many regional towns. This gives the Group large potential to meet increased demand for both homes and premises.
E-commerce has increased steadily in recent years, and this year received another significant boost as a consequence of the pandemic. This means increased demand for logistics properties, while demand is falling for central retail locations.
Balder has both centrally located properties and large logistics and retail properties in outer areas. Like all property owners, the company has seen a degree of slowdown in demand for central retail premises, and is working continuously to identify solutions and new areas of application.
The development of digital solutions for smart houses is very much on the move and will bring new opportunities to property owners. By investing in digital solutions and new technology, companies can achieve better opportunities, for example to monitor properties.
Balder works continuously to increase the degree to which properties are digitalised, partly to improve security and to realise the opportunity for better control and optimisation. There are also major opportunities to enhance service to customers by being able to offer new kinds of services.
Recent years have seen the emergence of the concept of coworking, in which companies share offices and communal areas and functions. This, combined with an increase in remote working as a consequence of the ongoing pandemic, may result in reduced demand for large office premises in future.
Balder has stable, long-term partnerships with office tenants, and also has a diversified contract structure in which no customer accounts for more than 4.0% of the total rental income.
Requirements for sustainable and environmentally certified properties continue to increase. In recent years, increasing demands have been made from the financial market, where green properties are also favoured when it comes to loans and other financing solutions. Increased demands are also evident among customers for sustainable homes and offices.
Balder adopts a structured approach to reduce the company's climate impact, for example by continuously optimising the running of its properties, increasing the proportion of renewable energy, reducing waste and increasing recycling and reuse. This also reduces the costs of consumption and waste management, while at the same time acquiring greater knowledge of physical and financial exposure to climate risks. All electricity purchased for the Swedish and Finnish properties is green electricity, and all properties built on behalf of the company must be certified as a minimum according to the Miljöbyggnad Silver rating or equivalent. The company monitors the development of rules and guidelines in order to adapt the business, for example, to the upcoming EU taxonomy.
There was a very high level of interest in the Nordic property market in 2020. A continued low interest rate, a high level of liquidity in the global capital market, increased rental levels for office and logistics properties as a consequence of profitable enterprise and demand for high standards, low vacancy rates and a very strong residential market, where there is a housing shortage in virtually all major cities, all mean that the outlook for the property market in the Nordic region will probably remain positive during 2021.
Another important reason for a strong property market is the volatility prevailing in the stock exchanges as well as very low capital returns from interest-bearing securities. This is contributing to investments in directly-owned properties being viewed as a better, more secure alternative to capital investment.
The market was affected by the ongoing pandemic during the year. The biggest effect was seen among hotel and retail properties, the latter category being affected by the increase in e-commerce in both the food and non-food retail sectors.
A high rate of population growth and virtually nonexistent vacancies in strong sub-markets has caused demand to invest in both newly produced residential properties and existing property portfolios to increase strongly in recent years. All in all, it is believed that the market conditions for residential properties continue to be good, on the condition that the properties are located within a growth region.
Stricter repayment requirements and tougher rules on providing credit have had a major impact on the market for tenant-owner's homes, even though demand remains strong in many markets. This, combined with the general housing shortage and urbanisation, has increased the demand for
newly renovated and newly produced rental apartments with relatively high rent levels.
Demand in the office rental market was considered good at the end of the year, with a high level of activity, strong rental growth and low vacancy rates especially in the major cities. The objects that attract both tenants and investors are characterised by flexible, space-efficient, environmentally certified buildings with high technical standards and proximity to public communications.
The strong rental development in recent years in attractive city centre locations has also affected rents outside CBDs1). As rental levels rise in more central locations, so does interest among tenants to locate outside city centres. This is in turn resulting in increased interest among investors who see rental potential in properties in locations on the edge of cities.
The good rental development of recent years in the office market in central locations will probably level out as a consequence of an economy that is slowing down and the ongoing pandemic. One possible scenario is a transition to other ways of utilising the premises, for example by creating more open, creative spaces combined with cellular offices for individual work.
As far as demand for housing is concerned, the economic risks are limited. In this context it is rather adjustments to the granting of credit that may continue to change the market for both owned and rented housing.
Interest rates are expected to remain at historically low levels during the years ahead. Access to capital remained good at the end of the year, underpinning high demand for property investments, despite the ongoing pandemic.
| Sweden | Denmark | Finland | Norway | |
|---|---|---|---|---|
| Transaction volume, SEK billion | 188 | 91 | 63 | 99 |
| Yield from office properties, CBD1) in capital cities, % | 3.25 | 3.75 | 3.50 | 3.40 |
| Rental levels, CBD1) in capital cities (SEK/sq.m./year) | 8,200 | 3,200 | 4,550 | 5,500 |
| Foreign buyers, % | 27 | 62 | 52 | 13 |
1) CBD = Central Business District.
Source: Pangea Property Partners
Balder's property portfolio is developed through transactions, property development and customer-oriented property management. The company has a diversified portfolio of residential properties, commercial properties and projects in capital cities and other large cities, primarily in Sweden, Denmark, Finland and Norway.
Having satisfied customers is one of Balder's most important goals, and there is a major focus on this work in the organisation. The objective is that commercial customers shall develop in Balder's properties and that their various needs in terms of the size of premises and geographical location shall be met over time. For residential customers, the objective is that they shall be happy in their homes and in their residential area, and live in Balder's properties for a long time.
SALES
Every other year a CSI (Customer Satisfaction Index) survey is conducted, the results of which form the basis of future activities and prioritisations. CSI surveys are also conducted among new occupants in completed projects. In addition to this, Balder has continuous dialogues with customers, for example in the form of regular meetings with tenants.
per property category, SEKm
| Maturity date |
Number of | leases Proportion, % | Contracted | rent, SEKm Proportion, % |
|---|---|---|---|---|
| 2021 | 1,276 | 37 | 342 | 4 |
| 2022 | 834 | 24 | 409 | 5 |
| 2023 | 559 | 16 | 370 | 5 |
| 2024 | 418 | 12 | 318 | 4 |
| 2025– | 399 | 11 | 1,809 | 22 |
| Total | 3,486 | 100 | 3,247 | 40 |
| Residential1) | 41,296 | 4,872 | 59 | |
| Car park1) | 5,503 | 23 | 0 | |
| Garage1) | 5,249 | 72 | 1 | |
| Total | 55,534 | 8,214 | 100 |
1) Normally has a period of notice of three months.
Balder offers a wide range of premises and homes in different locations and at different rental levels. In all areas where Balder owns properties, the company has its own employees who are responsible for property management, letting and operations. This produces fast decision-making paths, proximity to the customer, good awareness of areas and properties, and the opportunity to adopt a long-term approach to property management.
Balder's property portfolio consists of approximately 60% homes, and the company offers apartments in both central locations and on the outskirts of cities, both in the form of newly produced rental apartments and rental apartments in older properties. At the end of the year the Group had about 41,000 residential contracts in total.
Balder's property portfolio also includes a wide variety of commercial premises. In total, Balder has approximately 2,400 commercial customers and the total floor space is approximately 1,800,000 sq.m. The occupancy rate in the commercial portfolio is around 94%.
As a large, long-term property owner, Balder develops both small projects involving individual properties and larger areas and city districts.
PROPERTY DEVELOPMENT
Within the framework of property development there is both new production of homes and premises and a large number of projects involving the renovation of existing properties.
For Balder, it is important to control the whole value chain from land acquisition to the long-term management of completed projects. Development takes place in the form of long-term work in close collaboration with municipal authorities and other stakeholders. The development process extends over different phases and often takes several years. During the year, Balder has continued to strengthen its organisation, not only in
production, but also in sales and marketing.
The company has built up a significant portfolio of building rights for the production of not only rental and tenant-owner's apartments, but also commercial properties. In many areas, new homes are being built where Balder already owns properties, contributing to a densification of areas and an increased range of mixed forms of housing, thus contributing towards sustainable and responsible urban development.
COMPLETED HOMES IN 2020
In 2020, Balder completed just over 1,850 homes, of which 1,420 for own management and 430 for sale. At year-end approximately 2,900 homes were under construction in Sweden, Denmark and Finland as well as a total of approximately 44,000 sq.m. of commercial properties.
Balder strives to own centrally located properties in capital cities and cities showing positive development. Investments are being made in particular in areas where the company is already active, with an emphasis on Stockholm, Gothenburg, Helsinki and Copenhagen. The rates of growth and new occupancy have remained high in these markets, which is increasing demand for both homes and commercial premises.
During the year, Balder also expanded its presence in Norway, by the acquisition of 50% of Norwegian
company Anthon B Nilsen Eiendom AS. This transaction included the Anthon B Nilsen Group's entire property portfolio, with properties in Oslo and at Lahaugmoen, and a development portfolio of 170,000 sq.m. in Eastern Norway. At the end of the year, Balder also owned approximately 18% of the shares in Entra ASA, a company that owns and develops office properties in Norway, with a focus on centrally located properties in Oslo, Bergen, Stavanger and Trondheim.
| Lettable area, sq.m. |
Number of apartments |
Estimated total investment, SEKm |
|
|---|---|---|---|
| Sweden commercial | 44,293 | – | 1,841 |
| Sweden residential | 14,149 | 265 | 470 |
| Finland | 33,329 | 958 | 1,439 |
| Denmark | 85,691 | 1,053 | 3,108 |
| Total | 177,462 | 2,276 | 6,859 |
| Lettable area, sq.m. |
Number of apartments |
Estimated total investment, SEKm |
|
|---|---|---|---|
| Sweden commercial | 14,899 | – | 306 |
| Sweden residential | 26,858 | 454 | 1,015 |
| Finland | 71,054 | 1,926 | 3,242 |
| Denmark | 30,978 | 456 | 1,170 |
| Total | 143,789 | 2,836 | 5,734 |
| Lettable area, sq.m. |
Number of apartments |
Estimated total investment, SEKm |
|
|---|---|---|---|
| Sweden | 39,233 | 556 | 1,892 |
| Finland | 2,277 | 55 | 105 |
| Norway | 6,793 | 46 | 292 |
| Total | 48,303 | 657 | 2,288 |
| Lettable area, sq.m. |
Number of apartments |
Estimated total investment, SEKm |
|
|---|---|---|---|
| Sweden | 64,722 | 938 | 3,819 |
| Norway | 24,776 | 276 | 1,207 |
| Total | 89,498 | 1,214 | 5,026 |
> Read more about projects on pages 121–123
In Ørestad Syd, which is Copenhagen's new green district with a blend of homes, businesses, education and culture, is Balder's property Lavetten, which was completed at the end of 2019. Lavetten is what is known as a low-energy building, which meets the requirements of the energy label A2020. The building is also certified in accordance with DGNB level Silver, which means, among other things, that great emphasis has been placed on the indoor climate, choice of materials, high standard of outdoor areas, good facilities for cyclists, security and safety, and high-class architecture.
Balder is involved in refurbishing the old Fixfabriken factory in Majorna in Gothenburg, where the company is building around 250 tenant-owner's apartments. Fixfabriken is a densification project that forms part of the City of Gothenburg's anniversary initiative BoStad2021, which aims to develop the detailed planning process and complete 7,000 homes by 2021. Fixfabriken's architecture has gained recognition on many occasions, and has been praised by, among others, the City of Gothenburg's municipal architect. Construction started on the district in 2019, and the plan is for the first occupants to move in during 2021.
Atlantinkatu 12 consists of two buildings in a modern urban block in Jätkäsaari in Helsinki, and is owned by SATO. The apartments have bathrooms furnished with a totally new kind of interior, with a significantly longer useful life than the standard range of bathroom fixtures and fittings. The collection, which goes underthe name of Kide, was developed by SATO's
product development expert in partnership with the Finnish company Kankarin Kaluste Oy. Thanks to the Kide range, the amount of waste generated because of furniture being replaced has been reduced by a total of 12,500 kg a year, and residents also avoid disruption in the form of bathroom renovations and maintenance visits.
Having satisfied customers is one of Balder's most important goals and a precondition for the company's financial sustainability and development. During the year, occupants moved into a number of completed tenant-owner's property projects. As part of Balder's work on customer satisfaction, buyers of tenant-owner's properties have the chance to respond to a survey, which produces a Customer Satisfaction Index (CSI) and also provides an understanding of which measures should be prioritised for increased customer satisfaction. The goal is to develop homes and areas with high levels of well-being and security.
The earning capacity is based on the property portfolio's contracted rental income, estimated property costs during a normal year as well as administrative expenses.
Balder presents its earning capacity on a 12-month basis in the accompanying table. The earning capacity is based on the property portfolio's contracted rental income, estimated property costs during a normal year as well as administrative expenses. The costs of the interest-bearing liabilities are based on the Group's average interest rate level including the effect of derivative instruments. Tax is calculated using the effective tax rate during each period.
The current earning capacity should not be placed on a par with a forecast for the next twelve months. The earning capacity does not contain, for example, an estimate of rental, vacancy, currency or interest rate changes.
Balder's income statement is also impacted by the development in the value of the property portfolio as well as future property acquisitions and/or property divestments. Additional items affecting the net profit are changes in value of derivatives. None of this has been considered in the current earning capacity.
| SEKm | 2020 31 Dec |
2019 31 Dec |
2018 31 Dec |
2017 31 Dec |
2016 31 Dec |
2015 31 Dec |
|---|---|---|---|---|---|---|
| Rental income | 8,545 | 8,000 | 7,000 | 6,240 | 5,800 | 5,045 |
| Property costs | –2,225 | –2,080 | –1,885 | –1,720 | –1,695 | –1,635 |
| Net operating income | 6,320 | 5,920 | 5,115 | 4,520 | 4,105 | 3,410 |
| Surplus ratio, % | 74 | 74 | 73 | 72 | 71 | 68 |
| Management costs and administrative expenses | –675 | – 670 | –595 | –550 | –490 | –425 |
| Profit from property management from associated companies |
1,110 | 785 | 735 | 640 | 505 | 340 |
| Operating profit | 6,755 | 6,035 | 5,255 | 4,610 | 4,120 | 3,325 |
| Net financial items incl. ground rent | –1,450 | –1,330 | –1,125 | –1,060 | –1,040 | –880 |
| Minus non-controlling interests | –630 | –675 | –565 | –525 | –445 | –410 |
| Profit from property management1) | 4,675 | 4,030 | 3,565 | 3,025 | 2,635 | 2,035 |
| Tax 2) | –970 | –875 | –750 | –650 | –570 | –439 |
| Profit after tax | 3,705 | 3,155 | 2,815 | 2,375 | 2,065 | 1,596 |
| Profit from property management per share, SEK | 25.06 | 22.39 | 19.81 | 16.81 | 13.52 | 10.64 |
1) Attributable to parent company's shareholders.
2) Refers primarily to deferred tax, which has no effect on cash flow.
Current earning capacity as of 31 December 2020 includes the acquisition of Masmästaren, with possession taken at the beginning of January 2021. In the current earning capacity, the following exchange rates were used to translate foreign subsidiaries' income statement items: EUR: 10.10 DKK: 1.36 NOK: 0.98 GBP: 11.47
Balder secures financing that is sustainable in the long term through a diversified financing structure.
Balder has assets in Sweden, Denmark, Finland, Norway, Germany and the UK, which means that the Group is exposed to currency risks. To reduce the risks and secure financing that is sustainable in the long term, the company therefore has a welldiversified financing structure with bonds and bank financing in several different currencies. Balder values long-term relationships with its credit providers and collaborates with a number of Nordic banks.
When a credit provider assesses the credit risk, factors considered include the properties' location and the diversification of the property portfolio with regard to geography and asset types. Balder's assets consist primarily of residential properties, which are characterised by cash flows that are stable in the long term since the risk is spread among a large number of customers. The long-term security in the cash flow from residential properties means these assets can be pledged to a higher degree than commercial properties.
Balder's property portfolio currently consists of around 60% residential properties, and a large proportion of these are located in Copenhagen, Helsinki, Stockholm, Gothenburg and some other growth areas in Sweden and Finland. The majority of Balder's commercial properties are located in the central parts of Stockholm, Gothenburg and Malmö.
The single largest financing source is euro bonds issued in the European bond market, under Balder's EMTN programme, followed by bank loans in various currencies, a domestic MTN programme and a commercial paper programme in euros and Swedish kronor. Aside from these financing sources, Balder has also issued hybrid capital with a maturity of 60 years. The hybrid capital is subordinate to other financial liabilities and therefore half of it is treated as equity by credit rating agencies when calculating key ratios.
During the year, Balder also broadened the funding base by taking out loans to a total value of SEK 2,000 million with a term of ten years from Brunswick Real Estate Capital, through their third real estate credit fund Brunswick Real Estate Capital III (BRECIII).
Balder has a green framework that provides an opportunity to issue green bonds, for the purpose of financing in particular green and energy-efficient buildings, but also investments in measures to improve energy efficiency and in renewable energy.
Balder's green framework has been developed in line with the industry standard Green Bond Principles 2018. The framework has undergone an independent evaluation by Cicero Shades of Green and been awarded the rating Medium Green.
| Goal Outcome | |||
|---|---|---|---|
| Equity/assets ratio, % | min. 40.0 | 38.6 | |
| Net debt to total assets, % | max. 50.0 | 46.1 | |
| Interest coverage ratio, times | min. | 2.0 | 5.3 |
NET DEBT TO TOTAL ASSETS
46%
20,500
SEKm
FINANCIAL KEY RATIOS
| 2020 31 Dec |
2019 31 Dec |
|
|---|---|---|
| Interest-bearing liabilities excl. Hybrid capital, SEKm | 85,476 | 77,590 |
| Hybrid capital, SEKm | 3,513 | 3,652 |
| Available liquidity including confirmed loan commitments, SEKm | 20,509 | 11,925 |
| Average fixed credit term, years | 5.9 | 5.8 |
| Average fixed interest rate term, years | 3.5 | 3.1 |
| Net debt to total assets (financial covenant1) < 65), % | 46.1 | 48.4 |
| Interest coverage ratio (financial covenant1) > 1.8), times | 5.3 | 5.2 |
| Secured debt/Total assets (financial covenant1) < 45), % | 15.6 | 16.2 |
| Net debt/EBITDA, times | 13.2 | 13.0 |
| Credit rating S&P | BBB Stable outlook |
BBB Stable outlook |
| Calculation of net debt | ||
| Interest-bearing liabilities excl. Hybrid capital, SEKm | 85,476 | 77,590 |
| Other liability2) | 3,009 | – |
| Hybrid capital (50% is treated as equity by rating agencies), SEKm | 1,757 | 1,826 |
| Cash and cash equivalents and financial investments, SEKm | –7,127 | –2,902 |
| Net debt | 83,115 | 76,514 |
1) Financial covenants refer to obligations that Balder has to its financiers in the form of financial key ratios. 2) Other liability SEK 3,009 million relates to obligation regarding purchase of shares in Entra ASA.
In addition to green bonds, Balder also has green loans with Swedish banks, both within the Balder Group and in associated companies, and a green loan agreement with the European Investment Bank (EIB) for EUR 100 million for the development of two residential projects in Copenhagen with nearly zero-energy building (NZEB) standards.
Balder's MTN programme has a framework of SEK 15,000 million, and three issues were carried out during the year within the programme to a total value of SEK 1,150 million. The EMTN programme has a framework of EUR 2,000 million, within which an issue of EUR 300 million was carried out at the beginning of the year. At the year-end, a total of SEK 11,550 million was outstanding within the MTN programme and EUR 800 million was outstanding within the EMTN programme.
The proportion of bonds in the loan portfolio increased during the year from 53% to 57%, and the proportion of secured debt dropped in line with the recent years' issues of euro bonds and hybrid capital. At the year-end, secured debt as a proportion of total assets was 15.6%.
The net debt to total assets has also fallen in recent years and totalled 46.1% at the year-end.
At the same time, the fixed credit term has been gradually extended, totalling 5.9 years at the year-end.
The financial commitments, covenants, that Balder has towards its financiers are a net debt to total assets of 65%, an interest coverage ratio of 1.8 times and secured debt in relation to total assets of 45%. All commitments were fulfilled with a comfortable margin at the year-end.
Balder has an investment grade rating from S&P of BBB with a stable outlook. The rating reflects, among other things, the fact that Balder has a large property portfolio that is well-diversified in terms of both property types and geography, and that Balder has stable rental income, a high and stable occupancy rate and a well-diversified loan maturity structure with a modest proportion of secured debt.
An investment grade rating from S&P means that Balder can continue to access both European and domestic capital markets, obtain long terms for tying-up of capital, diversify its funding base and thus secure long-term capital for continued growth. Balder's subsidiary SATO also has an investment grade rating from S&P of BBB with a stable outlook.
| Year | SEKm | Share, % | Year | SEKm Interest, % | Share, % | |
|---|---|---|---|---|---|---|
| 2021 | 9,038 | 10 | 2021 | 34,277 | 1.0 | 39 |
| 2022 | 12,029 | 14 | 2022 | 6,556 | 1.4 | 7 |
| 2023 | 11,602 | 13 | 2023 | 9,548 | 2.4 | 11 |
| 2024 | 11,170 | 13 | 2024 | 4,126 | 1.6 | 5 |
| 2025 | 9,567 | 11 | 2025 | 7,566 | 2.1 | 9 |
| 2026 | 7,717 | 9 | 2026 | 7,063 | 2.3 | 8 |
| 2027 | 5,234 | 6 | 2027 | 6,169 | 1.2 | 7 |
| 2028 | 6,647 | 7 | 2028 | 6,503 | 0.6 | 7 |
| 2029 | 928 | 1 | 2029 | 2,875 | 1.6 | 3 |
| 2030 | 2,792 | 3 | 2030 | 1,174 | 1.4 | 1 |
| 2031– | 12,265 | 14 | 2031– | 3,133 | 1.8 | 4 |
| Total | 88,989 | 100 | Total | 88,989 | 1.5 | 100 |
FINANCING SOURCES, %
Unsecured bonds, 56 Secured bank loans, 31 Commercial papers, 2 Unsecured bank loans, 10 Secured bonds, 1
4
6 5
FIXED INTEREST TERM, YEARS
1 2 3
PROJECT HALLONBERGEN, SUNDBYBERG
Balder strives to contribute to achieving the UN's Global Sustainable Development Goals and has selected six of the 17 goals that are considered most relevant to the company's business activities and where the company has the greatest opportunity to have an influence.
To link these more closely to the company's operations, the associated targets have also been analysed. Balder has interpreted goals and targets in
order to identify the areas where the company has the greatest opportunity to contribute to the goals being achieved.
Sustainable cities have a very strong link to Balder's business, and the Group plays an active role in the development of entire areas and city districts. By building new homes with varied forms of tenure, Balder contributes to developing residential areas and improving security. A blend of workplaces and homes also creates more job opportunities in the local environment and creates new meeting places. Solutions for increased mobility, such as proximity to public transport, cycle paths and electric car pools are also given priority in the development of properties and areas, as are green areas for sport and recreation. Balder is also striving to promote effective waste management and to keep the areas clean and tidy.
11.1 Safe and affordable housing 11.3 Inclusive and sustainable urbanisation 11.6 Reduce the environmental impact of cities
Environmental sustainability is an important element of Balder's long-term value creation. In addition to maintaining a strong focus on efficient energy utilisation, the company is adapting to the increased use of renewable energy. All electricity purchased for the properties in Sweden and Finland is green electricity, and Balder also owns several wind farms in Sweden. Several properties also have solar panels and charging stations installed, and the company is working continuously on operational optimisation and efficiency improvement, by such means as additional insulation, replacing windows and so on.
7.2 Increase the share of renewable energy in the world. 7.3 Double the rate of improvement in energy efficiency.
Balder strives to achieve greater diversity and equality, and a good work environment. A number of young people who live in the company's areas are hired as summer workers every year, and Balder also offers possibilities for work experience and work placements to students on propertyrelated study programmes, and within the framework of various local initiatives. Balder strives to achieve sustainable purchasing, following up on suppliers and buying local wherever possible.
8.4 Improve resource efficiency in consumption and production. 8.6 Promote employment, education and training for young people. 8.8 Protect labour rights and promote a safe and secure work environment for all.
Balder supports sustainable industrialisation and innovation, and works continuously with more efficient resource utilisation. The company also strives to increase the proportion of recycled and reused material in both renovation and new construction, and to increase the use of new technology by such means as increased digitalisation of properties.
9.2 Promote inclusive and sustainable industrialisation. 9.4 Upgrade all industry and infrastructure for increased sustainability.
To promote sustainable consumption and production, Balder strives to be prudent in its consumption of materials, with a focus on increased recycling. Tenants are also encouraged in various ways to increase their recycling. The company will also continue to increase the level of reuse and recycling in renovation projects, for example, to contribute to increased circularity, and to strive to increase levels of sorting at source and reuse.
12.4 Responsible management of chemicals and waste. 12.5 Substantially reduce waste generation.
Buildings account for a large proportion of the overall climate impact in society, and reducing this is an important issue for Balder. This includes both the management of properties and the construction phase. In Balder's business activities, transport operations also account for a large impact on the environment and climate, and various measures are being taken to reduce this. The company's travel policy, for example, supports more environment-friendly means of transport, and alternatives to business trips such as videoconferencing and phone meetings are encouraged. The company has also initiated work to map out climate-related risks and opportunities.
13.1 Strengthen resilience and adaptive capacity to climate-related disasters. 13.3 Improve knowledge of and capacity for climate change mitigation.
Balder's framework for sustainability comprises five general elements that bring together the company's material topics in respect of social, environmental and economic sustainability. Examples of activities linked to this framework are presented on the following pages. In addition to this, more detailed information about sustainability may be found on pages 96–104.
Balder works continuously to optimise day-to-day operations in order to reduce energy consumption in the properties. In addition to this, major projects are also undertaken in selected properties, such as replacing windows and renovating façades in order to improve energy performance. Energy use fell by 7.9% during the year.
During the spring, Balder took part in an initiative in which a number of large companies joined forces to fund lunches for employees working in intensive care and at the infection clinic at the Östra Hospital in Gothenburg, where Covid-19 patients are being treated. During one week, Balder provided around 1,400 lunches, which were served free of charge at the restaurant next to the hospital.
Balder aims to have a good work environment based on gender equality and diversity, where the privacy of employees is safeguarded. The company strives to increase the blend of employees with different backgrounds and to improve the balance in the distribution between men and women in all positions in the company.
The Rainbow Bridge is an initiative that has attracted attention in many countries during the year, and is based on children painting a rainbow and taping them to their window at home. The intention is to spread hope with the message that everything will turn out fine, creating a sense of community in otherwise gloomy times. During the year Balder initiated a campaign in the company's residential areas, with the aim of spreading hope to children during the pandemic.
For several years, Balder has had green loans as an element of financing for new projects. Green loans are arranged using a green asset as security, which in the property sector usually consists of buildings that have been built with a low environmental impact and have certification. In addition to this, the company also has a framework for green bonds in order to finance projects that contribute to a reduced environmental impact. This relates primarily to green and energyefficient buildings, but also investments in energy efficiency improvement measures and renewable energy.
All electricity purchased for Balder's properties in Sweden and Finland is green electricity from renewable sources.
Balder owns two wind farms, one to the north of Falkenberg and one on Öland. Every year, the ten wind turbines contribute with renewable energy corresponding to the domestic electricity for about 7,800 apartments.
In addition to the regular inspections conducted in all properties, a large proportion of employees gather once a year to carry out what is known as a Night Run. This involves in-depth inspections of the properties to investigate how they are running and how security is perceived at night.
AREAS | ACTIVITIES
Every year, Balder hires a number of young people as summer workers in the company's areas. The number was increased this year at many locations, as Balder took in summer workers who were recruited by municipalities and organised employment for them, as they were unable to work in many municipal operations due to the pandemic.
Despite the ongoing pandemic, it was possible to organise plenty of summer holiday activities for children in Balder's areas. Events organised during the summer included various sporting activities, swimming lessons in partnership with the Swedish Life Saving Society, study visits from the Equality Academy and various kinds of summer games.
Balder organised a training course during the year in Bergsjön in Gothenburg for forklift truck drivers. Ten unemployed tenants, most aged 18–25, took part. Participants were given the opportunity to take a driving license for forklift trucks and were also introduced to potential employers that were looking for forklift truck drivers.
Balder works continuously to increase the opportunities to cycle and travel by public transport to and from the company's properties. In Denmark, Balder has initiated a unique partnership with Bycyklen, which provides electric bikes for hire via a sharing service. Bycyklen has set up a bike sharing station with six charging stations at Balder's Faelledkanten property in Ørestad, with Balder providing the electrical connection and paying for the electricity used for charging.
During the year, Balder organised a large number of activities adapted for the pandemic in the company's areas. These included outdoor exercise sessions, balcony bingo and musical performances.
During the year, Balder collaborated with the Runners' Academy in Sundbyberg and Botkyrka. The Runners' Academy is a non-profit organisation for children and young people that promotes equal health and social inclusion. It organises running events 2–3 times a week with the aim of running 10 km.
In many parts of the country, during the year Balder re-targeted letting events and the like that had been intended for potential customers, to offer support instead to healthcare staff in various ways. For example, the company handed out boxes of chocolates and coffee at several hospitals. Balder also provided temporary parking spaces free of charge at Smörslottsgatan, which is close to the Östra Hospital in Gothenburg, to healthcare staff during the spring.
Together with Lidl in Frölunda, Balder distributed food boxes to tenants who were aged 70+ and thereby defined as being in the at-risk group for Covid-19.
Balder is striving to increase the proportion of properties that are certified. The goal for new in-house production is that the properties shall be certified as a minimum in accordance with the Miljöbyggnad Silver rating or equivalent, which means, for example, BREEAM Very Good, LEED Excellent, DGNB or Nordic Swan Ecolabel.
Balder has for many years been supporting the organisation Giving People. By means of donations, the organisation can distribute food boxes and other necessities to families in need. The company also has a partnership with Mitt Livs Val, which offers programmes to encourage study and a mentoring programme for new arrivals and unaccompanied young people.
Through its involvement in Fastighetsakademin, a vocational training college in Gothenburg, Balder has a great opportunity to support students who show an interest in learning more about different professions in the property sector. Balder contributes with knowledge about its business activities, giving the training courses a clearer connection to working life. The company also offers a number of work placements in various occupational roles.
Engaged coworkers who are happy and develop in their day-to-day work are a prerequisite for Balder's success. The company works continuously to create the conditions for both retaining existing colleagues and recruiting new ones to contribute to continued growth and development.
During the year, Balder has continued to develop by recruiting new employees, which has further strengthened the organisation.
Balder is dependent on employees with the right competence in order to continue to run and develop the business. Training and development are an important factor in retaining employees and creating internal engagement. The Balder Academy is the company's digital training tool and offers, among other things, induction courses for new employees, to provide them with an insight into how Balder works, what values the company has and what different functions within the company work with.
All employees also get an adapted training package, depending on which role in the company the individual will be taking on. The training courses are available as a knowledge database in which employees can access the content at any time. The Balder Academy is also responsible for skills development when, for example, new roles and functions arise in the company.
There are major opportunities to build a career in the company, and many employees change position internally. Balder collaborates in different ways with different propertyrelated training courses, and every year the company offers a number of students both work placements and a chance to do degree projects.
All employees are offered a wellness grant and have ongoing employee appraisals in order to promote health and personal development. Every year a large number of colleagues take part in the Göteborgsvarvet Half Marathon, which is held in May. This event was cancelled in 2020 because of the pandemic, so Balder organised a number of internal exercise challenges instead. These included Balder Return Trip, a joint step counting competition, in which colleagues were encouraged to join forces and either walk or run a distance equivalent to that between Malmö and Sundsvall and back again. Other exercise challenges were also held, with different departments within the company challenging each other.
When it comes to travel, Balder has a travel policy that aims to simplify booking and the choice of environmentfriendlier means of transport. Alternatives to business trips, such as video conferences and phone meetings, are also encouraged in order to reduce emissions. During the ongoing pandemic, there has been a significant increase in the use of digital meetings, while travel has decreased. There has also been a reduction in commuter journeys, as most employees have been working from home.
| Number of investment properties |
Lettable area, sq.m. |
Rental value, SEKm |
Rental value, SEK/sq.m. |
Rental income, SEKm |
Economic occupancy rate,% |
Carrying amount, SEKm |
Carrying amount, % |
|
|---|---|---|---|---|---|---|---|---|
| Distributed by region | ||||||||
| Helsinki | 601 | 1,144,971 | 2,671 | 2,333 | 2,601 | 97 | 40,938 | 27 |
| Stockholm | 83 | 698,543 | 1,391 | 1,992 | 1,321 | 95 | 27,364 | 18 |
| Gothenburg | 185 | 1,064,183 | 1,690 | 1,588 | 1,606 | 95 | 30,863 | 20 |
| Copenhagen | 19 | 270,404 | 703 | 2,601 | 659 | 94 | 15,272 | 10 |
| South | 80 | 404,432 | 636 | 1,573 | 583 | 92 | 10,439 | 7 |
| East | 308 | 711,294 | 1,125 | 1,582 | 1,081 | 96 | 14,448 | 10 |
| North | 86 | 207,739 | 303 | 1,458 | 293 | 97 | 5,238 | 3 |
| Total excluding projects | 1,362 | 4,501,566 | 8,520 | 1,893 | 8,144 | 96 | 144,562 | 95 |
| Projects for own management | 70 | 70 | 4,617 | 3 | ||||
| Total investment properties | 1,362 | 4,501,566 | 8,590 | 1,893 | 8,214 | 96 | 149,179 | 98 |
| Development properties | 2,803 | 2 | ||||||
| Total property portfolio | 1,362 | 4,501,566 | 8,590 | 1,893 | 8,214 | 96 | 151,982 | 100 |
| Distributed by property category | ||||||||
| Residential | 1,068 | 2,658,192 | 5,127 | 1,929 | 4,947 | 96 | 83,021 | 55 |
| Office | 101 | 617,472 | 1,508 | 2,441 | 1,379 | 91 | 28,208 | 19 |
| Retail | 113 | 660,673 | 847 | 1,283 | 811 | 96 | 12,478 | 8 |
| Other | 80 | 565,229 | 1,038 | 1,837 | 1,007 | 97 | 20,855 | 14 |
| Total excluding projects | 1,362 | 4,501,566 | 8,520 | 1,893 | 8,144 | 96 | 144,562 | 95 |
| Projects for own management | 70 | 70 | 4,617 | 3 | ||||
| Total investment properties | 1,362 | 4,501,566 | 8,590 | 1,893 | 8,214 | 96 | 149,179 | 98 |
| Development properties | 2,803 | 2 | ||||||
| Total property portfolio | 1,362 | 4,501,566 | 8,590 | 1,893 | 8,214 | 96 | 151,982 | 100 |
1) The above table refers to properties that Balder owned at the end of the year. Properties sold have been excluded and acquired properties have been adjusted to full-year values. Other properties include hotel, educational, nursing, industrial and mixed-use properties.
30 FASTIGHETS AB BALDER ANNUAL REPORT 2020
Balder owns around 1,360 investment properties, more than 1,060 of them residential properties. At the end of 2020, the market value of these investment properties was SEK 149 billion.
The value of the investment properties is based on internal valuations. The valuation assumes that the rental trend for the property portfolio will reflect inflation over time. Commercial contracts contain an index clause, which means that the rent develops at the same rate as the consumer price index (CPI) during the term of the contract.
Residential properties have performed a little better that the CPI historically, but in its valuations Balder has assumed that rents develop in line with inflation. The total rental value of Balder's property portfolio as of 31 December was SEK 8,590 million.
Two different valuation methods are used primarily in the internal valuations. These are the yield method and the acquisition cost method. Properties in Sweden, Denmark, Finland, Norway, Germany and the UK are valued using the yield method. In Finland, the acquisition cost method is used in addition to the yield method. The properties in Russia are valued using the sales comparison method.
When valuing according to the yield method, the market value of the properties reflects the future cash flow, which is calculated at current value using a yield requirement. The more predictable the future cash flow, the easier it is to determine the market
value of the properties. The cash flows of residential properties are usually very predictable, as the income is divided among a large number of customers, which makes it easy to determine at what rent an apartment will be let out at in the event of a vacancy. Balder's commercial properties have an average lease term of 6,7 years. The ten biggest leases represent 4.5% of the total rental income, with an average lease term of 10.9 years. These circumstances mean that a large proportion of Balder's future cash flows that form the basis of the market value are known.
The properties where the future cash flow is least predictable are mainly concentrated in the central areas of the major cities of Stockholm, Gothenburg and Malmö. It is in these properties that Balder is most dependent on future lettings and it is also here where an estimate must be performed in the valuations of what level of rent an object can command if it becomes vacant. The major cities offer good transparency for a comparison of rental rates, which means that rental rates can be determined with high degree of certainty. The timing of subsequent letting is, however, more difficult to determine, which means that an assumption has to be made based on market demand, historical interest and similar premises. An assessment is also made of the future development of the immediate surroundings as well as the property's position within its market segment.
Properties under construction and project properties for own management are valued at market value minus estimated contracting expenditure and project risk, which usually corresponds to a valuation at cost.
The acquisition cost method is applied for properties subject to rent control in Finland. Initially, these properties are valued at cost of acquisition plus transaction costs and subsequently at cost of acquisition minus depreciation and impairment losses. See also Note 12, Investment properties.
When valuing properties, assumptions are made regarding future operating and maintenance payments. These assumptions are based on historic outcomes and future projections as well as estimated standardised costs. Operating and maintenance payments are adjusted annually in line with inflation.
The yield requirements and cost of capital used in valuations have been derived from comparable transactions in the property market. Important factors in choosing a yield requirement are location, rental rate, vacancy rate and the condition of the property. Market assessments of properties always involve a certain degree of uncertainty in the assumptions and estimates made. The uncertainty in respect of individual properties is normally considered to be in the range of +/– 5–10%. Balder continually monitors transactions completed in the market in order to substantiate and guarantee the internal valuations. Balder also conducts continual discussions with external actors regarding the acquisition and divestment of properties, which provides additional guidance.
As of 31 December, Balder's average yield was 4.5% (4.5). The average yield requirement for commercial properties was 4.7% (4.7) and for residential properties 4.3% (4.3).
In 2020, Balder acquired properties for a total of SEK 3,491 million (8,439). Divestments during the year totalled SEK 366 million (1,050), generating a profit of SEK 24 million (14). According to Balder's internal valuations, the carrying amount of the investment properties at year-end totalled SEK 149,179 million (141,392), representing an unrealised change in value of SEK 3,429 million (9,562).
The largest proportion of the market value is found in the Stockholm, Helsinki and Gothenburg regions, which between them represent a property value of SEK 99,165 million, excluding projects.
In order to quality-assure its internal valuations, the company allows parts of the portfolio to be valued externally on an ongoing basis and obtains second opinions1) on the internal valuations. Historically, deviations between Balder's internal and external valuations have been insignificant. During the year, external valuations or second opinions were obtained for approximately 21% of the property portfolio excluding projects, equivalent to approximately SEK 31 billion, and second opinions were obtained for approximately 31% of the property portfolio excluding projects, equivalent to approximately SEK 45 billion. The difference between the external valuations and the internal valuations was less than 1%.
The external valuations were carried out during the year by Newsec, Cushman & Wakefield, CBRE and JLL. Second opinions were obtained during the year from JLL.
A development property is a property that is owned for refinement with the intention of being divested. These properties are recognised at cost on an ongoing basis, and a profit/loss is recognised when each property is completed, sold and handed over to the buyer. As of 31 December, the value of Balder's development properties totalled SEK 2.8 billion (2.3).
1) Review performed by external valuation company of used valuation method.
| Region | Mean value of yield requirement for estimation of residual value, % |
|---|---|
| Helsinki | 4.84 |
| Stockholm | 4.16 |
| Gothenburg | 4.48 |
| Copenhagen | 3.66 |
| South | 4.79 |
| East | 4.89 |
| North | 4.36 |
Balder is co-owner of associated companies that manage properties, associated companies that are project developers and the bank Collector.
The 50%-owned associated companies that manage properties Trenum AB, Fastighets AB Centur, Tulia AB and the Norwegian property company acquired during the year, Anthon B Nilsen Eiendom AS and Balder's holding in Serena Properties and Sinoma Fastighets AB between them own 188 investment properties (170) and project properties with a total carrying amount of SEK 30,084 million (23,682), a total lettable area of approximately 1,172 sq.m. (1,038) and a total rental value of SEK 1,654 million (1,418).
The profit from property management for all associated companies, i.e. profit excluding changes in value and tax, totalled SEK 2,612 million (1,749), of which Balder's share totalled SEK 663 million (787). The company's profit after tax totalled SEK 7,899 million (1,940), of which Balder's share totalled SEK 897 million (876). Balder's profit was affected by changes in value in respect of properties and derivatives to the order of SEK 489 million (297) before tax. For more information about Balder's associated companies, see Note 14, Participations in associated companies/joint ventures.
CARRYING AMOUNT PER REGION associated companies, %
CARRYING AMOUNT PER PROPERTY CATEGORY
associated companies, %
The chart above relates to Balder's share of the property portfolio of 50%-owned associated companies.
| Company | Operations | Geographical focus | Balder's holding, % |
Other owners, % |
Number of investment properties |
Lettable area, thousand sq.m. |
Rental value, SEKm |
Number of project properties |
Properties carrying amount, SEKm |
|---|---|---|---|---|---|---|---|---|---|
| Trenum AB | Owns and manages residential properties |
Apart from the three metro politan regions, there is also a focus on growth locations with a positive population trend |
50% | Third Swedish National Pension Fund 50% |
37 (34) | 225 (216) | 381 (363) | 24 (18) | 8,774 (7,223) |
| Fastighets AB Centur | Owns and manages commercial properties and project development |
Stockholm, Gothenburg and Öresund regions |
50% | Peab 50% | 35 (34) | 327 (327) | 402 (385) | 1 (2) | 7,011 (6,621) |
| Tulia AB | Owns and manages commercial properties |
Central locations in Stockholm |
50% | André Åkerlund AB 50% | 39 (35) | 115 (102) | 261 (233) | – | 5,174 (4,527) |
| Anthon B Nilsen Eiendom AS | Owns and manages commercial properties and project development |
Oslo | 50% | Anthon B Nilsen AS 50% | 6 | 57 | 113 | 4 | 2,789 |
| Brinova Fastigheter AB | Owns and manages public properties and homes |
Southern Sweden/ Öresund region |
22% | Listed in Stockholm | 111 (84) | 305 (240) | 404 (313) | 3 (5) | 6,048 (4,321) |
| Tornet Bostadsproduktion AB | Owns and manages residential properties and project development |
Stockholm, Gothenburg and Öresund regions |
33% | Peab 33% Folksam 33% |
24 (21) | 106 (83) | 214 (161) | 4 (7) | 5,019 (4,298) |
| Serena Properties AB | Owns and manages retail properties in the Nordic region |
Finland | 56% | Varma 43% Redito 1% |
30 (26) | 260 (207) | 305 (247) | – | 3,974 (3,081) |
| Sinoma Fastighets AB | Owns and manages office, ware house and logistics properties |
Stockholm and Gothenburg | 49% | Folksam 50% Redito 1% |
41 (40) | 187 (186) | 195 (193) | – | 2,363 (2,231) |
| Rosengård Fastigheter AB | Owns and manages residential properties |
Rosengård in Malmö | 25% | Heimstaden 25% MKB Fastighets AB 25% Victoria Park AB 25% |
10 (10) | 134 (134) | 150 (146) | – | 1,639 (1,443) |
| Entra ASA | Owns and manages commercial properties |
Oslo | 18% | Listed in Oslo | 73 | 1 053 | 2 392 | 17 | 54,252 |
| Net sales, SEKm | Profit after tax, SEKm |
Total assets, SEKm |
Market capitalisation, SEKm |
|||||
|---|---|---|---|---|---|---|---|---|
| Collector AB | Niche bank offering financing solutions for private and business customers |
The company has offices in Gothenburg, Stockholm, Helsinki and Oslo |
44% | Listed in Stockholm | 2,529 (2,430) | 291 (–8) 37,977 (37,436) | 4,980 (5,186) | |
| SHH Bostad AB | Housing development | National coverage in Sweden | 20% | Company management 80% | 382 (407) | 7 (12) | 792 (862) | – |
| Sjælsø Management ApS | Project development and construction management |
Denmark | 49% | Company management 51% | 103 (104) | 35 (62) | 120 (116) | – |
| Karlatornet AB | Project development and construction management |
Gothenburg | 50% | Serneke Group 50% | – | Ongoing construction |
– | – |
| 31/12/2020 | investment properties3) |
Lettable area, sq.m. |
Rental value, SEKm |
Rental value, SEK/sq.m. |
Rental income, SEKm |
Economic occu pancy rate, % |
Carrying amount, SEKm |
Carrying amount, % |
|---|---|---|---|---|---|---|---|---|
| Distributed by region | ||||||||
| Stockholm | 89 | 227,125 | 346 | 1,522 | 327 | 95 | 6,276 | 41 |
| Gothenburg | 42 | 157,259 | 184 | 1,167 | 172 | 94 | 2,399 | 16 |
| Öresund | 22 | 65,058 | 101 | 1,551 | 88 | 88 | 1,587 | 10 |
| East | 29 | 121,232 | 157 | 1,291 | 154 | 98 | 2,144 | 14 |
| Oslo | 6 | 28,684 | 57 | 1,965 | 55 | 97 | 1,239 | 8 |
| Total excluding projects | 188 | 599,357 | 843 | 1,406 | 796 | 94 | 13,646 | 89 |
| Projects for own management | 1 | 1 | 1,611 | 11 | ||||
| Total property portfolio | 188 | 599,357 | 844 | 1,406 | 796 | 94 | 15,257 | 100 |
| Distributed by property category | ||||||||
| Residential | 45 | 78,027 | 152 | 1,942 | 148 | 98 | 3,208 | 21 |
| Office | 35 | 123,178 | 197 | 1,600 | 183 | 93 | 3,574 | 23 |
| Retail | 65 | 266,781 | 323 | 1,212 | 310 | 96 | 4,313 | 28 |
| Other | 43 | 131,371 | 171 | 1,301 | 155 | 91 | 2,551 | 17 |
| Total excluding projects | 188 | 599,357 | 843 | 1,406 | 796 | 94 | 13,646 | 89 |
| Projects for own management | 1 | 1 | 1,611 | 11 | ||||
| Total property portfolio | 188 | 599,357 | 844 | 1,406 | 796 | 94 | 15,257 | 100 |
1) The above table refers to properties that the associated companies owned at the end of the year. Properties sold have been excluded and acquired properties have been adjusted to full-year values. Other properties include hotel, educational, nursing, industrial and mixed-use properties.
2) Refers to Balder's holding in Trenum AB, Fastighets AB Centur, Tulia AB, Sinoma Fastighets AB, Serena Properties AB and Anthon B Nielsen Eiendom AS.
3) Refers to the entire associated companies' portfolio.
| SEKm | 31/12/2020 | 31/12/2019 | 31/12/2018 |
|---|---|---|---|
| Assets | |||
| Properties | 15,257 | 12,004 | 10,356 |
| Other assets | 361 | 243 | 50 |
| Cash and cash equivalents | 202 | 204 | 111 |
| Total assets | 15,819 | 12,450 | 10,517 |
| Equity and liabilities | |||
| Equity/shareholders' loans | 7,290 | 5,635 | 4,499 |
| Deferred tax liability | 898 | 657 | 529 |
| Interest-bearing liabilities | 6,875 | 5,671 | 5,199 |
| Other liabilities | 756 | 488 | 290 |
| Total equity and liabilities | 15,819 | 12,450 | 10,517 |
| SEKm | 2020 | 2019 | 2018 |
|---|---|---|---|
| Rental income | 725 | 659 | 521 |
| Property costs | –120 | –115 | –96 |
| Net operating income | 605 | 543 | 425 |
| Report of the Board of Directors38 | |
|---|---|
| Opportunities and risks42 | |
| Consolidated statement of comprehensive income46 | |
| Consolidated statement of financial position47 | |
| Consolidated statement of changes in equity48 | |
| Consolidated cash flow statement49 | |
| Parent Company income statement50 | |
| Parent Company balance sheet51 | |
| Parent Company statement of changes in equity52 | |
| 1 Accounting policies54 | ||
|---|---|---|
| 2 Segment reporting56 | ||
| 3 Revenue distribution58 | ||
| 4 Employees and staff costs58 | ||
| 5 Remuneration to auditors60 | ||
| 6 Operating costs distributed according to function | ||
| and type of expense60 | ||
| 7 Specification of property costs60 | ||
| 8 Leases61 | ||
| 9 Financial income and expenses63 | ||
| 10 Income tax63 | ||
| 11 Earnings per share66 | ||
| 12 Investment properties66 | ||
| 13 Other property, plant and equipment68 | ||
| 14 Participations in associated companies/joint ventures69 | ||
| 15 Other non-current receivables71 | ||
| 16 Development properties71 | ||
| 17 Trade receivable71 | ||
| 18 Prepaid expenses and accrued income72 | ||
| 19 Financial investments72 | ||
| 20 Equity72 | ||
| 21 Non-controlling interests 73 | ||
| 22 Financial risk management74 | ||
| 23 Credit facility79 | ||
| 24 Accrued expenses and prepaid income79 | ||
| 25 Pledged assets and contingent liabilities80 | ||
| 26 Cash flow statement80 | ||
| 27 Participations in Group companies 81 | ||
| 28 Receivables from/liabilities to Group companies 82 | ||
| 29 Significant events after the end of the financial year82 | ||
| 30 Related parties82 | ||
| 31 Parent Company information82 | ||
| 32 Other income/expenses82 | ||
The Board of Directors and the CEO of Fastighets AB Balder (publ), corporate registration number 556525-6905, hereby submit the following annual accounts and consolidated accounts for the financial year 2020.
Fastighets AB Balder is listed on Nasdaq Stockholm, Large Cap segment. All amounts in SEK million unless otherwise stated. Comparisons stated in parenthesis refer to the corresponding period of the previous year.
Balder's business concept is to create value by acquiring, developing and managing residential properties and commercial properties based on local presence and to create customer value by meeting the needs of different customer groups for commercial premises and housing.
Balder shall strive to achieve a position in each region whereby the company is a natural partner for potential customers that are in need of new commercial premises and/or housing. Growth shall take place on the basis of continued profitability and positive cash flows.
Balder's goal is to achieve a stable, good return on equity, while the equity/assets ratio over time shall be no less than 40% and the interest coverage ratio shall be no less than 2.0 times and the net debt to total assets should not exceed 50%. The outcomes for 2020 were 38.6% (38.3), 5.3 times (5.2) and 46.1% (48.4).
Balder's business areas consist of the regions Helsinki, Stockholm, Gothenburg, Copenhagen, South, East and North. The regional organisations follow the same basic principles, but differ depending on the size and property holdings of each region. The regional offices are responsible for letting, operations, environmental matters and technical management.
The Balder Group, with Fastighets AB Balder as Parent Company, is composed of a large number of limited liability companies and limited partnership companies. Balder's operational organisation is supported by a central accounting, property management and finance function.
On 31 December the Group had a total of 824 employees (784), of which 351 were female (327). Balder's management team consists of six people, two of whom are female. For information regarding adopted guidelines for remuneration to senior executives, see Note 4, Employees and staff costs. The Board will not propose any changes in the guidelines to the Annual General Meeting 2021.
During the year, Balder issued bonds within the framework of the MTN programme totalling SEK 1,150 million. EUR 300 million was also issued within the framework of the EMTN programme.
A directed share issue of 6,500,000 Class B shares at a total value of SEK 2,930 million after issue costs was carried out during the year.
During the year a total of 19 properties were acquired at a property value of SEK 3,491 million. In terms of value, the biggest acquisitions during the year are Balder's purchases of 11 retail properties in Finland.
During the year, Balder sold owner apartments and land for a sales value of SEK 366 million. The profit from the sales totalled SEK 24 million.
During the year Balder acquired 50% of the shares in Anthon B Nilsen Eiendom AS, 50% of the shares in Karlatornet AB and 17.7% of the shares in the Norwegian listed real estate company Entra ASA. Balder also agreed to acquire Masmästaren taking up occupancy in Q1 2021. The property portfolio consists of 250 t sq.m. and is evenly divided between residential and commercial properties, at a total property value of approx. SEK 5 billion.
Balder's commercial properties are located primarily in the central areas of big cities, and the residential properties are located in metropolitan areas and in places that are growing and developing positively. On 31 December, Balder owned 1,362 development properties (1,298) with a lettable area of 4,502,t sq.m. (4,304) at a carrying amount of SEK 149.2 billion (141.4), including project properties for own management. During the year, 19 investment properties (44) and land with a lettable area of 104 t sq.m. (222) were acquired for SEK 3,491 million (8,439). Sales of owner apartments and land amounted to a value of SEK 366 million (1,050), which generated a profit of SEK 24 million (14). When allocating the total property portfolio's carrying amounts by region, the share for Helsinki totalled 28% (28), Gothenburg 22% (21), Stockholm 19% (19), Copenhagen 12% (11), South 7% (7), East 10% (10) and North 4% (4). Of the carrying amount, 41% (41) relates to commercial properties and 59% (59) to residential properties.
A development property is a property that is owned for upgrading with a view to being divested. These properties are recognised at cost on an ongoing basis, and a profit/loss is recognised when each property is completed, sold and handed over to the buyer. As of 31 December 2020, the value of Balder's development properties totalled SEK 2,803 million (2,344).
Profit from property management for the year totalled SEK 4,900 million (4,604), of which the effect of exchange rate fluctuations totalled SEK –26 million (55). The profit from property management attributable to the parent company's shareholders increased by 5% and totalled SEK 4,244 million (4,023), representing SEK 23.51 per share (22.35). Profit from property management includes SEK 663 million (787) in respect of associated companies, which is included in the income statement in participations in profits from associated companies.
Net profit after tax totalled SEK 7,275 million (11,526). Profit after tax attributable to the parent company's shareholders totalled SEK 6,641 million (8,958), corresponding to SEK 36.79 per share (49.77). Profit before tax was impacted by changes in the value of investment properties of SEK 3,453 million (9,577), profit from sales of development properties of SEK 174 million (95), changes in value in interest rate derivatives of SEK –141 million (–180) and profit from participations in associated companies of SEK 897 million (876).
Rental income increased by 7% to SEK 8,134 million (7,609), of which the effect of exchange rate fluctuations totalled SEK –50 million (124). This increase is due primarily to acquisitions, new lettings and completed projects for own management. The lease portfolio was estimated to have a rental value on a full-year basis of SEK 8,590 million (8,304) as of 31 December. The average rental level for the whole property portfolio totalled SEK 1,893/sq.m. (1,921) excluding project properties.
The rental income in a comparable portfolio increased by 1.0% (3.8) after adjustment for exchange rate fluctuations. The rental income shows a considerable diversification of risk with regard to tenants, sectors and locations. The economic occupancy rate as of the closing date was 96% (96). The total rental value of unlet areas on 31 December totalled SEK 376 million (304) on an annual basis.
Property costs for the year totalled SEK –1,919 million (–1,966), of which the effect of exchange rate fluctuations totalled SEK 12 million (–36). Net operating income increased by 10% to SEK 6,216 million (5,643), representing a surplus ratio of 76% (74).
Operating costs usually vary with the seasons. The first and fourth quarters have higher costs than the other quarters, while the third quarter usually has the lowest cost level.
Management and administrative expenses for the year totalled SEK – 676 million (– 664), of which the effect of exchange rate fluctuations totalled SEK 4 million (–13).
Profit from participations in associated companies amounted to year to SEK 897 million (876) and Balder's share of the associated companies profit from property management amounted to SEK 663 million (787).
Profit before tax has been affected by unrealised changes in value regarding real estate and interest rate derivatives with SEK 489 million (297). Tax expense for the year amounted to SEK –254 million (–209).
Other income/expenses during the year amounted to SEK 371 million (7), of which unrealised change in value of long-term financial assets amounted to SEK
462 million (–) and refers to the unrealised revaluation that has taken place during the fourth quarter of the shares in the Norwegian listed real estate company Entra ASA. See also note 32, Other income/expenses.
Net financial items, excluding changes in the value of derivatives, totalled SEK –1,212 million (–1,170), of which the effect of exchange rate fluctuations totalled SEK 7 million (–21).
Changes in value in respect of interest rate derivatives totalled SEK –141 million (–180). The negative change in value during the year in respect of derivatives was due to the decrease in the level of interest rates during the year, which means that the difference in relation to the contracted interest rate level of the interest rate derivatives has increased.
Derivatives are recognised on an ongoing basis at fair value in the balance sheet. Changes in value from derivatives arise when there are changed interest rate levels/exchange rates and do not affect cash flow, as long as they are not sold during the term. Balder has protected itself against higher interest rate levels, which means that the market value of derivatives falls when interest rate levels fall. The deficit in respect of derivatives (interest and currency) totalled SEK 1,540 million (1,210) at yearend. The deficit on derivatives will be released during the remaining term and recognised as income. The average interest rate was 1.5% (1.5) on the closing date and 1.6% (1.7) for the year.
Balder performed internal valuations of all investment properties as of 31 December. The investment properties in Sweden, Denmark, Finland, Norway, Germany and the UK were valued using the yield method, which is based on a ten-year cash flow model.
Each property is individually valued by computing the present value of future cash flows, i.e. future rental payments minus estimated operating and maintenance payments. The cash flow is adapted
to the market by taking account of any changes in letting levels and occupancy rates, as well as operating and maintenance payments.
The valuation is based on an individual assessment for each property of both future cash flows and the required yield.
In Finland the acquisition cost method is used in addition to the yield method. The properties in Russia are valued using local price method.
Investment properties for own management are valued at market value minus estimated contracting expenditure and project risk, which usually corresponds to a valuation at the cost of acquisition. For a more detailed description of Balder's property valuation, see Note 12, Investment properties.
Market assessments of properties always involve a certain degree of uncertainty in the assumptions and estimates made. In order to quality-assure its internal valuations, the company allows parts of the portfolio to be valued externally on an ongoing basis and obtains second opinions on the internal valuations. This means that the used method of valuation is reviewed by an external valuation company.
During the year, external valuations were obtained for approx. 21% (23) of investement properties, excluding project properties for own management, equivalent to SEK 31 billion (31) and second opinions were obtained for 31% (32) of the investment properties excluding internally managed project properties, equivalent to SEK 45 billion (44). The difference between the external valuations and the internal valuations was less than 1%. Historically, deviations between external and internal valuations have been insignificant.
As of 31 December, Balder's average yield requirement was 4.5% (4.5) excluding project properties for own management. The change in value during the year was attributable to improved net operating income and completed projects.
On 31 December, the carrying amount of the investment properties according to the individual internal valuation totalled SEK 149,179 million (141,392), which includes an unrealised change in value during the year of SEK 3,429 million (9,562). Of the unrealised change in value during the year
| Factor | Change | Profit before tax, SEKm |
|---|---|---|
| Rental income | +/– 1 % | +/– 82 |
| Economic occupancy rate | +/– 1 percentage point | +/– 86 |
| Interest rate level of interest-bearing liabilities | + 1 percentage point | – 257 |
| Property costs | +/– 1 % | –/+ 22 |
| Changes in value of investment properties | +/– 5 % | +/– 7 459 |
70% is attributable to residential properties and of the total unrealised change in value 40% is attributable to completed projects.
The profit from the divestment of development properties is recognised in connection with the buyer taking possession of the property. In addition to the cost of acquisition, sales and marketing expenses are also included, which are recognised as expenses as they arise, during the year these amounted to SEK –20 million.
The results of in total six projects has been recognised during the year. The net profit from sales for the period totalled SEK 174 million (95) after deduction of costs for marketing and sales.
The Group's total tax expense was SEK –1,807 million (–2,659), of which the effect of exchange rate fluctuations totalled SEK 8 million (–52). The current tax expense for the year totalled SEK –388 million (–259), which is attributable primarily to SATO Oyj and Balder Danmark A/S. The current tax expense attributable to the parent company's shareholders totalled SEK –261 million (–157).
Deferred tax expense for the year amounted to SEK –1,419 million (–2,400).
Tax has been calculated using the current tax rate in each country. In Sweden, tax was calculated at 21.4% of ongoing taxable net profit. Deferred tax liabilities and tax assets were calculated at the lower tax rate of 20.6% that will apply as of 2021.
Deferred tax is calculated on the temporary differences arising after the acquisition date. The Group's deferred tax liability has been calculated as the value of the net of fiscal deficits and the temporary difference primarily between the carrying amounts and values for tax purposes of properties and interest rate derivatives. The deferred tax liability totalled SEK 12,497 million (11,285). For more detailed information, see Note 10, Income tax.
Balder's assets as of 31 December amounted to 180,401 million (157,928). These were financed by equity of SEK 67,885 million (58,725) and liabilities of SEK 112,516 million (99,203), of which SEK 88,989 million (81,242) are interest-bearing.
Cash flow from operating activities before changes in working capital totalled SEK 3,986 million (3,288). Investing activities charged cash flow with SEK –16,993 million (–15,867).
During the year, acquisitions of development properties of SEK –3,491 million (–7,972), investments in existing properties and projects of SEK –5,572 million (–8,133), investments in property plant and equipment, financial investments, associated companies and transactions with non-controlling interests of SEK –10,129 million (–1,315), dividend to non-controlling interests of SEK 0 million (–137 and amortisation of lease liability of SEK –19 million (–26) totalled SEK –19,211 million (–17,583).
These were financed through cash flow from operating activities of SEK 6,520 million (3,209), by divestments of investment properties of SEK 366 million (1,050), development properties of SEK 1,253 million (387), financial investments of SEK 561 million (60), dividend from associated companies of 20 million (42), sale of shares in associated companies of SEK 0 million (15), shareholder contribution from non-controlling interests of SEK 18 million (–), issue of new shares after issue costs of SEK 2,930 million (–) and net borrowing of SEK 10,634 million (13,641), which totalled SEK 22,300 million (18,404). Total cash flow for the year was SEK 3,089 million (821).
Apart from unutilised credit facilities of SEK 13,032 million (8,673), the Group's cash and cash equivalents, financial investments and unutilised credit facilities totalled SEK 7,477 million (3,252) as of 31 December.
Equity totalled SEK 67,885 million (58,725) on 31 December, of which non-controlling interests totalled SEK 9,676 million (9,714), corresponding to SEK 312.12 per share (272.28) excluding noncontrolling interests. The equity/assets ratio was 38.6% (38.3).
The Group's interest-bearing liabilities totalled SEK 88,989 million (81,242) as of 31 December. The proportion of loans with interest maturity dates during the coming 12-month period totalled 39% (44) and the average fixed credit term was 5.9 years (5.8). Derivatives contracts have been concluded in order to limit the impact of a higher market interest rate.
The above-mentioned derivatives are recognised at fair value on an ongoing basis in the balance sheet with changes in value recognised in the income statement. Changes in value during the year totalled SEK –141 million (–180). Interest-bearing liabilities are described in greater detail in Note 22, Financial risk management.
Balder has an investment grade rating from the S&P credit agency of BBB with a stable outlook. The rating from S&P means that Balder can continue to access the European capital market, obtain long terms for tying-up of capital, diversify its funding base and thus secure long-term capital for continued growth. Credit ratings from credit agencies have a major impact on Balder's financing costs, and therefore it is important to maintain an investment grade rating.
Property investments during the year totalled SEK 7,545 million (15,006), of which SEK 3,491 million (8,439) relates to acquisitions and SEK 4,054 million (6,567) relates to investments in existing investment properties and projects for own management. Of total investments in the investment property portfolio, SEK 2,598 million (3,398) relate to Helsinki, SEK 297 million (2,260) to Stockholm, SEK 1,411 million (5,225) to Gothenburg, SEK 1,722 million (1,590) to Copenhagen, SEK 91 million (1,607) to South, SEK 925 million (472) to East and SEK 500 million (454) to North.
Balder owns 50% of a number of property companies in which Balder handles management and administration. For more information, see Note 14, Participations in associated companies/joint ventures. In addition to the 50%-owned associated companies, Balder owns, among others, 44.1% (44.1) of Collector AB (publ), 33.3% (33.3) of Tornet Bostadsproduktion AB, 21.8% (25.5) of Brinova Fastigheter AB (publ), 49% (49) of Sjaelsö Management ApS, 20% (20) of SHH Bostad AB, 56% (56) of Serena Properties AB, 49% (49) of Sinoma Fastighets AB and 25% (25) of Rosengård Fastighets AB.
During the fourth quarter Balder invested in Anthon B Nilsen Eiendom AS, Balder's share amounts to 50%. The transaction includes the Groups entire property portfolio, with properties in Olso and at Lahaugmoen, and a development portfolio of 170,000 sq.m. in Eastern Norway. The market value of the properties included in the acquisition amounted to approx. SEK 2,800 million.
During the fourth quarter Balder also acquired 50% of the shares in Karlatornet AB. The company is the owner of the properties where the highest skyscraper in the Nordic region, 245 metres high with 73 floors, is going to be built. The properties include approx. 600 apartments, 300 hotel rooms and 8 t sq.m. of offices.
During the last quarter of the year Balder also acquired 17.7% of shares in the Norweigan listed company Entra ASA, for more information see entra.no.
On pages 34–36, Balder's participations in the balance sheets and property portfolios of the 50% owned property-managing associated companies are reported and presented in accordance with IFRS accounting policies. The 50%-owned associated companies own a total of 188 investment properties (170) and 30 project properties (20). Balder's share of the property portfolio's lettable area is approximately 599 t sq.m. (530) with a rental value of SEK 844 million (722). The economic occupancy rate was 94% (94).
The parent company's operations consist primarily of the performance of Group-wide services. Balder has centralised the Group's credit supply, risk management and cash management through the parent company having an internal bank function. Net sales in the parent company totalled SEK 349 million (361) during the year, of which intra-Group services represented SEK 251 million (266) and the remainder related primarily to management assignments for associated companies.
Net profit after tax totalled SEK 1,615 million (1,025). A dividend from subsidiaries was included at SEK 975 million (800), net interest items totalled SEK 1,599 million (194) and exchange rate differences totalled SEK 785 million (–251) and unrealised change in value in long-term financial asset amounted to SEK 462 million (–), changes in value in respect of interest rate derivatives totalled SEK –141 million (–180) and Group contributions received/paid totalled SEK –821 million (–229). Recognised exchange differences related primarily to the translation of euro bonds, which from a Group perspective are used for the hedging of net investments in euros and Danish kroner.
The parent company's financial investments and cash and cash equivalents, including unutilised credit facilities, totalled SEK 3,787 million (2,345) on 31 December. Receivables from Group companies totalled SEK 43,368 million (41,680) on the closing date and interest-bearing liabilities SEK 46,366 million (43,862).
In accordance with Chapter 6, Section 11 of the Annual Accounts Act, Fastighets AB Balder has chosen to produce the sustainability report as a separate report from the Annual Report. The scope of the sustainability report is described on page 102 of this document.
See page 9.
As of 31 December, the share capital totalled SEK 186,500,000 distributed among 186,500,000 shares. Each share has a quota value of SEK 1. The shares are distributed across 11,229,432 Class A shares and 175,270,568 Class B shares. Each Class A share carries one vote and each Class B share carries one tenth of one vote.
The largest owners are Erik Selin via company with 48.8% of votes and Arvid Svensson Invest AB with 14.8% of votes. There are no restrictions in the articles of association as to the form of transfer of shares or voting rights at the shareholders' general meeting.
Since Balder will be prioritising growth, capital structure and liquidity over the next few years, the dividend for the share will be low or will not be declared at all.
The Board held 18 board meetings during the financial year, one of which was the statutory meeting. The work follows a formal work plan adopted by the Board. The formal work plan regulates the Board's working methods and the allocation of responsibility between the Board and CEO, as well as the forms of ongoing financial reporting. During the year, strategic questions and other important matters for the company's development were discussed, as well as ongoing financial reporting and decision-making matters. The company's auditors participated in one board meeting and reported on their completed audit of the management's administration and of the accounts.
Balder is governed by the corporate governance rules prescribed in the Swedish Companies Act, the Articles of Association and the listing agreement with Nasdaq Stockholm. The Board aims to make it easy for the individual shareholder to understand where in the organisation responsibility and authority lie. Corporate governance in the company is based on Swedish legislation, principally on the Swedish Companies Act, the listing agreement with the Swedish Stock Exchange, the Swedish Code of Corporate Governance as well as other rules and guidelines. Some of the Code's principles are about creating a good basis for exercising an active balance of power between owners, the Board and Management, which Balder views as a natural element of the principles for the operation. See pages 88–93 for the Corporate Governance Report.
Guidelines for remuneration to senior executives were adopted at the last Annual General Meeting. The guidelines essentially state that competitive market salaries and other terms of employment shall be applied for company management. Remuneration shall be paid in the form of a fixed salary. Redundancy pay and severance payment shall not exceed 18 monthly salaries in total for the company's CEO, and for other members of company management the figure is a maximum of six months with no severance payment. Company management comprises the CEO and other members of Group Management. The Board shall have the right to depart from the guidelines if in a single case there are specific reasons for this.
The Board's proposal on guidelines for the next AGM corresponds with the current guidelines and shall apply until the 2024 AGM unless circumstances arise that necessitate an earlier revision. See also Note 4, Employees and staff costs.
Since the beginning of spring 2020, the world has been marked by the ongoing pandemic in a way that no one has been able to predict.
Balder has taken a number of measures to deal with the current situation. Since the start of the pandemic, Balder has had an ongoing dialogue with the tenants and strived to support those who have liquidity problems as a result of the pandemic as far as possible. In some cases, rent reductions have taken place, but mainly agreements on transition to monthly payments or postponement of rent payments have been made.
The Group has tenants who conduct hotel operations and has thus been affected both directly and indirectly by the ongoing pandemic. The hotel business has a significantly lower occupancy rate, which has had a negative effect on tenants. Of the total property portfolio, approximately 8% consists of hotels.
The pandemic affected Balder's development of the property portfolio through new production and redevelopment temporarily during the spring, but the projects where construction is underway are progressing according to plan. For those projects that have not yet started construction, planning continues as before.
To date, the pandemic has had a limited effect on the company's financing. In these times, good liquidity and ensuring the company's financing needs are of paramount importance. During the year, Balder continued to have good access to financing. At the turn of the year, Balder has available liquidity and loan promises of SEK 20,500 million that can be used should the need arise.
The continued development is uncertain and it is important that the business is flexible and prepared for new challenges that arise. Balder follows the advice and guidelines given by the government and authorities.
See Note 29 Significant events since the end of the financial year.
Balder's objective is to grow with maintained profitability by means of direct or indirect acquisitions together with our partners in locations that are considered to be of interest.
| Retained earnings | 14 996 163 560 |
|---|---|
| Net profit for the year | 1 615 390 152 |
| Total 1) | 16 611 553 712 |
1) See change in parent company's equity, page 52.
| Carried forward | 16 611 553 712 |
|---|---|
| Total | 16 611 553 712 |
Like all business Balder's organisation and business are exposed to a number of risks. These risks are to varying degrees within the company's control and are therefore managed differently to some extent. The main strategy, however, is to strive as far as
possible to identify both risks and opportunities and to draw up action plans on this basis.
The risk analysis is performed continuously, at several levels within the company, depending on where different risks and opportunities arise
and which parts of the business might be affected. Below is a summary of the main opportunities and risks that have been identified, together with a brief description of how Balder assesses and manages them.
| AREA | DESCRIPTION | APPROACH | ASSESSMENT |
|---|---|---|---|
| >> OPERATIONAL RISKS | |||
| The risk of reduced occupancy rate, reduced rental income and negative rental development |
Balder's income is affected by the occupancy rate of the properties, the possibility of charg ing competitive market rents and the ability of customers to pay. The occupancy rate and rental levels are determined largely by the economic trend. Naturally, the risk of major fluc tuations in vacancies and loss of rental income increases when the property portfolio con tains more large individual customers. |
Balder's ten largest contracts account for 4.5 % of the total rental income, and their average con tract term is 10.9 years. No single contract accounts for more than 0.7% of Balder's total rental income, and no single customer accounts for more than 4.0% of total rental income. Balder's leases for premises are usually wholly or partly linked to the consumer price index. Residential properties in Sweden are subject to regulations, the effects of which include rental levels being determined by what is known as the utility value principle. During 2020 Balder, like all property companies, was affected by the ongoing pandemic, as commercial customers in particular experienced increasing problems in their businesses. Balder has developed solutions for many of these in the form of deferred payments or a switch from quarterly to monthly rent. The hotel industry is one of the hardest hit. Hotels account for around 8% of Balder's total property portfolio. |
|
| Risk of increased property costs due to increased operating and maintenance costs |
Property costs include direct costs such as costs of operation, media, maintenance and property tax. Extensive needs to perform repairs can have a negative impact on profits. Operating costs are primarily tariff-based costs of electricity, cleaning, water and heating. Many of these goods and services can only be purchased from one actor, which can affect the price. Regulatory factors such as stricter demands for reduced emissions and the transi tion to fossil-free types of energy can also affect energy costs. Other consequences of cli mate change, such as an increased risk of flooding and extreme weather conditions, can also generate increased costs when insuring properties in risk areas. Cost increases that are not compensated by regulation in leases or rental increases through re-negotiation can have a negative impact on profits. A change of +/–1% in property costs would affect the total cost figure by SEK –/+ 22 million. |
Balder works constantly to achieve continuous improvement in cost-efficiency with the aid of rational technical solutions, practical initiatives and continuous follow-up. Each region is respon sible for ensuring that the property portfolio is well-maintained and in good condition. Having a local presence increases the knowledge of each property's needs for preventive measures, which is more cost-efficient in the long run that extensive repairs. All electricity purchased for the prop erties in Sweden is green electricity from renewable sources. Balder has also initiated an analysis of the property portfolio based on the possible effects of climate change, in order to draw up action plans for properties where the risks of an impact are considered the greatest. |
|
| Risk of incorrect assessment of the rental market's development and the execution of projects |
One way of increasing the yield is to produce new properties and develop existing ones through investments. Project development risks exist in assessments of the market's devel opment, but also in the design of the product and the execution of the project itself. |
Quality-assured internal processes and a high level of competence in the project organisation guarantee high quality in both execution and the product itself. When new commercial buildings are constructed, it is always a requirement that large parts of the property must be let before the investment commences. Most of the commercial projects in progress therefore have a high occu pancy rate. The risks are also limited by the fact that investments are only made in markets where Balder has good market knowledge and where there is high demand for homes and commercial premises. |
Low Medium High
| AREA | DESCRIPTION | APPROACH | ASSESSMENT |
|---|---|---|---|
| >> IT AND DIGITALISATION | |||
| Risk of inadequate digital development |
Digitalisation in the property sector is primarily about digitalising the properties themselves in order to, for example, improve follow-up on consumption, etc., and to build smarter homes and offer commercial customers digital services that promote business. |
The digitalisation process is relatively simple to undertake in connection with new production, where a lot can be integrated during the planning phase, for example fibre networks and sensors. Work to digitalise an existing property is a bigger challenge, but Balder is equipped for this. The company has continued to expand its operations by creating more roles with a focus on digitalisa tion in order to drive developments forward. |
|
| Risk of inadequate IT security | Inadequate IT security can have major consequences, for example in the form of data being destroyed or lost, confidential information being leaked, etc. There is also a certain risk of infringing statutory provisions on the processing of personal data. |
Balder works with the layered security principle in order to minimise the areas for intrusion and in recent years has continuously extended the level of protection. Apart from tried and tested technologies such as firewalls, antivirus and backup systems, Balder has also supplemented its protection with sandboxing systems, advanced email filtering and virtualisation to secure the internal IT environment. Balder has also carried out extensive internal work in order to guarantee compliance with the requirements of GDPR, in terms of both internal systems and structures as well as employee training. |
|
| >> FINANCIAL RISKS | |||
| Refinancing risk | Balder's greatest financial risk is a lack of financing. Refinancing risk refers to the risk that financing cannot be obtained at all, or only at a significantly increased cost. |
Balder conducts ongoing discussions with banks and credit institutions aimed at securing long term financing and also renegotiating loans and diversifying the maturity structure of loans. Meanwhile, this work ensures that competitive long-term financing is maintained. Balder's aver age fixed credit term was 5.9 years (5.8). |
|
| Interest rate risk | The interest expense is Balder's single largest cost item. Interest expenses are affected primarily by the current level of market interest rates and the credit institutions' margins, and also by what strategy Balder chooses for fixed terms for interest rates. A higher market interest rate means an increased interest expense, but this often also coincides with higher inflation and economic growth. |
Higher interest expenses are partly offset by lower vacancy rates and higher rental income through increased demand, and by the fact that rents are indexed. Balder has also chosen to use interest rate derivatives to limit the risk of financing costs increasing significantly in the event of higher market interest rates. In the event of an increase in the market interest rate of one percentage point and assuming an unchanged loan and derivative portfolio, the interest expense would increase by SEK 257 million. Of Balder's total loan stock at the year-end, 61% (56) had a fixed interest rate period of more than one year. |
|
| Credit risk | Credit risk is defined as the risk that Balder's counterparties cannot fulfil their financial obli gations towards Balder. Credit risk in financial operations arises, for example, in connection with the investment of excess liquidity, on entering into interest rate swap contracts and in |
Balder conducts the customary credit checks before entering into a new lease and calculates the credit risk in connection with new letting and the adaptation of premises for an existing customer. |
The translation differences are mainly handled through borrowing spread among different currencies based on the net assets in each currency. Loans taken out in the same currencies as the net assets in the Group reduce these net assets and thereby reduce translation exposure.
Low Medium High
connection with the issuing of credit agreements.
Currency risk Balder owns properties via subsidiaries in Denmark, Finland, Norway, Germany and the UK.
pany's currency.
The companies have income and expenses in local currency and are thereby exposed to exchange rate fluctuations from the Group's perspective. Exchange rate fluctuations also occur when translating the foreign subsidiaries' assets and liabilities into the parent com-
| AREA | DESCRIPTION | APPROACH | ASSESSMENT |
|---|---|---|---|
| >> CHANGE IN VALUE | |||
| Risk of negative development in value of properties |
The value of the properties is affected by a number of factors, including property-specific factors such as occupancy rate, rental level and operating costs, as well as market-specific factors such as yield requirements and cost of capital. Both property-specific and market specific changes affect the value of investment properties, which in turn impacts on the Group's financial position and profits. 81% of the value of Balder's property portfolio is in the four metropolitan regions of Helsinki, Stockholm, Gothenburg and Copenhagen. The value of these properties can also be adversely affected if the technical obstacles to development, for example conversion to reduce emissions and manage climate change, are too high and expensive. |
Balder carries out an internal valuation of the property portfolio in connection with quarterly reports. Parts of the property portfolio are also valued externally and compared with the internal valuation. Market assessments of properties always involve a certain degree of uncertainty in the assumptions and estimates made. The profit before tax would be affected by SEK +/–7459 million if there were a change in value of the investment properties of +/–5%. The equity/assets ratio would be 40.2% in the event of a positive change in value and 36.8% in the event of a negative change in value. See also Note 12, Investment properties. Balder has also initiated an analysis of the impact of climate change on the properties, including the value trend, and this will become more detailed in future. |
|
| >> TAX | |||
| Risk of changes in tax legislation | The possibility cannot be ruled out that tax rates will change in the future or that other changes will occur in the state system that affect property ownership. Changes in tax levels and tax legislation, for example new rules in respect of depreciation, a ban on the packag ing of properties and the opportunity to utilise loss carryforwards can affect Balder's future tax expense and thereby affect the profit. |
Balder monitors the development of legislation in markets where the company is active and where relevant prepares the business and the financial statements for any adaptations that may be necessary. |
|
| >> EXTERNAL ENVIRONMENT | |||
| The risk of serious incidents in the external environment that change the conditions for the business |
In 2020, the world was hit by a global pandemic that had unforeseen consequences. The way out remains uncertain, with a risk of the impact being felt for several years to come. |
Balder has been dealing constantly with issues relating to the ongoing pandemic and the compa ny's stakeholders. For more information see page 5. Experiences from the past year will also con tribute to a stronger organisation that is better equipped for similar incidents in the future. |
|
| >> ENVIRONMENT | |||
| Risk of hazardous substances and choice of materials |
The main challenges that Balder has identified in connection with the environmental area are hazardous substances built into the properties such as PCB and asbestos, increased radon values and transport operations to and from the properties. |
Ongoing inventory is kept of the existing portfolio, and action plans are drawn up to manage the risks in connection with planned measures or as separate projects. As new buildings become more energy-efficient, the construction phase accounts for a bigger part of the total environmen tal impact of buildings. These issues are taken into account in connection with new production, both internally and in dialogue with external parties such as business partners, city planning offices, consultants' or architects' offices and contractors. |
|
| Risk of increased impact from transport operations |
Both Balder's internal transport operations and customer transport operations to and from the properties have a major environmental impact. |
When developing areas, opportunities for more efficient transport are considered, and in many areas car pools and bike pools, for example, are offered. Together with suppliers, Balder's internal transport and logistics solutions are being reviewed so that the number of transport operations to the properties is minimised and streamlined. This work will be further developed in future, as Balder's increased project portfolio means increased construction, bringing a risk of increased transport operations. The company's travel policy regulates business travel, and all local offices have video equipment to minimise the number of trips for meetings. |
Low Medium High
| AREA | DESCRIPTION | APPROACH | ASSESSMENT |
|---|---|---|---|
| Climate risks | Rising sea levels, heavier rainfall and increased risks of landslides are climate risks that have been highlighted and need to be dealt with in planning processes in order to reduce the risks of damage to properties and infrastructure going forward. In the event of floods there is a risk that vermin will find their way into properties, resulting in a risk of the spread of con tagion and damage. |
Investigations into which climate adaptations might be necessary are conducted in the planning process and managed in detailed development plans. Aside from this, Balder strives to review work on climate risks, including the preparation of plans for how existing properties that may be in the risk zone should be registered and what action plans need to be prepared. This work entails, among other things, plans to further reduce emissions from the business, as well as plans describ ing, for example, how properties situated in areas where the risk of flooding is considered to be high are to be equipped to deal with this. To increase transparency in this work, Balder is also continuing to develop the company's reporting of emissions and other climate-related metrics, and during the year has also incorporated the climate issue into the risk management process in accordance with the recommendations issued by the Task Force on Climate-related Financial Disclosures (TCFD). Potential effects of climate change have been identified in terms of both property costs and value growth, and work has started on action plans to manage these. Read more on page 101. |
|
| >> SOCIAL CONDITIONS AND EMPLOYEES | |||
| Risk of deficiencies in the skills supply, work environment and respect for human rights |
As Balder has grown, both geographically and in terms of the number of colleagues, challen ges have arisen, including the new recruitment and retention of existing colleagues, identi fying and utilising Group-wide resources and developing common work methods. Another challenge resulting from the company's strong growth is to get every colleague to feel that they are part of Balder's corporate culture. |
Balder's Code of Conduct is based on the principles of the UN's Global Compact and deals with issues relating to the work environment and human rights. Balder is striving to continue to increa se equal opportunity and diversity in the organisation, in order to reflect society in the best way possible. In order to attract new employees, Balder continuously participates in job fairs at insti tutes of higher education, and offers work placements and opportunities for students to do their degree projects. |
| Risk of fraud and bribery | For property companies processes such as those in the areas of letting, recruitment and supplier selection are particularly important. |
Balder has a Code of Conduct as well as policies and procedures, which are intended to guide and ensure respectful and business-like relationships, while minimising risks of, for example, dis crimination and corruption. When selecting suppliers and during follow-up on delivered quality, internal criteria are used to guarantee compliance with laws and regulatory requirements and also with the company's adopted policies and guidelines. There is an independent whistleblowing function for the reporting of infringements. |
|
|---|---|---|---|
| --------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -- |
Low Medium High
| SEKm | Note | 2020 | 2019 |
|---|---|---|---|
| Rental income | 2, 3 | 8,134 | 7,609 |
| Property costs | 2, 6, 7 | –1,919 | –1,966 |
| Net operating income | 6,216 | 5,643 | |
| Management costs and administrative expenses | 4, 5, 6 | – 676 | –664 |
| Participation in profits of associated companies/joint ventures | 14 | 897 | 876 |
| – of which profit from property management | 663 | 787 | |
| – of which changes in value | 489 | 297 | |
| – of which tax | –254 | –209 | |
| Other income/expenses | 371 | 7 | |
| – of which unrealised change in value of long-term financial asset | 32 | 462 | – |
| Profit before net financial items | 6,809 | 5,863 | |
| Financial items | |||
| Financial income | 9 | 299 | 395 |
| Financial expenses | 9 | –1,511 | –1,565 |
| – of which lease expense/ground rent | 8 | –64 | –63 |
| Net financial items | –1,212 | –1,170 | |
| Profit including changes in value and tax in associated companies/joint ventures | 5,597 | 4,693 | |
| – of which Profit from property management | 2, 3, 4, 5, 6, 7, 8, 9 | 4,900 | 4,604 |
| Changes in value | |||
| Changes in value of investment properties, realised | 12 | 24 | 14 |
| Changes in value of investment properties, unrealised | 12 | 3,429 | 9,562 |
| Changes in value of derivatives | 22 | –141 | –180 |
| Income from divestment of development properties | 16 | 1,253 | 387 |
| Expenses from divestment of development properties | 16 | –1,079 | –292 |
| Changes in value, total | 3,486 | 9,492 | |
| Profit before tax | 9,083 | 14,185 | |
| Income tax | 10 | –1,807 | –2,659 |
| Net profit for the year | 7,275 | 11,526 | |
| Net profit for the year attributable to | |||
| The parent company's shareholders | 6,641 | 8,958 | |
| Non-controlling interests | 21 | 634 | 2,568 |
| 7,275 | 11,526 |
| SEKm | Note | 2020 | 2019 |
|---|---|---|---|
| Other comprehensive income – items that may be reclassified to profit or loss |
|||
| Translation difference relating to foreign operations (net after hedge accounting) |
–705 | 8 | |
| Cash flow hedges after tax | –20 | –55 | |
| Participation in other comprehensive income from associated companies/joint ventures |
–37 | 3 | |
| Total comprehensive income for the year | 6,513 | 11,482 | |
| Total comprehensive income for the year attributable to | |||
| The parent companys shareholders | 6,273 | 8,865 | |
| Non-controlling interests | 240 | 2,617 | |
| 6,513 | 11,482 |
| SEKm | Note | 2020 | 2019 |
|---|---|---|---|
| Profit from property management | 4,900 | 4,604 | |
| Of which non-controlling interests' participation in the profit from property management |
–657 | –581 | |
| Profit from property management attributable to parent companys shareholders |
4,244 | 4,023 | |
| Profit from property management per share, SEK | 23.51 | 22.35 | |
| Profit after tax per share, SEK | 11 | 36.79 | 49.77 |
| SEKm | Note | 31 Dec 2020 | 31 Dec 2019 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Investment properties | 12, 25 | 149,179 | 141,392 |
| Leases; right of use | 8 | 1,532 | 1,541 |
| Other property, plant and equipment | 13 | 160 | 166 |
| Participations in associated companies/joint ventures | 14 | 15,593 | 7,018 |
| Other non-current receivables | 15 | 2,302 | 1,448 |
| Total non-current assets | 168,765 | 151,565 | |
| Current assets | |||
| Development properties | 16 | 2,803 | 2,344 |
| Trade receivables | 17 | 343 | 241 |
| Other receivables | 713 | 399 | |
| Prepaid expenses and accrued income | 18 | 650 | 478 |
| Financial investments | 19 | 2,659 | 1,523 |
| Cash and cash equivalents | 26 | 4,468 | 1,379 |
| Total current assets | 11,636 | 6,363 | |
| Total assets | 180,401 | 157,928 |
| SEKm | Note | 31 Dec 2020 | 31 Dec 2019 |
|---|---|---|---|
| Equity and liabilities | |||
| Equity | 20 | ||
| Share capital | 187 | 180 | |
| Other contributed capital | 10,729 | 7,806 | |
| Translation differences | –789 | –432 | |
| Reserves | 15 | 26 | |
| Retained earnings including net profit for the year | 48,068 | 41,432 | |
| Equity attributable to the parent company's shareholders | 58,209 | 49,011 | |
| Non-controlling interests | 21 | 9,676 | 9,714 |
| Total equity | 67,885 | 58,725 | |
| Liabilities | |||
| Non-current liabilities | |||
| Non-current interest-bearing liabilities1,2) | 22 | 79,814 | 69,436 |
| Other non-current liabilities | 828 | 542 | |
| Lease liability | 8 | 1,487 | 1,494 |
| Deferred tax liability | 10 | 12,497 | 11,285 |
| Derivatives | 22 | 1,155 | 1,108 |
| Total non-current liabilities | 95,781 | 83,865 | |
| Current liabilities | |||
| Current interest-bearing liabilities1) | 22 | 9,175 | 11,806 |
| Trade payables | 505 | 660 | |
| Lease liability | 8 | 49 | 49 |
| Derivatives | 22 | 384 | 102 |
| Other liabilities3) | 4,076 | 605 | |
| Accrued expenses and prepaid income | 24 | 2,546 | 2,115 |
| Total current liabilities | 16,735 | 15,338 | |
| Total liabilities | 112,516 | 99,203 | |
| Total equity and liabilities | 180,401 | 157,928 |
1) Interest-bearing liabilities that formally mature within one year and one year of agreed amortisation are recognised as current interestbearing liabilities.
2) The line item Non-current interest-bearing liabilities includes Hybrid capital of SEK 3,513 million (3,652). 50% of the Hybrid capital, or equivalent to SEK 1,757 million (1,826), is treated as equity by the ratings agencies and thereby reduces interest-bearing liabilities when calculating the debt/equity ratio and net debt to total assets, and increases equity when calculating the equity/assets ratio.
3) The line Other liabilities per 31 dec 2020 includes SEK 3,009 million which relates to a commitment in respect of the acquisition of shares in Entra ASA.
| Attributable to parent company's shareholders | ||||||||
|---|---|---|---|---|---|---|---|---|
| SEKm | Share capital | Other contributed capital |
Reserves | Translation differences |
Retained earnings incl. net profit for the year |
Total | Non-controlling interests |
Total equity |
| Opening equity, 01/01/2019 | 180 | 7,806 | 56 | –369 | 32,473 | 40,146 | 7,262 | 47,408 |
| Net profit for the year | 8,958 | 8,958 | 2,568 | 11,526 | ||||
| Other comprehensive income | –30 | –63 | –93 | 49 | –44 | |||
| Total comprehensive income | – | – | –30 | –63 | 8,958 | 8,865 | 2,617 | 11,482 |
| Transactions with non-controlling interests | –35 | –35 | ||||||
| Dividends to non-controlling interests | –137 | –137 | ||||||
| Non-controlling interests arising from the acquisition of subsidiaries | 8 | 8 | ||||||
| Total transactions with the company's owners | – | – | – | – | – | – | –164 | –164 |
| Closing equity, 31/12/20191) | 180 | 7,806 | 26 | –432 | 41,432 | 49,011 | 9,714 | 58,725 |
| Opening equity, 01/01/2020 | 180 | 7,806 | 26 | –432 | 41,432 | 49,011 | 9,714 | 58,725 |
| Net profit for the year | 6,641 | 6,641 | 634 | 7,275 | ||||
| Other comprehensive income | –11 | –357 | –368 | –394 | –763 | |||
| Total comprehensive income | –11 | –357 | 6,641 | 6,273 | 240 | 6,513 | ||
| Transactions with non-controlling interests | –5 | –5 | –296 | –301 | ||||
| Share issue, after issue costs | 7 | 2,923 | 2,930 | 2,930 | ||||
| Shareholder contributions from non-controlling interests | 17 | 17 | ||||||
| Total transactions with the company's owners | 7 | 2,923 | – | – | –5 | 2,925 | –278 | 2,647 |
| Closing equity, 31/12/20201) | 187 | 10,729 | 15 | –789 | 48,068 | 58,209 | 9,676 | 67,885 |
1) For more information, see Note 20, Equity.
| SEKm | Note | 2020 | 2019 |
|---|---|---|---|
| Operating activities | |||
| Net operating income | 6,216 | 5,643 | |
| Other income/expenses | –91 | 7 | |
| Management costs and administrative expenses | – 676 | –664 | |
| Sales expenses development properties | –20 | – | |
| Reversal of depreciation and amortisation | 41 | 42 | |
| Interest received | 26 | 267 | 176 |
| Interest paid | 26 | –1,442 | –1,596 |
| Tax paid | –310 | –321 | |
| Cash flow from operating activities before change in working capital | 3,986 | 3,288 | |
| Cash flow from changes in working capital | |||
| Change in operating receivables | –901 | –262 | |
| Change in operating liabilities | 3,435 | 183 | |
| Cash flow from operating activities | 6,520 | 3,209 | |
| Investing activities | |||
| Acquisition of investment properties | –3,491 | –7,972 | |
| Acquisition/divestment of property, plant and equipment | –36 | –85 | |
| Acquisition of financial investments | –1,665 | –594 | |
| Acquisition/capital contribution/borrowing from and lendning to associated companies/joint ventures |
–8,128 | –601 | |
| Investments in existing properties and projects | –5,572 | –8,133 | |
| Transactions with non-controlling interests | –301 | –35 | |
| Divestment of investment properties | 366 | 1,050 | |
| Divestment of delvelopment properties | 1,253 | 387 | |
| Divestment of financial investments | 561 | 60 | |
| Divestment of shares in associated companies/joint ventures | – | 15 | |
| Dividend paid from associated companies/joint ventures | 20 | 42 | |
| Cash flow from investing activities | –16,993 | –15,867 |
| SEKm | Note | 2020 | 2019 |
|---|---|---|---|
| Financing activities | 26 | ||
| Share issue, after issue costs | 2,930 | – | |
| Dividend paid to non-controlling interests | – | –137 | |
| Amortisation of lease liability | –19 | –26 | |
| Shareholder contribution from non-controlling interests | 18 | – | |
| Borrowings | 20,472 | 25,169 | |
| Amortisation/redemption of loans | –9,838 | –11,527 | |
| Cash flow from financing activities | 13,563 | 13,479 | |
| Cash flow for the year | 3,089 | 821 | |
| Opening cash and cash equivalents | 1,379 | 558 | |
| Closing cash and cash equivalents | 26 | 4,468 | 1,379 |
| Available liquidity, SEKm | Note | 2020 | 2019 |
|---|---|---|---|
| Cash and cash equivalents | 4,468 | 1,379 | |
| Unutilised overdraft facilities | 23 | 350 | 350 |
| Unutilised credit facilities | 13,032 | 8,673 | |
| Financial investments | 19 | 2,659 | 1,523 |
| Available liquidity including confirmed credit commitments | 20,509 | 11,925 |
| SEKm | Note | 2020 | 2019 |
|---|---|---|---|
| Net sales | 3 | 349 | 361 |
| Administrative expenses | 4, 5 | –353 | –363 |
| Operating profit | –4 | –2 | |
| Profit from financial items | |||
| Dividends from subsidiaries | 975 | 800 | |
| Interest income and similar profit/loss items | 9 | 2,705 | 1,420 |
| – of which exchange rate differences | 785 | – | |
| – of which unrealised change in value of long-term financial asset | 32 | 462 | – |
| Interest expenses and similar profit/loss items | 9 | –1,106 | –1,226 |
| – of which exchange rate differences | – | –251 | |
| Changes in value of derivatives | 22 | –141 | –180 |
| Profit before appropriations and tax | 2,429 | 812 | |
| Appropriations | |||
| Group contribution | –821 | 229 | |
| Profit before tax | 1,608 | 1,042 | |
| Income tax | 10 | 7 | –16 |
| Net profit for the year/comprehensive income 1) | 1,615 | 1,025 |
1) The Parent Company has no items that are recognised in Other comprehensive income and therefore total comprehensive income corresponds to net profit for the year.
| SEKm | Note | 31 Dec 2020 | 31 Dec 2019 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 13 | 22 | 23 |
| Financial assets | |||
| Participations in Group companies | 25, 27 | 10,376 | 10,111 |
| Participations in associated companies/joint ventures | 14, 25 | 8,426 | 1,972 |
| Other non-current receivables | 15 | 1,817 | 1,190 |
| Receivables from Group companies | 28 | 57,787 | 52,646 |
| Total financial assets | 78,406 | 65,919 | |
| Deferred tax assets | 10 | 91 | 74 |
| Total non-current assets | 78,519 | 66,016 | |
| Current assets | |||
| Current receivables | |||
| Other receivables | 52 | 70 | |
| Prepaid expenses and accrued income | 18 | 133 | 137 |
| Total current receivables | 184 | 206 | |
| Financial investments | 19 | 2,078 | 1,051 |
| Cash and cash equivalents | 26 | 1,359 | 944 |
| Total current assets | 3,621 | 2,201 | |
| TOTAL ASSETS | 82,140 | 68,217 |
| SEKm | Note | 31 Dec 2020 | 31 Dec 2019 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity | 20 | ||
| Restricted equity | |||
| Share capital | 187 | 180 | |
| Non-restricted equity | |||
| Share premium reserve | 7,289 | 4,366 | |
| Retained earnings | 7,707 | 6,681 | |
| Net profit for the year | 1,615 | 1,025 | |
| Total equity | 16,798 | 12,253 | |
| Non-current liabilities | |||
| Liabilities to credit institutions1,2) | 22 | 40,260 | 39,449 |
| Derivatives | 22 | 735 | 624 |
| Liabilities to Group companies | 28 | 14,419 | 10,966 |
| Total non-current liabilities | 55,414 | 51,038 | |
| Current liabilities | |||
| Liabilities to credit institutions1) | 22 | 6,106 | 4,414 |
| Trade payables | 7 | 19 | |
| Derivatives | 22 | 32 | 2 |
| Other liabilities3) | 3,329 | 96 | |
| Accrued expenses and prepaid income | 24 | 454 | 396 |
| Total current liabilities | 9,928 | 4,926 | |
| TOTAL EQUITY AND LIABILITIES | 82,140 | 68,217 |
1) Interest-bearing liabilities that formally mature within one year and one year of agreed amortisation are recognised as current interestbearing liabilities.
2) The line item Non-current interest-bearing liabilities includes Hybrid capital of SEK 3,513 million (3,652). 50% of the Hybrid capital, or equivalent to SEK 1,757 million (1,826), is treated as equity by the ratings agencies and thereby reduces interest-bearing liabilities when calculating the debt/equity ratio and net debt to total assets, and increases equity when calculating the equity/assets ratio.
3) The line Other liabilities per 31 dec 2020 includes SEK 3,009 million which relates to a commitment in respect of the acquisition of shares in Entra ASA.
| Restricted equity | Non-restricted equity | |||||
|---|---|---|---|---|---|---|
| SEKm | Number of shares | Share capital | Share premium | reserve Retained earnings | Net profit for the year |
Total equity |
| Opening equity, 01/01/2019 | 180,000,000 | 180 | 4,366 | 5,091 | 1,590 | 11,227 |
| Net profit for the year/comprehensive income | – | – | – | – | 1,025 | 1,025 |
| Appropriation of profits | 1,590 | –1,590 | – | |||
| Total transactions with the company's owners | – | – | – | 1,590 | –1,590 | – |
| Closing equity, 31/12/20191) | 180,000,000 | 180 | 4,366 | 6,681 | 1,025 | 12,253 |
| Opening equity, 01/01/2020 | 180,000,000 | 180 | 4,366 | 6,681 | 1,025 | 12,253 |
| Net profit for the year/comprehensive income | – | – | – | – | 1,615 | 1,615 |
| Share issue, after issue costs | 6,500,000 | 7 | 2,923 | 2,930 | ||
| Appropriation of profits | 1,025 | –1,025 | – | |||
| Total transactions with the company's owners | 6,500,000 | 7 | 2,923 | 1,025 | –1,025 | 2,930 |
| Closing equity, 31/12/20201) | 186,500,000 | 187 | 7,289 | 7,707 | 1,615 | 16,798 |
1) For more information, see Note 20, Equity.
| SEKm | Note | 2020 | 2019 |
|---|---|---|---|
| Operating activities | |||
| Operating profit | –4 | –2 | |
| Reversal of depreciation/impairment | 6 | 4 | |
| Interest received | 26 | 158 | 137 |
| Interest paid | 26 | –840 | –783 |
| Tax paid | –9 | –5 | |
| Cash flow from operating activities before change in working capital | –689 | –649 | |
| Cash flow from changes in working capital | |||
| Change in operating receivables | 260 | –78 | |
| Change in operating liabilities | 3,042 | 5 | |
| Cash flow from operating activities | 2,612 | –722 | |
| Investing activities | |||
| Acquisition of property, plant and equipment | –5 | –9 | |
| Acquisition of participations in Group companies/shareholder contributions paid |
–265 | –1,662 | |
| Acquisition of financial investments | –966 | –73 | |
| Change in lending to Group companies | –1,138 | –6,819 | |
| Change in lending to associated companies/joint ventures | –595 | –367 | |
| Divestment of financial investments | – | 60 | |
| Acquisition of shares in associated companies/capital contribution | –5,992 | –91 | |
| Cash flow from investing activities | –8,962 | –8,961 |
| SEKm | Note | 2020 | 2019 |
|---|---|---|---|
| Financing activities | 26 | ||
| Share issue, after issue costs | 2,930 | – | |
| Borrowings | 7,524 | 12,127 | |
| Amortisation/redemption of loans | –3,689 | –1,729 | |
| Cash flow from financing activities | 6,765 | 10,398 | |
| Cash flow for the year | 415 | 714 | |
| Opening cash and cash equivalents | 944 | 230 | |
| Closing cash and cash equivalents | 26 | 1,359 | 944 |
| Available liquidity, SEKm | Note | 2020 | 2019 |
|---|---|---|---|
| Cash and cash equivalents | 1,359 | 944 | |
| Unutilised overdraft facilities | 23 | 350 | 350 |
| Unutilised credit facilities | 9,519 | 4,500 | |
| Financial investments | 19 | 2,078 | 1,051 |
| Available liquidity including confirmed credit commitments | 13,306 | 6,845 |
The financial statements for Fastighets AB Balder, as of 31 December 2020, were approved by the Board of Directors and Chief Executive Officer on 18 March 2021 and will be submitted for adoption by the Annual General Meeting on 12 May 2021.
Fastighets AB Balder (publ), corporate identity number 556525- 6905, with its registered office in Gothenburg, constitutes the parent company of a Group with subsidiaries according to Note 27, Participations in Group companies. The company is registered in Sweden and the address of the company's head office in Gothenburg is Fastighets AB Balder, Box 53121, 400 15 Gothenburg, Sweden. The visiting address is Parkgatan 49. Balder is a listed property company which aims to meet the needs of different customer groups for commercial premises and housing based on local presence.
The accounting policies are described in association with each note in order to provide a better understanding of each accounting area. The general accounting policies and information about the consolidated financial statements are set out below. Accounting policies, risks, estimates and assessments are then presented more specifically for each note in order to provide the reader with a greater understanding of each income statement and balance sheet item.
– Accounting policies are indicated by
– Risks are indicated by
– Estimates and assessment are indicated by
The consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and statements on interpretations announced by the International Financial Reporting Interpretations Committee (IFRIC) as adopted by the EU. The Swedish Financial Accounting Standards Council's recommendation RFR 1, Complementary Accounting Rules for Groups, was also applied.
The annual accounts of the parent company have been prepared in accordance with the Swedish Annual Accounts Act, the Swedish Financial Accounting Standards Council's recommendation RFR 2 (Accounting for Legal Entities) and statements from the Swedish Financial Reporting Board. The parent company applies the same accounting policies as the Group except in the cases specified below in the section entitled "Parent Company accounting policies". The deviations that occur between the parent company and Group accounting policies are due to limitations in the possibilities of applying IFRS in the parent company as a consequence of the Annual Accounts Act.
The parent company's functional currency is the Swedish krona (SEK), which is also the presentation currency of the parent company and the Group.
Unless otherwise specified, the financial statements are presented in Swedish kronor rounded off to millions of kronor.
Preparation of financial statements in conformity with IFRS requires company management to make estimates and assumptions that affect the application of the accounting policies and the recognised amounts of assets, liabilities, income and expenses.
The estimates and assumptions are based on historical experiences and a number of other factors that are considered reasonable in the prevailing circumstances. The result of these estimates and assumptions is subsequently used to estimate the carrying amounts of assets and liabilities that are not otherwise clear from other sources. The actual outcome may diverge from these estimates and judgements.
Estimates and assumptions are reviewed regularly. Changes in estimates are recognised in the period in which they arise if the change affects that period alone or, alternatively, in the period in which they arise and during future periods if the change affects both the period in question and future periods.
Assumptions made by company management in the application of IFRS, which have a material impact on the financial statements, and estimates which may give rise to significant adjustments in subsequent financial statements are presented in more detail in Note 10, Income tax and in Note 12, Investment properties.
Unless otherwise stated below, the accounting principles set out for the Group have been applied consistently for all periods presented in the Group's financial statements. The Group's accounting policies have been applied consistently in the reporting and consolidation of subsidiaries.
Non-current assets and non-current receivables essentially consist of amounts that are expected to be recovered or paid after more than twelve months, calculated from the end of the reporting period. Current assets and current liabilities essentially consist of amounts that are expected to be recovered or paid within twelve months, calculated from the end of the reporting period. Current liabilities to credit institutions include the interest-bearing liabilities that formally mature within one year and one year's agreed amortisation. The company's interestbearing liabilities are non-current in nature, as they are continually extended, see Note 22, Financial risk management. In the parent company, receivables and liabilities from/to Group companies are recognised as non-current, as there is no approved amortisation plan.
Subsidiaries are all companies (including structured companies) over which the Group has control. The Group controls a company when it is exposed to or has the right to a variable return from its holding in the company and can affect the return through its control of the company. When determining whether control exists, potential voting shares that can be called upon or converted without delay should be considered.
Subsidiaries are reported according to the acquisition method. This method means that acquisition of a subsidiary that is classified as a business combination is treated as a transaction by which the Group indirectly acquires the subsidiary's assets and assumes its liabilities and contingent liabilities. The analysis establishes the cost of the shares or entity, as well as the fair value on the acquisition date of the company's identifiable assets, liabilities assumed and contingent liabilities. The consideration also includes the fair value of all assets or liabilities which are a result of an agreement on contingent consideration. Expenses relating to the
acquisition are recognised as expenses as they arise. For each acquisition, the Group determines if non-controlling interests in the acquired entity are recognised at fair value or at the non-controlling interest's proportionate share of the acquired company's net assets. The cost of acquisition of a subsidiary's shares and operations consists of the fair values of the assets on the date of exchange, liabilities incurred or assumed and equity instruments issued as consideration in exchange for the acquired net assets, as well as transaction costs that are directly attributable to the acquisition.
In business combinations where the cost of acquisition exceeds the net value of acquired assets, and liabilities and contingent liabilities assumed, the difference is recognised as goodwill. When the difference is negative, this is recognised directly in the income statement. When a company is acquired, the acquisition constitutes either the acquisition of an entity or the acquisition of an asset. An acquisition of an asset is identified if the acquired company only owns one or more properties. There are leases for these properties, but no members of staff are employed in the company who can conduct business. In a business combination based on joint control, de facto control, the acquisition is recognised at historical cost, which means that assets and liabilities are recognised at the values they have been carried at in each company's balance sheet. In this way, no goodwill arises.
When an acquisition occurs of a group of assets or net assets which do not constitute an entity, the cost for the Group is allocated according to the individually identifiable assets and liabilities in the Group based on their relative fair values on the acquisition date.
The subsidiaries' financial statements are included in the consolidated financial statements from the date on which control arises until the date on which control ceases.
Transactions with non-controlling interests that do not result in a loss of control are recognised as equity transactions, i.e. transactions with owners in their capacity as owners. In the case of acquisitions from non-controlling interests, the difference between the fair value of consideration paid and the proportion of the carrying amount of the subsidiary's net assets actually acquired is recognised in equity. Gains and losses on divestments to non-controlling interests are also recognised in equity.
Intra-Group receivables and liabilities, income or expenses, and unrealised gains or losses arising from transactions between Group companies, are eliminated in full on preparation of the consolidated financial statements.
Assets and liabilities in foreign operations are translated to Swedish kronor at the exchange rate prevailing at the end of the reporting period. Income and expenses in a foreign operation are translated into Swedish kronor at an average rate that represents an approximation of the prevailing exchange rates on the date of each transaction.
Translation differences arising on currency translation of foreign operations are recognised via other comprehensive income as a translation reserve.
Transactions in foreign currencies are converted to the functional currency at the exchange rate prevailing on the transaction date. The functional currency is the currency used in the primary economic environments where the companies conduct their operations. Monetary assets and liabilities in foreign currency are translated into the functional currency at the exchange rate prevailing at the end of the reporting period. Exchange differences are recognised in the income statement, apart from non-current internal balances, which are treated as a part of the net investment in subsidiaries and are recognised via other comprehensive income. Non-monetary assets and liabilities that are recognised at historical cost are translated at the exchange rate prevailing on the transaction date. Non-monetary assets and liabilities that are recognised at fair value are translated into the functional currency at the rate prevailing on the date of fair value measurement.
The carrying amounts of the Group's assets, with the exception of investment properties, financial instruments and deferred tax assets, are tested on each balance sheet date to determine if there is any indication of an impairment requirement. If any such indication exists, the asset's recoverable amount is estimated. For exempted assets, as above, the carrying amount is tested in accordance with each standard.
If it is impossible to determine significant independent cash flows to an individual asset, the assets should be grouped, in conjunction with impairment testing, at the lowest level at which it is possible to identify significant independent cash flows – this is known as a cash generating unit. An impairment is recorded when the carrying amount of an asset or a cash-generating unit exceeds the recoverable amount. An impairment loss is recognised in the income statement.
Assets with short maturities are not discounted. The recoverable amount of other assets is the higher of the fair value minus selling expenses and the value in use. In calculating value in use, future cash flows are discounted using a discount factor that takes into account the risk-free rate of interest and the risk associated with the specific asset. For an asset that does not generate cash flows, which is significantly independent of other assets, the recoverable amount is estimated for the cash generating unit to which the asset belongs.
A provision is recognised in the balance sheet when the Group has an existing legal or informal obligation as a result of past events, and it is probable that an outflow of financial resources will be required to settle the obligation and that the amount can be reliably estimated. In cases where the effect of payment timing is significant, provisions are calculated by discounting the expected future cash flow at an interest rate before tax that reflects current market assessments of the time value of money and, if applicable, the risks specific to the liability.
From 1 January 2020, the amendment to IFRS 3 will be applied, which means, among other things, that a voluntary concentration test can be applied to simplify the assessment of whether the transaction is not a business/operation. The amendment to IFRS 3 is not considered to be significant any significant impact on the Group's classification of acquisitions as asset acquisitions or acquisition of business/operation. Other new and changed standards and interpretations which have entered into force on 1 January 2020 and which have been applied for the first time the time for the financial year has not had any significant impact on the company accounting.
A number of new standards and interpretations come into force for the financial year that commences on 1 January 2021 or thereafter and have not been applied in the preparation of this financial statement. It is not considered that any of the published standards that have not yet come into force will have any significant impact on the Group.
The parent company has prepared its annual accounts in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2, Accounting for Legal Entities. This recommendation means that the parent company in the annual accounts for the legal entity should apply all rules of the International Financial Reporting Standards and interpretations approved by the EU as far as possible within the framework of the Swedish Annual Accounts Act, and taking into account the connection between recognition and taxation. The recommendation states which exemptions and amendments are applied with regard to IFRS.
The accounting policies set out for the parent company have been applied consistently for all periods presented in the parent company's financial statements. In those instances where the accounting policies deviate from the Group's accounting policies, this is specified in the notes or below.
The parent company's income statement and balance sheet are prepared in accordance with the layout described in the Swedish Annual Accounts Act. The difference from IAS 1 Presentation of Financial Statements, which is applied in the presentation of the consolidated financial statements, relates primarily to recognition of financial income and expenses and of equity.
Anticipated dividends from subsidiaries are recognised in cases where the parent company has the exclusive right to decide on the size of the dividend and the parent company has made a decision on the size of the dividend before having published its financial statements.
The company recognises Group contributions and shareholders' contributions in accordance with the Swedish Financial Reporting Board's recommendation RFR 2. Shareholders' contributions are recognised directly in equity at the recipient and are capitalised as shares and participations at the donor, if impairment is not required. Group contributions are recognised as income in the income statement of the recipient and as an expense for the donor. The tax effect is recognised in accordance with IAS 12 in the income statement.
Recognised in accordance with the principles described in Note 3, Distribution of income.
Recognised in accordance with the principles described in Note 8, Leases.
Recognised in accordance with the principles described in Note 10, Income tax.
Recognised in accordance with the principles described in Note 14, Participations in associated companies/joint ventures.
Recognised in accordance with the principles described in Note 27, Participations in Group companies.
Recognised in accordance with the principles described in Note 25, Pledged assets and contingent liabilities.
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decisionmaker is the function responsible for allocation of resources and evaluation of the operating segments' results. In the Group, this function has been identified as the Management team, which takes strategic decisions. Management primarily follows up on operating segments in terms of their operating surplus, where the distribution of shared property administration expenses has taken place through the cost principle. The Group's internal reporting of the operations is divided into the segments Helsinki, Stockholm, Gothenburg, Copenhagen, South, East and North, which are harmonised with the Group's internal reporting system. SATO's property portfolio distributed between the Helsinki and East regions. Property holdings in Norway is classified under region North, the properties in Denmark under region Copenhagen and the properties in Germany and the UK under the South region.
| Regions | Helsinki | Stockholm | Gothenburg | Copenhagen | South | East | North | Group | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 |
| Rental income | 2,495 | 2,433 | 1,338 | 1,234 | 1,561 | 1,426 | 657 | 566 | 584 | 589 | 1,218 | 1,083 | 282 | 277 | 8,134 | 7,609 |
| Property costs | –675 | –686 | –243 | –261 | –324 | –327 | –159 | –130 | –124 | –118 | –330 | –366 | –64 | –78 | –1,919 | –1,966 |
| Net operating income | 1,820 | 1,747 | 1,095 | 973 | 1,237 | 1,099 | 499 | 436 | 460 | 471 | 888 | 717 | 218 | 199 | 6,216 | 5,643 |
| Changes in value of properties | ||||||||||||||||
| Commercial properties | 7 | – | 647 | 319 | 253 | 1,390 | 12 | 76 | 112 | 398 | –8 | 26 | 24 | 113 | 1,047 | 2,322 |
| Residential properties | 1,229 | 5,423 | 111 | 192 | 187 | 244 | 1,156 | 669 | 141 | 132 | –561 | 498 | 142 | 98 | 2,406 | 7,255 |
| Development properties | – | – | – | – | 145 | 95 | 29 | – | – | – | – | – | – | – | 174 | 95 |
| Net operating income including changes in value Non-allocated items: |
3,056 | 7,169 | 1,853 | 1,484 | 1,822 | 2,828 | 1,696 | 1,181 | 713 | 1,000 | 319 | 1,241 | 384 | 411 | 9,842 | 15,315 |
| Other income/expenses | 371 | 7 | ||||||||||||||
| Management costs and administrative expenses | – 676 | –664 | ||||||||||||||
| Participations in profits of associated companies | 897 | 876 | ||||||||||||||
| Operating profit | 10,435 | 15,534 | ||||||||||||||
| Net financial items | –1,212 | –1,170 | ||||||||||||||
| Changes in value of derivatives | –141 | –180 | ||||||||||||||
| Income tax | –1,807 | –2,659 | ||||||||||||||
| Net profit for the year | 7,275 | 11,526 | ||||||||||||||
| Other comprehensive income | –763 | –44 | ||||||||||||||
| Comprehensive income for the year | 6,513 | 11,482 |
| Regions | Helsinki | Stockholm | Gothenburg | Copenhagen | South | East | North | Group | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 |
| Assets | ||||||||||||||||
| Commercial properties | 852 | 647 | 22,304 | 21,016 | 24,243 | 22,881 | 2,441 | 2,504 | 8,340 | 8,290 | 2,650 | 1,640 | 1,520 | 1,552 | 62,349 | 58,530 |
| Residential properties | 41,542 | 40,064 | 5,327 | 5,368 | 7,073 | 6,490 | 14,948 | 12,902 | 2,099 | 1,906 | 11,883 | 12,722 | 3,958 | 3,410 | 86,830 | 82,862 |
| Investment properties | 42,394 | 40,711 | 27,631 | 26,383 | 31,315 | 29,371 | 17,388 | 15,407 | 10,439 | 10,196 | 14,533 | 14,362 | 5,478 | 4,962 | 149,179 | 141,392 |
| Development properties | – | – | 812 | 448 | 1,594 | 1,422 | 250 | 265 | 145 | 42 | – | 11 | 3 | 156 | 2,803 | 2,344 |
| Total property portfolio | 42,394 | 40,711 | 28,443 | 26,831 | 32,910 | 30,794 | 17,638 | 15,672 | 10,583 | 10,238 | 14,533 | 14,373 | 5,480 | 5,117 | 151,982 | 143,736 |
| Non-allocated items: | ||||||||||||||||
| Property, plant and equipment | 160 | 166 | ||||||||||||||
| Leases; right of use | 1,532 | 1,541 | ||||||||||||||
| Other receivables | 4,007 | 2,566 | ||||||||||||||
| Participations in associated companies | 15,593 | 7,018 | ||||||||||||||
| Cash and cash equivalents and financial investments | 7,127 | 2,902 | ||||||||||||||
| Total assets | 180,401 | 157,928 | ||||||||||||||
| Equity and liabilities Non-allocated items: |
||||||||||||||||
| Equity | 67,885 | 58,725 | ||||||||||||||
| Lease liability | 1,536 | 1,543 | ||||||||||||||
| Deferred tax liability | 12,497 | 11,285 | ||||||||||||||
| Interest-bearing liabilities | 88,989 | 81,242 | ||||||||||||||
| Derivatives | 1,540 | 1,210 | ||||||||||||||
| Non interest-bearing liabilities | 7,955 | 3,923 | ||||||||||||||
| Total equity and liabilities | 180,401 | 157,928 | ||||||||||||||
| Investments (including company acquisitions) | ||||||||||||||||
| Commercial properties | 449 | 120 | 167 | 1,664 | 990 | 4,593 | 108 | 1,367 | 60 | 1,444 | 752 | 24 | 4 | 87 | 2,530 | 9,300 |
| Residential properties | 2,149 | 3,278 | 130 | 596 | 421 | 632 | 1,614 | 223 | 30 | 162 | 173 | 448 | 496 | 368 | 5,015 | 5,707 |
| Investment properties | 2,598 | 3,398 | 297 | 2,260 | 1,411 | 5,225 | 1,722 | 1,590 | 91 | 1,607 | 925 | 472 | 500 | 454 | 7,545 | 15,006 |
| Development properties | – | – | 427 | 299 | 741 | 950 | 228 | 177 | 123 | 28 | – | 7 | 1 | 104 | 1,518 | 1,566 |
| Total property portfolio | 2,598 | 3,398 | 724 | 2,559 | 2,152 | 6,175 | 1,950 | 1,767 | 213 | 1,635 | 925 | 479 | 501 | 558 | 9,063 | 16,572 |
The Group's registered office is in Sweden. Income from external customers in Sweden totals SEK 3,734 million (3,481) and total income from external customers in Denmark, Finland, Norway, Germany and the UK totals SEK 4,400 million (4,127). The total of non-current assets, other than financial instruments and deferred tax receivables that are located in Sweden, is SEK 7 7,425 million (73,023) and the total of such non-current assets located in other countries is SEK 74,718 million (70,878).
Rental income refers to income from leases in which the Group is the lessor. Rental income includes rent, supplements for investments and property tax, as well as other additional charges such as heating, water, air conditioning, waste management, etc. as it is not considered necessary to report these separately. Both rental income and additional charges are recognised on a straight-line basis in the consolidated income statement based on the terms and conditions of the lease. The aggregated cost of discounts provided is recognised as a reduction in rental income on a straight-line basis over the lease term. Rental income and additional charges are paid in advance and recognised as prepaid income in the balance sheet.
For policies in respect of income and profits from divestments of investment properties and development properties, see Note 12, Investment properties and Note 16, Development properties.
The parent company's net sales consist of property management services for subsidiaries and associated companies. This income is recognised in the period to which it relates.
There is no division between rental income and income from contracts with customers, as this income is not significant. The categories of rental income presented below include service income.
Balder has granted discounts of SEK 28 million in accordance with the state rent support package linked to covid-19, of which Balder accounts for 50%. Thus, for reasons of simplification, the net amount of SEK 14 million reduced rental income.
| Group | Parent Company | ||||
|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 | |
| Rental income | 8,134 | 7,609 | – | – | |
| Service assignments | – | – | 349 | 361 | |
| Total | 8,134 | 7,609 | 349 | 361 |
| Group | |||||
|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | |||
| Sweden | 3,734 | 3,481 | |||
| Denmark | 657 | 566 | |||
| Finland | 3,547 | 3,354 | |||
| Norway | 75 | 76 | |||
| Germany | 45 | 51 | |||
| UK | 77 | 80 | |||
| Total | 8,134 | 7,609 |
| Group | ||||||
|---|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | ||||
| Residential | 4,899 | 4,600 | ||||
| Office | 1,365 | 1,249 | ||||
| Retail | 803 | 674 | ||||
| Other | 998 | 1,050 | ||||
| Projects for own management | 69 | 35 | ||||
| Total | 8,134 | 7,609 |
| Group | ||||||
|---|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | ||||
| Helsinki | 2,495 | 2,433 | ||||
| Stockholm | 1,338 | 1,234 | ||||
| Gothenburg | 1,561 | 1,426 | ||||
| Copenhagen | 657 | 566 | ||||
| South | 584 | 589 | ||||
| East | 1,218 | 1,083 | ||||
| North | 282 | 277 | ||||
| Total | 8,134 | 7,609 |
ACCOUNTING POLICY
Employee benefits are calculated without discount and recognised as an expense when the related services are received.
Pension plans are classified as either defined contribution or defined benefit. Most of the plans are defined contribution plans. Defined benefit plans only occur in exceptional cases.
For defined-contribution pension plans, the Group pays contributions to privately managed pension insurance plans on a voluntary basis. The Group has no other payment commitments once the contributions have been paid, i.e. the individual bears the risk. The contributions are recognised as staff costs when they fall due for payment. Prepaid contributions are recognised as an asset to the extent that cash repayment or a reduction of future payments may be credited to the Group.
A provision is recognised in connection with redundancies of staff only if it can be proven that the company is obliged to terminate a period of employment before the normal time or if compensation is paid in order to encourage voluntary redundancy.
At the year-end, the Group had 824 employees (784), of whom 351 were female (327). The number of employees in the parent company at the year-end was 379 (360), of whom 129 were female (111).
During 2020, Fastighets AB Balder had 5 Board members (5) including the Chairman, of whom 1 (1) was female. The Group together with the parent company had 6 senior executives (6) including the CEO, of whom 2 (1) was female.
| Group | Parent Company | ||||
|---|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | ||
| Average number of employees | 795 | 725 | 366 | 325 | |
| of whom women | 340 | 267 | 122 | 99 | |
| of whom male | 455 | 458 | 244 | 226 | |
| of which Sweden (of whom men) 502 (330) 459 (354) 366 (244) 325 (226) | |||||
| of which Finland (of whom men) | 229 (96) | 223 (85) | – | – | |
| of which Denmark (of whom men) | 64 (29) | 43 (19) | – | – | |
| Group | Parent Company | ||||
|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 | |
| Chairman of the Board | 0.2 | 0.2 | 0.2 | 0.2 | |
| Other Board members | 0.3 | 0.3 | 0.3 | 0.3 | |
| Chief Executive Officer | |||||
| Basic salary | 0.9 | 0.9 | 0.9 | 0.9 | |
| Benefits | – | – | – | – | |
| Deputy CEO | |||||
| Basic salary | 0.7 | 0.7 | 0.7 | 0.7 | |
| Benefits | – | – | – | – | |
| Other senior executives | |||||
| Basic salary | 6.2 | 6.7 | 6.2 | 6.7 | |
| Benefits | 0.3 | 0.4 | 0.3 | 0.4 | |
| Other employees | |||||
| Basic salary | 366.4 | 339.1 | 159.6 | 145.2 | |
| Benefits | 4.0 | 3.8 | 2.6 | 2.7 | |
| Total | 379.0 | 352.1 | 170.8 | 157.1 |
| Group | Parent Company | ||||
|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 | |
| Board of Directors | 0.1 | 0.1 | 0.1 | 0.1 | |
| Chief Executive Officer | 0.4 | 0.4 | 0.4 | 0.4 | |
| Deputy CEO | 0.2 | 0.2 | 0.2 | 0.2 | |
| Other senior executives | 2.2 | 2.6 | 2.2 | 2.6 | |
| Other employees | 105.7 | 103.6 | 54.1 | 49.5 | |
| Total | 108.6 | 106.9 | 57.0 | 52.8 |
| Group | Parent Company | |||
|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 |
| Chief Executive Officer | 0.3 | 0.3 | 0.3 | 0.3 |
| Deputy CEO | – | – | – | – |
| Other senior executives | 0.8 | 1.4 | 0.8 | 1.4 |
| Other employees | 40.1 | 39.0 | 12.8 | 10.0 |
| Total | 41.2 | 40.7 | 13.9 | 11.7 |
| Total staff costs | 528.8 | 499.6 | 241.7 | 221.6 |
| 01/01/2020 – 31/12/2020 | 01/01/2019 – 31/12/2019 | |||||||
|---|---|---|---|---|---|---|---|---|
| SEKm | Basic salary, directors' fee |
Benefits | Pension expense |
Total | Basic salary, directors' fee |
Benefits | Pension expense |
Total |
| Christina Rogestam, Chairman of the Board | 0.2 | – | – | 0.2 | 0.2 | – | – | 0.2 |
| Fredrik Svensson, Board member | 0.1 | – | – | 0.1 | 0.1 | – | – | 0.1 |
| Sten Dunér, Board member | 0.1 | – | – | 0.1 | 0.1 | – | – | 0.1 |
| Anders Wennergren, Board member | 0.1 | – | – | 0.1 | 0.1 | – | – | 0.1 |
| Chief Executive Officer | 0.9 | – | 0.3 | 1.2 | 0.9 | – | 0.3 | 1.2 |
| Deputy CEO | 0.7 | – | – | 0.7 | 0.7 | – | – | 0.7 |
| Management team (4 persons) | 6.2 | 0.3 | 0.8 | 7.3 | 6.7 | 0.4 | 1.4 | 8.5 |
| Total | 8.3 | 0.3 | 1.1 | 9.7 | 8.8 | 0.4 | 1.7 | 10.9 |
No variable remuneration is paid to any of the company's senior executives.
A defined benefit pension plan agreement has been entered into with the CEO which means that an amount of SEK 0.3 million (0.3) will be paid annually to the CEO from the age 55 until he reaches the age of 65. Future payments will be limited according to agreement by the fund's assets. The payments are not dependent on future employment. The current value of the commitment totalled SEK 3.4 million (3.4). The commitment has been secured by a provision to a pension fund, whose plan assets totalled SEK 3.4 million (3.4). The value of the pension commitment has been calculated in accordance with the Swedish Pension Obligations Vesting Act, which does not correspond with IAS 19. The difference in cost according to the two methods of calculation is not, however, significant.
Remuneration to senior executives follows the guidelines adopted at the latest Annual General Meeting. The remuneration must be at competitive market rates.
Remuneration is paid in the form of a fixed salary. Pension terms must be at competitive market rates and based on defined contribution pension solutions. Other benefits relate to car benefits. Redundancy pay and severance payment shall not exceed 18 months' salary in total. The CEO's salary and benefits are determined by the Board. Salaries and benefits of other senior executives are determined by the CEO. In the event of termination of the CEO's employment, a mutual period of notice of six months applies. In the event of termination by the company, a severance payment of 12 months' salary is paid (not qualifying for pension or holiday pay). A mutual period of notice of six months applies for other members of the management team. There is no severance payment.
The Board has the right to depart from the guidelines adopted by the Annual General Meeting for remuneration to senior executives, if special grounds exist.
The audit assignment refers to the review of the financial statements and accounting records as well as the administration of the Board of Directors and CEO. This item also includes other duties that the company's auditors are obliged to perform as well as advice or other assistance that is occasioned by review or implementation of such other duties. Everything else is consultancy. Audit expenses are included in Group-wide expenses, which are levied on the subsidiaries.
| Group | Parent Company | |||
|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 |
| PwC | ||||
| Audit assignment | 5.4 | 5.0 | 3.1 | 3.1 |
| –of which to ÖhrlingsPrice waterhouseCoopers AB |
3.1 | 3.2 | 3.1 | 3.1 |
| Auditing work apart from the audit assignment |
0.6 | 1.2 | 0.6 | 1.2 |
| –of which to ÖhrlingsPrice waterhouseCoopers AB |
0.6 | 1.2 | 0.6 | 1.2 |
| Tax advice | 0.4 | 0.9 | 0.4 | 0.9 |
| –of which to ÖhrlingsPrice waterhouseCoopers AB |
0.4 | 0.9 | 0.4 | 0.9 |
| Deloitte | ||||
| Audit assignment | 2.5 | 2.1 | – | – |
| Tax advice | 0.1 | 0.1 | – | – |
| Other services | 0.9 | 0.9 | – | – |
| Total | 9.9 | 10.1 | 4.2 | 5.2 |
The Group's property costs comprise costs that arise in connection with property management such as media (electricity, district heating, air conditioning, gas, water), property maintenance, cleaning, repairs, maintenance, property tax and other operating costs. These property costs are recognised in the period to which they relate.
Management costs and administrative expenses comprise the Group's administrative expenses such as HR, office, property, IT, consultancy and marketing expenses as well as the depreciation of equipment. These costs are recognised in the period to which they relate.
| Group, SEKm | 2020 | 2019 |
|---|---|---|
| Property costs | 1,919 | 1,966 |
| Management costs and administrative expenses | 676 | 664 |
| Total | 2,594 | 2,629 |
| Group, SEKm | 2020 | 2019 |
|---|---|---|
| Staff costs | 529 | 500 |
| Depreciation | 41 | 40 |
| Media expenses | 655 | 665 |
| Property tax | 342 | 338 |
| Maintenance and other costs1) | 1,028 | 1,086 |
| Total | 2,594 | 2,629 |
1) Refers to operating costs and administration excluding staff costs.
| Group, SEKm | 2020 | 2019 |
|---|---|---|
| Operating and maintenance costs1) | 922 | 963 |
| Media expenses2) | 655 | 665 |
| Property tax | 342 | 338 |
| Total | 1,919 | 1,966 |
1) Operating costs include staff costs relating to property maintenance. 2) Includes depreciation of wind farms.
Leases in which a significant element of the risks and benefits of ownership are retained by the lessor are classified as operational leases. Lease payments received during the lease term are recognised in the statement of comprehensive income on a straight-line basis over the lease term.
Leases in which the financial risks and benefits associated with ownership are essentially assigned from the lessor to the lessee are classified as finance leasing. A finance lease is recognised in the balance sheet at the beginning of the lease term at the lower of the lease object's fair value and the current value of the minimum lease charges.
At present the Group only has leases that are classified as operating leases.
The Group lets out its investment properties under operating leases. The future non-retractable lease payments are as set out in the table below.
Commercial leases are usually entered into for 3–5 years with a period of notice of 9 months. Residential leases usually have a period of notice of 3 months.
The average lease term in the portfolio's commercial leases totalled 6.7 years (7.1).
| Group, SEKm | 2020 | 2019 |
|---|---|---|
| Residential, parking lots, car park, etc. (within one year) |
4,967 | 4,822 |
| Commercial premises | ||
| Within one year | 3,247 | 3,178 |
| 1–5 years | 10,727 | 10,739 |
| >5 years | 11,941 | 13,126 |
| Total | 30,881 | 31,866 |
The Group's leases consist essentially of site leasehold agreements and leases. There are also a number of leases relating to the renting of offices within the Group. In addition to these leases, there are smaller leases in the form of leases for cars and office equipment, etc. These leases have been defined by the Group as agreements in which the underlying asset is of low value. For these agreements, the practical exemption in IFRS 16 has been applied, which means that the lease charge is recognised as an expense on a straight-line basis over the lease term in the income statement and no right of use asset or lease liability is thus recognised in the balance sheet. There are no leases shorter than 12 months (short-term leases) in the Group.
A right of use asset and a lease liability are recognised in the balance sheet attributable to all leases that have not been defined as agreements in which the underlying asset is of low value.
Site leasehold rights and leases are treated as perpetual leases and a recognised at fair value. A right of use asset will thus not be depreciated, but its value will remain until renegotiation of each ground rent takes place. Right of use assets attributable to site leasehold agreements do by definition form part of the value of the investment properties, but the Group has chosen to recognise these in a separate line item in the balance sheet in the item "Leases: right of use". A non-current liability is recognised in the balance sheet in the item "Lease liability" corresponding to the value of the right of use asset. The lease liability is not amortised, but the value remains unchanged until renegotiation of each ground rent takes place. Leases are recognised as rights of use or a lease liability on the date on which the leased asset became available for use by the Group, which normally takes place on the date of taking possession. The cost of ground rents is recognised in full in the income statement as a financial expense, as these are considered to constitute interest according to IFRS 16.
For all leases, a right of use asset and a corresponding lease liability are recognised on the date on which the leased asset is available for use by the Group. The lease liability includes the current value of lease payments in the form of fixed charges. When valuing the liability, options to extend are included if it is very likely that these will be exercised.
Each lease payment is divided between amortisation of the liability and financial expense. The financial expense must be divided over the lease term so that each accounting period is charged with an amount corresponding to a fixed interest rate for the debt recognised during each period.
Right of use assets are initially recognised at the cost of acquisition and include the following:
Right of use assets are depreciated on a straight-line basis over the shorter of the asset's useful life and the lease term. Leases run for periods of 2–10 years, but there are options to extend or terminate.
The lease liability is revalued if there are any changes to the lease or if there are changes in cash flow that are based on the original terms of the lease. Changes in cash flow based on original terms of the lease arise when: the Group changes its initial assessment of whether options to extend and/or terminate will be exercised, there are changes in previous assessments if an option to purchase will be exercised or lease charges changed because of changes in an index or interest rate. A revaluation of the lease liability results in a corresponding adjustment of the right of use asset. If the carrying amount of the right of use asset has already been reduced to zero, the remaining revaluation is recognised in the income statement. The right of use asset undergoes impairment testing whenever events or changes in conditions indicate that the carrying amount of an asset cannot be recovered.
The parent company essentially has leases in respect of cars. IFRS 16 is not applied in the parent company, but RFR 2 is applied instead (IFRS 16 Leases p. 2–12). In instances where the parent company is the lessee, this means that lease charges are recorded as an expense on a straight-line basis over the lease term. The cost of the lease is recognised in the item "Administrative expenses". The right of use and the lease liability are thus not recognised in the balance sheet.
| Leases; right of use | 31/12/2020 | 31/12/2019 |
|---|---|---|
| Ground rent/leases | 1,465 | 1,460 |
| Office premises | 66 | 81 |
| Total | 1,532 | 1,541 |
| Lease liability | ||
| Long-term lease liability | 1,487 | 1,494 |
| Current lease liability | 49 | 49 |
| Total | 1,536 | 1,543 |
Use of right assets – site leasehold rights are by definition part of the value of the investment properties. The Group has chosen to recognise data linked to use of right assets and site leasehold rights separately from other data about the development properties in both the notes and the balance sheet. In the balance sheet, site leasehold rights are included in the item "Leases: right of use". For information about other development properties, see Note 12, Development properties. The change in the right of use asset attributable to site leasehold rights is set out in the table below:
| Use of right assets – site leasehold rights | 2020 | 2019 |
|---|---|---|
| Beginning of the period (introduction of IFRS 16) | 1,460 | 1,456 |
| Acquisitions | 25 | 22 |
| Divestments | –20 | – |
| Change in ground rent and effect of changed exchange rates |
–1 | –18 |
| Fair value of site leasehold rights at end of period | 1,465 | 1,460 |
Lease liabilities to site leasehold rights total SEK 1,469 million (1,461) and is recognised as a lease liability under the item non-current liabilities at SEK 1,432 million (1,425) and current liabilities at SEK 37 million (36).
Use of right assets in respect of rent of premises total SEK 66 million (81). The change in use of right assets associated with office premises, including the effect of changed exchange rates, totalled SEK –15 million (3) during the year. Leases run for periods of 2–10 years, but there are options to extend
or terminate.
| Information about all leases | 2020 | 2019 |
|---|---|---|
| The following amounts relating to leases are recognised in the income statement: |
||
| Management costs and administrative expenses | ||
| Amortisation of rights of use (office premises) | –12 | –19 |
| Total | –12 | –19 |
| Financial expenses | ||
| Interest expenses, rent of premises | –1 | –1 |
| Interest expenses – ground rent | –63 | –62 |
| Total | –64 | –63 |
Total cash flow in respect of leases was SEK –89 million (–91), of which amortisation of lease liability totalled SEK –18 million (–26).
For information about the lease liability's maturity linked to rent of premises, see Note 22, Financial risk management.
The part of the lease liability attributable to site leasehold rights comprises contractual non-discounted cash flows of annual ground rents of SEK – 63 million (– 62), which are paid annually in perpetuity. The annual ground rent that will be paid in future will be affected by changes in the ground rent.
Financial income and expenses consists of interest income on bank balances and receivables as well as interest expenses on liabilities.
Interest income from receivables and interest expenses from debts are calculated using the effective interest method. The effective interest is the interest that means that the current value of all future payments received and made during the fixed-rate interest term are equal to the reported value of the receivable or debt. Interest income and interest expenses include allocated amounts of transaction costs and possible discounts, premiums and other differences between the initial carrying amount of the receivable or liability and the amount that is settled at maturity. The interest component in financial lease payments is recognised in the consolidated statement of comprehensive income by application of the effective interest method.
Borrowing costs directly attributable to the construction or production of an asset that requires a significant time to complete for use or sale are included in the cost of the asset. Capitalisation of borrowing costs takes place provided that it is likely to lead to future economic benefits and that the costs may be measured in a reliable manner.
Interest income is primarily attributable to receivables from associated companies. Other financial income relates primarily to dividends and both realised and unrealised changes in value of listed shares.
| FINANCIAL INCOME | Group | Parent Company | ||||
|---|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 | ||
| Interest income | 132 | 114 | 70 | 72 | ||
| Interest income, subsidiaries | – | – | 1,096 | 978 | ||
| Other financial income1) | 167 | 281 | 754 | 370 | ||
| Exchange rate differences2) | – | – | 785 | – | ||
| Total | 299 | 395 | 2,705 | 1,420 |
1) Other financial income in the parent company amounted to SEK 754 million, of which unrealised change in value of long-term financial asset amounted to SEK 462 million and refers to the unrealised revaluation of the shares in the Norwegian listed real estate company Entra ASA, see also Note 32, Other income/expenses.
Other financial expenses are attributable to interest-bearing liabilities.
| FINANCIAL EXPENSES | Group | Parent Company | ||
|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 |
| Interest expenses, borrowings | 1,342 | 1,327 | 697 | 595 |
| Interest expenses, interest rate derivatives |
105 | 139 | 105 | 139 |
| Interest expenses, subsidiaries | – | – | 218 | 178 |
| Leases/ground rent | 64 | 63 | – | – |
| Other financial expenses | – | 36 | 86 | 62 |
| Exchange rate differences2) | – | – | – | 251 |
| Total | 1,511 | 1,565 | 1,106 | 1,226 |
2) Reported exchange rate differences mainly relate to the translation of Eurobonds, which from a group perspective is used to hedge net investments abroad.
Income tax comprises current tax and deferred tax. Income tax is recognised in the income statement when an underlying transaction is recognised in other comprehensive income or directly in equity, in which case the associated tax effect is recognised in other comprehensive income or in equity. Current tax is tax that must be paid or received in respect of the current year, using the tax rates which are enacted or which in practice are enacted on the balance sheet date. This also includes adjustment of current tax attributable to previous periods.
Deferred taxes are estimated in accordance with the liability method, based on temporary differences between the tax bases of assets and liabilities and their carrying amounts. The following temporary differences are not considered: temporary differences arising on the initial recognition of goodwill, the initial recognition of assets and liabilities that are not business combinations and which on the transaction date did not affect the recognised or taxable result. Furthermore, temporary differences are not taken into consideration that are attributable to investments in subsidiaries and which are not expected to be reversed within the foreseeable future. The measurement of deferred tax is based on how the carrying amounts of assets or liabilities are expected to be realised or settled. Deferred tax is measured using the tax rates and tax regulations which are enacted or are in practice enacted on the balance sheet date. Deferred tax assets and liabilities are recognised net if they concern the same tax authority (country).
Deferred tax assets relating to deductible temporary differences and loss carryforwards are only recognised to the extent that it is probable that they can be utilised. The value of deferred tax assets is reduced when it is no longer considered probable that they can be utilised.
When a company is acquired, the acquisition constitutes either the acquisition of an entity or the acquisition of an asset. An acquisition of an asset is identified if the acquired company only owns one or more properties. There are leases for these properties, but no members of staff are employed in the company who can conduct business. When recognising an asset acquisition, no deferred tax is recognised. All of Balder's completed acquisitions during the year were classified as asset acquisitions and therefore no deferred tax is recognised relating to properties in respect of these acquisitions.
In the parent company, untaxed reserves are recognised including deferred tax liability. In the consolidated financial statements however, untaxed reserves are allocated between tax liability and equity.
Contd. Note 10 Income tax
Balder has loss carryforwards at its disposal, which it is estimated can be utilised against future profits, under current tax rules. However, Balder cannot provide any guarantees that current or new tax rules will not restrict the possibilities of utilising the loss carryforwards. When measuring loss carryforwards, a judgement is performed of the probability that the loss can be utilised in future and at which time. Confirmed losses that can, with a high degree of certainty, be utilised against future profits form the basis of calculating the deferred tax asset. For an asset acquisition, no deferred tax attributable to the acquisition is recognised.
| Group | Parent Company | ||||
|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 | |
| Current tax expense (–)/tax revenue(+) | |||||
| Current tax | –388 | –259 | –9 | –5 | |
| Deferred tax expense (–)/tax revenue (+) | |||||
| Deferred tax related to temporary differences in properties | –1,120 | –2,325 | – | – | |
| Deferred tax related to temporary differences in derivates | 26 | 50 | 17 | –10 | |
| Deferred tax on changes in loss carryforwards | –126 | –138 | – | –2 | |
| Change in other temporary differences | –235 | –25 | – | – | |
| Remeasurement of deferred tax due to new tax rate | 37 | 37 | – | 0 | |
| Total deferred tax | –1,419 | –2,400 | 17 | –11 | |
| Total recognised tax | –1,807 | –2,659 | 7 | –16 |
| Group, SEKm | 2020, % | 2020 | 2019, % | 2019 |
|---|---|---|---|---|
| Profit before tax | 9,083 | 14,185 | ||
| Tax according to applicable tax rate for the parent company | 21.4 | –1,944 | 21.4 | –3,036 |
| Difference between profit for tax purposes and the recognised profit on sale of property | –0.3 | 30 | – 0.1 | 15 |
| Tax on participations in profits from associated companies/joint ventures | –2.1 | 192 | –1.3 | 180 |
| Tax attributable to previous years | 0.3 | –30 | 0.0 | –5 |
| Differences in foreign tax rates | –0.3 | 25 | – 0.7 | 98 |
| Non-taxable income/non-deductible expenses, etc. | 1.3 | –117 | –0.4 | 53 |
| Remeasurement of deferred tax due to new tax rate | –0.4 | 37 | –0.3 | 37 |
| Reported effective tax | 19.9 | –1,807 | 18.7 | –2,659 |
| Parent Company, SEKm | 2020, % | 2020 | 2019, % | 2019 |
| Profit before tax | 1,608 | 1,042 | ||
| Tax according to applicable tax rate for the parent company | 21.4 | –344 | 21.4 | –223 |
| Non-taxable income/non-deductible expenses, etc. | –9.1 | 147 | –3.4 | 35 |
| Tax-exempt dividend | –13.0 | 209 | –16.5 | 172 |
| Tax attributable to previous years | 0.3 | –4 | 0.1 | –1 |
| Remeasurement of deferred tax due to new tax rate | 0.0 | –1 | –0.0 | 0 |
| Reported effective tax | –0.5 | 7 | 1.6 | –16 |
The Swedish Parliament has decided that corporation tax shall be reduced in two stages. The first reduction took place in 2019 to 21.4% and the second reduction will take place in 2021 to 20.6%. Deferred taxes are remeasured based on the tax rate that applies at the time when the deferred tax is expected to be settled.
Contd. Note 10 Income tax
| Group 2020, SEKm | Deferred tax assets |
Deferred tax liabilities |
Net |
|---|---|---|---|
| Deferred tax assets and tax liabilities relate to the following: |
|||
| Properties | – | –12,497 | –12,497 |
| Derivatives | 226 | – | 226 |
| Loss carryforwards | 93 | – | 93 |
| Other temporary differences | – | –319 | –319 |
| Set-off | –319 | 319 | – |
| Total | – | –12,497 | –12,497 |
No non-capitalised assessed loss carryforwards exist. The measured deficit totals SEK 451 million (1,140).
| Parent Company 2020, SEKm | Deferred tax assets |
Deferred tax liabilities |
Net |
|---|---|---|---|
| Deferred tax assets and tax liabilities relate to the following: |
|||
| Derivatives | 158 | – | 158 |
| Other temporary differences | – | –67 | –67 |
| Set-off | –67 | 67 | – |
| Total | 91 | – | 91 |
No loss carryforwards exist.
| Group, SEKm | Balance as of 01/01/2020 |
Recognised in the income statement |
Acquisitions and divestments of companies |
Balance as of 31/12/2020 |
|---|---|---|---|---|
| Properties | –11,609 | –1,095 | 208 | –12,497 |
| Derivatives | 199 | 24 | 2 | 226 |
| Capitalisation of the value of loss carryforwards | 235 | –121 | –20 | 93 |
| Other temporary differences | –110 | –227 | 17 | –319 |
| Total | –11,285 | –1,419 | 207 | –12,497 |
| Group, SEKm | Balance as of 01/01/2019 |
Recognised in the income statement |
Acquisitions and divestments of companies |
Balance as of 31/12/2019 |
|---|---|---|---|---|
| Properties | –9,295 | –2,292 | –22 | –11,609 |
| Derivatives | 149 | 48 | 2 | 199 |
| Capitalisation of the value of loss carryforwards | 359 | –133 | 8 | 235 |
| Other temporary differences | –70 | –24 | –16 | –110 |
| Total | –8,857 | –2,400 | –28 | –11,285 |
| Parent Company, SEKm | Balance as of 01/01/2020 |
Recognised in the income statement |
Balance as of 31/12/2020 |
|---|---|---|---|
| Derivatives | 129 | 29 | 158 |
| Other temporary differences | –54 | –12 | –67 |
| Total | 74 | 17 | 91 |
| Parent Company, SEKm | Balance as of 01/01/2019 |
Recognised in the income statement |
Balance as of 31/12/2019 |
|---|---|---|---|
| Derivatives | 92 | 37 | 129 |
| Capitalisation of the value of loss carryforwards | 2 | –2 | – |
| Other temporary differences | –8 | –46 | –54 |
| Total | 85 | –11 | 74 |
Earnings per share before dilution are calculated by dividing the profit for the year attributable to the parent company's shareholders by the parent company's weighted average number of outstanding shares for the financial year. Earnings per share after dilution are calculated by dividing the profit for the year attributable to the parent company's shareholders by the weighted average number of outstanding shares after dilution.
| Parent Company, SEKm | 2020 | 2019 |
|---|---|---|
| Net profit for the year attributable to | ||
| the parent company's shareholders | 6,641 | 8,958 |
| Total | 6,641 | 8,958 |
| Weighted average number of shares | ||
| Total number of shares on 1 January | 180,000,000 | 180,000,000 |
| Weighted average number of shares before dilution |
180,000,000 | 180,000,000 |
| Effect of newly issued shares | 515,027 | – |
| Weighted average number of shares after dilution |
180,515,027 | 180,000,000 |
| Earnings per share before dilution, SEK | 36.90 | 49.77 |
| Earnings per share after dilution, SEK | 36.79 | 49.77 |
Investment properties are properties that are held with the aim of receiving rental income or appreciation in value or a combination of both. Investment properties are initially recognised at cost, which includes expenses and borrowing costs directly related to the acquisition. Investment properties are recognised according to the fair value method. The fair value is based on internal valuations which are reconciled as required with external independent valuation institutes. Fair value is based on the market value, which is the estimated amount that would be received in a transaction on the valuation date between knowledgeable parties that are independent of one another and that have an interest in completing the transaction after customary marketing, where both parties are assumed to have acted discerningly, wisely and without compulsion. Both unrealised and realised changes in value are recognised in the income statement. Valuations are performed at the end of each quarter.
Revenue from the sale of properties is recognised when the control of the property has been transferred to the buyer. However, an enforceable right to payment does not arise until ownership has been transferred to the buyer. Revenue is therefore recognised at the time when ownership is transferred to the buyer. Ownership of the property (regardless of whether the property is sold separately or via a company transaction) is normally transferred on the date of taking possession. The revenue is valued at the contractual transaction price as the consideration usually falls due for payment when ownership has been transferred.
If the Group starts a conversion of an existing investment property for continued use as an investment property, the property will continue to be recognised as an investment property. The property is recognised according to the fair value method and is not reclassified as property, plant and equipment during the conversion period.
Additional expenditure is added to the carrying amount only if it is probable that the future economic benefits associated with the asset will accrue to the company and the cost can be measured in a reliable way. Other additional expenditure is recognised as a cost in the period in which it arises. The assessment of whether additional expenditure is added to the carrying amount depends on whether the expenditure concerns the replacement of identified components, or parts thereof, whereupon such expenditure is capitalised. Even in cases where new components are created, the expenditure is added to the carrying amount.
The part of financial costs that pertains to major new construction, extensions or conversions is capitalised. The capitalised interest rate is based on the weighted average borrowing cost for the Group.
Development properties, such as, for example, new construction of tenantowner's apartments with the intention of being sold are not included as part of the investment properties. For information on development properties, see Note 16, Development properties.
When valuing investment properties, estimates and judgements can have a significant impact on the Group's recognised profit and position. Internal valuations of investment properties require estimates and judgements of and assumptions about, for example, future cash flows and definitions of yield requirements for each individual property. Judgements made affect the carrying amount in the balance sheet for the item Investment properties and in the income statement for the item Changes in value of investment properties, unrealised. When a transaction is completed, Balder performs a reconciliation with judgements made. Balder also monitors relevant property transactions completed on an ongoing basis. Internal valuations of the whole property portfolio are conducted in connection with each quarterly report. In order to reflect the uncertainty that exists in assumptions, estimates and judgements performed, the values normally include what is known as a valuation range of +/– 5–10%. In order to ensure the quality of Balder's internal valuations, Balder continuously performs external valuations of parts of the portfolio and obtains second opinions1) on internal valuations. The external valuations were carried out during the year by CBRE, Cushman & Wakefield, JLL and Newsec. Second opinions were conducted by JLL during the year. The discrepancies between external and internal values have historically been insignificant.
For each acquisition, an assessment is made of whether the acquisition is to be classified as a business acquisition or an asset acquisition. An individual assessment is made of each individual transaction. From 1 January 2020, the amendment to IFRS 3 is applied, which means, among other things, that a voluntary concentration test can be applied to simplify the assessment of whether the transaction is not an activity/business. For all of this year's acquisitions, the assessment has meant that the transactions have been classified as asset acquisitions. See also Note 1, Accounting principles, under the heading Consolidation principles.
1) Review performed by external valuation company of used valuation method.
| Group, SEKm | 2020 | 2019 |
|---|---|---|
| Opening fair value | 141,392 | 116,542 |
| Acquisitions | 3,491 | 8,439 |
| Investments in existing properties and projects | 4,054 | 6,567 |
| Changes in value, unrealised | 3,429 | 9,562 |
| Divestments | –342 | –1,036 |
| Currency changes | –2,845 | 789 |
| Reclassification from/to development properties | – | 528 |
| Closing fair value | 149,179 | 141,392 |
Right of use assets attributable to site leasehold agreements and leases do by definition form part of the value of the investment properties. The Group has chosen to recognise these in a separate line item in the balance sheet and also to recognise these separately in disclosures. Disclosures about the change in value of site leasehold rights may be found in Note 8, Leases.
Investment properties are recognised at fair value in the consolidated statement of financial position and changes in value are recognised in the consolidated income statement. All investment properties are deemed to be at Level 3 in the fair value hierarchy according to IFRS 13 Fair Value Measurement. The fair value of the properties is based on internal valuations. Properties in Sweden, Denmark, Finland, Norway, Germany and the UK are valued using the yield method.
In Finland, in addition to the return method, valuation of acquisition cost is also used. The properties in Russia are valued using the sales comparison method.
The Group's building rights are valued at acquisition cost.
Properties under construction and project properties for own management are valued at market value reduced by estimated construction costs and project risk which usually coincides in a valuation at acquisition cost. Fair value is the estimated amount that would be obtained in a transaction at the time of value between knowledgeable parties who are independent of each other and who have an interest in the transaction being carried out after customary marketing, where both parties are presumed to have acted insightfully, wisely and without coercion.
As of the balance sheet date, Balder has carried out an internal valuation of the entire property portfolio.
When valuing using the yield method, each property is valued by computing the present value of future cash flows, i.e. future rental payments minus estimated operating and maintenance payments as well as the residual value in ten years. Estimated rent payments as well as operating and maintenance payments have been derived from current rental income as well as operating and maintenance costs. The cash flow is adapted to the market by taking account of any changes in the occupancy rate and letting levels, as well as operating and maintenance payments. An inflation rate of 2% has been assumed in all cash flow calculations. Properties equivalent to about 98% of the total market value were valued by the yield method.
The acquisition cost method is applied for properties subject to rent control in Finland. Properties equivalent to about 1% of the total market value were valued at cost. Initially, these properties are valued at cost of acquisition plus transaction costs and subsequently at cost of acquisition minus any impairment losses.
When valuing with the sales comparison method, quoted prices on the market are used for comparable objects. The sales comparison method is used for the properties in Russia. Properties corresponding to about 1% of the total market value are valued using the sales comparison method.
Market value assessments of properties always involve a certain degree of uncertainty in assumptions and estimates. The uncertainty in respect of individual properties is normally considered to be in the range of +/– 5–10% and should be regarded as the uncertainty, which is part of the assumptions and estimates made. The range can be greater in a less liquid market. For Balder, a range of uncertainty of +/– 5% means a value range of SEK +/– 7,459 million, equivalent to a range of SEK 141,720–156,638 million.
To ensure the quality of Balder's internal valuations, Balder performs external valuations on an ongoing basis on parts of the portfolio and obtains second opinions on internal valuations.
During the year, external valuations were obtained for approximately 21% (23) of the investment properties excluding projects for own management, corresponding to SEK 31 billion (31) and second opinions were obtained for 31% (32) of the investment properties excluding projects for own management, corresponding to SEK 45 billion (44). The difference between the external ones valuations and internal valuations were less than 1%. The discrepancies between external and internal values have historically been insignificant. For more information on Balder's valuation methods, see pages 31–32.
Balder performed an individual internal valuation on the entire property portfolio as of 31 December. Unrealised changes in value during the year totalled SEK 3,429 million (9,562) of which 70% is attributable to residential properties. Of the total unrealised the change in value is 40% related to completed projects. Realised changes in value amounted to SEK 24 million (14).
The rental trend is estimated to follow inflation taking account of prevailing index clauses in leases during their terms. When leases expire, an assessment is made of whether the lease is deemed to be extended at the prevailing market rent level and whether there is a risk of the premises becoming vacant. Vacancies are considered on the basis of the current vacancy situation with a gradual adjustment to expected market-related vacancy rates taking account of the property's individual conditions.
Outcomes, budgetary and projection data as well as estimated standardised costs have been used in the assessment of the property's future property costs.
Yield requirements and cost of capital used in calculations have been derived from comparable transactions in the property market. Important factors in choosing a yield requirement are location, rental rate, vacancy rate and the condition of the property. The yield requirement is shown in the table below.
The average yield as of the closing date was 4.5% (4.5).
As of 31 December 2020, according to Balder's valuation, the total property value was SEK 149,179 million (141,392). For more information, see the Report of the Board of Directors and the Sensitivity Analysis on page 39.
Balder had projects for own management totalling SEK 4.6 billion (5.3) as of 31 December. Projects for own management that are under construction has an estimated total investment of SEK 6.9 billion (7.2), of which SEK 3.8 billion (4.7) is invested and SEK 3.1 billion (2.5) remains to be invested. Most of the ongoing projects refers to housing projects with owner apartments for rental use. The projects include about 2,300 apartments (2,200) and mainly refers to about 1,100 apartments in Copenhagen and about 600 apartments in Helsinki.
Balder has signed an agreement to, with access in January 2021, acquire the real estate group Masmästaren. As of the financial statements, there is an investment commitment of SEK 2,698 million.
| Effect on value, SEKm | Change | Change in value, SEKm |
|---|---|---|
| Yield requirements | +/– 0.25 %-points | – 7,639/+ 8,541 |
| Rental income | +/– 5 % | + 9,077/– 9,077 |
| Property costs | +/– 5 % | – 1,841/+ 1,841 |
| Impact on value, SEKm | Residential properties |
Commercial properties |
|---|---|---|
| +/– 5 % change in value | +/– 4,151 | +/– 3,077 |
| Region | Mean value of yield requirement for estimation of residual value, % |
|---|---|
| Helsinki | 4.84 |
| Stockholm | 4.16 |
| Gothenburg | 4.48 |
| Copenhagen | 3.66 |
| South | 4.79 |
| East | 4.89 |
| North | 4.36 |
| Property category | Mean value of yield requirement for estimation of residual value, % |
|---|---|
| Residential properties | 4.3 |
| Commercial properties | 4.7 |
The yield requirement is the single most important parameter during valuation. Generally speaking, residential has a lower yield requirement, mainly due to a secure cash flow and low risk.
Property, plant and equipment are recognised as an asset in the consolidated statement of financial position if it is probable that future economic benefits will accrue to the company and the cost of the asset can be reliably measured.
Property, plant and equipment are recognised in the Group at cost minus accumulated depreciation and any impairment losses. The purchase price is included in the cost as well as expenses directly attributable to the asset in order to bring it to the location and in the condition to be used in accordance with the aim of the acquisition.
The carrying amount of an item of property, plant and equipment is derecognised on retirement, disposal or when no future economic benefits can be expected from use of the asset. Gains or losses arising from disposal or retirement of an asset consist of the difference between the selling price and the asset's carrying amount minus directly related selling expenses. Gains and losses are recognised as other operating income/expenses.
Additional expenditure is added to cost only if it is probable that the future economic benefits associated with the asset will accrue to the company and the cost can be measured in a reliable way. Other additional expenditure is recognised as a cost in the period in which it arises. The assessment of whether additional expenditure is added to cost depends on whether the expenditure concerns the replacement of identified components, or parts thereof, whereupon such expenditure is capitalised. Even in cases where new components are created, the expenditure is added to the cost. Repairs are recognised as expenses on an ongoing basis.
Assets are depreciated on a straight-line basis over their estimated useful lives.
| 3–10 years |
|---|
| 10 –20 years |
There is an annual review of an asset's residual value and useful life.
| Group | Parent Company | ||||
|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 | |
| Cost | |||||
| Opening balance | 257 | 200 | 31 | 28 | |
| Purchases | 24 | 66 | 5 | 9 | |
| Disposals and retirements | –4 | –9 | –2 | – 6 | |
| Closing balance | 277 | 257 | 34 | 31 | |
| Depreciation |
EQUIPMENT
| Closing balance | –121 | –98 | –12 | –8 |
|---|---|---|---|---|
| Depreciation | –27 | –21 | – 6 | –4 |
| Disposals and retirements | 4 | 8 | 2 | 6 |
| Opening balance | –98 | –85 | –8 | –11 |
| Depreciation |
Carrying amount equipment 155 159 22 23
| WIND FARMS | ||
|---|---|---|
| Group | Parent Company | |||
|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 |
| Cost | ||||
| Opening balance | 164 | 164 | 30 | 30 |
| Closing balance | 164 | 164 | 30 | 30 |
| Depreciation and impairments | ||||
| Opening balance | –158 | –156 | –30 | –30 |
| Depreciation | –2 | –2 | – | – |
| Closing balance | –160 | –158 | –30 | –30 |
| Carrying amount windfarms | 5 | 7 | – | – |
| Total carrying amount equipment and windfarms |
160 | 166 | 22 | 23 |
Depreciation is recognised in administrative expenses and media expenses.
Associated companies are companies over which Balder has significant influence. Significant influence means the opportunity to participate in decisions relating to the company's financial and operational strategies, but does not imply control or joint control. Normally, ownership equivalent to at least 20% and up to 50% of the votes means that a significant influence is held. Circumstances in the individual case can result in a significant influence even with ownership of less than 20% of the votes.
A joint venture is a joint arrangement whereby the parties that exercise joint control over the arrangement are entitled to the net assets from the arrangement. Joint control exists when the joint exercise of control over an operation is regulated through an agreement. It only exists when the parties that share control must give their consent in connection with decisions regarding the operation.
Associated companies and joint ventures are recognised in the Group according to the equity method. The equity method means that participations in an associated company are recognised at cost at the date of acquisition and are subsequently adjusted by the Group's participation in the change in the associated company's net assets. Dividends received from associated companies are deducted from the carrying amount. Profit participations in associated companies are recognised on separate lines in the consolidated statement of comprehensive income and in the consolidated statement of financial position. Participations in the profits of associated companies are recognised after tax. The equity method is applied until the date when the significant influence ceases.
Participations in associated companies are recognised in the parent company in accordance with the cost method. Received dividends are only recognised as income provided that they pertain to profits earned subsequent to the acquisition. Dividends which exceed this earned profit are treated as a repayment of the investment and reduce the carrying amount of the participation.
| Company | Corporate ID number |
Reg. office | Number of shares |
Share, % | Type of holding | Value of share of equity in the Group, SEKm |
amount in Parent Company, SEKm |
|---|---|---|---|---|---|---|---|
| Collector AB | 556560-0797 | Gothenburg | 90,501,180 | 44 | Associated company | 2,326 | 1,196 |
| Tulia AB | 556712-9811 | Gothenburg | 50,000 | 50 | Joint venture | 1,001 | – |
| Fastighets AB Centur | 556813-6369 | Stockholm | 5,000 | 50 | Joint venture | 863 | 4 |
| Fixfabriken Holding AB | 556949-3702 | Gothenburg | 50,000 | 50 | Joint venture | 1 | – |
| Chirp AB | 556915-7331 | Stockholm | 17,000 | 34 | Associated company | 6 | – |
| Tornet Bostadsproduktion AB | 556796-2682 | Stockholm | 1,666,667 | 33 | Joint venture | 644 | – |
| Brinova Fastigheter AB | 556840-3918 | Helsingborg | 18,420,302 | 22 | Associated company | 420 | – |
| Fastighets AB Tornet | 559008-2912 | Gothenburg | 500 | 50 | Joint venture | 164 | – |
| Trenum AB | 556978-8291 | Gothenburg | 500 | 50 | Joint venture | 1,288 | 400 |
| Norra Backaplan Bostads AB | 556743-0276 | Gothenburg | 33,333 | 33 | Joint venture | 170 | – |
| Sjaelsö Management ApS | 35394923 | Copenhagen | 392 | 49 | Associated company | 65 | – |
| SHH Bostad AB | 559007-1824 | Stockholm | 808,088 | 20 | Associated company | 99 | 100 |
| SB Bostad i Stockholm AB | 559094-8914 | Stockholm | 250 | 50 | Joint venture | 2 | – |
| Serena Properties AB1) | 559023-2707 | Stockholm | 2,799,998 | 56 | Joint venture | 578 | 309 |
| Rosengård Fastighets AB | 559085-4708 | Malmö | 25,000 | 25 | Joint venture | 195 | – |
| Sinoma Fastighets AB | 559161-0836 | Stockholm | 245 | 49 | Associated company | 649 | 434 |
| Grunnsteinen AS | 919 424 427 | Asker | 1,000 | 50 | Joint venture | 0 | – |
| Zenit AS | 918 773 924 | Asker | 180,000 | 50 | Joint venture | 98 | – |
| Bostadsutveckling Kungens Kurva AB | 559056-7888 | Solna | 250 | 50 | Joint venture | 2 | – |
| Homestate AB | 559179-2253 | Jönköping | 167 | 33 | Joint venture | 0 | 0 |
| Heimdal Sentrum Utvikling AS | 822 336 752 | Trondheim | 15,000 | 50 | Joint venture | 0 | – |
| Steinan Holding AS | 822 404 502 | Oslo | 30,000 | 50 | Joint venture | 85 | – |
| Boo AS | 921 580 614 | Oslo | 850,000 | 33 | Associated company | 1 | – |
| Ängsladan Fastighetsförvaltning i Lund AB | 559148-5783 | Vetlanda | 25,000 | 50 | Joint venture | 21 | – |
| White Peak IV Limited | 126219 | Jersey | 21 | 20 | Associated company | 163 | – |
| iBoxen Infrastruktur Sverige AB | 559254-3705 | Stockholm | 350 | 35 | Associated company | 3 | 3 |
| AMW Gruppen i Götaland AB | 559218-0433 | Växjö | 270 | 50 | Joint venture | 20 | – |
| Anthon B Nilsen Eiendom AS | 885857582 | Oslo | 4,377 | 50 | Joint venture | 614 | – |
| Karlatornet AB | 559185-8526 | Gothenburg | 250 | 50 | Joint venture | 0 | – |
| Entra ASA2) | 999 296 432 | Oslo | 32,261,713 | 18 | Associated company | 5,981 | 5,981 |
| MAJLLBPN AB | 559272-6318 | Stockholm | 125 | 50 | Joint venture | 0 | – |
| MILLENNIUM HoldCo ApS | 38252283 | Nordhavn | 50,000 | 50 | Joint venture | 137 | – |
| HE Prosjektinvest AS | 918 984 186 | Trondheim | 500,000 | 50 | Joint venture | 0 | – |
| Total | 15,593 | 8,426 |
Carrying
1) Balder owns 56% of Serena Properties AB. Balder exercises joint control through an agreement, and the company is thus recognised according to the equity method in the Group. 2) Balders share has increade to over 25% during January 2021. For further information see Note 32 Other income/expenses.
Carrying
| Group | Parent Company | |||
|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 |
| Opening balance | 7,018 | 6,219 | 1,972 | 1,880 |
| Acquisition of associated companies/joint ventures1) | 6,954 | 4 | 5,981 | 0 |
| Divestment of associated companies/joint ventures | – | –15 | –73 | –15 |
| Associated companies/joint ventures that were reclassified as subsidiaries2) | – | –471 | – | – |
| Dividend from associated companies/joint ventures | –20 | –41 | – | – |
| Participations in the profits of associated companies/joint ventures after tax | 897 | 876 | – | – |
| Change in equity of associated companies/joint ventures (shareholders' contribution) | 743 | 446 | 546 | 106 |
| Closing balance | 15,593 | 7,018 | 8,426 | 1,972 |
1) Acquisitions of associated companies during the year referred primarily to participations in Entra ASA och Anthon B Nilsen Eiendom AS. 2) This item during 2019 referred to Första Långgatan Fastigheter i GBG HB and Balder Skåne AB.
| Company | Corporate ID number |
Reg. office | Number of shares |
Share, % | Type of holding | Value of share of equity in the Group, SEKm |
amount in Parent Company, SEKm |
|---|---|---|---|---|---|---|---|
| Collector AB | 556560-0797 | Gothenburg | 45,250,590 | 44 Associated company | 1,752 | 744 | |
| Tulia AB | 556712-9811 | Gothenburg | 50,000 | 50 | Joint venture | 901 | – |
| Fastighets AB Centur | 556813-6369 | Stockholm | 5,000 | 50 | Joint venture | 775 | 4 |
| Fixfabriken Holding AB | 556949-3702 | Gothenburg | 50,000 | 50 | Joint venture | 3 | – |
| Chirp AB | 556915-7331 | Stockholm | 17,000 | 34 Associated company | 6 | – | |
| Tornet Bostadsproduktion AB | 556796-2682 | Stockholm | 1,666,667 | 33 | Joint venture | 500 | – |
| Brinova Fastigheter AB | 556840-3918 | Helsingborg | 18,420,302 | 25 Associated company | 384 | – | |
| Fastighets AB Tornet | 559008-2912 | Gothenburg | 500 | 50 | Joint venture | 162 | – |
| Trenum AB | 556978-8291 | Gothenburg | 500 | 50 | Joint venture | 1,022 | 350 |
| Norra Backaplan Bostads AB | 556743-0276 | Gothenburg | 33,333 | 33 | Joint venture | 170 | – |
| Sjaelsö Management ApS | 35394923 | Copenhagen | 392 | 49 Associated company | 63 | – | |
| SHH Bostad AB | 559007-1824 | Stockholm | 808,088 | 20 Associated company | 95 | 100 | |
| SB Bostad i Stockholm AB | 559094-8914 | Stockholm | 250 | 50 | Joint venture | 1 | – |
| Serena Properties AB | 559023-2707 | Stockholm | 2,799,998 | 56 | Joint venture | 437 | 268 |
| Rosengård Fastighets AB | 559085-4708 | Malmö | 25,000 | 25 | Joint venture | 158 | 73 |
| Sinoma Fastighets AB | 559161-0836 | Stockholm | 245 | 49 Associated company | 582 | 434 | |
| Grunnsteinen AS | 919 424 427 | Asker | 1,000 | 50 | Joint venture | 0 | – |
| Zenit AS | 918 773 924 | Asker | 180,000 | 50 | Joint venture | 2 | – |
| Bostadsutveckling Kungens Kurva AB | 559056-7888 | Solna | 250 | 50 | Joint venture | 3 | – |
| Homestate AB | 559179-2253 | Jönköping | 167 | 33 | Joint venture | 0 | – |
| Heimdal Sentrum Utvikling AS | 822 336 752 | Trondheim | 15,000 | 50 | Joint venture | 0 | – |
| Steinan Holding AS | 822 404 502 | Oslo | 30,000 | 50 | Joint venture | 1 | – |
| Boo AS | 921 580 614 | Oslo | 850,000 | 33 Associated company | 1 | – | |
| Total | 7,018 | 1,972 |
| Total (100%) | Balder's holding | |||
|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 |
| Rental income | 4,423 | 1,864 | 892 | 816 |
| Property costs | –682 | –442 | –178 | –173 |
| Net operating income | 3,741 | 1,422 | 714 | 643 |
| Management costs and administrative expenses |
–358 | –145 | –66 | –64 |
| Participations in the profits of associated companies |
139 | – | – | – |
| Other operating income1) | 496 | 860 | 213 | 385 |
| Operating profit | 4,018 | 2,137 | 862 | 964 |
| Net interest | –991 | –385 | –197 | –175 |
| Changes in value | 7,362 | 679 | 489 | 297 |
| Profit before tax | 10,389 | 2,431 | 1,153 | 1,087 |
| Of which non-controlling interests |
–234 | –4 | –1 | –2 |
| Tax | –2,256 | –488 | –254 | –209 |
| Net profit for the year – of which Profit from |
7,899 | 1,940 | 897 | 876 |
| property management | 2,612 | 1,749 | 663 | 787 |
1) Mostly relates to Collector AB. Of which the profit from property management from Collector totals SEK 174 million (341).
| Total (100%) | Balder's holding | |||
|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 |
| Investment properties | 96,143 | 33,745 | 28,073 | 14,898 |
| Other assets | 8,661 | 4,796 | 3,218 | 2,118 |
| Equity/shareholders´loans | 51,721 | 18,299 | 15,613 | 8,236 |
| Liabilities | 53,083 | 20,242 | 15,677 | 8,780 |
Entra ASA and Anthon B Nilsen Eiendom AS are included as associated companies as of 31 December 2020. The companies were acquired at the end of December and has therefore not affected the year's profit regarding Balder's ownership share of the income statement above.
Other non-current receivables are recognised in accordance with the principles described in Note 22 in respect of financial assets measured at accrued cost.
| Group | Parent Company | |||
|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 |
| Receivables from the Group's associated companies |
2,077 | 1,392 | 1,817 | 1,189 |
| Other non-current receivables | 224 | 56 | 1 | 1 |
| Total | 2,302 | 1,448 | 1,817 | 1,190 |
| Group | Parent Company | |||
|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 |
| Opening balance | 1,448 | 1,293 | 1,190 | 904 |
| Changes in loans to associa ted companies/joint ventures |
686 | 333 | 627 | 286 |
| Changes in other non-current receivables |
168 | –178 | – | – |
| Closing balance | 2,302 | 1,448 | 1,817 | 1,190 |
The Group has receivables from associated companies/joint ventures on which interest is calculated on market conditions. See also Note 30, Related parties.
A development property is a property that is held for processing with the intention of being sold, either in its entirety or per apartment, upon completion. Development properties consist partly of land where construction has not begun and partly of projects where construction has begun. Ongoing construction essentially refers to new production of tenant-owner's apartments with the intention of being sold at completion. These properties are reported on an ongoing basis at acquisition value on the line "Development properties" among current assets in the balance sheet and are valued at the lower of acquisition value and net sales value.
Revenues from the sale of development properties refer to compensation from the sale of condominium projects, condominium shares and development properties. In connection with the sale of condominiums, compensation received as income and as an expense the apartment's assessed share of the production cost, or for externally acquired condominium shares, the apartment's book value is reported. Revenue from the sale of development properties is reported as compensation received and as a cost incurred production cost. Income and expenses are reported in the income statement in connection with the home/property being completed, sold and handed over to the buyer. Marketing and sales costs are reported on an ongoing basis in the income statement as they arise.
Investments and divestments are reported during investing activities in the Group's report on cash flows.
In addition to investment properties, Balder owns development properties to a value of SEK 2,803 million (2,344).
Development projects that are under construction have an estimated total investment of SEK 2.3 billion (2.3), of which SEK 1.2 billion (1.1) has been closed and SEK 1.1 billion (1.2) remains to be invested. All of the projects relate to housing projects that are sold to end customers. The projects comprise approximately 660 apartments (700) and mainly concern approximately 550 tenant-owner's apartments in Sweden.
During the year, a total of six projects were recognized in the income statement. The acquisition cost for all the divested projects for the year amounted to SEK –1,079 million (–292) and the results from the sales amounted to SEK 174 million (95), including marketing and sales costs of SEK –20 million.
| Group | ||||
|---|---|---|---|---|
| SEKm | 2020 | 2019 | ||
| Carrying amount at beginning of year | 2,344 | 1,598 | ||
| Reclassification to/from investment properties | – | –528 | ||
| Accrued project costs | 1,518 | 1,566 | ||
| Divestments | –1,059 | –292 | ||
| Book value of development properties | 2,803 | 2,344 |
Trade receivables are recognised in accordance with the principles described in Note 22 in respect of financial assets measured at accrued cost.
Trade receivables are recognised and measured at the amount that is expected to be received minus the provision for credit losses. Earnings in 2020 were impacted by SEK –22 million (–12) in respect of actual and expected bad debt losses. Trade receivables are of a short-term nature, which means that they are recognised as current assets, corresponding to fair value.
| Group, SEKm | 2020 | 2019 |
|---|---|---|
| –30 days | 301 | 216 |
| 31– 60 days | 33 | 20 |
| 61–90 days | 8 | 4 |
| 91 days– | 72 | 51 |
| Total | 414 | 291 |
| Provision for credit losses | –72 | –51 |
| Trade receivables, net | 343 | 241 |
| Group, SEKm | 2020 | 2019 |
|---|---|---|
| Opening balance | –51 | –34 |
| Reclassifications | – | –8 |
| Confirmed bad debts during the year | 1 | 3 |
| Change in credit loss provision during the year | –22 | –12 |
| Closing balance | –72 | –51 |
| Group | Parent Company | |||
|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 |
| Insurance policies | 4 | 4 | – | – |
| Interest income | 5 | 2 | – | – |
| Interest expenses | 84 | 113 | 78 | 107 |
| Rental income | 17 | 11 | – | – |
| Property costs | 477 | 303 | – | – |
| Other financial income | 53 | 29 | 53 | 29 |
| Other items | 10 | 15 | 1 | 0 |
| Total | 650 | 478 | 133 | 137 |
Financial investments are recognised in accordance with the principles described in Note 22 in respect of financial assets measured at fair value via the income statement.
| Group | Parent Company | ||||
|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 | |
| Securities | |||||
| Shares and bonds | 2,659 | 1,523 | 2,078 | 1,051 | |
| Total | 2,659 | 1,523 | 2,078 | 1,051 |
In November, Balder carried out a directed new issue of 6,500,000 Class B shares, which brought in SEK 2,930 million after issue costs. For existing shareholders, the issue had a dilution effect of 3.61% in relation to the number of shares and 2.31% in relation to the number of votes. After the issue and as of December 31, the share capital in Balder amounted to SEK 186,500,000 divided into 186,500,000 shares. Each share has a quotient value of SEK 1, of which 11,229,432 of Class A and 175,270,568 of Class B. The total number of outstanding shares as of December 31 amounted to 186,500,000. Each share of Class A entitles to one vote and each share of Class B entitles to one tenth of a vote. The holder of ordinary shares is entitled to a dividend that is determined gradually. The shareholding entitles the holder to vote at the AGM.
Other contributed capital refers to equity contributed by the owners. This includes share premiums paid in connection with new issues.
Refers to currency translation differences arising due to translation of foreign operations.
This item refers to cash flow hedges after tax. Cash flow hedges mainly refer to interest rate hedges.
Retained earnings including net profit for the year includes profits earned in the parent company and its subsidiaries. This item also includes previous transfers to statutory reserves.
The item refers to the minority's share of equity in non-wholly owned subsidiaries and mainly refers to SATO Oyj where Balder's ownership share amounts to 56.0% (54.7), and Asuntoyhtymä Group Oy where the ownership share amounts to 75.0% (75.0). For further information, see Note 21, Non-controlling interests.
The Board proposes to the Annual General Meeting that no dividend (–) be declared for the financial year 2020.
The Board has proposed that the profit at the disposal of the annual general meeting of SEK 16,611,553,712 shall be appropriated as follows; to be carried forward SEK 16,611,553,712.
| Share capital development | Change in | Total number of | Quota value | Change in | Total share | ||||
|---|---|---|---|---|---|---|---|---|---|
| Day Month | Year | Event | number of shares |
Total number of shares |
outstanding shares |
per share, SEK |
share capital, SEK |
capital, SEK |
|
| 27 | June | 2005 Start date | 75,386,104 | 75,386,104 | 1.00 | 75,386,104 | |||
| 18 | August | 2005 Issue in kind | 2,000,002 | 77,386,106 | 77,386,106 | 1.00 | 2,000,002 | 77,386,106 | |
| 18 | August | 2005 | Reduction of the share capital by decreasing nominal amount |
– | 77,386,106 | 77,386,106 | 0.01 | –76,612,245 | 773,861 |
| 18 | August | 2005 Issue in kind | 1,287,731,380 | 1,365,117,486 | 1,365,117,486 | 0.01 | 12,877,314 | 13,651,175 | |
| 18 | August | 2005 Set-off issue | 18,846,514 | 1,383,964,000 | 1,383,964,000 | 0.01 | 188,465 | 13,839,640 | |
| 18 27 |
August January |
2005 | Consolidation of nominal amount to SEK 1 2006 Issue in kind |
–1,370,124,360 1,000,000 |
13,839,640 14,839,640 |
13,839,640 14,839,640 |
1.00 1.00 |
– 1,000,000 |
13,839,640 14,839,640 |
| 9 | October | 2006 Issue in kind | 1,380,000 | 16,219,640 | 16,219,640 | 1.00 | 1,380,000 | 16,219,640 | |
| 2008 Repurchase of own shares | –476,600 | 16,219,640 | 15,743,040 | 1.00 | – | 16,219,640 | |||
| 28 | August | 2009 Issue in kind | 9,171,502 | 25,391,142 | 24,914,542 | 1.00 | 9,171,502 | 25,391,142 | |
| 4 | June | 2010 Bonus issue | 76,173,426 | 101,564,568 | 99,658,168 | 1.00 | – | 101,564,568 | |
| 1 | February | 2011 | New share issue | 6,700,000 | 108,264,568 | 106,358,168 | 1.00 | 6,700,000 | 108,264,568 |
| 20 | May | 2011 | Bonus issue | 54,132,284 | 162,396,852 | 159,537,252 | 1.00 | – | 162,396,852 |
| 16 | June | 2011 | Directed new issue of preference shares |
4,000,000 | 166,396,852 | 163,537,252 | 1.00 | 4,000,000 | 166,396,852 |
| Change in number of |
Total number | Total number of outstanding |
Quota value per share, |
Change in share capital, |
Total share capital, |
||||
|---|---|---|---|---|---|---|---|---|---|
| Day Month | Year | Event | shares | of shares | shares | SEK | SEK | SEK | |
| 31 | January | 2012 | Set-off issue of preference share | 1,000,000 | 167,396,852 | 164,537,252 | 1.00 | 1,000,000 | 167,396,852 |
| 11 | October | 2012 | Set-off issue of preference share | 1,000,000 | 168,396,852 | 165,537,252 | 1.00 | 1,000,000 | 168,396,852 |
| 24 May | 2013 | Directed new issue of preference shares |
500,000 | 168,896,852 | 166,037,252 | 1.00 | 500,000 | 168,896,852 | |
| 22 | October | 2013 | Directed new issue of preference shares |
3,500,000 | 172,396,852 | 169,537,252 | 1.00 | 3,500,000 | 172,396,852 |
| 19 | March | 2014 | Disposal of repurchased shares | 2,859,600 | 172,396,852 | 172,396,852 | 1.00 | – | 172,396,852 |
| 18 | December 2015 | Directed new issue of ordinary shares |
10,000,000 | 182,396,852 | 182,396,852 | 1.00 | 10,000,000 | 182,396,852 | |
| 23 | September 2016 | Directed new issue of ordinary shares |
3,000,633 | 185,397,485 | 185,397,485 | 1.00 | 3,000,633 | 185,397,485 | |
| 16 | December 2016 | Set-off issue | 4,602,515 | 190,000,000 | 190,000,000 | 1.00 | 4,602,515 | 190,000,000 | |
| 12 | October | 2017 | Redemption of preference capital | –10,000,000 | 180,000,000 | 180,000,000 | 1.00 | –10,000,000 | 180,000,000 |
| 30 | November 2020 | Directed new issue of ordinary shares |
6,500,000 | 186,500,000 | 186,500,000 | 1,00 | 6,500,000 | 186,500,000 | |
| 31 | December 2020 | 186,500,000 | 186,500,000 | 186,500,000 |
Below is a summary of financial information for significant holdings without a controlling influence in the Group. The amounts reported are based on the amounts included in the consolidated financial statements. Only net assets in which non-controlling interests have a share are included.
SATO Oyj (corporate identity number 0201470 -5) is one of Finland's largest real estate companies focusing on housing. The company invests primarily in homes located in Greater Helsinki, Tampere and Turku. Non-controlling interests in SATO Corporation amount to 44.0% (45.3).
Asuntoyhtymä Group Oy (corporate identity number 2808794-5) is a growing real estate company focused on newly produced homes in the largest cities in Finland. The company attaches great importance to optimizing the size and efficiency of the apartments' floor plans. Non-controlling interests in Asuntoyhtymä Group Oy amount to 25.0% (25.0).
Both subsidiaries operate in Finland and are based in Helsinki.
| SATO Oyj | Asuntoyhtymä Group Oy |
||||
|---|---|---|---|---|---|
| Holding | 2020 | 2019 | 2020 | 2019 | |
| Balder, share, % | 56,0 | 54,7 | 75,0 | 75,0 | |
| Non-controlling interests, % | 44,0 | 45,3 | 25,0 | 25,0 | |
| Total | 100,0 | 100,0 | 100,0 | 100,0 |
| SATO Oyj | Asuntoyhtymä Group Oy |
|||
|---|---|---|---|---|
| Balance sheet in summary, SEKm | 2020 | 2019 | 2020 | 2019 |
| Investment properties | 47,193 | 48,080 | 3,558 | 2,109 |
| Other non-current assets | 837 | 900 | 0 | 1 |
| Current assets | 3,208 | 248 | 39 | 64 |
| Total assets | 51,238 | 49,228 | 3,597 | 2,173 |
| Liabilities | 25,673 | 22,562 | 2,956 | 2,118 |
| Current liabilities | 3,927 | 5,217 | 26 | 26 |
| Total liabilities | 29,600 | 27,779 | 2,982 | 2,144 |
| Net assets | 21,638 | 21,449 | 614 | 29 |
| Reported value non-controlling interests |
9,472 | 9,690 | 154 | 7 |
| Statement of comprehensive income | SATO Oyj | Asuntoyhtymä Group Oy |
|||
|---|---|---|---|---|---|
| in summary, SEKm | 2020 | 2019 | 2020 | 2019 | |
| Income | 3,181 | 3,130 | 189 | 118 | |
| Net profit for the year | 1,069 | 5,664 | 613 | 26 | |
| Other comprehensive income | –21 | –56 | 0 | 0 | |
| Comprehensive income for the year | 1,048 | 5,609 | 613 | 26 | |
| Net profit for the year related to non-controlling interests |
470 | 2,564 | 153 | 7 | |
| Dividend paid to non-controlling interests |
– | 135 | – | – |
| SATO Oyj | Asuntoyhtymä Group Oy |
|||
|---|---|---|---|---|
| Cash flow statement, SEKm | 2020 | 2019 | 2020 | 2019 |
| Cash flow from operating activities | 1,240 | 982 | 38 | 35 |
| Cash flow from investing activities | –1,551 | –1,969 | –753 | –1,251 |
| Cash flow from financing acitvities | 2,965 | 981 | 722 | 1,230 |
| Increase/decrease in cash and cash equivalents |
2,654 | –5 | 7 | 14 |
Financial instruments are measured and recognised in the Group in accordance with the rules in IFRS 9. Financial instruments on the asset side that are recognised in the consolidated statement of financial position include cash and cash equivalents, financial investments, trade receivables and other non-current receivables (receivables from associated companies) as well as derivatives with a positive value. Liabilities include trade payables, borrowings and derivatives with a negative value.
A financial asset or financial liability is carried in the consolidated statement of financial position when the company becomes a party to the contractual terms of the instrument. Trade receivables are carried in the balance sheet when the invoice has been sent. Rent receivables are recognised as a receivable in the period when performance, which corresponds to the receivable's value, has been delivered and payments corresponding to the value of the receivable have still not been received. A liability is recognised when the counterparty has performed a service and a contractual payment obligation exists, even if the invoice has not yet been received. Trade payables are recognised when the invoice has been received.
A financial asset is derecognised when the contractual rights are realised or expire or the company no longer has control over them. The same applies to a portion of a financial asset. A financial liability is derecognised when the contractual liability is discharged or otherwise expires. The same applies to a portion of a financial liability.
The acquisition or disposal of financial assets is recognised on the transaction date, which represents the day when the company committed to acquire or dispose of the asset. Borrowing is recognised when the funds have been received, while derivative instruments are recognised when the contract has been entered into.
Balder divides its financial instruments into the following categories in accordance with IFRS 9; amortised cost, fair value through other comprehensive income and fair value through the income statement. The classification is based on the cash flow characteristics of the asset and on the business model the asset is held within.
Interest-bearing assets (debt instruments) which are held for the purpose of recovering contractual cash flows and where these cash flows consist only of principal amounts and interest are measured at amortised cost. The carrying amount of these assets is adjusted with any expected credit losses recognised (see paragraph on Impairment testing of financial assets). Interest income from these financial assets is recognised using the effective interest method and is recognised as financial income. The Group's financial assets that are measured at amortised cost consist of other non-current receivables (mainly receivables from associated companies), trade receivables, and cash and cash equivalents.
Investments in debt instruments that do not qualify for recognition at amortised cost or at fair value through other comprehensive income are measured at fair value via the income statement. Equity instruments held for trading, equity instruments where the Group has chosen not to report fair value changes through other comprehensive income and derivatives that do not qualify for hedge accounting are included in this category. A gain or loss on a financial asset (debt instrument) that is recognised at fair value via the income statement and which is not part of a
hedging relationship is recognised net in the income statement during the period in which the gain or loss arises. This category includes the Group's derivatives with positive fair value and the Group's financial investments.
This category includes equity instruments that are not held for trading and for which the Group, on initial recognition, made an irrevocable decision to report the holding at fair value through other comprehensive income. The changes in value of these investments are recognised on an ongoing basis in other comprehensive income. In the event of a divestment, the accumulated profit or loss is not transferred to the income statement. Holdings of unlisted shares that are included in the item other non-current receivables are recognised in this category.
Financial liabilities measured at fair value via the income statement comprise derivatives with negative fair values that are not included in what is referred to as hedge accounting. Financial liabilities measured at fair value via the income statement are also recognised in subsequent periods at fair value and the change in value is recognised in the net profit for the year.
Liabilities in this category are classified as current liabilities if they fall due within 12 months of the balance sheet date. If they fall due after more than 12 months from the balance sheet date, they are classified as non-current liabilities.
The Group's other financial liabilities are classified as measured at amortised cost by application of the effective interest method. Financial liabilities at amortised cost consist of interest-bearing liabilities (current and non-current), other non-current liabilities and trade payables. Borrowing is initially carried at fair value, net after transaction costs. Borrowing is subsequently recognised at amortised cost and any difference between the amount received (net after transaction costs) and the amount of repayment is recognised in the statement of comprehensive income allocated over the term of the loan using the effective interest method. Borrowing is classified as short-term in the balance sheet if the company does not have an unconditional right to postpone the settlement of the debt for at least twelve months after the reporting period. Declared dividends are recognised, where applicable, as liabilities after the shareholders' general meeting has approved the dividend. Trade payables and other operating liabilities have short expected maturities and are measured at their nominal value with no discounting.
Derivative instruments are recognised in the balance sheet on the transaction date and are measured at fair value, both on initial and subsequent remeasurement in each reporting period. Balder holds derivatives that hedge certain risks relating to cash flow (currency swaps and interest rate swaps), and derivatives that hedge investment in a foreign operation (net investment hedges). Derivatives related to net investments in foreign operations, currency swaps and certain interest rate swaps have been identified as hedging instruments and are deemed to meet the requirements for hedge accounting in IFRS 9. For more detailed descriptions of hedge accounting, see the following paragraph. All other derivative instruments are not considered to meet the criteria for hedge accounting in IFRS 9. Derivatives are also contractual terms that are embedded into other agreements. Embedded
derivatives should be accounted for separately if they are not closely related to the host contract. At present, no embedded derivatives have been identified. Changes in the value of derivative instruments identified as hedging instruments are recognised in other comprehensive income, while changes in value of other derivative instruments are recognised in accordance with the applicable category above.
Some of the Group's interest rate swaps have been identified as hedging instruments and are deemed to meet the requirements for hedge accounting. The interest rate swaps hedge loans with variable interest rates by replacing variable rates with fixed interest rates. The effective portion of changes in fair value on these interest rate swaps is recognised through other comprehensive income in reserves in equity. The ineffective portion of the change in value is recognised immediately in net profit for the year and is included in the line item Changes in value of derivatives. Amounts accumulated in the hedging reserve in equity are reclassified to profit or loss in the periods in which the hedged item affects earnings.
The Group hedges a significant proportion of the net investments in foreign operations through loans in the same currency as the foreign operations and through currency swaps. The Group considers that the criteria for hedge accounting in IFRS 9 are met for net investments in foreign operations. Translation differences on loans and changes in fair value of hedging instruments are recognised in "Other comprehensive income" insofar as the hedge is effective. The cumulative changes in translation differences and fair value are recognised as separate components in equity. Gains or losses arising from the ineffective portion of the hedging instrument are recognised in net profit for the year. When divesting foreign operations, the gain or loss that is accumulated in equity is transferred to net profit for the year, thus increasing or decreasing the profit/loss of the divestment.
Cash and cash equivalents consist of cash in hand and directly accessible balances at banks and similar institutions as well as short-term highly liquid investments with original maturities of less than three months which are only subject to an insignificant risk of fluctuation in value.
At each reporting date, the Group assesses the future expected credit losses, which are linked to assets recognised at amortised cost based on forward-looking information. The Group's financial assets for which credit losses are expected, consist essentially consist of trade receivables (rent receivables) and other non-current receivables (mainly receivables from associated companies). The Group chooses a provisioning method based on whether or not there has been a significant increase in credit risk. The Group recognises a provision for credit losses for such expected credit losses at each reporting date. For the Group's financial assets (largely trade receivables and receivables from associated companies), the Group applies the simplified approach for credit loss provisioning, in other words, the provision will correspond to the expected loss over the entire life of the trade receivable. In order to measure the expected credit losses, trade receivables have been grouped based on distributed credit risk characteristics and days overdue. The Group uses forward-looking variables for expected credit losses.
Balder is financed by equity and liabilities, where the majority of the liabilities consist of interest-bearing liabilities. The proportion of equity is impacted by the chosen level of financial risk which in turn is impacted by lenders' equity requirements for offering financing at competitive market rates. Balder's long-term goals for the capital structure are that the equity/assets ratio should not be less than 40% over time, that the interest coverage ratio should not be less than 2 times and that the net debt to total assets should not exceed 50%.
The Group is exposed to six different kinds of financial risks through its operations. Financial risks refer to interest rate risk, liquidity risk, refinancing risk, price risk, credit risk and currency risk. The financial policy prescribes guidelines and rules for how the financial operations shall be conducted and establishes the division of responsibilities and administrative rules. Departures from the Group's financial policy require the approval of the Board. Responsibility for the Group's financial transactions and risks is managed centrally by the parent company's finance department. Financial risk is managed at a portfolio level. Financial transactions shall be conducted based on an assessment of the Group's overall needs relating to liquidity, financing and interest rate risk. The equity/assets ratio shall not fall below 40% over time.
The goals are followed up regularly in reports to the Board prior to presentation of the company's interim reports.
Balder has obligations to its financiers in the form of financial key ratios, so-called covenants. At the year-end, Balder had financing obligations with an interest coverage ratio of 1.8 times, secured debt/total assets of 45% and a net debt to total assets ratio of 65%. All covenants were met at the year-end. SATO also has covenants in its loan agreements and all of them were fulfilled as of the yearend.
The tables show the cash flow per year in respect of financial liabilities assuming the current size of the Group. The cash flow refers to interest expenses, amortisation, trade payables and settlement of other financial liabilities. Net financial items have been calculated based on the Group's average interest minus interest income. Refinancing takes place on an ongoing basis, so no interest expense for a longer period than 10 years is indicated.
| SEKm | Within one year | 1–2 years | 2–3 years | 3–4 years | 4–5 years | >5 years | Total |
|---|---|---|---|---|---|---|---|
| Maturity structure, loans | 9,174 | 12,026 | 11,585 | 11,150 | 9,567 | 35,487 | 88,989 |
| Interest expenses1) | 1,385 | 1,382 | 1,380 | 1,378 | 1,375 | 6,840 | 13,740 |
| Trade payables | 505 | – | – | – | – | – | 505 |
| Lease liabilities (rent of premises) | 12 | 12 | 10 | 9 | 9 | 19 | 72 |
| Other liabilities | 4,076 | – | – | – | – | – | 4,076 |
| Total | 15,152 | 13,421 | 12,975 | 12,537 | 10,951 | 42,346 | 107,382 |
For non-discounted cash flows attributable to site leasehold rights, see Note 8, Leases.
| SEKm | Within one year | 1–2 years | 2–3 years | 3–4 years | 4–5 years | >5 years | Total |
|---|---|---|---|---|---|---|---|
| Maturity structure, loans | 11,806 | 8,041 | 8,587 | 8,080 | 10,664 | 34,064 | 81,242 |
| Interest expenses1) | 1,265 | 1,262 | 1,259 | 1,256 | 1,253 | 6,221 | 12,518 |
| Trade payables | 660 | – | – | – | – | – | 660 |
| Lease liabilities (rent of premises) | 13 | 13 | 13 | 10 | 10 | 30 | 89 |
| Other liabilities | 605 | – | – | – | – | – | 605 |
| Total | 14,350 | 9,316 | 9,859 | 9,346 | 11,928 | 40,315 | 95,114 |
| SEKm | Within one year | 1–2 years | 2–3 years | 3–4 years | 4–5 years | >5 years | Total |
|---|---|---|---|---|---|---|---|
| Maturity structure, loans | 4,291 | 8,475 | 6,245 | 5,268 | 6,696 | 15,392 | 46,366 |
| Interest expenses1) | 694 | 694 | 694 | 694 | 693 | 3,462 | 6,932 |
| Trade payables | 7 | – | – | – | – | – | 7 |
| Other liabilities | 3,329 | – | – | – | – | – | 3,329 |
| Total | 8,322 | 9,169 | 6,939 | 5,962 | 7,389 | 18,854 | 56,634 |
| SEKm | Within one year | 1–2 years | 2–3 years | 3–4 years | 4–5 years | >5 years | Total |
|---|---|---|---|---|---|---|---|
| Maturity structure, loans | 4,414 | 2,624 | 7,667 | 5,546 | 4,576 | 19,035 | 43,862 |
| Interest expenses1) | 667 | 666 | 666 | 665 | 665 | 3,319 | 6,648 |
| Trade payables | 19 | – | – | – | – | – | 19 |
| Other liabilities | 96 | – | – | – | – | – | 96 |
| Total | 5,195 | 3,291 | 8,333 | 6,212 | 5,241 | 22,354 | 50,625 |
1) Refers to interest expenses during the period 0 –10 years.
| Factor | Change | Profit effect before tax, SEKm |
|---|---|---|
| Interest rate level for interest bearing liabilities |
+ 1 percentage point | –257 |
| Financial goals | Outcome | |||
|---|---|---|---|---|
| Goal | 2020 | 2019 | ||
| Equity/assets ratio, % | min. | 40.0 | 38.6 | 38.3 |
| Net debt to total assets, % | max. | 50.0 | 46.1 | 48.4 |
| Interest coverage ratio, times | min. | 2.0 | 5.3 | 5.2 |
| Year | Nominal amount, SEKm | Interest, % |
|---|---|---|
| 2021 | 2,677 | 2.25 |
| 2022 | 1,634 | 0.78 |
| 2023 | 3,052 | 0.44 |
| 2024 | 631 | 1.29 |
| 2025 | 2,253 | 1.24 |
| 2026 | 2,054 | 1.81 |
| 2027 | 1,151 | 0.14 |
| 2029 | 2,201 | 0.84 |
| 2030 | 1,004 | 1.04 |
| 2037 | 1,500 | 2.00 |
| 2040 | 251 | 0.67 |
| Totalt | 18,407 | 1.21 |
1) Relates to interest rate derivatives where a fixed interest rate is being paid.
The Group's goal in respect of the capital structure is to secure the Group's ability to continue its operations, in order to continue to generate a return to shareholders and value for other stakeholders.
Liquidity risk refers to the risk of a lack of sufficient cash and cash equivalents to be able to fulfil the company's payment obligations relating to operating costs, interest and amortisation. According to the financial policy, there should always be sufficient cash in hand and guaranteed credit facilities to cover the day-to-day liquidity requirements. Regardless of long-term goals, the Board can decide to temporarily boost liquidity, for example, to be better prepared for major transactions. As of the closing date, Balder's cash and cash equivalents, financial investments and unutilised credit facilities totalled SEK 7,47 7 million (3,252). Balder's financial policy, which is updated at least once each year, prescribes guidelines and rules for how borrowing should be conducted. The overall objective of financial management is to use borrowing to safeguard the supply of capital to the company in the short and long run, to adapt the financial strategy and management of financial risks to the company's business so that a long-term and stable capital structure is achieved and maintained and to achieve the best possible net financial income/expense within given risk limits.
Refinancing risk refers to the risk that Balder may not be able to obtain refinancing in the future or only at a significantly increased cost. As of the year-end, Balder had credit facilities of SEK 13,032 million (8,673), of which SEK 13,032 million (8,673) were unutilised. Balder works continually on raising new loans and on renegotiating existing loans. Over time, 50% of the loan portfolio shall have a credit term of more than 2 years and not more than 20% of the loans should mature within one year.
Interest rate risk refers to the risk of fluctuations in cash flow and earnings due to changes in interest rates. The key factor affecting interest rate risk is the interest rate refixing period. Long interest rate refixing periods ensure predictability in cash flow, but in most cases also mean higher interest expenses. The Group's interest rate exposure is centralised, which means that the central finance function is responsible for identifying and managing this exposure. The interest rate risk shall be managed using risk hedging instruments such as interest rate swaps, interest rate ceilings and interest rate floors. The overriding key ratio used is the interest coverage ratio. On each measurement date, the interest coverage ratio shall exceed 2.0 times. To manage the interest risk cost-effectively, an assessment of the interest rate risk is made when raising loans with short interest rate refixing periods based on the Group's overall loan portfolio. Interest rate derivative transactions are entered into as required to achieve the desired interest risk in the overall borrowing.
Balder has mainly used swaps and fixed-rate loans to manage its interest rate risk, which mature between 2021 and 2040. As of the year-end, about 67% of the loans were hedged using interest rate swaps and fixed-rate loans and for 7% hedge accounting is applied. Fluctuations in market interest rates give rise to theoretical surpluses or deficits in respect of these financial instruments, which do not directly affect cash flow. Derivatives are recognised on an ongoing basis at fair value in the balance sheet and changes in value are recognised in the income statement. Derivatives are measured based on quoted prices in the market. Changes in value during 2020 totalled SEK –141 million (–180). As of the year-end, the fair value of interest rate derivatives totalled SEK –1,253 million (–1,113). The fair value of financial instruments is based on measurements by the intermediating credit institutions. The reasonability of the measurements has been tested by engaging another credit institution to value similar instruments at the end of the reporting period, see the sensitivity analysis.
SATO's interest rate derivatives meet hedge accounting requirements, as the term of the derivatives is matched with the underlying financing. This means that the change in value of the derivatives is recognised in other comprehensive income. The interest rate derivatives (interest rate swaps) entered into by SATO have the same critical terms as the hedged item. Critical terms may be the reference rate, interest rate conversion days, payment dates, due date and nominal amount. Inefficiency in interest rate swaps may arise due to differences in critical terms between the interest rate swap and the loan. There were no inefficiencies attributable to SATO's interest rate swaps in 2020.
Balder owns properties through subsidiaries in Denmark, Norway, Finland, Germany and the UK and through SATO in St Petersburg. The companies mainly have revenue and costs in local currency. The Group is impacted by exchange rate fluctuations when translating the assets and liabilities of foreign subsidiaries into the currency of the parent company. The Group is exposed to EUR, DKK, GBP and NOK through net investments in foreign operations.
When the subsidiaries' statement of financial position in local currency is translated into Swedish kronor, a translation difference arises, which is due to the fact that the current year is translated at a different closing rate than the previous year and that the statement of comprehensive income is translated at the average rate during the year, while the statement of financial position is translated at the exchange rate as of 31 December. The translation difference is posted to other comprehensive income and is carried forward in reserves in equity. The translation exposure consists of the risk that the translation difference represents in terms of the impact on other comprehensive income and equity. The risk is greatest for the currencies in which the Group has the largest net assets and where the price movements in relation to Swedish kronor are the largest. The net assets in Finland and Denmark have the greatest impact on the Group. Balder issued a total of EUR 2,650 million in the European bond market, which helped to reduce the currency exposure of the Group's net assets in EUR and DKK. At the turn of the year, there were also currency swaps of NOK 445 million (–) and EUR –492 million (–348), the fair value of these amounted to SEK –287 million (–97).
The assets and liabilities in EUR and DKK are aggregated as the DKK rate is pegged to the EUR. The translation differences are mainly handled through borrowing spread among different currencies based on the net assets in each currency. Loans raised in the same currency as there are net assets for in the Group, reduce these net assets and thus reduce the translation exposure. These hedges of net investments in foreign operations operate in the following way. Exchange gains and losses on loans in foreign currency, which finance acquisition of foreign subsidiaries, are recognised as part of other comprehensive income to the extent that the loan functions as a hedge for the acquired net assets. In other comprehensive income, they meet the translation difference arising from the consolidation of the foreign subsidiaries. In the Group, net exchange differences of SEK 714 million (–226) relating to liabilities in foreign currency were transferred to other comprehensive income as hedging of net investments in foreign operations. There was no inefficiency to be recognised from hedges of net investment in foreign operations. The loans that hedge net investments in foreign operations are in EUR and DKK, since these foreign currencies have the greatest impact on the statement of financial position. Of the Group's total net investments in foreign operations, 100% are hedged.
Since the Group uses parts of its cash flow to amortise the loans to improve net financial items, the extent of this hedging tends to decrease over time. A change in the foreign subsidiary's net assets over time can have the same effect.
Balder's income is affected by the occupancy rate of the properties, the level of competitive market rents and the ability of customers to pay. A change in the rental rate or economic occupancy of +/– 1% has an effect on profit before tax of SEK +/– 82 million and SEK +/– 86 million respectively.
The risk that the Group's customers will not fulfil their obligations, i.e. that payment will not be received for trade receivables, constitutes a customer credit risk. The credit of the Group's customers is assessed by obtaining information about the customers' financial position from various credit rating agencies.
An estimate of the credit risk is made in conjunction with new leases and conversion of premises for existing customers. Bank guarantees, deposits or other security are required for customers with low creditworthiness or unsatisfactory credit histories.
Credit is monitored continually to follow developments in the creditworthiness of customers.
Balder's financial operations give rise to credit risk exposure. The risk is mainly counterparty risk in connection with receivables from banks and other counterparties that arise in the trading of derivative instruments. Balder's financial policy includes special counterparty rules which stipulate the maximum credit exposure for different counterparties.
At the year-end, Balder had binding loan agreements totalling SEK 88,989 million (81,242). Loans are raised in Swedish kronor, Danish kroner, Norwegian kroner, British pounds and euros. At year-end, loans in Danish kroner totalled DKK 6,183 million, loans in Norwegian kroner NOK 622 million, loans in British pounds GBP 49 million and loans in euros EUR 5,230 million. The single largest financing source is euro bonds issued in the European bond market. As of 31 December, the outstanding commercial paper volume was SEK 1,870 million (3,836), the commercial paper programme totals SEK 6,015 million (6,173). Net interest-bearing liabilities minus cash and cash equivalents and financial investments of SEK 7,127 million (2,902) totalled SEK 83,115 million (76,514).
Short-term interest bearing liabilities that formally mature within one year and one year of agreed amortisation are recognised as current interest-bearing liabilities.
In certain cases, the security is augmented by covenants. Balder satisfies all of its covenants. Credit agreements contain customary termination conditions.
The average fixed credit term in loan agreements totalled 5.9 years (5.8) on 31 December 2020. The maturity structure of loan agreements, presented in the table showing the loan terms, indicates when loan agreements are due for renegotiation or repayment. The average effective interest as of the closing date totalled 1.5% (1.5) including the effect of accrued interest from Balder's interest rate derivatives. The average interest rate refixing period on the same date was 3.5 years (3.1). The proportion of loans with interest maturity dates during the coming 3-year period was 57% (57).
During the year Balder acquired 50% of the shares in Karlatornet AB and has a commitment to provide SEK 500 million as a shareholder's loan to the company.
| Group, SEKm | Fair value | Fair value hierarchy | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Assets and liabilities measured at |
Assets and liabilities measured at fair value via |
via other comprehen |
Total carrying |
Total fair value 2020 | |||||
| amortised cost | the income statement | sive income | amount | Level 1 | Level 2 | Level 3 | |||
| Other non-current receivables | 2,291 | – | 102) | 2,302 | – | 2,302 | – | ||
| Trade receivables | 343 | – | – | 343 | – | 343 | – | ||
| Financial investments | – | 2,659 | – | 2,659 | 2,659 | – | – | ||
| Cash and cash equivalents | 4,468 | – | – | 4,468 | – | 4,468 | – | ||
| Total receivables | 7,102 | 2,659 | 10 | 9,771 | 2,659 | 7,112 | – | ||
| Non-current interest-bearing liabilities |
79,814 | – | – | 79,814 | 42,403 | 38,302 | – | ||
| Other non-current liabilities | 828 | – | – | 828 | – | 828 | – | ||
| Derivatives1) | – | 767 | 773 | 1,540 | – | 1,540 | – | ||
| Current interest-bearing liabilities | 9,175 | – | – | 9,175 | 2,409 | 6,769 | – | ||
| Trade payables | 505 | – | – | 505 | – | 505 | – | ||
| Total liabilities | 90,322 | 767 | 773 | 91,861 | 44,811 | 47,944 | – |
| Carrying amount, SEKm | Interest, % | |||
|---|---|---|---|---|
| Year | 2020 | 2019 | 2020 | 2019 |
| 2021 | 34,277 | 35,789 | 1.0 | 0.9 |
| 2022 | 6,556 | 4,493 | 1.4 | 2.4 |
| 2023 | 9,548 | 6,279 | 2.4 | 1.4 |
| 2024 | 4,126 | 4,712 | 1.6 | 3.0 |
| 2025 | 7,566 | 4,285 | 2.1 | 1.6 |
| >2026 | 26,917 | 25,684 | 1.5 | 1.9 |
| Total | 88,989 | 81,242 | 1.5 | 1.5 |
| Share, % | Fair value, SEKm | ||||
|---|---|---|---|---|---|
| Year | 2020 | 2019 | 2020 | 2019 | |
| 2021 | 38 | 44 | 34,287 | 35,811 | |
| 2022 | 7 | 6 | 6,615 | 4,532 | |
| 2023 | 11 | 8 | 9,770 | 6,374 | |
| 2024 | 5 | 6 | 4,257 | 4,785 | |
| 2025 | 9 | 5 | 7,815 | 4,386 | |
| >2026 | 30 | 32 | 27,138 | 26,018 | |
| Total | 100 | 100 | 89,883 | 81,906 |
| Fair value | Fair value hierarchy | ||||||
|---|---|---|---|---|---|---|---|
| Assets and liabilities measured at |
Assets and liabilities measured at fair value via |
via other comprehen |
Total carrying |
Total fair value 2019 | |||
| Group, SEKm | amortised cost | the income statement | sive income | amount | Level 1 | Level 2 | Level 3 |
| Other non-current receivables | 1,436 | – | 122) | 1,448 | – | 1,448 | – |
| Trade receivables | 241 | – | – | 241 | – | 241 | – |
| Financial investments | – | 1,523 | – | 1,523 | 1,523 | – | – |
| Cash and cash equivalents | 1,379 | – | – | 1,379 | – | 1,379 | – |
| Total receivables | 3,055 | 1,523 | 12 | 4,590 | 1,523 | 3,067 | – |
| Non-current interest-bearing liabilities | 69,436 | – | – | 69,436 | 33,924 | 36,166 | – |
| Other non-current liabilities | 542 | – | – | 542 | – | 542 | – |
| Derivatives1) | – | 626 | 584 | 1,210 | – | 1,210 | – |
| Current interest-bearing liabilities | 11,806 | – | – | 11,806 | 1,054 | 10,763 | – |
| Trade payables | 660 | – | – | 660 | – | 660 | – |
| Total liabilities | 82,444 | 626 | 584 | 83,654 | 34,977 | 49,340 | – |
1) Derivative instruments have been recognised net as a liability. The liability includes positive values in the Group of SEK 18 million (0).
2) No changes in value were recognised in 2020 or 2019.
Level 1 – measured at fair value based on quoted market values on active markets for identical assets.
Level 2 – measured at fair value based on other observable inputs for assets and liabilities than market values under level 1.
Level 3 – measured at fair value based on inputs for assets and liabilities that are not based on observable market inputs.
| Fair value | Fair value hierarchy | ||||||
|---|---|---|---|---|---|---|---|
| Assets and liabilities | Assets and liabilities measured at fair value via the income statement |
via other com | Total fair value 2020 | ||||
| Parent Company, SEKm | measured at amortised cost |
prehensive income |
Total carry ing amount |
Level 1 | Level 2 | Level 3 | |
| Other non-current receivables | 1,817 | – | – | 1,817 | – | 1,817 | – |
| Receivables from Group companies | 57,787 | – | – | 57,787 | – | 57,787 | – |
| Financial investments | – | 2,078 | – | 2,078 | 2,078 | – | – |
| Cash and cash equivalents | 1,359 | – | – | 1,359 | – | 1,359 | – |
| Total receivables | 60,963 | 2,078 | – | 63,041 | 2,078 | 60,963 | – |
| Non-current liabilities to credit institutions |
40,260 | – | – | 40,260 | 28,536 | 12,460 | – |
| Derivatives1) | – | 767 | – | 767 | – | 767 | – |
| Liabilities to Group companies | 14,419 | – | – | 14,419 | – | 14,419 | – |
| Current liabilities to credit institutions |
6,106 | – | – | 6,106 | 901 | 5,206 | – |
| Trade payables | 7 | – | – | 7 | – | 7 | – |
| Total liabilities | 60,792 | 767 | – | 61,559 | 29,437 | 32,860 | – |
| Group | Parent Company | ||||
|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 | |
| Approved credit limit | 350 | 350 | 350 | 350 | |
| Utilised portion | – | – | – | – | |
| Unutilised portion | 350 | 350 | 350 | 350 |
| Group | Parent Company | |||
|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 |
| Staff costs | 88 | 124 | 22 | 21 |
| Interest expenses | 603 | 507 | 427 | 370 |
| Rent paid in advance | 1,209 | 1,090 | – | – |
| Property costs | 571 | 329 | – | – |
| Other items | 73 | 65 | 5 | 5 |
| Total | 2,546 | 2,115 | 454 | 396 |
| Fair value hierarchy | |||||||
|---|---|---|---|---|---|---|---|
| Assets and liabilities | Assets and liabilities measured at measured at fair value via the income statement |
Fair value via other com |
Total fair value 2019 | ||||
| Parent Company, SEKm | amortised cost | prehensive income |
Total carry ing amount |
Level 1 | Level 2 | Level 3 | |
| Other non-current receivables | 1,190 | – | – | 1,190 | – | 1,190 | – |
| Receivables from Group companies | 52,646 | – | – | 52,646 | – | 52,646 | – |
| Financial investments | – | 1,051 | – | 1,051 | 1,051 | – | – |
| Cash and cash equivalents | 944 | – | – | 944 | – | 944 | – |
| Total receivables | 54,780 | 1,051 | – | 55,831 | 1,051 | 54,780 | – |
| Non-current liabilities | |||||||
| to credit institutions | 39,449 | – | – | 39,449 | 27,819 | 12,131 | – |
| Derivatives1) | – | 626 | – | 626 | – | 626 | – |
| Liabilities to Group companies | 10,966 | – | – | 10,966 | – | 10,966 | – |
| Current liabilities | |||||||
| to credit institutions | 4,414 | – | – | 4,414 | – | 4,414 | – |
| Trade payables | 19 | – | – | 19 | – | 19 | – |
| Total liabilities | 54,847 | 626 | – | 55,473 | 27,819 | 28,155 | – |
1) Derivative instruments have been recognised net as a liability. The liability includes positive values in the parent company of SEK - million (1).
Level 1 – measured at fair value based on quoted market values on active markets for identical assets.
Level 2 – measured at fair value based on other observable inputs for assets and liabilities than market values under level 1.
Level 3 – measured at fair value based on inputs for assets and liabilities that are not based on observable market inputs.
A contingent liability is recognised if there is a possible obligation for which it has yet to be confirmed if the Group has an obligation that could lead to an outflow of resources, alternatively, if there is a present obligation that does not meet the criteria to be recognised in the balance sheet as a provision or other liability as it is not probable that an outflow of resources will be required to settle the obligation or as it is not possible to make a sufficiently reliable estimate of the amount.
The parent company's financial guarantee contracts mainly consist of loan guarantees on behalf of subsidiaries and associated companies. Financial guarantees mean that the company has an obligation to compensate the holder of a debt instrument for losses that they incur because a particular debtor does not complete payment on maturity according to the terms of the agreement. For recognition of financial guarantee contracts, the parent company applies RFR 2 paragraph IFRS 9, which implies relief compared to the rules in IFRS 9 as regards financial guarantee contracts issued on behalf of subsidiaries and associated companies. The parent company recognises financial guarantee contracts as a provision in the balance sheet when the company has an obligation for which payment is likely to be required to settle the obligation.
The cash flow statement was prepared using the indirect method, by which the result is adjusted for transactions that do not result in incoming or outgoing payments during the period, as well as for any income or expenses attributable to investing or financing activities.
The Group's cash and cash equivalents consist of cash and bank balances. Cash and cash equivalents are recognised in accordance with the principles described in Note 22 in respect of financial assets measured at accrued cost.
| Group | Parent Company | ||||
|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 | |
| The following components are included in cash and cash equivalents: |
|||||
| Cash and bank balances | 4,468 | 1,379 | 1,359 | 944 | |
| Total according to Balance Sheet |
4,468 | 1,379 | 1,359 | 944 | |
| Total according to cash flow statement |
4,468 | 1,379 | 1,359 | 944 |
| Group | Parent Company | ||||
|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 | |
| Interest received | 267 | 176 | 158 | 137 | |
| Interest paid | –1,337 | –1,456 | –735 | –644 | |
| Derivative expense paid | –105 | –139 | –105 | –139 | |
| Total | –1,174 | –1,419 | –682 | –646 |
Intra-Group interest income and interest expenses for 2020 and 2019 do not affect the cash flow.
| Group | Parent Company | ||||
|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 | |
| Property mortgages | 31,039 | 27,755 | – | – | |
| Shares in Group companies | 12,100 | 8,976 | – | – | |
| Promissory notes | – | – | 3,203 | 3,175 | |
| Total | 43,139 | 36,730 | 3,203 | 3,175 |
| Group | Parent Company | ||||
|---|---|---|---|---|---|
| SEKm | 2020 | 2019 | 2020 | 2019 | |
| Guarantees for subsidiaries | – | – | 16,555 | 15,532 | |
| Guarantees for associated companies |
1,647 | 1,451 | 1,647 | 1,451 | |
| Other guarantees1) | 1,597 | 1,712 | 189 | 546 | |
| Total | 3,244 | 3,162 | 18,391 | 17,529 |
1) As the project portfolio grows and the number of tenant owner property projects in progress increases, so do other guarantee commitments towards housing associations, contractors and municipalities.
| Changes not affecting cash flow | |||||
|---|---|---|---|---|---|
| Group, SEKm | 31/12/2019 | Cash flow | Exchange differences |
Other items not affecting cash flow |
31/12/2020 |
| Interest-bearing liabilities | 81,242 | 10,634 | –2,847 | –40 | 88,989 |
| Lease liabilities (rent of office premises) | 81 | –19 | – | 5 | 67 |
| Total liabilities related to financing activities | 81,324 | 10,615 | –2,847 | –36 | 89,056 |
| Changes not affecting cash flow | |||||
|---|---|---|---|---|---|
| Group, SEKm | 31/12/2018 | Cash flow | Exchange differences |
Other items not affecting cash flow |
31/12/2019 |
| Interest-bearing liabilities | 67,205 | 13,641 | 458 | –63 | 81,242 |
| Lease liabilities (rent of office premises) | – | –26 | – | 107 | 81 |
| Total liabilities related to financing activities | 67,205 | 13,616 | 458 | 44 | 81,324 |
Contd. Note 26 Cash flow statement
| Changes not affecting cash flow | ||||||
|---|---|---|---|---|---|---|
| Parent Company, SEKm | 31/12/2019 | Cash flow | Exchange differences |
Other items not affecting cash flow |
31/12/2020 | |
| Interest-bearing liabilities | 43,862 | 3,835 | –1,331 | – | 46,366 | |
| Total liabilities related to financing activities | 43,862 | 3,835 | –1,331 | – | 46,366 |
| Changes not affecting cash flow | |||||
|---|---|---|---|---|---|
| Parent Company, SEKm | 31/12/2018 | Cash flow | Exchange differences |
Other items not affecting cash flow |
31/12/2019 |
| Interest-bearing liabilities | 33,275 | 10,398 | 190 | – | 43,862 |
| Total liabilities related to financing activities | 33,275 | 10,398 | 190 | – | 43,862 |
Shares in subsidiaries are recognised in the parent company in accordance with the cost method. The book value is tested on an ongoing basis against the subsidiaries' Group equity. If the book value falls below the subsidiaries' Group value, there is an impairment that is charged to the income statement. In those cases where a previous impairment is no longer justified, this is reversed.
| Parent Company, SEKm | 2020 | 2019 |
|---|---|---|
| Accumulated cost | ||
| Opening balance | 10,111 | 8,449 |
| Acquisitions | 265 | – |
| Shareholder contributions paid | – | 1,662 |
| Closing balance | 10,376 | 10,111 |
| Subsidiaries | Corporate ID number | Reg. office | Number of participations |
Share, % | 2020 | 2019 |
|---|---|---|---|---|---|---|
| Balder Storstad AB | 556676-4378 | Gothenburg | 100,000 | 100 | 2,046 | 2,046 |
| Balder Mellanstad AB | 556514-4291 | Gothenburg | 1,938,000 | 100 | 5,782 | 5,782 |
| Din Bostad Sverige AB | 556541-1898 | Gothenburg | 1,000,000 | 100 | 626 | 626 |
| Egby Vindkraftverk AB | 556760-5919 | Gothenburg | 1,000 | 100 | 0 | 0 |
| Balder Danmark A/S | 34058016 | Copenhagen | 5,000 | 100 | 158 | 158 |
| Balder Fastigheter Norge AS | 916755856 | Oslo | 120 | 100 | 319 | 319 |
| Balder Bilrum Fastighet AB | 556730-4059 | Gothenburg | 100,000 | 100 | 1,179 | 1,179 |
| Balder Germany GmbH | 194177B | Berlin | 23,725 | 95 | 1 | 1 |
| SATO Oyj1) | 0201470-5 | Helsinki | 619,300 | 0 | 265 | – |
| Total | 10,376 | 10,111 |
1) The Balder Group owns a total of 31,696,745 shares in SATO Oyj, corresponding to an ownership interest of 56.0% (54.7). 619,300 shares are owned by Fastighets AB Balder and the remaining 31,077,455 shares are owned by the subsidiary Balder Finska Otas AB (559000-0369).
The Balder Group owns 100% of 510 additional companies (480) in Sweden, Denmark, Finland, Norway, Germany and the UK via the above-mentioned subsidiaries, as presented in each subsidiary's annual accounts. For companies in SATO Oyj, see SATO Oyj's annual accounts at sato.fi.
| Receivables | Liabilities | |||
|---|---|---|---|---|
| Parent Company, SEKm | 2020 | 2019 | 2020 | 2019 |
| Opening balance | 52,646 | 38,337 | 10,966 | 5,282 |
| Change in lending to subsidiaries |
5,141 | 14,309 | 3,453 | 5,683 |
| Closing balance | 57,787 | 52,646 | 14,419 | 10,966 |
There is no fixed amortisation plan.
After the end of the year, Balder continued to acquire shares in the Norwegian listed real estate company Entra ASA. Balder's ownership share amounts to just over 25% of capital and votes.
Otherwise, no events of significant importance for Fastighets AB Balder's position occurred after the end of the reporting period.
Related parties are both legal and physical persons as defined in IAS 24. Transactions with related parties shall be conducted on commercial terms and conditions, just like other transactions. In connection with transactions, special attention shall also be paid to the guidelines on conflicts of interest. The following are defined as related parties:
The Group is under the control of Erik Selin Fastigheter AB, which holds 48.8% (49.9) of the votes in the parent company Fastighets AB Balder. The parent company in the largest Group of which Balder is part is Erik Selin Fastigheter AB.
Apart from the related parties shown for the Group, the parent company exercises control over subsidiaries according to Note 27, Participations in Group companies.
Erik Selin Fastigheter AB purchased property-related administrative services from Balder for SEK 4 million (3). Balder purchased services from the law firm Glimstedt for SEK 1 million (3), where the Board member Anders Wennergren is a partner. During the year, construction services were purchased from Tommy Byggare AB to the order of SEK 4 million (17), which is a related company to Erik Selin Fastigheter AB. The services were priced on competitive market conditions.
The parent company performed property-related administrative services on behalf of its subsidiaries totalling SEK 251 million (266). The parent company functions as an internal bank. On the closing date, receivables from subsidiaries totalled SEK 57,787 million (52,646). Both administrative and financial services were priced on competitive market conditions.
Apart from the related parties described above, the Balder Group owns associated companies according to Note 14, Participations in associated companies/joint ventures.
During the financial year, associated companies purchased management and administrative services for their organisations from Balder totalling SEK 78 million (70). In addition to this, services were purchased from Collector AB (publ). Net receivables from associated companies totalled SEK 2,07 7 million (1,392) on the closing date. Both administrative and financial services were priced on competitive market conditions.
The company's Board members and companies owned by these members control 63.7% (65.8) of the votes in Balder. With regard to the Board, CEO and other employees' salaries and other remuneration, expenses and agreements relating to pensions and similar benefits as well as agreements in respect of severance pay, see Note 4, Employees and staff costs.
Fastighets AB Balder (publ) is a Swedish-registered limited liability company with its registered office in Gothenburg. The parent company's shares are listed on Nasdaq Stockholm, Large Cap segment. The address of the head office is Box 53121, 400 15 Gothenburg, Sweden. The visiting address is Parkgatan 49.
The consolidated accounts for 2020 comprise the parent company and its subsidiaries, together referred to as the Group.
During the fourth quarter, 17.7% was acquired in the Norwegian listed real estate company Entra ASA and the holding was classified as a financial asset valued at fair value via the income statement. At the end of the fourth quarter, an agreement was made for the purchase of additional shares (new holding over 20%) and a significant influence is thus estimated to have been achieved as of December 31, 2020. Change in the fair value of the holding in Entra ASA from the time of acquisition until significant influence was achieved amounts to SEK 462 million and is reported in the item Other income/expenses in the income statement for the Group and in the item Interest income and similar income items in the parent company. For further information on the holding in Entra ASA, see Note 14, Participations in associated companies/joint ventures.
The annual accounts and the consolidated accounts were approved for issuance by the Board of Directors and CEO on 18 March 2021. The consolidated income statement and balance sheet and the Parent Company income statement and balance sheet will be subject to adoption by the Annual General Meeting on 12 May 2021. The Board will propose to the Annual General Meeting that no dividend (–) be declared for the financial year 2020.
The annual accounts have been prepared in accordance with generally accepted accounting principles in Sweden and the consolidated financial statements have been prepared in accordance with the international accounting standards IFRS referred to in Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards. The annual accounts and consolidated financial statements provide a true
and fair view of the parent company's and Group's financial position and results of operations. The Report of the Board of Directors for the Group and the parent company provides a true and fair review of the development of the Group's and the parent company's operations, financial position and results of operations and describes material risks and uncertainties facing the parent company and the companies forming the Group.
Gothenburg, 18 March 2021
Christina Rogestam Chairman of the Board
Sten Dunér Board member Fredrik Svensson Board member
Anders Wennergren Board member
Erik Selin Board member and CEO
Our audit report was submitted on 19 March 2021 Öhrlings PricewaterhouseCoopers AB
Bengt Kron Authorised Public Accountant Auditor in charge
Konstantin Belogorcev Authorised Public Accountant
83 FASTIGHETS AB BALDER ANNUAL REPORT 2020
To the Annual General Meeting of Fastighets AB Balder (publ), corporate identity no. 556525-6905
We have audited the annual accounts and consolidated financial statements of Fastighets AB Balder (publ) for 2020. The company's annual accounts and consolidated accounts are included on pages 38–83 of this document.
In our opinion, the annual accounts have been prepared in accordance with the Swedish Annual Accounts Act and present fairly, in all material respects, the financial position of the parent company as of 31 December 2020 and of its financial performance and its cash flows for the year in accordance with the Annual Accounts Act. The consolidated financial statements have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the Group as of 31 December 2020 and of its financial performance and cash flows in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU, and the Annual Accounts Act. The Report of the Board of Directors is consistent with the other parts of the annual accounts and the consolidated financial statements.
We therefore recommend that the Annual General Meeting adopt the income statement and balance sheet of the parent company and the statement of comprehensive income and the statement of financial position for the Group.
Our opinions in this statement on the annual accounts and consolidated financial statements are consistent with the content of the supplementary report that has been submitted to the Board of Directors of the parent company and the Group in accordance with Article 11 of the Auditors Ordinance (537/2014).
We conducted the audit in accordance with the International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our responsibilities under those standards are described in further detail in the section entitled Auditor's responsibility. We are independent in relation to the parent company and the Group according to generally accepted auditing standards in Sweden and in other respects have fulfilled our professional ethical responsibilities according to these requirements. This means that, based on our best knowledge and belief, no prohibited services referred to in Article 5 (1) of the Auditors Ordinance (537/2014) have been provided to the audited company or, if applicable, to its parent company or its controlled companies in the EU.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.
We designed our audit by determining materiality and assessing the risks of material misstatement in the financial statements. We conducted in particular those areas where the CEO and the Board of Directors have performed subjective assessments, for example important accounting estimates made on the basis of assumptions and forecasts about future events, which are uncertain in their nature. As in all of our audits, we also addressed the risk of the Board of Directors and the CEO overriding internal controls, including, among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.
We tailored our audit in order to perform a proper review to enable us to provide an opinion on the
financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates.
The Group operates in six countries and the properties are owned by separate companies, which through centralised accounting functions and uniform routines are compiled in sub-groups. The Finnish sub-group SATO Oyj and the Danish and Norwegian companies are audited by local unit audit teams, which report to the Group audit team.
We have evaluated the work performed by the local unit auditors to determine whether sufficient audit evidence has been obtained as the basis for our opinions in the audit report for the Group.
The audit of the sub-group Sato Oyj was performed by Deloitte, Finland. According to generally accepted auditing standards, it is the responsibility of the Group auditor to ensure that the unit auditors have performed the right work and with sufficiently high quality regarding the identified audit risks. Since Sato Oyj accounts for a substantial part of the Balder Group and thus the Group audit, and since we and the unit auditors are not part of the same network, this task is particularly important. We have therefore drawn up special instructions to Deloitte Finland and ensured via continual communication and meetings as well as written confirmations that they followed and considered the instructions. We have read, discussed and evaluated the risk assessment and materiality assessment that the unit auditor planned for and also used in the audit. We also visited Deloitte, Finland digitally and reviewed significant audit items.
Apart from the parent company accounts and consolidated financial statements, the Swedish companies were also audited by the Group audit team.
All in all, this means that we have assured ourselves that there is sufficient evidence for our Group audit and audit report.
The scope and direction of the audit was influenced by our assessment of materiality. An audit is designed to obtain reasonable assurance as to whether the financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including for the consolidated financial statements as a whole. These and qualitative considerations helped us to determine the emphasis and scope of our audit and the nature, timing and scope of our audit procedures, and to assess the effect of misstatements, both individually and in aggregate, on the financial statements as a whole.
We chose total assets as a benchmark of our overall assessment of materiality for the financial statements as a whole, given that the value of the investment properties has a significant impact and significance for the Group's financial position, and constitutes a particularly important area for the audit. We also defined a specific materiality for the audit of the profit from property management including the working capital related balance sheet items.
Key audit matters are the matters which, in our professional judgement were the most significant for the audit of the annual accounts and consolidated financial statements for the current period. These matters were addressed in the context of our audit of, and in forming our opinion about, the annual accounts and consolidated financial statements as a whole, but we do not provide a separate opinion on these matters.
We refer to the Report of the Board of Directors, description of accounting policies in Note 1 and Investment properties in Note 12.
Investment properties were recognised at a fair value of SEK 149,179 million as of 31 December 2020 and account for a significant part of the Balder Group's balance sheet.
The fair value of the Group's property holdings is based on internal calculations, mainly by applying the yield method. Properties under construction and internally managed project properties are valued at market value minus estimated contracting expenditure and project risk, which usually corresponds to a valuation at cost.
To quality-assure the internal valuations, external valuations and second opinions were obtained for about 31% of the property portfolio's value.
The significance of the estimates and assumptions included in determining fair value, together with the fact that only a small difference in the individual properties calculation parameters, such as estimates of future net operating income, occupancy rate and yield requirements, can lead to significant errors, means that the valuation of investment properties, is a key audit matter.
We arranged for our valuation specialists to review and assess the measurement techniques that Balder applies and the reasonableness of the assumptions made.
Our work focused on the largest investment properties, the most significant assumptions and the properties where there were the largest variations in value compared to previous years. In cases where the assumptions about future net operating income, occupancy rate and yield requirement deviated from our initial expectations, these deviations were discussed with the Group's representatives and, if necessary, supplementary documentation was obtained.
Finally, we checked that the models used, that the assumptions and sensitivity analyses Balder made were properly described in Note 12.
This document also contains other information than the annual accounts and consolidated financial statements, and this is found on pages 1–37 and 106–125, respectively. Other information also consists of the Remuneration Report for 2020, which we obtained for the date of this audit report. The Board of Directors and the CEO are responsible for this other information.
Our opinion on the annual accounts and consolidated financial statements accounts does not cover this other information and we do not express any form of assurance regarding this other information.
In connection with our audit of the annual accounts and consolidated financial statements, our responsibility is to read the information identified above and consider whether the information is materially inconsistent with the annual accounts and consolidated financial statements. In this procedure we also consider the knowledge otherwise obtained during the audit and assess whether the information otherwise appears to be materially misstated.
If we, based on the work performed concerning this information, conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
The Board of Directors and the CEO are responsible for the preparation of the annual accounts and consolidated financial statements and for ensuring that they give a fair presentation in accordance with the Annual Accounts Act and, concerning the consolidated financial statements, in accordance with IFRS as adopted by the EU, and the Annual Accounts Act. The Board of Directors and the CEO are also responsible for the internal control they deem necessary to prepare annual accounts and consolidated accounts that do not contain material misstatements, whether due to fraud or error.
In preparing the annual accounts and consolidated financial statements, the Board of Directors and the CEO are responsible for the assessment of the company's and the Group's ability to continue as a going concern. They disclose, as applicable, matters related to the ability to continue as a going concern and using the going concern basis of accounting. The going concern basis of accounting is, however, not applied if the Board of Directors and the CEO intends to liquidate the company, to cease operations, or has no realistic alternative but to do so.
Our goal is to achieve a reasonable degree of certainty as to whether the annual accounts and consolidated accounts as a whole do not contain any material misstatement, whether due to fraud or error, and to submit an audit report that contains our statements. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA and generally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts and consolidated accounts.
A further description of our responsibility for the audit of the annual accounts and consolidated financial statements is available on the website of the Swedish Inspectorate of Auditors: www.revisorsinspektionen.se/revisornsansvar. This description forms part of the audit report.
We refer to the Report of the Board of Directors, description of accounting policies in Note 1 and Investment properties in Note 12.
During the year, a number of property transactions took place, acquisitions to a value of SEK 3,491 million, which in respect of the amount and contractual terms were particularly important to consider in the audit.
In the case of each significant property transaction, we estimated that the accounting treatment was in accordance with Balder's accounting principles and IFRS.
For all significant acquisitions and divestments, we obtained and reviewed the underlying agreements and terms of entry. Furthermore, we examined the calculations, to ensure that pro forma statements, entry balances and, where appropriate, that settlement notes were in accordance with the agreement and that the transaction was recognised correctly.
We followed up to ensure that the property transactions were correctly recognised and disclosed in the annual accounts.
In addition to our audit of the annual accounts and consolidated financial statements, we have also performed a review of the administration of the Board of Directors and the CEO of Fastighets AB Balder (publ) for the year 2020 and the proposed appropriation of the company's profit or loss.
We recommend that the Annual General Meeting allocate the profit in accordance with the proposal in the Report of the Board of Directors and discharge the members of the Board and the CEO from liability for the financial year.
We conducted the audit in accordance with generally accepted auditing standards in Sweden. Our responsibility in this respect is described in further detail in the section entitled The auditor's responsibility. We are independent in relation to the parent company and the Group according to generally accepted auditing standards in Sweden and in other respects have fulfilled our professional ethical responsibilities according to these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.
The Board of Directors is responsible for the proposal for allocating the company's profit or loss. In connection with a proposal for dividend, this involves, inter alia, an assessment of whether the dividend is defensible in view of the requirements imposed by the type, scale and risks of the operations on the size of the parent company's and the Group's equity, need to strengthen the balance sheet, liquidity and financial position generally.
The Board of Directors is responsible for the company's organisation and the administration of the company's affairs. This includes among other things continuous assessment of the company's and the Group's financial situation and ensuring that the company's organisation is designed so that the accounting, management of assets and the company's financial affairs otherwise are controlled in a reassuring manner. The CEO shall manage the ongoing administration according to the Board of Directors' guidelines and instructions and, among other things, take measures that are necessary to fulfil the company's accounting in accordance with the law and handle the management of assets in a reassuring manner.
Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the CEO in any material respect:
Our objective concerning the audit of the proposed appropriations of the company's profit or loss, and thus our opinion about this, is to assess with a reasonable degree of assurance whether the proposal is in accordance with the Swedish Companies Act.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company's profit or loss are not in accordance with the Swedish Companies Act.
A further description of our responsibility for the audit of the administration is available on the website of the Swedish Inspectorate of Auditors: www.revisorsinspektionen.se/revisornsansvar. This description forms part of the audit report.
Öhrlings PricewaterhouseCoopers AB, Skånegatan 1, 405 32 Gothenburg, Sweden, was appointed as Fastighets AB Balder (publ)'s auditor by the general meeting of shareholders on 8 May 2019 and has been the company's auditing company since 2009.
Gothenburg, 19 March 2021 Öhrlings PricewaterhouseCoopers AB
Bengt Kron Authorised Public Accountant Auditor in charge
Konstantin Belogorcev Authorised Public Accountant
Christina Rogestam Chairman of the Board
Balder is a long-term property owner that assumes responsibility for the business's impact on not only the economy and the environment, but also on social issues. The company continues to work on the development of our own areas and has a high level of social engagement with a focus on security and well-being, children, young people and employment. Balder has several strategic partnerships linked to the company's social engagement, and every year engages a large number of people on work placements, summer workers and students to contribute to increased employment but also in order to develop the property industry.
By signing up to the Global Compact, Balder has adopted a stance and is working actively to follow the UN's ten principles for companies with regard to human rights, labour, the environment and anticorruption. In implementing this work, the company also strives to contribute to achieving the global sustainable development goals.
It is the task of Balder's Board of Directors, within the framework of current laws, rules and practice, to work on the long-term development of the company. This work includes, among other things, following up on the management team's operational activities and assuring themselves that everything is as it should be in the company.
One recurring topic of discussion for the Board is risk assessment, in which matters such as the state of the economy and the impact of interest rate trends on the company are analysed. Other matters discussed by the Board are the company's development in the form of access to competence, and how the company is working to contribute towards socially and environmentally sustainable social development.
Balder has also initiated work to analyse in greater depth risks associated with climate change. This work is being undertaken in accordance with the recommendations issued by the Task Force on Climate-Related Financial Disclosures (TCFD) and will continue to be developed in future.
The year has seen the company's operations challenged in many ways. For Balder, it is self-evident to maintain laws and rules and not to act unethically in any way. The past year has shown that the organisation has been built up in a way that is sustainable in the long term with clear backup structures. This provides peace of mind in the business's future progress, even if employees are missing temporarily or for longer periods.
The ongoing pandemic has also generated questions about the future development of Balder's markets, for example the office market. There has certainly been a significant increase in remote working during the year, and many analysts believe that this will to some extent also continue in future. This may affect demand for offices as they look at present.
Balder has already made changes in view of this fact and is working actively, for example, to identify new areas of application for offices and premises, and to present solutions that are suitable for new ways of working. Companies will still need offices, but it is possible that they will be designed differently, for example with larger areas for creative meetings and fewer separated workplaces for individual work.
All in all, the Board considers that Balder has dealt well with this year's challenges. All employees have contributed in various ways to meeting these challenges, and it is my feeling that the company is wellequipped to continue developing the business in the future.
Corporate governance in Swedish listed companies is governed by a combination of written rules and practice, by which the owners directly and indirectly control the company. The rules and regulations have been developed through legislation, recommendations, the Swedish Corporate Governance Code and through self-regulation.
The Code is based on the principle comply or explain, which means that all rules do not always have to be complied with if there is a reason and it is explained. Some of the Code's principles are to create a good basis for exercising an active and responsible ownership role and to create a welladjusted balance of power between owners, the
Board and the executive management, which Balder views as a natural part of the principles for its operations. The Code also means that certain information should be made available on the company's website.
The Swedish Corporate Governance Code is administered by the Swedish Corporate Governance Board and is available on bolagsstyrning.se, where the Swedish model for corporate governance is also described. Balder applies the Code, which is intended to serve as part of the self-regulation within the Swedish business community. In the view of the Board, there are no deviations to report or explain.
The company's name is Fastighets AB Balder and the company is a public company (publ). The registered office of the company is in Gothenburg. The company's purpose shall be directly or indirectly, through wholly-owned or part-owned companies, to acquire, manage, own and divest real property and securities, and to conduct other associated activities.
The articles of association, which are available on Balder's website, contain, among other things, information regarding share capital, number of shares, class of shares and preferential rights, number of Board members and auditors as well as provisions regarding notice and agenda for the annual general meeting.
The Balder share is listed on Nasdaq Stockholm, Large Cap segment. At the year-end, the number of shareholders was approximately 22,000. Of the total share capital, 33% was owned by foreign owners. The principal owner of Fastighets AB Balder is Erik Selin Fastigheter AB, which owns 35.1% of the capital and 48.8% of the votes.
Balder's share capital as of 31 December 2020 totalled SEK 186,500,000, distributed among 186,500,000 shares. Each share has a quota value of SEK 1.00. The shares are distributed across 11,229,432 Class A shares and 175,270,568 Class B shares. Each Class A share carries one vote and each Class B share carries one tenth of one vote.
Each shareholder at the general meeting is entitled to vote for the number of shares held and represented by him/her. Further information regarding shares and share capital may be found on pages 6–9, Balder's share and owners.
Balder issues interim reports for the operations three times per year: as of 31 March, as of 30 June and as of 30 September. In addition to this, Balder's reports its full-year accounts on 31 December in its year-end report and publishes its annual accounts in good time before the AGM.
The annual accounts for 2020 are now available for distribution and on Balder's website. All documents, press releases and presentations in connection with reports are available at balder.se.
The Annual General Meeting (AGM) is the company's highest decision-making body in which the shareholders exercise their rights to decide on the affairs of the company. The Board and auditors of the company are elected by the AGM according to the proposal of the nomination committee. The annual AGM also passes resolutions, including on amendments of the articles of association, on change of the share capital and decides on the company's distribution of profits and discharge from liability for the Board and the CEO.
To participate in passing resolutions, the shareholder must be present at the meeting, either in person or by proxy. In addition, the shareholder must be registered in the share register at a certain date prior to the meeting and notification of participation must be given to the company within certain determined period. Shareholders who wish to have a special matter dealt with at the AGM can normally request this if the request is made in good time to Balder's Board of Directors prior the meeting. Due to the prevailing pandemic the 2021 AGM has been adapted with the support of temporary legal rules. The meeting will therefore be carried out without the possibility for shareholders to attend in person or by proxy. For further information see page 125.
Notice to attend the Annual General Meeting is given through the Official Swedish Gazette (Postoch Inrikes Tidningar) and on Balder's website. It shall also be announced in Svenska Dagbladet that notice has been given.
Resolutions at the general meeting are normally passed by a simple majority. In certain questions, the Swedish Companies Act prescribes that proposals must be approved by a larger proportion of the shares represented and cast at the meeting.
At the AGM on 11 May 2020 411 shareholders were represented, holding around 81% of total number of votes. Because of the measures taken by the company in connection with the ongoing pandemic, and with due consideration of the behavioural guidelines issued by government agencies, Chairman of the Board Christina Rogestam and Board members Fredrik Svensson and Sten Dunér were not present at the meeting, but were available by phone. The AGM adopted the financial statements for 2019 and discharged the Board and CEO from liability for the financial year 2019.
The following resolutions were passed at the AGM on 11 May 2020:
directors' fees of a fixed amount of SEK 560,000 should be paid to the Board, of which SEK 200,000 to the Chairman of the Board and SEK 120,000 to the other Board members who are not permanently employed by the company. The amount includes remuneration for committee work,
re-election of Board members Christina Rogestam, Erik Selin, Fredrik Svensson, Sten Dunér and Anders Wennergren. All members are elected up to and including the 2021 AGM. Christina Rogestam was re-elected as Chairman of the Board,
Minutes taken at the AGM on 11 May 2020 are available on the company's website. The 2021 AGM will take place on 12 May at 16:00. For further information see page 125. Information concerning the AGM will be published at balder.se.
The AGM passes resolutions on the procedure for election of the Board and, when applicable, auditors. The 2020 AGM resolved that a nomination committee should be established before the 2021 AGM in order to submit proposals on the number of Board members, election of Board members including the Chairman of the Board and election of auditors and remuneration for Board members as well as for auditors. The nomination committee's proposals shall be announced no later than in conjunction with the notice convening the AGM. Shareholders are given the opportunity to submit nomination proposals to the nomination committee.
The 2020 AGM adopted the nomination committee's proposal that the nomination committee should be composed of one representative for each of the two largest shareholders or ownership spheres in addition to Lars Rasin, who represents the other shareholders. The chairman of the nomination committee shall be Lars Rasin. The names of the other two members and the owners they represent shall be announced no later than six months before the AGM. The nomination committee's term of office extends until a new nomination committee has been appointed. If Lars Rasin resigns as chairman of the nomination committee, the company's Chairman shall appoint a new chairman of the nomination committee until the next general meeting of the company.
The nomination committee ahead of the 2021 AGM is composed of Jesper Mårtensson, representing Erik Selin Fastigheter AB, Rikard Svensson, representing Arvid Svensson Invest AB, and chairman Lars Rasin.
The nomination committee has decided to propose the re-election of the current Board members Christina Rogestam, Fredrik Svensson, Sten Dunér,
Anders Wennergren and Erik Selin. It is proposed that Christina Rogestam be re-elected as Chairman of the Board.
The company's annual accounts and the administration of the CEO and Board are reviewed by the company's auditor, who submits an audit report for the financial year to the AGM. The auditor reports to the Board on his audit plan for the year and his views on the accounts, annual accounts and administration.
At the 2019 AGM, Öhrlings Pricewaterhouse-Coopers AB was elected as the company's auditor, with Bengt Kron as auditor in charge, for the period until the end of the 2023 AGM.
The Board of Directors is elected by the AGM and according to the articles of association shall consist of at least three and at most seven members. The members are elected at the AGM for the period until the end of the first AGM that is held after the members were elected. During 2020, the Board was composed of five members and is responsible for the company's organisation and administration (more information about the company's Board is available on page 94 and at balder.se). The Board works according to an established formal work plan with instructions concerning division of responsibilities between the Board and the CEO.
New Board members receive an introduction to the company and its operations and participate in the stock exchange's training according to the stock exchange agreement. The Board subsequently receives continual information, including about regulatory changes and such issues concerning the operations and the Board's responsibility in a listed company.
The rules of the Swedish Companies Act apply to resolutions in the Board, to the effect that more than half of the members present and more than one third of the total number of members must vote for resolutions. The Chairman has the casting vote if there is no majority.
The Board's work is governed by the Swedish Companies Act, the articles of association, the Code and the formal work plan that the Board has adopted for its work. Balder's Board of Directors is composed of persons who possess broad experience and competence from the property sector, business development, sustainability issues and financing. Most of the Board members have experience of board work from other listed companies.
Both of the major owners Erik Selin Fastigheter AB and Arvid Svensson Invest AB are represented on the Board through Erik Selin and Fredrik Svensson. Balder's authorised signatories, apart from the Board, are any two jointly of Chairman Christina Rogestam, CEO Erik Selin or any one of them in combination with Director of Economy Eva Sigurgeirsdottir or Head of Personnel and Administration Petra Sprangers.
The Board's overriding duty is to manage the affairs of the company on behalf of the owners so that the owners' interest in a good long-term return on capital is satisfied in the best possible way. The Board has responsibility for ensuring that the company's organisation is appropriate and that the operations are conducted in accordance with the articles of association, the Companies Act and other applicable laws and regulations and the formal work plan of the Board. The Board shall perform the board work collectively under the leadership of the Chairman.
The Board shall also ensure that the CEO fulfils his duties in accordance with the Board's guidelines and directions. These may be found in the instructions to the CEO drawn up by the Board. The Board members shall not be responsible for different lines of business or functions. Matters relating to compensation and remuneration for the CEO are prepared by the Chairman and presented to the rest of the Board prior to decision.
The Board's duties include, but are not limited to, the following:
It is the duty of the Chairman to ensure that the Board's work is conducted effectively and that the Board fulfils its duties. The duties of the Chairman thus include, but are not limited to:
The Board adopts a formal work plan for the Board's work each year. This formal work plan describes the duties of the Board and the division of responsibilities between the Board and the CEO. The formal work plan also describes what matters shall be dealt with at each board meeting and instructions regarding the financial reporting to the Board. The formal work plan also prescribes that the Board shall have an audit committee and a remuneration committee. The Chairman of the Board shall serve as the chairman of the committees.
The Board shall, in addition to the statutory meeting, hold board meetings on at least four occasions
annually. The CEO and/or CFO shall as a general rule present a report to the Board. The company's employees, auditor or other external consultants shall be called in to board meetings in order to participate and report on matters as required. The Board has a quorum if more than half of the Board members are present. The Chairman has the casting vote in the event that there is no clear majority.
Balder's Board held 18 board meetings during 2020, one of which was the statutory meeting. Board meetings are held in connection with the company's reporting. Matters of significant importance to the company are dealt with at each ordinary board meeting, such as acquisition and divestment of properties, investments in existing properties and financing questions.
In addition, the Board is informed about the current business situation in the rental, property and credit markets. The regular matters dealt with by the Board in 2020, included acquisition strategies, capital structure and financing position, sustainability work, common corporate policies and the formal work plan for the Board.
The Board, for its work in Balder's Board of Directors, shall have appropriate experience and competence for the operations that are being conducted in order to be able to identify and understand the risks that can arise in the business and the rules and regulations governing the operations that are being conducted.
The composition of the Board shall be characterised by diversity and breadth in terms of the chosen members' competencies, experience, age, gender or ethnic background. The diversity policy applied
by the nomination committee follows item 4.1 of the Code. It is the duty of the nomination committee to consider the policy, with the objective of achieving an appropriate composition in the Board.
When electing new Board members, the suitability of the individual members shall be examined with the aim of achieving a Board with a combined level of expertise that is sufficient for ensuring appropriate governance of the company.
The composition of the Board provides a good basis for well-functioning Board work with a good spread among individual members that represents diversity according to the Board's diversity policy.
The intention of the evaluation is to further improve the Board's working methods and efficiency, and to clarify the main direction of the Board's future work. The evaluation also serves as a tool for ensuring the right competence and knowledge in the Board. In connection with the annual evaluation, Board members are asked, based on their own perspective, to discuss various areas relating to the Board's work
with other Board members. These conclusions are documented in a report.
The areas discussed and evaluated in 2020 related to the Board's composition, competence, efficiency and focus areas going forward. The areas covered by the Board evaluation may vary from one year to another to reflect the development of the Board's work. The evaluation showed constructive board work conducted in a positive spirit.
The remuneration committee has a preparatory function in relation to the Board in questions regarding principles for remuneration and other terms of employment for the CEO and other senior executives. The remuneration committee shall monitor and evaluate the application of the guidelines for remuneration and levels of compensation to senior executives that the AGM has determined and shall also draw up proposals for new guidelines for principles of remuneration and other terms of employment. Before the resolution of the AGM, at least every four years the Board shall propose new prin-
| Name | Elected | Independent1) | Board meetings | Audit committee | Remuneration committee |
|---|---|---|---|---|---|
| Christina Rogestam | 2006 | Yes | 18/18 | 1/1 | 1/1 |
| Erik Selin | 2005 | No | 18/18 | — | — |
| Fredrik Svensson | 2005 | No | 17/18 | 1/1 | 1/1 |
| Sten Dunér | 2007 | Yes | 18/18 | 1/1 | 1/1 |
| Anders Wennergren | 2009 | Yes | 18/18 | 1/1 | 1/1 |
1) The independence is based on both independence in relation to the company and the company management as well as to larger shareholders (>10%).
ciples for remuneration and other terms of employment for the CEO and other senior executives. Based on the resolution of the AGM, it is the duty of the remuneration committee to decide on remuneration to the CEO and other officers. The Board shall be entitled to deviate from the guidelines if there are special reasons in an individual case to justify this. The remuneration committee is composed of all independent Board members and shall meet at least once every year. For further information see Note 4, Employees and staff costs.
The audit committee shall be responsible for preparing the Board's work by quality-assuring the company's financial reporting, assisting the nomination committee in drawing up proposals for auditors and their fees and ensuring a qualified independent audit of the company.
The audit committee shall meet the company's auditor at least once per calendar year and have the opportunity to meet with the auditors without any members of company management being present. During 2020, the audit committee, which was composed of all independent Board members, met the company's auditor on one occasion and received an audit plan for 2020 and a report on the audit performed.
Board members or the CEO may not deal with issues concerning agreements between themselves and the company or Group. Nor may they deal with issues regarding agreements between the company and a third party, if they have a material interest that can conflict with that of the company. Lawsuits or other
actions are on a par with the agreements referred to above. Where applicable, it is incumbent on the Board member or CEO to disclose if a disqualification situation would arise.
The CEO is responsible for day-to-day administration pursuant to the guidelines and policies adopted by the Board. The CEO shall report on Balder's development to the Board and prepare the order of business at Board meetings according to an approved agenda. The CEO shall ensure that the required material is compiled and distributed to the Board members prior to board meetings.
The management team normally meets once every month with a standing agenda, including property transactions, finance and general management issues. Group Management consists of six persons and includes resources such as the CEO, accounting, finance, management, property transactions and HR. More information about the company's CEO and management team may be found on page 95.
The Board is responsible for internal control under the Swedish Companies Act and under the Code. This description has been prepared in accordance with the Swedish Annual Accounts Act and the Code and is thus limited to internal control over financial reporting. Financial reporting refers to interim reports, year-end reports and annual reports. The description does not constitute a part of the formal annual accounts.
Balder's internal control follows an established framework, Internal Control – Integrated Framework, which consists of five components. The components are control environment, risk assessment, control activities, information and communication, and follow-up.
The control environment constitutes the basis for the internal control over financial reporting. A good control environment is built on clearly defined and communicated decision-making procedures and guidelines between different levels of the organisation, which together with the corporate culture and shared values establish the basis for managing Balder in a professional manner.
Balder's internal control is based on a decentralised organisation with 1,362 properties, each with its own profit centre, which are administered from regional offices. To support the control environment and provide necessary guidance to different officers, there are a number of documented governing documents such as internal policies, guidelines, manuals, the formal work plan of the Board, decision-making procedures, rules for approvals as well as accounting and reporting instructions. Governing documents are updated as required in order to always reflect applicable laws and rules.
The focus is on identifying the risks that are considered most significant in Balder's income statement and balance sheet items in the financial statements and what measures can reduce these risks. Risk management is integrated into the above-mentioned document for the control environment.
Different methods are used to measure and minimise risks and to ensure that the risks that the company is exposed to are handled according to Balder's current policies and rules. The Board conducts an annual review of the internal control in accordance with the formal work plan of the Board. The risk assessment is continually updated to cover changes that have a material impact on the internal control over financial reporting.
The most significant risks that have been identified in connection with the financial reporting are errors in the accounts and in the valuation of the property portfolio, deferred tax, interest-bearing liabilities, refinancing, tax and value added tax as well as the risk of fraud, loss or embezzlement of assets.
A number of control activities are built-in to ensure that financial reporting provides a true and fair view at each point in time. These activities involve different levels in the organisation, from the Board and company management to other employees.
The control activities are aimed at preventing, discovering and correcting errors and deviations. The activities consist of approval and reporting of commercial transactions, follow-up on decisions and approved policies of the Board, general and application-specific IT controls, checking of external counterparties and follow-up on results at various levels in the organisation.
Other activities are follow-up on reporting procedures, including the annual accounts and consolidated financial statements and their conformity with applicable rules and regulations, approval of reporting tools, accounting and valuation principles, as well as power of attorney and authority structures.
Balder's regional offices participate in basic control, follow-up and analysis in each region. To guarantee the quality of the regions' financial reporting, an evaluation is performed in conjunction with the Group's controllers.
Follow-up at regional level combined with the controls and analyses at Group level are an important part of the internal control, to make sure that financial reporting essentially does not contain any errors.
Balder has determined how information and communication in respect of the financial reporting should occur so that the company's information disclosure should take place in an effective and correct manner. Balder has guidelines for how financial information should be communicated between management and other employees.
Guidelines, updates and changes are made available and known to the employees concerned by means of oral and written information and on Balder's intranet. The Board receives further information about risk management, internal control and financial reporting from meetings and reports from the company's auditors.
There is an appropriate process for continual followup and annual evaluation of the observance of internal policies, guidelines, manuals and codes and of
the appropriateness and functionality of the established control activities.
Different methods are used to measure and minimise risks and to ensure that the risks that the company is exposed to are handled according to Balder's current policies and rules. The Group's accounting and controller function has the day-today responsibility for ensuring follow-up and reporting to the company management of possible shortcomings. Follow-up takes place at both property level and at Group level.
The Board regularly evaluates the information submitted by company management and the auditors. The company's auditors report their observations from the audit and their opinion about internal control over financial reporting on at least one occasion each year.
Balder has a decentralised organisation that manages 1,362 properties from regional offices. Financial operations and the finance function for the entire Group are conducted in the parent company. There is a controller function in the parent company which, together with controllers in Denmark and Finland, monitors the administration of the regional offices and financial operations in the parent company. Balder's size and decentralised organisation together with the controller function in the parent company mean that a special internal audit function is not justified at present.
Ahead of the AGM on 12 May 2021, the Board proposes:
Ahead of the AGM on 12 May 2021, the nomination committee proposes:
Fredrik Svensson Board member
To the Annual General Meeting of Fastighets AB Balder (publ), corporate identity no. 556525-6905
The Board of Directors is responsible for the Corporate Governance Report for 2020 on pages 88–93 and for ensuring that it is prepared in accordance with the Annual Accounts Act.
Our examination has been conducted in accordance with FAR's auditing standard RevR 16 The auditor's examination of the corporate governance statement. This means that our review of the corporate governance report has another aim and direction, and is substantially less exhaustive in scope,
than an audit conducted in accordance with International Standards on Auditing (ISA) and other generally accepted auditing standards in Sweden. We believe that this review provides us with a sufficient basis for our opinion.
Gothenburg, 19 March 2021 Öhrlings PricewaterhouseCoopers AB
A corporate governance statement has been prepared. Disclosures according to Chapter 6 Section 6, second paragraph, items 2– 6 of the Annual Accounts Act and Chapter 7 Section 31, second paragraph of the same Act are consistent with the annual accounts and consolidated financial statements and are in compliance with the Annual Accounts Act.
Gothenburg, 18 March 2021
Christina Rogestam Chairman of the Board
Sten Dunér Board member
Anders Wennergren Board member
Erik Selin Board member and CEO
Bengt Kron Authorised Public Accountant Auditor in charge
Konstantin Belogorcev Authorised Public Accountant
Sten Dunér Board member since 2007
Education and experience B.Sc. (Economics).
Garbo and Humlegården. Shareholding in Balder No shareholding in Balder.
Born 1951
Chairman of the Board since 2006
Education and experience B.A. Social Studies.
Born 1943
Christina Rogestam
Former President and CEO of Akademiska Hus AB. Chairman of the Board at Länsförsäkringar Liv. Board member at
Shareholding in Balder 20,000 Class B shares.
Board member since 2009
Education and experience Bachelor of Law.
Lawyer and partner at Advokatfirman Glimstedt.
Shareholding in Balder 210,000 Class B shares held via company.
Fredrik Svensson Board member since 2005 Erik Selin Board member since 2005
Education and experience B.Sc. (Economics).
Chairman of the Board at Arvid Svensson Invest AB, Board member at SBB, Samhällsbyggnadsbolaget, Chairman of the Board at ABB-Gymnasiet.
Shareholding in Balder
2,915,892 Class A shares and 13,542,540 Class B shares, all held via company.
Education and experience Business school economist.
CEO of Fastighets AB Balder, Chairman of the Board at Brinova Fastigheter AB, K-fast Holding AB and Collector AB, Board member Hexatronic Group AB, I.A. Hedin Bil AB and Ernström & Co AB.
10,500 Class B shares, and 8,309,328 Class A shares and 57,200,400 Class B shares held via company.
Öhrlings PriceWaterhouseCoopers AB. Auditor in charge: Bengt Kron, born 1965. Öhrlings PriceWaterhouseCoopers AB was elected at the AGM held on 8 May 2019 for the period until the AGM in 2023.
In this section additional information about Balder's sustainability work is presented, including goals, key ratios and information about the materiality analysis and the company's analysis on climaterelated risks. Included is also the GRI index and information to the company's Communication on Progress to the UN Global Compact.
Continuous dialogues with stakeholders combined with regular reviews of the materiality analysis define which topics are the focus of Balder's work on sustainability.
The main groups of stakeholders defined comprise Customers, Employees, Owners and Society. The latter group includes, for example, government agencies and municipal authorities, business partners and suppliers, and the Tenants' Association.
Dialogues with stakeholder groups take place
in many different forums. Dialogues with customers take place, for example, both on an ongoing basis and in connection with the CSI survey that is conducted every one and a half to two years. All employees have employee appraisals with their line manager at least once a year.
Different topics are important for each stakeholder group, and these different topics have been weighted to contribute to the materiality analysis that forms the basis of Balder's work on sustainability and this report.
Well-being and security Development of homes/premises – Material selection – Energy consumption Influence Service
Tenants' meetings Tenants' Association Dialogue meetings
Financial stability Yield Customer satisfaction Certification of properties
Financial statements Meetings with analysts and investors
Work environment Diversity Social engagement
EMPLOYEES
Employee appraisals Suggestion box Intranet Status meetings
Long-term, ethical relationships Urban development Environmental impact – Waste and recycling
Website and social media Urban planning processes Dialogue meetings
• Sustainability Policy
| 302-1 | 305-2 |
|---|---|
| CRE1 | 307-1 |
| CRE2 |
305-1
305-2
205-2 205-3 419-1
97 FASTIGHETS AB BALDER ANNUAL REPORT 2020
201-1
| 2020 | 2019 | |
|---|---|---|
| Number of summer workers |
261) | 56 |
| Number of work placements |
26 | 20 |
| Number of reported cases of corruption |
0 | 0 |
| Number of reported cases of discrimination |
0 | 0 |
1) In addition to the summer workers employed by Balder the company provided jobs for a large number of young people employed by municipalities throughout Sweden during the summer of 2020.
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Total energy use) degree day-based, kWh |
463,053,880 | 433,907,253 | 452,292,474 |
| Energy use) kWh/sq.m. degree day-based |
116.90 | 126.92 | 145.21 |
| Water use m3/sq.m. | 1.04 | 1.07 | 1.19 |
1) Refers to electricity, heating and district cooling.
| Wind power production | Emissions | |||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | 2018 | 2020 | 2019 | ||
| Total, MWh | 21,047 | 18,274 | 15,816 | Scope 1, tonnes | 10.58 | 11.37 |
| Scope 2, tonnes | 13,870.25 | 14,715.85 | ||||
| Intensity kg/sq.m. | 6.57 | 8.05 |
| Goal | Outcome |
|---|---|
| Properties | |
| Energy efficiency improvement 2% per sq.m. per annum During the year the energy use decreased by 7.9% | |
| Reduced water use 2% per sq.m. per annum | During the year the water use decreased by 2.8% |
| All newly produced properties must fulfill the Miljöbyggnad Silver rating or equivalent |
100% of the properties completed in Sweden during the year were certified according to Miljöbyggnad Silver. |
| Areas | |
| Create jobs in the property management organisation for young people |
During the year 26 summer workers were employed by Balder. In addition to this Balder provided jobs for a large number of young people employed by municipalities in different parts of the country, when the municipalities could not provide jobs under the on-going pandemic. |
| Implement initiatives for sustainable travel to and from the properties |
Several charging stations for electric cars have been installed in Balders properties during the year, as well as car pools with electric cars at newly constructed properties. |
| Partnerships | |
| No reported incidents of corruption | During the year 0 incidents of corruption have been reported. |
| No reported incidents of discrimination | During the year 0 incidents of discrimination have been reported. |
| Coworkers | |
| All employees must be trained in the Code of Conduct | Training in the Code of Conduct has started in the organisation, and the num ber of coworkers that has completed the training will be followed up in 2021. |
| Encourage environment-friendly travel | During 2020 business travel has decreased heavily following the on-going pandemic, why it is difficult to determine how large the proportion of fewer and more environment-friendly trips following Balders efforts would have been in a normal year. |
| Finances | |
| Finacial goals | For outcome, see page 21. |
| Improved CSI result | During the year no new CSI poll has been made among existing tenants, only |
in separate newly produced projects, see page 18.
Sustainability is integrated in Balder's day-to-day operations and is governed by the general sustainability policy and the Code of Conduct. These policies interact with the company's business concept, goals and other policies for governing the company in a way that is sustainable in the long term. The sustainability policy includes the company's environmental policy.
The Board is ultimately responsible for the company's Code of Conduct and sustainability policy, and decides on these issues. The company's management team is responsible for implementing policies and ensuring that they are followed. The CEO and management also have ultimate responsibility for the economic performance, and for ensuring that the company's business is conducted in an ethically correct manner. Managers from the property management organisation and property development are responsible for ensuring that the material environmental topics are taken into account in the day-today operations, as well as topics relating to social sustainability in the company's areas.
All managers with staff responsibility together with HR, are responsible for maintaining a good working environment with satisfied employees. The company has a sustainability manager who coordinates the internal work, as well as the external communications and reporting.
The Code of Conduct and related policies are based on international guidelines such as the UN Global Compact's principles for human rights, labour, the environment and anti-corruption, the UN Guiding Principles on Business and Human Rights, the ILO's Core Conventions and the OECD's Guidelines for Multinational Enterprises. Each employee is responsible for observing the Code of Conduct. The company and those with staff responsibility are responsible for ensuring that all employees understand, can obtain advice and act in accordance with the Code of Conduct.
Compliance with and knowledge of the Code of Conduct and other policies are followed up annually and have been integrated into the company's internal training system. The content of these documents is reviewed annually, in order to correspond with the company's operations and material topics. No cases of corruption have been reported during the year, nor have any cases of infringements of laws and regulations.
Balder strives to create a good work environment based on gender equality and diversity, where the privacy of employees is safeguarded. All forms of harassment are forbidden, as is discrimination. The company distances itself from all forms of forced labour and safeguards employees' freedom of expression and right of association. There were no cases of discrimination reported during the year. There are 363 employees with collective agreements in the Balder Group.
For Balder's wholly-owned subsidiaries, the same sustainability policy and environmental goals apply as for Fastighets AB Balder. For SATO Oyj, see the company's website, sato.fi. For the environmental policies and environmental goals of other subsidiaries and associated companies, see each company's website. For more information about Balder's subsidiaries, see Note 27, Participations in Group companies.
Balder's responsibility primarily covers its own operations, but the company tries as far as possible to contribute to a positive development in a wider perspective, by such means as imposing requirements on suppliers and developing sustainable urban districts and areas.
In order to continue operating and growing, the company depends on long-term economic stability and profitability. This is achieved through solid management of the company's resources, but also depends on satisfied customers that want to continue renting homes and premises from Balder.
For Balder, it is very important to take responsibility for more than just the buildings the company owns, since this creates significant value. This is achieved by promoting security and well-being in the areas where the properties are located. It is also accomplished by maintaining good and ethical external relationships, and also through collaboration with other parties in order to develop districts and areas together. In the same way, the relationship with suppliers is very important, and Balder has zero tolerance of corruption and bribery.
Buildings have a large environmental impact in society, why this is a key issue for Balder. Balder supports the precautionary principle with regard to environmental risks. By minimising use of energy, water and chemicals, Balder aims to reduce the company's environmental impact. For the same reason, the company aims as far as possible to choose renewable energy sources and less hazardous materials, and to apply the precautionary principle in material selection and handling chemicals.
In order to contribute to the circular economy, the company also aims to minimise the volume of waste, and to increase recycling whenever possible. Both in property management and new construction, the company depends on transport operations, and continual work is in progress to optimise these as much as possible to also reduce the environmental impact from these.
It is just as important to work to ensure people's well-being in the company's properties by offering a good indoor environment. Balder is subject to environmental legislation in many areas and works actively to meet the requirements in both new production and in day-to-day management. Some of the company's focus areas are energy, waste management, indoor climate and potential environmental risks such as radon, PCB and asbestos.
Balder does not conduct any operations that require permits according to the Environmental Code. There is, however, a duty to report in respect of refrigerants. Balder's tenants may, however, conduct business operations that require permits or have a duty to report. There were no registered breaches of environmental legislation and regulations during the year.
The figures reported for energy use refer to the parent company and wholly owned subsidiaries and properties in Sweden and Denmark owned by Fastighets AB Balder throughout the financial year 2020, and SATO's properties in Finland. Other properties owned by partly owned companies and associated companies are not included. Water intensity refers to use in Swedish properties.
Balder's environmental data is based on measurement with the main meters available for each type of media on the properties. These meters report actual energy used in the property. In cases where the tenant is responsible for all the installations and purchases, this is not included in the total.
Consumption of media is compiled by collection of data from Balder's central energy monitoring
system and financial systems. A new energy monitoring system has been installed in recent years, and the quality of the data collected will continuously be refined, to improve follow-up. The data reported is compiled consumption data degree day-corrected.
Balder reports emission data for Scope 1 and 2. Scope 1 includes data from own operating cars, based on standard calculation of actual consumption and emission data from suppliers. Scope 2 includes electricity, heating and district cooling, based on actual consumption and emission factors from the company's supplier of energy monitoring services and energy suppliers. The emission reporting includes operations in Sweden and Denmark. For SATO's emissions, see the company's annual report, see sato.fi.
All electricity purchased for the properties in Sweden and Finland is renewable, as is most of the electricity in Denmark.
Balder strives to that to such an extent as possible report key figures related to the significant issues identified, and also to the areas defined in the Annual Accounts Act. Several areas will be updated in the future both regarding governance and followup. This applies to, for example the use of energy and water, as well the reporting of emissions.
For human rights, issues concerning increased diversity, development of areas and districts as well as a fair rental process are identified as most material. Governance, risks and indicators for follow-up in this area will be developed in the future. The same applies to other social issues, staff, ethics and anti-corruption.
The risk analysis also continues to develop, among other things to ensure that it covers both potential impact on Balder and risks where Balder's business can have an impact.
Management and development of properties, just like all business activity, is associated with risks and these must be handled responsibly and in a controlled manner. Balder works continually on identifying and reducing the risks that can impact operations. Handled in the right way, risks can generate opportunities and create value.
During the year, Balder also started an evaluation of risks and opportunities that can arise as a consequence of climate change. This evaluation also included an initial analysis of the organisation's resilience. This work will be supplemented in future by detailed analyses, including scenario-based analyses, to clarify which effects climate change might have for the company and the business.
To evaluate risks and opportunities linked to climate change, Balder follows the recommendations issued by the Taskforce on Climate-related Financial Disclosures (TCFD) and is working to implement the recommendations in the areas included:
Governance of the risk process takes place at an overarching level by the Board of Directors and at an operational level by the CEO, management and other employees.
The sustainability function (including energy managers) are responsible for identifying and assessing climate-related risks and opportunities, as well as suggested measures to manage these (e.g. energy efficiency improvement measures). This is done in collaboration with the finance function and those responsible for property development and management.
The Board deals with climate-related issues at least once a year, and if something special occurs
*) Goals and metrics have not been produced.
that requires action in addition to these instances. Before these meetings, the Board receives a report from the sustainability manager/CEO about climate-related issues and other sustainability-related issues.
When new construction takes place, risks of issues such as floods are dealt with in the planning process, in which municipalities and county administrative boards are involved, specifying tough demands for investigations and impact assessments. Analyses need to be performed for existing properties based on, for example, geographical location, type of property, year of construction, etc. When analysing risks, they are divided into the short, medium and long term, which in Balder's analysis corresponds to 5, 25 and 50 years respectively.
Balder will continue to work with risks and opportunities in accordance with the TCFD's recommendations. This means above all continued work to identify goals and metrics, as well as detailed analysis of risks with the aid of scenariobased analyses. The objective is also to be able to evaluate the economic consequences that different scenarios and risks may give rise to.
For more information about risks and opportunities, see pages 42–45.
Work undertaken so far in accordance with the TCFD's recommendations has identified the following risks and opportunities:
Increased use of energy sources with lower emissions.
Increased requirements for reporting of emissions.
Balder has prepared a sustainability report for the Group in accordance with Chapter 6 of the Swedish Annual Accounts Act. The sustainability report is included in this document, which also contains the company's statutory Annual Report for 2020. The sustainability report also constitutes the company's Communication on Progress, i.e. the annual report to the UN's Global Compact.
The sustainability report consists of pages 23–28, 42–45 and 96–102. Specific areas in the statutory sustainability report are shown in the table below. The auditor's statement on the statutory sustainability report may be found on page 105.
Balder's sustainability report follows the financial year and is published annually. The previous report was published in March 2020. In this years report key ratios have been updated to also include the properties in Denmark and Finland (the latter consisting of Balders's subsidiary SATO Oyj). For comparability, previous years' key ratios have also been updated. Otherwise, no significant changes occurred in operations during the reporting period. This is Balder's fourth sustainability report and it is prepared in accordance with GRI Standards, Core option. The report has not been reviewed by a third party.
| Area in Annual Accounts Act | UNGC principle | Example of Balder's work | Page reference |
|---|---|---|---|
| Material topics | Annual review of materiality analysis, and ongoing stakeholder dialogues. | 24–25, 96 –97 | |
| Environment | 7, 8, 9 | Structured work in order to minimise use of energy, water and chemi cals, reduce emissions from transport operations and minimise waste. |
25–27, 100 |
| Social conditions | Initiatives to create vibrant and safe areas and districts where tenants and others are happy and remain. |
25–27, 100 | |
| Employees | 3, 4, 5, 6 | Attract and retain competent employees and continue to develop them. Combat all forms of discrimination, forced labour and the like. |
28, 99 |
| Human rights | 1, 2 | Continued work for increased diversity both internally and externally, development of areas and city districts and a fair letting process. |
25–28, 99 –100 |
| Anti-corruption | 10 | Continued training in the Code of Conduct and policies, and follow-up on suppliers and partners. |
28, 99 –100 |
| Business model | The processes for management, property development and transac tions are continually refined, in order to create further value for the com pany's stakeholders. |
11, 14–15 | |
| Policies and follow-up | Internal training in the Code of Conduct and other policies. Whistleblow ing function for the reporting of possible breaches. |
28, 45, 99 | |
| Risks | Continuous analysis of risks and action plans for handling these. Balder has identified risks in the areas environment, social conditions and employees, as well as ethics and corruption. Development and analysis has also started in accordance with TCFD. |
42–45, 101 |
| GRI Standard | Disclosure Page reference |
Comments | ||
|---|---|---|---|---|
| GRI 102: General Disclosures 2016 | ||||
| Organisational profile | ||||
| 102-1 | Name of the organisation | 2, 38 | ||
| 102-2 | Activities, brands, products and services |
2, 11–16 | ||
| 102-3 | Location of headquarters | 125 | ||
| 102-4 | Location of operations | 30 | ||
| 102-5 | Ownership and legal form | 8, 38 | ||
| 102-6 | Markets served | 13–15 | ||
| 102-7 | Scale of the organisation | 9 | ||
| 102-8 | Information on employees and other workers | 28, 58–59, 98 |
||
| 102-9 | Supply chain | 97, 99 –100 | ||
| 102-10 | Signification changes to the organisation and its supply chain |
102 | ||
| 102-11 | Precautionary Principle or approach | 100 | ||
| 102-12 | External initiatives supported by the organisation | 25 | ||
| 102-13 | Membership of associations | Collaboration and membership are organised locally as relevant |
||
| Strategy | ||||
| 102-14 | Statement from the senior decision-maker | 3–4, 87 | ||
| Ethics and integrity | ||||
| 102-16 | Values, principles, standards and code of conduct |
99–101 | ||
| Governance | ||||
| 102-18 | Governance structure | 99–101 | ||
| Stakeholder engagement | ||||
| 102-40 | List of stakeholder groups | 96 | ||
| 102-41 | Collective bargaining agreements | 99 | ||
| 102-42 | Identifying and selecting stakeholders | 96 | ||
| 102-43 | Stakeholder dialogue | 96 | ||
| 102-44 | Material topics for stakeholders | 96 |
| GRI Standard | Disclosure Page reference |
Comments | |
|---|---|---|---|
| GRI 102: General Disclosures 2016 | |||
| Reporting practice | |||
| 102-45 | Entities included in the consolidated statements | 100 | |
| 102-46 | Defining report content and topic boundaries |
96 –97, 100, 102 |
|
| 102-47 | List of material topics | 96–97 | |
| 102-48 | Restatement of information from previous reports including reason |
100, 102 | |
| 102-49 | Changes in reporting | 100, 102 | |
| 102-50 | Reporting period | 102 | |
| 102-51 | Date of most recent report | 102 | |
| 102-52 | Reporting cycle | 102 | |
| 102-53 | Contact points for questions regarding the report | Camilla Holten, sustainability coordinator | |
| 102-54 | Reporting in accordance with GRI Standards | 102 | |
| 102-55 | GRI Index | 103–104 | |
| 102-56 | External assurance | 102 | |
| GRI 200: Economic standards | |||
| Economic performance | |||
| GRI 103: Management approach 2016 | |||
| 103-1–103-3 | Explanation of the material topic, its boundary and governance |
99–101 | |
| GRI 201: Economic performance 2016 | |||
| 201-1 | Direct economic value generated and distributed | 46–53 | |
| Own disclosure | Satisfied customers | 18 | |
| Anti-corruption | |||
| GRI 103: Management approach 2016 | |||
| 103-1–103-3 | Explanation of the material topic, its boundary and governance |
99–101 | |
| GRI 205: Anti-corruption 2016 | |||
| 205-2 | Communication and training about anti-corruption policies and procedures |
28, 99 | |
| 205-3 | Confirmed incidents of corruption and actions taken | 98 |
| GRI Standard | Disclosure | Page reference | Comments |
|---|---|---|---|
| GRI 300: Environmental standards | |||
| Energy | |||
| GRI 103: Management approach 2016 | |||
| 103-1–103-3 | Explanation of the material topic, its boundary and governance |
99–101 | |
| GRI 302: Energy 2016 | |||
| 302-1 | Energy consumption within the organisation | 98 | |
| CRE1 | Building energy intensity | 98 | |
| Water | |||
| GRI 103: Management approach 2016 | |||
| 103-1–103-3 | Explanation of the material topic, its boundary and governance |
99–101 | |
| CRE2 | Building water intensity | 98 | |
| Emissions | |||
| GRI 103: Management approach 2016 | |||
| 103-1–103-3 | Explanation of the material topic, its boundary and governance |
99–101 | |
| GRI 305: Emissions 2016 | |||
| 305-1 | Direct greenhouse gas emissions | 98 | |
| 305-2 | Indirect greenhouse gas emissions | 98 | |
| Environmental compliance | |||
| GRI 103: Management approach 2016 | |||
| 103-1–103-3 | Explanation of the material topic and its boundary |
99–101 | |
| GRI 307: Environmental compliance | |||
| 307-1 | Non-compliance with environmental laws | 100 |
and regulations
| GRI Standard | Disclosure | Page reference | Comments |
|---|---|---|---|
| GRI 400 Social standards | |||
| Education | |||
| GRI 103: Management approach 2016 | |||
| 103-1–103-3 | Explanation of the material topic, its boundary and governance |
99–101 | |
| GRI 404: Training and education 2016 | |||
| 404-3 | Percentage of employees receiving regular performance and career development reviews |
28 | |
| Diversity and equal opportunity | |||
| GRI 103: Management approach 2016 | |||
| 103-1–103-3 | Explanation of the material topic, its boundary and governance |
99–101 | |
| GRI 405: Diversity and equal opportunity 2016 | |||
| 405-1 | Diversity of governance bodies and employees | 94–95, 98 | |
| Non-discrimination | |||
| GRI 103: Management approach 2016 | |||
| 103-1–103-3 | Explanation of the material topic, its boundary and governance |
99–101 | |
| GRI 406: Non-discrimination 2016 | |||
| 406-1 | Incidents of discrimination and corrective actions taken |
98 | |
| Socioeconomic compliance | |||
| GRI 103: Management approach 2016 | |||
| 103-1–103-3 | Explanation of the material topic, its boundary and governance |
99–101 | |
| GRI 419: Socioeconomic compliance 2016 | |||
| 419-1 | Non-compliance with laws and regulations in the social and economic area |
99 |
To the Annual General Meeting of Fastighets AB Balder (publ), corporate identity no. 556525-6905
The Board of Directors is responsible for the sustainability report for 2020 on pages 23–28, 42–45 and 96–102 and for ensuring that it is prepared in accordance with the Annual Accounts Act.
Our examination has been conducted in accordance with FAR's auditing standard RevR 12 The auditor's statement in respect of the sustainability report.
This means that our review of the sustainability report has another aim and direction, and is substantially less exhaustive in scope, than an audit conducted in accordance with International Standards on Auditing (ISA) and other generally accepted auditing standards in Sweden. We believe that this review provides us with a sufficient basis for our opinion.
A sustainability report has been prepared.
Gothenburg, 19 March 2021 Öhrlings PricewaterhouseCoopers AB
Bengt Kron Authorised Public Accountant Auditor in charge
Konstantin Belogorcev Authorised Public Accountant
| Year of | Lettable area, sq.m. | Tax | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Municipality | Name of property |
Address | construction or value |
Property category |
Site lease hold right |
Office | Retail | Industrial/ Warehouse |
Education/ Care |
Hotel Residential | Other | Total | assessment value, SEKm |
|
| HELSINKI REGION | ||||||||||||||
| Finland | Espoo | Jousenpuistonkatu 2 | 2019 | Retail | 1,266 | 1,266 | ||||||||
| Finland | Helsinki | Fredrikinkatu 47 | 1955 | Office | 3,669 | 3,669 | ||||||||
| Finland | Sipoo | Gneissikaari 13 | 2019 | Residential | 380 | 380 | ||||||||
| Finland | Sipoo | Graniittitie 8 | 2020 | Residential | 279 | 279 | ||||||||
| Finland | Järvenpää | Harava 1 | 2018 | Residential | 114 | 114 | ||||||||
| Finland | Vantaa | Haravakuja 10 | 2018 | Residential | 27 | 27 | ||||||||
| Finland | Klaukkala | Isoseppäla 14 | 1966 | Retail | 3,008 | 3,008 | ||||||||
| Finland | Vantaa | Jaspiskuja 6 B | 2019 | Residential | 61 | 61 | ||||||||
| Finland | Vantaa | Jaspiskuja 6 C | 2018 | Residential | 67 | 67 | ||||||||
| Finland | Vantaa | Jokiniemenkuja 7 | 2020 | Residential | 81 | 81 | ||||||||
| Finland | Kerava | Juurakkokatu 56 | 2017 | Residential | 384 | 384 | ||||||||
| Finland | Vantaa | Kaivokselantie | 2020 | Other | ||||||||||
| Finland | Vantaa | Kaivokselantie 5 C | 2018 | Residential | 122 | 122 | ||||||||
| Finland | Vantaa | Kaivokselantie 5 L | 2019 | Residential | 2,422 | 2,422 | ||||||||
| Finland | Vantaa | Kaivokselantie 5 N-M | 2019 | Residential | 298 | 298 | ||||||||
| Finland | Espoo | Kavallinmäki 13 | 2019 | Residential | 423 | 423 | ||||||||
| Finland | Vantaa | Keimolankaarre 1 B | 2020 | Residential | 706 | 706 | ||||||||
| Finland | Vantaa | Keimolankaarre 3 | 2019 | Residential | 2,153 | 2,153 | ||||||||
| Finland | Vantaa | Keltasafiirinpolku 3 C-E | 2019 | Residential | 2,797 | 2,797 | ||||||||
| Finland | Vantaa | Keltasafiirinpolku 3 F-H | 2019 | Residential | 748 | 748 | ||||||||
| Finland | Vantaa | Keltavuokontie 4 | 2016 | Residential | 418 | 418 | ||||||||
| Finland | Vantaa | Kilterinrinne 3 B | 2020 | Residential | 23 | 23 | ||||||||
| Finland | Vantaa | Kilterinrinne 3 A | 2020 | Residential | 50 | 50 | ||||||||
| Finland | Espoo | Klippinkitie 7 | 2018 | Residential | 901 | 901 | ||||||||
| Finland | Vantaa | Korsontie 14 | 2019 | Residential | 400 | 400 | ||||||||
| Finland | Vantaa | Kulorastaantie 3 | 2019 | Residential | 390 | 390 | ||||||||
| Finland | Vantaa | Kvartsijuonenkuja 1 | 2019 | Residential | 71 | 71 | ||||||||
| Finland | Helsinki | Kyytimiehenkatu 1 | 2018 | Residential | 495 | 495 | ||||||||
| Finland | Helsinki | Laurinniityntie 17 | 2016 | Residential | 353 | 353 | ||||||||
| Finland | Vantaa | Lincolninaukio 1 | 2019 | Residential | 2,515 | 2,515 | ||||||||
| Finland | Espoo | Linjaloistonkatu 3 | 2019 | Residential | 297 | 297 | ||||||||
| Finland | Vantaa | Lipstikkakuja 1 | 2020 | Residential | 113 | 113 | ||||||||
| Finland | Vantaa | Lipstikkakuja 1 A | 2019 | Residential | 147 | 147 | ||||||||
| Finland | Vantaa | Lipstikkakuja 1 B | 2020 | Residential | 105 | 105 | ||||||||
| Finland | Vantaa | Lipstikkakuja 8 | 2018 | Residential | 118 | 118 | ||||||||
| Finland | Helsinki | Läntinen Brahenkatu 2 | 1961 | Hotel | 3,979 | 3,979 | ||||||||
| Finland | Vantaa | Maamiehentie 15 | 2017 | Residential | 172 | 172 | ||||||||
| M | I - ٠ |
|---|---|
| Year of | Lettable area, sq.m. | Tax | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Municipality | Name of property |
Address | construction or value |
Property category |
Site lease hold right |
Office | Industrial/ Retail Warehouse |
Education/ Care |
Hotel Residential | Other | Total | assessment value, SEKm |
| Finland | Vantaa | Martinlaaksonpolku 6 | 2019 | Residential | 779 | 779 | ||||||
| Finland | Vantaa | Martinpolku 10 | 2019 | Residential | 33 | 33 | ||||||
| Finland | Kerava | Niinikankaantie 9 | 2019 | Residential | 1,160 | 1,160 | ||||||
| Finland | Vantaa | Ohratie | 2018 | Residential | 1,694 | 1,694 | ||||||
| Finland | Espoo | Paapuuri 4 | 2019 | Residential | 203 | 203 | ||||||
| Finland | Vantaa | Peltolantie 30 | 2018 | Residential | 115 | 115 | ||||||
| Finland | Nurmijärvi | Pikimetsäntie 11 | 2018 | Residential | 50 | 50 | ||||||
| Finland | Espoo | Pikkunevantie 5 | 2018 | Residential | 156 | 156 | ||||||
| Finland | Helsinki | Radiokuja 4 | 2019 | Residential | 118 | 118 | ||||||
| Finland | Vantaa | Rajakyläntie 34 | 2013 | Residential | 320 | 320 | ||||||
| Finland | Vantaa | Rajatie 39 | 2019 | Residential | 140 | 140 | ||||||
| Finland | Espoo | Reviisorinkatu 10 | 2019 | Residential | 847 | 847 | ||||||
| Finland | Nurmijärvi | Ropakkotie 6 A | 2018 | Residential | 168 | 168 | ||||||
| Finland | Nurmijärvi | Ropakkotie 6 B | 2018 | Residential | 2,122 | 2,122 | ||||||
| Finland | Nurmijärvi | Ropakkotie 8 D | 2018 | Residential | 113 | 113 | ||||||
| Finland | Nurmijärvi | Ropakkotie 8 E | 2018 | Residential | 1,099 | 1,099 | ||||||
| Finland | Vantaa | Rubiinikehä 4 A | 2020 | Residential | 94 | 94 | ||||||
| Finland | Vantaa | Rubiinikehä 4 B | 2020 | Residential | 134 | 134 | ||||||
| Finland | Espoo | Runoratsunkatu 3 | 2019 | Residential | 252 | 252 | ||||||
| Finland | Kirkkonummi | Rydmanintie 7 A | 2020 | Residential | 80 | 80 | ||||||
| Finland | Kirkkonummi | Rydmantintie 7 | 2020 | Residential | 71 | 71 | ||||||
| Finland | Vantaa | Safiirikuja 8 | 2019 | Residential | 465 | 465 | ||||||
| Finland | Vantaa | Sinikuja 3 | 2015 | Residential | 336 | 336 | ||||||
| Finland | Espoo | Sotilastorpantie 1 | 2014 | Residential | 500 | 500 | ||||||
| Finland | Vantaa | Spinellikuja 2 | 2020 | Other | ||||||||
| Finland | Vantaa | Spinellikuja 5 A | 2019 | Residential | 92 | 92 | ||||||
| Finland | Vantaa | Spinellikuja 5 B | 2018 | Residential | 68 | 68 | ||||||
| Finland | Vantaa | Spinellikuja 5 C | 2019 | Residential | 69 | 69 | ||||||
| Finland | Vantaa | Spinellikuja 5 D | 2019 | Residential | 124 | 124 | ||||||
| Finland | Vantaa | Spinellikuja 9 | 2019 | Residential | 69 | 69 | ||||||
| Finland | Helsinki | Sulhasenkuja 3 | 2005 | Hotel | 9,734 | 9,734 | ||||||
| Finland | Espoo | Suviniitynkatu 4 | 2018 | Residential | 579 | 579 | ||||||
| Finland | Porvoo | Tarkmansintie 11 | 2018 | Residential | 2,772 | 2,772 | ||||||
| Finland | Kirkkonummi | Tarutie 19 | 2019 | Residential | 1,951 | 1,951 | ||||||
| Finland | Sipoo | Tasbyntie 11 | 2018 | Residential | 2,224 | 2,224 | ||||||
| Finland | Sipoo | Tasbyntie 18 | 2018 | Residential | 1,448 | 1,448 | ||||||
| Finland | Vanda | Tikkurilantie 123 | 2010 | Retail | 13,102 | 13,102 | ||||||
| Finland | Nurmijärvi | Tilkankuja 3 B | 2020 | Residential | 134 | 134 | ||||||
| Finland | Kirkkonummi | Tolsankuja 5 | 2017 | Residential | 1,040 | 1,040 | ||||||
| Finland | Vantaa | Topaasipolku 2 | 2020 | Residential | 62 | 62 | ||||||
| Finland | Nurmijärvi | Tornitie 4– 6 | 2018 | Residential | 1,938 | 1,938 | ||||||
| Finland | Espoo | Tyrskyvuori 4 | 2007 | Residential | 630 | 630 |
| Lettable area, sq.m. | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Municipality | Name of property |
Address | Year of construction or value |
Property Site lease category hold right |
Office | Industrial/ Retail Warehouse |
Education/ Care |
Hotel Residential | Other | Tax assessment Total value, SEKm |
| Finland | Espoo | Tyyrpuuri 2 | 2019 | Residential | 249 | 249 | ||||
| Finland | Vantaa | Valtimotie 3 A | 2018 | Residential | 73 | 73 | ||||
| Finland | Vantaa | Valtimotie 3 B | 2018 | Residential | 294 | 294 | ||||
| Finland | Vantaa | Varikkokaarre 4 | 2019 | Residential | 642 | 642 | ||||
| Finland | Kirkkonummi | Vernerintie 12 | 2018 | Residential | 1,327 | 1,327 | ||||
| Finland | Kirkkonummi | Vernerintie 6 | 2019 | Residential | 1,320 | 1,320 | ||||
| Finland | Kirkkonummi | Vernerintie 8 | 2019 | Residential | 1,266 | 1,266 | ||||
| Finland | SATO Oyj, several properties | Residential | 1,066,844 | 1,066,844 | ||||||
| Total Helsinki Region | 17,376 | 13,713 1,113,882 |
1,144,971 |
| Botkyrka | Freja 2 | Balders väg 10 | 1973 | Residential | Yes | 7,060 | 220 | 7,280 | 68 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Botkyrka | Freja 3 | Balders väg 1 | 1973 | Residential | Yes | 7,167 | 220 | 7,387 | 65 | |||||
| Botkyrka | Hallunda 4:11 | Iduns väg 1–16 | Other | Yes | ||||||||||
| Botkyrka | Hallunda 4:9 | Balders väg 1–16 | Other | Yes | ||||||||||
| Botkyrka | Idun 2 | Iduns väg 10 | 1972 | Residential | Yes | 35 | 7,060 | 256 | 7,351 | 66 | ||||
| Botkyrka | Idun 3 | Iduns väg 1 | 1972 | Residential | Yes | 255 | 7,060 | 7,315 | 67 | |||||
| Haninge | Ribby 1:531 | Ribby Allé 86 B | 2015 | Residential | 3,140 | 3,140 | 39 | |||||||
| Huddinge | Björkgården 6 | Vårby Allé 32 | 1973 | Residential | 14,926 | 14,926 | 154 | |||||||
| Huddinge | Bäckgården 8 | Vårby Centrum | 1974 | Other | Yes | 2,719 | 2,550 | 381 | 2,238 | 7,888 | 43 | |||
| Huddinge | Krongården 7 | Krongårdsvägen 1 | 1973 | Residential | 42,045 | 42,045 | 420 | |||||||
| Huddinge | Vinkeln 7 | Geometrivägen | 1994 | Retail | 5,391 | 5,391 | 80 | |||||||
| Järfälla | Säby 3:29 | Korpralsvägen 10 | 2008 | Residential | 10 | 622 | 5,344 | 8 | 5,984 | 105 | ||||
| Karlskoga | Fordonet 1 | Tibastvägen 10 | 1975 | Retail | Yes | 1,660 | 1,660 | 6 | ||||||
| Lidingö | Fjällräven 1 | Karins Allé 3–7, Vesslevägen 3 | 1963/1999 | Residential | 100 | 4,348 | 2,561 | 7,009 | ||||||
| Linköping | Palmen 3 | Gamla Tanneforsvägen 51 | 2002 | Hotel | 11,086 | 11,086 | 155 | |||||||
| Nacka | Sicklaön 354:1 | Ektorpsvägen 2 | 1979 | Office | 6,058 | 3,871 | 1,279 | 5,726 | 1,385 | 303 | 18,622 | 78 | ||
| Nacka | Sicklaön 363:2 | Värmdövägen 84 | 1986 | Hotel | 2,392 | 35 | 8,365 | 10,792 | 142 | |||||
| Nacka | Älta 9:130 | Ältavägen 170 | 1992 | Retail | 960 | 880 | 1,840 | 24 | ||||||
| Norrtälje | Flygspanaren 8 | Stockholmsvägen 39 | 1959 | Retail | 1,884 | 1,884 | 9 | |||||||
| Nynäshamn | Loket 5 & 6 | Nickstabadsvägen 14 A | 2015 | Residential | 6,394 | 6,394 | 103 | |||||||
| Nynäshamn | Musköten 1 | Björn Barkmans väg 1 | 1968 | Residential | 206 | 65 | 22,494 | 1,208 | 23,973 | 203 | ||||
| Sollentuna | Ritmallen 2 | Kung Hans Väg 10 | 1981/1993 | Residential | 298 | 1,721 | 7,844 | 1,148 | 11,011 | 121 | ||||
| Solna | Banken 14 | Hotellgatan 11 | 1965 | Hotel | 93 | 11,444 | 11,537 | 181 | ||||||
| Solna | Puman 1 | Bangatan 21 | 1972 | Hotel | 340 | 145 | 1,664 | 2,149 | 23 | |||||
| Stockholm | Alptanäs 1 | Haukadalsgatan 3 | 1981 | Retail | Yes | 2,222 | 10,409 | 859 | 13,490 | 79 | ||||
| Stockholm | Doggen 1 | Vinthundsvägen 157 | 1974 | Office | 1,650 | 1,650 | 9 | |||||||
| Stockholm | Doggen 2 | Vinthundsvägen 159 | 1984 | Office | Yes | 4,721 | 4,721 | 23 | ||||||
| Stockholm | Domherren 1 | Rådmansgatan 12 A | 1929 | Office | 9,719 | 26 | 714 | 10,459 | 354 | |||||
| Stockholm | Fiskaren Större 3 | Götgatan 21 | 1929 | Residential | 235 | 993 | 1,375 | 2,603 | 80 | |||||
| Stockholm | Granen 21 | Floragatan 13 | 1972 | Office | 4,304 | 4,304 | 145 | |||||||
| Stockholm | Göta Ark 18 | Göta Ark 100 | 1985 | Office | Yes | 17,761 | 320 | 876 | 559 | 19,516 | 529 |
| Lettable area, sq.m. | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Municipality | Name of property |
Address | Year of construction or value |
Property category |
Site lease hold right |
Office | Retail | Industrial/ Warehouse |
Education/ Care |
Hotel Residential | Other | Total | Tax assessment value, SEKm |
| Stockholm | Havsfrun 26 | Artillerigatan 42 | 1929 | Office | 3,267 | 252 | 3,519 | 113 | |||||
| Stockholm | Holar 3 | Skalholtsgatan 10 | 1985 | Other | Yes | 6,135 | 1,072 | 7,207 | 74 | ||||
| Stockholm | Islandet 4 | Adolf Fredriks Kyrkogata 13 | 1908 | Office | 1,845 | 245 | 125 | 2,215 | 73 | ||||
| Stockholm | Järnplåten 23 | Kungsgatan 37 | 1937 | Office | 5,225 | 440 | 171 | 148 | 2,049 | 8,033 | 484 | ||
| Stockholm | Katthavet 8 | Näckströmsgatan 8 | 1863 | Other | 8,022 | 8,022 | 313 | ||||||
| Stockholm | Kilaberg 1 | Kilabergsvägen | 1975 | Office | Yes | 7,893 | 5,009 | 12,902 | |||||
| Stockholm | Kungsbacken 8 | Drottninggatan 108 | 1929 | Office | 1,787 | 547 | 67 | 25 | 2,426 | 74 | |||
| Stockholm | Kvasten 8 | Mäster Samuelsgatan 10 | 1929 | Office | 1,336 | 614 | 81 | 10 | 2,041 | 219 | |||
| Stockholm | Lindansaren 23 | Flaggstång, Holländargatan 22 | 1929 | Office | 7,120 | 863 | 603 | 293 | 8,879 | 267 | |||
| Stockholm | Luftspringaren 10 | Saltmätargatan 10 | 1931 | Office | 498 | 18 | 516 | ||||||
| Stockholm | Luftspringaren 16 | Saltmätargatan 19 A | 1929 | Office | 615 | 372 | 80 | 613 | 794 | 2,474 | 61 | ||
| Stockholm | Lärftet 2 | Brommaplan 407 | 1941 | Residential | Yes | 204 | 530 | 143 | 895 | 1,772 | 33 | ||
| Stockholm | Magneten 32 | Voltavägen 13 | 1982 | Office | 6,539 | 450 | 3,118 | 10,107 | 84 | ||||
| Stockholm | Meteorologen 4 | Finn Malmgrens Väg 9 | 1991 | Residential | Yes | 399 | 725 | 1,124 | 24 | ||||
| Stockholm | Meteorologen 5 | Finn Malmgrens Väg 11 | 1991 | Residential | Yes | 1,090 | 74 | 1,235 | 2,399 | 48 | |||
| Stockholm | Murmästaren 3 | Garvargatan 10 | 1926 | Other | 16,423 | 16,423 | |||||||
| Stockholm | Magneten 32 | Voltavägen 13 | 1982 | Office | 6,539 | 450 | 3,118 | 10,107 | 84 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stockholm | Meteorologen 4 | Finn Malmgrens Väg 9 | 1991 | Residential | Yes | 399 | 725 | 1,124 | 24 | |||||
| Stockholm | Meteorologen 5 | Finn Malmgrens Väg 11 | 1991 | Residential | Yes | 1,090 | 74 | 1,235 | 2,399 | 48 | ||||
| Stockholm | Murmästaren 3 | Garvargatan 10 | 1926 | Other | 16,423 | 16,423 | ||||||||
| Stockholm | Murmästaren 7 | Hantverkargatan 31 | 1929 | Office | 2,448 | 462 | 84 | 83 | 3,077 | 105 | ||||
| Stockholm | Murmästaren 9 | Hantverkargatan 21 | 1929 | Residential | 1,419 | 756 | 6 | 2,444 | 4,625 | 135 | ||||
| Stockholm | Prästgårdsängen 3 | Götalandsvägen 218 | 1986 | Office | Yes | 5,405 | 847 | 39 | 6,291 | 65 | ||||
| Stockholm | Silket 2 | Brommabågen 4 | 1941 | Retail | Yes | 174 | 602 | 94 | 555 | 7 | 1,432 | 28 | ||
| Stockholm | Singeln 9 | Sorterargatan 8 | 1970 | Office | Yes | 5,139 | 103 | 5,242 | 32 | |||||
| Stockholm | Skeppshandeln 1 | Hammarby Allé 45 | 2013 | Hotel | 2,143 | 3,033 | 210 | 8,550 | 13,936 | 439 | ||||
| Stockholm | Snöflingan 3 | Drottningsholmsvägen 59 | 2009 | Hotel | 22,000 | 22,000 | 489 | |||||||
| Stockholm | Spelbomskan 14 | Gyldéngatan 6, Sandåsgatan 2 | 1939 | Other | 147 | 2,553 | 2,700 | |||||||
| Stockholm | Spårvagnen 4 | Birger Jarlsgatan 57 | 1995 | Office | 18,933 | 3,084 | 962 | 191 | 23,170 | 999 | ||||
| Stockholm | Tre Vapen 7 | Valhallavägen 185 | 2004 | Other | 2,390 | 333 | 9,018 | 11,741 | ||||||
| Stockholm | Tråden 1 | Brommaplan 418–420 | 1941 | Retail | Yes | 555 | 41 | 537 | 1,133 | 22 | ||||
| Stockholm | Varmvattnet 3 | Esbogatan 8 | 1977 | Retail | Yes | 15,000 | 18,009 | 33,009 | 215 | |||||
| Stockholm | Vattenkraften 1 | Solkraftsvägen 13 | 1989 | Office | Yes | 6,576 | 734 | 25 | 3,689 | 4 | 11,028 | 46 | ||
| Stockholm | Vilunda 6:48 | Hotellvägen 1 | 1986 | Hotel | 6,955 | 6,955 | 63 | |||||||
| Stockholm | Årstaäng 4 | Fredsborgsgatan 24 | 1966 | Office | Yes | 1,547 | 84 | 4,182 | 3 | 5,816 | 57 | |||
| Stockholm | Årstaäng 6 | Fredsborgsgatan 24 | 2015 | Office | Yes | 16,388 | 815 | 849 | 7 | 18,059 | 460 | |||
| Sundbyberg | Bivacken 2 | Kavallerivägen 24 | 1990 | Other | 4,017 | 499 | 95 | 70 | 2 | 4,683 | 42 | |||
| Sundbyberg | Bollspelaren 1 | Lötsjövägen 10 | 1993 | Other | 4,028 | 5,621 | 9,649 | |||||||
| Sundbyberg | Kartan 1 | Lötsjövägen 2 | 1971 | Other | 11,349 | 1,160 | 2,414 | 5,996 | 2 | 20,921 | 149 | |||
| Sundbyberg | Kasernen 1 | Kasernvägen 1 | 1940 | Other | 1,546 | 4 | 1,550 | |||||||
| Sundbyberg | Kasernen 2 | Kasernvägen 5 | 1940 | Other | 1,594 | 1,594 | ||||||||
| Sundbyberg | Kasernen 3 | Kasernvägen 3 | 1940 | Other | 1,551 | 1,551 | ||||||||
| Sundbyberg | Kvartermästaren 1 | Rissne torg 1 | 1984 | Retail | 470 | 1,657 | 87 | 1,916 | 6 | 4,136 | ||||
| Sundbyberg | Maden 4 | Madenvägen 7 | 1988 | Retail | Yes | 4,314 | 6,357 | 466 | 11,137 | 110 | ||||
| Sundbyberg | Muraren 9 | Järnvägsgatan 30 | 2002 | Residential | 4,037 | 19 | 3,166 | 1,069 | 8,291 | 142 | ||||
| Sundbyberg | Terränglöparen 11 | Hallonbergsplan 1 | 1984 | Office | 7,475 | 5,845 | 2,738 | 3,810 | 4,871 | 24,739 | 155 | |||
| Year of | Lettable area, sq.m. | Tax | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name of | construction | Property | Site lease | Industrial/ | Education/ | assessment | ||||||||
| Municipality | property | Address | or value | category | hold right | Office | Retail | Warehouse | Care | Hotel Residential | Other | Total | value, SEKm | |
| Södertälje | Grävmaskinen 23 | Morabergsvägen 1 | 1973 | Retail | 2,391 | 2,391 | 4 | |||||||
| Södertälje | Yxan 8 | Täppgatan 15 | 1975 | Hotel | 14,115 | 14,115 | 102 | |||||||
| Uppsala | Berthåga 53:1 | Naturstensvägen 101 | 2007 | Residential | 3,814 | 3,814 | 60 | |||||||
| Uppsala | Denmarks-Säby 11:1 | Kumlagatan 12 | 2012 | Retail | 20,727 | 712 | 21,439 | 191 | ||||||
| Uppsala | Dragarbrunn 16:4 | Dragarbrunns torg 18 | 1962 | Hotel | 680 | 51 | 5,259 | 5,990 | 111 | |||||
| Uppsala | Kvarngärdet 3:2 | Gamla Uppsalagatan 50 | 1983 | Hotel | 7,518 | 7,518 | 54 | |||||||
| Uppsala | Årsta 68:1 | Fyrislundsgatan 75 | 1976 | Retail | 7,558 | 7,558 | 61 | |||||||
| Uppsala | Årsta 94:1 | Stålgatan 101 | 1988 | Residential | 5,274 | 39 | 5,313 | 83 | ||||||
| Uppsala | Årsta 95:1 | Stålgatan 35 | 2005 | Residential | 4,125 | 8 | 4,133 | 62 | ||||||
| Örebro | Stjärnregnet 1 | Otto E Andersens gata 1 | 1979 | Retail | Yes | 4,341 | 4,341 | 30 | ||||||
| Total Stockholm Region | 189,971 | 108,976 | 27,508 | 62,195 | 116,621 | 157,178 | 36,094 | 698,543 | 9,749 | |||||
| GOTHENBURG REGION | ||||||||||||||
| Ale | Nödinge 38:14 | Ale Torg 10 | 2007 | Retail | 3,920 | 10,032 | 30 | 13,982 | 94 | |||||
| Ale | Surte 1:245 | Gothenburgsvägen 64 B | 1967 | Residential | 215 | 337 | 1,216 | 90 | 1,858 | 17 | ||||
| Ale | Surte 1:293 | Gothenburgsvägen 93 A | 1946 | Residential | 424 | 356 | 780 | |||||||
| Ale | Surte 1:294 | Brattåsstigen 6 | 1992 | Residential | 455 | 330 | 785 | |||||||
| Ale | Surte 4:119 | Gothenburgsvägen 64 | 1987 | Retail | 808 | 1,440 | 277 | 462 | 114 | 3,101 | 19 | |||
| Alingsås | Bagaren 14 | Hantverksgatan 2 | 1991 | Residential | 556 | 556 | 8 | |||||||
| Alingsås | Bagaren 2 | Hantverksgatan 4 | 1992 | Residential | 424 | 9 | 433 | 6 | ||||||
| Alingsås | Björkhagen 1 | Björkhagegatan 2 A | 2008 | Residential | 3,212 | 3,212 | 60 | |||||||
| Alingsås | Bolltorp 4:13 | Bolltorp | 2003 | Residential | 14,166 | 14,166 | 249 | |||||||
| Alingsås | Dryckeshornet 1 | Bankgatan 1 | 1911 | Hotel | 219 | 5,362 | 5,581 | 36 | ||||||
| Alingsås | Safiren 1 | Safirgatan 6 A | 1993 | Residential | 4,342 | 4,342 | 64 | |||||||
| Alingsås | Skyffeln 2 | Aleforsvägen 9 | 1973 | Office | 210 | 5,716 | 5,926 | 18 | ||||||
Alingsås Smedjan 3 Malmgatan 6 A 1953 Retail 2,807 15 2,822 7 Borås Bulten 1 Verkstadsgatan 3 1901 Retail 1,815 1,815 6 Borås Plutonen 1 Pickesjövägen 2 2011 Retail 40 12,318 762 13,120 66 Borås Vattnet 4 Elementgatan 8 2018 Retail 7,716 7,716 41 Borås Vindtyget 6 Ödegärdsgatan 2 A 2012 Retail 3,350 3,350 21 Gothenburg Askim 243:20 Askims Torg 1972 Office 1,803 638 553 1,385 4,379 29 Gothenburg Backa 169:2 Södra Deltavägen 3 B 1994 Retail 3,615 3,615 47 Gothenburg Backa 169:3 Södra Deltavägen 3 A 2006 Retail 1,975 1,975 45 Gothenburg Backa 171:3 Backavägen 1 1955 Retail 4,334 4,334 53 Gothenburg Backa 171:4 Backavägen 3 1990 Office 4,932 2,930 308 8,170 108 Gothenburg Backa 21:14 Exportgatan 47 B 1989 Other 608 1,784 108 2,500 13 Gothenburg Bagaregården 5:8 Kungälvsgatan 6 A 1929 Residential 584 584 16 Gothenburg Bagaregården 5:9 Kungälvsgatan 6 A 1929 Residential 588 588 16 Gothenburg Bergsjön 34:1 Atmosfärgatan 1 1970 Residential 115 281 22,336 22,732 204 Gothenburg Bergsjön 9:6 Kosmosgatan 1 1967 Residential 77 162 399 43,993 3,482 48,113 397 Gothenburg Biskopsgården 7:1 Långströmsgatan 26 1967 Residential Yes 388 15,278 15,666 136 Gothenburg Biskopsgården 7:2 Långströmsgatan 14 C 1967 Residential Yes 145 153 13,855 14,153 126
| Year of | Lettable area, sq.m. | Tax | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Municipality | Name of property |
Address | construction or value |
Property category |
Site lease hold right |
Office | Retail | Industrial/ Warehouse |
Education/ Care |
Hotel Residential | Other | Total | assessment value, SEKm |
|
| Gothenburg | Biskopsgården 7:3 | Långströmsgatan 10 A | 1968 | Residential | Yes | 161 | 13,988 | 14,149 | 122 | |||||
| Gothenburg | Brämaregården 72:4 | Hisingsgatan 28 | 1959 | Office | Yes | 2,495 | 889 | 42 | 20 | 3,446 | 29 | |||
| Gothenburg | Bur 134:1 | Oxholmsgatan 28 | 1989 | Residential | Yes | 302 | 302 | |||||||
| Gothenburg | Bö 93:2 | Sofierogatan 1 | 1940 | Office | 8,304 | 472 | 316 | 9,092 | 119 | |||||
| Gothenburg | Gamlestaden 25:11 | Marieholmsgatan 4 | 1990 | Office | Yes | 3,809 | 178 | 70 | 4,057 | 28 | ||||
| Gothenburg | Gamlestaden 26:13 | Vassgatan 3 | 1988 | Office | Yes | 3,803 | 6,363 | 3,991 | 14,157 | 64 | ||||
| Gothenburg | Gullbergsvass 11:2 | Gullbergs Strandgata 40 | 1977 | Other | Yes | 5,865 | 5,865 | 27 | ||||||
| Gothenburg | Gårda 15:1 | Fabriksgatan 7 | 1929 | Office | 7,144 | 207 | 487 | 7,838 | 194 | |||||
| Gothenburg | Gårda 15:1 (15:12) | Drakegatan 2 | 1937 | Residential | 1,583 | 87 | 6,717 | 8,387 | 237 | |||||
| Gothenburg | Gårda 70:9 | Kobbarnasväg 17 | 1985 | Residential | 1,519 | 1,519 | 39 | |||||||
| Gothenburg | Gothenburg Tuve 116:6 | Grimbodalen 6 | 2008 | Retail | 3,213 | 3,213 | 22 | |||||||
| Gothenburg | Heden 24:11 | Engelbrektsgatan 73 | 1964 | Hotel | Yes | 17,875 | 17,875 | 305 | ||||||
| Gothenburg | Heden 47:3 | Parkgatan 49 | 2015 | Office | 5,788 | 472 | 50 | 1,231 | 7,541 | 271 | ||||
| Gothenburg | Högsbo 1:1 | J A Wettergrensgata 7 | 1967 | Office | 11,165 | 3,527 | 124 | 14,816 | 66 | |||||
| Gothenburg | Högsbo 11:10 | Victor Hasselbladsgata 8 | 1982 | Office | 4,050 | 4,050 | 20 | |||||||
| Gothenburg | Högsbo 23:4 | Gustaf Werners Gata 1 | 2008 | Retail | 1,698 | 31,250 | 274 | 94 | 33,316 | 451 | ||||
| Gothenburg | Högsbo 36:2 | Norra Långebergsgatan 2 | 1974 | Retail | 5,597 | 456 | 6,053 | 46 | ||||||
| Gothenburg | Högsbo 36:8 | Hulda Mellgrensgata 11 | 1992 | Retail | 2,448 | 2,448 | 33 | |||||||
| Gothenburg | Högsbo 38:17 | Sisjö Kullegata 5 | 1986 | Office | 1,680 | 26 | 1,706 | 15 | ||||||
| Gothenburg | Högsbo 38:20 | Sisjö Kullegata 6 | 1989 | Office | 2,010 | 780 | 2,790 | 22 | ||||||
| Gothenburg | Högsbo 38:8 | Sisjö Kullegata 8 | 1990 | Office | 5,409 | 1,340 | 6,749 | 62 | ||||||
| Gothenburg | Inom Vallgraven 1:13 | Drottninggatan 62 | 1986 | Hotel | 26,656 | 26,656 | 460 | |||||||
| Gothenburg | Inom Vallgraven 14:1 | Södra Hamngatan 2 | 1907 | Other | 1,732 | 3,129 | 4,861 | 114 | ||||||
| Gothenburg | Inom Vallgraven 15:3 | Drottninggatan 30 | 1980 | Office | 3,847 | 379 | 169 | 4,395 | 124 | |||||
| Gothenburg | Inom Vallgraven 16:21 | Drottninggatan 10 | 1882 | Office | 2,370 | 352 | 86 | 200 | 3,008 | 91 | ||||
| Gothenburg | Inom Vallgraven 19:4 | Drottninggatan 31 | 1929 | Office | 859 | 236 | 1,095 | 30 | ||||||
| Gothenburg | Inom Vallgraven 19:6 | Drottninggatan 35 | 1929 | Office | 525 | 510 | 1,035 | 25 | ||||||
| Gothenburg | Inom Vallgraven 2:2 | Drottninggatan 69 | 1853 | Office | 1,038 | 254 | 1,292 | 42 | ||||||
| Gothenburg | Inom Vallgraven 20:8 | Östra Hamngatan 37 | 1993 | Office | 587 | 514 | 6 | 1,107 | 40 | |||||
| Gothenburg | Inom Vallgraven 22:6 | Kungsgatan 41 | 1869 | Office | 405 | 468 | 873 | 43 | ||||||
| Gothenburg | Inom Vallgraven 33:7 | Magasinsgatan 26 | 1929 | Office | 2,189 | 926 | 21 | 258 | 387 | 3,781 | 82 | |||
| Gothenburg | Inom Vallgraven 36:4 | Kaserntorget 11 A | 1912 | Office | 3,154 | 10 | 9,494 | 3,840 | 16,498 | |||||
| Gothenburg | Inom Vallgraven 4:2 | Lilla Kungsgatan 1 | 1929 | Office | 2,068 | 630 | 62 | 1,001 | 3,761 | 98 | ||||
| Gothenburg | Inom Vallgraven 4:4 | Lilla Kungsgatan 3 | 1929 | Office | 5,819 | 5,819 | 105 | |||||||
Gothenburg Inom Vallgraven 4:5 Bastionsplatsen 2 2019 Office 2,260 770 55 500 3,585
Gothenburg Inom Vallgraven 54:10 Lilla Torget 3 1929 Office 700 175 875 16 Gothenburg Inom Vallgraven 54:9 Lilla Torget 4 1929 Office 757 8 765 18 Gothenburg Inom Vallgraven 58:6 Kungsgatan 34 1989 Office 2,816 328 10 1,374 4,528 159 Gothenburg Inom Vallgraven 8:1 Kyrkogatan 29 –31 1850 Retail 1,526 1,668 5 3,199 137 Gothenburg Inom Vallgraven 8:14 Kungsgatan 54 1929 Office 1,318 1,606 2,924 116 Gothenburg Inom Vallgraven 8:19 Kungsgatan 56 1962 Office 801 509 1,310 66
| Year of | Lettable area, sq.m. | Tax | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Municipality | Name of property |
Address | construction or value |
Property category |
Site lease hold right |
Office | Retail | Industrial/ Warehouse |
Education/ Care |
Hotel Residential | Other | Total | assessment value, SEKm |
| Gothenburg | Inom Vallgraven 8:20 | Kyrkogatan 33 | 1940 | Retail | 803 | 803 | 21 | ||||||
| Gothenburg | Järnbrott 145:6 | Svängrumsgatan 45 | 1963 | Residential | Yes | 3,899 | 8 | 3,907 | 82 | ||||
| Gothenburg | Kobbegården 6:169 | Datavägen 18 | 1980 | Office | 1,608 | 1,608 | 7 | ||||||
| Gothenburg | Kobbegården 6:170 | Datavägen 16 | 1985 | Office | 1,574 | 1,574 | 8 | ||||||
| Gothenburg | Kobbegården 6:259 | Datavägen 41 | Office | 3 | |||||||||
| Gothenburg | Kobbegården 6:261 | Datavägen 37 | 1976/1981 | Office | 2,896 | 386 | 5,670 | 8,952 | 52 |
| Gothenburg | Kobbegården 6:261 | Datavägen 37 | 1976/1981 | Office | 2,896 | 386 | 5,670 | 8,952 | 52 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gothenburg | Kobbegården 6:56 | Datavägen 12 B | 1981 | Office | 1,530 | 1,353 | 2,883 | 16 | ||||||
| Gothenburg | Kobbegården 6:725 | Datavägen 12 A | 1988 | Office | 3,268 | 3,268 | 36 | |||||||
| Gothenburg | Kvillebäcken 16:10 | Färgfabriksgatan 7 | 1965 | Other | 100 | 1,876 | 527 | 985 | 3,488 | 8 | ||||
| Gothenburg | Kvillebäcken 16:11 | Gamla Björlandavägen 2 | 1966 | Office | 3,152 | 854 | 217 | 4,316 | 8,539 | 43 | ||||
| Gothenburg | Kvillebäcken 61:5 | Ångpannegatan 1 | 1945 | Office | 1,505 | 1,505 | 2 | |||||||
| Gothenburg | Kvillebäcken 61:8 | Turbingatan 1 | 1901 | Office | 2,059 | 2,059 | 12 | |||||||
| Gothenburg | Kålltorp 36:7 | Solrosgatan 13 A | 1935 | Residential | 769 | 105 | 874 | 20 | ||||||
| Gothenburg | Kålltorp 39:1 | Råstensgatan 2 A | 1936 | Residential | 791 | 791 | 20 | |||||||
| Gothenburg | Kärra 32:22 | Tagenevägen 26 | 1980 | Retail | Yes | 2,800 | 2,800 | 20 | ||||||
| Gothenburg | Kärra 73:1–2 | Tagenevägen 17 A | 1971 | Retail | 192 | 4,160 | 220 | 4,572 | 28 | |||||
| Gothenburg | Kärra 95:3 | Orrekulla Industrigata 14 | 1990 | Retail | 7,080 | 129 | 7,209 | 56 | ||||||
| Gothenburg | Lindholmen 29:1 | Theres Svenssons Gata 15 | 2002 | Office | 11,297 | 475 | 86 | 31 | 11,889 | 301 | ||||
| Gothenburg | Lindholmen 39:2 | Lindholmspiren 4 | 2013 | Hotel | 13,299 | 13,299 | 299 | |||||||
| Gothenburg | Lorensberg 45:20 | Kungsportsavenyen 6 –8 | 1971 | Hotel | 1,357 | 2,305 | 3,662 | 136 | ||||||
| Gothenburg | Lorensberg 46:1 | Kungsportsavenyen 3 | 1929 | Retail | 737 | 1,831 | 42 | 316 | 2,926 | 66 | ||||
| Gothenburg | Lorensberg 46:10 | Kungsportsavenyen 17 | 1944 | Office | 1,053 | 572 | 1,625 | 48 | ||||||
| Gothenburg | Lorensberg 46:11 | Teatergatan 18 | 1929 | Retail | 1,203 | 1,203 | 23 | |||||||
| Gothenburg | Lorensberg 46:12 | Kungsportsavenyen 11 | 1929 | Retail | 2,394 | 2,394 | 66 | |||||||
| Gothenburg | Lorensberg 46:5 | Kungsportsavenyen 7 | 1929 | Retail | 201 | 766 | 967 | 27 | ||||||
| Gothenburg | Lorensberg 46:6 | Kungsportsavenyen 9 | 1950 | Retail | 1,176 | 1,176 | 37 | |||||||
| Gothenburg | Lorensberg 49:2 | Storgatan 33 | 1983 | Hotel | 1,500 | 1,500 | 23 | |||||||
| Gothenburg | Lorensberg 55:15 | Södra Vägen 23 | 1969 | Office | 2,700 | 8,690 | 336 | 13,158 | 24,884 | 851 | ||||
| Gothenburg | Lorensberg 55:4 | Södravägen 27 | 1968 | Office | 120 | 3,308 | 3,428 | |||||||
| Gothenburg | Lorensberg 55:8 | Lorensbergsgatan 16 | 1968 | Office | 24 | |||||||||
| Gothenburg | Lunden 45:2 | Platågatan 3 A | 1986 | Residential | 625 | 625 | 16 | |||||||
| Gothenburg | Masthugget 11:13 | Andra Långgatan 29 | 1970 | Office | 17,632 | 2,840 | 945 | 2,046 | 7,706 | 1,445 | 32,614 | 546 | ||
| Gothenburg | Nordstaden 10:15 | Köpmansgatan 27 | 1929 | Office | 1,031 | 590 | 36 | 812 | 2,469 | 99 | ||||
| Gothenburg | Nordstaden 10:16 & 10:17 | Köpmansgatan 29 | 2008 | Hotel | 113 | 7,753 | 7,866 | 193 | ||||||
| Gothenburg | Olskroken 10:5 | Olskroksgatan 30 | 1985 | Office | 1,920 | 81 | 2,532 | 4,533 | ||||||
| Gothenburg | Olskroken 25:11 | Falkgatan 7 | 1932 | Other | 1,969 | 292 | 2,261 | |||||||
| Gothenburg | Rud 8:10 | Munspelsgatan 10 | 1962 | Residential | 255 | 614 | 43,673 | 988 | 45,530 | 729 | ||||
| Gothenburg | Rud 8:12 | Lergöksgatan 2 AA | 2019 | Other | 2,790 | 2,790 | 62 | |||||||
| Gothenburg | Rud 8:22 | Munspelsgatan 18 | 2019 | Other | 9 | |||||||||
| Gothenburg | Sannegården 25:1 | Säterigatan 20 | 1971 | Office | 3,482 | 192 | 3,674 | 24 | ||||||
| Gothenburg | Sannegården 28:5 | Sjöporten 1 | 1945 | Hotel | 69 | 307 | 1,161 | 1,537 | 17 | |||||
| Gothenburg | Stampen 7:12 | Burggrevegatan 25 | 1901 | Hotel | 3,533 | 3,533 | 86 | |||||||
| Year of | Lettable area, sq.m. | Tax | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Municipality | Name of property |
Address | construction or value |
Property category |
Site lease hold right |
Office | Retail | Industrial/ Warehouse |
Education/ Care |
Hotel Residential | Other | Total | assessment value, SEKm |
|
| Gothenburg | Tingstadsvassen 3:6 | Krokegårdsgatan 3 | 1944 | Retail | 128 | 3,426 | 100 | 6 | 3,660 | 77 | ||||
| Gothenburg | Tingstadsvassen 3:7 | Krokegårdsgatan 7 | 1987 | Retail | 5,243 | 5,243 | 116 | |||||||
| Gothenburg | Tingstadsvassen 3:8 | Krokegårdsgatan 5 | 1991 | Retail | 4,865 | 4,865 | 126 | |||||||
| Gothenburg | Tingstadsvassen 4:3 | Krokegårdsgatan 1 | 1986 | Retail | 502 | 3,268 | 15 | 3,785 | 85 | |||||
| Gothenburg | Torslanda 153:1 | Mossfyndsgatan 15 | 1989 | Residential | Yes | 362 | 362 | |||||||
| Gothenburg | Torslanda 155:3 | Mossfyndsgatan 10 | 1989 | Residential | Yes | 300 | 300 | |||||||
| Gothenburg | Torslanda 95:1 | Torslanda Torg 2 | 1973 | Retail | 231 | 4,578 | 26 | 871 | 968 | 6,674 | 51 | |||
| Gothenburg | Uggledal 408:1 | Uggledalsvägen 13 | 2010 | Office | 3,200 | 3,200 | 23 | |||||||
| Gothenburg | Utby 39:11 | Västra Tvärskedet 3 | 1990 | Residential | 116 | 351 | 467 | |||||||
| Jönköping | Visionen 4 | Bataljonsgatan 14 | 2016 | Retail | 22,448 | 385 | 22,833 | 166 | ||||||
| Kungsbacka | Bolsheden 1:18 | Bolshedens Industriväg 35 | 2006 | Office | 2,718 | 1,745 | 4,463 | 26 | ||||||
| Kungsbacka | Bolsheden 1:48 | Bolshedens Industriväg 30 | 1992 | Office | 699 | 3,701 | 4,400 | 19 | ||||||
| Kungsbacka | Hede 4:14 | Hedebrovägen 15 | 2011 | Retail | 4,177 | 4,177 | 29 | |||||||
| Kungsbacka | Kungsbacka 6:28 | Smörhålevägen 1 | 1993 | Other | 456 | 2,219 | 2,675 | |||||||
| Kungsbacka | Kungsbacka 6:29 | Smörhålevägen 3–5 | 1993 | Other | 2,585 | 603 | 1,723 | 4,911 | ||||||
| Kungsbacka | Spekedal 1:104 | Kopparvägen 4–14 | 1988 | Residential | 2,519 | 2,519 | 27 | |||||||
| Kungsbacka | Spekedal 1:92 | Gottskärsvägen 28 | 1987 | Residential | 681 | 681 | 6 | |||||||
| Kungsbacka | Varla 2:367 | Energigatan 3 | 1986 | Other | 563 | 563 | 3 | |||||||
| Kungsbacka | Varla 2:394 | Energigatan 5 A-C | 1987 | Other | 685 | 685 | 4 | |||||||
| Kungsbacka | Varla 2:429 | Magasinsgatan 2 A | 2004 | Other | 1,172 | 1,172 | 8 | |||||||
| Kungsbacka | Verkmästaren 10 | Hantverksgatan 3 | 1975 | Office | 3,471 | 3,471 | 15 | |||||||
| Kungsbacka | Ysby 2:25 | Klovstensvägen 13–17 | Other | |||||||||||
| Kungälv | Krabbetornet 1 & 35 | Västra Gatan 84 | 1938 | Retail | 391 | 840 | 272 | 1,503 | 15 | |||||
| Kungälv | Rhodin 19 | Strandgatan 77 | 1967 | Retail | 2,822 | 91 | 7 | 2,920 | 30 | |||||
| Kungälv | Skatan 1 | Christian IV:s väg 1 | 1976 | Office | 1,489 | 1,489 | 7 | |||||||
| Kungälv | Skomakaren 10 | Fabriksgatan 10 | 1988 | Office | 1,781 | 478 | 79 | 1,474 | 308 | 4,120 | ||||
| Kungälv | Slottsträdgården 5 | Gamla Torget | 1958 | Hotel | 6,100 | 6,100 | 31 | |||||||
| Kungälv | Stopet 1 | Fräkne Gränd 20 | 2018 | Residential | 221 | 7,869 | 8,090 | 126 | ||||||
| Lerum | Floda 3:121 | Gamla Vägen 26 | 1991 | Residential | 1,016 | 1,016 | 14 | |||||||
| Lerum | Lerum 43:21 | Skattegårdsbacken 10 | 1991 | Residential | 1,383 | 1,383 | 3 | |||||||
| Lerum | Torp 1:328 | Lindvägen 34 A | 1988 | Residential | 428 | 11 | 439 | 5 | ||||||
| Mariestad | Enen 23 | Viktoriagatan 16 | 1985 | Retail | 3,889 | 1,952 | 5,841 | 42 | ||||||
| Mariestad | Furan 11 | Stockholmsvägen 23 | 1962 | Residential | 121 | 1,620 | 637 | 2,378 | 45 | |||||
| Mariestad | Furan 12 | Stockholmsvägen 25 | 1962 | Residential | 6 | 4,254 | 4,260 | |||||||
| Mariestad | Fårtickan 1 | Bergsgatan 20 | 1968 | Residential | 4,632 | 4,632 | 34 | |||||||
| Mariestad | Granen 8 | Viktoriagatan 17 | Other | |||||||||||
| Mariestad | Hunden 3 | Nya Torget 1 | 1965 | Retail | 2,187 | 260 | 158 | 1,251 | 3,856 | 16 | ||||
| Mariestad | Murklan 1 | Bergsgatan 18 | 1968 | Residential | 12,597 | 12,597 | 91 | |||||||
| Mariestad | Staren 8 | Nygatan 14 | 1966 | Retail | 305 | 1,596 | 65 | 46 | 2,012 | 8 | ||||
| Mölndal | Fallström 14 | Fallströmsgatan 1 | 1996 | Office | 89 | 842 | 931 | |||||||
| Mölndal | Gaslyktan 2 | Argongatan 20 | 1981 | Retail | 3,483 | 81 | 3,564 | 31 | ||||||
| Mölndal | Gaslyktan 8 | Argongatan 8 | 1977 | Office | 478 | 5,913 | 6,391 | 35 | ||||||
| ON | O BAI |
|---|---|
| DER |
| Year of | Lettable area, sq.m. | Tax | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Municipality | Name of property |
Address | construction or value |
Property category |
Site lease hold right |
Office | Retail | Industrial/ Warehouse |
Education/ Care |
Hotel Residential | Other | Total | assessment value, SEKm |
|
| Mölndal | Leoparden 2 | Gothenburgsvägen 129 | 1923 | Retail | 1,476 | 20,669 | 495 | 22,640 | 125 | |||||
| Mölndal | Pekdonet 1 | Betagatan 2 | Project, land | |||||||||||
| Mölndal | Pianot 5 | Bäckstensgatan 13 | 2009 | Retail | 2,493 | 2,493 | 22 | |||||||
| Mölndal | Presenten 1 | Flöjelbergsgatan 24 | 2001 | Retail | 774 | 12,726 | 77 | 13,577 | 96 | |||||
| Mölndal | Presenten 2 | Flöjelbergsgtan 22 | 1978 | Retail | 2,250 | 75 | 2,325 | 12 | ||||||
| Mölndal | Stockrosen 10 | Norra Ågatan 26 C | 1973 | Office | 1,520 | 53 | 35 | 1,608 | 13 | |||||
| Mölndal | Stockrosen 3 | Norra Ågatan 38 | 1964 | Office | 1,073 | 408 | 4,548 | 190 | 6,219 | 21 | ||||
| Mölndal | Stockrosen 6 | Norra Ågatan 34 | 1948 | Office | 551 | 1,212 | 252 | 2,015 | 14 | |||||
| Skövde | Dagsländan 10 | Barkvägen 10 A | 1972 | Residential | 222 | 22,212 | 22,434 | 172 | ||||||
| Skövde | Ekoxen 10 | Barkvägen 32 | 1974 | Residential | 2,406 | 346 | 21,927 | 5,656 | 30,335 | 203 | ||||
| Skövde | Mellomkvarn 1 | Mellomkvarnsvägen 2 | 1972 | Retail | 10,959 | 10,959 | 37 | |||||||
| Skövde | Smeden 5 | Petter Heléns Gata 2 | 1976 | Office | Yes | 2,434 | 2,434 | 16 | ||||||
| Skövde | Storängen 13 | Kåsatorpsvägen 5 | 1992 | Office | 2,205 | 70 | 2,275 | 13 | ||||||
| Trollhättan | Fullriggaren 1 | Sandviksvägen 2 | 1990 | Retail | 2,200 | 2,200 | 9 | |||||||
| Trollhättan | Fullriggaren 6 | Överbyvägen 29 | 2020 | Retail | 2,000 | 2,000 | 10 | |||||||
| Trollhättan | Hoppet 1 | Drottninggatan 13, Staveredsg 19 | 1992 | Residential | 295 | 2,341 | 265 | 2,901 | 35 | |||||
| Trollhättan | Plogen 1 | Lantmannavägen | 1969 | Residential | Yes | 32 | 316 | 11,166 | 11,514 | 82 | ||||
| Trollhättan | Plogen 2 | Lantmannavägen | 1967 | Residential | Yes | 10,555 | 176 | 10,731 | 64 | |||||
| Trollhättan | Propellern 7 | Saabvägen 1 | 1992 | Office | 4,759 | 9 | 4,768 | 14 | ||||||
| Trollhättan | Sjöfrun 5 | Magasinsg 4 A–4 B, Storgatan 35 | 1936 | Residential | 193 | 1,367 | 161 | 1,721 | 19 | |||||
| Trollhättan | Strandpiparen 12 | Slättbergsvägen 22 | 1952 | Residential | 14 | 640 | 110 | 764 | 8 | |||||
| Trollhättan | Svan 7 | Storgatan 47 | 1989 | Hotel | 11,632 | 11,632 | 51 | |||||||
| Trollhättan | Venus 9 | Föreningsg 10 A–10 C, Österlångg 44–46 |
1989 | Residential | 1,250 | 475 | 1,594 | 3,319 | 29 | |||||
| Uddevalla | Bagge 7 | Kungsgatan 10 | 1968 | Retail | 1,050 | 1,569 | 103 | 2,722 | 21 | |||||
| Uddevalla | Frölandsgärdet 2 | Brunegårdsvägen 5 | 1989 | Retail | 5,614 | 136 | 5,750 | 20 | ||||||
| Uddevalla | Kålgården 51 | Kyrkogårdsgatan 1, 3, 5 | 1930 | Hotel | 1,027 | 590 | 500 | 294 | 6,500 | 10 | 8,921 | 49 | ||
| Uddevalla | Sälghugget 1 | Lillbräckegatan | 1972 | Residential | Yes | 243 | 239 | 206 | 14,456 | 15,144 | 151 | |||
| Varberg | Kardanen 4 | Kardanvägen 6 A | 1991 | Retail | 3,847 | 3,847 | 14 | |||||||
| Total Gothenburg Region | 196,513 | 269,268 | 77,054 | 25,220 | 120,419 | 329,411 | 46,298 1,064,183 | 12,591 | ||||||
| COPENHAGEN REGION | ||||||||||||||
| Greve | Matr.nr. 6os | Ventrupparken 6 | 2010 | Other | 4,909 | 4,909 | |||
|---|---|---|---|---|---|---|---|---|---|
| Copenhagen | Matr.nr 1002 d Sundby Overdrev | Hannemanns Allé | 2018 | Residential | 7,137 | 7,137 | |||
| Copenhagen | Matr.nr 1034, 1035, 955a Sundby Overdrev |
Else Alfelts Vej 85–89, 95–101, Richard Mortensens Vej 84–88 |
2016 | Residential | 18,234 | 18,234 | |||
| Copenhagen | Matr.nr 1041 Sundby øster | Lergravsvej nr. 64–76, Øresundsvej 145–159 |
2017/2018 | Residential | 232 | 41,395 | 139 | 41,766 | |
| Copenhagen | Matr.nr 130 & 158 Vestervold Kvarter | Colbjørnsensgade 13 | 1889 | Hotel | 6,380 | 6,380 | |||
| Copenhagen | Matr.nr 1565 Udenbys Vester | Havneholmen 12 B– G, 14 B– G | 2016 | Residential | 17,286 | 252 | 17,538 | ||
| Copenhagen | Matr.nr 2406 Udenbys Klædebo Kvarter |
Marskens Gade 1–35, Borgm. Jensens Allé 11–41, Serridslevvej 4–22 |
1996 | Residential | 43,684 | 43,684 |
| Year of | Lettable area, sq.m. | Tax | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Municipality | Name of property |
Address | construction or value |
Property category |
Site lease hold right |
Office | Retail | Industrial/ Warehouse |
Education/ Care |
Hotel Residential | Other | Total | assessment value, SEKm |
|
| Copenhagen | Matr.nr 274 Vestervold kvarter | Jernbanegade 8 | 1912 | Other | 5,300 | 5,300 | ||||||||
| Copenhagen | Matr.nr 329 Vestervold Kvarter | Bernstorffsgade 4 | 1913 | Hotel | 5,310 | 5,310 | ||||||||
| Copenhagen | Matr.nr 371 Vestervold Kvarter | Vester Farimagsgade 33 | 1950 | Hotel | 6,308 | 6,308 | ||||||||
| Copenhagen | Matr.nr 378 Vestervold Kvarter | Vester Farimagsgade 17 | 1957 | Hotel | 5 120 | 5,120 | ||||||||
| Copenhagen | Matr.nr 59o Hillerød Markjorder | Studiestræde 3–27, 3400 Hillerød | 2020 | Residential | 10,656 | 10,656 | ||||||||
| Copenhagen | Matr.nr 938 Østervold Kvarter | Oslo Plads 5 | 1958 | Hotel | 7,453 | 7,453 | ||||||||
| Copenhagen | Matr.nr 952 g Sundby Overdrev | Else Alfelts Vej 52 –58 | 2019 | Residential | 211 | 21,029 | 21,240 | |||||||
| Copenhagen | Matr.nr 954 b, Sundby Overdrev | Else Alfelts Vej 80 | 2017 | Residential | 15,035 | 15,035 | ||||||||
| Copenhagen | Matr.nr 957 og 980A Sundby Overdrev |
Richard Mortensens vej 60 | 2020 | Residential | 127 | 21,175 | 21,302 | |||||||
| Copenhagen | Matr.nr 964 a, Sundby Overdrev | Robert Jacobsens Vej 50 | 2019 | Residential | 95 | 20,830 | 20,925 |
Copenhagen Matr.nr 966 Sundby Overdrev Robert Jacobsens vej 93–101 2009 Residential 6,807 6,807 Copenhagen Matr.nr Vestervold kvarter 0273 Niels Brocks Gade 1 2017 Hotel 5,300 5,300
| Burlöv | Tågarp 16:12 | Testvägen 4 | 1990 | Retail | 3,174 | 3,174 | 14 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gislaved | Anderstorp 8:16 | Ågatan 35 | 1970 | Retail | 1,400 | 100 | 1,500 | 3 | ||||
| Halmstad | Eketånga 24:20 | Olofsdalsvägen 33 | 1973 | Retail | 5,836 | 5,836 | 30 | |||||
| Halmstad | Eketånga 24:47 | Olofsdalsvägen 37 | 2012 | Retail | 3,220 | 3,220 | 29 | |||||
| Halmstad | Stenalyckan 2 | Orkangatan 1 | 1992 | Retail | 3,750 | 3,750 | 17 | |||||
| Helsingborg | Amerika Södra 28 | Bryggaregatan 7 | 1950 | Residential | 561 | 501 | 20 | 5,094 | 1,363 | 7,539 | 111 | |
| Helsingborg | Huggjärnet 10 | Garnisonsgatan 5 | 1971 | Retail | 11,144 | 11,144 | 30 | |||||
| Helsingborg | Skalbaggen 15 | Gustav Adolfs Gata 13 | 1939 | Residential | 762 | 19 | 781 | 7 | ||||
| Helsingborg | Skalbaggen 16 | Gasverksgatan 32 A | 1935 | Residential | 195 | 2,155 | 65 | 2,415 | 22 | |||
| Helsingborg | Skalbaggen 17 | Gasverksgatan 34 | 1935 | Residential | 83 | 712 | 32 | 827 | 7 | |||
| Helsingborg | Skalbaggen 18 | Gasverksgatan 36 | 1933 | Residential | 34 | 818 | 66 | 918 | 7 | |||
| Helsingborg | Skalbaggen 19 | Gasverksgatan 38 | 1935 | Residential | 708 | 57 | 765 | 6 | ||||
| Helsingborg | Skalbaggen 20 | Gasverksgatan 40 | 1935 | Residential | 83 | 632 | 109 | 824 | 6 | |||
| Helsingborg | Skalbaggen 21 | Gasverksgatan 42 | 1935 | Residential | 711 | 103 | 814 | 7 | ||||
| Helsingborg | Skalbaggen 22 | Gasverksgatan 44 A | 1930 | Residential | 143 | 1,905 | 2,048 | 17 | ||||
| Helsingborg | Skalbaggen 23 | Gustav Adolfs Gata 17 | 1967 | Residential | 3,685 | 60 | 3,745 | 36 | ||||
| Helsingborg | Skalbaggen 24 | Gustav Adolfs Gata 15 | 1983 | Residential | 2,134 | 2,134 | 20 | |||||
| Helsingborg | Skalbaggen 7 | Drakegatan 5 | 1929 | Residential | 688 | 111 | 799 | 7 | ||||
| Helsingborg | Verdandi 1 | Bifrostgatan 71 | 2006 | Residential | 62 | 3,763 | 3,825 | 53 | ||||
| Helsingborg | Württemberg 20 | Furutorpsgatan 29 | 1937 | Retail | 1,392 | 6,168 | 15 | 4,786 | 1,314 | 13,675 | 146 | |
| Helsingborg | Zirkonen 3 | Andesitgatan 18 | 2016 | Retail | 5,500 | 5,500 | 42 | |||||
| Kristianstad | Hammar 9:184 | Blekingevägen 104 | 1989 | Retail | 5,135 | 5,135 | 12 | |||||
| Kristianstad | Hovrätten 41 | Västra Storgatan 13 | 1985 | Hotel | 380 | 7,075 | 7,455 | 40 | ||||
| Kristianstad | Topplocket 1 | Sävevägen 1 | 1999 | Retail | 6,509 | 6,509 | 37 | |||||
| Kristianstad | Traversen 1 | Hedentorpsvägen 14 A | 1990 | Retail | 2,172 | 2,172 | 7 | |||||
| Ljungby | Linné 9 | Fabriksgatan 5 | 1970 | Retail | 1,975 | 1,975 | 4 | |||||
| Year of | Lettable area, sq.m. | Tax | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Municipality | Name of property |
Address | construction or value |
Property category |
Site lease hold right |
Office | Retail | Industrial/ Warehouse |
Education/ Care |
Hotel Residential | Other | Total | assessment value, SEKm |
|
| Lund | Dioriten 1 | Brunnsgård, Råbyvägen 1 | 2001 | Office | 3,080 | 3,080 | 34 | |||||||
| Lund | Jöns Petter Borg 14 | Hedvig Möllers gata 2 | 2013 | Hotel | 8,462 | 8,462 | 73 | |||||||
| Lund | Kalkstenen 1 | Kalkstensvägen 32 | 2000 | Retail | 2,180 | 2,180 | 12 | |||||||
| Lund | Kopparkisen 13 | Porfyrvägen 11 | 1989 | Retail | 4,732 | 72 | 4,804 | 22 | ||||||
| Lund | Lagfarten 1 & 2 | Magistratsvägen 10 | 1968 | Office | 3,472 | 1,005 | 289 | 4,766 | 35 | |||||
| Lund | Porfyren 2 | Glimmervägen 3 | 1991 | Hotel | 15,711 | 15,711 | 105 | |||||||
| Lund | Rügen 1 | Stralsundsvägen 1–25 | 2006 | Residential | 3,085 | 3,085 | 51 | |||||||
| Lund | Rügen 2 | Stralsundsvägen 29 | 2006 | Residential | 5,264 | 526 | 5,790 | 95 | ||||||
| Malmö | Automobilen 1 | Jägersrovägen 100 | 1985 | Retail | Yes | 10,718 | 827 | 11,545 | 42 | |||||
| Malmö | Draglädret 1 | Jägersrovägen 179 | 1994 | Retail | 2,679 | 2,679 | 19 | |||||||
| Malmö | Grytan 4 | Agneslundsvägen 24 A-B | 2010 | Other | Yes | 2,400 | 2,400 | |||||||
| Malmö | Grytan 9 | Agneslundsvägen 22 | 2010 | Other | 98 | 164 | 185 | 11,923 | 1,366 | 262 | 13,998 | |||
| Malmö | Hans Michelsen 10 | Adelgatan 5 | 1963 | Hotel | 1,955 | 558 | 1,645 | 10 | 4,168 | 40 | ||||
| Malmö | Hästkälken 3 | Jägershillgatan 4 | 1979 | Retail | Yes | 2,290 | 2,290 | 11 | ||||||
| Malmö | Ledebur 15 | Amiralsgatan 20 | 1990 | Office | 6,113 | 1,300 | 7,413 | 87 | ||||||
| Malmö | Lejonet 1 | Isak Slaktaregatan 2 | 1991 | Hotel | 3,849 | 3,849 | 72 | |||||||
| Malmö | Lejonet 2 | Lilla Torg 1 | 1929 | Office | 4,064 | 1,256 | 72 | 314 | 5,706 | 130 | ||||
| Malmö | Rosen 9 | Engelbrektsgatan 2 | 1960 | Hotel | 1,430 | 9 | 9,777 | 11,216 | 161 | |||||
| Malmö | Spinneriet 8 | Baltzarsgatan 20 | 1957 | Office | 12,070 | 3,192 | 2,283 | 5,540 | 1,454 | 24,539 | 539 | |||
| Malmö | Spännbucklan 12 & 13 | Agnesfridsvägen 180 | 1983 | Retail | Yes | 5,320 | 5,320 | 26 | ||||||
| Malmö | Von Conow 54 | Baltzarsgatan 31 | 1964 | Office | 9,944 | 2,409 | 1,950 | 2,584 | 4,135 | 21,022 | 464 | |||
| Trelleborg | Lavetten 41 | Hedvägen 167–173 | 1987 | Retail | 990 | 990 | 5 | |||||||
| Trelleborg | Phylatterion 6 | Bryggaregatan 25–39 | 1991 | Retail | 3,520 | 1,563 | 5,083 | 17 | ||||||
| Trelleborg | Snickeriet 16 –17 and Verkstaden 11 | Maskingatan 1 | 1975 | Retail | 1,600 | 220 | 1,820 | 6 | ||||||
| Värnamo | Sjötungan 1 | Margretelundsvägen 2 | 1973 | Retail | 4,924 | 425 | 5,349 | 15 | ||||||
| Växjö | Elden Södra 17 | Biblioteksgatan 7 | 1985 | Hotel | 65 | 6,888 | 57 | 7,010 | 40 | |||||
| Växjö | Kocken 3 | Hejaregatan 19 | 1969 | Hotel | 3,982 | 3,982 | 19 | |||||||
| Åstorp | Asken 14 | Esplanaden 15 | 1952 | Residential | 167 | 239 | 53 | 771 | 1,230 | 8 | ||||
| Åstorp | Blåklockan 9 | Fågelsångsgatan 32 A | 1966 | Residential | 808 | 808 | 6 | |||||||
| Åstorp | Boken 4 | Esplanaden 19 A | 1945 | Residential | 218 | 1,163 | 222 | 7,642 | 9,245 | 70 | ||||
| Åstorp | Ekorren 27 | Skolgatan 7 | 1929 | Residential | 162 | 70 | 724 | 956 | 7 | |||||
| Åstorp | Hyllinge 5:122 | Postgatan 12 A | 1963 | Residential | 164 | 120 | 7,431 | 134 | 7,849 | 34 | ||||
| Åstorp | Hästhoven 12 | Fabriksgatan 19 A | 1960 | Residential | 704 | 72 | 2,633 | 3,409 | 23 | |||||
| Åstorp | Kastanjen 16 | Esplanaden 7 | 1972 | Residential | 1,919 | 833 | 3,543 | 161 | 6,456 | 42 | ||||
| Åstorp | Linden 11 | Nyvångsgatan 1 A | 1961 | Residential | 340 | 340 | 3 | |||||||
| Åstorp | Lotusblomman 15 | Nyvångsgatan 31 | 1961 | Residential | 340 | 340 | 3 |
Åstorp Lungörten 1 Nyvångsgatan 2 A 1961 Residential 792 792 4 Åstorp Lärksoppen 10 Ekebrogatan 100 1972 Residential 28 8,050 165 8,243 33 Åstorp Lärkträdet 10 Ekebrogatan 1 1970 Residential 42 5,799 142 5,983 24 Åstorp Moroten 10 Torggatan 35 A 1954 Residential 776 776 5 Åstorp Resedan 1 Norra Storgatan 10 A 1964 Residential 20 1,073 1,093 7 Åstorp Svärdsliljan 7 Östergatan 16 A 1958 Residential 245 457 16 6,457 7,175 45
| Year of | Lettable area, sq.m. | Tax | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Municipality | Name of property |
Address | construction or value |
Property Site lease category hold right |
Office | Retail | Industrial/ Warehouse |
Education/ Care |
Hotel Residential | Other | Total | assessment value, SEKm |
|
| Åstorp | Tranan 1 | Fjällvägen 10 A | 1991 | Residential | 3,820 | 3,820 | 33 | ||||||
| Ängelholm | Skräddaren 5 | Verkstadsgatan 5 | 1973 | Retail | 1,172 | 1,172 | 4 | ||||||
| Ängelholm | Taktäckaren 6 | Midgårdsgatan 11 | 2015 | Retail | 583 | 875 | 4,780 | 429 | 6,667 | 36 | |||
| Germany | Several properties | Hotel | 40,381 | 40,381 | |||||||||
| United Kingdom | London | 8 Fenchurch Place | Office | 9,161 | 9,161 | ||||||||
| United Kingdom | London | 11 Ironmonger Lane | Office | 1,800 | 1,800 | ||||||||
| Total South Region | 56,842 | 78,586 | 25,915 | 14,443 | 103,310 | 92,165 | 33,171 | 404,432 | 3,222 |
EAST REGION
| Linköping Nöjet 1 Låsbomsgatan 27 2010 Retail 1,380 1,380 9 Linköping Paletten 2 Ottargatan 1 1972 Retail 5,202 440 5,642 38 Linköping Papegojan 1 Vigfastgatan 5 1967 Retail 7,775 15 7,790 36 Norrköping Gärdet 1 Rågången 71 1958 Residential 491 7 4,609 5,107 68 Norrköping Lammet 2 Kungstorget 2 1939 Residential 173 1,950 2,405 60 4,588 45 Norrköping Lokatten 12 Trädgårdsgatan 8 B 1992 Residential 1,586 380 15 5,502 401 7,884 108 Norrköping Planket 20 Bråddgatan 54 1983 Residential 1,139 1,139 17 Norrköping Planket 23 Plankgatan 46 1940 Residential 25 60 940 600 1,625 16 Norrköping Prinsen 18 Hospitalsgatan 42 1967 Residential 30 138 9,603 11 9,782 153 Norrköping Sprutan 8 Gamla Rådstugugatan 52 1940 Residential 370 12 1,318 145 1,845 25 Norrköping Stenhuggaren 25 Sandgatan 28 1960 Residential 2,918 2,918 44 Norrköping Storgatan 10 Drottninggatan 10 1929 Residential 484 1,213 755 2,452 25 Norrköping Storgatan 9 Nya Rådstugegatan 2 1985 Residential 252 355 20 6,066 248 6,941 110 Norrköping Stävan 2 Rösgången 32 1959 Residential Yes 3,639 3,639 49 Norrköping Tullhuset 1 Gamla Rådstugugatan 11 1929 Residential 273 1,344 1,617 24 Nyköping Brandholmen 1:72 Idrottsvägen 12 E 2014 Other 16,324 16,324 Västerås Badelundaåsen 3 Stockholmsvägen 144 1987 Retail 2,796 2,796 18 Västerås Fältmössan 1 Rönnbergagatan 1 1963 Residential 150 106 14,331 14,587 261 Västerås Klockarkärleken 2 Rönnbergagatan 4 1962 Residential 260 5,778 6,038 44 Västerås Rödklinten 2 Bangatan 15 1957 Residential 133 120 7,003 30 7,286 51 Västerås Sågen 1 Pilgatan 33 1980 Hotel 8,317 8,317 29 Västerås Vallmon 6 Bangatan 1 A 1968 Residential 84 13,914 13,998 102 Västerås Vapenrocken 1 Regementsgatan 62 1963 Residential 441 114 19,182 2 19,739 Finland Hyvinkää Veikkarinkatu 7 1981 Retail 2,645 2,645 Finland Hämeenlinna Tampereentie 169 1970/1978 Retail 5,840 5,840 Finland Hämeenlinna Linnaniemenkatu 1 2019 Residential 469 469 Finland Joensuu Voimatie 16 1999 Retail 8,282 8,282 Finland Keminmaa Joulantie 1–3 2001/2002 Retail 12,337 12,337 Finland Kotka Ristikalliontie 41 2014 Retail 3,100 3,100 |
Gotland | Soldaten 1 | Volontärgatan | 2005 | Residential | 29 | 3,050 | 50 | 3,129 | 35 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Finland | Koupio | Leväsentie 2 B | 2006 | Retail | 19,808 | 19,808 | ||||||
| Finland Kouvola Taitajantie 4 1967/1986 Retail 3,800 3,800 |
| × ۰. |
|
|---|---|
| Year of | Lettable area, sq.m. | Tax | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name of | construction | Property | Site lease | Industrial/ | Education/ | assessment | |||||||
| Municipality | property | Address | or value | category | hold right | Office Retail |
Warehouse | Care | Hotel Residential | Other | Total | value, SEKm | |
| Finland | Kuopio | Leväsentie 33 | 2010 | Retail | 7,770 | 7,770 | |||||||
| Finland | Kuusamo | Loumantie 1–3 | 1990 | Retail | 12,617 | 12,617 | |||||||
| Finland | Kuusamo | Ouluntaival 1 | 1978 | Retail | 3,718 | 3,718 | |||||||
| Finland | Lahti | Ajokatu 261 | 2008 | Retail | 7,947 | 7,947 | |||||||
| Finland | Lappeenranta | Myllymäenkatu 6 | 2006 | Retail | 4,400 | 4,400 | |||||||
| Finland | Mäntsälä | Mäntsäläntie 1 | 1989 | Retail | 3,384 | 3,384 | |||||||
| Finland | Nokia | Välikatu 13 | 2020 | Residential | 750 | 750 | |||||||
| Finland | Närpes | Yhdistyksentie 3 | 2017 | Retail | 2,513 | 2,513 | |||||||
| Finland | Oulu | Mallastie 30 –32 A & B | 2020 | Residential | 3,264 | 3,264 | |||||||
| Finland | Oulu | Tietolinja 9 | 2018 | Residential | 2,003 | 2,003 | |||||||
| Finland | Oulu | Mallastie 30 –32 C | 2020 | Residential | 1,706 | 1,706 | |||||||
| Finland | Oulu | Talatie 2 | 2019 | Residential | 734 | 734 | |||||||
| Finland | Oulu | Ukkoherrantie 2 C | 2018 | Residential | 570 | 570 | |||||||
| Finland | Oulu | Ukkoherrantie 2 D | 2018 | Residential | 406 | 406 | |||||||
| Finland | Oulu | Satamatie 2–4 | 2019 | Residential | 364 | 364 | |||||||
| Finland | Oulu | Ukkoherrantie 2 B | 2017 | Residential | 268 | 268 | |||||||
| Finland | Oulu | Limingantie 4 | 2020 | Residential | 81 | 81 | |||||||
| Finland | Pirkkala | Kauppiaankatu 17 A & 21 C | 2020 | Residential | 2,294 | 2,294 | |||||||
| Finland | Raisio | Kauppakaju 2 | 1968 | Retail | 5,504 | 5,504 | |||||||
| Finland | Riihimäki | Käräjäkatu 8 | 2019 | Residential | 198 | 198 | |||||||
| Finland | Tampere | Hataanpään Valtatie 42 | 1997 | Retail | 12,412 | 12,412 | |||||||
| Finland | Tampere | Puistokuja 32 | 2005 | Retail | 5,865 | 5,865 | |||||||
| Finland | Tampere | Tesoman Valtatie 31 | 2019 | Residential | 3,078 | 3,078 | |||||||
| Finland | Tampere | Tesoman Valtatie 29 | 2020 | Residential | 3,078 | 3,078 | |||||||
| Finland | Tampere | Fleminginkatu 5 | 2019 | Residential | 1,969 | 1,969 | |||||||
| Finland | Tampere | Ruopionkatu 6A-B | 2011 | Residential | 1,555 | 1,555 | |||||||
| Finland | Tampere | Takamaanrinne 9 B | 2019 | Residential | 1,381 | 1,381 | |||||||
| Finland | Tampere | Takamaanrinne 9 C | 2019 | Residential | 1,381 | 1,381 | |||||||
| Finland | Tampere | Ruopionkatu 6 C-D | 2011 | Residential | 1,203 | 1,203 | |||||||
| Finland | Tampere | Isokuusenkatu 47 | 2020 | Residential | 1,134 | 1,134 | |||||||
| Finland | Tampere | Männistönkatu 2 | 2019 | Residential | 769 | 769 | |||||||
| Finland | Tampere | Tervaskatu 4 | 2020 | Residential | 66 | 66 | |||||||
| Finland | Tampere | Takamaanrinne 14 | 2020 | Residential | 44 | 44 | |||||||
| Finland | Tampere | Kohmankaari 9 | 2018 | Residential | 44 | 44 | |||||||
| Finland | Tampere | Takamaanrinne 16 | 2020 | Residential | 44 | 44 | |||||||
| Finland | Turku | Suksikuja 2 | 2019 | Residential | 2,594 | 2,594 | |||||||
| Finland | Turku | Fatabuurinkatu 2 B | 2020 | Residential | 2,287 | 2,287 | |||||||
| Finland | Turku | Fatabuurinkatu 2 A | 2020 | Residential | 2,235 | 2,235 | |||||||
| Finland | Turku | Kalastajankatu 3 | 2017 | Residential | 547 | 547 | |||||||
| Finland | Turku | Fleminginkatu 7 | 2020 | Residential | 371 | 371 | |||||||
| Finland | Vaasa | Hietalahdenkatu 13 B | 1948 | Residential | 7,224 | 7,224 |
| × | |
|---|---|
| Year of | Lettable area, sq.m. | Tax | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Municipality | Name of property |
Address | construction or value |
Property category |
Site lease hold right |
Office | Retail | Industrial/ Warehouse |
Education/ Care |
Hotel Residential | Other | Total | assessment value, SEKm |
|
| Finland | Vanda | Härkähaantie 16 | Other | |||||||||||
| Finland | SATO Oyj, several properties | Residential | 385,014 | 385,014 | ||||||||||
| Total East Region | 6,630 | 138,085 | 6,107 | 8,317 | 533,074 | 19,081 | 711,294 | 1,306 | ||||||
| NORTH REGION | ||||||||||||||
| Gävle | Hemsta 14:2 | Skolgången 1 | 1974 | Retail | 4,100 | 4,100 | 13 | |||||||
| Gävle | Hemsta 14:3 | Skolgången 3 | 1983 | Retail | 1,448 | 1,448 | 5 | |||||||
| Gävle | Holmsund 11:1 et al. | Korsnäsvägen 104 A | 1929 | Residential | 1,456 | 50 | 1,506 | 2 | ||||||
| Gävle | Holmsund 7:6 | Holmsundsvägen 7, 17–29, (odd no) | 1929 | Residential | 3,002 | 8 | 3,010 | 16 | ||||||
| Gävle | Kastet 8:1, 12:1 et al. | Forskarvägen 27 et al. | 1929 | Residential | 777 | 57 | 160 | 13,166 | 2,121 | 16,281 | 76 | |||
| Gävle | Lillhagen 5:3 | Torkarvägen 10 | 1946 | Residential | 14 | 3,029 | 26 | 3,069 | 16 | |||||
| Gävle | Norr 18:6 | Hattmakargatan 11 | 1985 | Residential | 42 | 408 | 2,641 | 385 | 3,476 | 40 | ||||
| Gävle | Norr 27:2 | Nygatan 40 | 1929 | Residential | 127 | 480 | 2,185 | 67 | 2,859 | 31 | ||||
| Gävle | Söder 58:7 | Kaserngatan 65 | 1969 | Residential | 933 | 347 | 2,281 | 6 | 3,567 | 35 | ||||
| Gävle | Sörby 10:9 | Falkvägen 5 A | 1994 | Residential | 512 | 512 | 6 | |||||||
| Gävle | Valbo-Backa 6:12 | Johanneslötsvägen 6 | 1981 | Hotel | 7,382 | 7,382 | 33 | |||||||
| Karlstad | Anden 9 | Långgatan 65 | 1983 | Residential | 1,472 | 92 | 1,564 | 26 | ||||||
| Karlstad | Braxen 34 | Nygatan 1 | 1944 | Residential | 322 | 27 | 1,198 | 521 | 2,067 | 23 | ||||
| Karlstad | Druvan 1 | Drottninggatan 22 | 1929 | Residential | 459 | 601 | 1,443 | 80 | 2,583 | 43 | ||||
| Karlstad | Ekorren 9 | Sandbäcksg 5/S Klaragatan 1 | 1929 | Residential | 715 | 46 | 1,811 | 2,572 | 30 | |||||
| Karlstad | Furan 5 | Gillbergsgatan 3 | 1951 | Residential | 119 | 1,710 | 1,829 | 28 | ||||||
| Karlstad | Furan 7 | Jössegatan 3 | 1968 | Residential | 925 | 97 | 1,022 | 16 | ||||||
| Karlstad | Granatkastaren 4 | Artillerigatan 1 | 1945 | Residential | 748 | 748 | 9 | |||||||
| Karlstad | Gruvan 12 | Västra Kanalgatan 3 | 1991 | Residential | 126 | 2,525 | 2,651 | 47 | ||||||
| Karlstad | Gruvan 2 | Östra Kyrkogatan 4 | 1929 | Residential | 1,064 | 102 | 1,166 | 18 | ||||||
| Karlstad | Grävlingen 3 | Herrhagsgatan 43 | 1929 | Residential | 138 | 1,018 | 32 | 1,188 | 18 | |||||
| Karlstad | Höken 1 | Hamngatan 16 | 1929 | Hotel | 5,890 | 5,890 | 65 | |||||||
| Karlstad | Pilbågen 1 | Sandelsgatan 2 A | 1942 | Residential | 2,184 | 2,184 | 24 | |||||||
| Karlstad | Registratorn 1 | Norra Allén 26 A | 1949 | Residential | 502 | 56 | 558 | 7 | ||||||
| Karlstad | Registratorn 8 | Norra Allén 30 A | 1948 | Residential | 12 | 456 | 61 | 529 | 6 | |||||
| Karlstad | Registratorn 9 | Norra Allén 28 A | 1946 | Residential | 100 | 466 | 29 | 595 | 7 | |||||
| Karlstad | Spiran 1– 6 | Lignellsgatan 1 | 1939 | Residential | 95 | 4,456 | 145 | 4,696 | 61 | |||||
| Karlstad | Trätälja 11 | Drottningg 37/Pihlgrensgatan 4 | 1959 | Residential | 259 | 4,567 | 35 | 4,861 | 80 | |||||
| Karlstad | Tusenskönan 1 | Älvdalsgatan 8 | 1950 | Residential | Yes | 69 | 1,288 | 1,357 | 21 | |||||
| Karlstad | Väduren 3 | Rudsvägen 1 | 1942 | Residential | 1,344 | 54 | 1,398 | 18 | ||||||
| Luleå | Skorpionen 9 | Hummergatan 8 | 1978 | Retail | 1,800 | 1,800 | 8 | |||||||
| Sundsvall | Aeolus 1 | Nybrogatan 19 | 1944 | Residential | 501 | 32 | 957 | 1,490 | 13 | |||||
| Sundsvall | Bredsand 1:3 et al. | Appelbergsvägen 1 A | 1950 | Residential | 158 | 7,127 | 119 | 7,404 | 29 | |||||
| Sundsvall | Bredsand 1:4 et al. | Appelbergsv. 14, 16, 18 | 1950 | Residential | 4,479 | 3 | 4,482 | 18 | ||||||
| Sundsvall | Dingersjö 28:27 et al. | Appelbergsvägen 26 | 1989 | Residential | 37 | 9,464 | 56 | 9,557 | 40 | |||||
| Sundsvall | Dingersjö 3:131 et al. | Bergsvägen 3 | 1964 | Residential | 16 | 287 | 21,208 | 2,783 | 24,294 | 80 | ||||
| Year of | Lettable area, sq.m. | Tax | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Municipality | Name of property |
Address | construction or value |
Property category |
Site lease hold right |
Office | Retail | Industrial/ Warehouse |
Education/ Care |
Hotel Residential | Other | Total | assessment value, SEKm |
|
| Sundsvall | Fliten 10 | Skolhusallén 7 | 1990 | Office | 3,059 | 5 | 36 | 3,100 | 30 | |||||
| Sundsvall | Fliten 11 | Rådhusgatan 39 A | 1992 | Residential | 272 | 66 | 3,371 | 3,709 | 44 | |||||
| Sundsvall | Kvissle 2:53 & 2:43 | Affärsgatan 26 A-D | 1962 | Residential | 1,468 | 1,468 | 5 | |||||||
| Sundsvall | Kvissle 22:2 & 39:1 | Affärsgatan 22 | 1968 | Residential | 87 | 137 | 75 | 6,416 | 45 | 6,760 | 19 | |||
| Sundsvall | Lagmannen 10 | Esplanaden 18 | 1962 | Residential | 757 | 240 | 3,985 | 957 | 5,939 | 49 | ||||
| Sundsvall | Nolby 1:48, 40:1, 1:108 | Affärsgatan 20 | 1983 | Residential | 998 | 62 | 4,097 | 725 | 5,882 | 20 | ||||
| Sundsvall | Nolby 3:268 | Brovägen 9 | 1988 | Residential | 997 | 997 | 4 | |||||||
| Sundsvall | Nolby 40:2 | Affärsgatan 18 | 1964 | Residential | 1,071 | 6 | 2,243 | 130 | 3,450 | 10 | ||||
| Sundsvall | Nolby 41:3 & 37:1 | Affärsgatan 14 | 1974 | Residential | 1,006 | 5 | 5,328 | 43 | 6,382 | 21 | ||||
| Östersund | Traktorn 5 | Fagerbacken 65 | 1994 | Retail | 3,216 | 3,216 | 20 | |||||||
| Norway | Bærum 3024–81/16 | Dønskiveien 6 A-E | 1970 | Residential | 2,614 | 2,614 | ||||||||
| Norway | Elverum 13/1059/0/1 | Hamarvegen 112 | 2010 | Other | 16,400 | 16,400 | ||||||||
| Norway | Oslo 230/397 | Lakkegata 3 | 1983 | Residential | 8,551 | 8,551 | ||||||||
| Norway | Trondheim 5001/416/105 | Hans Nissens gate 3 and Skolegata 5 | 2016 | Residential | 3,577 | 3,577 | ||||||||
| Total North Region | 6,950 | 17,030 | 1,293 | 16,400 | 13,873 | 143,331 | 8,864 | 207,739 | 1,230 | |||||
| Total property portfolio | 456,906 | 629,985 | 142,786 | 118,258 | 412,124 2,592,308 | 149,198 4,501,566 | 28,099 |
| Country | Region | Project | Property category | Lettable area, sq.m. | Number of apartments | Estimated total investment, SEKm |
Estimated completion |
|---|---|---|---|---|---|---|---|
| Finland | Tampere | As Oy Pirkkalan Loiste | Residential | 2,294 | 61 | 78 | Q1 2021 |
| Sweden | Stockholm | Hedin Haninge | Retail | 3,841 | – | 75 | Q2 2021 |
| Denmark | Copenhagen | Agerhusene | Residential | 13,673 | 176 | 479 | Q2 2021 |
| Denmark | Copenhagen | Lerholmen | Residential | 14,364 | 186 | 501 | Q2 2021 |
| Finland | Helsinki | Espoo Iris | Residential | 2,448 | 41 | 103 | Q2 2021 |
| Finland | Helsinki | As Oy Vantaan Ruutulippu | Residential | 4,181 | 96 | 164 | Q2 2021 |
| Finland | Helsinki | As Oy Helsingin Redin Loisto | Residential | 759 | 17 | 47 | Q3 2021 |
| Finland | Helsinki | As Oy Kirkkonummen Manhattan | Residential | 3,960 | 165 | 176 | Q3 2021 |
| Finland | Oulu | As Oy Oulun Mallasmaisteri | Residential | 4,032 | 168 | 135 | Q3 2021 |
| Finland | Helsinki | Kappelitie 5 | Residential | 3,417 | 77 | 165 | Q4 2021 |
| Finland | Helsinki | Sompasaaren Priki | Residential | 2,888 | 73 | 197 | Q4 2021 |
| Finland | Helsinki | Virtakuja 6 | Residential | 2,865 | 76 | 129 | Q4 2021 |
| Finland | Tampere | As Oy Nokian Värjäämö | Residential | 3,033 | 105 | 104 | Q4 2021 |
| Denmark | Copenhagen | Lynghaven | Residential | 14,835 | 184 | 528 | Q1 2022 |
| Denmark | Copenhagen | Ofeliahaven | Residential | 9,079 | 110 | 323 | Q2 2022 |
| Denmark | Copenhagen | HTC A10 | Residential | 8,854 | 107 | 336 | Q2 2022 |
| Finland | Helsinki | Jokiniityntie 28 | Residential | 3,452 | 79 | 141 | Q2 2022 |
| Sweden | Gothenburg | Stenhuggaren | Residential | 5,233 | 88 | 143 | Q3 2022 |
| Sweden | Gothenburg | Hedin HK | Office | 12,286 | – | 496 | Q4 2022 |
| Sweden | Gothenburg | Bergsjön | Residential | 8,916 | 177 | 327 | 2022–2023 |
| Denmark | Copenhagen | Green Hills | Residential | 24,886 | 290 | 941 | Q2 2023 |
| Sweden | Gothenburg | Hotell Draken | Hotel | 28,166 | – | 1,270 | Q3 2023 |
| Total | 177,462 | 2,276 | 6,858 |
| Country | Region | Project | Property category | Lettable area, sq.m. | Number of apartments | Estimated total investment, SEKm |
Estimated completion |
|---|---|---|---|---|---|---|---|
| Sweden | South | Bovieran Staffanstorp | Residential | 4,273 | 54 | 170 | Q2 2021 |
| Sweden | Stockholm | Berget | Residential | 1,467 | 21 | 162 | Q2 2021 |
| Finland | Helsinki | Virtakuja 4 | Residential | 2,277 | 55 | 105 | Q4 2021 |
| Sweden | Gothenburg | Fixfabriken | Residential | 19,114 | 270 | 897 | 2021–2022 |
| Norway | Sandefjord | Sandefjord | Residential | 6,793 | 46 | 292 | Q1 2022 |
| Sweden | Gothenburg | Bergsfallet | Residential | 5,571 | 87 | 242 | Q3 2022 |
| Sweden | Gothenburg | Västra Gatan Kungälv | Residential | 8,808 | 124 | 421 | Q1 2023 |
| Total | 48,303 | 657 | 2,289 | ||||
| Total | 225,765 | 2,933 | 9,147 |
| Country | Region | Project | Property category | Lettable area, sq.m. | Number of apartments | Estimated total investment, SEKm |
Construction start |
|---|---|---|---|---|---|---|---|
| Sweden | Gothenburg | Bergskristallen | Residential | 5,078 | 89 | 182 | 2021 |
| Sweden | Gothenburg | Frölunda | Residential | 21,780 | 365 | 833 | 2021 |
| Sweden | Linköping | Mörtlösa | Retail | 14,899 | – | 306 | 2021 |
| Denmark | Copenhagen | HTC A17 | Residential | 8,646 | 124 | 316 | 2021 |
| Denmark | Copenhagen | Hundige Øst A och D | Residential | 22,332 | 332 | 854 | 2021 |
| Finland | Helsinki | Kotkatie 6 | Residential | 3,791 | 100 | 186 | 2021 |
| Finland | Helsinki | Runoratsaunkatu 15 | Residential | 5,397 | 135 | 280 | 2021 |
| Finland | Helsinki | Jokiniementie 46 och 48 | Residential | 9,462 | 222 | 531 | 2021 |
| Finland | Helsinki | Lupajantie 2 | Residential | 4,321 | 112 | 194 | 2021 |
| Finland | Helsinki | Lincolninaukio 4 | Residential | 5,680 | 158 | 241 | 2021 |
| Finland | Helsinki | Raudikkokuja 7 | Residential | 6,390 | 161 | 262 | 2021 |
| Finland | Tampere | Heittoniitynkuja 5 | Residential | 5,787 | 132 | 199 | 2021 |
| Finland | Tampere | Hervantajärven Helmi | Residential | 2,612 | 52 | 95 | 2021 |
| Finland | Turku | As Oy Turun Montana | Residential | 2,781 | 89 | 107 | 2021 |
| Finland | East | As Oy Hämeenlinnan Asemanranta | Residential | 2,802 | 100 | 107 | 2021 |
| Finland | Helsinki | As Oy Kirkkonummen Pyssy-Seppä | Residential | 1,770 | 74 | 79 | 2021 |
| Finland | Helsinki | As Oy Riihimäen Pesispolku | Residential | 2,430 | 100 | 86 | 2021 |
| Finland | Turku | As Oy Turun Kirstinpuisto | Residential | 3,771 | 129 | 165 | 2021 |
| Finland | Helsinki | As Oy Kirkkonummen Lukko-Seppä | Residential | 1,770 | 74 | 79 | 2021 |
| Finland | Tusby | Pataljoonantie | Residential | 4,618 | 90 | 172 | 2022 |
| Finland | Helsinki | Hexagon | Residential | 3,229 | 77 | 228 | 2022 |
| Finland | Helsinki | Peijinkuja 3 | Residential | 4,443 | 121 | 231 | 2022 |
| Total | 143,789 | 2,836 | 5,733 |
| Country | Region | Project | Property category | Lettable area, sq.m. | Number of apartments | Estimated total investment, SEKm |
Construction start |
|---|---|---|---|---|---|---|---|
| Sweden | Gothenburg | Bastuban | Residential | 11,000 | 133 | 449 | 2021 |
| Sweden | Gothenburg | Bohusgatan | Residential | 19,465 | 340 | 1,146 | 2021 |
| Sweden | Gothenburg | Hovås Höjd | Residential | 10,755 | 144 | 572 | 2021 |
| Sweden | Stockholm | Gladan | Residential | 7,479 | 143 | 643 | 2021 |
| Sweden | Stockholm | Basaren | Residential | 4,428 | 65 | 294 | 2021 |
| Sweden | Stockholm | Caprea | Residential | 3,691 | 28 | 440 | 2021 |
| Sweden | Gothenburg | Bergsjö Glänta | Residential | 3,619 | 31 | 115 | 2021 |
| Sweden | South | Bovieran Svedala | Residential | 4,285 | 54 | 160 | 2021 |
| Norway | Drammen | Sølfast Park | Residential | 8,311 | 107 | 440 | 2021 |
| Norway | Oslo | Ski, Linåskollen | Residential | 16,465 | 169 | 767 | 2021 |
| Total | 89,498 | 1,214 | 5,026 | ||||
| Total | 233,287 | 4,050 | 10,760 |
| Country | Region | Gross area, sq.m. | Number of apartments |
|---|---|---|---|
| Sweden | Gothenburg | 618,160 | 5,435 |
| Sweden | Stockholm | 306,329 | 2,804 |
| Finland | Helsinki | 225,097 | 4,083 |
| Finland | East | 146,630 | 1,584 |
| Denmark | Copenhagen | 108,161 | 1,147 |
| Norway | North | 47,580 | 732 |
| Total | 1,451,957 | 15,785 |
The table above shows Balder's share of projects with ongoing project development distributed by country and region and with an estimated start of construction from 2022 onwards. At the end of the year, Balder's share of projects with ongoing project development comprised of 1,451,957 sq.m. gross area and 15,785 apartments.
Balder presents a number of financial metrics in the annual report that are not defined according to IFRS (so-called Alternative Performance Measures according to ESMA's guidelines). These performance measures provide valuable supplementary information to investors, the company's management and other stakeholders since they facilitate effective evaluation and analysis of the company's financial position and performance. These alternative performance measures are not always comparable with measures used by other companies and shall therefore be considered as a complement to measures defined according to IFRS. Fastighets AB Balder will apply these alternative performance measures consistently over time. Unless otherwise specified, the key ratios are alternative performance measures according to ESMA's guidelines. A description follows below of how Fastighets AB Balder's key ratios are defined and calculated.
Profit after tax in relation to average equity. The profit was converted to a full-year basis in the interim accounts without taking account of seasonal variations that normally arise in the operations, with the exception of changes in value.
Profit before tax with addition of net financial items in relation to average total assets. The profit was converted to a full-year basis in the interim accounts without taking account of seasonal variations that normally arise in the operations, with the exception of changes in value.
Net debt in relation to total assets.
Profit from property management plus the net profit from the sale of development properties with reversal of net financial items. EBITDA has been converted to a full-year basis in interim accounts, with the exception of the net profit from the sale of development properties.
Profit including changes in value and tax in associated companies, with reversal of change in value and tax in participations in profit from associated companies. When estimating the Profit from property management, attributable to the parent company's shareholders, the profit from property management is also reduced by the participation of noncontrolling interests.
Interest expenses in the period recalculated to annual value in relation to the average interestbearing liabilities.
A bond with a maturity of 60 years. The bond is recognised as an interest-bearing liability, but is treated by the rating institutes as 50% equity.
Interest-bearing liabilities minus cash and cash equivalents, financial investments and 50% of the hybrid capital, which is treated by the rating agencies as 50% equity.
Profit including changes in value and tax in associated companies with reversal of net financial items, excluding ground rent, and changes in value and tax in participations in profits from associated companies, in relation to net financial items excluding ground rent.
Interest-bearing liabilities minus 50% of hybrid capital in relation to equity.
Equity including non-controlling interests plus 50% of hybrid capital in relation to the balance sheet total at the year-end.
Equity attributable to parent company shareholders in relation to the number of outstanding shares at the year-end.
Profit from property management attributable to parent company shareholders in relation to the average number of outstanding shares.
The number of outstanding shares at the start of the year, adjusted by the number of shares issued during the year weighted by the number of days that the shares have been outstanding in relation to the total number of days during the year.
Equity per share attributable to parent company shareholders with reversal of interest rate derivatives and deferred tax according to balance sheet.
Profit attributable to the parent company's shareholders in relation to the average number of shares.
Estimated net operating income on an annual basis in relation to the fair value of the properties at the year-end.
Rental income minus property costs.
Contracted rent for leases which are running at year-end in relation to rental value.
Refers to properties constructed with the intention of being sold after completion.
Refers to both investment properties and development properties.
Classified according to the principal use of the property. There is a breakdown into office, retail, residential and other properties. Other properties include hotel, educational, care, industrial/warehouse and mixed-use properties. The property category is determined by what the property is mostly used for.
This item includes direct property costs, such as operating expenses, media expenses, maintenance and property tax.
Refers to properties that are held with the objective of generating rental income or an increase in value or a combination of these.
Contracted rent and estimated market rent for vacant premises.
Net operating income in relation to rental income.
Information in running text about transactions linked to associated companies and joint ventures are for reasons of simplification only named "associated companies", the report refers to both holdings that constitute associated companies and joint ventures.
Review performed by external valuation company of used valuation method.
1) This key ratio is operational and is not considered to be an alternative key ratio according to ESMA's guidelines.
The shareholders of Fastighets AB Balder (publ), (Balder) reg. no 556525-6905, are hereby invited to attend the annual general meeting on Wednesday May 12, 2021.
Due to the current covid-19 pandemic and in order to minimize risks of infection, the board of directors has decided that the annual general meeting will be held by postal voting, in accordance with temporary statutory provisions. The meeting will therefore be carried out without the possibility for shareholders to attend in person or by proxy.
A presentation of Balder's CEO, Erik Selin, will be provided on Balder's website, balder.se, on May 12, 2021.
Information on the resolutions passed by the annual general meeting will be disclosed on May 12, 2021 as soon as the results of the postal voting have been compiled.
A shareholder who wishes to attend the annual general meeting by postal voting must be registered as a shareholder in the share register kept by Euroclear Sweden AB no later than May 4, 2021. The shareholder must also announce that he/she/it will attend the annual general meeting no later than Tuesday May 11, 2021, by submitting a postal vote in accordance with the instructions under the headline "Postal Voting" below so that the postal vote reach Computershare AB no later than that day.
Shareholders who have their shares registered in the name of a trustee must, in order to be able to participate in the annual general meeting, re-register their shares in their own name. Such re-registration, which can be temporary, shall be executed at Euroclear Sweden AB no later than Tuesday May 4, 2021. Voting right registrations effected no later than the second bank day after May 4, 2021, will be included in the generation of the share register.
Announcement to attend the annual general meeting can only be made through postal voting.
For postal voting, a certain form must be applied. The form is available at Balder's website, balder. se. The form, completed and signed, is a valid registration to participate in the annual general meeting.
The completed form shall be sent to Computershare AB, "Balder's annual general meeting 2021", Box 610, 182 16 Danderyd or through e-mail to [email protected]. The completed form shall reach Computershare AB no later than Tuesday May 11, 2021.
A shareholder who is a physical person may also, by verification with BankID, submit his/her postal vote electronic by Balder's website, balder. se. To be valid as a registration to the annual general meeting, such electronic signature shall be registered no later than Tuesday May 11, 2021.
If a shareholder who is represented by proxy wishes to submit a postal vote, a written authorization for the proxy shall be enclosed with the postal voting form. A proxy form is available at Balder's website, balder.se. If the shareholder is a legal person a proof of registration or other authorization document shall be enclosed with the form.
Shareholders may not insert any specific instructions or terms to the postal vote. If so happens, the vote (i.e. the entire postal vote) is invalid. The form for postal voting contains further instructions.
Head office Parkgatan 49 Box 53121 400 15 Gothenburg Tel.: +46 31 10 95 70
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Parkgatan 49 Box 53121 400 15 Gothenburg Tel.: +46 31 10 95 70
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CALENDAR
Annual General Meeting, 12 May 2021 Interim report, Jan–Mar 2021, 12 May 2021 Interim report, Jan–June 2021, 16 July 2021 Interim report, Jan–Sept 2021 11 November 2021 Year-end report, Jan–Dec 2021, 11 February 2022
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Photos: Stina Gränfors, Mathias Løvgreen, Mikaela Alexandersson and others Form: Solberg Kommunikation Printed by: Billes Tryckeri
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