Annual Report • Feb 13, 2018
Annual Report
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Wihlborgs' Year-end report
January – December
Rental income increased by 12 percent to SEK 2,275 million (2,030)
Operating surplus increased by 13 percent to SEK 1,717 million (1,518)
Income from property management increased by 14 percent to SEK 1,179 million (1,035)
Result for the period amounts to SEK 2,568 million (2,976), corresponding to earnings per share of SEK 33.41 (38.72)
The Board of Directors proposes a dividend of SEK 6.25 (5.75) per share, and a two-for-one share split
| Group key figures, SEK m | 2017 | 2016 | 2017 | 2016 |
|---|---|---|---|---|
| Oct–Dec Oct–Dec Jan–Dec Jan–Dec | ||||
| Rental income | 610 | 525 | 2,275 | 2,030 |
| Operating surplus | 440 | 379 | 1,717 | 1,518 |
| Income property management | 295 | 263 | 1,179 | 1,035 |
| Changes in value of properties | 993 | 1,062 | 1,851 | 2,504 |
| Changes in value of derivatives | 25 | 286 | 201 | -265 |
| Result for the period | 1,073 | 1,306 | 2,568 | 2,976 |
| Earnings per share, SEK | 13.96 | 16.99 | 33.41 | 38.72 |
| Surplus ratio, % | 72 | 72 | 75 | 75 |
| Equity/assets ratio, % | 34.7 | 34.3 | 34.7 | 34.3 |
| Occupancy rate, %* | 93 | 92 | 93 | 92 |
*) Excluding Projects & Land.
See pages 17–18 for definitions of key figures.
See pages 17–18 for definitions and outcome.
| CEO's/market comments | 04 |
|---|---|
| Income, expenses and profit | 06 |
| Assets | 08 |
| Liabilities and Equity | 12 |
| Financial reports | 14 |
| Key figures | 17 |
| Definitions | 18 |
| Interim report Jan – Mar | 25 Apr 2018 |
|---|---|
| Interim report Jan – Jun | 9 Jul 2018 |
| Interim report Jan – Sep | 23 Oct 2018 |
Wihlborgs' interim reports and Annual Report are distributed electronically. The annual report will be published on the company's web site www.wihlborgs.se/en during the week commencing March 2. In early April, the Swedish version of the Annual Report will also be sent to shareholders who has notified the Company that they wish to receive it in printed form.
For further information, please contact: Anders Jarl, CEO. Telephone +46 (0)40-690 57 10 Arvid Liepe, CFO. Telephone +46 (0)40-690 57 31
Wihlborgs Fastigheter AB (publ) is a property company that focuses on commercial properties in the Öresund region. Its property portfolio is located in Malmö, Lund, Helsingborg and Copenhagen. In Malmö, Lund and Helsingborg Wihlborgs is the leading property company.
The book value for the Company's properties totals SEK 38.6 billion. The annual rental value of the properties is SEK 2.7 billion. Wihlborgs shares are quoted on the Large Cap List of NASDAQ Stockholm.
2017 finished on a strong note and, once again, Wihlborgs posted another record year.
Our rental income totalled SEK 610 million for the fourth quarter, up 16 percent year-on-year. Naturally, the increase was driven primarily by our acquisitions in Denmark in the third quarter. But our existing operations also posted robust growth. The like-for-like increase in contracted rental income was 4.6 percent compared to 12 month previously. Net lettings were plus SEK 10 million for the fourth quarter, and plus SEK 90 million for the full year. Demand throughout 2017 has been healthy, and we foresee a continuation of this trend in 2018.
Operating surplus during the quarter was SEK 440 million, up 16 percent. Accordingly, the surplus ratio remained unchanged at 72 percent.
Income from property management totalled SEK 295 million, up 12 percent year-on-year. It should be remembered, however, that in 2016 we had revenue from a joint venture of SEK 13 million during the fourth quarter. Adjusted for this, the increase amounted to 18 percent. Income from property management for the full year amounted to SEK 1,179 million, in line
with our forecast that it would exceed SEK 1,170 million.
Property valuations during the quarter resulted in an increase of SEK 993 million, and were up SEK 1,851 million for the full year. It is important to note that this was essentially driven by increased lettings and higher rents. The yield requirements applied in the valuations during the year have mostly remained unchanged. Investment yields on the entire portfolio, excluding projects, remained unchanged at 5.4 percent.
Given the above, I can state that our vigorous growth has been achieved with a balance sheet that remains strong. At the end of 2017, the loan-to-value ratio amounted to 53.5 percent and the equity/assets ratio to 34.7 percent — both key figures are thus somewhat stronger than they were a year previously.
Our larger projects are trending favourably. We completed Sirius 3 in Malmö during the fourth quarter, and the building is now almost completely fully occupied. Likewise, the Ubåten parking garage on the Hordaland 1 property at Dockan in Malmö has been completed. Posthornet 1 in Lund, which is almost fully let, will be ready in the second quarter of 2018. The service centre we are building for MAN on the outskirts of Malmö, as well as the extension for Tyréns at Dockan, will be ready later in 2018. Gimle 1, where Swedish Customs will be moving, and Bure 2 in Malmö as well as Polisen 5 in Helsingborg — which is being rebuilt and extended on behalf of the National Courts Administration — will follow in 2019. These, and several additional planned projects, are a guarantee of continued growth.
Last week, the Nomination Committee published its proposal for the Board of Directors and the Chairman of the Board of Wihlborgs. Given the decision by Erik Paulsson to decline re-election as Chairman of the Board, the proposal of the Nomination Committee is that I be elected as Executive Chairman at the Annual General Meeting. I have gladly accepted this invitation. This is an excellent opportunity to handover to a new CEO who can continue to develop and modernise the company, at the same time as I can actively contribute my experience and know-how.
After the proposal of the Nomination Committee
was made known, the Board of Directors declared its intent to appoint Ulrika Hallengren, Wihlborgs' Director of Projects & Developments, as the new CEO. I look forward to continuing to work with Ulrika. We have worked together closely for a number of years and she is both highly motivated and has a business mindset. This will be an excellent solution for shareholders and for employees.
2017 has been an eventful year and 2018 has begun in much the same way. But our strategy and our focus remain firm. That is our strength. With a clear concept of what we are going to do and how we are going to achieve it, we can continue to adapt to changes in the operating environment and to capture new business opportunities.
Now that 2017 is behind us, I would like to thank all our employees for the commitment that made this year so successful. On the stable foundation we have laid, we can move forward and continue to develop Wihlborgs together.
Anders Jarl, CEO
According to the January 2018 Swedbank Economic Outlook, 2017 ended with positive economic signals from outside the country and rising global growth that benefited Sweden. Expansionary fiscal policy, rising employment and a strengthened global economy – especially in Europe – indicate that the growth rate will remain high in 2018.
Housing investment is subdued, but is compensated by healthy investments in the business and public sectors. We will not see the impact of lower construction on GDP until 2019. Growth in 2018 is expected to be 2.6 percent, and to then decline to 2.0 percent in 2019. Exports will speed up on account of improved global demand.
Driven by household consumption, business investments and increased exports, the Danish economy has enjoyed robust growth in recent years. Consumer confidence and business barometers indicate that
the expansion is set to continue. Export outlooks are favourable on account of increased growth in the euro area. Swedbank expects growth to remain at around 2 percent in the years ahead.
According to Newsec, the transaction volume in the Swedish property market was SEK 148 billion in 2017, which despite being down on the record year of 2016 – when the volume totalled SEK 201 billion – exceeded forecasts due to the strong finish to the year. Foreign companies maintained a strong interest in the Nordic region, increasing to account for 23 percent of the transaction volume in 2017 from 19 percent in 2016. Norwegian, British and American buyers are marked in the statistics.
In mid-December 2017, Sadolin Albaek expected the transaction volume in Denmark to reach around DKK 86 billion for the full year, which meant an upswing of 30 percent compared with 2016. The volume exceeded the previous record year of 2006 by a full DKK 18 billion. The share of foreign investors also broke records: more than 55 percent of the total transaction volume was acquired by international investors.
Comparative figures for income statement items relate to values for the corresponding period 2016 and balance sheet items as of 31-12-2016.
Rental income was SEK 2,275 million (2,030). Other revenues from property management was SEK 21 million (5) relating to payments for early lease termination.
The increase in rental income is attributable to property acquisitions, completed projects, renegotiations, new lettings and indexation in contracts. During the second half of the year, the acquired properties in Denmark contributed rental income of SEK 77 million.
The total growth in rental income was 12 percent compared with the corresponding period 2016, excluding payments for early lease termination.
The occupancy rate for investment properties, excluding Projects & Land, is one percentage point higher compared with previous year-end, 93 percent.
During the period new leases were signed to a value of SEK 233 million (206) on an annualized basis. Lease terminations totalled SEK 143 million (144). This represents a net letting of SEK 90 million (62).
As part of a partnership with Mötesplats Social Innovation, Wihlborgs took part in the Social Innovation Summit in Malmö in November 2017. Wihlborgs was represented by executives including Director of HR and CSR Anna Nambord and Director of Projects & Developments Ulrika Hallengren.
Total property expenses amounted to SEK 579 (517) million. The increase is mainly due to property acquisitions and completed projects.
The historical summary at the bottom of page 14 illustrates how costs vary over the different quarters of the year.
The operating surplus amounted to SEK 1,717 million (1,518). Excluding payments for early lease termination, the operating surplus totalled SEK 1,696 million (1,513), representing a surplus ratio of 75 percent (75). Of this increase, SEK 59 million was attributable to properties in Denmark which were acquired during the second half of the year.
The costs for central administration were SEK 55 million (49).
Net interest totalled SEK -483 million (-447), of which interest income accounted for SEK 12 million (12).
The interest expense for the period was SEK 495 million (459). Thereby, interest expenses were slightly higher year-on-year, primarily due to higher borrowings. At the end of the period, the average interest rate, including the cost of credit agreements, was 2.53 percent, compared with 2.80 percent at the previous yearend.
Income from property management amounted to SEK 1,179 million (1,035). Excluding payments for early lease termination, income from property management totalled SEK 1,158 million (1,030).
The pre-tax profit, i.e. after value changes on properties and derivatives, was SEK 3,231 million (3,274). During the period value changes on properties amounted to SEK 1,851 million (2,504) and value changes on derivatives amounted to SEK 201 million (-265).
The profit after taxes was SEK 2,568 million (2,976).
Wihlborgs's Digevej 114 property is located in southern Copenhagen, near the Metro and the E20. The property was acquired during the year and one of its tenants is Mercedes Benz.
The summaries below are based on Wihlborgs' property portfolio as of 31 December 2017. Rental income relates to contracted rental income on an annual basis as of 1 January 2018.
The surplus ratio is based on the properties' earning capacity on an annual basis based on rental income for January 2018, operating and maintenance costs, property administration on a rolling twelve-month basis, property tax and leasehold rent.
Wihlborgs' property portfolio consists of commercial properties in the Öresund region, located in Malmö, Helsingborg, Lund and Copenhagen. The property portfolio 31 December 2017 consisted of 308 properties (282) with a lettable area of 2,067,000 m2 (1,849,000).
Ten of the properties (10) are leasehold rights. The properties' carrying amount was SEK 38,612 million (32,755), which corresponds to the estimated market value. The total rental value was SEK 2,678 million (2,349) and the contracted rental income on annual basis SEK 2,485 million (2,137). The like-for-like increase in contracted rental income was 4.6 percent compared to 12 month previously.
The economic occupancy rate for Office/Retail properties was 94 percent (93) and for Industrial/Warehousing properties
91 percent (88). The rental value for Office/Retail properties represented 78 percent, Industrial/Warehousing properties 21 percent of the total rental value and the remaining 1 percent is attributable to Projects/Land.
The operating surplus from investment properties, excluding property administration and Projects/Land, is SEK 1,997 million (1,697) which with a carrying amount of SEK 36,821 million (31,449) corresponds to a direct return of 5.4 percent (5.4). Broken down by property category, this is 5.1 percent (5.0) for Office/Retail and 7.1 percent (7.3) for Industrial/Warehousing.
In November 2017, Wihlborgs acquired the Kalifornien 11 property in central Helsingborg. The property is located adjacent to the Knutpunkten transport node.
Malmöbryggan Fastighetsekonomi AB performed a valuation of all Wihlborgs' properties in Sweden. The values of the properties are determined individually as the market value of the property concerned. In Denmark, the properties were valued by Newsec Egeskov & Lindquist A/S. The same valuation methodology as in the previous year has been applied, see description in the annual report.
As a result of the valuation, the value of the properties rose SEK 1,851 million (2,504). The majority of the value increase is due to rising occupancy rate and higher rents, while the yield requirement has remained largely unchanged. SEK 400 million is a result of our project activities. As of 31 December 2017, the carrying amount for the properties was SEK 38,612 million (32,755).
| 21% 19 % 1% Changes |
42 % Group total, SEKm |
|---|---|
| Carrying amount 1 January 2017 | 32,755 |
| Acquisitions | 2,780 |
| Rental value Investments per property |
Rental value 1,061 |
| category Properties sold |
per area -11 |
| Change in value | 1,851 |
| Currency translations | 176 |
| Carrying amount 31 December 2017 78% 16% |
38,612 23% |
Investments in the property portfolio totalled SEK 1,061 million (989).
Approved investments in ongoing projects amount to SEK 1,530 million, of which SEK 715 million had been invested at end of period.
The Groups liquid assets totalled SEK 301 million (454) including unutilised overdraft facilities.
At the end of the period unutilized credit facilities amounted to SEK 1,995 million (1,347).
Community is important at Wihlborgs and therefore the staff get together every day over coffee.
| Property | Category | Municipality | Completion | Lettable | Occupancy | Estimated | Expended |
|---|---|---|---|---|---|---|---|
| of use | date | area, m2 | rate, % | investment,SEK m | 311217, SEK m | ||
| Posthornet 1 | Office/Retail | Lund | Q1 2018 | 11,000 | 90 | 347 | 252 |
| Sunnanå 12:53 | Industrial/Wareh.Malmö | Q3 2018 | 2,300 | 100 | 66 | 12 | |
| Kranen 9 | Office/Retail | Malmö | Q4 2018 | 2,200 | 90 | 114 | 28 |
| Gimle 1 | Office/Retail | Malmö | Q1 2019 | 9,000 | 80 | 392 | 118 |
| Polisen 5 | Office/Retail | Helsingborg | Q2 2019 | 4,000 | 100 | 182 | 93 |
| Bure 2 | Office/Retail | Malmö | Q3 2019 | 6,800 | 0 | 238 | 46 |
| Total | 35,300 | 1,339 | 549 |
| Area | Office, m2 |
Retail, m2 |
Ind./Ware- housing, m2 |
Education/, Health care, m2 |
Misc., m2 |
Total, m2 |
Share, % |
|---|---|---|---|---|---|---|---|
| Malmö | 356,732 | 47,590 | 274,893 | 33,420 | 1 15,138 |
727,773 | 35 |
| Helsingborg | 159,592 | 61,320 | 291,589 | 22,284 | 2 12,086 |
546,871 | 27 |
| Lund | 133,500 | 11,292 | 29,549 | 31,924 | 3 8,623 |
214,888 | 10 |
| Copenhagen | 383,885 | 7,402 | 80,766 | 19,349 | 85,940 4 |
577,342 | 28 |
| Total | 1,033,709 | 127,604 | 676,797 | 106,977 | 121,787 | 2,066,874 | 100 |
| Share, % | 50 | 6 | 33 | 5 | 6 | 100 |
1) Includes 10,275 m2 hotel.
2) Includes 1,819 m2 residential.
3) Includes 8,215 m2 hotel.
4) Includes 38,848 m2 data center, 5,600 m2 hotel och 7,464 m2 residential.
| Total excluding Projects & Land |
267 | 2,009 | 36,821 | 2,656 | 1,322 | 93 | 2,480 | 1,886 | 76 | 1,997 | 5.4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Wihlborgs | 308 | 2,067 | 38,612 | 2,678 | 1,296 | 93 | 2,485 | 1,886 | 76 | 1,999 | 5.2 |
| Total Köpenhamn | 53 | 577 | 6,920 | 522 | 904 | 94 | 490 | 393 | 80 | 416 | 6.0 |
| Projects & Land | 2 | 12 | 72 | 0 | - | - | 0 | 0 | - | 0 | - |
| Industrial/Warehousing | 6 | 42 | 354 | 30 | 718 | 99 | 30 | 26 | 87 | 27 | 7.5 |
| Office/Retail | 45 | 524 | 6,493 | 492 | 939 | 94 | 460 | 367 | 80 | 389 | 6.0 |
| COPENHAGEN | |||||||||||
| Total Lund | 27 | 215 | 6,537 | 419 | 1,950 | 92 | 386 | 288 | 75 | 318 | 4.9 |
| Projects & Land | 2 | 11 | 476 | - | - | - | - | -1 | - | 0 | - |
| Industrial/Warehousing | 4 | 20 | 145 | 15 | 755 | 84 | 13 | 9 | 74 | 10 | 6.9 |
| LUND Office/Retail |
21 | 184 | 5,916 | 404 | 2,193 | 92 | 373 | 279 | 75 | 309 | 5.2 |
| Total Helsingborg | 102 | 547 | 7,718 | 624 | 1,141 | 91 | 570 | 417 | 73 | 441 | 5.7 |
| Projects & Land | 11 | - | 169 | 0 | - | - | 0 | 0 | - | 0 | - |
| Industrial/Warehousing | 61 | 370 | 2,935 | 305 | 825 | 88 | 270 | 192 | 71 | 208 | 7.1 |
| HELSINGBORG Office/Retail |
30 | 177 | 4,614 | 318 | 1,801 | 94 | 300 | 224 | 75 | 234 | 5.1 |
| Total Malmö | 126 | 728 | 17,437 | 1,113 | 1,529 | 93 | 1,039 | 788 | 76 | 823 | 4.7 |
| Projects & Land | 26 | 36 | 1,074 | 21 | 601 | - | 5 | 0 | - | 2 | - |
| Industrial/Warehousing | 51 | 263 | 2,271 | 214 | 814 | 94 | 202 | 154 | 76 | 163 | 7.2 |
| MALMÖ Office/Retail |
49 | 429 | 14,091 | 877 | 2,045 | 95 | 832 | 634 | 76 | 658 | 4.7 |
| thousand | SEKm | SEKm | SEK/m2 | rate, % | SEKm | property admin., SEKm |
property admin., SEKm |
property admin., % |
|||
| Area/ property category |
Number of properties |
Area, m2 |
Carrying amount, |
Rental value, |
Rental value |
Economic occupancy |
Rental income, |
Operating surplus incl. |
Surplus ratio, % |
Operating surplus excl. |
Direct return, excl. |
On 20 November, Wihlborgs acquired the Olsgård 7 property in Fosie. In conjunction with the acquisition, a lease was signed with Sydsvenska Dagbladets AB.
Two properties were acquired in the fourth quarter of 2017. In Helsingborg, the Kalifornien 11 office building was acquired comprising about 6,500 m2. In Malmö, the Olsgård 7 industrial property comprising a total space of around 4,500 m2 was acquired.
| Quarter | Property | Municipality | Management area |
Category | Area, m2 |
Price, SEKm |
Operating surplus 2017, SEKm1 |
|---|---|---|---|---|---|---|---|
| Acquisitions | |||||||
| 1 | Ackumulatorn 17 | Helsingborg | Berga | Ind/Warehousing | 4,214 | ||
| Benkammen 16 | Malmö | Fosie | Ind/Warehousing | 6,260 | |||
| Bure 2 | Malmö | Centrum | Projects & Land | - | |||
| Gimle 1 | Malmö | Centrum | Projects & Land | - | |||
| 3 | Sortemosevej 2 | Allerød | Copenhagen | Office/Retail | 9,257 | ||
| Borupvang 2/ Lautrupcentret | Ballerup | Copenhagen | Office/Retail | 20,872 | |||
| Lautruphøj 8-10 | Ballerup | Copenhagen | Office/Retail | 15,542 | |||
| Lautrupvang 2 | Ballerup | Copenhagen | Office/Retail | 12,705 | |||
| Bymosevej 4 | Gribskov | Copenhagen | Office/Retail | 3,972 | |||
| Knapholm 7 | Herlev | Copenhagen | Office/Retail | 5,411 | |||
| Lyskær 9 | Herlev | Copenhagen | Office/Retail | 5,528 | |||
| Munkeengen 4-32 | Hillerød | Copenhagen | Office/Retail | 16,193 | |||
| Husby Alle 8 | Høje-Taastrup | Copenhagen | Office/Retail | 2,443 | |||
| Oldenburg Alle 1-5 | Høje-Taastrup | Copenhagen | Office/Retail | 14,686 | |||
| Slotsmarken 10-18 | Hørsholm | Copenhagen | Office/Retail | 26,986 | |||
| Lejrvej 15-19 | Furesø | Copenhagen | Office/Retail | 8,889 | |||
| Digevej 114 | København | Copenhagen | Office/Retail | 7,389 | |||
| Ny Østergade 7-11 | Roskilde | Copenhagen | Office/Retail | 15,750 | |||
| Kongevejen 400 | Rudersdal | Copenhagen | Office/Retail | 4,617 | |||
| Røjelskær 11-15 | Rudersdal | Copenhagen | Office/Retail | 4,350 | |||
| 4 | Kalifornien 11 | Helsingborg | Centrum | Office/Retail | 6,416 | ||
| Olsgård 7 | Malmö | Fosie | Ind./W.housing | 4,475 | |||
| Total acquisitions 2017 | 195,955 | 2,780 | 61 | ||||
| Sales | |||||||
| 1 | Gängtappen 1, part of | Malmö | Dockan | Projects & Land | - | ||
| Total sales 2017 | 0 | 11 | 0 |
1) Operating surplus from properties acquired and sold that are included in the results for the period.
As of 31 December 2017, equity totalled SEK 13,592 million (11,463) and the equity/assets ratio 34.7 percent (34.3). Dividend to the shareholders amounting to SEK 442 million was paid out during the second quarter.
The group's interest-bearing liabilities as of 31 December amounted to SEK 20,653 million (17,553) with an average interest rate including costs for credit agreements of 2.53 percent (2.80).
With consideration to the company's net debt of SEK 20.7 billion, as a percentage of property values, the loan-to-value ratio is 53.5 percent (53.6).
The loans' average fixed interest period including effects of derivatives on 31 December 2017, amounted to 4.0 years (4.8). The average loan maturity, including commited credit facilities, amounted to 6.2 years (5.9).
| Interest maturity | Loan maturity | |||||
|---|---|---|---|---|---|---|
| Matures, year | Loan amount, SEKm Av. interest rate, % | Credit ag, SEKm Utilised, SEKm | ||||
| 2018 | 9,112 | 1.23 | 2,713 | 2,713 | ||
| 2019 | 436 | 0.53 | 10,321 | 9,289 | ||
| 2020 | 0 | 0.00 | 3,582 | 2,620 | ||
| 2021 | 4,000 | 3.71 | 0 | 0 | ||
| 2022 | 2,000 | 3.08 | 0 | 0 | ||
| < 2022 | 5,105 | 3.74 | 6,032 | 6,032 | ||
| Total | 20,653 | 2.49* | 22,648 | 20,653 |
*) Excluding costs for credit agreements.
Wihlborgs use interest rate derivatives in order to reduce the risk level in the loan portfolio. A summary of the terms is shown in the table below.
INTEREST RATE DERIVATIVES PORTFOLIO 31 DECEMBER 2017
| Amount, SEKm | Interest, % | Can be closed | End date |
|---|---|---|---|
| Cancellable swaps* | |||
| 500 | 2.63 | quarterly | 2026 |
| 500 | 2.72 | quarterly | 2026 |
| 500 | 2.34 | quarterly | 2026 |
| 500 | 2.58 | quarterly | 2027 |
| 1,000 | 1.96 | quarterly | 2021 |
| Interest-rate swaps | |||
| 2,000 | 2.70 | 2021 | |
| 1,000 | 2.04 | 2022 | |
| 1,000 | 2.01 | 2022 | |
| 1,000 | 3.40 | 2024 | |
| 500 | 3.32 | 2024 | |
| Threshold swap | |||
| 1.000 | 3.07 | Threshold 4.75 | 2021 |
*) Cancellable at the initiative of the counterpart.
The deficit in Wihlborgs' interest rate derivative portfolio decreased to SEK 943 million (1,144), a positive change during the period totalling SEK 201 million (-265). The value change is primarily caused by the decrease in time to maturity. The change in value for the interest rate derivatives does not affect the cash flow. When the term of the derivative expires, the value is always zero.
Wihlborgs' interest derivatives are recognized at fair value in accordance with IAS 39. The cancellable swaps are classified at level 3 in accordance with IFRS 13. The change during year for these swaps amounts to SEK 47 million (-110). The remaining swaps are classified at level 2 in accordance with IFRS 13.
At the period end Wihlborgs' number of full-time employees was 149 (132), 59 of whom are property caretakers. There were 59 employees in Malmö, 27 in Helsingborg, 17 in Lund and 46 in Copenhagen. The average age was 45 and the proportion of women was 34 percent.
The parent company owns no properties, but deals with questions relating to the stock market and joint Group functions for administration, management and borrowing. The parent company's turnover is mostly related to the billing of services to Group companies.
The parent companys has invested SEK 774 million (227), in shares in subsidiaries, including shareholders' contributions, during the period. The parent company's income statement and balance sheet are found on page 16.
A description of all participations held by Wihlborgs in other companies will be found on pages 104-105 in the Company's 2016 annual report.
The largest shareholder in Wihlborgs is Erik Paulsson with family and company, with 10.3 percent of the shares outstanding.
Shares held by owners registered abroad accounted for 42 percent of the total. The number of shareholders was 23,781.
| thousands | Number of shares, Proportion of equity and votes, % |
|
|---|---|---|
| Erik Paulsson with family, | ||
| privately and via company | 7,884 | 10.3 |
| SEB funds | 4,229 | 5.5 |
| Länsförsäkringar funds | 2,686 | 3.5 |
| SHB funds | 2,548 | 3.3 |
| Qviberg family | 2,162 | 2.8 |
| Bank of Norway | 2,000 | 2.6 |
| Nordea funds | 1,077 | 1.4 |
| Tibia Konsult AB | 813 | 1.1 |
| Odin Ejendom | 755 | 1.0 |
| DnB Carlson funds | 738 | 1.0 |
| Other shareholders reg. in Sweden | 22,811 | 29.6 |
| Other shareholders reg. abroad | 29,154 | 37.9 |
| Total outstanding shares | 76,857 | 100.0 |
Wihlborgs operations, financial status and profit are affected by a number of risk factors. Risks that have a decisive influence on the Group's profit trend are variations in rental income, interest rate changes, costs, property valuations and taxes. There are also risks relating to liquidity and funding.
There is a comprehensive description of the risks facing the Group on pages 75–79 and 96-99 in the Company's 2016 annual report.
Wihlborgs follows the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), as well as interpretations issued by the IFRS Interpretations Committee (IFRIC) as endorsed by the European Union. The Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. Information under IAS 34 Interim Financial Reporting is submitted in the notes and elsewhere in the interim report.
Accounting policies and calculation methods conform with those applied in the latest annual report.
New accounting policies as of 1 January 2018: IFRS 9 — Financial Instruments replaces IAS 39 as of 1 January 2018. The standard contains new principles for the classification and measurement of financial assets and liabilities. The single largest item encompassed by the new standard is interest-rate derivatives, which will continue to be measured at fair value through profit or loss. Wihlborgs hedges the net investment in Denmark via loans in DKK and already hedge accounts for this. After analysis of the changes in IFRS 9, it has been determined that the new principles have no material impact on the financial reporting. IFRS 9 also includes a new model for provisions for credit losses, which takes into account the company's expected credit losses. In practice, the new model has no material impact on the reported rent receivables.
The overwhelming majority of Wihlborgs' revenue consists of rental income, which is covered by IAS 17 Leasing. From an analysis in conjunction with IFRS 15 — Revenue from Contracts with Customers entering force on 1 January 2018, Wihlborgs has reviewed total revenue and determined that the Group's revenue should be split between rental income and service income. Rental income comprises invoiced rent including index and property tax, while service income relates to all other onward invoicing in the form of heating, electricity, etc. Wihlborgs has analysed whether the Group is the principal or the agent for these services and determined that the Group, in its role as landlord, acts primarily as the principal. The transition to IFRS 15 will be reported using the retrospective approach, in other words, the comparative figures for 2017 will be presented pursuant to IFRS 15. Wihlborgs has identified service income in Denmark that was previously reported as a net figure. From 2018, this income will be reported gross, since the company acts as the principal and not the agent. The change will have no impact on operating profit but will entail an increase in total revenue together with a corresponding increase in operating costs. If the same principles had been applied for the reporting in 2017, both total revenue and operating costs would have increased by around SEK 60 million.
In addition, the Group applies the Swedish Financial Reporting Board's recommendation RFR 1 Supplementary Accounting Rules for Groups. The Parent Company applies RFR2.
The financial reports are found on pages 14–18.
The Board of Directors proposes that the Annual General Meeting approve the following resolutions:
a dividend of SEK 6.25 (5.75) per share, making a total payment of SEK 480 million. The proposal represents an increase of 9 percent over the figure for the preceding year. The proposal is also in line with Wihlborgs' dividend policy, which states that the dividend paid will represent 50 percent of the income from day-to-day property management and 50 percent of profit realized from property sales, after deduction of tax at a standard rate of 22 percent.
authorization to the Board, in the period until the next AGM, to acquire and transfer Wihlborgs shares corresponding to no more than 10 percent of the shares outstanding.
authorization to the Board, in the period until the next AGM, to approve a new share issue corresponding to a maximum of 10 percent of the shares outstanding.
to implement a 2: 1 share split.
After the end of the period, Wihlborgs acquired the Raffinaderiet 3 investment property and the Raffinaderiet 5 project property in Lund, comprising 4,900 and 1,800 m2 respectively. In addition, two properties in the Copenhagen area were acquired: Mileparken 9-11 and Blokken 84, comprising 5,000 and 8,600 m2 respectively.
Ahead of the Annual General Meeting in April, the Nomination Committee has proposed that the Board of Directors for Wihlborgs consist of Tina Andersson, Anders Jarl, Sara Karlsson, Jan Litborn, Helen Olausson, Per-Ingemar Persson and Johan Qviberg, with Anders Jarl as Chairman of the Board. Provided that the Annual General Meeting resolves in accordance with the Committee's proposal, the Board intends to appoint Ulrika Hallengren as the new Chief Executive Officer of Wihlborgs.
Malmö 13 February 2018 Wihlborgs Fastigheter AB (publ) Anders Jarl, CEO
This Year End Report has not been reviewed by the company´s auditors.
| Rental income 610 525 2,275 2,030 Other income 0 0 21 5 Total income 610 525 2,296 2,035 Operating costs -84 -72 -290 -258 Repairs and maintenance -24 -26 -78 -76 Property tax -28 -22 -108 -96 Leasehold rent -2 -2 -5 -5 Property administration -32 -24 -98 -82 Total propery costs -170 -146 -579 -517 Operating surplus 440 379 1,717 1,518 Central administration -15 -13 -55 -49 Interest income 3 3 12 12 Interest expense -133 -119 -495 -459 Share in results of joint ventures 0 13 0 13 Income from property management 295 263 1,179 1,035 Change in value of properties 993 1,062 1,851 2,504 Change in value of derivatives 25 286 201 -265 Pre-tax profit 1,313 1,611 3,231 3,274 Current tax -20 5 -27 -7 Deferred tax -220 -310 -636 -291 Profit for the period1 1,073 1,306 2,568 2,976 OTHER TOTAL PROFIT/LOSS2 Translation differences and hedging for international activities, including tax 6 2 3 14 Total comprehensive income for the period1 1,079 1,308 2,571 2,990 Earning per share3 13.96 16.99 33.41 38.72 No. of shares at end of the period, thousands 76,857 76,857 76,857 76,857 |
SEKm | 2017 Oct–Dec 3 months |
2016 Oct–Dec 3 months |
2017 Jan–Dec 12 months |
2016 Jan–Dec 12 months |
|---|---|---|---|---|---|
| Average no. of shares, thousands | 76,857 | 76,857 | 76,857 | 76,857 |
1) The entire profit/income is attributable to the parent company's shareholders.
2) Refers to records that will be transferred to the result for the period.
3) Key ratios per share have been calculated based on a weighted average number of shares during the period.
There are no outstanding subscription options, convertibles or other potential ordinary shares to take into consideration.
| SEKm | Q4 2017 | Q3 2017 | Q2 2017 | Q1 2017 | Q4 2016 | Q3 2016 | Q2 2016 | Q1 2016 |
|---|---|---|---|---|---|---|---|---|
| Rental income | 610 | 578 | 547 | 540 | 525 | 508 | 500 | 497 |
| Other income | 0 | 19 | 1 | 1 | 0 | 3 | 1 | 1 |
| Operating costs | -84 | -59 | -59 | -88 | -72 | -46 | -58 | -82 |
| Repairs and maintenance | -24 | -17 | -19 | -18 | -26 | -14 | -20 | -16 |
| Property tax | -28 | -27 | -27 | -26 | -22 | -25 | -24 | -25 |
| Leasehold rent | -2 | -1 | -1 | -1 | -2 | -1 | -1 | -1 |
| Property administration | -32 | -26 | -20 | -20 | -24 | -19 | -20 | -19 |
| Operating surplus | 440 | 467 | 422 | 388 | 379 | 406 | 378 | 355 |
| Income from property management | 295 | 333 | 290 | 261 | 263 | 279 | 255 | 238 |
| Profit for the period | 1,073 | 603 | 603 | 289 | 1,306 | 287 | 1,181 | 202 |
| Surplus ratio, % | 72.1 | 77.5 | 77.0 | 71.7 | 72.2 | 79.3 | 75.4 | 71.2 |
| Investment yield, % | 4.7 | 5.1 | 5.0 | 4.7 | 4.8 | 5.3 | 5.1 | 4.9 |
| Equity/assets ratio, % | 34.7 | 33.3 | 34.4 | 34.8 | 34.3 | 32.7 | 32.1 | 30.6 |
| Return on equity, % | 32.9 | 19.7 | 20.4 | 10.0 | 48.3 | 11.5 | 49.9 | 9.0 |
| Earnings per share, SEK | 13.96 | 7.85 | 7.85 | 3.76 | 16.99 | 3.73 | 15.37 | 2.63 |
| Income property management per share, SEK | 3.84 | 4.33 | 3.77 | 3.40 | 3.42 | 3.63 | 3.32 | 3.10 |
| Cash flow per share, SEK | 4.51 | 5.58 | 3.68 | 3.12 | 3.99 | 3.79 | 3.40 | 2.67 |
| EPRA net asset value per share, SEK | 228.01 | 211.43 | 203.30 | 198.86 | 194.76 | 177.41 | 172.33 | 162.52 |
| Share price as % of Equity II | 86.1 | 94.2 | 87.6 | 85.4 | 87.0 | 102.9 | 99.9 | 106.1 |
| Carrying amount of properties | 38,612 | 36,928 | 34,019 | 33,217 | 32,755 | 30,522 | 30,161 | 29,196 |
| Equity | 13,592 | 12,513 | 11,916 | 11,752 | 11,463 | 10,155 | 9,863 | 9,081 |
| Total assets | 39,217 | 37,580 | 34,604 | 33,815 | 33,414 | 31,065 | 30,713 | 29,725 |
See pages 17-18 for Key figures & Definitions.
| 31-12-2017 | 31-12-2016 |
|---|---|
| 38,612 | 32,755 |
| 312 | 290 |
| 114 | 117 |
| 179 | 252 |
Total assets 39,217 33,414
Equity 13,592 11,463 Deferred tax liability 2,989 2,362 Borrowings 20,653 17,553 Derivatives 943 1,144 Other long-term liabilities 55 53 Current liabilities 985 839 Total equity & liabilities 39,217 33,414
CONSOLIDATED BALANCE SHEET summary
EQUITY AND LIABILITIES
| SEKm | Jan–Dec Jan–Dec |
||
|---|---|---|---|
| 2017 | 2016 | ||
| Total equity at beginning | |||
| of period | 11,463 | 8,876 | |
| Equity attributable to parent company's shareholders |
|||
| Opening amount | 11,463 | 8,876 | |
| Dividend paid | -442 | -403 | |
| Profit for the period | 2,568 | 2,976 | |
| Other comprehensive income | 3 | 14 | |
| Closing amount | 13,592 | 11,463 | |
| Equity attributable to minority shares |
- | - | |
| Total equity at end of period |
13,592 | 11,463 |
| SEKm | Oct–Dec | Oct–Dec | Full year | Full year |
|---|---|---|---|---|
| 2017 | 2016 | 2017 | 2016 | |
| Operating activities | ||||
| Operating surplus | 440 | 379 | 1,717 | 1,518 |
| Central administration | -15 | -13 | -55 | -49 |
| Depreciation | 1 | 1 | 2 | 2 |
| Net financial items paid | -123 | -112 | -477 | -442 |
| Income tax paid | -34 | -3 | -34 | -5 |
| Change in other working capital | 78 | 55 | 146 | 40 |
| Cashflow from operating activities | 347 | 307 | 1,299 | 1,064 |
| Investment activities | ||||
| Investments in and acquisitions of properties | -192 | -965 | -2,780 | -1,074 |
| Investments in existing properties | -302 | -282 | -1,061 | -989 |
| Sales of properties | 0 | 61 | 11 | 581 |
| Change in other non-current assets | -16 | -12 | -24 | -31 |
| Cash flow from investment activities | -510 | -1,198 | -3,854 | -1,513 |
| Financing activities | ||||
| Dividend paid | 0 | 0 | -442 | -403 |
| Increase in borrowing | 169 | 979 | 2,924 | 1,154 |
| Decrease in other long-term liabilities | 0 | 1 | 0 | -125 |
| Cash flow from financing activities | 169 | 980 | 2,482 | 626 |
| Cash flow for the year | 6 | 89 | -73 | 177 |
| Opening cash flow | 173 | 163 | 252 | 75 |
| Closing cash flow | 179 | 252 | 179 | 252 |
| CONSOLIDATED SEGMENT REPORTING JAN–DEC | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Property management | Malmö | Helsingborg | Lund | Copenhagen | Total | |||||
| SEKm | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 |
| Rental income | 975 | 914 | 547 | 522 | 381 | 373 | 372 | 221 | 2,275 | 2,030 |
| Other income | 16 | 1 | 5 | 3 | 0 | 1 | 0 | 0 | 21 | 5 |
| Costs | -250 | -226 | -154 | -145 | -100 | -92 | -75 | -54 | -579 | -517 |
| Operating surplus | 741 | 689 | 398 | 380 | 281 | 282 | 297 | 167 | 1,717 | 1,518 |
In the Group's internal reporting, activities are divided into the above segments, which are the same as described in the latest annual report. The total operating surplus shown above corresponds with the operating surplus recorded in the income statement. The difference between the operating surplus of SEK 1,717 million (1,518) and the pre-tax profit of SEK 3,231 million (3,274) consists of central administration SEK -55 million (-49), net interest SEK -483 million (-447) share in results of joint ventures 0 (13) and changes in value of properties and derivatives SEK 2,052 million (2,239). A more detailed segment reporting can be found in the latest annual report.
| PARENT COMPANY'S INCOME STATEMENT summary | ||||||
|---|---|---|---|---|---|---|
| SEKm | Jan–Dec 2017 |
Jan–Dec 2016 |
||||
| Income | 145 | 131 | ||||
| Expenses | -153 | -138 | ||||
| Operating profits | -8 | -7 | ||||
| Financial income | 1,623 | 1,527 | ||||
| Financial expenses | -588 | -800 | ||||
| Pre-tax profit | 1,027 | 720 | ||||
| Appropriations | 0 | 56 | ||||
| Tax | -3 | 89 | ||||
| Profit for the period | 1,024 | 865 |
| SEKm | 31-12-2017 | 31-12-2016 |
|---|---|---|
| Participations in Group companies | 9,073 | 8,472 |
| Receivables from Group companies | 11,615 | 10,432 |
| Other assets | 591 | 587 |
| Cash and bank balances | 19 | 152 |
| Total assets | 21,298 | 19,643 |
| Equity | 3,869 | 3,287 |
| Liabilities to credit institutions | 13,544 | 13,091 |
| Derivatives | 943 | 1,144 |
| Liabilities to Group companies | 2,792 | 1,988 |
| Other liabilities | 150 | 133 |
| Total equity and liabilities | 21,298 | 19,643 |
| SEK m | 2017 | 2016 |
|---|---|---|
| FINANCIAL | ||
| Return on equity, % | 20.5 | 29.3 |
| Return on total capital, % | 9.7 | 12.8 |
| Equity/assets ratio, % | 34.7 | 34.3 |
| Interest coverage ratio, multiple | 3.4 | 3.3 |
| Leverage properties, % | 53.5 | 53.6 |
| Debt/equity ratio, multiple | 1.5 | 1.5 |
| SHARE-RELATED | ||
| Earnings per share, SEK | 33.41 | 38.72 |
| Earnings per share before tax, SEK | 42.04 | 42.60 |
| Income from property management per share, SEK |
15.34 | 13.47 |
| Cashflow from operations per share, SEK | 16.90 | 13.84 |
| Equity per share I, SEK | 176.85 | 149.15 |
| Equity per share II, SEK | 215.74 | 179.88 |
| EPRA NAV (net asset value) | ||
| per share, SEK | 228.01 | 194.76 |
| Market value per share, SEK | 196.30 | 169.40 |
| Dividend per share, SEK | 6.25 | 5.75 |
| Dividend yield, % | 3.2 | 3.4 |
| Total return from share, % | 19.3 | 2.1 |
| P/E-ratio I, multiple | 5.9 | 4.4 |
| P/E-ratio II, multiple | 16.4 | 16.1 |
| Number of shares at the end of period, thousands |
76,857 | 76,857 |
| Average number of shares, thousands |
76,857 | 76,857 |
| FASTIGHETSRELATERADE | ||
| Number of properties | 308 | 282 |
| Carrying amount of properties, SEKm | 38,612 | 32,755 |
| Estimated investment yield, % – all properties |
4.9 | 4.9 |
| Estimated direct return, % – excl project properties |
5.1 | 5.1 |
| Lettable area, m2 | 2,066,874 | 1,848,738 |
| Rental income, SEK per m2 | 1,202 | 1,156 |
| Operating surplus, SEK per m2 | 912 | 868 |
| Financial occupancy rate, % | ||
| - all properties | 93 | 91 |
| Financial occupancy rate, % - excl project properties |
93 | 92 |
| Estimated surplus ratio, % | 76 | 75 |
| EMPLOYEES | ||
| Number of employees at period end | 149 | 132 |
The basis for the key financial ratios in ongoing use by Wihlborgs and for which established financial targets apply are shown below. The following financial targets have been established by the Board:
*) Risk-free interest rate is defined as the rate on a 5-year Swedish government bond.
| SEKm | 2017 | 2016 | |
|---|---|---|---|
| Return on equity | |||
| Profit for the period | 2,568 | 2,976 | |
| Equity, opening balance | 11,463 | 8,876 | |
| Equity, closing balance | 13,592 | 11,463 | |
| Average equity | 12,528 | 10,170 | |
| Return on equity, % | 20.5 | 29.3 | |
| Leverage properties | |||
| Borrowings | 20,653 | 17,553 | |
| Carrying amount | |||
| investment properties | 38,612 | 32,755 | |
| Leverage properties, % | 53.5 | 53.6 | |
| Equity/assets ratio | |||
| Equity | 13,592 | 11,463 | |
| Total assets | 39,217 | 33,414 | |
| Equity/assets ratio, % | 34.7 | 34.3 | |
| Interest coverage ratio | |||
| Income from property management | 1,179 | 1,035 | |
| Interest expense | 495 | 459 | |
| 1,674 | 1,494 | ||
| Interest expense | 495 | 459 | |
| Interest coverage ratio, multiple | 3.4 | 3.3 | |
| EPRA NAV | |||
| Equity | 13,592 | 11,463 | |
| Deferred tax liability | 2,989 | 2,362 | |
| Derivatives | 943 | 1,144 | |
| 17,524 | 14,969 | ||
| Number of shares, thousand | 76,857 | 76,857 | |
| EPRA NAV per share, SEK | 228.01 | 194.76 |
Some of the financial metrics that Wihlborgs presents in the interim report are not defined in accordance with IFRS. Wihlborgs is of the opinion that these metrics provide valuable complementary information to investors and the company's management, since they enable evaluation of the company's performance.
As all companies do not apply the same approach to calculating these financial metrics, they are not always comparable to metrics used by other companies. Accordingly, these metrics should not be viewed as replacements for metrics defined under IFRS. On the next page, definitions of metrics are presented that, with a few exceptions, are not defined in accordance with IFRS.
The key ratios are based on the statements of income, financial position, changes in equity and cash flow. Some of the historic data is compiled from the historical summary on page 14.
Profit for the period as a percentage of average equity, excluding noncontrolling interests. Average equity refers to the average of the opening and closing values for the respective period. In interim reports, the return is converted to its annualised value without taking account of seasonal variations. The ratio comprises a measure of the profitability in relation to shareholders' equity.
Earnings before interest, value changes in derivatives and taxes (EBIT) as a percentage of average total assets. Average total assets refers to the average of the opening and closing values for the respective period. In interim reports, the return is converted to its annualised value without taking account of seasonal variations. The ratio comprises a measure of the profitability in relation to the total assets employed.
Equity as a percentage of total assets at the end of the period. The ratio provides a measure of the financial strength of the company.
Income from property management, plus interest expense, divided by interest expense. The ratio measures the degree to which earnings can decline without jeopardising interest payments or, alternatively, how much interest expense can increase before income from property management becomes negative.
Borrowings as a percentage of the properties' carrying amounts. The ratio shows the degree of borrowing on the property portfolio.
Interest-bearing liabilities relative to equity. Interest-bearing liabilities correspond to borrowings in the balance sheet. The ratio illustrates the relationship between borrowings and equity and, thereby, the gearing and financial strength.
The operating surplus, excluding payments for early lease termination, shown as a percentage of rental income. In the income statement, the item "other income" is used for payments for early lease termination. The ratio illustrates the proportion of rental income that remains after deducting property management costs.
The operating surplus, excluding payments for early lease termination, shown as a percentage of the properties' average carrying amount. The average carrying amount refers to the average of the opening and closing values for the respective period. In the income statement, the item "other income" is used for payments for early lease termination. In interim reports, the yield is converted to its annualised value without taking account of seasonal variations. The ratio illustrates the yield on the property portfolio without taking account of its financing costs.
Earnings for the period divided by the average number of shares outstanding. Definition according to IFRS.
Earnings per share before tax divided by the average number of shares outstanding.
Cash flows from operating activities divided by the average number of shares outstanding.
The relationship between the closing balances for equity and the number of shares at the end of the period.
Calculated as Equity per share I, but not charged with deferred tax. Equity is increased by the addition of the carrying amount for deferred tax liabilities.
Equity per share following the reversal of interest-rate derivatives and deferred tax according to the balance sheet.
Proposed dividend as a percentage of the year-end share price.
Share price performance plus actual dividend relative to the share price at the start of the year.
Market price per share divided by earnings per share. In interim reports, the ratio is converted to its annualised value without taking account of seasonal variations.
Market price per share divided by income from property management, charged with nominal tax at 22 %, per share. In interim reports, the ratio is converted to its annualised value without taking account of seasonal variations.
These key figures are based on the property table on page 10. The table shows the estimated rental value, rental income and property expenses on an annualised basis with an unchanged property portfolio, rental income and lettings portfolio compared with the end of the last quarter.
Rental income plus estimated market-level rents for unlet space.
Operating surplus as a percentage of the carrying amount for the properties at the end of the period.
Rental income on an annualised basis divided by lettable area.
Operating surplus per m2 Operating surplus divided by lettable area.
Rental income as a percentage of rental value.
Operating surplus as a percentage of rental income.
*) These key ratios are operational and are not regarded as alternative key ratios according to ESMA´s guidelines.
Anders Jarl, CEO. Phone: +46 (0)40-690 57 10, E-mail: [email protected] Arvid Liepe, CFO. Phone: +46 (0)40-690 57 31, E-mail: [email protected]
This information is of such a kind that Wihlborgs Fastigheter AB (publ) is legally required to disclose pursuant to the EU's Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication through the agency of the above contact people on 13 February 2018 at 7:30 a.m. CET.
Wihlborgs Fastigheter AB Box 97, SE-201 20 Malmö Visitors: Dockplatsen 16 Tel: +46 (0)40-690 57 00
Wihlborgs Fastigheter AB Terminalgatan 1 SE-252 78Helsingborg Tel: +46 (0)42-490 46 00
Wihlborgs Fastigheter AB Ideon Science Park Scheelevägen 17 SE-223 70 Lund Tel: +46 (0)46-590 62 00
Wihlborgs A/S Hørkær 26. 1.sal DK-2730 Herlev. Danmark Tel: +45 396 161 57
www.wihlborgs.se [email protected] Registered office: Malmö Corporate registration no.: 556367-0230
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