Annual Report • Feb 11, 2016
Annual Report
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Platzer is one of the largest, as well as one of the leading, commercial property companies in Gothenburg, primarily in office property. The company owns and develops 59 properties with a total area of approximately 465,000 sq m. Platzer delivers growth and profitability through property management and development, project development, urban development and property transactions. Platzer prioritizes good relationships with tenants and offers a service that focuses on close relationships and commitment. At the end of the period, Platzer had 54 employees.
Platzer creates value by owning and developing properties in the Gothenburg area.
Platzer is to be the leading property company in commercial premises in the Gothenburg area.
See key performance indicators, page 11, and key performance indicators per share, page 23, for outcome.
*) risk-free interest = interest rate for a 5-year Swedish government bond
• Grow and be the leading player in the Gothenburg area, focusing on selected segments.
• Develop long-term relationships on a commercial, sustainable and ethical basis by actively working with customers and suppliers.
• Conduct continuous improvements of the property portfolio through value generating property and project development.
• Debt financing of business based on the value of properties. Use existing cash for value-generating property investments.
Platzer takes a long-term approach to business. Sustainability is about continually taking decisions that facilitate long-term, sustainable development. This is achieved by reaching a balance between several factors -a healthy financial position, satisfied employees, minimal environmental impact and a positive contribution to society. Sustainability efforts at Platzer are an integral part of operating activities and apply to all three dimensions of sustainability: economic, ecological and social.
Annual Report 1 April 2016 Interim Report January-March 2016 28 April 2016, 08:00 Annual General Meeting 2016 28 April 2016, 12:00 Interim Report January-June 2016 8 July 2016 Interim Report January-September 2016 27 October 2016
For further information, please visit platzer.se or contact P-G Persson, CEO, +46 (0)734 11 12 22 / Lennart Ekelund, CFO, +46 (0)703 98 47 87
2015 was the company's most successful year. Income from property management increased by 26%. We comfortably achieved our long-term financial targets. Net asset value per share grew by 17% to around SEK 39 per share, which means we very nearly achieved our financial target for 2017 of SEK 40/share already in 2015, two years ahead of target. Profitable property transactions, a high pace in lettings and successful project development, together with lower interest rates and falling yield requirements, were the primary drivers behind the positive result.
Platzer's business idea is to generate value by owning and developing commercial property in the Gothenburg area. Value is created through a mixture of daily management, transactions and project development. Growth is a natural by-product of value generation. Given the favourable conditions for urban, project and property development in the Gothenburg area, and our own development as a company, our strategy is to successively increase the proportion of growth derived from our own development projects. In 2015 we took several steps in this direction with the launch of a number of major development projects, which also meant that our investments in our properties grew by over 100% compared with the previous year.
Positive growth in the Gothenburg region in general, together with lower required yields on property assets, good access to capital and an increase in the number of players looking to invest in the Gothenburg area, prompted a rise in property prices during the year as well as ever increasing competition over objects. We concluded several strategic property deals and our net acquisitions in 2015 amounted to SEK 0.5 billion. Our strategy is to continue to acquire properties suitable for development in locations with good communications, such as Gamlestaden, where we can be in overall charge of the development of an area and sell already developed properties in individual locations. The fall in required yields has boosted the value of our property portfolio, which increased in value by 6% in 2015. Major development projects accounted for the bulk of the increase in value, with around 40% of the increase in value derived from our own active efforts.
A property that has been awarded environmental certification contributes to a more sustainable society and nearly 80% of the properties in our portfolio have now been awarded environmental certification, the target being to reach 100% within two years. Environmental certification is the culmination of a long-term project and in 2015 we certified 12 properties, more than in any year previously.
Our property portfolio has grown over the years as we have acquired and developed properties in selected growth areas in Gothenburg, and this remains our strategy for the future. At the same time, we have successively built an organisation with a high level of competence in real estate, which has enabled us to more than double our property assets in the last four years and increase our net asset value per share by 60%. We will continue on this path going forward, and will play an even more active part in both the early stages of urban development and the management phase of selected areas. Development projects will account for an ever greater proportion of our growth. Our ambition is to be a net buyer of properties even though we will continue to review and dispose of properties that do not fit in with our strategy. We are 100% focused on the Gothenburg area and I am convinced that it is this local focus that will enable us to continue to deliver good results in coming years.
P-G Persson CEO
Comparative values for income statement items refer to the corresponding period in the previous year and for balance sheet items as at 31/12/2014.
Income from property management improved by 26% in 2015 and amounted to SEK 266 million (211). The improvement in earnings was partly due to the growth strategy pursued by Platzer, which resulted in a larger property portfolio in 2015 compared with 2014, and partly to development measures and increased occupancy rates in existing properties. Changes in the value of properties amounted to SEK 510 million (401) for the year, changes in the value of financial instruments totalled SEK 64 million (-227), and the company reported a pre-tax profit for the year of SEK 664 million (298).
Rental income for the year amounted to SEK 589 million (525), an increase of 12%. The increase in rental income was mainly attributable to a larger property portfolio, as well as to new lettings. Rental income from existing lease agreements was estimated to amount to SEK 664 million (565) on an annual basis on the balance date. The economic occupancy rate for the year was 91% (94).
The major development projects currently underway had a comparatively negative impact on results and the occupancy rate, because some premises have had to be vacated to facilitate refurbishment, thus temporarily increasing the vacancy rate for these premises.
Property costs for the year amounted to SEK -152 million (-131), with the increase primarily due to the larger property portfolio. Property operating expenses and maintenance costs are subject to seasonal variations.
The operating surplus for the year amounted to SEK 437 million (394), corresponding to an increase of 11%. The surplus ratio remained at a high and stable level, and was 74% for the year (75). The property investment yield was 4.8% (5.2). The decrease was primarily due to a large volume of projects, since several ongoing refurbishment projects in 2015 have resulted in loss of rental income, thus lowering the operating surplus, in addition to which the value of properties increases successively during the
project phase whereas income is not generated until projects are completed and tenants move in. In addition, the falling yield requirements in the market, which, all else being equal, boost property values, resulted in a lower investment yield.
Central administration expenses for the year amounted to SEK -35 million (-32). The increase was due to an increase in the number of employees and the cost of a share saving scheme for the senior executive team, as per a resolution adopted by the AGM in April 2015. The estimated cost of the share saving scheme will be amortised over the 3-year term of the scheme and it weighed down results for the year by SEK -1 million (-).
Net financial items for 2015 amounted to SEK -136 million (-151), a decrease of SEK 15 million despite a larger volume of borrowings. The lower costs were primarily due to renegotiated interest rate margins and lower market rates. At year-end, the average interest rate, including the effects of signed derivative instruments, was 2.37% (2.77).
Total tax expense for the year was SEK -176 million (-87) and consisted mostly of deferred tax. Property disposals, which give rise to realised capital gains/losses, are normally conducted via corporate divestment, which means the income is free of tax.
Net investments in property during the year amounted to SEK 845 million (1,029), of which SEK 745 million (863) was attributable to acquisitions and SEK 259 million (-) to sales. Investments in existing properties amounted to SEK 359 million (166). Investments were financed through new borrowings and to some extent with cash. Cash flow for the period was SEK 131 million (-581). At year-end, cash and cash equivalents amounted to SEK 227 million (96). Aside from cash and cash equivalents, at year-end there were unutilised loan commitments of SEK 210 million and an unutilised overdraft facility of SEK 50 million.
Properties are recognised at an estimated fair value of SEK 9,784 million (8,343), which is based on in internal valuation as at year end. The properties are valued internally in connection with the annual accounts, using a ten-year cash flow model for all properties. At year-end, Platzer commissioned an external valuation of a selected number of properties that constitute a cross-section of the property portfolio, in order to ensure the quality of the internal valuation. The external valuation comprised around 35% of the value of the property portfolio and was performed by Forum Fastighetsekonomi. The external valuation exceeded the internal valuation by SEK 7 million. The investment properties are valued within level 3 in the IFRS 13 fair value hierarchy.
The internal property valuation showed a gain in the value of investment properties for the period of SEK 510 million (401). Around 40% of the change in value was due to project and property development and new rentals coming on stream, while the remainder, some 60%, was due to lower yield requirements in the market. The average yield requirement based on the valuation as at year-end was 5.5%, down from 5.8% at the same time in the previous year.
The properties Olskroken 18:7, Hårddisken 1 and Högsbo 33:1 were acquired in the financial year, while the properties Högsbo 11:3, Högsbo 11:5, Högsbo 14:3, Högsbo 13:6, Högsbo 27:8, Högsbo 7:21 and Gasklockan 2 were sold. Investments in existing properties during the period amounted to SEK 359 million (166), with the largest individual investment being the new build project Gårda 3:14 and the launch of two refurbishment projects for the Swedish Migration Board in Gårda 1:15 and Livered 1:329. Gårda 3:14 was completed in the third quarter and tenants took up residence in the fourth quarter. The Swedish Migration Board will move in gradually during the first half of 2016.
Equity for the Group amounted to SEK 3,592 million as at 31st December 2015 (2,966). Equity per share at year-end was SEK 37.05 (30.98). The long-term net asset value, EPRA NAV, on the same date amounted to SEK 43.16 (36.20), while the net asset value, which is one of Platzer's financial targets, was SEK 38.62 (SEK 33.07). The equity ratio was 35% (35).
At year-end, non-current, interest bearing liabilities amounted to SEK 5,690 million (4,855), which corresponded to a loan-to-value ratio of 58% (58). Debt financing primarily comprises bank loans secured by mortgages on property. In the fourth quarter, Platzer borrowed SEK 300 million by means of a Green Bond issue via Nya SFF with a maturity of just under two years. The average fixed interest term, including the effect of derivatives contracts, was 4.0 years as at 31 December 2015 (4.7). The average loan term was 1.9 years (1.8).
To achieve the desired fixed interest rate structure, interest rate derivatives are used, primarily interest rate swaps, which are recognised at fair value in the balance sheet, while gains/losses are recognised in the income statement without applying hedge accounting. The market value as at 31 December was SEK -192 million, which corresponded to a gain of SEK 64 million for the reporting period. The changes in value do not affect cash flow. During the remaining term of the derivatives, the undervalue will be resolved and will reduce financial costs in the income statement by an equivalent amount.
The financial assets and liabilities that are measured at fair value in the Group comprise the derivative instruments and capital redemption policies described above. Both the derivative instruments and the capital redemption policies are included in Level 2 in the IFRS 13 fair value hierarchy. The fair value of non-current, interest bearing liabilities is equivalent to their carrying value because the discounting effect is not significant when the interest rate on the loans is variable and in line with market rates.
The company had 54 employees as at 31 December 2015. Platzer's property portfolio was organised into three market segments in 2015. The market segments are Platzer's units with responsibility for daily operation, management and development of properties. The market segments are supported by two specialist units: Project Development, which is responsible for project development and project management; and Lettings, which supports the lettings business. Platzer's Group and staff functions comprise the CEO, business development, finance, accounts, communication and sustainability.
Rental income in the quarter increased to SEK 160 million (131). The operating surplus increased to SEK 116 million (97) in the same quarter, while income from property management improved to SEK 71 million (51). Furthermore, changes in the value of investment properties showed a gain of SEK 205 million (167) in the quarter, while changes in the value of financial instruments showed a gain of SEK 63 million (-76). Profit after tax for the quarter amounted to SEK 273 million (108).
Significant events during the fourth quarter:
Gasklockan 2 and Högsbo 7:21 were vacated
Agreement reached with JM on the transfer of part of the Olskroken 18:7 property.
In January, an agreement was signed on the sale of Gårda 8:2, which will be vacated 1 March 2016. The deal will take the form of a corporate divestment, with the underlying property value amounting to SEK 44 million.
The parent company does not own any properties of its own, and instead manages certain Groupwide functions regarding management and financing. Parent company revenue is solely derived from invoicing services to Group companies.
The property business, as all businesses, is always exposed to risks. Good internal controls and checks performed by external auditors, well-functioning administrative systems and policies, as well as proven procedures for property valuations are among the methods used by Platzer to manage and reduce risks. The main risks and uncertainty factors that affect Platzer have not changed over the year, and they are described in the 2014 Annual Report on pages 43-45 and 62-63.
The company's transactions with related parties are described in the 2014 Annual Report, page 75. There are no significant transactions with related parties apart from these continuous agreements, and they have not changed over the year.
Platzer prepares its consolidated financial statements in accordance with IFRS (International Financial Reporting Standards) as adopted by the EU. The same accounting and valuation principles have been applied as in the most recent annual report. New or revised IFRS standards that came into force in 2015 have not had any material effect on the Group's financial statements with the exception of IFRIC 21 "Levies", which clarifies the recognition of an obligation to pay a tax or charge that is not income tax. For Platzer, this means that the property tax should be entered as a liability when the obligation arises, on 1 January every year. The new standard will have an effect on the balance sheet throughout the year but no effect on the income statement. The interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The parent company applies the Annual Accounts Act and RFR2.
The Board of Directors proposes to the Annual General Meeting that a dividend of SEK 1.00 per share be paid (0.75).
Gothenburg, 11/02/2016
Platzer Fastigheter Holding AB (publ)
P-G Persson CEO
This year-end report has not been reviewed by the company's auditors.
SUMMARY
| SEK million | 2015 Oct-Dec |
2014 Oct-Dec |
2015 Jan-Dec |
2014 Jan-Dec |
|---|---|---|---|---|
| Rental income | 160 | 131 | 589 | 525 |
| Property costs | - 44 | -34 | - 152 | - 131 |
| Operating surplus | 116 | 97 | 437 | 394 |
| Central administration | - 11 | -10 | - 35 | - 32 |
| Net financial items | - 34 | -36 | - 136 | - 151 |
| Income from property management | 71 | 51 | 266 | 211 |
| Change in value, investment properties | 205 | 167 | 510 | 401 |
| Change in value, financial instruments | 63 | -76 | 64 | - 227 |
| Profit before tax | 339 | 142 | 840 | 385 |
| Tax on profit/loss for the period | - 66 | -34 | - 176 | - 87 |
| Profit for the period 1) | 273 | 108 | 664 | 298 |
| Profit for the period attributable to: | ||||
| Parent company's shareholders | 262 | - | 653 | - |
| Non-controlling interests | 11 | - | 11 | - |
| Earnings per share 2) | 2.74 | 1.13 | 6.81 | 3.11 |
1) There is no other comprehensive income for the Group, and therefore the consolidated profit for the period is the same as the comprehensive income for the period.
2) There is no dilution effect because there are no potential shares. However, the number of outstanding shares will increase by 250,000 when the share saving scheme is completed.
SUMMARY
| SEK million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| ASSETS | ||
| Investment properties | 9,784 | 8,343 |
| Other fixed assets | 5 | 6 |
| Financial fixed assets | 60 | 36 |
| Current assets | 63 | 27 |
| Cash and cash equivalents | 227 | 96 |
| TOTAL ASSETS | 10,139 | 8,508 |
| EQUITY AND LIABILITIES | ||
| Equity | 3,592 | 2,966 |
| Deferred tax liability | 399 | 244 |
| Non-current interest bearing liabilities | 5,690 | 4,855 |
| Other non-current liabilities | 224 | 292 |
| Current liabilities | 234 | 151 |
| TOTAL EQUITY AND LIABILITIES | 10,139 | 8,508 |
| Pledged assets | 5,798 | 5,000 |
| Contingent liabilities | 55 | 57 |
| 2015 | 2014 | |
|---|---|---|
| SEK million | Jan-Dec | Jan-Dec |
| Equity attributable to parent company's shareholders | ||
| At beginning of period | 2,966 | 2,726 |
| New share issue | 0 | - |
| Share buy-back | 0 | - |
| Reversal, share saving scheme | 1 | - |
| Comprehensive income for the period | 653 | 298 |
| Dividend | -72 | -58 |
| At end of period | 3,548 | 2,966 |
| Equity attributable to non-controlling interests | ||
| At beginning of period | - | - |
| Consolidation of subsidiary | 33 | - |
| Comprehensive income for the period | 11 | - |
| At end of period | 44 | - |
| Total equity | 3,592 | 2,966 |
| 2015 | 2014 | |
|---|---|---|
| SEK million | Jan-Dec | Jan-Dec |
| Value of properties, opening balance | 8,343 | 6,913 |
| Investments in existing properties | 359 | 166 |
| Property acquisitions | 745 | 863 |
| Property sales | -259 | - |
| Consolidation of subsidiary | 86 | - |
| Change in value | 510 | 401 |
| Value of properties, closing balance | 9,784 | 8,343 |
SUMMARY
| SEK million | 2015 Oct-Dec |
2014 Oct-Dec |
2015 Jan-Dec |
2014 Jan-Dec |
|---|---|---|---|---|
| Operating activities | ||||
| Operating surplus | 116 | 97 | 437 | 394 |
| Central administration | -9 | -9 | -32 | -31 |
| Net financial items | -34 | -36 | -136 | -151 |
| Income tax | 5 | -3 | -14 | -16 |
| Cash flow from operating activities before changes in | ||||
| working capital | 78 | 49 | 255 | 196 |
| Change in current receivables | -8 | -5 | -30 | 3 |
| Change in current liabilities | 47 | 4 | 68 | -7 |
| Cash flow from operating activities | 117 | 48 | 293 | 192 |
| Investing activities | ||||
| Investments in existing investment properties | -77 | -67 | -359 | -166 |
| Acquisitions of investment properties | -6 | -726 | -745 | -843 |
| Sales of investment properties | 81 | - | 259 | - |
| Consolidation of subsidiary | -86 | - | -86 | - |
| Other investments | - | - | - | -1 |
| Cash flow from investing activities | -88 | -793 | -931 | -1,010 |
| Financing activities | ||||
| Change in interest-bearing liabilities | 49 | 320 | 836 | 315 |
| Changes in non-current receivables | -33 | -1 | -33 | -1 |
| Changes in non-current liabilities | 5 | - | 5 | - |
| Dividend | - | - | -72 | -58 |
| Consolidation of subsidiary | 33 | - | 33 | - |
| New share issue/Share buy-back | - | - | - | -19 |
| Cash flow from financing activities | 54 | 319 | 769 | 237 |
| Cash flow for the period | 83 | -426 | 131 | -581 |
| Cash and cash equivalents at beginning of period | 144 | 522 | 96 | 677 |
| Cash and cash equivalents at end of period | 227 | 96 | 227 | 96 |
SUMMARY
| SEK million | 2015 Jan-Dec |
2014 Jan-Dec |
|---|---|---|
| Net sales | 12 | 10 |
| Operating expenses | - 12 | - 10 |
| Net financial items | - 72 | - 48 |
| Change in value, financial instruments | 18 | - 179 |
| Profit before tax and appropriations | - 54 | - 227 |
| Appropriations | 153 | 108 |
| Tax | - 19 | 27 |
| Profit for the period 1) | 80 | - 92 |
1) The parent company has no other comprehensive income and total comprehensive income is therefore the same as the profit for the period.
S U M M A R Y
| SEK million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| ASSETS | ||
| Participations in Group companies | 1,053 | 1,020 |
| Other financial assets | 2,203 | 1,538 |
| Receivables from Group companies | 1,072 | 1,107 |
| Other current assets | 17 | 2 |
| Cash and cash equivalents | 8 | 4 |
| TOTAL ASSETS | 4,353 | 3,671 |
| EQUITY AND LIABILITIES | ||
| Equity | 1,917 | 1,908 |
| Untaxed reserves | 50 | 42 |
| Non-current liabilities | 2,352 | 1,701 |
| Current liabilities | 34 | 20 |
| TOTAL EQUITY AND LIABILITIES | 4,353 | 3,671 |
| Pledged assets | 2,138 | 1,492 |
| Contingent liabilities | 3,149 | 3,323 |
| 2015 Jan-Dec |
2014 Jan-Dec |
|
|---|---|---|
| Financial | ||
| Debt/equity ratio (multiple) | 1.6 | 1.6 |
| Interest coverage ratio (multiple) | 3.0 | 2.4 |
| Loan-to-value ratio, % | 58 | 58 |
| Equity ratio, % | 35 | 35 |
| Return on equity, % | 20.0 | 10.5 |
| Property-related | ||
| Investment yield, % | 4.8 | 5.2 |
| Surplus ratio, % | 74 | 75 |
| Economic occupancy rate, % | 91 | 94 |
| Rental value, SEK/sq m | 1,532 | 1,490 |
| Lettable area, sq m thousands | 465 | 415 |
For definitions of key ratios, please see page 24.
| Project | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Investment properties | properties | Total | ||||||||
| Central | South/West | North/East | ||||||||
| Gothenburg | Gothenburg | Gothenburg | ||||||||
| SEK million | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 |
| Rental income | 338 | 298 | 109 | 120 | 141 | 106 | 1 | 1 | 589 | 525 |
| Property costs | -78 | -64 | -37 | -41 | -36 | -25 | -1 | -1 | -152 | -131 |
| Operating surplus | 260 | 234 | 72 | 79 | 105 | 81 | 0 | 0 | 437 | 394 |
| Investment properties, | ||||||||||
| fair value | 6,322 | 5,406 | 1,240 | 1,378 | 2,085 | 1,265 | 137 | 294 | 9,784 | 8,343 |
In the Group's internal reporting, activities are divided into the segments shown above. The division into geographical regions has changed against a background of changes in the property portfolio, which has resulted in the regions South/West Gothenburg and North/East Gothenburg replacing the previous division into West Gothenburg and Other Gothenburg respectively. South/West Gothenburg now includes Mölndal (previously in Other Gothenburg).
The total operating surplus above is the same as the operating surplus reported in the income statement. The difference between the operating surplus of SEK 437 million (394) and profit before tax of SEK 840 million (385) consists of central administration SEK -35 million (-32), net financial items SEK -136 million (-151) and changes in value of properties and derivatives SEK 574 million (174).
The property Olskroken 18:7 was acquired during the period and is included in the segment North/East Gothenburg with effect from May 2015. The properties Högsbo 11:3, Högsbo 11:5, Högsbo 13:6, Högsbo 27:8 and Gasklockan 2 were sold and the properties were included in the segment South/West Gothenburg until April, November and December 2015 respectively. Högsbo 14:3 and Högsbo 7:21 were sold and these properties were included in the Project segment until April and November 2015 respectively. Hårddisken 1 and Högsbo 33:1 were acquired in July and December 2015 respectively but do not affect the operating surplus because these are project properties.
| Interest | ||||
|---|---|---|---|---|
| maturity | Loan maturity | |||
| Loan amount, | Share, | Average interest, |
Loan amount, | Share, % |
| 24 | ||||
| 34 | ||||
| 120 | 2 | 3.42 | 1,455 | 26 |
| 200 | 3 | 3.21 | 892 | 16 |
| 300 | 5 | 4.15 | ||
| 670 | 12 | 2.97 | ||
| 550 | 10 | 3.49 | ||
| 100 | 2 | 3.49 | ||
| 1,000 | 18 | 3.26 | ||
| 300 | 5 | 2.50 | ||
| 5,690 | 100 | 2.37 | 5,690 | 100 |
| SEK million 2,450 - |
% 43 - |
% 1.20 - |
SEK million 1,394 1,949 |
| 2015 | 2015 | 2015 | 2015 | 2014 | 2014 | 2014 | 2014 | |
|---|---|---|---|---|---|---|---|---|
| Oct | July | Apr | Jan | Oct | July | Apr | Jan | |
| SEK million | Dec | Sept | June | Mar | Dec | Sept | June | Mar |
| Rental income | 160 | 146 | 144 | 139 | 131 | 133 | 131 | 130 |
| Property costs | -44 | -35 | -34 | -39 | -34 | -33 | -28 | -36 |
| Operating surplus | 116 | 111 | 110 | 100 | 97 | 100 | 103 | 94 |
| Central administration | -11 | -8 | -8 | -8 | -10 | -7 | -8 | -7 |
| Net financial items | -34 | -34 | -35 | -33 | -36 | -38 | -39 | -38 |
| Income from property management | 71 | 69 | 67 | 59 | 51 | 55 | 56 | 49 |
| Change in value, investment properties | 205 | 196 | 49 | 60 | 167 | 126 | 91 | 17 |
| Change in value, financial instruments | 63 | -74 | 144 | -69 | -76 | -47 | -56 | -48 |
| Profit before tax | 339 | 191 | 260 | 50 | 142 | 134 | 91 | 18 |
| Tax on profit/loss for the period | -66 | -42 | -57 | -11 | -34 | -29 | -20 | -4 |
| Profit for the period | 273 | 149 | 203 | 39 | 108 | 105 | 71 | 14 |
| Investment properties. SEK million | 9,784 | 9,491 | 9,192 | 8,491 | 8,343 | 7,363 | 7,195 | 6,958 |
| Investment yield, % | 4.8 | 4.8 | 5.0 | 4.8 | 4.9 | 5.5 | 5.8 | 5.4 |
| Surplus ratio, % | 73 | 76 | 76 | 72 | 74 | 75 | 79 | 72 |
| Economic occupancy rate, % | 92 | 91 | 90 | 92 | 97 | 92 | 93 | 93 |
| Return on equity, % | 12.3 | 9.7 | 11.7 | 5.9 | 7.9 | 8.3 | 7.4 | 4.6 |
| Equity per share. SEK | 37.05 | 34.32 | 32.76 | 31.39 | 30.98 | 29.85 | 28.75 | 28.61 |
| Net asset value per share, SEK | 38.62 | 36.40 | 34.24 | 34.04 | 33.07 | 31.32 | 29.84 | 29.23 |
| Share price, SEK | 38.00 | 34.70 | 34.20 | 39.00 | 33.50 | 30.00 | 30.10 | 30.00 |
| Earnings after tax per share, SEK | 2.74 | 1.56 | 2.12 | 0.41 | 1.13 | 1.10 | 0.74 | 0.14 |
| Cash flow from operating activities per share, SEK | 1.22 | 0.85 | 0.18 | 0.82 | 0.51 | 0.56 | 0.39 | 0.35 |
| Number of properties |
Lettable area, sq m |
Fair value, SEK m |
Rental value, SEK m |
Economic occupancy rate, % |
Rental income, SEK m |
Operating surplus, SEK m |
Surplus ratio, % |
|
|---|---|---|---|---|---|---|---|---|
| INVESTMENT PROPERTIES | ||||||||
| Central Gothenburg | ||||||||
| Offices/Retail | 21 | 188,850 | 6,022 | 397 | 93 | 370 | 287 | 78 |
| Industrial/Warehouses/Other | 2 | 23,925 | 300 | 17 | 82 | 14 | 12 | 86 |
| Total | 23 | 212,775 | 6,322 | 414 | 93 | 384 | 299 | 78 |
| South/West Gothenburg | ||||||||
| Offices/Retail | 9 | 56,647 | 607 | 67 | 85 | 57 | 35 | 61 |
| Industrial/Warehouses/Other | 9 | 59,177 | 633 | 64 | 95 | 61 | 45 | 74 |
| Total | 18 | 115,824 | 1,240 | 131 | 90 | 118 | 80 | 68 |
| North/East Gothenburg | ||||||||
| Offices/Retail | 8 | 133,364 | 2,085 | 170 | 95 | 161 | 118 | 73 |
| Industrial/Warehouses/Other | - | - | - | - | - | - | - | - |
| Total | 8 | 133,364 | 2,085 | 170 | 95 | 161 | 118 | 73 |
| TOTAL | ||||||||
| INVESTMENT PROPERTIES | 49 | 461,963 | 9,647 | 715 | 93 | 663 | 497 | 75 |
| PROJECT PROPERTIES | 10 | 3,475 | 137 | 2 | - | 1 | 1 | - |
| TOTAL PLATZER | 59 | 465,438 | 9,784 | 717 | 93 | 664 | 498 | 75 |
The summary comprises the property portfolio as at 31 December 2015 and provides a snapshot of the company's earning capacity, and it does not constitute a forecast.
The profit-related columns include valid lease agreements, including for future occupancy over the next six months, if occupancy relates to existing properties. Lease agreements with a later occupancy date or for properties currently under construction are not included. As at this date, in addition to the above table lease agreements have been signed for ongoing projects with a rental value of SEK 11 million (Hårddisken 1 and Brämaregården 35:4), for occupancy in the third quarter of 2016 onwards.
Rental value refers to rental income plus the estimated market rent of vacant premises in their existing condition. Rental income refers to contracted rental income including agreed supplements, such as payments for heating and property taxes, and excluding limited period discounts of approximately SEK 19 million.
The operating surplus shows the properties' earning potential on an annual basis, defined as contracted rental income as at 1 January 2016, less estimated property costs including property management for a rolling 12-month period.
Project properties in the table refer to income from existing properties before project start. This income will cease when the project commences.
The property market in Gothenburg was very strong in 2015, both on the lettings and the transactions side. Both markets saw low supply and high demand, which resulted in rising rents and lower required yields.
In the transaction market, demand was very good in all segments and a high volume of transactions was recorded, albeit not as high as in 2014. This is a pattern that was repeated nationwide. The Gothenburg region is considered interesting from an investment perspective and low interest rates are motivating investors to look to property for yields. The favourable conditions have also resulted in demand substantially outstripping supply, which has driven up the purchase price of objects that have reached market. Required yields fell in virtually all segments during the year, particularly for properties in prime locations.
In 2015 the office rental market was characterised by low vacancy rates and rising rents, primarily in central locations and locations with good communications. Furthermore, demand tends to focus on flexible and efficient premises. One contributing factor to the current development is that new production volume has been low in recent years. Projects which have reached market have frequently been let well ahead of completion, which points to pent-up demand for new construction of office space. The rate of construction is estimated to grow substantially in the next few years, which will benefit both Gothenburg as a city and its property market.
| Price, SEK |
Price/sq m, | |||
|---|---|---|---|---|
| Object | Buyer | Seller | million | approx. |
| Waterfront, Lindholmen, etc. | Blackstone | Obligo | > 1,000* | |
| M2, Citadellet & Tornen | Atrium Ljungberg | Älvstranden | 897 | 26,100 |
| Gamlestadens Fabriker | Platzer | Aberdeen | 750 | 12,100 |
| Pripps (Högsbo 21:2) | Stena Fastigheter + Ikano Bostad | Catena | 580 | 8,800 |
| Glasiären | Aberdeen | AF | 500 | 40,000 |
*) Part of a larger portfolio transaction and no individual purchase price has been published for the properties, but the combined price for the two properties is estimated to exceed SEK 1 billion.
Platzer owns and develops commercial properties in the Gothenburg area. The properties can be divided into three geographical areas: Central Gothenburg (Centre, Gårda, Krokslätt and Gullbergsvass), South/West Gothenburg (Högsbo, Långedrag and Mölndal) and North/ East Gothenburg (Backaplan, Gamlestaden and Mölnlycke). Platzer aims to be the leading player in all prioritised areas through profitable growth. Today, the company is the leading player in Gullbergsvass, Gårda, Gamlestaden and northern Högsbo.
As at 31 December 2015, the property portfolio comprised a total of 59 properties, including ten project properties, with a fair value of SEK 9,784 million. The total lettable area was 465,438 sq m, divided as follows: offices 68%, retail 4%, industrial/warehouses 13% and other 15%. The economic occupancy rate during the period was 91% (94).
As of Q4 2015, partly owned companys are consolidated, whereas previously the proportionate share of assets, liabilities and results were accounted for using the proportionate consolidation method.
Platzer has 682 lease agreements for non-residential premises. The largest tenants include DB Schenker, the Swedish Migration Board, Mölnlycke Health Care, Länsförsäkringar Göteborg &
Bohuslän, Nordea Bank AB, Stampen, the Swedish National Courts Administration, the Swedish Social Insurance Agency, Cochlear and the Göteborg Region Association of Local Authorities. The twenty largest lease agreements accounted for 33% of the rental value. The average remaining maturity was 46 months.
In addition, Platzer has concluded lease agreements for new construction and refurbishment projects with occupancy in 2016 - 2017. Apart from lease agreements for non-residential premises, there are parking agreements for indoor and outdoor parking and short-term parking, as well as agreements for advertising signs and masts with a total rental value of SEK 42 million.
| Number of | Rental income, SEK million |
Share % |
|
|---|---|---|---|
| 2016 | 181 | 72 | 12 |
| 2017 | 175 | 90 | 14 |
| 2018 | 164 | 127 | 20 |
| 2019 | 94 | 114 | 18 |
| 2020 | 35 | 65 | 11 |
| 2021- | 33 | 154 | 25 |
| Total | 682 | 622 | 100 |
| Multi-storey | |||
| car parks/ | 42 | ||
| other | |||
| Total | 664 |
1) Excluding lease agreements for projects with future occupancy.
In the second quarter, Platzer acquired the property Olskroken 18:7, better known as Gamlestadens Fabriker, from Aberdeen. The acquisition was conducted as a corporate acquisition and the underlying property value was SEK 750 million. The property consists of approximately 60,000 sq m of land and a lettable area of around 62,000 sq m in existing buildings.
In October, Platzer reached an agreement to transfer part of the Olskroken 18:7 property to JM. The sale comprises around 5,000 sq m of land and is estimated to include future residential building rights of around 25,000 sq m. The property was sold via a corporate divestment and the underlying property value was SEK 150 million. The final value of the property will depend on the scope of the future zoning plan. The property will be vacated when the zoning plan and parcelling of real estate have been completed, which is estimated to be no later than the first quarter of 2018.
In July, the company acquired the property Hårddisken 1 in Jolen in Mölndal from Mölndal municipality in order to build a new head office and warehouse on the site for Armatec AB. The acquired site comprises an area of around 8,200 sq m, while the planned construction project has an area of 4,800 sq m.
In December, the company acquired Högsbo 33:1, which is a vacant lot of 5,500 sq m in northern Högsbo. The acquisition was carried out as a corporate acquisition, and the value of the underlying property was SEK 6 million.
| Acquisitions | Agreed property | Lettable area, sq |
||||
|---|---|---|---|---|---|---|
| Quarter | Properties | Area | Segment | Occupancy | value, SEK m | m |
| 2 | Olskroken 18:7 | Gamlestaden | North/East Gothenburg | 30/04/2015 | 750 | 61,870 |
| 3 | Hårddisken 1 | Mölndal | Project | 22/07/2015 | 11 | - |
| 4 | Högsbo 33:1 | Högsbo | Project | 02/12/2015 | 6 | - |
| 767 | 61,870 |
During the year, Platzer followed its strategy to focus its property portfolio in Högsbo on the northern part of the area, and the company sold the properties Högsbo 11:3, Högsbo 11:5, Högsbo 14:3, Högsbo 13:6, Högsbo 27:8 and Högsbo 7:21. On 2 December, Gasklockan 2 in Åbro in Mölndal was vacated. All sales transactions were performed via corporate divestments.
At the beginning of January, Platzer signed a contract on the sale of Gullbergsvass 703:53 to the City of Gothenburg, with vacation of the property conditional on various issues, such as whether the zoning plan for the new Hisings Bridge gains legal force. The property is expected to be vacated in the first half of 2016. At the same time, Platzer obtained an option for future building rights of approximately 40,000 sq m once the new bridge is erected.
| Sales | Lettable | |||||
|---|---|---|---|---|---|---|
| Agreed property | area, sq | |||||
| Quarter | Properties | Area | Segment | Vacated | value, SEK m | m |
| 2 | Högsbo 11:3 | Högsbo | South/West Gothenburg | 01/04/2015 | 1,657 | |
| 2 | Högsbo 11:5 | Högsbo | South/West Gothenburg | 28/04/2015 | 3,670 | |
| 2 | Högsbo 13:6 | Högsbo | South/West Gothenburg | 28/04/2015 | 178 | 7,854 |
| 2 | Högsbo 14:3 | Högsbo | Project | 28/04/2015 | 3,532 | |
| 2 | Högsbo 27:8 | Högsbo | South/West Gothenburg | 28/04/2015 | 2,556 | |
| 4 | Högsbo 7:21 | Högsbo | Project | 02/11/2015 | 14 | - |
| 4 | Gasklockan 2 | Mölndal | South/West Gothenburg | 02/12/2015 | 67 | 4,876 |
| Gullbergsvass | Gullbergsvass | Central Gothenburg | 1) | 210 | 9,000 | |
| 703:53 |
1) Vacation is conditional on the zoning plan gaining legal force and a licence being granted for water activities. The property is expected to be vacated in the first half of 2016.
Platzer has potential development projects comprising gross floor area (GFA) of around 500,000 sq m, and ongoing projects comprising around 60,000 sq m of lettable area. The projects mainly involve office properties with elements of service, and the mixed use development projects also include residential property. The total project investment is estimated to amount to approximately SEK 10 billion, of which ongoing major projects account for around SEK 800 million. The project portfolio is divided into two parts, property development and project development. Property development is the development of existing buildings by means of additions, extensions or conversion, and includes everything from minor adjustments for tenants to major projects. Project development involves new construction from the ground up or where previous buildings are demolished to make way for a new construction project.
The occupancy rate for current project development projects is shown in the table on the next page. In the third quarter, Platzer completed a project of around 12,000 sq m in Gårda, which has been fully let to the Swedish Social Insurance Agency and GR, the Göteborg Region Association of Local Authorities, which moved in in October. Gårda 1:15 and Livered 1:329 are both being converted for the Swedish Migration Board, with estimated completion in the second quarter of 2016. Construction on the Hårddisken 1 project, which is fully let to Armatec, began in the fourth quarter. Gamlestaden 740:132 is 10% let to Västtrafik.
In addition to the individual development projects listed above and in the table, Platzer is also involved in urban development of entire areas, where Platzer is participating in the development work. One example of this is the development of Backaplan, where Platzer, as one of five property owners in partnership with the municipality has developed a master plan for the area, which is now moving into the zoning plan phase with the goal of achieving a vibrant inner city environment and mixed use urban area. In addition to commercial building rights, these development areas also involve significant densification with housing and services. In northern Högsbo, Platzer, as the largest property owner, is a driving force behind the transformation of the area into a vibrant, mixed use urban area. The City of Gothenburg's plans to create an urban boulevard around existing traffic routes form part of this transformation. In both Gårda and Gamlestaden, Platzer has several potential projects that together contribute to continued development of both these areas. In Gamlestaden, zoning plan work is in progress concerning Olskroken 18:7 and residential building rights for this property have been sold to JM, which is now participating in future development of the area.
| Converted area, lettable area, |
New area, lettable area, |
Total inv. incl. land, |
Of which outstanding |
Occupancy | |||
|---|---|---|---|---|---|---|---|
| Property | Type 1) | sq m | sq m | SEK m | inv, SEK m | rate, % Completed | |
| Gårda 1:15 | Property Dev | 10,000 | 1,200 | 110 | 45 | 100 | Q1 2016 |
| Livered 1:329 | Property Dev | 14,000 | 65 | 40 | 100 | Q1 2016 | |
| Stampen 4:44 | Property Dev | 14,000 | 60 | 45 | 95 | Q2 2016 | |
| Hårddisken 1 | Project Dev | 4,800 | 85 | 65 | 100 | Q2 2017 | |
| Gamlestaden | Project Dev | 16,000 | 480 | 430 | 10 | Q2 2018 | |
| 740:132 | |||||||
| Total | 38,000 | 22,000 | 800 | 625 | |||
| Gårda 3:12, 3:14 | Project Dev/ | 3,500 | 8,500 | 255 | - | 100 | Q3 2015 |
|---|---|---|---|---|---|---|---|
| Property Dev |
| Property | Type 1) | Type of property |
New area (Gross) sq m |
Project phase | Possible construction start 2) |
|
|---|---|---|---|---|---|---|
| Gårda 4:11 | Project Dev | offices | 3,000 | zoning plan available | 2016 | |
| Gårda 2:12 | Project Dev | offices | 15 - 25,000 | zoning plan in progress | 2017 | |
| Gårda 16:17 | Project Dev | offices | 15 - 20,000 | zoning plan in progress | 2017 | |
| Bagaregården 17:26 | Project Dev | offices | 10-15,000 | revision of zoning plan | 2017/2018 | |
| Gullbergsvass 5:10 | Property Dev | offices | 10,000 | zoning plan to commence 2016 | 2017/2018 | |
| Skår 57:14 | Project Dev | offices | 15 - 20,000 | zoning plan started 2014 | 2017/2018 | |
| Olskroken 18:7 | Project Dev/ Property Dev |
mixed use development |
70 - 80,000 | zoning plan in progress | 2017/2018 | |
| Backaplan (multiple properties) |
Project Dev | mixed use development |
60-90,000 | zoning plan in progress | 2017/2018 | |
| Norra Högsbo | Project Dev/ | mixed use | 200-250,000 | detailed planning decision | 2017/2018 | |
| (multiple properties) | Property Dev | development | consultation | |||
| Krokslätt 34:13 Property Dev/ | mixed use | 10-15,000 | zoning plan to commence | 2018/2019 | ||
| Project Dev | development | 2016 | ||||
| Total | 408,000 - 528,000 |
The summary includes potential projects that have been identified for properties that the company owns or has agreed to acquire.
1) Type refers to property development (Property Dev), which mean existing buildings are used as a base, or project development (Project Dev), which involves new construction from ground up.
2) Possible construction start means when it is estimated the project could start, provided planning proceeds to plan and leasing has reached a satisfactory level.
| Lettable area, sq m | ||||||||
|---|---|---|---|---|---|---|---|---|
| Industrial/ | ||||||||
| No. Investment property | Area | Year built | Offices | Retail | warehouse | Other | Total | |
| 1 | Backa 173:2 | Backaplan | 1979 | 151 | 5,380 | 420 | 5,951 | |
| 2 | Balltorp 1:135 | Mölndal | 1989 | 5,515 | 515 | 377 | 6,407 | |
| 3 | Bagaregården 17:26 | Gamlestaden | 1941/2010 | 24,977 | 365 | 7,515 | 2,535 | 35,392 |
| 4 | Bosgården 1:71 | Mölndal | 1988 | 4,687 | 56 | 4,743 | ||
| 5 | Brämaregården 35:4 | Backaplan | 1984/1991 | 12,377 | 222 | 855 | 13,454 | |
| 6 | Forsåker 1:196 | Mölndal | 1955/2002 | 5,317 | 150 | 5,467 | ||
| 7 | Fänkålen 2 | Mölndal | 1990 | 3,913 | 45 | 536 | 4,494 | |
| 8 | Gullbergsvass 1:1 | Gullbergsvass | 1988 | 16,003 | 16,003 | |||
| 9 | Gullbergsvass 1:17 | Gullbergsvass | 1993 | 5,400 | 5,400 | |||
| 10 | Gullbergsvass 5:10 | Gullbergsvass | 1988 | 11,736 | 336 | 463 | 12,535 | |
| 11 | Gullbergsvass 5:26 | Gullbergsvass | 2010 | 15,298 | 0 | 0 | 1,417 | 16,715 |
| 12 | Gullbergsvass 703:53 | Gullbergsvass | 1991 | 9,000 | 9,000 | |||
| 13 | Gårda 1:15 | Gårda | 1971/1992 | 11,896 | 11,896 | |||
| 14 | Gårda 13:7 | Gårda | 2003 | 14,925 | 14,925 | |||
| 15 | Gårda 16:17 | Gårda | 1986 | 15,234 | 161 | 564 | 15,959 | |
| 16 | Gårda 3:12 | Gårda | 1956/2015 | 3,503 | 3,503 | |||
| 17 | Gårda 3:14 | Gårda | 2015 | 8,813 | 95 | 8,908 | ||
| 18 | Gårda 4:11 | Gårda | 1965/2002 | 7,464 | 481 | 7,945 | ||
| 19 | Gårda 8:2 | Gårda | 1940/2007 | 1,960 | 1,960 | |||
| 20 | Högsbo 1:4 | Högsbo | 1980 | 1,638 | 1,444 | 3,082 | ||
| 21 | Högsbo 2:1 | Högsbo | 1991 | 6,300 | 6,300 | |||
| 22 | Högsbo 3:12 | Högsbo | 1964 | 2,776 | 277 | 6,549 | 761 | 10,363 |
| 23 | Högsbo 3:11 | Högsbo | 1964 | 1,802 | 6,421 | 20 | 8,243 | |
| 24 | Högsbo 3:6 | Högsbo | 1964 | 1,038 | 5,497 | 6,535 | ||
| 25 | Högsbo 3:9 | Högsbo | 1971 | 2,123 | 2,210 | 4,333 | ||
| 26 | Högsbo 32:3 | Högsbo | 1974 | 6,381 | 1,053 | 570 | 8,004 | |
| 27 | Högsbo 34:13 | Högsbo | 1981 | 493 | 1,287 | 1,780 | ||
| 28 | Högsbo 39:1 | Högsbo | 1972 | 3,390 | 3,390 | |||
| 29 | Högsbo 4:1 | Högsbo | 1965/1972 | 1,310 | 510 | 2,823 | 4,643 | |
| 30 | Högsbo 4:4 | Högsbo | 1962 | 2,670 | 3,718 | 6,388 | ||
| 31 | Högsbo 4:6 | Högsbo | 1974 | 1,349 | 2,549 | 3,898 | ||
| 32 | Krokslätt 148:13 | Centre, south | 1952 | 2,581 | 616 | 20 | 3,217 | |
| 33 | Krokslätt 149:10 | Centre, south | 1952/98 | 6,928 | 6,928 | |||
| 34 | Krokslätt 34:13 | Centre, south | 1950/88 | 10,905 | 725 | 1,308 | 375 | 13,313 |
| 35 | Livered 1:329 | Mölndal | 1962 | 13,937 | 13,937 | |||
| 36 | Nordstaden 13:12 | Centre | 1929/1993 | 5,070 | 5,070 | |||
| 37 | Nordstaden 14:1 | Centre | 1993/1995 | 8,607 | 8,607 | |||
| 38 | Nordstaden 20:5 | Centre | 1943 | 2,554 | 231 | 2,785 | ||
| 39 | Olskroken 18:7 | Gamlestaden | 1729/1960 | 41,653 | 102 | 6,842 | 13,273 | 61,870 |
| 40 | Skår 57:14 | Centre, south | 1929 | 8,286 | 119 | 8,405 | ||
| 41 | Solsten 1:110 | Mölnlycke | 1991 | 1,658 | 1,089 | 356 | 3,103 | |
| 42 | Solsten 1:132 | Mölnlycke | 2002 | 4,953 | 4,953 | |||
| 43 | Stampen 4:42 | Centre | 2009 | 5,769 | 2,847 | 8,616 | ||
| 44 | Stampen 4:44 | Centre | 1930 | 13,562 | 13,562 | |||
| 45 | Stigberget 34:12 | Masthugget | 1967/1999 | 4,457 | 2,801 | 264 | 253 | 7,775 |
| 46 | Stigberget 34:13 | Masthugget | 1969 | 7,246 | 120 | 2,382 | 9,748 | |
| 47 | Tingstadsvassen 3:8 | Backaplan | 1991 | 29 | 3,966 | 11 | 850 | 4,856 |
| 48 | Tingstadsvassen 4:3 | Backaplan | 1943/1986 | 517 | 3,268 | 3,785 | ||
| 49 | Älvsborg 178:9 | Långedrag | 1993 | 9,659 | 296 | 3,862 | 13,817 | |
| Total investment properties | 316,558 | 18,130 | 56,907 | 70,368 | 461,963 |
| Industrial/ | ||||||||
|---|---|---|---|---|---|---|---|---|
| Project properties | Area | Year built | Offices | Retail | warehouse | Other | Total | |
| 50 | Gamlestaden 740:132 | Gamlestaden | - | |||||
| 51 | Gårda 2:12 | Gårda | 1959 | 1,785 | 1,340 | 3,125 | ||
| 52 | Hårddisken 1 | Mölndal | - | |||||
| 53 | Högsbo 2:2 | Högsbo | 350 | 350 | ||||
| 54 | Högsbo 3:5 | Högsbo | - | |||||
| 55 | Högsbo 3:13 | Högsbo | - | |||||
| 56 | Högsbo 33:1 | Högsbo | - | |||||
| 57 | Högsbo 757:118 | Högsbo | - | |||||
| 58 | Högsbo 757:121 | Högsbo | - | |||||
| 59 | Högsbo 757:122 | Högsbo | - | |||||
| Total project properties | 1,785 | 1,340 | - | 350 | 3,475 | |||
| TOTAL | 318,343 | 19,470 | 56,907 | 70,718 | 465,438 |
Platzer B shares have been listed on the NASDAQ OMX Stockholm, Mid Cap, since 29 November 2013. In conjunction with the listing, the company carried out a new issue of shares priced at SEK 26.50 each, which raised SEK 651 million net of issue costs. The share price as at 31 December 2015 was SEK 38.00 per share, corresponding to a market capitalisation of SEK 3,648 million based on the number of outstanding shares. During the year a total of 20.9 million shares, worth at total of SEK 778 million, changed hands. Average daily turnover was around 83,000 shares.
In September, Platzer carried out a private placement of 250,000 C shares at a subscription price of SEK 0.10 per share as per the AGM's resolution. The purpose of the new issue was to safeguard the company's ability to supply shares for the share saving scheme approved at the same AGM. The shares were subsequently acquired by Platzer at the same price and later converted into B shares. Platzer's holding of own shares now consists of 250,000 B shares. As at 31 December 2015, Platzer's share capital amounted to SEK 9,599,743.40, which was distributed among 20,000,000 A shares with 10 votes per share, and 75,997,434 B shares carrying one vote per share. Each share has a quotient value of SEK 0.10.
The long-term policy is to pay a dividend of 50% of the income from property management after tax (22% flat-rate tax). The Board of Directors will propose to the Annual General Meeting that a dividend of SEK 1.00 per share be paid (0.75), an increase of 33 % compared with the previous year.
There were 3,915 shareholders as at 31 December 2015. Foreign ownership amounted to 9% of equity.
Platzer's Articles of Association include a pre-emptive rights clause, which states that a buyer of A shares, who did not previously own A shares, must offer other holders of A shares the right of first refusal, unless this acquisition was through an intra-Group transfer or equivalent within the respective current group of shareholders. If the holders of A shares do not take up this right of first refusal, the transferred shares will automatically be converted into B shares before the acquiring party is entered in the shareholders' register.
Platzer's primary information channel is platzer.se. All press releases and financial reports are published here. Press releases and reports can be obtained by email in connection with publication. The website also includes presentations, general information about the share, reports on corporate governance, financial data as well as information on insiders and insider transactions.
Platzer Fastigheter Holding B OMX Stockholm PI
| Owners | Number of A shares |
Number of B shares |
Number of shares |
Voting rights, % |
Share of equity,% |
|---|---|---|---|---|---|
| Ernström & Co | 10,000,000 | 10,000,000 | 36.3 | 10.4 | |
| Länsförsäkringar Göteborg och Bohuslän | 5,000,000 | 11,162,490 | 16,162,490 | 22.2 | 16.9 |
| Backahill | 5,000,000 | 5,000,000 | 18.1 | 5.2 | |
| Family Hielte / Hobohm | 19,293,745 | 19,293,745 | 7.0 | 20.2 | |
| Länsförsäkringar fondförvaltning AB | 8,805,712 | 8,805,712 | 3.2 | 9.2 | |
| Fourth Swedish National Pension Fund | 4,492,743 | 4,492,743 | 1.6 | 4.7 | |
| Carnegie Fonder | 3,000,000 | 3,000,000 | 1.1 | 3.1 | |
| Lesley Invest (incl. private holdings) | 2,771,490 | 2,771,490 | 1.0 | 2.9 | |
| Svolder AB | 2,398,520 | 2,398,520 | 0.9 | 2.5 | |
| Danske Capital Management | 1,632,326 | 1,632,326 | 0.6 | 1.7 | |
| Other shareholders | 22,190,408 | 22,190,408 | 8.0 | 23.2 | |
| Total number of shares outstanding | 20,000,000 | 75,747,434 | 95,747,434 | 100.0 | 100.0 |
| Buyback of own shares | 0 | 250,000 | 250,000 | ||
| Total number of registered shares | 20,000,000 | 75,997,434 | 95,997,434 |
| 2015 Jan-Dec |
2014 Jan-Dec |
|
|---|---|---|
| Equity, SEK | 37.05 | 30.98 |
| Long-term net asset value (EPRA NAV), SEK | 43.16 | 36.20 |
| Net asset value, SEK | 38.62 | 33.07 |
| Share price, SEK | 38.00 | 33.50 |
| Profit after tax, SEK 1) | 6.81 | 3.11 |
| Income from property management, SEK | 2.78 | 2.21 |
| Cash flow from operating activities, SEK | 3.07 | 2.00 |
| Dividend, SEK 2) | 1.00 | 0.75 |
| Number of shares as at year end, thousand | 95,747 | 95,747 |
| Average number of shares, thousand | 95,747 | 95,747 |
For definitions of key ratios, please see page 24.
1) There is no dilution effect, as there are no potential shares.. However, the number of outstanding shares will increase by 250,000 when the share saving scheme is completed.
2) Proposed dividend for 2015.
Interest-bearing liabilities divided by equity.
Profit after financial income divided by interest expenses.
Interest-bearing liabilities divided by the value of properties.
Total shareholders' equity divided by total assets.
Profit after tax as a percentage of average equity, translated into full-year value for interim periods. Attributable to parent company's shareholders.
Operating surplus as a percentage of the average value of the properties, translated into full-year value for interim periods.
Operating surplus as a percentage of rental income.
Rental income as a percentage of rental value, where rental income is defined as rents charged plus supplements for heating and property tax, and rental value is defined as rental income plus estimated market rent (excluding supplements) for vacant areas (in their 'as is' condition).
Rental value divided by lettable area, where rental value is defined as rental income plus estimated market rent (excluding supplements) for vacant areas (in their 'as is' condition). Translated into full-year value for interim periods.
Equity and net asset value are calculated in terms of the number of outstanding shares on the balance date; other key ratios are calculated in terms of the average number of outstanding shares.
Shareholders' equity on the balance date adjusted for interest rate derivatives and deferred taxes.
Equity as per the balance sheet including reversal of interest rate derivatives (after deduction of 22% tax). Attributable to parent company's shareholders.
Attributable to parent company's shareholders.
P l a t z e r F a s t i g h e t e r H o l d i n g A B ( p u b l ) , B o x 2 11 , S E - 4 0 1 2 3 G O T H E N B U R G Office Address: Anders Personsgatan 16 Tel. +46 (0)31 63 12 00, Fax +46 (0)31 63 12 01 [email protected] platzer.se Registered office of Board of Directors: Gothenburg Corp. ID No: 556746-6437
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