Annual Report • Feb 18, 2015
Annual Report
Open in ViewerOpens in native device viewer
Gamlestadens Resecentrum - Platzer has acquired the property, the future Gamlestaden 740:132, from SERNEKE and the parties will jointly develop the property and the future transport centre with a lettable area of around 17,000 m2.
Year-end report 2014 1 April 2015 Q1 report January - March 2015 28 April 2015, 08.00 Annual General Meeting 2015 28 April 2015 6-month report January - June 2015 7 July 2015 9-month report January - September 2015 3 November 2015
For more information, please go to platzer.se or contact P-G Persson, CEO, +46 734 11 12 22 Lennart Ekelund, CFO, +46 703 98 47 87
Cover image: Fastigheten Gårda 1:15, Vestagatan 2 in north Gårda, where the Swedish Migration Board is consolidating its administration units in the Gothenburg area into renovated and purpose-designed offices. The Migration Board will move into the new premises on 1 January 2016.
Well implemented development projects, improvements in cash flow from business operations, good property deals and an increasingly hot transactions market with a downward moving property yield requirement mean substantial changes in the value of some of our properties in 2014. More rewarding, a solid 70% of the revaluations have been generated through our own work.
The property value rose by 21% to SEK 8.3 billion. During the year we acquired seven properties for SEK 863 million and signed an agreement for the sale of one property during the fourth quarter. The purchased properties are located in prioritised areas - Mölndalsvägen, Norra Högsbo, Backaplan and Gamlestaden - where we wish to expand to become a leading property company. Net asset value, equity per share, has increased by 9%. Adjusted for losses on financial derivatives, the increase is 15%, which feels highly satisfactory. Above all, this shows that our aim of gradually increasing the rate of property and project development is in tune with market conditions and our own capacity.
Our day-to-day property business also continued to develop well over the past year. Successful letting and tenant relationships help deliver steadily increasing cash flow which, in turn, creates opportunities for property development and boosts our capacity
and willingness to pursue transactions. During the current year, our rental income rose by 13% and operating surplus by 16%. The surplus ratio was 75%. Profits from property management improved by 27% compared to the previous year. These improvements can be traced to daily management, growth via acquisitions and favourable interest rates. Growth combined with healthy profitability is an important part of Platzer's growth strategy which we continued to deliver on in 2014.
The urbanisation trend and migration to the Gothenburg area means that the population in the region is growing by around 10,000 new inhabitants each year. There is a severe housing shortage and the municipal planning office is working flat out to develop zoning plans to meet this demand. During the current year, we have seen a clear increase in political and public authority activity. City planning and infrastructure issues have been debated in both municipal decision-making forums and in the media. We are firmly convinced that areas where the city is growing and being developed offer the best opportunities to do good business at every level. As a local company with knowledge of the market, Platzer is part of and the driving force behind many of the most exciting growth areas in our region.
In 2014, we strengthened several parts of our organisation to meet the challenges that face us in the next few years and to enable us to accelerate the rate of our property and project development. The foremost challenge is to find new tenants for our properties and projects and to keep existing tenants. We have now reached a size that gives us stability and good cash flow from our day-to-day business and a critical mass of just over 600 leases to work with, which is a big advantage when it comes to matching tenants with premises.
On the back of our good performance in 2014, I look forward to an exciting 2015. Platzer is a leading company on the Gothenburg property market with the human know-how and financial muscle to continue to grow via net acquisitions and property development. We will leverage both over the coming years.
P-G Persson CEO
Platzer Fastigheter Holding AB (publ.), (Platzer) is one of the leading commercial property companies and one of the largest in Gothenburg, primarily offering office space . The company owns and is developing 60 properties with a total area of around 415,000 m². Platzer delivers growth and profitability through longterm property development and management. We aim to forge good relationships with our tenants based on accessibility and excellent service. At the end of the period, Platzer had 43 employees.
Platzer aims to be the leading property company within commercial premises in the Gothenburg area. The natural first choice.
Platzer creates value by owning and developing commercial properties in the Gothenburg area.
Platzer improves its property holdings via active management and letting, value-creating property development and new builds and the sale and purchase of properties.
Platzer has three core values. Our core values act as a decision-making support tool and create scope for personal responsibility in dayto-day interfaces with customers, suppliers, shareholders and colleagues.
I dare to invest for success. I show pride in my work and take responsibility for the role I play. I take responsibility for my own skills set and personal development. I accept help when I need it.
I actively seek opportunities for value-creating growth. I contribute to the sustainable development of our properties, areas and city. I build long-term relationships. I aim for constant improvement.
I am open to innovation and change. I am prepared to raise issues when I am not satisfied. I share my experiences with others. I maintain an open and professional dialogue.
Comparative values for profit/loss items refer to the corresponding period last year and for balance sheet items to 31 December 2013.
Profits from property management improved by 27% in 2014 and amounted to SEK 211 m (166). This improvement is attributable to Platzer's growth strategy with an expanded property portfolio in 2014 compared to 2013 and to development actions and additional rentals in existing properties. Changes in value of properties amounted to SEK 401 m (117) for the year, financial instruments fell in value by SEK - 227 m (82) and profit for the year after tax was SEK 298 m (294).
Rental income for the full year amounted to SEK 525 m (464), an increase of 13%. This increase in income is largely attributable to a larger property portfolio and new rentals and completed redevelopments. On balance day, rental income from current agreements is assessed to amount to SEK 565 m on an annual basis. The economic occupancy rate was 94% (93) in the year.
Property costs during the year amounted to SEK 131 m (123), an increase mainly attributable to a larger property portfolio. The costs have also benefited from warmer than usual weather. In most cases, tenants are responsible for utility costs, such as heating, electricity, cooling and sanitation services, plus property tax.
The operating surplus for the year amounted to SEK 394 m (341), an increase of 16%. The surplus ratio continued to be at a high and stable level at 75% (74).
Net financial items for 2014 amounted to SEK -151 m (-149). The increase in interest costs relate to loan financing of property acquisitions and result in a net cost to the income statement of around SEK -10 m compared with the previous year. The market interest rate was lower in 2014 than in 2013, and short-term rates in particular have shown through in the income statement, although this has been countered somewhat by higher marginal costs for bank financing. On balance day, the average interest rate, including the effects of derivative instrument contracts, was 2.77% (3.42).
The tax expense for the year amounted to SEK -87 m (-71) and largely comprises deferred tax; current tax amounts to SEK -16 m (-6). Sale of properties, which gives rise to a net realised gain/loss, is normally done via the sale of companies, which means any profit is then tax-free. In addition, the current tax system offers opportunities for tax-related depreciation and, in certain circumstances, repair work can be offset directly to reduce tax liabilities.
Net investments in properties during the year amounted to SEK 1,029 m (705), of which property acquisitions accounted for SEK 863 m (931). Investments in existing properties amounted to SEK 166 m (114). These investments have been primarily financed by company funds in order to optimise the use of liquid assets following the new share issue in the previous year. New loans of SEK 321 m have been taken out. Cash flow for the year amounted to SEK - 581 m (559). As at the year-end, liquid assets amounted to SEK 96 m (677). In addition to liquid assets, the company had unutilised loan commitments of SEK 480 m, including SEK 280 m in the form of construction loans, at the year-end.
Properties are reported at fair value of SEK 8,343 m (6,913) which is based on internal valuations on balance day. The properties are valued in association with the annual accounts internally using a ten-year cash flow model on all properties. As at the year-end, Platzer commissioned an external valuation of a selected number of properties comprising a cross-section of the property portfolio to quality-assure internal valuations. These external valuations cover around 30% of the value of the properties and were performed by Forum Fastighetsekonomi. These external valuations exceeded the internal valuations by 0.4%.
Around 70% of the changes in property values related to property development and associated new leasing, transactions and day-to-day management, while the balance is due to reduced direct yields. Property acquisitions during the year amounted to SEK 863 m (931). In the second quarter, Backa 173:2 was acquired. Five properties were acquired from Wallenstam in quarter four for SEK 700 m, plus the Gamlestadens Resecentrum project from Serneke. During the fourth quarter an agreement was also signed for the sale of Högsbo 11:3, which will be vacated during 2015, and is therefore accounted for as sales during the next year. Investments in existing properties during the period amounted to SEK 166 m (114), of which the largest single investment is the new build project Gårda 3:14 that is expected to be completed with possession in quarter three, 2015. Two major renovation projects have also been started for the Swedish Migration Board at Gårda 1:15 and Livered 1:329 with gradual possession during 2015.
The group had equity of SEK 2,966 m (2,726) as at 31 December. Equity per share was SEK 30.98 (28.47) on balance day, which is charged with a deferred tax liability of just over SEK 2.10. Adjusted Net Assets
Value EPRA NAV, was SEK 36.20 per share (30.58) on balance day. The equity ratio was 35% (36).
On balance day, long-term interest-bearing liabilities amounted to SEK 4,855 (4,520), which corresponds to a loan-to-value ratio of 58% (65). Loan financing is primarily effected via bank loans that are secured via mortgages on the properties. The average interest rate was 2.77% (3.42) on balance day. The average fixed-interest period, including the effects of interest rate derivatives used, was 4.7 years (2.8). The average period for tied-up capital was 1.8 years (2.3).
Interest rate derivative instruments are used to achieve the desired fixed-interest structure, primarily rate swaps, which are reported at fair value in the balance sheet, while gains/losses are reported in the income statement without applying hedge accounting. Falling market rates throughout the year have caused losses on Platzer's interest rate derivatives to increase to SEK -256 m (-29) which resulted in a loss for the period of SEK -227 m. These losses do not affect cash flow. As the derivatives mature, the losses will be booked and reduce financial costs in the income statement.
Financial assets and liabilities valued at fair value by the group consist of the derivative instruments and endowment policies described above. Derivative instruments and endowment policies are both in level 2 as per IFRS 13 in the fair value hierarchy. Fair value on long-term interest-bearing liabilities corresponds to the carrying amount as the discounting effect is not significant as the interest
on the loans is floating and market-based.
At the end of the reporting period, there were 43 employees. Platzer's property portfolio is structured into three market areas. The market areas are Platzer's units with responsibility for day-to-day management and development of the properties. These market areas are supported by two specialist units, Projekt, responsible for project development and project management, and leasing, that provides leasing support. Platzer's group and management departments consist of CEO, Business Development, Finance, Accounts, Communications and Sustainability.
Rental income for the quarter amounted to SEK 131 m (117), an increase of 12%. The operating surplus for the quarter rose to SEK 97 m (84) and profits from properties under management improved 38% to SEK 51 m (37). Gains in value of property management for the quarter amounted to SEK 167 m (85) and losses on financial instruments were SEK -76 m (-6). Profit after tax for the quarter was SEK 108 m (101).
In January an agreement was signed for the sale of Gullbergsvass 703:53 at an agreed property value of SEK 210 m.
The parent company has no property holdings and provides certain group-wide services related to management and financing. Parent company income is entirely related to the invoicing of services to group companies.
The property business is always exposed to risks. Good internal controls and external audits, effective management systems and policies and proven practices for property valuations are all methods employed by Platzer to manage and reduce risks. For the main risks and uncertainties faced by Platzer, please see pages 36-38 and 57-58 in the 2013 Annual Report.
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 in the most recent annual report. New or revised IFRS standards that came into force in 2014 have not had any material effect on the Group's financial statements. This interim report is prepared in accordance with IAS 34 Interim Financial Reporting. The parent company applies the Annual Accounts Act and RFR2.
The Board proposes that the Annual General Meeting adopt a dividend of SEK 0.75 per share (0.60).
Gothenburg, 18 February 2015
Platzer Fastigheter Holding AB (publ)
P-G Persson Chief Executive Officer
This year-end report has not been audited by the company's auditors.
| SEK m | 2014 Oct-Dec |
2013 Oct-Dec |
2014 Jan-Dec |
2013 Jan-Dec |
|---|---|---|---|---|
| Rental income | 131 | 117 | 525 | 464 |
| Property costs | -34 | -33 | -131 | -123 |
| Operating surplus | 97 | 84 | 394 | 341 |
| Central administration | -10 | -9 | -32 | -26 |
| Net financial items | -36 | -38 | -151 | -149 |
| Profit from property management | 51 | 37 | 211 | 166 |
| Gains/losses, investment properties | 167 | 85 | 401 | 117 |
| Gains/losses, financial instruments | -76 | -6 | -227 | 82 |
| Profit before tax | 142 | 116 | 385 | 365 |
| Tax on profit for the period | -34 | -15 | -87 | -71 |
| Profit for the period1) | 108 | 101 | 298 | 294 |
| Earnings per share, 2) | 1.13 | 1.32 | 3.11 | 3.82 |
1) There is no other comprehensive income for the Group, as the profit for the Group for the period is the same as the comprehensive income for the period. The entire profit is attributable to parent company shareholders. 2) There is no dilution effect, as there are no potential shares.
| SEK m | 31 Dec 2014 | 31 Dec 2013 |
|---|---|---|
| ASSETS | ||
| Property management | 8,343 | 6,913 |
| Other fixed assets | 6 | 6 |
| Financial assets | 36 | 22 |
| Current assets | 27 | 29 |
| Cash and cash equivalents | 96 | 677 |
| TOTAL ASSETS | 8,508 | 7,647 |
| EQUITY AND LIABILITIES | ||
| Equity | 2,966 | 2,726 |
| Deferred tax liability | 244 | 172 |
| Long term interest-bearing liabilities | 4,855 | 4,520 |
| Other non-current liabilities | 292 | 47 |
| Current liabilities | 151 | 182 |
| TOTAL EQUITY AND LIABILITIES | 8,508 | 7,647 |
| Pledged assets | 5,000 | 4,670 |
| Contingent liabilities | 57 | 57 |
| SEK m | 2014 Oct-Dec |
2013 Oct-Dec |
2014 Jan-Dec |
2013 Jan-Dec |
|---|---|---|---|---|
| Operating activities | ||||
| Operating surplus | 97 | 84 | 394 | 341 |
| Central administration | -9 | -8 | -31 | -25 |
| Net financial items | -36 | -38 | -151 | -149 |
| Income tax | -3 | -6 | -16 | -6 |
| Cash flow from operating activities before changes in | ||||
| working capital | 49 | 32 | 196 | 161 |
| Change in current receivables | -5 | -9 | 3 | -9 |
| Change in current liabilities | 4 | 6 | -7 | 5 |
| Cash flow from operating activities | 48 | 29 | 192 | 157 |
| Investment activities | ||||
| Investments in owned properties under management | -67 | -19 | -166 | -114 |
| Acquisition of properties under management | -726 | -755 | -843 | -931 |
| Property management, sold | - | 260 | - | 340 |
| Other investments | - | -3 | -1 | -3 |
| Cash flow from investment activities | -793 | -517 | -1,010 | -708 |
| Financing activities | ||||
| Amortisation of interest-bearing liabilities | -1 | -282 | -6 | -282 |
| New borrowing of interest-bearing liabilities | 321 | 614 | 321 | 757 |
| Change in non-current receivables | -1 | - | -1 | - |
| Dividend | - | - | -58 | -35 |
| New share issue | - | 670 | -19 | 670 |
| Cash flow from financing activities | 319 | 1,002 | 237 | 1 110 |
| Cash flow for the period | -426 | 514 | -581 | 559 |
| Cash and cash equivalents at start of period | 522 | 163 | 677 | 118 |
| Cash and cash equivalents at end of period | 96 | 677 | 96 | 677 |
| 2014 | 2013 | |
|---|---|---|
| SEK m | Jan-Dec | Jan-Dec |
| Equity attributable to the parent company shareholders | ||
| At the start of the period | 2,726 | 1,816 |
| New share issue | - | 651 |
| Total profit/loss for the period | 298 | 294 |
| Dividend | -58 | -35 |
| At the end of the period | 2,966 | 2,726 |
| 2014 | 2013 | |
|---|---|---|
| SEK m | Jan-Dec | Jan-Dec |
| Net sales | 10 | 7 |
| Operating expenses | -10 | -8 |
| Net financial items | -48 | -34 |
| Gains/losses, financial instruments | -179 | 79 |
| Profit/loss before tax and appropriations | -227 | 44 |
| Appropriations | 108 | 87 |
| Tax | 27 | -29 |
| Profit/loss for the period1) | -92 | 102 |
1) There is no other comprehensive income for the Parent Company, as the profit for the period is the same as the comprehensive income for the period.
| SEK m | 31 Dec 2014 | 31 Dec 2013 |
|---|---|---|
| ASSETS | ||
| Shares in group companies | 1,020 | 1,020 |
| Other financial assets | 1,538 | 1,192 |
| Receivables from group companies | 1,107 | 666 |
| Other current assets | 2 | 2 |
| Cash and cash equivalents assets | 4 | 446 |
| TOTAL ASSETS | 3,671 | 3,326 |
| EQUITY AND LIABILITIES | ||
| Equity | 1,908 | 2,057 |
| Untaxed reserves | 42 | 22 |
| Long-term liabilities | 1,701 | 1,212 |
| Current liabilities | 20 | 35 |
| TOTAL EQUITY AND LIABILITIES | 3,671 | 3,326 |
| Pledged assets | 1,492 | 1,170 |
| Contingent liabilities | 3,323 | 3,329 |
| Interest maturity | Loan maturity | ||||
|---|---|---|---|---|---|
| Year | Loan amount, SEK m |
Share % | Average interest % |
Loan amount, SEK m |
Share % |
| 2015 | 1 915 | 39 | 1.50 | 1,980 | 41 |
| 2016 | - | - | - | 1,313 | 27 |
| 2017 | - | - | - | 1,032 | 21 |
| 2018 | 120 | 3 | 3.64 | 530 | 11 |
| 2019 | 200 | 4 | 3.47 | ||
| 2020 | 300 | 6 | 4.41 | ||
| 2021 | 670 | 14 | 3.23 | ||
| 2022 | 550 | 11 | 3.75 | ||
| 2023 | 100 | 2 | 3.75 | ||
| 2024 | 1,000 | 21 | 3.52 | ||
| Total | 4,855 | 100 | 2.77 | 4,855 | 100 |
| 2014 | 2013 | |
|---|---|---|
| Jan-Dec | Jan-Dec | |
| Financial | ||
| Debt/equity ratio | 1.6 | 1.7 |
| Interest coverage ratio | 2.4 | 2.1 |
| Loan-to-value ratio (LTV), % | 58 | 65 |
| Equity ratio,% | 35 | 36 |
| Return on equity, % | 10.5 | 12.9 |
| Property-related | ||
| Dividend yield, % | 5.2 | 5.3 |
| Surplus ratio, % | 75 | 74 |
| Economic occupancy rate, % | 94 | 93 |
| Rental value, SEK / m2 | 1,490 | 1,363 |
| Leasable area m2 thousands |
415 | 374 |
| Management properties | Project properties |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Central Gothenburg | West Gothenburg Gothenburg other | |||||||||
| SEK m | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 |
| Rental income | 298 | 254 | 74 | 72 | 152 | 134 | 1 | 4 | 525 | 464 |
| Property costs | -64 | -58 | -29 | -27 | -37 | -33 | -1 | -5 | -131 | -123 |
| Operating surplus | 234 | 196 | 45 | 45 | 115 | 101 | 0 | -1 | 394 | 341 |
Total operating surplus as above agrees with the operating surplus reported in the income statement. The difference between the operating surplus of SEK 394 m (341) and profit before tax of SEK 385 m (365) comprises central administration of SEK -32 m (-26), net financial items of SEK -151 m (-149) and gains/losses on property values and derivatives of SEK 174 m (199).
| 2014 | 2013 | |
|---|---|---|
| SEK m | Jan-Dec | Jan-Dec |
| Value of properties, opening balance | 6,913 | 6,091 |
| Investments in existing properties | 166 | 114 |
| Property acquisitions | 863 | 931 |
| Property sales | - | -340 |
| Gains/losses in value | 401 | 117 |
| Value of properties, closing balance | 8,343 | 6,913 |
| Fair | Rental | Econo mic oc |
Rental | Opera ting sur |
Sur plus |
|||
|---|---|---|---|---|---|---|---|---|
| Number of properties |
Leasable area, m2 |
value, SEK m |
value, SEK m |
cupancy rate, % |
income, SEK m |
plus, SEK m |
ratio, % |
|
| PROPERTIES UNDER MANAGEMENT | ||||||||
| Central Gothenburg | ||||||||
| Offices/Retail | 20 | 176,311 | 5,077 | 346 | 94 | 326 | 251 | 77 |
| Industry/Warehouse/Other | 2 | 23,925 | 329 | 20 | 75 | 15 | 12 | 80 |
| Total | 22 | 200,236 | 5,406 | 366 | 93 | 341 | 263 | 77 |
| West Gothenburg | ||||||||
| Offices/Retail | 6 | 43,390 | 443 | 47 | 83 | 39 | 23 | 59 |
| Industry/Warehouse/Other | 9 | 53,123 | 364 | 39 | 90 | 35 | 21 | 60 |
| Total | 15 | 96,513 | 807 | 86 | 86 | 74 | 44 | 59 |
| Gothenburg other | ||||||||
| Offices/Retail | 11 | 92,480 | 1,494 | 131 | 95 | 124 | 88 | 71 |
| Industry/Warehouse/Other | 2 | 18,813 | 342 | 25 | 100 | 25 | 19 | 76 |
| Total | 13 | 111,293 | 1,836 | 156 | 96 | 149 | 107 | 72 |
| TOTAL MANAGEMENT | ||||||||
| PROPERTIES | 50 | 408,042 | 8,049 | 608 | 93 | 564 | 414 | 73 |
| PROJECT PROPERTIES | 10 | 7,007 | 294 | 5 | 29 | 1 | -1 | - |
| TOTAL PLATZER | 60 | 415,049 | 8,343 | 613 | 92 | 565 | 413 | 73 |
The summary covers the property portfolio as of 31 December 2014.
The profit-related columns include applicable lease agreements, including future occupancies over the next six months, if the occupancies relate to existing properties. Lease agreements with occupancies later than this or for properties currently under construction are not included; such as leases related to new build premises in Gårda Norra. Rental value refers to the rental income plus the estimated market rent of vacant premises in their existing condition.
Rental income refers to the contracted rental income including agreed supplements, such as payments for heat and property taxes, irrespective of limited period discounts of approximately SEK 11 million as of 1 January 2015.
Operating surplus indicates the properties' earning potential on an annual basis defined as contracted rental income as of 1 January 2015, minus the estimated property costs including property administration for a rolling 12-month period.
Platzer owns and develops commercial properties in the Gothenburg area. These properties can be divided into three geographic areas. Central Gothenburg (Centrum, Gårda, Krokslätt and Gullbergsvass), West Gothenburg (Högsbo and Långedrag) and Gothenburg Other (Backaplan, Gamlestaden, Mölndal and Mölnlycke). Platzer aims to become the leading property company in all priority areas via profitable growth. The company is currently the market leader in Lilla Bommen, Gårda och Högsbo.
As of 31 December 2014, the property portfolio comprised a total of 60 properties, including ten development projects, with a fair value of SEK 8,343 m.
The total lettable area was 415,049 m2, divided into offices 66%, retail 5%, industry/warehouse 15% and other 14%.
The economic occupancy rate during the period was 94% (93).
Platzer has 608 lease agreements for non-residential premises. Principal tenants include DB Schenker, Swedish Migration Board, Mölnlycke Health Care, Länsförsäkringar Göteborg & Bohuslän, Flexlink, Stampen, Domstolsverket (The Swedish Courts), AcadeMedia, Cochlear and Reinertsen.
The twenty largest leases accounted for 31% of the rental value.
The average remaining maturity was 43 months.
In addition, Platzer has signed lease agreements for new-build projects, with occupancy scheduled for 2015 - 2017.
In addition to lease agreements for non-residential premises, there are parking leases for indoor and outdoor parking and short-stay parking and leases for advertising displays and masts with a total rental value of SEK 39 m.
| Number of | Rental | ||
|---|---|---|---|
| income Share % | |||
| 2015 | 182 | 101 | 19 |
| 2016 | 150 | 91 | 17 |
| 2017 | 129 | 89 | 17 |
| 2018 | 94 | 99 | 18 |
| 2019 | 20 | 53 | 10 |
| 2020 | 19 | 37 | 7 |
| 2021- | 14 | 63 | 12 |
| Total | 608 | 533 | 100 |
| Parking/other | 39 | ||
| Minority | -7 | ||
| Total | 565 |
1) 1) Excl. lease agreements related to new build projects.
Krokslätt 149:10, Mölndalsvägen 36-38, Gothenburg Skår 57:14, Gamla Almedalsvägen 1-51, Gothenburg
During the year Platzer acquired seven properties and signed an agreement to sell one property. Subsequently an agreement was signed for the sale of one further property in early 2015. All the properties are located in Gothenburg.
During the second quarter, Backa 173:2 was acquired, a retail property of 6,000 m2 at Backaplan. Platzer already owns three properties in the area, which is one of the largest retail locations in Sweden.
On 1 December 2014, five properties were acquired from Wallenstam. Four of these properties are office properties close to Almedals fabriker and Mölndalsåns dalgång. These properties comprise a total lettable area of around 33,000 m2. In addition, there is also future planning permission to develop around 25,000 m2. at Almedals fabriker and at a property in norra Högsbo, adjacent to a property already owned by Platzer.
On 30 December, a property under construction, Gamlestaden 740:132, was acquired from SERNEKE with which agreement has been reached to develop Gamlestadens Resecentrum with a total area of approximately 17,000 m2. The project is expected to be completed in late 2017 and the total project cost is estimated to be SEK 450 million.
During the fourth quarter Platzer signed an agreement to sell Högsbo 11:3, a small storage property, to a private property owner. As the property is to be vacated during 2015, it is reported as a sale in 2015. In early January the Gullbergsvass 703:53 car park was sold to the City of Gothenburg, while at the same time Platzer was granted the right to acquire planning permission in the future for around 40,000 m2 when the new Hisingsbron bridge is completed.
| Leasable area, m2 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Quar ter |
Properties | Area | Segment | Offices | Re tail |
Industry/ Warehouse |
Other | Total |
| 2 | Backa 173:2 | Backaplan | Gothenburg other | 151 | 5,330 | 420 | 5,901 | |
| 4 | Krokslätt 148:13 | Krokslätt | Central Gothenburg | 2,581 | 616 | 20 | 3,217 | |
| 4 | Krokslätt 149:10 | Krokslätt | Central Gothenburg | 6,928 | 1,000 | 7,928 | ||
| 4 | Krokslätt 34:13 | Krokslätt | Central Gothenburg | 10,905 | 725 | 1,308 | 375 | 13,313 |
| 4 | Skår 57:14 | Krokslätt | Central Gothenburg | 8,286 | 119 | 8,405 | ||
| 4 | Högsbo 2:2 | Högsbo | Project | 350 | 350 | |||
| 4 | Gamlestaden 740:132, future |
Gamlestaden | Project |
Backaplan is one of Sweden's largest commercial centres and one of four strategic hubs in the ongoing development of the city of Gothenburg. Platzer owns four properties in the area where Tingstadsvassen 4:3 can be seen here at Motorgatan 2.
28,851 6,055 2,463 1,745 39,114
During the year, Platzer has intensified work to review and develop project opportunities in its existing property portfolio. As shown in the table below, our possible project portfolio now contains over 100,000 m2 of premises area (LOA in Swedish) of which 9,700 m2 are now in the course of development. The projects presented primarily concern office properties with service elements. The total investment in these projects is estimated at around SEK 3 billion.
The projects where construction is in progress are fully let. Gårda 3:12/3:14 is a combined new build and renovation for the Swedish Social Insurance Agency and the Gothenburg Region Municipal Association with both due to move in during September 2015. Gårda 1:15 and Livered 1:392 are being renovated for the Swedish Migration Board with work scheduled to be completed by 1 January 2016.
| Property | 1) Type |
New premises area m2 |
Project phase | Possible construction 2) start |
|---|---|---|---|---|
| Gårda 3:12, 3:14 | PU | 8,500 | construction in progress | in progress |
| Gårda 1:15/Livered 1:392 | FU | 1,200 | construction in progress | in progress |
| Gårda 2:12 | PU | 15-25,000 | zoning plan starts 2015 | 2016 |
| Gårda 16:17 | PU | 12-15,000 | zoning plan starts 2015 | 2016 |
| Gamlestaden 740:132 | PU | 15-20,000 | zoning plan finalised | 2015/2016 |
| Högsbo 7:21 | PU | 5,000 | zoning plan finalised | 2015/2016 |
| Generatorn 1 | PU | 5,000 | zoning plan finalised | 2015 |
| Bagaregården 17:26 | PU | 5-7,000 | zoning plan finalised | 2015/2016 |
| Gullbergsvass 5:10 | FU | 7,000 | zoning plan starts 2015 | 2016 |
| Skår 57:14 | PU | 15-20,000 | zoning plan started 2014 | 2017 |
| Total | 88,700-113,700 |
The summary covers potential projects identified in owned properties or properties with a purchase agreement in place.
1) Type refers to property development (FU),where an existing building is used as a base or project development (PU), i.e. new build.
2) Possible construction start means when the project is assessed to be ready to start provided planning work proceeds
as expected and that letting has reached a satisfactory level.
Gårda 3:12/3:14, Anders Personsgatan in Gårda Norra – A combined new and converted construction for the Swedish Social Insurance Agency (Försäkringskassan) and Gothenburg Region Association of Local Authorities (GR), which will both be moving into the properties during September 2015. The properties are 12,000 m2 in size and is fully let.
YEAR-END REPORT JAN—DEC 2014 17
| Leasable area, m2 | ||||||||
|---|---|---|---|---|---|---|---|---|
| No. | Management properties | Area | Year of construc tion |
Offices | Retail | Industry/ Warehouse |
Other | Total |
| 1 | Backa 173:2 | Backaplan | 1979 | 151 | 5,330 | 420 | 5,901 | |
| 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 | 5,242 | 150 | 5,392 | ||
| 7 | Fänkålen 2 | Mölndal | 1990 | 3,913 | 45 | 536 | 4,494 | |
| 8 | Gasklockan 2 | Mölndal | 1991 | 1,482 | 3,394 | 4,876 | ||
| 9 | Gullbergsvass 1:1 | Gullbergsvass | 1988 | 16,003 | 16,003 | |||
| 10 | Gullbergsvass 1:17 | Gullbergsvass | 1993 | 5,400 | 5,400 | |||
| 11 | Gullbergsvass 5:10 | Gullbergsvass | 1988 | 11,736 | 252 | 487 | 12,475 | |
| 12 | Gullbergsvass 5:26 | Gullbergsvass | 2010 | 15,298 | 1,447 | 16,745 | ||
| 13 | Gullbergsvass 703:53 | Gullbergsvass | 1 991 | 9,000 | 9,000 | |||
| 14 | Gårda 1:15 | Gårda | 1971/1992 | 10,777 | 10,777 | |||
| 15 | Gårda 13:7 | Gårda | 2003 | 14,925 | 14,925 | |||
| 16 | Gårda 16:17 | Gårda | 1986 | 15,234 | 168 | 564 | 15,966 | |
| 17 18 |
Gårda 3:12 Gårda 4:11 |
Gårda Gårda |
1956/1998 1965/2002 |
3,503 7,464 |
433 | 3,503 7,897 |
||
| 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 11:3 | Högsbo | 1960 | 400 | 1,257 | 1,657 | ||
| 22 | Högsbo 11:5 | Högsbo | 1959 | 3,670 | 3,670 | |||
| 23 | Högsbo 13:6 | Högsbo | 1992 | 6,196 | 1,658 | 7,854 | ||
| 24 | Högsbo 2:1 | Högsbo | 1991 | 6,300 | 6,300 | |||
| 25 | Högsbo 27:8 | Högsbo | 1971 | 528 | 2,028 | 2,556 | ||
| 26 | Högsbo 3:6 | Högsbo | 1964 | 4,831 | 19,588 | 722 | 25,141 | |
| 27 | Högsbo 3:9 | Högsbo | 1971 | 2,123 | 2,210 | 4,333 | ||
| 28 | Högsbo 32:3 | Högsbo | 1974 | 6,381 | 1,053 | 570 | 8,004 | |
| 29 | Högsbo 34:13 | Högsbo | 1981 | 493 | 1,287 | 1,780 | ||
| 30 | Högsbo 39:1 | Högsbo | 1972 | 3,390 | 3,390 | |||
| 31 | Högsbo 4:1 | Högsbo | 1965/1972 | 1,310 | 510 | 2,823 | 4,643 | |
| 32 | Högsbo 4:4 | Högsbo | 1962 | 2,670 | 3,718 | 6,388 | ||
| 33 | Högsbo 4:6 | Högsbo | 1974 | 1,349 | 2,549 | 3,898 | ||
| 34 | Krokslätt 148:13 | Krokslätt | 1952 | 2,581 | 616 | 20 | 3,217 | |
| 35 | Krokslätt 149:10 | Krokslätt | 1952/98 | 6,928 | 1,000 | 7,928 | ||
| 36 | Krokslätt 34:13 | Krokslätt | 1950/88 | 10,905 | 725 | 1,308 | 375 | 13,313 |
| 37 | Livered 1:329 | Mölndal | 1962 | 13,937 | 13,937 | |||
| 38 | Nordstaden 13:12 | Centre | 1929/1993 | 5,070 | 5,070 | |||
| 39 | Nordstaden 14:1 | Centre | 1993/1995 | 8,958 | 8,958 | |||
| 40 | Nordstaden 20:5 | Centre | 1943 | 2,554 | 231 | 2,785 | ||
| 41 | Skår 57:14 | Krokslätt | 1929 | 8,286 | 119 | 8,405 | ||
| 42 | Solsten 1:110 | Mölnlycke | 1991 | 1,658 | 1,089 | 356 | 3,103 | |
| 43 | Solsten 1:132 | Mölnlycke | 2002 | 4,953 | 4,953 | |||
| 44 | Stampen 4:42 | Centre | 2009 | 5,769 | 2,847 | 8,616 | ||
| 45 | Stampen 4:44 | Centre | 1930 | 14,681 | 14,681 | |||
| 46 | Stigberget 34:12 | Centre | 1967/1999 | 4,457 | 2,801 | 264 | 253 | 7,775 |
| 47 | Stigberget 34:13 (share 50,3%) | Centrum | 1969 | 2,738 | 66 | 2,033 | 4,837 | |
| 48 | Tingstadsvassen 3:8 | Backaplan | 1991 | 29 | 3,966 | 11 | 850 | 4,856 |
| 49 | Tingstadsvassen 4:3 | Backaplan | 1943/1986 | 517 | 3,268 | 3,785 | ||
| 50 | Älvsborg 178:2,9 | Långedrag | 1993 | 9,659 | 296 | 3,862 | 13,817 | |
| Total properties under management | 269,681 | 17,647 | 61,088 | 59,626 | 408,042 |
| Project property | Area | Year of construction |
Offices | Retail | Industry/ Warehouse |
Other | Total | |
|---|---|---|---|---|---|---|---|---|
| 51 | Gamlestaden 740:132, future | Gamlestaden | ||||||
| 52 | Gårda 2:12 | Gårda | 1959 | 1,785 | 1,340 | 3,125 | ||
| 53 | Gårda 3:14 | Gårda | 0 | |||||
| 54 | Högsbo 2:2 | Högsbo | 350 | 350 | ||||
| 55 | Högsbo 3:5 | Högsbo | 0 | |||||
| 56 | Högsbo 7:21 | Högsbo | 0 | |||||
| 57 | Högsbo 14:3 | Högsbo | 1967 | 3,255 | 277 | 3,532 | ||
| 58 | Högsbo 757:118 | Högsbo | 0 | |||||
| 59 | Högsbo 757:121 | Högsbo | 0 | |||||
| 60 | Högsbo 757:122 | Högsbo | 0 | |||||
| Total project properties | 5,040 | 1,340 | 277 | 350 | 7,007 | |||
| Total | 274,721 | 18,987 | 61,365 | 59,976 | 415,049 |
Platzer B shares were floated on the NASDAQ OMX Stockholm, Mid Cap, on 29 November 2013 at an initial price of SEK 26.50 per share. In conjunction with the listing, a new share issue was also offered that raised SEK 651 m for the company net of issue costs. On 31 December 2014, the market price of the shares was SEK 33.50 and the company had a market capitalisation of SEK 3,208 m.
On balance day, the share capital in Platzer was divided into 20,000,000 A shares that carry 10 votes per share and 75,747,434 B shares that carry one (1) vote per share. The quota value is SEK 0.10 per share.
The long-term aim is for the dividend to be 50 per cent of profits from property management after tax (22 per cent standard tax). The board will propose that the AGM adopt a dividend of SEK 0.75 (0.60) per share.
At the end of the period, there were 3,206 shareholders. Foreign ownership amounted to six per cent of the share capital and two per cent of the voting rights.
Platzer Fastigheter Holding AB (publ) was
formed on 1 January 2008 by Ernström & C:o, Brinova Fastigheter (acquired by Backahill AB 2012) and Länsförsäkringar Göteborg and Bohuslän. The same group still constitutes Platzer´s A shareholders.
Platzer's Articles of Association include a pre-emption clause that means a buyer of A shares, who did not previously own any A shares is obliged to offer the shares acquired to the other owners of A shares, unless the acquisition was effected via an intra-group transfer. If owners of A shares do not acquire the shares offered, the transferred shares will automatically be converted to B shares before the acquisition is registered in the register of shareholders.
Platzer's primary information channel is platzer.se. All press releases and financial reports are published here. Press releases and reports can be received by email or text message at time of publication. The website also contains presentations from shareholder meetings and analyst meetings, general information about the shares, reports on corporate governance, financial data, and details of executive trading disclosures.
| Shareholder | Number of A shares |
Number of B shares |
Number of shares |
Number of votes |
Capital share |
|---|---|---|---|---|---|
| Ernström & C:o | 10,000,000 | 0 | 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 | 5,625,000 | 10,625,000 | 20.2 % | 11.1 % |
| Hielte / Hobohm Family | 0 | 19,293,745 | 19,293,745 | 7.0 % | 20.2 % |
| Länsförsäkringar fondförvaltning AB | 0 | 10,243,957 | 10,243,957 | 3.7 % | 10.7 % |
| Lesley Invest (incl. private holdings) | 0 | 2,771,490 | 2,771,490 | 1.0 % | 2.9 % |
| Svolder AB | 0 | 2,568,684 | 2,568,684 | 0.9 % | 2.7 % |
| Danske Capital | 0 | 1,905,828 | 1,905,828 | 0.7 % | 2.0 % |
| Fjärde AP-fonden | 0 | 1,807,530 | 1,807,530 | 0.7 % | 1.9 % |
| M2 Capital Management | 0 | 1,502,823 | 1,502,823 | 0.5 % | 1.5 % |
| Other shareholders | 0 | 18,865,887 | 18,865,887 | 6.8 % | 19.7 % |
| Total (approx. 3,200 shareholders) | 20,000,000 | 75,747,434 | 95,747,434 | 100 % | 100 % |
| 2014 Jan-Dec | 2013 Jan-Dec | |
|---|---|---|
| Equity, SEK | 30.98 | 28.47 |
| Long-term net asset value (EPRA NAV), SEK | 36.20 | 30.58 |
| Market value, SEK | 33.50 | 27.00 |
| Profit after tax, SEK 1) | 3.11 | 3.82 |
| Profit from property management, SEK | 2.21 | 2.16 |
| Cash flow from operating activities, SEK | 2.00 | 2.04 |
| Dividend, SEK 2 | 0.75 | 0.60 |
| No. of shares as at balance day, thousands | 95,747 | 95,747 |
| Average number of shares, thousands | 95,747 | 76,772 |
1) No dilution effect, as no potential shares.
2) Dividend proposed for 2014.
Debt/equity ratio
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
Dividend yield Operating surplus as a percentage of the average value of the properties
Operating surplus as a percentage of rental income.
Rental income as a percentage of the rental value where rental income is defined as rents charged as well as supplements such as payments for heating and property tax and rental value is defined as rental income plus the estimated market rent (excluding supplements) for estimated vacant areas (in their 'as is' condition).
Rental value divided by the lettable area where the rental value is defined as rental income plus estimated market rent (excluding supplements) for vacant areas (in their 'as is' condition).
Equity and net asset value calculated in terms of the number of shares on balance day; others are calculated in terms of the average number of shares.
Shareholders' equity on balance day adjusted
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 , 4 0 1 2 3 G O T H E N B U R G Address: Anders Personsgatan 16 Tel +46 (0)31 63 12 00, Fax +46 (0)31 63 12 01 [email protected] platzer.se Head office: Gothenburg Company number: 556746-6437
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.