Annual Report • Feb 20, 2013
Annual Report
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Fastighets AB Balder is a listed property company which shall meet the needs of different customer groups for premises and
housing through local support. Balder's real estate portfolio had a value of SEK 22.3 billion (17.6) as of 31 December 2012. The Balder share is listed on NASDAQ OMX Stockholm, Mid Cap.
Rental income increased to SEK 1,701m (1,466).
Property costs Property costs amounted to SEK 537m (471).
Net operating income increased by 17 per cent to SEK 1,164m (996).
The profit from property management amounted to SEK 691m (516), which corresponds to SEK 3.73 per ordinary share (3.00).
The carrying amount of the properties amounted to SEK 22,278m (17,556). The profit was impacted by positive unrealised changes in value of SEK 809m (978) and realised changes in value of SEK 3m (12). The average yield requirement amounted to 5.9 per cent (6.2).
Unrealised changes in value of interest rate derivatives have impacted the reslut by SEK –71m (–520).
Profit after tax for the period amounted to SEK 1,162m (812), which corresponds to SEK 6.69 per ordinary share (4.87).
Shareholders' equity amounted to SEK 42.15 per ordinary share (35.57).
The net asset value amounted to SEK 50.37 per ordinary share (41.83).
| Oct–Dec 2012 |
Oct–Dec 2011 |
Jan–Dec 2012 |
Jan–Dec 2011 |
Jan–Dec 2010 |
Jan–Dec 2009 |
Jan–Dec 2008 |
Jan–Dec 2007 |
Jan–Dec 2006 |
|
|---|---|---|---|---|---|---|---|---|---|
| Rental income, SEKm | 443 | 369 | 1,701 | 1,466 | 1,333 | 854 | 633 | 678 | 524 |
| Profit from property | |||||||||
| management before tax, SEKm | 183 | 146 | 691 | 516 | 417 | 315 | 174 | 179 | 160 |
| Changes in value of properties, SEKm | 363 | 504 | 812 | 990 | 1,047 | 4 | –201 | 642 | 212 |
| Changes in value of derivatives, SEKm | –21 | –141 | –71 | –520 | 148 | –23 | –333 | 7 | — |
| Changes in value of | |||||||||
| financial investments, SEKm | — | 5 | — | –7 | 90 | — | — | — | — |
| Profit after tax, SEKm | 497 | 439 | 1,162 | 812 | 1,338 | 248 | –388 | 785 | 441 |
| Carrying amount of properties, SEKm | 22,278 | 17,556 | 22,278 | 17,556 | 14,389 | 12,669 | 7,086 | 6,758 | 6,997 |
| Data per ordinary share | |||||||||
| Average number of shares, thousands | 159,537 | 158,656 149,487 | 112,902 | 95,910 | 97,318 94,050 | ||||
| Profit after tax, SEK | 6.69 | 4.87 | 8.95 | 2.20 | –4.04 | 8.07 | 4.69 | ||
| Profit from property | |||||||||
| management before tax, SEK | 3.73 | 3.00 | 2.79 | 2.79 | 1.81 | 1.84 | 1.70 | ||
| Outstanding number of shares, thousands | 159,537 | 159,537 149,487 | 149,487 | 94,458 | 97,318 | 97,318 | |||
| Carrying amount of properties, SEK | 139.64 | 110.04 | 96.25 | 84.75 | 75.02 | 69.44 | 71.90 | ||
| Shareholders' equity, SEK | 42.15 | 35.57 | 31.13 | 22.19 | 19.63 | 23.49 | 15.42 | ||
| Net asset value (EPRA NAV), SEK | 50.37 | 41.83 | 32.89 | 22.16 | 20.95 | 22.33 | 13.06 | ||
| Share price on closing date, SEK | 37.30 | 25.30 | 29.40 | 12.50 | 7.00 | 13.33 | 17.00 |
The positive trend in our profit from property management continued during 2012. Profit from property management increased during the fourth quarter by 25 per cent and by 34 per cent for the full year. We have a good management organisation which works on generating revenue while maintaining good cost control. The main reasons behind the increase were the acquisitions made, the favourable interest rate level during the year and the fact that we also carried out issues of preference shares during the year.
We still do not see any major change in the letting situation or in our customers' solvency. We will also continue to try to maintain a close relationship with our customers in order to prevent the risk of rental losses. The interest rate level will probably remain at a lower level in 2013 compared to 2012. This is something of a safety value, which will compensate for a possible weaker development by a good margin.
Denmark - our new market - performed at least as well as expected and we are hoping for more business opportunities there in the next few years. Our overall goal is that profit from property management should continue to grow, both through the existing portfolio as well as through acquisitions. I have high expectations for the growth of profit from property management. However, we have no fixed growth target in percentage terms but the growth rate depends on the overall trend and what business opportunities arise.
If we look back at the full year 2012, we can note that transaction volume increased in the market compared to 2011 and especially during the fourth quarter. We acquired properties for just over SEK 3.7 billion during the year featuring a mix of residential and commerical properties in very good locations, which will generate a good increase in value for us in the longer term. Our ambition is to continue to grow in our prioritised markets, to continue to maintain a strong balance sheet and to reduce our loan-to-value ratio over time.
Our changes in value for the year amounted to approximately SEK 800m, which is slightly lower than the previous year. Our average yield requirement decreased from 6.2 per cent to 5.9 per cent during the year. The reduction is mainly due to the major residential acquisitions that were carried during the year but also on account of the fact that we have reduced the yield requirement marginally for some parts of our existing residential portfolio. About half of the changes in value during the year were due to improved net operating income.
The banking system also functioned very well during 2012 and we have good access to financing. In addition, the bond market and interest for preference shares is still strong at present.
Predicting how the future will look is impossible for most people. At Balder, we will continue to work meticulously in the same way we have to date, and looking ahead, I expect that we will have good opportunities to develop postively.
Erik Selin Chief Executive Officer
Balder presents its earning capacity on a twelve-month basis in the table below. It is important to note that the current earning capacity should not be placed on a par with a forecast for the coming 12 months. For instance, the earning capacity contains no estimate of rental, vacancy or interest rate developments.
Balder's income statement is also impacted by the development in the value of the real estate portfolio as well as future property acquisitions and/or property divestments. Additional items affecting the operating result are changes in value of financial investments and derivatives. None of the above has been considered in the current earning capacity.
The earning capacity is based on the real estate portfolio's contracted rental income, estimated property costs during a normal year as well as administrative costs.
The costs of the interest-bearing liabilities are based on the group's average interest rate level including effect of derivative instruments. The company's tax as of 31 December is calculated according to the new corporation tax rate of 22.0 per cent, which applies from 1 January 2013. The standard tax, which is mainly estimated to consist of deferred tax, therefore does not affect the cash flow.
| SEKm | 31 Dec 2012 |
30 Sept 2012 |
30 Jun 2012 |
31 Mar 2012 |
31 Dec 2011 |
30 Sept 2011 |
30 Jun 2011 |
31 Mar 2011 |
31 Dec 2010 |
|---|---|---|---|---|---|---|---|---|---|
| Rental income | 1,800 | 1,790 | 1,710 | 1,685 | 1,530 | 1,480 | 1,450 | 1,405 | 1,405 |
| Property costs | –560 | –560 | –530 | –525 | –465 | –455 | –445 | –430 | –430 |
| Net operating income | 1,240 | 1,230 | 1,180 | 1,160 | 1,065 | 1,025 | 1,005 | 975 | 975 |
| Management and | |||||||||
| administrative costs | –120 | –115 | –115 | –110 | –105 | –100 | –100 | –105 | –105 |
| Profit from property | |||||||||
| management from | |||||||||
| associated companies | 120 | 110 | 95 | 95 | 90 | 85 | 85 | 30 | 20 |
| Operating profit | 1,240 | 1,225 | 1,160 | 1,145 | 1,050 | 1,010 | 990 | 900 | 890 |
| Net financial items | –495 | –505 | –500 | –505 | –445 | –420 | –410 | –425 | –440 |
| Profit from property | |||||||||
| management | 745 | 720 | 660 | 640 | 605 | 590 | 580 | 475 | 450 |
| Tax | –164 | –189 | –174 | –168 | –159 | –155 | –153 | –125 | –118 |
| Profit after tax | 581 | 531 | 486 | 471 | 446 | 435 | 427 | 350 | 332 |
| Profit after tax | |||||||||
| attributable to | |||||||||
| Ordinary shareholders | 461 | 411 | 386 | 371 | 366 | 355 | 347 | 350 | 332 |
| Preference shareholders | 120 | 120 | 100 | 100 | 80 | 80 | 80 | — | — |
| Profit from property | |||||||||
| management according | |||||||||
| to current earning | |||||||||
| capacity per ordinary | |||||||||
| share, SEK | 3.92 | 3.76 | 3.51 | 3.38 | 3.29 | 3.20 | 3.13 | 2.98 | 3.01 |
Profit from property management for the year increased by 34 per cent and amounted to SEK 691m (516), which corresponds to SEK 3.73 per ordinary share (3.00). Profit from property management includes SEK 108m (62) in respect of associated companies.
Profit after tax for the year amounted to SEK 1,162m (812), corresponding to SEK 6.69 per ordinary share (4.87) Profit before tax was affected by changes in value in respect of properties of SEK 812m (990), changes in value of interest rate derivatives of SEK –71m (–520) and profit from participations in associated companies of SEK 105m (133).
Rental income increased by 16 percent to SEK 1,701m (1,466). The increase was primarily due to a larger real estate portfolio. The leasing portfolio was estimated to have a rental value on 31 December of SEK 1,924m (1,638) on a full-year basis. The average rental level for the entire real estate portfolio amounted to SEK 1,247/sq.m. (1,163).
Rental income shows a considerable diversification of risks as regards tenants, sectors and locations. The economic occupancy rate amounted to 94 per cent (94) on 31 December. On 31 December, the total rental value for unlet areas amounted to SEK 124m (107) on an annual basis.
Property costs amounted to SEK 537m (471) during the year. The increase in property costs was due to changes change in real estate portfolio.
Net operating income increased by 17 per cent to SEK 1,164m (996), which implies a surplus ratio of 68 per cent (68). Operating costs normally vary with the seasons. The first and fourth quarters have higher costs compared to the other quarters, while the third quarter usually has the lowest cost level.
Balder carried out an individual internal valuation on 31 December, based on a ten-year cash flow model, of the entire real estate portfolio. Unrealised changes in value during the year amounted to SEK 809m (978). Realised changes in value amounted to SEK 3m (12).
The average yield requirement as of 31 December amounted to 5.9 per cent (6.2), which is 0,1 per cent lower compared to the previous quarter. Half of the change in value during the year of SEK 809m is attributable to improved net operating income and the remainder is due to reduction of the yield requirement.
Property and administrative costs amounted to SEK 115m (103) during the period.
Balder has property-managing associated companies and project developments companies Bovieran and Majornas Projektutveckling, which are all 50 per cent-owned. The participating interest in Collector amounts to 38 per cent. Profit from participations in associated companies amounted to SEK 105m (133) during the period. Balder's participation in the associated companies' profit from property management amounted to SEK 108m (62). Profit before tax was impacted by unrealised changes in value in respect of properties and interest rate derivatives of SEK 8m (118). Deferred tax liabilities have been adjusted to the new corporation tax of 22 percent, generating a positive non-recurring effect of SEK 18m (—) in the tax expense for the year. Net financial items and unrealised changes in value of derivatives
Net financial items amounted to SEK –466m (–438) and unrealised changes in value of interest rate derivatives amounted to SEK –71m (–520). The negative change in value during the period was due to the fact that the level of interest rates also fell this year since year-end. The change in value has not affected the cash flow.
Net financial items are equivalent to borrowing at an average interest rate of 3.7 per cent (4.2) including the effect of accrued interest from interest rate derivatives.
Balder reported a current tax expense for the period of SEK 10m (10) and a deferred tax expense of SEK 240m (215).
Current tax only arises in exceptional cases due to the possibilities of making tax write-offs, tax deductions for certain investments in properties and use of existing loss carry-forwards. Current tax arises for subsidiaries where no group contributions for tax purposes exist mainly companies acquired during the year.
The group's deferred tax liability has been calculated as the value of the net of fiscal deficits and the temporary differences between the carrying amounts and values for tax purposes of properties and interest rate derivatives. Deferred tax liabilities amounted to SEK 443m (202).
Deferred tax liabilities have been adjusted to the new tax rate of 22 percent, which applies from 1 January 2013, generating a positive non-recurring effect of SEK 87m (—) in the tax expense for the year.
Profit from property management for the fourth quarter of 2012 increased by 25 per cent and amounted to SEK 183m (146), which corresponds to SEK 0.99 per ordinary share (0.79). Profit from property management included SEK 30m (28) in respect of associated companies. Rental income amounted to SEK 443m (369) and property costs amounted to SEK 150m (117), which meant that net operating income increased by 17 per cent and generated net operating income for the fourth quarter of SEK 294m (252). The surplus ratio amounted to 66 per cent (68).
Profit was affected by changes in value in respect of properties of SEK 363m (504), unrealised changes in value of interest rate derivatives of SEK –21m (–141) and profit from participations in associated companies of SEK 47m (81).
Deferred tax liabilities have been adjusted to the new corporation tax rate of 22 percent, which applies from 1 January 2013, generating a positive non-recurring effect of SEK 87m (—) in the tax expense for the period.
Net profit after tax for the period amounted to SEK 497m (439), corresponding to SEK 2.96 per ordinary share (2.63). The change in profit was due to improved profit from property management, decreased positive unrealised changes in value in respect of properties, interest rate derivatives net and a positive non-recurring effect on the deferred tax expense for the period on account of the new lower tax rate.
Cash flow from operating activities before changes in working capital amounted to SEK 543m (426). Investing activities have burdened the cash flow by SEK 3,888m (2,579).
During the period, acquisition of properties of SEK 3,756m (3,640), investments in existing properties of SEK 273m (219) and investments in property, plant and equipment, financial investments, associated companies etc, non-controlling interests of SEK 102m (454) and dividends paid of 95m (40) have been financed through cash flow from operating activities of SEK 438m (414), by sales of properties of SEK 72m (1,683) and financial investments of SEK 154m (52), dividends from associated companies of SEK 18m (—), a new issue of SEK 554m (1,251) and net borrowings of SEK 3,031m (912). The cash flow for the period amounted to SEK 40m (–41). The group's cash and cash equivalents, financial investments and unutilised credit facilities amounted to SEK 470m (298) on 31 December.
The number of employees on 31 December amounted to 215 persons (208), of which 67 were women (75). Balder is organised into five regions with 13 areas in total. The head office with group-wide functions is located in Gothenburg.
The parent company's operations mainly consist of performing group-wide services but an important part also relates to sales of services, principally to associated companies. Sales in the parent company amounted to SEK 96m (82) during the period.
Profit after tax during the year amounted to SEK 387m (–167). Profit was positively affected by dividends received from subsidiaries and associated companies of SEK 351m (135). Changes in value in respect of interest rate derivatives amounted to SEK –97m (–474).
Deferred tax receivables have been adjusted to the new corporation tax rate of 22 percent, which applies from 1 January 2013, generating a negative non-recurring effect of SEK 39m (—) in the tax expense for the year.
The Board intends propose to the annual general meeting that no dividend shall be declared for ordinary shares (—) and that a dividend of SEK 20 per share (20) shall be paid for preference shares.
The annual report for 2012 will be available on Balder's website, www.balder.se, from the week starting 15 April 2013.
Fastighets AB Balder's annual general meeting will take place on Tuesday, 7 May 2013 at 4.00 p.m. at Restaurang Palace, Södra Hamngatan 2 in Gothenburg.
On 31 December, Balder owned 432 properties (433) with a lettable area of approximately 1,543,000 sq.m. (1,408,000) with a value of SEK 22,278m (17,556). Balder's total rental value amounted to SEK 1,924m (1,638) on 31 December.
Balder's commercial properties are located in the centre and immediate suburbs of big cities and surrounding municipal areas. Balder's residential properties are located in places that are growing and developing positively. Balder's ambition is to continue growing in selected markets.
| Number of properties |
Lettable area, sq.m. |
Rental value, SEKm |
Rental value, SEK/sq.m. |
Rental income, SEKm |
Economic occupancy rate, % |
Carrying amount, SEKm |
Carrying amount, % |
|
|---|---|---|---|---|---|---|---|---|
| Distributed by region | ||||||||
| Stockholm | 57 | 398,998 | 626 | 1,569 | 577 | 92 | 7,505 | 34 |
| Gothenburg/ | ||||||||
| West | 190 | 530,369 | 604 | 1,138 | 571 | 95 | 6,565 | 29 |
| Öresund | 49 | 264,051 | 374 | 1,418 | 349 | 93 | 4,926 | 22 |
| East | 56 | 195,703 | 177 | 905 | 165 | 93 | 1,798 | 8 |
| North | 80 | 153,754 | 143 | 929 | 137 | 96 | 1,485 | 7 |
| Total | 432 | 1,542,875 | 1,924 | 1,247 | 1,800 | 94 | 22,278 | 100 |
| Distributed by property category | ||||||||
| Residential | 294 | 881,737 | 863 | 978 | 830 | 96 | 9,864 | 44 |
| Office | 68 | 422,669 | 704 | 1,666 | 644 | 91 | 8,047 | 36 |
| Retail | 34 | 132,969 | 230 | 1,733 | 216 | 94 | 2,910 | 13 |
| Other | 36 | 105,500 | 127 | 1,203 | 110 | 86 | 1,457 | 7 |
| Total | 432 | 1,542,875 | 1,924 | 1,247 | 1,800 | 94 | 22,278 | 100 |
1) The above table refers to the properties owned by Balder at the end of the period. Sold properties have been excluded and acquired properties have been revalued using full-year values. Other properties include hotel, educational, nursing, industrial and mixed-use properties.
The value of Balder's real estate portfolio is based on internal valuations. All properties have been valued using the yield method, which means that each property is valued by discounting the estimated future cash flows. An estimate is also made of the future development of the immediate surroundings and the position of the property within its market segment. On 31 December, Balder's average yield requirement amounted to 5.9 per cent, which is 0.3 percentage units lower than at the start of the year. The reduction is mainly related to the major residential acquisitions which were carried out at a lower yield compared to the previous average yield requirement of the portfolio. In addition, we have adjusted the yield requirement downwards marginally for some parts of the existing residential portfolio. In order to quality-assure Balder's internal valuations, Balder allows external valuation of portions of its portfolio regularly during the year. On 31 August, Balder's entire property portfolio was externally valued. The external valuation exceeded Balder's internal valuation by less than 1 per cent.
The overall carrying amount of Balder's 432 properties (433) amounted to SEK 22,278m (17,556) on 31 December. The unrealised change in value during the period amounted to SEK 809m (978). During the year, SEK 389m of the change related to improved net operating income and SEK 420m related to the reduction in the yield requirement. The change in value was mainly related to residential properties.
During the year, a total of SEK 4,029m (3,859) was invested, of which SEK 3,756m (3,640) related to acquisitions and SEK 273m (219) related to investments in existing properties. About 40 per cent of the acquisitions during the year related to acquisitions of residential properties in Copenhagen. Properties to a value of SEK 69m (1,671) were sold during the period.
The change in the real estate portfolio during the year may be seen in the table below.
| Change in carrying amounts of properties | 2012 | 2011 | ||||||
|---|---|---|---|---|---|---|---|---|
| SEKm | Number | SEKm | Number | |||||
| Real estate portfolio, 1 January | 17,556 | 433 | 14,389 | 432 | ||||
| Investments in existing properties | 273 | 219 | ||||||
| Acquisitions | 3,756 | 14 | 3,640 | 40 | ||||
| Sales | –69 | –6 | –1,671 | –39 | ||||
| Property control | — | –9 | — | — | ||||
| Change in value of investment properties, unrealised | 809 | 978 | ||||||
| Changes in foreign exchange rates | –47 | 0 | ||||||
| Real estate portfolio, 31 December | 22,278 | 432 | 17,556 | 433 | ||||
| Real estate transactions 2011 | ||||||||
| Quarter | Number | Property name | Municipality | Property category | Lettable area, sq.m. | |||
| Acquisitions | ||||||||
| One | 1 | Rosen 9 | Malmö | Other | 11,207 | |||
| One | 6 | Biskopsgården 7:1–7:3 m fl | Gothenburg | Residential | 45,107 | |||
| One | 1 | Österfaelled Torv | Copenhagen | Residential | 43,500 | |||
| One | 1 | Staevnen Örestad | Copenhagen | Residential | 6,830 | |||
| Two | 1 | Lorensberg 46:5 | Gothenburg | Commersial | 967 | |||
| Two | 1 | Granen 21 | Stockholm | Office | 4,292 | |||
| Two | 1 | Lejonet 2 | Malmö | Office | 5,852 | |||
| Four | 1 | Spårvagnen 4 | Stockholm | Office | 23,012 | |||
| Four | 1 | Brandholmen 1:69 | Nyköping | Other | — | |||
| 14 | 140,767 |
8 fastighets ab Balder · Year-end report 2012
Balder has property-managing associated companies and associated companies, which are all 50 per cent-owned. In addition, Balder owns 38 per cent of Collector. The property-managing associated companies include Centur, Akroterion and Tulia. Bovieran and Majornas Projektutveckling work with project development.
In order to illustrate Balder's holdings in associated companies, Balder's participations in the balances sheets and
real estate holdings of property-managing associated companies are reported below and presented according to IFRS accounting policies.
These companies own 43 properties (41) in total. Balder's participation in the lettable area of the real estate holdings amounts to approximately 135,000 sq.m. (125,000) with a rental value of SEK 168m (157). The economic occupancy rate amounted to 95 per cent (97).
| Number of properties |
Lettable area, sq.m. |
Rental value, SEKm |
Rental value SEK/sq.m. |
Rental income, SEKm |
Economic occupancy rate, % |
Carrying amount, SEKm |
Carrying amount, % |
|
|---|---|---|---|---|---|---|---|---|
| Distributed by region | ||||||||
| Stockholm | 26 | 80,454 | 118 | 1,464 | 113 | 96 | 1,567 | 72 |
| Gothenburg | 10 | 30,076 | 27 | 900 | 27 | 98 | 342 | 16 |
| Öresund | 7 | 24,282 | 23 | 947 | 21 | 90 | 262 | 12 |
| Total | 43 | 134,811 | 168 | 1,245 | 160 | 95 | 2,171 | 100 |
| Distributed by property category | ||||||||
| Office | 16 | 53,680 | 91 | 1,703 | 87 | 95 | 1,268 | 58 |
| Retail | 27 | 81,132 | 76 | 943 | 73 | 96 | 903 | 42 |
| Total | 43 | 134,811 | 168 | 1,245 | 160 | 95 | 2,171 | 100 |
Distributed by region, % Distributed by property category, %
| SEKm | 31 dec 2012 |
31 dec 2011 |
|---|---|---|
| Assets | ||
| Properties | 2,171 | 2,023 |
| Other assets | 22 | 17 |
| Cash and cash equivalents | 13 | 13 |
| Total assets | 2,206 | 2,054 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity/owner loan | 724 | 649 |
| Interest-bearing liabilities | 1,359 | 1,296 |
| Other liabilities | 123 | 109 |
| Total equity and liabilities | 2,206 | 2,054 |
In order to limit the risk of lower rental income and consequently a weakened occupancy rate, Balder strives to develop long-term relationships with the company's existing customers. Balder has a good diversification as regards the distribution between commercial properties and residential properties as well as the geographical distribution. The diversification strengthens the possibilities of maintaining a satisfactory occupancy rate.
Balder's commercial leases have an average lease term of 4.4 years (4.3). Balder's 10 largest leases represent 8.7 per cent (7.4) of the total rental income, while the average lease term amounts to 10.5 years (11.0). No individual lease accounts for more than 1.6 per cent (1.9) of Balder's total rental income and no individual customer accounts for more than 2.6 per cent (3.3) of the total rental income.
| Maturity date | Number of leasing contracts |
Share, % | Contracted leases, SEKm |
Share, % |
|---|---|---|---|---|
| 2013 | 660 | 30 | 94 | 5 |
| 2014 | 591 | 27 | 216 | 12 |
| 2015 | 478 | 22 | 233 | 13 |
| 2016 | 309 | 14 | 149 | 8 |
| 2017– | 175 | 8 | 303 | 17 |
| Total | 2,213 | 100 | 994 | 55 |
| Residential 1) | 11,000 | 759 | 42 | |
| Car park 1) | 3,335 | 11 | 1 | |
| Garage 1) | 3,124 | 35 | 2 | |
| Total | 19,672 | 1,800 | 100 |
1) Normally runs subject to a period of notice of three months.
Consolidated equity amounted to SEK 8,289m (6,675) on 31 December and the equity/assets ratio amounted to 34.8 per cent (35.2). Shareholders' equity increased during the period by SEK 554m through directed issues of two million preference shares and through comprehensive income for the period of SEK 1,155m (810). During the period, shareholders' equity decreased by SEK 95m (40) on account of dividend to the preference shareholders, which occurs quarterly.
The group's interest-bearing liabilities in respect of properties amounted to SEK 13,450m (10,635) on 31 December, corresponding to a loan-to-value ratio of 60.4 per cent (60.6). The interest-bearing liabilities consist of a bond of SEK 250m, which is quoted on NASDAQ OMX, a certificate programme with a framework amount of SEK 1,000m and bilateral bank loans with Nordic banks. Balder's certificate programme had an outstanding volume of approximately SEK 614m on 31 December. On 31 December, Balder's average interest rate refixing period amounted to 4.8 years (3.9), which is approximately one year longer than at the start of the year. The average fixed credit term amounted to 6.6 years (5.5) and the average interest rate amounted to 3.6 per cent (4.1), including the effect of accrued interest from the interest rate derivative instruments which are recognised as fixed interest borrowing in the table.
Interest rate derivative instruments are deployed in order to obtain preferred interest rate refixing targets. Derivatives are continually recognised at fair value in the balance sheet with changes in value recognised in the income statement without using hedge accounting. Unrealised changes in value during the period amounted to SEK –71m (–520). The deficit on derivatives, SEK 868m (797), will be released during the remaining term and recognised as income. This means that Balder has a reserve of SEK 868m which will be reversed in its entirety to equity, adjusted by deferred tax, concurrently with the expiry of interest rate derivatives.
The group's cash and cash equivalents, financial investments and unutilised credit facilities amounted to SEK 470m (298) at the end of the accounting period.
The proportion of equity is impacted by the chosen level of financial risk which in turn is impacted by lenders' equity requirements for offering market-based financing. Balder's financial goals are that the equity/assets ratio shall not be less than 30 per cent over time and that the interest coverage ratio should not be less than 1.5 times. As of 31 December, the equity/assets ratio was 34.8 per cent (35.2) and the interest coverage ratio was 2.4 times (2.1).
| Target | Outcome | |
|---|---|---|
| Equity/assets ratio, % | 30.0 | 34.8 |
| Debt/assets ratio, multiple | 1.5 | 2.4 |
| Return on equity, % 1) | 15.5 |
1) Return on equity which exceeds the risk-free rate of interest over time. The riskfree rate of interest, the yearly average of a five-year government bond, amounted to 1.16 per cent as of 31-12-2012.
| Fixed interest term | ||||||
|---|---|---|---|---|---|---|
| Year | SEKm | Interest, % | Share, % | |||
| Within one year | 5,483 | 2.5 | 39.8 | |||
| 1–2 år | 30 | 4.0 | 0.2 | |||
| 2–3 år | 276 | 4.3 | 2.0 | |||
| 3–4 år | 500 | 4.4 | 3.6 | |||
| 4–5 år | — | — | — | |||
| > 5 år | 7,500 | 4.3 | 54.4 | |||
| Total | 13,789 | 3.6 | 100.0 |
No significant events have occured since year-end.
Balder receives fees from associated companies and Erik Selin Fastigheter AB for property and company management. These fees amounted to SEK 15m (13) during the period and are reported in management and administrative costs.
Balder's operations, financial position and results may be affected by a number of risks and uncertainty factors. These are described in the annual report for 2011, on pages 42–45. Acquisitions have been carried out in Denmark since yearend which means that a limited currency position has arisen. No material changes have been noted in other respects.
Balder applies IFRS (International Financial Reporting Standards) as adopted by the European Union in its consolidated accounts and the interpretations of these (IFRIC) This interim report is prepared in accordance with IAS 34, Interim Financial Reporting. In addition, relevant provisions of the Swedish Annual Accounts Act and the Swedish Securities Markets Act have also been applied. The parent company has prepared its financial statements in accordance with the Annual Accounts Act, the Securities Markets Act and RFR 2, Accounting for Legal Entities.
The accounting policies and calculation methods applied are unchanged compared with the annual report for 2011.
In accordance with the annual general meeting on 9 May 2012, a nomination committee has been apppointed with representatives of the company's two largest shareholders or ownership spheres, which are Erik Selin Fastigheter AB through Christian Hahne and Arvid Svensson Invest AB through Rikard Svensson. In addition to the above-mentioned persons, the nomination committee also includes Lars Rasin, who is chairman of the nomination committee.
Ahead of the Annual General Meeting on 7 May 2013, the Board intends to propose that the general meeting pass resolutions regarding the following matters:
This interim report has not been subject to review by the company's auditors
Gothenburg, 20 February 2013
Erik Selin Chief Executive Officer
| SEKm | Oct–Dec 2012 |
Oct–Dec 2011 |
Jan–Dec 2012 |
Jan–Dec 2011 |
|---|---|---|---|---|
| Rental income | 443 | 369 | 1,701 | 1,466 |
| Property costs | –150 | –117 | –537 | –471 |
| Net operating income | 294 | 252 | 1,164 | 996 |
| Changes in value of properties, realised | — | — | 3 | 12 |
| Changes in value of properties, unrealised | 363 | 504 | 809 | 978 |
| Changes in value of financial investments | — | 5 | — | –7 |
| Other income/expenses | –2 | –2 | –16 | –13 |
| Management and administrative costs | –28 | –27 | –115 | –103 |
| Participation in the profit from associated companies | 47 | 81 | 105 | 133 |
| Operating profit | 673 | 813 | 1,950 | 1,995 |
| Net financial items | –113 | –107 | –466 | –438 |
| Changes in value of derivatives, unrealised | –21 | –141 | –71 | –520 |
| Profit before tax | 540 | 564 | 1,412 | 1,037 |
| Current tax | –9 | –5 | –10 | –10 |
| Deferred tax | –34 | –120 | –240 | –215 |
| Net profit for the period/year | 497 | 439 | 1,162 | 812 |
| Other comprehensive income | ||||
| Translation difference | 2 | –2 | –7 | –2 |
| Participation in other comprehensive income from associated companies | 0 | — | 0 | — |
| Net profit for the period/year | 499 | 437 | 1,155 | 810 |
| Profit from property management before tax, SEKm | 183 | 146 | 691 | 516 |
| Profit from property management before tax per ordinary share, SEK | 0.99 | 0.79 | 3.73 | 3.00 |
| Profit after tax per ordinary share, SEK | 2.96 | 2.63 | 6.69 | 4.87 |
All of the comprehensive income for the period/year accrues to the parent company's shareholders. There is no dilutive effect as no potential shares arise.
| SEKm | 31 Dec 2012 |
31 Dec 2011 |
|---|---|---|
| Assets | ||
| Investment properties | 22,278 | 17,556 |
| Other property, plant and equipment | 152 | 148 |
| Participations in associated companies etc. | 760 | 654 |
| Other receivables | 537 | 455 |
| Cash and cash equivalents and financial investments | 116 | 165 |
| Total assets | 23,843 | 18,978 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | 8,289 | 6,675 |
| Non-controlling interests | — | 4 |
| Deferred tax liability | 443 | 202 |
| Interest-bearing liabilities 1) | 13,789 | 10,801 |
| Derivatives | 868 | 797 |
| Other liabilities | 453 | 499 |
| Total equity and liabilities | 23,843 | 18,978 |
| 1) Of which interest-bearing liabilities in respect of properties | 13,450 | 10,635 |
| Attributable to the parent company's shareholders, SEKm | Jan–Dec 2012 |
Jan–Dec 2011 |
|---|---|---|
| Opening equity | 6,675 | 4,654 |
| New issue | 554 | 1,251 |
| Dividend paid for preference shares | –95 | –40 |
| Comprehensive income for the year | 1,155 | 810 |
| Closing equity | 8,289 | 6,675 |
| SEKm | Oct–Dec 2012 |
Oct–Dec 2011 |
Jan–Dec 2012 |
Jan–Dec 2011 |
|---|---|---|---|---|
| Net operating income | 294 | 252 | 1 164 | 996 |
| Other operating income/expenses | –2 | –2 | –16 | –13 |
| Management and administrative expenses | –28 | –27 | –115 | –103 |
| Reversal of depreciation and amortisation | 5 | 4 | 16 | 15 |
| Adjustment item | 1 | 4 | 0 | –2 |
| Net financial items paid | –125 | –122 | –495 | –457 |
| Taxes paid | –9 | –5 | –10 | –10 |
| Cash flow from operating activities before change in working capital |
134 | 104 | 543 | 426 |
| Change in operating receivables | –58 | 9 | –59 | –65 |
| Change in operating liabilities | 37 | 16 | –47 | 52 |
| Cash flow from operating activities | 113 | 129 | 438 | 414 |
| Acquisition of properties | –1,128 | –483 | –3,756 | –3,640 |
| Acquisition of property, plant and equipment | –8 | –1 | –19 | –122 |
| Purchase of financial investments | –12 | — | –60 | –12 |
| Investment in existing properties | –88 | –74 | –273 | –219 |
| Sale of properties | — | — | 72 | 1,683 |
| Acquisitions from non-controlling interests | — | — | –4 | — |
| Sale of financial investments | 13 | 21 | 154 | 52 |
| Acquisition of shares in associated companies etc. | –4 | –36 | –19 | –320 |
| Dividend paid preference share | — | — | 18 | — |
| Cash flow from investing activities | –1,228 | –573 | –3,888 | –2,579 |
| New issue | 289 | — | 554 | 1,251 |
| Divided paid for preference shares | –25 | –20 | –95 | –40 |
| Loans raised | 1,446 | 425 | 4,307 | 4,189 |
| Amortisation/redemption of loans sold | ||||
| properties/change in credit facilities | –574 | 14 | –1,276 | –3,277 |
| Cash flow from financing activities | 1,137 | 419 | 3,490 | 2,124 |
| Cash flow for the period/year | 21 | –26 | 40 | –41 |
| Cash and cash equivalents at the start of the period/year | 26 | 33 | 8 | 48 |
| Cash and cash equivalents at the end of the period/year | 47 | 8 | 47 | 8 |
| Unutilised credit facilities | 354 | 133 | 354 | 133 |
| Financial investments | 69 | 157 | 69 | 157 |
| SEKm | Oct–Dec 2012 |
Oct–Dec 2011 |
Jan–Dec 2012 |
Jan–Dec 2011 |
|---|---|---|---|---|
| Rental income | ||||
| Stockholm | 138 | 117 | 493 | 460 |
| Gothenburg/West | 141 | 128 | 568 | 504 |
| Öresund | 89 | 51 | 341 | 210 |
| East | 41 | 41 | 164 | 161 |
| North | 34 | 33 | 135 | 130 |
| Total | 443 | 369 | 1,701 | 1,466 |
| Net operating income | ||||
| Stockholm | 97 | 84 | 344 | 325 |
| Gothenburg/West | 92 | 87 | 391 | 348 |
| Öresund | 63 | 31 | 243 | 141 |
| East | 23 | 28 | 101 | 102 |
| North | 19 | 21 | 84 | 80 |
| Total | 294 | 252 | 1,164 | 996 |
The group's internal reporting of operations is divided into the above segments. Total net operating income corresponds with the net operating income reported in the income statement. The difference between net operating income of SEK 1,164m (996) and profit before tax of SEK 1,412m (1,037) consists of changes in value of properties of SEK 812m (990), change in value of financial investments of SEK —m (–7), management and administrative expenses of SEK –115m (–103), other income/expenses of SEK –16m (–13), participations in profits of associated companies of SEK 105m (133), net financial items of SEK –466 (–438) and changes in value of derivatives of SEK –71m (–520).
During the period, the carrying amount in respect of properties of the Stockholm, Gothenburg/West and Öresund regions increased by SEK 1,639m, SEK 651m, and SEK 2,133m respectively.
| SEKm | Oct–Dec 2012 |
Oct–Dec 2011 |
Jan–Dec 2012 |
Jan–Dec 2011 |
|---|---|---|---|---|
| Share-related, ordinary shares 1) | ||||
| Average number of shares, thousands | 159,537 | 159,537 | 159,537 | 158,656 |
| Profit after tax, SEK | 2.96 | 2.63 | 6.69 | 4.87 |
| Profit after tax excluding unrealised changes in value, SEK | 1.14 | 0.57 | 3.04 | 2.27 |
| Profit from property management before tax, SEK | 0.99 | 0.79 | 3.73 | 3.00 |
| Net operating income, SEK | 1.84 | 1.58 | 7.30 | 6.27 |
| Outstanding number of shares, thousands | 159,537 | 159,537 | 159,537 | 159,537 |
| Carrying amount of properties, SEK | 139.64 | 110.04 | 139.64 | 110.04 |
| Shareholders' equity, SEK | 42.15 | 35.57 | 42.15 | 35.57 |
| Net asset value (EPRA NAV), SEK | 50.37 | 41.83 | 50.37 | 41.83 |
| Share price on the closing date, SEK | 37.30 | 25.30 | 37.30 | 25.30 |
| 1) There is no dilutive effect as no potential shares arise. | ||||
| Property-related | ||||
| Rental value full-year, SEK/sq.m. | 1,247 | 1,163 | 1,247 | 1,163 |
| Rental income full-year, SEK/sq.m. | 1,166 | 1,088 | 1,166 | 1,088 |
| Economic occupancy rate, % | 94 | 94 | 94 | 94 |
| Surplus ratio, % | 66 | 68 | 68 | 68 |
| Carrying amount, SEK/sq.m. | 14,439 | 12,467 | 14,439 | 12,467 |
| Number of properties | 432 | 433 | 432 | 433 |
| Lettable area, sq.m. thousands | 1,543 | 1,408 | 1,543 | 1,408 |
| Profit from property management before tax, SEKm | 183 | 146 | 691 | 516 |
| Financial | ||||
| Return on equity, % | 14.8 | 11.8 | 15.5 | 14.3 |
| Return on total assets, % | 6.8 | 7.3 | 8.8 | 8.7 |
| Interest coverage ratio, times | 2.6 | 2.3 | 2.4 | 2.1 |
| Equity/assets ratio, % | 34.8 | 35.2 | 34.8 | 35.2 |
| Debt/equity ratio, times | 1.7 | 1.6 | 1.7 | 1.6 |
| Loan-to-value ratio, % | 57.8 | 56.9 | 57.8 | 56.9 |
| Loan-to-value ratio properties, % | 60.4 | 60.6 | 60.4 | 60.6 |
| SEKm | Oct–Dec 2012 |
Oct–Dec 2011 |
Jan–Dec 2012 |
Jan–Dec 2011 |
|---|---|---|---|---|
| Net sales | 26 | 23 | 96 | 82 |
| Administrative expenses | –28 | –28 | –115 | –98 |
| Change in value of financial investments | — | 5 | — | –7 |
| Operating profit | –2 | 0 | –19 | –22 |
| Profit from financial items | ||||
| Net financial items | 73 | 29 | 563 | 212 |
| Changes in value of derivatives, unrealised | –29 | –140 | –97 | –474 |
| Profit before tax | 42 | –111 | 447 | –285 |
| Deferred tax | –45 | 38 | –60 | 118 |
| Net profit for the period/year | –3 | –73 | 387 | –167 |
| SEKm | 31 Dec 2012 |
31 Dec 2011 |
|---|---|---|
| Assets | ||
| Property, plant and equipment | 27 | 30 |
| Financial non-current assets | 2,855 | 2,820 |
| Receivables from group companies | 10,599 | 8,507 |
| Current receivables | 69 | 46 |
| Cash and cash equivalents and financial investments | 74 | 159 |
| Total assets | 13,624 | 11,562 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | 4,738 | 3,891 |
| Interest-bearing liabilities | 5,200 | 4,654 |
| Liabilities to group companies | 2,927 | 2,310 |
| Derivatives | 698 | 601 |
| Other liabilities | 61 | 106 |
| Total equity and liabilities | 13,624 | 11,562 |
Balder's shares are listed on NASDAQ OMX Stockholm, Mid Cap. Since 20 June 2011, when the preference share was listed, Balder has two listed classes of shares, an ordinary class B share and a preference share which pays a dividend of SEK 5 per quarter. The company's market capitalisation as of 31 December amounted to SEK 7,800m (5,100). The principal owner in Fastighets AB Balder is Erik Selin Fastigheter AB, which owns 38.9 per cent of the capital and 52.0 per cent of the votes.
The price of the ordinary share was SEK 37.30 (25.30) at yearend, corresponding to a rise of 47 per cent during the year. During 2012, the number of ordinary shareholders increased by almost 10 per cent to approximately 7,500 shareholders (6.900), of which just over 13 per cent are shareholders with an registered address outside of Sweden. During the year, approximately 62 million shares were traded, which is equal to an average of 249,000 shares (207,000) per trading day. The annual turnover rate amounted to 39 per cent (35) during the period.
At year-end, the preference share had approximately 5,900 shareholders (2,000), which corresponds to an increase of 190 per cent. During the year, approximately 3.8 million shares were traded, which is equal to an average of 15,300 shares (13,000) per trading day. The annual turnover rate amounted to 74 per cent. On 31 December, the market price of the preference share was SEK 303 (267), which corresponds to a total yield of 21 per cent during the year.
During 2012, Balder issued 2 million preference shares at an average price of SEK 282.5, which brought the company SEK 554m after transaction costs. On 31 December, the share capital in Balder amounted to SEK 168,396,852 distributed among 168,396,852 shares. Each share has a quota value of SEK 1.00, whereof 11,229,432 shares are of class A, 151,167,420 are of class B and 6 million are preference shares. Of the B shares, 2,859,600 were repurchased as of 31 December, which means that the total number of outstanding shares amounts to 165,537,252. Each class A share carries one vote and each class B share and preference share carries one tenth of one vote.
| Owners | A shares | B shares | Preference shares | Total number of shares |
Capital, % | Votes, % |
|---|---|---|---|---|---|---|
| Selin, Erik with company | 8,298,594 | 57,218,298 | 500 | 65,517,392 | 38.9 | 52.0 |
| Arvid Svensson Invest AB | 2,915,892 | 13,542,540 | — | 16,458,432 | 9.8 | 15.9 |
| Länsförsäkringar fondförvaltning AB | — | 11,738,224 | — | 11,738,224 | 7.0 | 4.4 |
| Swedbank Robur fonder | — | 7,541,331 | 91,250 | 7,632,581 | 4.5 | 2.8 |
| Andra AP-fonden | — | 6,992,480 | — | 6,992,480 | 4.2 | 2.6 |
| Handelsbanken fonder | — | 5,865,821 | — | 5,865,821 | 3.5 | 2.2 |
| Lannebo fonder | — | 3,500,000 | — | 3,500,000 | 2.1 | 1.3 |
| SEB Investment Management | — | 2,641,824 | — | 2,641,824 | 1.6 | 1.0 |
| Rahi, Sharam with company | — | 1,516,300 | 20,000 | 1,536,300 | 0.9 | 0.6 |
| Rasjö, Staffan | — | 1,113,369 | — | 1,113,369 | 0.7 | 0.4 |
| Others | 14,946 | 36,637,633 | 5,888,250 | 42,540,829 | 25.1 | 15.6 |
| Total outstanding shares | 11,229,432 | 148,307,820 | 6,000,000 | 165,537,252 | 98.3 | 98.9 |
| Repurchased own shares | — | 2,859,600 | — | 2,859,600 | 1.7 | 1.1 |
| Total registred shares | 11,229,432 | 151,167,420 | 6,000,000 | 168,396,852 | 100.0 | 100.0 |
| Final day of trading incl. right to payment of dividend | 5 April 2013 |
|---|---|
| Record day for payment of dividend | 10 April 2013 |
| Expected day of payment from Euroclear | 15 April 2013 |
| Final day of trading incl. right to payment of dividend | 5 July 2013 |
| Record day for payment of dividend | 10 July 2013 |
| Expected day of payment from Euroclear | 15 July 2013 |
| Final day of trading incl. right to payment of dividend | 7 October 2013 |
| Record day for payment of dividend | 10 October 2013 |
| Expected day of payment from Euroclear | 15 October 2013 |
Profit after tax in relation to average shareholders' equity. The values were converted to a full-year basis in the interim accounts without taking account of seasonal variations that normally arise in the operations with the exception of changes in value.
Profit before tax with addition of net financial items in relation to average balance sheet total. The values were converted to a full-year basis in the interim accounts without taking account of seasonal variations that normally arise in the operations with the exception of changes in value.
Interest-bearing liabilities at the end of the period in relation to total assets at the end of the period.
Profit before tax with reversal of changes in value. Reversal of changes in value and tax as regards participation in profits of associated companies also takes place.
Profit before tax with reversal of changes in value. Reversal of changes in value and tax as regards participation in profits of associated companies also takes place.
Annual average of a five-year government bond.
Profit before tax with reversal of net financial items, changes in value and changes in value and tax as regards participation in profits of associated companies, in relation to net financial items.
Interest-bearing liabilities in relation to shareholders' equity.
Shareholders' equity including non-controlling interests in relation to the balance sheet total at the end of the period.
Yield, % Estimated net operating income on an annual basis in relation to the fair value of the properties at the end of the period.
Rental income less property costs.
Contracted rent for leases which are running at the end of the period in relation to rental value.
Classified according to the principal use of the property. The break-down is made into office, commercial, residential and other properties. Other properties include hotel, educational, care, industrial/warehouse and mixed-use properties. The property category is determined by what the largest part of the property is used for.
This item includes direct property costs, such as operating expenses, utility expenses, maintenance, ground rent and property tax.
Contracted rent and estimated market rent for vacant premises and residential properties.
Net operating income in relation to rental income.
Shareholders' equity in relation to the number of outstanding ordinary shares at the end of the period after deduction of the preference capital.
Equity per preference share is equivalent to the subscription price of the preference share of SEK 260,83 per share.
Profit from property management reduced by preference share dividend for the period divided by the average number of outstanding ordinary shares.
The number of outstanding shares at the start of the period, adjusted by the number of shares issued during the period weighted by the number of days that the shares have been outstanding in relation to the total number of days during the period.
Preference capital amounts to an average issue price of SEK 260,83 per preference share.
Equity per ordinary share with reversal of interest rate derivatives and deferred tax according to balance sheet.
Profit attributable to the average number of ordinary shares after consideration of the preference shares' portion of the profit for the period.
–
The information in this report is such that Fastighets AB Balder (publ) is obliged to disclose according to the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information has been published at 2.00 p.m. on 20 February 2013.
Contact
For further information, contact CEO, Erik Selin, telephone +46 (0) 706 07 47 90 or CFO, Magnus Björndahl, telephone +46 (0)735 58 29 29.
There is an overall presentation of information on Balder's home page www.balder.se, regarding the operations, board of directors and management, financial reporting and press releases.
| Annual report | April 2013 |
|---|---|
| Annual General Meeting | 7 May 2013 |
| Interim report January–March 2013 | 7 May 2013 |
| Interim report January–June 2013 | 26 August 2013 |
| Interim report Januari–September 2012 7 November 2013 | |
| Year end 2013 | 19 February 2014 |
Fastighets AB Balder (publ) www.balder.se • [email protected] • Corporate identity no.556525-6905
| Head office | Vasagatan 54 • Box 53 121 • 400 15 Gothenburg • Tel +46 31 10 95 70 • Fax +46 31 10 95 99 |
|---|---|
| Regional offices | |
| Stockholm | Drottninggatan 108 • 113 60 Stockholm • Tel +46 8 73 53 770 • Fax +46 8 73 53 779 |
| Vårby Allé 14 • 143 40 Vårby • Tel +46 8 72 11 650 • Fax +46 8 71 02 270 | |
| Gothenburg/WestVasagatan 54 • Box 53 121 • 400 15 Gothenburg • Tel +46 31 10 95 70 • Fax +46 31 10 95 99 | |
| Timmervägen 7A • 541 64 Skövde • Tel +46 500 43 64 44 • Fax +46 500 42 84 78 | |
| Storgatan 20B • 521 42 Falköping • Tel +46 515 145 15 • Fax +46 515 71 12 18 | |
| East | Storgatan 51 • 573 32 Tranås • Tel +46 140 654 80 • Fax +46 140 530 35 |
| Hospitalsgatan 11 • 602 27 Norrköping • Tel +46 11 15 88 90 • Fax +46 11 12 53 05 | |
| Tunadalsgatan 6 • 731 31 Köping • Tel +46 221 377 80 • Fax +46 221132 60 60 | |
| Öresund | Stora Nygatan 29 • 211 37 Malmö • Tel +46 40 600 96 50 • Fax +46 40 600 96 64 |
| Södergatan 10 • 252 25 Helsingborg • Tel +46 42 17 21 30 • Fax +46 42 14 04 34 | |
| Esplanaden 15 • 265 34 Åstorp • Tel +46 42 569 40 • Fax +46 42 569 41 | |
| North | Sandbäcksgatan 5 • 653 40 Karlstad • Tel +46 54 14 81 80 • Fax +46 54 15 42 55 |
| Tallvägen 8 • 854 66 Sundsvall • Tel +46 60 55 47 10 • Fax +46 60 55 43 38 | |
| Forskarvägen 27 • 804 23 Gävle • Tel +46 26 54 55 80 • Fax +26 51 92 20 | |
Letting +46 20 151 151 Customer service +46 774 49 49 49 This report is a translation of the Swedish Year-end report 2012. In the event of any disparities between this report and the Swedish version, the latter will have priority.
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