Annual Report • Feb 24, 2012
Annual Report
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Fastighets AB Balder is a listed real estate 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 17.6 billion (14.4) as of 31 December 2011. The Bal-
der share is listed on Nasdaq OMX Stockholm, Mid Cap.
Comparisons stated in parenthesis refer to the corresponding period of the previous year
Rental income increased to SEK 1,466m (1,333).
Property costs amounted to SEK 471m (454).
The profit from property management amounted to SEK 516m (417), which corresponds to SEK 3.00 per ordinary share (2.79).
The carrying amount of the properties amounted to SEK
17,556m (14 389). The profit was impacted by positive unrealised changes in value of SEK 978m (1,027) and realised changes in value of SEK 12m (20). The average yield requirement amounted to 6.2 per cent (6.3).
Changes in value of financial investments amounted to SEK –7m (90).
Unrealised changes in value of interest rate derivatives have impacted the result by SEK -520m (148).
Profit after tax for the period amounted to SEK 812m (1,338) which corresponds to SEK 4.87 per ordinary share (8.95).
| Oct–Dec 2011 |
Oct–Dec 2010 |
Jan–Dec 2011 |
Jan–Dec 2010 |
Jan–Dec 2009 |
Jan–Dec 2008 |
Jan–Dec 2007 |
Jan–Dec 2006 |
|
|---|---|---|---|---|---|---|---|---|
| Rental income, SEKm | 369 | 354 | 1,466 | 1,333 | 854 | 633 | 678 | 524 |
| Profit from property management before tax, | ||||||||
| SEKm | 146 | 89 | 516 | 417 | 315 | 174 | 179 | 160 |
| Changes in value of properties, SEKm | 504 | 274 | 990 | 1,047 | 4 | –201 | 642 | 212 |
| Changes in value of derivatives, SEKm | –141 | 232 | –520 | 148 | –23 | –333 | 7 | — |
| Changes in value of financial investments, | ||||||||
| SEKm | 5 | 9 | –7 | 90 | — | — | — | — |
| Profit after tax, SEKm | 439 | 511 | 812 | 1,338 | 248 | –388 | 785 | 441 |
| Carrying amount of properties, SEKm | 17,556 | 14,389 | 17,556 | 14,389 | 12,669 | 7,086 | 6,758 | 6,997 |
| Data per ordinary share | ||||||||
| Profit after tax, SEK | 4,87 | 8,95 | 2,20 | –4,04 | 8,07 | 4,69 | ||
| Profit from property management before tax, | ||||||||
| SEK | 3,00 | 2,79 | 2,79 | 1,81 | 1,84 | 1,70 | ||
| Carrying amount of properties, SEK | 110,04 | 96,25 | 84,75 | 75,02 | 69,44 | 71,90 | ||
| Shareholders' equity, SEK | 35,57 | 31,13 | 22,19 | 19,63 | 23,49 | 15,42 | ||
| Long-term net asset value (EPRA NAV),SEK | 41,84 | 32,89 | 22,16 | 20,95 | 22,33 | 13,06 | ||
| Share price on closing date, SEK | 25,30 | 29,40 | 12,50 | 7,00 | 13,33 | 17,00 |
One year ago, I wrote that "my expectations for 2011 are high". Now as we document 2011, we can report that it was once again an exciting year with an optimistic first half followed by a somewhat uncertain second half. I think that the company performed well and we made a number of good long-term acquisitions and found new partners for Balder that strengthen our potential to deliver a satisfactory and sustainable increase in value. Our profit from property management also continued to develop well compared to previous years.
In 2010, profit from property management exceeded SEK 400m for the first time, and one year later, we passed SEK 500m. The main reason was naturally the issues and acquisitions carried out during the year which had a positive impact on the result but so did net operating income for comparable properties which increased during the period. The improvement was due to the fact that we managed to increase our income. We were also helped in the process by not having as cold or snowy an end to the year as we had in 2010.
Our already stable income will be strengthened further in 2012, thanks to our acquisitions in late 2011 and early 2012. We invested about SEK 2 billion in residential properties with negligible vacancy levels and a fully let commercial property with long leases.
In early 2012, we took a new stride over the Öresund and completed our first acquisition of residential properties in Copenhagen. The properties are located in attractive areas and are fully let condominiums. In the event notice of termination, we have the option to choose if we want to sell the apartment or let it again at a market rent. However, our intention is not to sell the apartments by the piece, rather that they should form part of a long-term division in Copenhagen.
A stable income level and favourable interest rate level in Denmark means that it is interesting to try to find additional investment opportunities in this market going forward.
It is difficult to predict how the global financial turbulence will affect us. So far, we do not see any change in our customers' payment capacity and we still see continued good demand for our commercial premises. In order to continue to maintain a good income level it is extremely important that we have a close relationship with our customers, in order to grow together and prevent the risk of possible rental losses.
It is gratifying to see that Balder is continuing to attract the stock market. The number of shareholders increased by almost 70 per cent during the year, and amounted to approximately 8,200 at year-end. This may be compared to the approximately 2,000 shareholders we had at the end of
We carried out two successful issues during the year. One issue of ordinary shares at the end of January and one issue of preference shares - a new class of shares for us - in the middle of June. The issues, which were both strongly oversubscribed, increased shareholders' equity by SEK 1,251m and strengthened our equity/assets ratio significantly. Apart from capital, the issues have also brought us many new shareholders. In January 2012, we carried out another new issue of preference shares which provided the company with SEK 265m. This issue was also several times oversubscribed and broadened the ownership base further. For the benefit of ordinary shareholders, our priority is to allow the company to grow through good investments in acquisitions instead of share dividends. The goal is to achieve the best possible total yield over time and at present I believe that investing further in the operations is by far the best way to proceed.
The long-term level of interest rates continued to fall during the fourth quarter, which meant that the deficit on our derivative instruments increased and amounted to almost SEK 800m at year-end. There is no cloud without a silver lining. A large negative deficit on our derivative instruments means that the interest rate level is lower than we expected. Apart from the fact that changes in value do not affect our cash flow, there are additional advantages.
New financing can be secured at lower levels, property values are supported by the lower level of interest and last but not least, the negative values on our derivatives will be zero in due course. This means that Balder will display an increase in shareholders' equity of almost SEK 600m after tax, when the deficit has been released.
As always, my expectations ahead of 2012 are high. During the year, our organisation shall continue to focus on what property management is about a long-term hard work where it is important to generate rental income and ensure cost control in order to gradually deliver improved net operating income and increase in value. We shall accomplish this with our devoted organisation which is supported by a stable income stream and a strong balance sheet. My hope is that 2012 will offer a continued strong trend in profit from property management and that we will get many wonderful new business opportunities.
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 tax is calculated using a standard tax rate of 26.3 per cent, which largely consists of deferred tax and therefore does not affect the cash flow.
| SEKm | 31 Dec 2011 |
30 Sep 2011 |
30 Jun 2011 |
31 Mar 2011 |
31 Dec 2010 |
30 Sept 2010 |
30 Jun 2010 |
31 Mar 2010 |
|---|---|---|---|---|---|---|---|---|
| Rental income | 1,530 | 1,480 | 1,450 | 1,405 | 1,405 | 1,345 | 1,335 | 1,265 |
| Property costs | –465 | –455 | –445 | –430 | –430 | –420 | –420 | –392 |
| Net operating income | 1,065 | 1,025 | 1,005 | 975 | 975 | 925 | 915 | 873 |
| Management and administrative costs | –105 | –100 | –100 | –105 | –105 | –100 | –100 | –93 |
| Profit from property management | ||||||||
| from associated companies | 90 | 85 | 85 | 30 | 20 | 20 | 15 | 15 |
| Operating profit | 1,050 | 1,010 | 990 | 900 | 890 | 845 | 830 | 795 |
| Net financial items | –445 | –420 | –410 | –425 | –440 | –395 | –365 | –313 |
| Profit from property management | 605 | 590 | 580 | 475 | 450 | 450 | 465 | 482 |
| Tax | –159 | –155 | –153 | –125 | –118 | –118 | –122 | –127 |
| Profit after tax | 446 | 435 | 427 | 350 | 332 | 332 | 343 | 355 |
| Profit after tax attributable to | ||||||||
| Ordinary shareholders | 366 | 355 | 347 | 350 | 332 | 332 | 343 | 355 |
| Preference shareholders | 80 | 80 | 80 | — | — | — | — | — |
| Profit from property management according to current earning capacity per ordinary share, SEK |
3.29 | 3.20 | 3.13 | 2.98 | 3.01 | 3.01 | 3.11 | 3.22 |
Profit from property management for the period amounted to SEK 516m (417) which corresponds to SEK 3.00 per ordinary share (2.79). Profit from property management includes SEK 62m (18) in respect of associated companies.
Profit after tax for the period amounted to SEK 812m (1,338) corresponding to SEK 4.87 per ordinary share (8.95) The profit was impacted by changes in value in respect of properties of SEK 990m (1,047), changes in value of financial investments of SEK –7m (90), unrealised changes in value in respect of interest rate derivatives of SEK -520m (148) and profit from participations in associated companies of SEK 133m (68).
Rental income increased to SEK 1,466m (1,333). The increase was primarily due to a larger real estate portfolio. The leasing portfolio is estimated to have a rental value on a full-year basis of SEK 1,638m (1,437) as of 31 December. The average rental level for the entire real estate portfolio amounted to SEK 1,163/sq.m. (1,087).
The 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 107m (94) on an annual basis.
The property costs amounted to SEK 471m (454) during the period. The increase in property costs was due to changes in the real estate portfolio.
Net operating income increased by 13 per cent to SEK 996m (880), which implies a surplus ratio of 68 per cent (66). 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 for the period amounted to SEK 978m (1,027). Realised changes in value amounted to SEK 12m (20). The average yield requirement as of 31 December amounted to 6.2 percent (6.3).
The change in value during the period of SEK 978m is attributable to improved net operating income due to increased rental income and a reduced yield requirement for the residential properties.
The company's financial investments, which mainly consist of preference shares in Corem, are carried at market value at the end of every quarter. The change in value during the period amounted to SEK –7m (90).
Management and administrative costs amounted to SEK 103m (103) during the period.
Balder has associated companies with property holdings which are 50%-owned and shares in Collector, where the participating interest amounts to 37 per cent. Profit from participations in associated companies amounted to SEK 133m (68) during the period and Balder's participation in the associated companies' profit from property management amounted to SEK 62m (18), also see page 10. The profit was impacted by unrealised changes in value in respect of properties of SEK 118 (78). The increased profit was due to the acquisitions of Fastighets AB Centur and Collector AB.
Net financial items amounted to SEK –438m (–377) and unrealised changes in value of interest rate derivatives amounted to SEK –520m (148). The negative change in value during the period was due a sharp fall in the level of interest rates. The change in value has not affected the cash flow.
Net financial items are equivalent to borrowing at an average interest rate of 4.2 per cent (3.9) including the effect of accrued interest from interest rate derivatives.
During the period, Balder reported current tax of SEK –10m (-3) and deferred tax of SEK –215m (–413).
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.
The group's remaining tax deficit has been estimated at SEK 2,250m (2,210) and the temporary differences between the carrying amounts and values for tax purposes of properties, financial investments and interest rate derivatives amounts to SEK –3,018m (–2,157). Deferred tax liabilities are calculated as the net of these items and amount to SEK 202m (–14).
The profit from property management for the fourth quarter 2011 increased by SEK 57m and amounted to SEK 146m (89), which corresponds to SEK 0.79 per ordinary share (0.60). The profit from property management includes SEK 28m (3) in respect of associated companies. Rental income amounted to SEK 369m (354) and property costs totalled
SEK 117m (125), which gave a net operating income for the fourth quarter of SEK 252m (228). The surplus ratio amounted to 68 percent (64). The improved profit from property management is due to the change in the real estate portfolio but also to the fact that the corresponding period of the preceding year was unusually cold and snowy, which resulted in increased costs.
Profit after tax for the period amounted to SEK 439m (511), corresponding to SEK 2.63 per ordinary share (3.42). The change in results was mainly due to negative changes in value in respect of derivatives, increased positive changes in value in respect of properties and improved profit from property management.
The profit was impacted by changes in value in respect of properties of SEK 504m (274), changes in value of financial investments of SEK 5 (9), unrealised changes in value in respect of interest rate derivatives of SEK -141m (232) and profit from participations in associated companies of SEK 81m (58).
The cash flow from operating activities before changes in working capital amounted to SEK 426m (400). Investing activities have burdened the cash flow by SEK 2,579m (442). During the period, acquisition of properties of SEK 3,640m (835), investments in existing properties of SEK 219m (159) and investments in wind turbines, financial investments and associated companies of SEK 454m (124) have been financed through the cash flow from operating activities of SEK 414m (356), by property sales of SEK 1,683m (321), sales of financial investments of SEK 52m (356), a new issue of SEK 1,251m (–)and net borrowings of SEK 872m (109). The cash flow for the period amounted to SEK –41m (24) in total. The group's cash and cash equivalents, financial investments and unutilised credit facilities amounted to SEK 298m (507) as of 31 December.
The number of employees on 31 December amounted to 208 persons (192), of which 75 (59) were women. Balder is organised into five regions with 11 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 82m (63) during the period.
Net profit after tax for the period amounted to SEK -167m (260). The result was positively affected by dividends received from subsidiaries of SEK 135m (—). Changes in value in respect of financial investments and unrealised changes in value of interest rate derivatives amounted to SEK –481m (251).
The board intends to propose to the annual general meeting that no dividend shall be declared for ordinary shares (—) and that SEK 20 per share (—) shall be paid for preference shares.
The annual report for 2011 will be available on Balder's home page, www.balder.se, from the week starting 16 April 2012.
Fastighets AB Balder's annual general meeting will take place on 9 May 2012 at 3.00 p.m. at Elite Park Avenue Hotel, Kungsportsavenyn 36–38 in Gothenburg.
On 31 December, Balder owned 433 properties (432) with a lettable area of approximately 1,408,000 sq.m. (1,322,000) with a value of SEK 17,556m (14,389). Balder's total rental value amounted to SEK 1,638m (1,437) 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 | 55 | 375,394 | 516 | 1,376 | 474 | 92 | 5,866 | 33 |
| Gothenburg/ | ||||||||
| West | 183 | 484,010 | 552 | 1,141 | 525 | 95 | 5,913 | 34 |
| Öresund | 54 | 196,660 | 254 | 1,292 | 233 | 92 | 2,792 | 16 |
| East | 58 | 197,582 | 176 | 890 | 166 | 95 | 1,695 | 10 |
| North | 83 | 154,491 | 139 | 900 | 133 | 95 | 1,290 | 7 |
| Total | 433 | 1,408,137 | 1,638 | 1,163 | 1,531 | 94 | 17,556 | 100 |
| Distributed by property category | ||||||||
| Residential | 301 | 788,507 | 737 | 934 | 707 | 96 | 7,523 | 43 |
| Office | 65 | 376,481 | 554 | 1,472 | 490 | 89 | 5,945 | 34 |
| Commercial | 34 | 148,732 | 248 | 1,667 | 238 | 96 | 3,075 | 18 |
| Other | 33 | 94,417 | 99 | 1,046 | 95 | 97 | 1,012 | 6 |
| Total | 433 | 1,408,137 | 1,638 | 1,163 | 1,531 | 94 | 17,556 | 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.
Distributed by region Distributed by property category
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 6.2 per cent, which is 0.1 per cent lower than at the start of the year. The reduction in the yield requirement is attributable to the strong prevailing demand for residential properties.
In order to quality-assure Balder's internal valuations, Balder allows external valuation of portions of its portfolio regularly during the year and at each year-end. Balder's entire property portfolio was externally valued as of 31 March and 11 per cent of Balder's property portfolio corresponding to SEK 2,000m was externally valued by Savills as of 31 December. The market value of the external valuation exceeded Balder's internal valuation by SEK 2.1 per cent. The external valuation related to commercial properties as well as residential properties and included a geographical spread from Sundsvall in the north to Helsingborg in the south.
The overall carrying amount of Balder's 433 properties amounted to SEK 17,556m (14,389) on 31 December. The unrealised change in value during the period amounted to SEK 978m (1,027). The change is a result of higher net operating income mainly due to increased rental income and a reduced yield requirement for residential properties.
During the period, a total of SEK 3,859m (995) was invested, of which SEK 3,640m (835) relates to acquisitions and SEK 219m (160) relates to investments in existing properties. During the period, 39 (18) properties were sold for SEK 1,683m (322). Of the properties sold, 25 relate to the Catena portfolio, which are included in a company that is jointly owned with PEAB, each party holding a half-interest. The properties are now included as associated companies. All acquisitions have been classified as asset acquisitions.
The change in the real estate portfolio during the year may be seen in the following table.
| Change in carrying amounts of properties | 2011 | 2010 | ||
|---|---|---|---|---|
| SEKm | Number | SEKm | Number | |
| Real estate portfolio, 1 January | 14,389 | 432 | 12,669 | 419 |
| Investments in existing properties | 219 | — | 160 | — |
| Acquisitions | 3,640 | 40 | 835 | 31 |
| Sales | –1,683 | –39 | –322 | –18 |
| Change in value of investment properties, unrealised | 978 | — | 1,027 | — |
| Change in value of investment properties, realised | 12 | — | 20 | — |
| Changes in foreign exchange rates | — | — | — | — |
| Real estate portfolio, 31 December | 17,556 | 433 | 14,389 | 432 |
| Quarter | Number | Property name | Municipality | Property category | Lettable area, sq.m. |
|---|---|---|---|---|---|
| Acquisitions | |||||
| One | 1 | Stockrosen 3 | Mölndal | Office | 6,082 |
| One | 1 | Stockrosen 10 | Mölndal | Office | 1,761 |
| One | 1 | Stockrosen 6 | Mölndal | Office | 2,015 |
| One | 1 | Olskroken 10:5 | Gothenburg | Office | 4,511 |
| One | 1 | Olskroken 25:11 | Gothenburg | Other | 2,261 |
| One | 1 | Inom Vallgraven 36:4 | Gothenburg | Office | 16,730 |
| One | 1 | Inom Vallgraven 33:7 | Gothenburg | Office | 3,731 |
| One | 1 | Inom Vallgraven 58:6 | Gothenburg | Commersial | 4,793 |
| One | 1 | Ventrupparken 6 | The Copenhagen region | Commersial | 4,723 |
| One | 25 | Catena | Commersial | 152,390 | |
| Two | 1 | Katthavet 8 | Stockholm | Commersial | 8,022 |
| Three | 1 | Högsbo 1:1 | Gothenburg | Office | 15,251 |
| Three | 1 | Kvasten 8 | Stockholm | Office | 2,018 |
| Three | 1 | Gårda 15:12 | Gothenburg | Residential | 8,459 |
| Three | — | del av Järnplåten 23 | Stockholm | Office | 1,520 |
| Four | 1 | von Conow 54 | Malmö | Office | 20,927 |
| Four | 1 | Lorensberg 46:6 | Gothenburg | Commersial | 1,176 |
| Total | 40 | 256,370 |
| One | 1 | Dygden 6 | Nässjö | Residential | 614 |
|---|---|---|---|---|---|
| One | 1 | Pan 1 | Nässjö | Residential | 1,692 |
| One | 1 | Åkerslätt 2 | Nässjö | Residential | 1,002 |
| One | 1 | Lilla Björn 10 | Nässjö | Residential | 240 |
| One | 1 | Älgen 7 | Nässjö | Residential | 1,487 |
| One | 1 | Täppan 22 | Nässjö | Residential | 294 |
| One | 1 | Sänket 9 | Nässjö | Residential | 353 |
| One | 1 | Sänket 6 | Nässjö | Residential | 575 |
| One | 1 | Nedre Skansen 1 | Nässjö | Residential | 328 |
| One | 1 | Lästen 2 | Falkenberg | Commersial | 3,510 |
| One | 1 | Plankan 12 | Trollhättan | Office | 479 |
| One | 1 | Niten 6 | Borås | Other | 4,058 |
| Two | 1 | Kålltorp 43:7 | Gothenburg | Residential | 1,064 |
| Two | 25 | Catena | Commersial | 152,390 | |
| Three | 1 | Kastet 6:4 | Gävle | Residential | 216 |
| Total | 39 | 168,302 |
Balder has associated companies with property holdings which are 50 per cent-owned and shares in Collector, where the participating interest amounts to 37 per cent.
In order to illustrate Balder's holdings in associated companies, Balder's participations in the balances sheets and real estate holdings of associated companies with property holdings are reported below.
The associated companies own 41 properties in total. Balder's participation in the lettable area of the real estate holdings amounts to approximately 125,000 sq.m. with a rental value of SEK 157m. The economic occupancy rate amounted to 97 per cent.
| 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 | 24 | 71,873 | 107 | 1,492 | 103 | 96 | 1,434 | 71 |
| Gothenburg | 10 | 29,092 | 26 | 891 | 26 | 99 | 319 | 16 |
| Öresund | 7 | 24,282 | 23 | 962 | 23 | 100 | 270 | 13 |
| Total | 41 | 125,246 | 157 | 1,250 | 152 | 97 | 2,023 | 100 |
| Distributed by property category | ||||||||
| Office | 14 | 45,099 | 81 | 1,803 | 78 | 95 | 1,138 | 56 |
| Commercial | 27 | 80,148 | 75 | 938 | 75 | 99 | 885 | 44 |
| Total | 41 | 125,246 | 157 | 1,250 | 152 | 97 | 2,023 | 100 |
Distributed by region Distributed by property category
| SEKm | 31 Dec 2011 |
|---|---|
| Assets | |
| Properties | 2,023 |
| Other assets | 17 |
| Cash and cash equivalents | 13 |
| Total assets | 2,054 |
| Shareholders' equity and liabilities | |
| Shareholders' equity/owner loan | 649 |
| Total equity and liabilities | 2,054 |
|---|---|
| Other liabilities | 109 |
| Interest-bearing liabilities | 1,296 |
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 allocation 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 4.3 years (3,4). Balder's 10 largest leases represent 7.4 per cent (5.8) of the total rental income, while the average lease term amounts to 11.0 years (5.3). No individual lease accounts for more than 1.9 per cent (1.0) of Balder's total rental income and no individual customer accounts for more than 3.3 per cent (1.2) of the total rental income.
| Maturity date | Number of lea sing contracts |
Share, % | Contracted leases, SEKm |
Share, % |
|---|---|---|---|---|
| 2012 | 538 | 26 | 78 | 5 |
| 2013 | 554 | 27 | 171 | 11 |
| 2014 | 486 | 24 | 220 | 14 |
| 2015 | 296 | 15 | 151 | 10 |
| 2016– | 162 | 8 | 227 | 15 |
| Total | 2,036 | 100 | 848 | 55 |
| Residential 1) | 9,803 | 639 | 42 | |
| Car park 1) | 2,997 | 10 | 1 | |
| Garage 1) | 3,101 | 34 | 2 | |
| Total | 17,937 | 1,531 | 100 |
1) Normally runs subject to a period of notice of three months.
Annual rental income per maturity, SEKm
per 31-12-2011
• Veidekke Bostad • Västra Götalands
Läns Landsting
Consolidated equity amounted to SEK 6,675m (4,654) on 31 December and the equity/assets ratio amounted to 35.2 per cent (30.9). Shareholders' equity increased during the period by SEK 278m through a directed share issue of ordinary shares in January, and by SEK 973m in June through an issue of preference shares and through comprehensive income for the period of SEK 810m. During the period, shareholders' equity decreased by SEK 40m on account of dividend to the preference shareholders, which occurs quarterly.
The group's interest-bearing liabilities in respect of properties amounted to SEK 10,635m (9,297) on 31 December, corresponding to a loan to value ratio of 60.6 per cent (64.6). In June, Balder initiated a certificate programme with a framework amount of SEK 1,000m with Swedbank and Danske Bank as dealers. The outstanding volume on 31 December was SEK 555m compared to SEK 710m which was outstanding on 30 September. During January 2012, the certificate market has improved and Balder has increased certificate volume to SEK 720m. The certificate programme is secured with revolving back-up facilities corresponding to the entire framework amount.
The average interest rate refixing period amounted to 3.9 years (2.4) on 31 December and the average fixed credit term amounted to 5.5 years (5.9). The average interest rate amounted to 4.1 per cent (4.2) including the effect of accrued interest from Balder's interest rate derivative instruments which are recognised as fixed interest borrowing in the table. On 31 December, approximately 80 per cent of the interest-bearing liabilities ran on the basis of fixed interest rates with a term of more than one year.
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 -520m (148). The deficit on derivatives, SEK 797m (277), will be released during the remaining term and recognised as income. This means that Balder has a reserve of SEK 797m which will be reversed in its entirety to equity, adjusted by deferred tax, concurrently with the expiry of interest rate derivatives.
The group's financial investments, cash and cash equivalents and unutilised credit facilities amounted to SEK 298m (507) at the end of the accounting period.
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 35.2 per cent (30.9) and the interest coverage ratio was 2.1 times (2.1).
| Target | Outcome | |
|---|---|---|
| Equity/assets ratio, % | 30.0 | 35.2 |
| Debt/assets ratio, multiple | 1.5 | 2.1 |
| Return on equity, % 1) | 14.3 |
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 2.30 per cent as of 31-12-2011.
| Fixed interest term | ||||||
|---|---|---|---|---|---|---|
| Year | SEKm | Interest, % | Share, % | |||
| Within one year | 2,994 | 3.7 | 27.7 | |||
| 1–2 years | 2,520 | 4.4 | 23.3 | |||
| 2–3 years | 6 | 4.8 | 0.1 | |||
| 3–4 years | 281 | 4.3 | 2.6 | |||
| 4–5 years | 500 | 4.4 | 4.6 | |||
| > 5 years | 4,500 | 4.3 | 41.7 | |||
| Total | 10,801 | 4.1 | 100.0 |
Agreements were reached regarding five property acquisitions at the end of December 2011 and in January and February 2012. The acquisitions relate to six residential properties in Gothenburg, a block of residential properties in one of Copenhagen's most attractive residential areas, the commercial property Rosen 9 which is located on Lilla Torg in Malmö, a residential property in Örestad Syd in Copenhagen and a hotel in Lund which is under construction and is expected to be taken into possession in early 2014. The properties have a combined lettable area of approximately 115,600 sq.m. with a value of approximately SEK 2,400m. Apart from the hotel in Lund, the other acquisitions will be taken into possession during the first quarter of 2012. In connection with the acquisition of the property Rosen 9, the board resolved on an offset issue on the date of taking possession. The issue amounted to 1,000,000 preference shares, at an issue price of SEK 265 per share, to the vendor. The vendor of the property entered into an agreement to resell the above one million preference shares to Swedbank, which in turn decided to offer these preference shares for sale in an offer to the public in Sweden and to institutional investors in Sweden and abroad.
The offer was several times oversubscribed and in the end approximately 3,400 private persons and institutional investors were allocated preference shares in Balder. During February, a sales agreement was reached, at a value of SEK 64m, regarding a site leasehold right in Stockholm with a lettable area of 5,200 sq.m.
Apart from what is described in note 28 of the annual report for 2010, administrative services were sold to Erik Selin Fastigheter AB and Fastighets AB Centur during the year. The services were priced at market-related terms.
Balder receives fees from associated companies and Erik Selin Fastigheter AB for property and company management. These fees amounted to SEK 13m (1) during the period and are recognised 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 2010, on pages 40–43. No material changes have occurred subsequently.
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, and 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 2010, with the addition that the company started to apply hedge accounting during the third quarter 2011 as regards assets acquired in foreign countries (Hedges of a Net Investment in a Foreign Operation). That part of the gain or loss which is recognised on a hedging instrument which is considered an effective hedge is recognised in other comprehensive income. The gain or loss that relates to the ineffective part is recognized directly in the income statement.
The changes in IFRS which have become effective and which apply for the financial year 2011 have not had, and are not expected to have, any material impact on Balder's financial statements.
In accordance with the resolution of the annual general meeting on 6 May 2011, a nomination committee has been appointed with representatives for 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 9 May 2012, the Board intends to propose that the general meeting pass resolutions regarding the following matters:
• To authorise the Board until the next annual general meeting to repurchase and transfer B shares and preference shares in Balder corresponding to a maximum of 10 percent of all shares in the company.
• To authorise the Board until the next annual general meeting, on one or more occasions, to resolve on new issue of preference and/or ordinary shares of class B corresponding to a maximum of 10 % of the existing share capital. It shall be possible to subscribe for the shares in cash, in kind or by right of set-off.
This interim report has not been subject to review by the company's auditors
Gothenburg, 24 February 2012
Erik Selin Chief Executive Officer
| SEKm | Oct–Dec 2011 |
Oct–Dec 2010 |
Jan–Dec 2011 |
Jan–Dec 2010 |
|---|---|---|---|---|
| Rental income | 369 | 354 | 1,466 | 1,333 |
| Property costs | –117 | –125 | –471 | –454 |
| Net operating income | 252 | 228 | 996 | 880 |
| Changes in value of properties, realised | – | 7 | 12 | 20 |
| Changes in value of properties, unrealised | 504 | 267 | 978 | 1,027 |
| Changes in value of financial investments | 5 | 9 | –7 | 90 |
| Other income/expenses | –2 | 4 | –13 | 2 |
| Management and administrative costs | –27 | –28 | –103 | –103 |
| Participation in the profit from associated companies | 81 | 58 | 133 | 68 |
| Operating profit | 813 | 545 | 1,995 | 1,983 |
| Net financial items | –107 | –115 | –438 | –377 |
| Changes in value of derivatives, unrealised | –141 | 232 | –520 | 148 |
| Profit before tax | 564 | 662 | 1,037 | 1,754 |
| Current tax | –5 | –2 | –10 | –3 |
| Deferred tax | –120 | –150 | –215 | –413 |
| Net profit for the period/year | 439 | 511 | 812 | 1,338 |
| Other comprehensive income | ||||
| Translation difference | –2 | –2 | –2 | –2 |
| Participation in other comprehensive income from associated companies | — | — | — | — |
| Net profit for the period/year | 437 | 509 | 810 | 1,336 |
| Profit from property management before tax, SEKm | 146 | 89 | 516 | 417 |
| Profit from property management before tax per ordinary share, SEK | 0.79 | 0.60 | 3.00 | 2.79 |
| Profit after tax per ordinary share, SEK | 2.63 | 3.42 | 4.87 | 8.95 |
Comprehensive income for the period/year accrues in full to the parent company's shareholders. There is no dilutive effect as no potential shares arise.
| SEKm | 31 Dec 2011 |
31 Dec 2010 |
|---|---|---|
| Assets | ||
| Investment properties | 17,556 | 14,389 |
| Other property, plant and equipment | 148 | 41 |
| Participations in associated companies | 654 | 202 |
| Deferred tax assets | — | 14 |
| Other receivables | 455 | 167 |
| Financial investments | 157 | 204 |
| Cash and cash equivalents | 8 | 48 |
| Total assets | 18,978 | 15,065 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | 6,675 | 4,654 |
| Non-controlling interests | 4 | 4 |
| Deferred tax liability | 202 | — |
| Interest-bearing liabilities 1) | 10,801 | 9,631 |
| Derivatives | 797 | 277 |
| Other liabilities | 499 | 499 |
| Total equity and liabilities | 18,978 | 15,065 |
| 1) Of which interest-bearing liabilities in respect of properties | 10,635 | 9,297 |
| Attributable to the parent company's shareholders, SEKm | Jan–Dec 2011 |
Jan–Dec 2010 |
|---|---|---|
| Opening equity | 4,654 | 3,317 |
| New issue | 1,251 | — |
| Dividend paid preference shares | –40 | — |
| Comprehensive income for the year | 810 | 1,336 |
| Closing equity | 6,675 | 4,654 |
| SEKm | Oct–Dec 2011 |
Oct–Dec 2010 |
Jan–Dec 2011 |
Jan–Dec 2010 |
|---|---|---|---|---|
| Net operating income | 252 | 228 | 996 | 880 |
| Other income/expenses | –2 | 4 | –13 | 2 |
| Management and administrative costs | –27 | –26 | –103 | –102 |
| Reversal of depreciation and amortisation | 4 | 3 | 15 | 7 |
| Adjustment item | 4 | — | –2 | –2 |
| Net financial items paid | –122 | –116 | –457 | –384 |
| Taxes paid | –5 | — | –10 | — |
| Cash flow from operating activities before changes in working capital |
104 | 92 | 426 | 400 |
| Change in operating receivables | 9 | –23 | –65 | –20 |
| Change in operating liabilities | 16 | 27 | 52 | –23 |
| Cash flow from operating activities | 129 | 97 | 414 | 356 |
| Acquisition of properties | –483 | — | –3,640 | –835 |
| Acquisition of property, plant and equipment | –1 | –7 | –122 | –31 |
| Acquisition of financial investments | — | –3 | –12 | –86 |
| Investment in existing properties | –75 | –23 | –219 | –159 |
| Acquisition of non-controlling interests | — | 82 | 1,683 | 321 |
| Sale of properties | 21 | 5 | 52 | 356 |
| Sale of financial investments | –36 | — | –320 | –6 |
| Acquisition of shares in associated companies | — | — | — | –1 |
| Cash flow from investing activities | –573 | 53 | –2,579 | –442 |
| New issue | — | — | 1,251 | — |
| Dividend paid preference shares | –20 | — | –40 | — |
| Loans raised | 425 | 17 | 4,189 | 662 |
| Amortisation of loans/redemption of loans | ||||
| sold properties/change credit facility | 14 | –124 | –3,277 | –553 |
| Cash flow from financing activities | 419 | –107 | 2,124 | 109 |
| Cash flow for the period/year | –26 | 43 | –41 | 24 |
| Cash and cash equivalents at the beginning of the period/year | 33 | 5 | 48 | 24 |
| Cash and cash equivalents at the end of the period/year | 8 | 48 | 8 | 48 |
| Unutilised credit facilities | 133 | 255 | 133 | 255 |
| Financial investments | 157 | 204 | 157 | 204 |
| SEK | Oct–Dec 2011 |
Oct–Dec 2010 |
Jan–Dec 2011 |
Jan–Dec 2010 |
|---|---|---|---|---|
| Rental income | ||||
| Stockholm | 117 | 109 | 460 | 425 |
| Gothenburg/West | 128 | 109 | 504 | 438 |
| Öresund | 51 | 63 | 210 | 177 |
| East | 41 | 41 | 161 | 164 |
| North | 33 | 31 | 130 | 129 |
| Total | 369 | 354 | 1,466 | 1,333 |
| Net operating income | ||||
| Stockholm | 84 | 72 | 325 | 288 |
| Gothenburg/West | 87 | 71 | 348 | 295 |
| Öresund | 31 | 44 | 141 | 125 |
| East | 28 | 24 | 102 | 98 |
| North | 21 | 17 | 80 | 73 |
| Total | 252 | 228 | 996 | 880 |
The group's internal reporting of the operations is divided into the above segments. Total net operating income corresponds with the reported net operating income in the income statement. The difference between net operating income, SEK 996m (880) and profit before tax, SEK 1,037m (1,754) consists of changes in value of properties, SEK 900m (1,047), changes in value of financial investments, SEK –7m (90), management and administrative costs, SEK –103m (–103), other income/expenses, SEK –13 (2), participation in profits from associated companies, SEK 133m (68), net financial items, SEK –438m (–377) and changes in value of derivatives, SEK –620m (148).
The carrying amount of properties in the Stockholm and Gothenburg regions increased during the year by SEK 971m and SEK 1,357m respectively. The increase was due to property acquisitions and changes in value in the portfolio.
| SEKm | Oct–Dec 2011 |
Oct–Dec 2010 |
Jan–Dec 2011 |
Jan–Dec 2010 |
|---|---|---|---|---|
| Share-related, ordinary shares 1) | ||||
| Average number of shares, thousands | 159,537 | 149,487 | 158,656 | 149,487 |
| Profit after tax, SEK | 2.63 | 3.42 | 4.87 | 8.95 |
| Profit after tax excluding unrealised changes in value, SEK | 0.57 | 0.57 | 2.27 | 2.57 |
| Profit from property management before tax, SEK | 0.79 | 0.60 | 3.00 | 2.79 |
| Net operating income, SEK | 1.58 | 1.53 | 6.27 | 5.89 |
| Outstanding number of shares, thousands | 159,537 | 149,487 | 159,537 | 149,487 |
| Carrying amount of properties, SEK | 110.04 | 96.25 | 110.04 | 96.25 |
| Shareholders' equity, SEK | 35.57 | 31.13 | 35.57 | 31.13 |
| Long-term net asset value (EPRA NAV), SEK | 41.83 | 32.89 | 41.83 | 32.89 |
| Share price on the closing date, SEK | 25.30 | 29.40 | 25.30 | 29.40 |
| 1) There is no dilutive effect as no potential shares arise. | ||||
| Property related | ||||
| Rental value full-year, SEK/sq.m. | 1,163 | 1,087 | ||
| Rental income full-year, SEK/sq.m. | 1,088 | 1,016 | ||
| Economic occupancy rate, % | 94 | 94 | ||
| Surplus margin, % | 68 | 66 | ||
| Carrying amount, SEK/sq.m. | 12,467 | 10,887 | ||
| Number of properties | 433 | 432 | ||
| Lettable area, sq.m. thousands | 1,408 | 1,322 | ||
| Financial | ||||
| Return on equity, % | 14.3 | 33.6 | ||
| Return on total assets, % | 8.7 | 14.8 | ||
| Interest coverage ratio, multiple | 2.1 | 2.1 | ||
| Equity/assets ratio, % | 35.2 | 30.9 | ||
| Debt/equity ratio, multiple | 1.6 | 2.1 | ||
| Loan to value ratio, properties, % | 60.6 | 64.6 | ||
| Profit from property management before tax, SEKm | 516 | 417 |
| SEKm | Oct–Dec 2011 |
Oct–Dec 2010 |
Jan–Dec 2011 |
Jan–Dec 2010 |
|---|---|---|---|---|
| Net sales | 23 | 18 | 82 | 63 |
| Administrative expenses | –28 | –23 | –98 | –83 |
| Change in value of financial investments | 5 | 9 | –7 | 155 |
| Operating profit | 0 | 3 | –22 | 136 |
| Profit from financial items Net financial items |
29 | 25 | 212 | 64 |
| Changes in value of derivatives, unrealised | –140 | 152 | –474 | 96 |
| Profit before tax | –111 | 180 | –285 | 296 |
| Deferred tax | 38 | –45 | 118 | –36 |
| Net profit for the period/year | –73 | 135 | –167 | 260 |
| SEKm | 31 dec 2011 |
31 dec 2010 |
|---|---|---|
| Assets | ||
| Property, plant and equipment | 30 | 31 |
| Financial assets | 2,820 | 2,131 |
| Receivables from group companies 1) | 8,507 | 6,053 |
| Current receivables | 46 | 11 |
| Financial investments | 157 | 204 |
| Cash and bank balances | 2 | 6 |
| Total assets | 11,562 | 8,435 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | 3,891 | 2,846 |
| Interest-bearing liabilities | 4,654 | 3,186 |
| Liabilities to group companies | 2,310 | 2,124 |
| Derivatives | 601 | 126 |
| Other liabilities | 106 | 152 |
| Total equity and liabilities | 11,562 | 8,435 |
1) The increase is mainly related to acquisition finance during the year.
Balder's shares are listed on Nasdaq OMX Stockholm, Mid Cap. Since 20 June, 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 5,104m (4,395). The principal owner in Fastighets AB Balder is Erik Selin who owns 39.4 per cent of the capital and 52.4 per cent of the votes.
At the end of the period, the ordinary share had approximately 6,900 shareholders (4,900). During the period, 52.5 million shares were traded, which is equal to an average of 207,000 shares (237,000) per trading day. The annual turnover rate amounted to 35 per cent during the period. On 31 December, the market price of the share was SEK 25.30 (29.40).
At the end of the period, the preference share had approximately 2,000 shareholders (—). During the period 20 June to 31 December, 1.8 million shares were traded, which is equal to an average of 12,972 shares per trading day. The annual turnover rate amounted to 82 per cent. On 31 December, the market price of the preference share was SEK 267.
Two new share issues took place during the year. In June, Balder issued 4,000,000 preference shares and in January, a directed share issue of 10,050,000 B shares was carried out. Taken together, the issues provided the company with SEK 1,251m after transaction costs.
On 31 December, the share capital in Balder amounted to SEK 166,396,852 distributed among 166,396,852 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 4,000,000 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 163,537,252. 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, % |
|---|---|---|---|---|---|---|
| Erik Selin Fastigheter AB | 8,298,594 | 57,207,798 | — | 65,506,392 | 39.4 | 52.4 |
| Arvid Svensson Invest AB | 2,915,892 | 13,542,540 | — | 16,458,432 | 9.9 | 16.0 |
| Länsförsäkringar fondförvaltning AB | — | 15,230,155 | — | 15,230,155 | 9.2 | 5.7 |
| Swedbank Robur fonder | — | 6,985,829 | 121,250 | 7,107,079 | 4.3 | 2.7 |
| Handelsbanken fonder | — | 5,748,453 | — | 5,748,453 | 3.5 | 2.2 |
| Lannebo fonder | — | 4,733,000 | — | 4,733,000 | 2.8 | 1.8 |
| Second Swedish National Pension Fund | — | 4,470,356 | 27,155 | 4,497,511 | 2.7 | 1.7 |
| Rasjö, Staffan | — | 2,067,587 | — | 2,067,587 | 1.2 | 0.8 |
| Kjellberg, Göran | — | 1,875,000 | 8,000 | 1,883,000 | 1.1 | 0.7 |
| Livförsäkrings AB Skandia | 7,398 | 1,857,708 | — | 1,865,106 | 1.1 | 0.7 |
| Other share holders | 7,548 | 34,589,394 | 3,843,595 | 38,440,537 | 23.1 | 14.2 |
| Total outstanding shares | 11,229,432 | 148,307,820 | 4,000,000 | 163,537,252 | 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 | 4,000,000 | 166,396,852 | 100.0 | 100.0 |
Profit after tax in relation to average shareholders' equity. The results were converted to a full-year basis in the interim accounts, with the exception of changes in value, without taking account of seasonal variations which normally arise in the operations.
Profit before tax with addition of net financial items in relation to average balance sheet total. The results were converted to a full-year basis in the interim accounts, with the exception of changes in value, without taking account of seasonal variations which normally arise in the operations.
Interest-bearing liabilities with direct or indirect collateral in properties in relation to the fair value of the properties.
Profit before tax with reversal of changes in value. Reversal of changes in value and tax as regards participation in profit from 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 profit from associated companies, in relation to net financial items.
Interest-bearing liabilities in relation to shareholders' equity.
Shareholders' equity including minority 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, nursing, industrial/warehouse and mixed-use properties. The property category is determined by what the property is used for most.
The item includes direct property costs, such as operating expenses, maintenance, ground rent and property tax.
Contracted rent and estimated market rent for vacant premises.
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.
Shareholders' equity per preference share corresponds with the preference share's issue price of SEK 250 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 is equal to an average price of SEK 250 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 net 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 24 February 2012.
This report is a translation of the Swedish Year-end report 2011. In the event of any disparities between this report and the Swedish version, the latter will have priority.
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 2012 |
|---|---|
| Annual General Meeting | 9 May 2012 |
| Interim report January–March 2012 | 9 May 2012 |
| Interim report January–June 2012 | 27 August 2012 |
| Interim report January–September 2012 8 November 2012 |
Fastighets AB Balder (publ) www.balder.se · [email protected] · Corporate indentity no. 556525-6905
| Head office | Vasagatan 54 • Box 53 121 • 400 15 Gothenburg • Tel +46 (0)31-10 95 70 • Fax +46 (0)31-10 95 99 |
|---|---|
| Regional offices | |
| Stockholm | Drottninggatan 108 · 113 60 Stockholm · Tel +46 (0)8-73 53 770 • Fax +46 (0)8-73 53 779 |
| Vårby Allé 14 · 143 40 Vårby · Tel +46 (0)8-72 11 650 • Fax +46 (0)8-71 02 270 | |
| Göteborg/West | Storgatan 20B · 521 42 Falköping · Tel +46 (0)515-145 15 • Fax +46 (0)515-71 12 18 |
| Timmervägen 7A · 541 64 Skövde · Tel +46 (0)500-43 64 44 • Fax +46 (0)500-42 84 78 | |
| Vasagatan 54 · Box 53 121 · 400 15 Gothenburg · Tel +46 (0)31-10 95 70 • Fax +46 (0)31-10 95 99 | |
| Öresund | Esplanaden 15 · 265 34 Åstorp · Tel +46 (0)42-569 40 • Fax +46 (0)42-569 41 |
| Stora Nygatan 29 · 211 37 Malmö · Tel +46 (0)40-600 96 50 • Fax +46 (0)40-600 96 64 | |
| Södergatan 10 · 252 25 Helsingborg · Tel +46 (0)42-17 21 30 • Fax +46 (0)42-14 04 34 | |
| East | Hospitalsgatan 11 · 602 27 Norrköping · Tel +46 (0)11-15 88 90 • Fax +46 (0)11-12 53 05 |
| Tunadalsgatan 6 · 731 31 Köping · Tel +46 (0)221-377 80 • Fax +46 (0)221-132 60 | |
| Storgatan 30 · 573 32 Tranås · Tel +46 (0)140-654 80 • Fax +46 (0)140-530 35 | |
| North | Forskarvägen 27 · 804 23 Gävle · Tel +46 (0)26-54 55 80 • Fax +46 (0)26-51 92 20 |
| Sandbäcksgatan 5 · 653 40 Karlstad · Tel +46 (0)54-14 81 80 • Fax +46 (0)54-15 42 55 | |
| Skolhusallén 9 · 851 02 Sundsvall · Tel +46 (0)60-55 47 10 • Fax +46 (0)60-55 43 38 | |
Letting 020-151 151 Customer service 0774-49 49 49
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