Quarterly Report • Oct 25, 2017
Quarterly Report
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INTERIM REPORT JANUARY – SEPTEMBER 2017
PROPERTY MANAGEMENT INCOME WAS SEK 625 MILLION (406)
UNREALISED CHANGES IN VALUE OF PROPERTIES WERE SEK 335 MILLION (157) AND UNREALISED CHANGES IN VALUE OF DERIVATIVES WERE SEK 21 MILLION (74).
THE PROFIT AFTER TAX WAS SEK 773 MILLION (566).
| PROFIT FOR THE PERIOD, SEKm | 2017 9 months Jan-Sep |
2016 9 months Jan-Sep |
2016 12 months Jan-Dec |
|---|---|---|---|
| Rental income | 1,263 | 992 | 1,323 |
| Other revenue | 13 | 12 | 17 |
| Operating and central costs | -514 | -438 | -597 |
| Net financial items | -137 | -160 | -204 |
| Property management income | 625 | 406 | 539 |
| Changes in value, properties and derivatives | 368 | 221 | 418 |
| Current tax | -27 | 23 | 11 |
| Deferred tax | -193 | -84 | -136 |
| Profit after tax | 773 | 566 | 832 |
| Surplus ratio | 64 | 62 | 61 |
| Occupancy rate, % | 91 | 90 | 90 |
| Equity ratio, % | 33.9 | 29.8 | 31.0 |
| Loan-to-value ratio, properties, % | 57.8 | 59.6 | 58.6 |
| Equity per share, SEK | 49.3 | 42.5 | 45.3 |
| EPRA NAV per share, SEK | 57.8 | 52.8 | 56.0 |
For definitions of key ratios, see page 34.
Knut Rost, CEO, +46 (0)770-33 22 00, +46 (0)70-555 89 33, [email protected] Rolf Larsson, CFO, +46 (0)770-33 22 00, +46 (0)70-666 14 83, [email protected]
Nearly 100 years ago Anders Diös established the building firm that would eventually grow into one of Sweden's largest property owners. Thanks to his outstanding entrepreneurship and his faith in the future, the building firm had by the 1950s become one of the largest in Sweden. Inspired by Anders' drive, we formulated our current vision: to be the most active and sought-after landlord in our market.
We drive urban development to create growth for our tenants. By taking a simple and active approach, and by working closely with our stakeholders, we create meeting places where people can live, work and enjoy life. The company's property portfolio is concentrated to central locations in priority growth cities with an emphasis on office and retail properties.
Our business model centres on using the company's assets to create value for our stakeholders with sustainability as a central aspect. Through efficient property management, risk-aware transactions and futureoriented project development, we add value to our assets. The value we create is evident in the fact that we are an attractive employer, manage our properties in a sustainable manner, conduct our business responsibly and focus on sustainable urban development.
To be the most active and sought-after landlord in our market.
To own and develop commercial and residential properties in priority growth cities from local offices. We create long-term values with a focus on the tenant by operating in a responsible and sustainable manner.
Our promise is that everything is possible. We strive to be perceived as simple, close and active. Simple by being open and honest. Close by having a local presence, being available and taking an interest. Active by developing, growing and taking advantage of opportunities.
Contracted rental income: SEK 1,712m
| 30/09/2017 | 30/6/2017 | 31/3/2017 | 31/12/2016 | 30/09/2016 | 30/6/2016 | 31/3/2016 | 31/12/2015 | |
|---|---|---|---|---|---|---|---|---|
| Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | |
| Revenue, SEKm | 436 | 435 | 405 | 337 | 335 | 334 | 335 | 334 |
| Operating surplus, SEKm | 287 | 286 | 241 | 195 | 212 | 212 | 187 | 195 |
| Property management income, SEKm | 222 | 224 | 179 | 132 | 147 | 140 | 119 | 125 |
| Profit for the period, SEKm | 192 | 255 | 326 | 266 | 229 | 194 | 143 | 249 |
| Surplus ratio, % | 67 | 66 | 60 | 59 | 64 | 64 | 57 | 59 |
| Economic occupancy rate, % | 91 | 91 | 90 | 90 | 90 | 90 | 89 | 88 |
| Return on equity, % | 2.9 | 3.9 | 6.0 | 6.4 | 5.8 | 5.0 | 3.7 | 6.6 |
| Equity ratio, % | 33.9 | 33.3 | 33.5 | 31.0 | 29.8 | 28.5 | 29.0 | 27.4 |
| Loan-to-value ratio, properties, % | 57.8 | 58.3 | 59.1 | 58.6 | 59.6 | 60.6 | 61.4 | 60.7 |
| Average interest rate at end of period, %¹ | 1.6 | 1.6 | 1.6 | 2.0 | 1.9 | 2.6 | 2.6 | 2.5 |
| Interest coverage ratio, times | 5.5 | 5.8 | 5.2 | 3.9 | 3.8 | 3.5 | 3.1 | 3.5 |
| Property management income per share, SEK | 1.65 | 1.67 | 1.44 | 1.39 | 1.54 | 1.47 | 1.25 | 1.31 |
| Earnings per share after tax, SEK | 1.43 | 1.88 | 2.60 | 2.79 | 2.39 | 1.99 | 1.48 | 2.49 |
| Equity per share, SEK | 49.3 | 47.9 | 48.0 | 45.3 | 42.5 | 40.1 | 40.3 | 38.8 |
| Earnings per share, SEK | 52.0 | 46.6 | 44.0 | 47.1 | 50.8 | 47.1 | 46.9 | 48.0 |
1 Includes expenses relating to commitment fees and derivatives.
Diös continues to report strong earnings. Cash flow has increased as a result of a high level of activity in lettings. This has led to higher revenues, which creates growth and ensures a continued high dividend yield for our shareholders.
Our property management income increased by 54 per cent and the surplus ratio was 64 per cent. Net leasing for the quarter remained strong, at SEK 13 million, and totalled SEK 45 million (24) for the period, showing that our focus on lettings is yielding fruit. We have continued to deliver by actively looking for new business opportunities and developing our existing relationships. During the period completion and handover took place for the deals in Umeå and Sundsvall that we communicated in the summer. Handover also took place for the properties that we sold in Söderhamn. These transactions will strengthen our offering to tenants and improve our efficiency.
Our strategy of concentrating our portfolio to central locations in our target cities shows clearly that we are actively engaged in urban development. We enable our tenants and ourselves to grow by developing our properties to create more attractive meeting places, homes, retail premises and offices. A clear example of this is our Riverside hotel project in Sundsvall, where we are creating a new meeting place in a prime location that will increase density in the city centre and integrate it with the Norrmalm district, creating a lively urban buzz.
Our unique position is a competitive advantage. We have a local organisation in each city that operates in close proximity to our tenants. Good knowledge of the market coupled with an attractive portfolio of properties is a hard-to-beat combination. Yet growth doesn't occur by itself; we need to work hard to create opportunities. We still have vacant premises where we see good opportunities that we want to realise by driving our company and our target cities forward.
Our focus is on generating revenue. We have a strongly diversified revenue base in terms of geography and types of property. We have properties across all segments, a large number of tenants and a limited concentration risk to individual tenants. We are a cash flow-oriented company operating in a low-risk, high-yield market. Thanks to our growth and
strong financial position, we have become interesting to banks and the capital market. We now have very good access to capital through various sources of funding and are in a strong position to solicit competitive offers when raising new finance and refinancing. Our financial key ratios have continued to improve.
As part of our efforts to raise the level of expertise in our organisation and as a key element of our sustainability work, we have introduced an initiative to certify our workers as building maintenance technicians in accordance with industry standards. This training initiative is being implemented in collaboration with the Training Board of the Property Industry (FU) with the aim of further raising the quality of our building operating and maintenance activities, and the level of service for our tenants. We are pioneers in the industry, and are delighted that our training initiative is being implemented within the framework of our in-house Diös Academy. We are also proud to have reached EPRA's Gold level for our sustainability reporting, which is evidence of a high standard and transparency.
The macroeconomic environment is very favourable and we see a big potential in our priority cities. The property industry is facing many challenges, and I believe the key factors for meeting these challenges is that we listen to our tenants, and that we create products, services and solutions that meet their changing requirements. Our focus on urban development, deals and relationships is aimed at enabling our tenants to grow while building a foundation for our own continued success.
Property management income for the period, i.e. income excluding changes in value and tax, was SEK 625 million (406). For comparable properties our property management income increased by 20 per cent year on year.
Income and expenses for the period were affected by the acquisition of 32 properties in the first quarter. Completion took place on 1 February 2017 and the properties will be consolidated in our results as of that date.
The rental income for the reporting period was SEK 1,263 million (992), representing a 91 per cent (90) economic occupancy rate. For comparable properties rental income increased by 3.4 per cent year on year. Other property management income totalled SEK 13 million (12) and consisted mainly of costs for work in leased premises that are passed on to tenants.
Total property costs were SEK 462 million (393). Of total property costs, SEK 6 million (6) refers to work in leased premises for which the costs are passed on to tenants.
The operating surplus was SEK 814 million (611), representing a surplus ratio of 64 per cent (62). Our improved surplus ratio is due mainly to improved occupancy. For comparable properties our operating surplus increased by 6.0 per cent compared with the previous year.
The central administration expense was SEK 52 million (45). Central administration includes a non-recurring item of SEK 4 million, which refers to restructuring costs incurred in connection with acquisitions.
Net financial items for the period were SEK -137 million (-160). The interest costs for the period, including costs for interest rate derivatives and loan commitments, represent borrowings at an average annual interest rate of 1.8 per cent (2.5). The average annual interest rate for interest-bearing liabilities based on the applicable terms and market interest rates at 30 September was 1.6 per cent (1.9).
The property market is marked by a continued high level of activity, strong demand and continued limited supply, which is pushing prices higher. Prices are increasing mainly for centrally located office properties in growth cities. The average valuation yield at the end of the period was 6.09 per cent (6.46), which at portfolio level is a decrease of 0.31 percentage points since year-end. The positive change in value of SEK 335 million (157) is primarily a one-off effect of a discount on deferred tax in connection with property transactions. The change in value represented 1.7 per cent (1.2) of market value. At 30 September the market value was SEK 19,260 million (13,357).
During the period 13 properties were sold, resulting in a realised change in value of SEK 12 million. In the same period in the previous year 42 properties were sold, resulting in a realised change in value of SEK -10 million. 38 properties (4) were acquired during the period.
1 The figures for property management income, operating surplus and surplus ratio in Q3 2017 are on a rolling 12-month basis.
The portfolio of interest rate derivatives has been measured at fair value. If the contracted interest rate deviates from the market rate, a theoretical fair value gain or loss arises on the interest rate derivatives. The change in value is of an accounting nature and does not affect cash flow.
During the period unrealised changes in value on derivatives totalled SEK 21 million (74), which have been fully recognised in the income statement. The change in the market values of derivatives is primarily attributable to the time effect.
The profit before tax was SEK 993 million (627). The improved profit is chiefly due to a larger property portfolio and unrealised changes in the value of properties.
The profit after tax was SEK 773 million (566). Current tax totalled SEK -27 million (23). This is mainly attributable to tax in subsidiaries which do not have the right to offset losses against Group profits. The positive tax effect in the previous year is attributable to a partial reversal of tax provisions related to a tax case. The deferred tax liability for the third quarter was SEK -193 million (-84).
Property management income for the third quarter, i.e. income excluding changes in value and tax, was SEK 222 million (147). The operating surplus was SEK 287 million (212), representing a surplus ratio of 67 per cent (64).
Rental income for the third quarter was SEK 431 million (331), representing an economic occupancy rate of 91 per cent (90). Total property costs were SEK 149 million (123).
Net financial items for the third quarter were SEK -49 million (-52). The profit before tax was SEK 272 million (281), with changes in the value of properties having a positive impact of SEK 43 million (107) and changes in the value of interest rate derivatives adding SEK 7 million (27). Earnings after tax were SEK 192 million (229), of which SEK -70 million (-44) refers to deferred tax and SEK -10 million (-8) to current tax. In the third quarter 12 properties (0) were sold, resulting in a net realised change in value of SEK 10 million (0). In the third quarter four properties were acquired. In the same period last year Diös concluded agreements for the acquisition of one property with a completion date in December 2016.
The nominal corporate tax rate in Sweden is 22 per cent. Due to the option of using tax depreciation allowances, recognising the full amount of expenses for certain types of conversion projects in the first year and using tax losses, tax paid was low. Tax paid arises from the fact that some subsidiaries are not able to avail themselves of the tax benefits of group contributions.
The remaining tax losses can be calculated at SEK 0 million (160). The Group also has untaxed reserves of SEK 118 million (87). The fair value of the properties exceeds their tax base by SEK 5,313 million (4,419). The tax on the net balance of these items at the full nominal tax rate of 22 per cent less the deferred tax attributable to asset purchases has been recognised as a deferred tax liability.
| SEKm | Basis for current tax |
Basis for deferred tax |
|---|---|---|
| Property management income | 625 | |
| Tax-deductible | ||
| depreciation and amortisation | -170 | 170 |
| conversion projects | -51 | 51 |
| Other tax adjustments | -55 | 82 |
| Taxable property management income | 350 | 303 |
| Income tax at 22% if tax losses are not used | 77 | |
| Sale of properties | 2 | -2 |
| Change in value, properties | 0 | 347 |
| Issue costs | -51 | 51 |
| Taxable profit before tax losses | 301 | 699 |
| Tax losses, opening balance | -177 | 177 |
| Tax losses, closing balance | 0 | 0 |
| Taxable profit | 124 | 876 |
| Tax for the period as per income statement | 27 | 193 |
While the reporting of taxes complies with the applicable accounting rules it should be noted that the amount of tax paid over the period generally differs from the reported amount. In addition, tax regulations are complex and hard to interpret. The application of the regulations may also change over time. Diös has no ongoing tax disputes.
The portfolio comprises a well balanced mix of residential, office, retail and industrial space with a range of small and large premises, creating wide scope to offer flexible solutions and build long-term relationships. At the end of the period the portfolio comprised 93 per cent (92) commercial properties and 7 per cent (8) residential properties based on rental value by type of premises.
Our project investments cover new builds, conversions and extensions as well as energy-saving measures. The investments must result in a higher occupancy rate, lower costs and a reduced impact on the environment. During the period SEK 388 million (310) was invested in 578 projects (452). At the end of the period 17 major1 development projects were ongoing, with a remaining investment volume of SEK 92 million and a total investment volume of SEK 196 million. During the period 54 new project investments were approved.
1 Initial investment volume > SEK 4 million.
At each closing date all properties are measured at fair value. The aim is to determine the properties' individual values in a sale executed through an orderly transaction between market players. Any portfolio effects are thus not taken into account. The valuation model includes an annual external valuation of the 100 largest properties in terms of value, of which 25 per cent are valued each quarter. The external valuation is carried out by Savills. In addition to the largest properties in terms of value, properties are valued internally and properties in which significant changes have taken place are valued by Savills. These are properties were new leases have been signed or where leases have been terminated as well as new builds and properties that have undergone extensive conversions. All propertyvaluations are based on a number of a number of assumptions about the future and the market. Savills' calculations therefore have an uncertainty range of +/-7.5 per cent, which is also applied for the property portfolio as a whole. For Diös, this translates into a value range of SEK 17,816-20,704 million. No changes in terms of valuation methodology or approach were made during the period. The valuations were made in accordance with IFRS 13 level 3.
Our strategy is to continually concentrate our portfolio to priority locations in our target cities.
In the third quarter Diös sold the Furan 1, Furan 9, Furan 10 and Svalan 6 properties in Söderhamn. On 1 September Diös completed on two properties in central Sundsvall and sold three industrial properties in Birsta, Sundsvall in a deal with Norrlandspojkarna. The acquisition was communicated in the second quarter. On 15 August we completed on a commercial property in central Umeå and sold four industrial properties in Umeå in a deal with Dcap AB. The acquisition was communicated in the second quarter.
In the second quarter Diös sold the Näringen 22:3 land property in Gävle to Gävle Local Authority. We communicated the acquisition of two central properties in Umeå and the sale of two residential properties in Umeå in a deal with Lerstenen. Completion took place on 2 October.
On 10 January 2017 we completed on the Luleå Office Building, an acquisition that was communicated in the second quarter of 2016. On 1 February 2017 we completed on the 32 properties in Umeå, Luleå and Sundsvall that we acquired from Castellum, as communicated in the fourth quarter of 2016. The acquisitions increased the value of Diös' property portfolio by SEK 4,997 million.
New builds, conversions and extensions added SEK 388 million (310) to the value of Diös' property portfolio for the period. We are continually adjusting our portfolio in order to create improvements and efficiencies for our tenants.
Unrealised changes in value for the period totalled SEK 335 million (157) and were mainly due to the one-off effect of a discount on deferred tax and lower required rates of return.
Net leasing for the period was SEK 45 million (24). Noteworthy new leases concluded during the period were those with Dalarna County Council in Stranden 20:4, Mora, Cubus in Abborren 11, Luleå, and the IT Department of the Swedish Social Insurance Agency in Porsön 1:423, Luleå. At 30 September the average contract term for commercial premises was 3.6 years (3.3).
Vacancies remained unchanged during the period, with economic vacancies standing at 9 per cent (10) and physical vacancies at 14 per cent (16) at 30 September. Economic vacancies are highest in office and retail premises while physical vacancies are highest in office and industrial premises. The economic vacancy rate for the period, excluding discounts, was 8 per cent (10).
| 30 Sep 2017 | 30 Sep 2016 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Office | Retail | Residen tial |
Industrial/ ware house |
Other | Office | Retail | Residen tial |
Industrial/ ware house |
Other | |
| Analysis period | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years |
| Yield for assessing residual value1 , % |
7.0-5.7 | 6.8-5.9 | 5.3-4.7 | 8.1-7.0 | 7.0-6.2 | 7.3-6.3 | 7.2-6.2 | 5.6-4.8 | 8.3-7.4 | 7.5-6.7 |
| Cost of capital for discounting to present value, % | 8.1 | 8.2 | 7.3 | 9.8 | 8.8 | 8.6 | 8.5 | 7.5 | 9.7 | 9.1 |
| Long-term vacancy, % | 5.0 | 3.5 | 1.7 | 11.9 | 6 | 5.3 | 3.5 | 1.7 | 11.6 | 6.5 |
| Inflation, % | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
1 From lower to upper quartiles in the portfolio.
| Heating1 | kWh/sq.m | 57.2 | 57.2 |
|---|---|---|---|
| District cooling2 | kWh/sq.m | 14.5 | 15.4 |
| Electricity3 | kWh/sq.m | 40.7 | 42.0 |
| Carbon dioxide, total4 | g CO2/kWh | 22.8 | 22.7 |
| Water | m3 /sq.m |
0.3 | 0.3 |
1Heating has been adjusted to a normal year.
2 District cooling does not include self-produced cooling.
3 Electricity from energy use and tenants where electricity is included in the lease.
4 Carbon dioxide from electricity and heating.
All values have been provided by the suppliers. Floor area refers to tempered area. The comparative figures have been updated for the current portfolio and thus show changes for comparable properties.
Total use of heating and electricity was down by 1.3 per cent on the same period in 2016. Diös' ambition for the full year 2017 is to reduce energy use by 4 per cent, partly through a greater focus on geo-energy solutions and smart control systems in the energy projects and partly through a stronger emphasis on optimisation. Use of district cooling is increasing as we replace cooling machine solutions with district cooling
solutions, and thus cut electricity and refrigerant use. To reduce our environmental impact, we only buy electricity from renewable sources and take an active role in dialogues with district heating suppliers, and we can now see that 99 per cent of our district heating also comes from non-fossil sources. During the period we extended our green electricity contracts for a further four years.
| Maturity year | Concluded contracts no. of |
Rented area sq.m |
Contracted rental income SEKm |
Share, % |
|
|---|---|---|---|---|---|
| Leases for premises | 2017 | 312 | 61,021 | 71 | 4 |
| 2018 | 827 | 218,944 | 258 | 15 | |
| 2019 | 692 | 257,048 | 314 | 19 | |
| 2020 | 661 | 244,835 | 313 | 18 | |
| 2021+ | 519 | 432,504 | 569 | 33 | |
| Total, leases for premises | 3,011 | 1,214,352 | 1,525 | 89 | |
| Residential leases | 1,748 | 121,004 | 130 | 8 | |
| Other leases | 4,078 | - | 57 | 3 | |
| TOTAL | 8,837 | 1,335,356 | 1,712 | 100 |
| TENANT | No. of contracts | Annual contract value, SEK '000 |
Share of total annual contract value, % |
Average contract term, years |
|---|---|---|---|---|
| Swedish Transport Administration | 25 | 62,578 | 3.7 | 2.2 |
| Municipality of Östersund | 110 | 36,782 | 2.2 | 3.0 |
| Swedish Public Employment Service | 43 | 32,663 | 1.9 | 2.1 |
| Åhléns AB | 5 | 22,443 | 1.3 | 5.2 |
| Telia Sverige AB | 25 | 19,547 | 1.2 | 10.5 |
| Swedish Police Authority | 35 | 19,517 | 1.1 | 3.5 |
| Municipality of Falun | 9 | 19,045 | 1.1 | 2.5 |
| Swedish Social Insurance Agency | 21 | 18,719 | 1.1 | 3.0 |
| Folksam ömsesidig sakförsäkring | 40 | 18,463 | 1.1 | 5.8 |
| Swedbank AB | 9 | 18,153 | 1.1 | 1.7 |
| Total, largest tenants | 322 | 267,910 | 15.8 | 3.5 |
We are the market-leading public property company in our priority cities. Our portfolio is concentrated to central locations in growth cities, from Borlänge in the south to Luleå in the north. Our operations are divided into seven business areas, of which six are defined geographically. Our seventh business area, Retail, has no geographical boundary but consists of our shopping centre and retail properties. The business area organisation consists of property management staff and letting agents and one business manager. All technical management services are sourced internally and performed by Diös staff at each location.
The Swedish economy remains strong and GDP is expected to grow by 2.8 per cent in 2017, according to the National Institute of Economic Research. Employment has grown rapidly over the past few years and there is still a strong need to recruit.
Population growth was positive in all our locations in 2016, with a total increase of 7,000 people.
The Swedish government's decision to relocate government agencies to several of our cities will have a positive impact on the local economy. New direct and indirect jobs will be created, and demand for offices and homes will increase.
Retail, 16% Other business areas, 84%
PROPERTY HOLDINGS
| No. of properties | 15 |
|---|---|
| Area, '000 sq.m | 167 |
| Property value, SEKm | 3,140 |
| Operating surplus, SEKm | 123 |
| Surplus ratio, % | 59 |
| No. of contracts |
Annual contract value, SEK '000 |
Share of total contract value, %* |
Average contract term, years |
|---|---|---|---|
| 4 | 16,796 | 5.9 | 2.5 |
| 5 | 12,142 | 4.3 | 1.4 |
| 4 | 10,229 | 3.6 | 1.5 |
| 5 | 9,099 | 3.2 | 4.5 |
| 3 | 6,481 | 2.3 | 5.2 |
| 21 | 54,747 | 19.3 | 2.7 |
*In relation to the annual contract value for each business area.
| No. of properties | 43 |
|---|---|
| Area, '000 sq.m | 225 |
| Property value, SEKm | 2,072 |
| Operating surplus, SEKm | 107 |
| Surplus ratio, % | 67 |
| LARGEST TENANTS TENANT |
No. of contracts |
Annual contract value, SEK '000 |
Share of total contract value, %* |
Average contract term, years |
|---|---|---|---|---|
| Swedish Transport Administration | 3 | 40,204 | 18.8 | 2.7 |
| Swedish Police Authority | 8 | 10,042 | 4.7 | 1.9 |
| Internationella Engelska Skolan AB | 1 | 9,270 | 4.3 | 18.3 |
| Pysslingen Förskolor och Skolor AB | 1 | 8,419 | 3.9 | 6.8 |
| County Administrative Board of Dalarna | 13 | 7,393 | 3.5 | 2.2 |
| Total, largest tenants | 26 | 75,328 | 35.2 | 4.9 |
*In relation to the annual contract value for each business area.
Office, 45% Industrial/warehouse, 17% Retail, 17% Residential, 4%
| No. of properties | 44 |
|---|---|
| Area, '000 sq.m | 228 |
| Property value, SEKm | 1,800 |
| Operating surplus, SEKm | 89 |
| Surplus ratio, % | 67 |
| LARGEST TENANTS TENANT |
No. of contracts |
Annual contract value, SEK '000 |
Share of total contract value, %* |
Average contract term, years |
|---|---|---|---|---|
| Gävleborg County Council | 7 | 9,439 | 5.5 | 3.2 |
| Swedish Transport Administration | 3 | 7,143 | 4.1 | 1.0 |
| Internationella Engelska Skolan AB | 2 | 5,720 | 3.3 | 6.0 |
| Swedish Public Employment Service | 6 | 5,259 | 3.1 | 3.0 |
| Åhléns AB | 1 | 4,363 | 2.5 | 4.3 |
| Total, largest tenants | 19 | 31,924 | 18.5 | 3.3 |
*In relation to the annual contract value for each business area.
| No. of properties | 50 |
|---|---|
| Area, '000 sq.m | 192 |
| Property value, SEKm | 2,530 |
| Operating surplus, SEKm | 98 |
| Surplus ratio, % | 64 |
| LARGEST TENANTS TENANT |
No. of contracts |
Annual contract value, SEK '000 |
Share of total contract value, %* |
Average contract term, years |
|---|---|---|---|---|
| Livförsäkringsbolaget Skandia | 3 | 14,123 | 6.6 | 5.5 |
| Sweco Sverige AB | 5 | 8,448 | 4.0 | 5.1 |
| Folksam ömsesidig sakförsäkring | 7 | 7,985 | 3.7 | 8.9 |
| Norrlidens Kunskapscentrum AB | 3 | 7,085 | 3.3 | 8.2 |
| Municipality of Sundsvall | 16 | 7,001 | 3.3 | 2.5 |
| Total, largest tenants | 34 | 44,642 | 20.9 | 6.0 |
SUNDSVALL
*In relation to the annual contract value for each business area.
Residential, 18%
PROPERTY HOLDINGS
| No. of properties | 113 |
|---|---|
| Area, '000 sq.m | 289 |
| Property value, SEKm | 2,949 |
| Operating surplus, SEKm | 133 |
| Surplus ratio, % | 63 |
| LARGEST TENANTS TENANT |
No. of contracts |
Annual contract value, SEK '000 |
Share of total contract value, %* |
Average contract term, years |
|---|---|---|---|---|
| Municipality of Östersund | 110 | 36,782 | 13.1 | 3.0 |
| Region Jämtland Härjedalen | 20 | 13,253 | 4.7 | 3.3 |
| Swedbank AB | 4 | 5,895 | 2.1 | 0.7 |
| Swedish Public Employment Service | 3 | 5,886 | 2.1 | 3.2 |
| Deloitte AB | 1 | 3,888 | 1.4 | 2.3 |
| Total, largest tenants | 138 | 65,704 | 23.4 | 2,8 |
Office, 62% Industrial/warehouse, 5% Retail, 13% Residential, 7% Other, 13%
| No. of properties | 49 |
|---|---|
| Area, '000 sq.m | 287 |
| Property value, SEKm | 4,022 |
| Operating surplus, SEKm | 151 |
| Surplus ratio, % | 65 |
| TENANT | No. of contracts |
Annual contract value, SEK '000 |
Share of total contract value, %* |
Average contract term, years |
|---|---|---|---|---|
| Skellefteå Municipality | 21 | 15,778 | 5.0 | 4.1 |
| Swedish Courts | 8 | 14,941 | 4.7 | 9.4 |
| County Administrative Board of Västerbotten | 3 | 10,565 | 3.3 | 4.1 |
| Swedish Tax Agency | 16 | 10,192 | 3.2 | 2.6 |
| Tieto Sweden AB | 2 | 9,804 | 3.1 | 1.3 |
| Total, largest tenants | 50 | 61,280 | 19.3 | 4.7 |
*In relation to the annual contract value for each business area.
PROPERTY HOLDINGS
| No. of properties | 25 |
|---|---|
| Area, '000 sq.m | 165 |
| Property value, SEKm | 2,747 |
| Operating surplus, SEKm | 113 |
| Surplus ratio, % | 70 |
| LARGEST TENANTS TENANT |
No. of contracts |
Annual contract value, SEK '000 |
Share of total contract value, %* |
Average contract term, years |
|---|---|---|---|---|
| Telia Sverige AB | 8 | 14,365 | 6.6 | 13.3 |
| Municipality of Luleå | 14 | 13,110 | 6.0 | 3.4 |
| Swedish Transport Administration | 3 | 11,816 | 5.4 | 1.0 |
| Sweco Sverige AB | 4 | 8,406 | 3.9 | 5.5 |
| County Administrative Board of Norrbotten | 5 | 8,263 | 3.8 | 1.2 |
| Total, largest tenants | 34 | 55,960 | 25.7 | 5.4 |
*In relation to the annual contract value for each business area.
DIÖS FASTIGHETER AB INTERIM REPORT JANUARY–SEPTEMBER 2017 Anders Wesström, Technical Manager, and Diös tenant Amberline at the Falu kontorshotell business centre, Sofie Lofors-Läck, owner. 17
At 30 September 2017, 34 per cent (30) of Diös' total assets of SEK 19,570 million were financed through equity, 57 per cent (59) through debt and 9 per cent (11) through other capital. The equity/assets ratio was 33.9 per cent (29.8), which exceeds the target of 30 per cent. Interest-bearing liabilities comprise bank financing and covered bonds while other capital consists mainly of deferred tax liabilities.
The Castellum property acquisition, for which the completion date was 1 February, was part-financed through a rights issue of 59,783,304 shares, which raised around SEK 1,853 million in new equity for Diös. Equity at 30 September was SEK 6,631 million (4,047).
Interest-bearing liabilities in the Group were SEK 11,133 million (7,960). Of total interest-bearing liabilities, SEK 10,118 million (7,019) refers to bank financing and SEK 1,015 million (941) to covered bonds. The covered bonds are issued through a jointly controlled company, Svensk FastighetsFinansiering AB (SFF). The loan-to-value ratio in the Group was 57.8 per cent (59.6) at the end of the period. The annual average interest rate including the cost for derivatives was 1.6 per cent (1.9), including loan commitments, and the interest coverage ratio was 5.5 times (3.5) at 30 September.
Of total interest-bearing liabilities in the Group, SEK 4,600 million (2,200) had been hedged through derivatives, including SEK 4,000 million through interest rate caps. The market value of the derivatives at 30 September 2017 was SEK -24 million (-60). The financial instruments limit the impact of changes in interest rates on our average borrowing cost. All financial instruments are measured at fair value and are classified in Level 2 in accordance with IFRS 13, which means that the measurement is based on observable market data (see Note 21 in the Annual Report 2016). Changes in value are recognised through profit or loss.
The average fixed-rate term and average loan maturity were 1.5 years (0.3) and 2.2 years (1.9), respectively. Taking account of the impact of the derivatives portfolio, the average fixed-rate term was 2.7 years (0.5). Using derivatives and fixed-rate loans, all of the Group's outstanding loans have been hedged (33.9 per cent).
Consolidated cash and cash equivalents at the end of the period were SEK 19 million (0) and drawn overdraft facilities were SEK 0 million (118). The agreed limit on the overdraft facility was SEK 600 million (450).
If market interest rates increase by 1 percentage point Fixed-rate term, years Maturity, years Average annual interest rate, % Market value, SEKm Change in average annual interest rate, % Change in average annual interest rate, SEKm Change in market value, SEKm Loan portfolio excl. derivatives 1.5 2.2 1.31 11,133 0.4 +39 Derivatives portfolio 2,8 0.2 -24 -1.0 -6 +10 Loan portfolio incl. derivatives 2.7 2.2 1.6 0.3 +33 +10
1The cost for undrawn credit facilities has been included.
| Interest rate and margin expiration | Loan maturity | ||||
|---|---|---|---|---|---|
| Maturity year | Loan amount, SEKm Average annual interest rate1 , % |
Credit agreements, SEKm | Drawn, SEKm | ||
| 2017 | 991 | 1.0 | 1,158 | 991 | |
| 2018 | 2,965 | 1.0 | 2,245 | 2,245 | |
| 2019 | 1,856 | 1.3 | 1,856 | 1,856 | |
| 2020 | 5,321 | 1.4 | 5,321 | 5,321 | |
| 2021 | - | - | 1,080 | 23 | |
| 2027 | - | - | 1,000 | 697 | |
| Drawn credit facilities | 11,133 | 1.3 | 12,659 | 11,133 | |
| Undrawn credit facilities2 | 1,526 | 0.1 | |||
| Financial instruments | 4,600 | 0.2 | |||
| TOTAL | 1.6 |
1Average annual interest rate refers to the average interest rate based on interest rate terms and the outstanding liability at 30 September 2017.
2 The impact of costs related to undrawn credit facilities on the average annual interest rate is 0.05 percentage points.
Diös' share price at the end of the period was SEK 52.0 (50.8), which represents a market capitalisation of SEK 6,995 million (4,839), and the return for the past 12 months was 2.4 per cent (16.7). If the adopted dividend of SEK 2.00 per share is included, the total return on the shares for the period was 7.0 per cent (22.3). The graph shows share prices for the past 12 months for both Diös and the indexes. The return on the OMX Stockholm 30 Index was 13.8 per cent (3.4) and the return on the OMX Stockholm Real Estate PI index 3.9 per cent (28.3).
At 30 September Diös Fastigheter AB had 15,409 shareholders (11,291). The proportion of foreign-owned shares was 20.5 per cent (16.8) of the total number of shares, which increased over the period to 134,512,438,(74,729,134) The single largest shareholder was AB Persson Invest, with 15.4 per cent (15.4) of the shares. The ten largest shareholders accounted for 56.2 per cent (59.6) of the total number of shares and votes.
The Annual General Meeting 2017 resolved to authorise the company to buy back ten per cent of the total number of outstanding shares of the company. No repurchases were made during the period.
No new changes of ownership were flagged during the period. A list of the ten largest owners of Diös Fastigheter AB according to Euroclear Sweden AB is shown below.
Diös Fastigheter AB is a publicly traded company listed on the NASDAQ OMX Nordic Exchange Stockholm, Mid Cap list. The ticker symbol is DIOS and the ISIN code SE0001634262.
Our goal is to generate a return on equity in excess of the risk-free rate plus 6 per cent. The target return for the past 12 months was 5.9 per cent (5.9). On an annualised basis, the return for the period was 18.8 per cent (19.2).
Equity at the end of the second quarter was SEK 6,631 million (4,047) and the long-term net asset value, EPRA NAV, was SEK 7,776 million (5,036). On a per share basis, EPRA NAV was SEK 57.8 (52.8), which means that the share price at 30 September represented 90 per cent (96) of the long-term net asset value. The net asset value per share for the period, expressed as EPRA NNNAV, was SEK 56.1 (50.4).
Earnings per share for the period were SEK 5.87 (5.87) while long-term earnings per share, expressed as EPRA EPS, were SEK 4.15 (3.86). EPRA EPS, which is designed to show an entity's long-term earnings per share, is calculated as property management income after deducting 22 per cent corporation tax attributable to property management income less minority share of earnings.
Diös Fastigheter OMX Stockholm 30 Index OMX Stockholm Real Estate PI SHARE PRICE (SEK) VOLUME ('000)
OF DIÖS FASTIGHETER AB AT 30 SEPTEMBER 2017
| SHAREHOLDER | No. of shares | Capital and votes, % |
|---|---|---|
| AB Persson Invest | 20,699,443 | 15.4 |
| Backahill Inter AB | 14,095,354 | 10.5 |
| Bengtssons Tidnings Aktiebolag | 13,574,748 | 10.1 |
| Pensionskassan SHB Försäkringsförening | 8,096,827 | 6.0 |
| Försäkringsaktiebolaget, Avanza Pension | 5,127,065 | 3.8 |
| SEB Investment Management | 4,150,335 | 3.1 |
| Handelsbankens Fonder | 2,921,777 | 2.2 |
| Fourth Swedish National Pension Fund (AP4) | 2,535,311 | 1.9 |
| Ssb Client Omnibus Ac Om07 (15 pct) | 2,394,359 | 1.8 |
| Staffan Rasjö | 2,000,000 | 1.5 |
| Total, largest shareholders | 75,595,219 | 56.2 |
| Other shareholders | 58,917,219 | 43.8 |
| TOTAL | 134,512,438 | 100.0 |
20 DIÖS FASTIGHETER AB INTERIM REPORT JANUARY–SEPTEMBER 2017 Blomsterservice, a Diös tenant in the In: shopping centre, Jenny Söderberg, florist.
The number of employees at 30 September 2017 was 155 (152), of whom 63 were women (61). The majority of Diös' employees, 107 people (103), work in our seven business areas. During the spring we have been in a recruitment phase, strengthening our business-driving roles in lettings and property management as well as our operational organisation.
The activities of the parent company consist of central Group functions as well as the ownership and operation of the Group's subsidiaries. Sales totalled SEK 128 million (105) and the profit after tax was SEK 326 million (-315). Profit after tax includes dividends from Group companies in the amount of SEK 300 million (300). Net sales refer chiefly to services sold to the Group's subsidiaries. Cash and cash equivalents at 30 September 2017 were SEK 16 million (0) and drawn overdraft facilities were SEK 0 million (118). External interest-bearing liabilities, excluding overdraft facilities, totalled SEK 3,457 million (2,037). The average annual interest rate based on the situation at 30 September 2017 was 1.2 per cent (0.8). The parent company prepares its financial reports in compliance with RFR 2 Financial Reporting for Legal Entities.
Diös Fastigheters' principal risks and uncertainties are described on pages 52-54 of the 2016 annual report. Apart from what is stated in the following, there have been no material changes to Diös' risks and uncertainties.
At its monetary policy meeting on 6 September the Riksbank decided to keep its repo rate unchanged at -0.5 per cent. Only in the second half of 2018 does the executive board deem that it will be appropriate to start raising interest rates at a modest pace. The central bank continues to purchase government bonds in accordance with its previous decision, with the aim of stabilising inflation at around 2 per cent.
In the August 2017 edition of Swedish Economy the National Institute of Economic Research (KI) upgraded its forecast for Swedish GDP growth in 2017 to 3 per cent as a result of strong growth in the second quarter, which was due to increased business investment, including investment in housing, which has increased at a faster pace.
Thanks to Sweden's strong public finances, healthy banks and growing GDP, the prospects for growth in our markets are deemed to be good. As our property operations continue to generate strong cash flows, we are seeing a stabilisation of yields in market valuations of our properties and of our property values. In aggregate, these factors should strengthen property as an asset class.
There were no significant related party transactions in the period. Those related party transactions which did occur are deemed to have been concluded on market terms.
Diös complies with EU-adopted IFRS standards and the interpretations of these (IFRIC). This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The report for the parent company is prepared in accordance with RFR 2 Financial Reporting for Legal Entities and the Swedish Annual Accounts Act. The accounting policies applied in preparing the interim report are consistent with the accounting policies applied in preparing the consolidated financial statements and annual accounts for 2016, Note 1.
IFRS 9 Financial Instruments is applicable from 2018 and replaces IAS 39 Financial Instruments. Under the recommendation, Diös will be required to assess expected future credit losses. We do not expect the standard to have a material impact on Diös' financial statements.
IFRS 15 Revenue Recognition will be applied from 1 January 2018. Diös' revenue consists essentially of rental income from properties as well as sales income from the sale of properties. The recommendation introduces increased disclosure requirements for sales, such as disclosures on variable or conditional considerations and/or financing arrangements. Clarifications have also been introduced, which, in brief, require that performance obligations for the principal versus agent be identified. This can have an impact on the recognition of revenue when costs are passed on tenants, which in turn depends on whether Diös is acting as principal or agent in such situations. As Diös recognises the sale of properties at the completion date, this is not expected to have a significant impact. Having initiated a review to assess what impact the standard will have, our assessment is that the standard may affect Diös' financial statements.
IFRS 16 Leases applies for financial years beginning on 1 January 2019. The accounting treatment for lessors will remain essentially unchanged. For lessees, the standard will have the effect that most leases will be recognised in the balance sheet. For Diös, the main impact will be on the recognition of leasehold contracts and car leases, which will be recognised in the balance sheet and will thus have an impact on total assets.c The lease payment will be accounted for as depreciation of the right-of-use asset and as an interest expense, and will thus no longer be included in net operating income. As Diös has a limited number of contracts, the impact on the financial statements is expected to be limited.
Costs for operations and maintenance are subject to seasonal variations. Cold weather and snow affect the costs for heating, snow clearance and roof snow removal. The costs are normally higher in the first and fourth quarters.
| INCOME STATEMENT | 2017 3 mths Jul-Sep |
2016 3 months Jul-Sep |
2017 9 months Jan-Sep |
2016 9 months Jan-Sep |
2016 12 months Jan-Dec |
|---|---|---|---|---|---|
| Rental income | 431 | 331 | 1,263 | 992 | 1,323 |
| Other property management income | 5 | 4 | 13 | 12 | 17 |
| Property costs | -149 | -123 | -462 | -393 | -534 |
| Operating surplus | 287 | 212 | 814 | 611 | 806 |
| Central administration | -16 | -13 | -52 | -45 | -63 |
| Net financial items | -49 | -52 | -137 | -160 | -204 |
| Property management income | 222 | 147 | 625 | 406 | 539 |
| Change in value, properties | 43 | 107 | 347 | 147 | 327 |
| Change in value, interest rate derivatives | 7 | 27 | 21 | 74 | 91 |
| Profit before tax | 272 | 281 | 993 | 627 | 957 |
| Current tax | -10 | -8 | -27 | 231 | 111 |
| Deferred tax | -70 | -44 | -193 | -84 | -136 |
| Profit after tax | 192 | 229 | 773 | 566 | 832 |
| Profit attributable to shareholders of the parent | 192 | 228 | 770 | 559 | 825 |
| Profit attributable to non-controlling interests | 0 | 1 | 3 | 7 | 7 |
| Total | 192 | 229 | 773 | 566 | 832 |
| STATEMENT OF COMPREHENSIVE INCOME | |||||
| Profit after tax | 192 | 229 | 773 | 566 | 832 |
| Comprehensive income for the period | 192 | 229 | 773 | 566 | 832 |
| Comprehensive income attributable to shareholders of the parent | 192 | 228 | 770 | 559 | 825 |
| Comprehensive income attributable to non-controlling interests | 0 | 1 | 3 | 7 | 7 |
| Total | 192 | 229 | 773 | 566 | 832 |
| Earnings per share, SEK | 1.43 | 2.39 | 5.87 | 5.87 | 8.66 |
| Number of shares at end of period ('000) | 134,512 | 95,290 | 134,512 | 95,290 | 95,290 |
| Average number of shares ('000) | 134,512 | 95,290 | 131,208 | 95,290 | 95,290 |
| Number of treasury shares at end of period | 0 | 0 | 0 | 0 | 0 |
| Average number of treasury shares | 0 | 0 | 0 | 0 | 0 |
1Current tax for 2016 includes a reversal of SEK 37 million related to a provision that was recognised in 2017.
| ASSETS | 2017 30 Sep |
2016 30 Sep |
2016 31 Dec |
|---|---|---|---|
| Non-current assets | |||
| Investment properties | 19,260 | 13,357 | 13,683 |
| Other property, plant and equipment | 4 | 4 | 3 |
| Intangible assets | 2 | 3 | 2 |
| Financial assets | 40 | 39 | 36 |
| Total non-current assets | 19,306 | 13,403 | 13,724 |
| Current assets | |||
| Current receivables | 245 | 190 | 196 |
| Cash and cash equivalents | 19 | - | - |
| Total current assets | 264 | 190 | 196 |
| TOTAL ASSETS | 19,570 | 13,593 | 13,920 |
| EQUITY AND LIABILITIES | |||
| Equity | 6,631 | 4,047 | 4,313 |
| Deferred tax liability | 1,202 | 957 | 1,009 |
| Provisions | 9 | 9 | 9 |
| Interest-bearing liabilities | 11,133 | 7,960 | 8,013 |
| Overdraft facilities | - | 118 | 15 |
| Current liabilities | 595 | 502 | 561 |
| TOTAL LIABILITIES AND EQUITY | 19,570 | 13,593 | 13,920 |
| Equity | Attributable to shareholders of the parent |
Attributable to minority interests |
||
|---|---|---|---|---|
| Equity, 31 Dec 2015 | 3,694 | 3,658 | 36 | |
| Profit for the period after tax | 566 | 559 | 7 | |
| Comprehensive income for the period | 566 | 559 | 7 | |
| Dividend | -213 | -213 | - | |
| Equity, 30 Sep 2016 | 4,047 | 4,004 | 43 | |
| Profit for the period after tax | 266 | 266 | 0 | |
| Comprehensive income for the period | 266 | 266 | 0 | |
| Equity, 31 Dec 2016 | 4,313 | 4,270 | 43 | |
| Profit for the period after tax | 773 | 770 | 3 | |
| Comprehensive income for the period | 773 | 770 | 3 | |
| Issue of new shares | 1,853 | 1,853 | - | |
| Issue costs | -51 | -51 | - | |
| Tax effect of issue costs | 11 | 11 | - | |
| Dividend | -269 | -269 | - | |
| Equity, 30 Sep 2017 | 6,631 | 6,584 | 46 |
| OPERATING ACTIVITIES | 2017 3 months Jul-Sep |
2016 3 months Jul-Sep |
2017 9 months Jan-Sep |
2016 9 months Jan-Sep |
2016 12 months Jan-Dec |
|---|---|---|---|---|---|
| Operating surplus | 287 | 212 | 814 | 611 | 806 |
| Central administration | -16 | -13 | -52 | -45 | -63 |
| Reversal of depreciation, amortisation and impairment | 2 | -11 | 2 | -11 | 5 |
| Interest received | 1 | 1 | 2 | 1 | 1 |
| Interest paid | -32 | -43 | -154 | -161 | -184 |
| Tax paid | -10 | -8 | -27 | -14 | -26 |
| Operating cash flow before changes in working capital | 232 | 138 | 585 | 381 | 539 |
| Changes in working capital | |||||
| Decrease (+)/increase (-) in receivables | 1 | -3 | -11 | -82 | -92 |
| Decrease (-)/increase (+) in current liabilities | 9 | 6 | -89 | -6 | 35 |
| Total changes in working capital | 10 | 3 | -100 | -88 | -57 |
| Operating cash flow | 242 | 141 | 485 | 293 | 482 |
| INVESTING ACTIVITIES | |||||
| Investments in new builds, conversions and extensions | -141 | -70 | -385 | -327 | -452 |
| Acquisition of properties | -175 | -21 | -2,491 | -100 | -136 |
| Sale of properties | 149 | - | 152 | 637 | 641 |
| Other property, plant and equipment | - | - | - | - | - |
| Other financial assets | - | - | - | -30 | -26 |
| Investing cash flow | -167 | -91 | -2,724 | 180 | 27 |
| FINANCING ACTIVITIES | |||||
| Dividends paid | - | - | -269 | -213 | -213 |
| Issue of new shares | - | - | 1,802 | - | - |
| New borrowing, interest-bearing liabilities | 10 | - | 3,134 | 263 | 370 |
| Repayment and redemption of interest-bearing liabilities | -18 | -9 | -2,394 | -414 | -454 |
| Change in overdraft facility | -48 | -41 | -15 | -109 | -212 |
| Financing cash flow | -56 | -50 | 2,258 | -473 | -509 |
| Cash flow for the period | 19 | 0 | 19 | 0 | 0 |
| Cash and cash equivalents at beginning of period | 0 | 0 | 0 | 0 | 0 |
| Cash and cash equivalents at end of period | 19 | 0 | 19 | 0 | 0 |
DIÖS FASTIGHETER AB INTERIM REPORT JANUARY–SEPTEMBER 2017 Stefan Jönsson, Technical Manager, Östersund. 25
Diös owned 339 properties in 10 locations, from Borlänge in the south to Luleå in the north. The total leasable area was 1,552,544 square metres. The economic occupancy rate based on the number of concluded leases at 30 September was 91 per cent. During the period Diös invested SEK 388 million in new builds, extensions and conversions. In terms of value, Västerbotten, Retail and Jämtland accounted for the largest share of the portfolio. The total market value of the properties was SEK 19,260 million.
| By business area | Retail | Dalarna | Gävleborg Västernorrland | Jämtland | Västerbotten | Norrbotten | The Diös Group |
|
|---|---|---|---|---|---|---|---|---|
| Rental income | 210 | 160 | 133 | 154 | 212 | 233 | 161 | 1,263 |
| Other revenue | 1 | 3 | 3 | 1 | 2 | 1 | 2 | 13 |
| Repair and maintenance | -6 | -7 | -7 | -7 | -9 | -13 | -6 | -55 |
| Tariff-based costs | -23 | -21 | -15 | -19 | -32 | -28 | -15 | -153 |
| Property tax | -14 | -6 | -7 | -7 | -10 | -12 | -10 | -66 |
| Other property costs | -34 | -14 | -12 | -14 | -20 | -22 | -14 | -129 |
| Property management | -9 | -8 | -6 | -10 | -11 | -8 | -7 | -60 |
| Operating surplus | 123 | 107 | 89 | 98 | 133 | 151 | 113 | 814 |
| Undistributed items | ||||||||
| Central administration | - | - | - | - | - | - | - | -52 |
| Net financial items | - | - | - | - | - | - | - | -137 |
| Property management income | - | - | - | - | - | - | - | 625 |
| Changes in value | ||||||||
| Property, realised | - | - | -1 | 1 | - | 12 | - | 12 |
| Property, unrealised | -16 | 14 | 53 | 59 | 110 | 77 | 38 | 335 |
| Interest rate derivatives | - | - | - | - | - | - | - | 21 |
| Profit before tax | - | - | - | - | - | - | - | 993 |
| Current tax | - | - | - | - | - | - | - | -27 |
| Deferred tax | - | - | - | - | - | - | - | -193 |
| Non-controlling interests | - | - | - | - | - | - | - | -3 |
| Profit for period attributable to shareholders of the parent |
- | - | - | - | - | - | - | 770 |
| Leasable area, sq.m | 166,759 | 224,594 | 228,309 | 192,079 | 289,336 | 286,677 | 164,790 | 1,552,544 |
| Rental value | 233 | 177 | 150 | 177 | 234 | 254 | 170 | 1,395 |
| Economic occupancy rate, % | 90 | 90 | 89 | 87 | 91 | 92 | 95 | 91 |
| Surplus ratio, % | 59 | 67 | 67 | 64 | 63 | 65 | 70 | 64 |
| Change in property portfolio | ||||||||
| Property portfolio, 1 January 2017 | 2,042 | 2,003 | 1,756 | 1,397 | 2,776 | 2,219 | 1,490 | 13,683 |
| Acquisitions | 1,066 | 1 | - | 1,047 | - | 1,706 | 1,177 | 4,997 |
| Investments in new builds, extensions and conversions |
72 | 54 | 24 | 60 | 63 | 73 | 42 | 388 |
| Sales | -24 | - | -33 | -33 | - | -53 | - | -143 |
| Unrealised changes in value | -16 | 14 | 53 | 59 | 110 | 77 | 38 | 335 |
| Property portfolio, 30 September 2017 | 3,140 | 2,072 | 1,800 | 2,530 | 2,949 | 4,022 | 2,747 | 19,260 |
Columns/rows may not add up due to rounding.
Diös owned 313 properties in 10 locations, from Borlänge in the south to Luleå in the north. The total leasable area was 1,351,198 square metres. The economic occupancy rate based on the number of concluded leases at 30 September was 90 per cent. During the period Diös invested SEK 310 million in new builds, extensions and conversions. In terms of value, Jämtland Västerbotten and Retail accounted for the largest share of the portfolio. The total market value of the properties was SEK 13,357 million.
| By business area | Retail | Dalarna | Gävleborg Västernorrland | Jämtland | Västerbotten | Norrbotten | The Diös Group |
|
|---|---|---|---|---|---|---|---|---|
| Rental income | 151 | 155 | 127 | 103 | 196 | 161 | 99 | 992 |
| Other revenue | 2 | 2 | 1 | 2 | 2 | 1 | 2 | 12 |
| Repair and maintenance | -4 | -9 | -8 | -6 | -11 | -10 | -6 | -53 |
| Tariff-based costs | -18 | -21 | -15 | -15 | -32 | -22 | -9 | -131 |
| Property tax | -10 | -6 | -7 | -4 | -9 | -8 | -5 | -50 |
| Other property costs | -26 | -14 | -12 | -13 | -20 | -15 | -9 | -108 |
| Property management | -6 | -7 | -6 | -8 | -11 | -7 | -6 | -50 |
| Operating surplus | 88 | 100 | 82 | 60 | 116 | 99 | 66 | 611 |
| Undistributed items | ||||||||
| Central administration | - | - | - | - | - | - | - | -45 |
| Net financial items | - | - | - | - | - | - | - | -160 |
| Property management income | - | - | - | - | - | - | 406 | |
| Changes in value | ||||||||
| Property, realised | - | - | - | -3 | -3 | -4 | - | -10 |
| Property, unrealised | -27 | -9 | 29 | 24 | 40 | 31 | 68 | 157 |
| Interest rate derivatives | - | - | - | - | - | - | - | 74 |
| Profit before tax | - | - | - | - | - | - | 627 | |
| Current tax | - | - | - | - | - | - | - | 23 |
| Deferred tax | - | - | - | - | - | - | - | -84 |
| Non-controlling interests | - | - | - | - | - | - | - | -7 |
| Profit for period attributable to shareholders of the parent |
- | - | - | - | - | - | - | 559 |
| Leasable area, sq.m | 123,260 | 224,594 | 235,862 | 143,993 | 287,010 | 226,119 | 110,360 | 1,351,198 |
| Rental value | 167 | 172 | 145 | 122 | 220 | 176 | 106 | 1,107 |
| Economic occupancy rate, % | 91 | 90 | 88 | 85 | 89 | 91 | 93 | 90 |
| Surplus ratio, % | 59 | 65 | 65 | 58 | 59 | 62 | 66 | 62 |
| Change in property portfolio | ||||||||
| Property portfolio, 1 January 2016 | 2,071 | 1,938 | 1,663 | 1,632 | 2,712 | 2,046 | 1,319 | 13,381 |
| Acquisitions | - | - | - | - | 102 | 68 | - | 170 |
| Investments in new builds, extensions and conversions |
28 | 52 | 20 | 29 | 67 | 79 | 36 | 310 |
| Sales | - | - | - | -341 | -256 | -64 | - | -661 |
| Unrealised changes in value | -27 | -9 | 29 | 24 | 40 | 31 | 68 | 157 |
| Property portfolio, 30 September 2016 | 2,072 | 1,981 | 1,712 | 1,344 | 2,665 | 2,160 | 1,423 | 13,357 |
Columns/rows may not add up due to rounding.
The company presents certain financial measures in the interim report that have not been defined in accordance with IFRS. The company considers that these measures provide valuable additional information for investors, analysts and the company's management, as they enable the evaluation of relevant trends and the company's performance. As not all companies calculate
measures used by other companies. These financial measures should therefore not be viewed as substitutes for IFRS-defined measures. The following table presents non-IFRS measures unless otherwise stated. Definitions of these measures are found on page 34.
. Figures refer to SEK million unless otherwise indicated.
| financial measures in the same way, these are not always comparable with the | 2017 3 months Jul-Sep |
2016 3 months Jul-Sep |
2017 9 months Jan-Sep |
2016 9 months Jan-Sep |
2016 12 months Jan-Dec |
|---|---|---|---|---|---|
| Number of shares at end of period (balance sheet-related key ratios)1 | 134,512 | 95,290 | 134,512 | 95,290 | 95,290 |
| Average number of shares (income statement-related key ratios)1 | 134,512 | 95,290 | 131,208 | 95,290 | 95,290 |
1 Historical data for the number of shares has been restated to take account of the effect of bonus issues (i.e. the value of the subscription rights) in issues of new shares and has been used in all KPI calculations for SEK per share. The conversion factor is 1.28.
The company governs its operations based partly on the objective of generating capital growth by increasing the surplus ratio and thereby the cash flow from operating activities, i.e. increased income from property management. The target for the year is a surplus ratio in excess of 63 per cent. The income from property management is also the basis for what is distributed annually to the shareholders – around 50 per cent of the profit for the year after tax, excluding unrealised changes in value and deferred tax. Diös also reports the alternative performance indicators property management income, EPRA earnings and surplus ratio, as these are deemed to be relevant for investors and analysts, and provide additional information on the company's operating results. The indicators provide a picture which excludes factors that are partly beyond the control of the company, such as changes in the value of properties and derivatives.
| Property management income | 2017 3 months Jul-Sep |
2016 3 months Jul-Sep |
2017 9 months Jan-Sep |
2016 9 months Jan-Sep |
2016 12 months Jan-Dec |
|---|---|---|---|---|---|
| Profit before tax | 272 | 281 | 993 | 627 | 957 |
| Reversal | |||||
| Change in value, properties | -43 | -107 | -347 | -147 | -327 |
| Change in value, derivatives | -7 | -27 | -21 | -74 | -91 |
| Property management income | 222 | 147 | 625 | 406 | 539 |
| EPRA earnings (property management income after tax) | |||||
| Property management income | 222 | 147 | 625 | 406 | 539 |
| Reversal, current tax property management income | -27 | -8 | -77 | -31 | -42 |
| Minority share of earnings | 0 | -1 | -3 | -7 | -7 |
| EPRA earnings / EPRA EPS | 195 | 138 | 545 | 368 | 490 |
| EPRA earnings / EPRA EPS per share | 1.45 | 1.45 | 4.15 | 3.86 | 5.14 |
| Surplus ratio | |||||
| Operating surplus as per income statement | 287 | 212 | 814 | 611 | 806 |
| Rental income as per income statement | 431 | 331 | 1,263 | 992 | 1,323 |
| Surplus ratio, % | 67 | 64 | 64 | 62 | 61 |
Net asset value is the total capital which the company manages on behalf of its owners. Based on this capital, Diös aims to generate returns and growth while maintaining a low risk. Net asset value can also be calculated on a long-term and short-term basis. Long-term NAV is based on the balance sheet after adjusting for items which involve no near-term outgoing payments, which in Diös' case refers, for example, to the fair value of financial instruments (derivatives) and deferred tax on temporary differences. The current net asset value consists of equity according to the balance sheet after adjusting for the market value of the deferred tax liability. EPRA NAV and EPRA NNNAV are designed to show the size of the company's equity in case of a liquidation in the short and long term. These performance indicators can be compared with the company's share price to obtain a picture of how the shares are valued in relation to equity.
| Net asset value | 2017 9 months Jan-Sep |
2016 9 months Jan-Sep |
2016 12 months Jan-Dec |
|---|---|---|---|
| Equity as per balance sheet | 6,631 | 4,047 | 4,313 |
| Minority share of equity | -46 | -43 | -43 |
| Reversal as per balance sheet | |||
| Fair value of financial instruments | 22 | 60 | 43 |
| Deferred tax on temporary differences | 1,169 | 972 | 1,023 |
| EPRA NAV (long-term net asset value) | 7,776 | 5,036 | 5,336 |
| EPRA NAV (long-term net asset value) per share, SEK | 57.8 | 52.8 | 56.0 |
| Deductions | |||
| Fair value of financial instruments | -22 | -60 | -43 |
| Estimated actual deferred tax on temporary differences, approx. 4%1 | -208 | -177 | -180 |
| EPRA NNNAV (short-term net asset value) | 7,547 | 4,799 | 5,113 |
| EPRA NNNAV (short-term net asset value) per share, SEK | 56.1 | 50.4 | 53.7 |
1 Estimated actual deferred tax has been calculated at approx. 4 per cent based on a discount rate of 3 per cent. The calculation is based on the assumption that the property portfolio will be realised over a period of 50 years, with 10 per cent of the portfolio being sold directly subject to a nominal tax rate of 22 per cent, and the remaining 90 per cent being sold indirectly through companies subject to a nominal tax rate of 6 per cent.
The company's strategy is to own, develop and manage properties in a value-creating sustainable manner that promotes development while maintaining a stable financial risk. This is expressed in the ambition to ensure that the loan-to-value ratio does not exceed 60 per cent over extended periods and to maintain an equity/assets ratio in excess of 30 per cent. The loan-to-value ratio and equity ratio show the company's financial stability while the interest coverage ratio shows the company's ability to pay interest. These key ratios are deemed to be relevant for investors and analysts from a financial risk perspective. They also constitute covenants from the company's lenders and the Board has defined targets for these key ratios, which are used to govern the company's activities.
| Loan-to-value ratio | 2017 3 months Jul-Sep |
2016 3 months Jul-Sep |
2017 9 months Jan-Sep |
2016 9 months Jan-Sep |
2016 12 months Jan-Dec |
|---|---|---|---|---|---|
| Interest-bearing liabilities | 11,133 | 7,960 | 8,013 | ||
| Investment properties | 19,260 | 13,357 | 13,683 | ||
| Loan-to-value ratio, % | 57.8 | 59.6 | 58.6 | ||
| Equity ratio | |||||
| Equity | 6,631 | 4,047 | 4,313 | ||
| Total assets | 19,570 | 13,593 | 13,920 | ||
| Equity ratio, % | 33.9 | 29.8 | 31.0 | ||
| Interest coverage ratio | |||||
| Property management income | 222 | 147 | 625 | 406 | 539 |
| Reversal | |||||
| Financial costs | 49 | 52 | 139 | 161 | 204 |
| Total | 271 | 199 | 764 | 567 | 743 |
| Financial costs | 49 | 52 | 139 | 161 | 206 |
| Interest coverage ratio, times | 5.5 | 3.8 | 5.5 | 3.5 | 3.6 |
Other key ratios refer to a number of measures of return which the company uses to describe various aspects of the statement of financial position and to give investors and analysts further information about the operations. The company reports return on equity, equity per share and cash flow per share, as these performance indicators show the company's results and profitability, equity on a per share basis, and the company's ability to fulfil its obligations and pay dividends to the shareholders. These alternative performance indicators supplement the picture given of Diös' financial performance and enable investors and analysts to gain a better understanding of the company's return and results. Yield is a measure of the results generated by the properties in relation to their market value. It shows the profitability of the properties and is considered to provide supplementary information for investors and analysts concerning the risk in the portfolio. The debt/equity ratio is presented in order to supplement the picture of Diös' financial situation. It shows the ratio of interest-bearing liabilities to equity. The measure is considered to enhance investors' and analysts' ability to assess the company's financial stability.
| Return on equity, % Operating surplus, SEKm Yield, % |
2.9 287 1.5 |
5.8 212 |
14.1 814 |
14.4 | 6.4 |
|---|---|---|---|---|---|
| 611 | 806 | ||||
| 1.6 | 4.2 | 4.6 | 5.9 | ||
| Equity per share, SEK | 49.3 | 42.5 | 49.3 | 42.5 | 45.3 |
| Rental income, SEKm | 431 | 331 | 1,263 | 992 | 1,323 |
| Cash flow per share, SEK | |||||
| Profit before tax | 272 | 281 | 993 | 627 | 957 |
| Reversal, unrealised change in value | |||||
| Properties | -33 | -107 | -335 | -157 | -337 |
| Derivatives | -7 | -27 | -21 | -74 | -91 |
| Depreciation and amortisation | 1 | 1 | 2 | 2 | 2 |
| Current tax | -10 | -8 | -27 | 23 | -26 |
| Total | 223 | 140 | 612 | 421 | 504 |
| Average number of shares ('000) | 134,512 | 95,290 | 131,208 | 95,290 | 95,290 |
| Cash flow per share, SEK | 1.66 | 1.47 | 4.66 | 4.42 | 5.29 |
| Earnings per share, SEK | 1.43 | 2.39 | 5.87 | 5.87 | 8.66 |
| Debt/equity ratio, times | 1.7 | 2.0 | 1.9 |
Diös also reports data for economic occupancy, rental value and net leasing, as these performance indicators provide a more in-depth picture of the company's financial performance with regard to revenues in the properties and thus also in the company. These performance indicators are widely used in the industry, and enable investors and analysts to make comparisons between different property companies.
| 2017 3 months Jul-Sep |
2016 3 months Jul-Sep |
2017 9 months Jan-Sep |
2016 9 months Jan-Sep |
2016 12 months Jan-Dec |
|
|---|---|---|---|---|---|
| Rental value, SEKm | 475 | 368 | 1,395 | 1,107 | 1,478 |
| Economic occupancy rate, % | 91 | 90 | 91 | 90 | 90 |
| No. of properties at end of period | 339 | 313 | 314 | ||
| Leasable area at end of period, sq.m | 1,552,544 | 1,351,198 | 1,353,525 | ||
| Market value of properties, SEKm | 19,260 | 13,357 | 13,683 |
| OPERATIONAL TARGETS | Target 2017 | Outcome Q3 2017 |
|---|---|---|
| Economic occupancy rate, % | 92 | 91 |
| Surplus ratio, % | 63 | 64 |
| Energy use, % | -4 | -1 |
| Employee satisfaction index | 76 | - |
| Customer satisfaction index | 70 | - |
1 Risk-free rate as represented by an average five-year government bond +6%.
2 Return on equity has been annualised.
3 Profit after tax, excluding unrealised changes in value and deferred tax.
| Date | Event | Increase in number of shares |
Increase in share capital, SEK |
Total number of shares |
Total share capital, SEK |
Face value, SEK |
|---|---|---|---|---|---|---|
| 1 Jan 2005 | At beginning of period | - | - | 10,000 | 100,000 | 10.00 |
| 21 Jun 2005 | Share split | 990,000 | - | 1,000,000 | 100,000 | 0.10 |
| 21 Jun 2005 | Issue of new shares | 1,489,903 | 148,990 | 2,489,903 | 248,990 | 0.10 |
| 14 Sep 2005 | Non-cash issue | 1,503,760 | 150,376 | 3,993,663 | 399,366 | 0.10 |
| 2 Jan 2006 | Bonus issue | - | 39,537,264 | 3,993,663 | 39,936,630 | 10.00 |
| 2 Jan 2006 | Share split | 15,974,652 | - | 19,968,315 | 39,936,630 | 2.00 |
| 18 May 2006 | Issue of new shares | 8,333,400 | 16,666,800 | 28,301,715 | 56,603,430 | 2.00 |
| 11 Jul 2006 | Non-cash issue | 5,000,000 | 10,000,000 | 33,301,715 | 66,603,430 | 2.00 |
| 19 Apr 2007 | Non-cash issue | 666,250 | 1,332,500 | 33,967,965 | 67,935,930 | 2.00 |
| 29 Oct 2010 | Non-cash issue | 99,729 | 199,458 | 34,067,694 | 68,135,388 | 2.00 |
| 14 Dec 2010 | Issue of new shares | 3,285,466 | 6,570,332 | 37,353,160 | 74,705,720 | 2.00 |
| 17 Dec 2010 | Issue of new shares | 11,407 | 22,814 | 37,364,567 | 74,728,534 | 2.00 |
| 5 Dec 2011 | Issue of new shares | 22,854,136 | 45,708,272 | 60,218,703 | 120,436,806 | 2.00 |
| 14 Dec 2011 | Issue of new shares | 14,510,431 | 29,020,862 | 74,729,134 | 149,457,668 | 2.00 |
| 27 Jan 2017 | Issue of new shares | 59,629,748 | 119,259,496 | 134,358,882 | 268,717,164 | 2.00 |
| 31 Jan 2017 | Issue of new shares | 153,556 | 307,112 | 134,512,438 | 269,024,276 | 2.00 |
| INCOME STATEMENT | 2017 9 months Jan-Sep |
2016 9 months Jan-Sep |
2016 12 months Jan-Dec |
|---|---|---|---|
| Net sales | 128 | 105 | 137 |
| Gross profit | 128 | 105 | 137 |
| Central administration | -157 | -137 | -178 |
| Operating profit | -29 | -32 | -41 |
| Income from interests in Group companies | 300 | 300 | 300 |
| Financial income | 217 | 191 | 236 |
| Financial costs | -162 | -144 | -184 |
| Profit after financial items | 326 | 315 | 311 |
| Current tax | - | - | - |
| Profit after tax | 326 | 315 | 311 |
| STATEMENT OF COMPREHENSIVE INCOME | |||
| Profit after tax | 326 | 315 | 311 |
| Comprehensive income for the year | 326 | 315 | 311 |
| Condensed parent company balance sheet, SEKm ASSETS |
2017 30 Sep |
2016 30 Sep |
2016 31 Dec |
|---|---|---|---|
| Interests in Group companies | 2 124 | 270 | 270 |
| Receivables from Group companies | 11 223 | 8 764 | 8 719 |
| Other receivables | 23 | 17 | 28 |
| Cash and cash equivalents | 16 | - | - |
| TOTAL ASSETS | 13 386 | 9 051 | 9 017 |
| EQUITY AND LIABILITIES | |||
| Equity | 2 986 | 1 131 | 1 127 |
| Liabilities to credit institutions | 3 457 | 2 037 | 2 145 |
| Liabilities to Group companies | 6 908 | 5 738 | 5 692 |
| Overdraft facilities | - | 118 | 17 |
| Other liabilities | 35 | 27 | 36 |
| TOTAL EQUITY AND LIABILITIES | 13 386 | 9 051 | 9 017 |
| Year-end Report January–December 2017 | 16 February 2018 |
|---|---|
| Annual Report 2017 | 29 March 2018 |
| Interim Report January–March 2018 | 24 April 2018 |
| Annual General Meeting 2018 | 24 April 2018 |
| Interim Report January–June 2018 | 6 July 2018 |
| Interim Report January–September 2018 | 25 October 2018 |
On 2 October 2017 Diös completed on two central commercial properties with a combined floor space of around 6,500 sq.m and sold two residential properties with a combined floor space of around 6,500 sq.m in a deal with Lerstenen in Umeå. The underlying property values were SEK 110 million for the acquired properties and SEK 90 million for the divested properties. The deal was communicated on 16 June 2017.
The Board of Directors and Chief Executive Officer declare that the interim report gives a true and fair view of the company's and Group's operations, financial position and income, and describes the principal risks and uncertainties faced by the company and the companies in the Group.
Financial reports can be viewed in full on Diös' website, www.dios.se
Östersund, 25 October 2017
Bob Persson Chairman
Ragnhild Backman Board member
Anders Bengtsson Board member
Maud Olofsson Board member
Anders Nelson Board member
Tomas Mellberg Board member Employee representative
Knut Rost Chief Executive Officer
To the Board of Directors of Diös Fastigheter AB (publ), corp. ID no. 556501-1771
We have conducted a review of the interim report of Diös Fastigheter AB (publ) for the period 1 January 2017 to 30 September 2017. Responsibility for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act rests with the Board of Directors and Chief Executive Officer. Our responsibility is to express a conclusion on the interim report based on our review.
We have conducted our review in accordance with the International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review involves making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.
A review has a different focus and significantly smaller scope than an audit in accordance with ISA and generally accepted auditing standards. The procedures taken when conducting a review do not enable us to obtain a degree of certainty that would make us aware of all material circumstances that would have been identified if an audit had been performed. The conclusion expressed on the basis of a review therefore does not have the same level of certainty as a conclusion expressed on the basis of an audit.
Based on our review, no circumstances have come to light that would give us reason to believe that the interim report has not, in all material respects, been prepared, in respect of the Group, in accordance with IAS 34 and the Annual Accounts Act, and in respect of the parent company, in accordance with the Swedish Annual Accounts Act.
Östersund, 25 October 2017 Deloitte AB Richard Peters Authorised Public Accountant
Actual number of shares outstanding at the end of the period.
Profit for the period in relation to average equity. Average equity is defined as the sum of the opening and closing balance divided by two.
Interest-bearing and other liabilities relating to properties, divided by the carrying amount of the properties at the end of the period.
Operating surplus for the period divided by the properties' market value at the end of the period.
Equity at the end of the period divided by the number of shares outstanding at the end of the period.
Rental income for the period divided by rental value at the end of the period.
Estimated market rent for unused premises divided by total rental value.
Property management income less nominal tax attributable to property management income, divided by average number of shares. Taxable property management income refers to property management income less, inter alia, tax-deductible depreciation and amortisation and redevelopments.
Equity at the end of the period after reversal of interest rate derivatives and deferred tax attributable to temporary differences in properties and minority share of equity, divided by the number of outstanding shares at the end of the period.
Equity at the end of the period adjusted for actual deferred tax instead of nominal deferred tax and minority share of equity, divided by the number of shares outstanding at the end of the period.
Revenue less property costs, costs for central administration and net financial items.
Number of shares outstanding at the beginning of the period, adjusted by the number of shares issued or repurchased during the period weighted by the number of days that the shares were outstanding, in relation to the total number of days in the period.
Rents invoiced for the period less rent losses and rent discounts.
Rent at the end of the period plus a supplement for the estimated market rent for unoccupied floor space.
Profit before tax, adjusted for unrealised changes in value plus depreciation/amortisation less current tax, divided by the average number of shares.
Net annual rent, excluding discounts and supplements, for newly signed, terminated and renegotiated contracts. No account is taken of the length of contracts.
Profit for the period after tax, attributable to shareholders, divided by the average number of shares.
Income from property management after reversal of financial costs, divided by financial costs for the period.
Interest-bearing liabilities in relation to shareholders' equity at the end of the period.
Equity divided by total assets at the end of the period.
Operating surplus for the period divided by the rental income for the period.
DIÖS FASTIGHETER AB (PUBL) FRITZHEMSGATAN 1A, BOX 188, SE-831 22 ÖSTERSUND, TEL: +46 (0)770-33 22 00 CRN: 556501-1771, REGISTERED OFFICE ÖSTERSUND, WWW.DIOS.SE
DIÖS KOMMUNIKATION 2017, PHOTOGRAPHS: TINA STAFRÉN
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