Annual Report • Feb 5, 2019
Annual Report
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| 2018 | 2017 | 2018 | 2017 | |
|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
| Rental income | 653 | 592 | 2,517 | 2,280 |
| Net operating income | 486 | 450 | 1,875 | 1,680 |
| Profit from property management | 351 | 279 | 1,246 | 992 |
| Profit before tax | 1,850 | 1,962 | 9,103 | 7,351 |
| Profit after tax | 1,432 | 1,430 | 7,699 | 5,632 |
| Surplus ratio,% | 74 | 76 | 74 | 74 |
| Loan-to-value ratio, properties, % | - | - | 39 | 43 |
| EPRA NAV, SEK per share | - | - | 125 | 101 |
Realised and unrealised changes in value amounted to SEK 7,838m (6,095) in properties and SEK 16m (268) in fixed-income derivatives.
Profit before tax for the year amounted to SEK 9,103m (7,351).
Christian Hermelin, CEO
Target 2018: 74% Long-term target: 75% by 2022
Target: SEK 2,500m per year over a business cycle (new target 2018, previously at least SEK 1,500m per year)
Target: At least 50% (from 2018, previously at least 20%)
Target 2018: at least SEK 80m
Conditions on the Stockholm office market remain good, with low vacancies, high demand and rising rents as a result, indicating that we will see continued rental growth. During the year we renegotiated a rental volume of just over SEK 200m with an increase of 29 per cent.
No less than four of our major projects were completed at the end of the year, and we welcomed new tenants to a number of project properties, including Orgeln 7 in Sundbyberg and Signalen 3 in Arenastaden. Continued positive renegotiations and completed projects will also generate increased rental income in our portfolio over the next few years.
Net operating income is at the highest level in Fabege's history. The same applies to profit from property management, which rose by just over 25 per cent compared with the previous year. It is pleasing to see that project investments in recent years are now contributing to increasingly strong cash flows.
In August we announced our forthcoming development area Flemingsberg. We are currently in the midst of an intensive stage, working on an overall vision and planning for the district. We have high ambitions – Flemingsberg will be an attractive district that appeals to both residents as well as workers and visitors. The various stakeholders we are contact with confirm the need for a major investment in urban development in southern Stockholm. An attractive employer needs to provide sustainable workplaces with good services close to public transport and areas with a high residential population. Proximity to the best rail connections in southern Stockholm, the substantial area of available land and Huddinge Municipality's dynamic approach are key factors that confirm our belief that Flemingsberg has every opportunity to be our next major, successful urban development project.
Given the instability that has characterised the bond market since the latter half of December, it feels reassuring to have such solid relationships with the banks. We are also pleased to have initiated what is for us a new source of financing via a nine-year loan with Brunswick, in cooperation with institutional capital on competitive terms. Our objective is to further extend both capital maturities and fixed-interest periods.
In December, I announced that after 12 years in the position I felt it was time for a new CEO to take up the reins. The recruitment process is under way, and I will remain in post to oversee the transition to a new CEO. I'm glad that Fabege has so many committed and talented employees, who together with a new leader will guarantee continued positive development going forward.
The Stockholm market is robust and Fabege is well equipped to harness the opportunities that exist and to cope with any challenges that lie ahead. Although an economic slowdown is fast approaching, we can see that Stockholm will continue to grow for the foreseeable future. This offers us favourable conditions for sustained growth. Our attractive development rights in prime locations allow us the opportunity for continued successful, value-generating project development. With Flemingsberg in our portfolio, we will be able to offer our customers attractive locations both to the north and to the south of Stockholm – something that I'm convinced will be more in demand in future.
Christian Hermelin, CEO
Profit after tax for the period was SEK 7,699m (5,632), corresponding to earnings per share of SEK 23.28 (17.03). Profit before tax for the period amounted to SEK 9,103m (7,351). Improved earnings from property management and continued substantial positive changes in value in the property portfolio meant that profit before tax rose in comparison with the previous year.
Rental income increased to SEK 2,517m (2,280) and net operating income increased to SEK 1,875m (1,680). In an identical portfolio, rental income grew by roughly 10 per cent (9.5), of which around 60 per cent related to growth through tenants moving in to completed project properties. The remaining increase was primarily growth due to new lettings and renegotiated rent levels. Net operating income in an identical portfolio rose by approximately 13 per cent (13). The surplus ratio was 74 per cent (74).
Four properties were sold during the year for a combined purchase consideration of SEK 1,697m. As a consequence of new accounting policies, which mean that divested properties are not recognised until they are vacated, realised changes in value rarely arise as any deviation from the most recent valuation is recognised as an unrealised change in value. The transactions generated a recognised unrealised change in value totalling SEK 132m. Realised changes in value amounted to SEK 153m (0) and related mainly to payment of an additional consideration and the reversal of a guarantee provision for a previously sold property.
Total unrealised changes in value amounted to SEK 7,685m (6,095). The unrealised change in the value of the investment property portfolio of SEK 5,252m (3,831) was in the first half of the year equally attributable to increased rent levels for new lettings and renegotiations, and reduced yield requirements. In the third quarter, it was largely attributable to rising rent levels. In the fourth quarter, changes in value were fuelled by both higher rent levels and lower yield requirements. The average yield requirement declined to 4.13 per cent (4.36). Furthermore, unrealised changes in fair value of SEK 132m were recognised relating to properties sold during the year. The project portfolio contributed to an unrealised change in value of SEK 2,301m (2,264), primarily due to development gains in the major project properties.
The share in earnings of associated companies amounted to SEK −64m (−105), of which SEK −4m related to a non-recurring item regarding a previously divested associated company. The remaining portion related primarily to capital contributions to Arenabolaget.
In the latter half of the year, a deficit value of SEK 143m was realised via premature calling of interest rate swaps. All in all, realised and unrealised changes in value in the derivatives portfolio during the year totalled SEK 16m (268). Newly subscribed interest rate swaps and somewhat lower long-term interest rates led to an increase in the deficit value in the fourth quarter. Net interest items declined to SEK −485m (-509). Increased borrowing was offset by lower average interest.
The Property Management segment generated net operating income of SEK 1,753m (1,537), representing a surplus ratio of 76 per cent (76). The occupancy rate was 95 per cent (94). Earnings from property management totalled SEK 1,218m (974). Unrealised changes in the value of properties amounted to SEK 5,252m (3,831).
The Property Development segment generated net operating income of SEK 122m (143), giving a surplus ratio of 58 per cent (54). Earnings from property management totalled SEK 28m (18). Unrealised changes in the value of properties totalled SEK 2,301m (2,264), corresponding to a yield of 98 per cent on invested capital in the project portfolio. Earnings from Transactions during the period included both realised and unrealised changes in value, and totalled SEK 285m (0). Realised changes in value of SEK 153m related primarily to payment of an additional consideration and resolution of a provision from previously completed transactions.
| 2018 | 2017 | |
|---|---|---|
| SEKm | Jan-Dec | Jan-Dec |
| Profit from Property Management activities | 1,218 | 974 |
| Changes in value (portfolio of investment | ||
| properties) | 5,252 | 3,831 |
| Contribution from Property | ||
| Management | 6,470 | 4,805 |
| Profit from Property Management activities | 28 | 18 |
| Changes in value (profit from Property | ||
| Development) | 2,301 | 2,264 |
| Contribution from Property | ||
| Development | 2,329 | 2,282 |
| Realised changes in value | 285 | 0 |
| Contribution from Transactions | 285 | 0 |
| Total contribution | ||
| from the operation | 9,084 | 7,087 |
¹ The comparison figures for income and expense items relate to values for the January–December 2017 period and for balance sheet items at 31 December 2017.
Fabege employs long-term credit facilities subject to fixed terms and conditions. The company's creditors mainly comprise the major Nordic banks and investors on the capital market.
In February, Fabege received an external credit rating from Moody's, which gave an investment grade rating of Baa3, stable outlook. Reactions were extremely positive and produced an immediate price effect on the capital market. Moody's also carried out an evaluation of one of the bonds in the green MTN programme, which obtained the highest rating of GB1 (excellent).
Demand for Fabege's green bonds has remained persistently high. In May, the green MTN programme was increased from SEK 5,000m to SEK 8,000m, and at the beginning of the autumn several issues were carried out with maturities of up to seven years. The company is striving for a balance between different forms of financing on both the capital and banking markets, with long-term relationships with the major financiers having high priority. This approach was further cemented during the period of instability that characterised the bond market at the end of the year.
Fabege is continuing to work hard to increase the proportion of green financing. The company acquired an additional green source of financing in December, with the conclusion of a new green loan agreement of SEK 1.6bn with Brunswick Real Estate. The loan extends for just over nine years and will be paid out during Q1 2019.
The proportion of outstanding commercial paper declined slightly in the fourth quarter as well, as part of our efforts to extend the maturity of the debt portfolio. The company has available credit facilities covering all outstanding commercial paper at any given time.
In the last quarter of the year, fixed-interest periods for a further SEK 1,200bn were agreed in the form of interest rate swaps with maturities of between five and ten years. At year-end, Fabege's derivatives portfolio comprised interest rate swaps totalling SEK 12,400m with terms of maturity extending through 2028 and carrying fixed interest at annual rates of between 0.24 and 2.08 per cent before margins.
Net financial items included other financial expenses of SEK 49m, mainly pertaining to accrued opening charges for credit agreements and costs relating to bond and commercial paper programmes. During the year, interest totalling SEK 43m (58) relating to project properties was capitalised.
| Amount SEKm | Average interest rate,% |
Share,% | |
|---|---|---|---|
| < 1 year | 12,365 | 2.23 | 47 |
| 1-2 years | 760 | 0.47 | 3 |
| 2-3 years | 0 | 0.00 | 0 |
| 3-4 years | 300 | 0.47 | 1 |
| 4-5 years | 2,150 | 0.96 | 8 |
| 5 -6years | 2,100 | 0.72 | 8 |
| 6-7 years | 2,200 | 0.92 | 8 |
| 7-8 years | 2,200 | 0.97 | 8 |
| 8-9 years | 2,100 | 1.16 | 8 |
| 9-10 years | 2,100 | 1.22 | 8 |
| Total | 26,275 | 1.55 | 100 |
The average interest rate for the < 1 year period includes the margin for the entire debt portfolio, because the company's fixed-interest term is established using interest rate swaps, which are traded without margins.
| Credit agreement SEKm |
Drawn, SEKm |
|
|---|---|---|
| Commercial paper programme | 5,000 | 2,510 |
| < 1 year | 1,456 | 843 |
| 1-2 years | 6,761 | 4,461 |
| 2-3 years | 4,400 | 2,400 |
| 3-4 years | 6,700 | 6,200 |
| 4-5 years | 2,000 | 2,000 |
| 5-10 years | 8,234 | 6,608 |
| 10-15 years | 0 | 0 |
| 15-20 years | 0 | 0 |
| 20-25 years | 1,253 | 1,253 |
| Total | 35,804 | 26,275 |
| 31/12/2018 31/12/2017 | ||
|---|---|---|
| Interest-bearing liabilities, SEKm | 26,275 | 24,841 |
| of which outstandning MTN, SEKm | 6,000 | 2,700 |
| of which outstandning SFF, SEKm | 2,511 | 3,068 |
| of which outstandning certificates, SEKm | 2,510 | 5,000 |
| Unutiluzed facilities, SEKm | 4,529 | 2,718 |
| Green financing | 60 | 47 |
| Capital maturity, year | 5.0 | 4.0 |
| Fixed-rate period, year | 3.6 | 2.5 |
| Fixed-rate, share of the portfolio,% | 54 | 54 |
| Derivative market value, SEKm | -132 | -291 |
| Average interest, % | 1.65 | 2.20 |
| Loan-to-value, % | 39 | 43 |
Tax on profit for the year amounted to SEK −1,404m (-1,719). The amount includes resolution of deferred tax in the amount of SEK 164m (0) in connection with property sales. Tax was calculated at a rate of 22 per cent on taxable earnings. As a result of the decision on changes to corporate taxation, the deferred tax liability has been recalculated at the new tax rate of 20.6 per cent. The valuation of the loss carryforwards that are expected to be utilised between 2019 and 2020 has been calculated based on the current tax rate for these years of 21.4 per cent. Overall, there was a positive non-recurring accounting effect of SEK 455m when the deferred tax liability was measured at the new tax rate.
In June, the government decided to approve the proposal on changes to corporate taxation. To summarise, the decision involves limiting the deductibility of net interest expense to 30 per cent of EBITDA. Furthermore, the corporation tax rate will be reduced in two stages from the current level of 22 per cent, to 21.4 per cent as of 2019 and 20.6 per cent as of 2021. When calculating interest deductions, any offsetting against loss carryforwards shall be taken into consideration. The new rules apply as of 1 January 2019. Fabege is of the opinion that the new rules are unlikely to have any material impact on the tax calculation for 2019, provided net interest items can be efficiently distributed across the Group. However, rising market rates will increase the negative effect (assuming cash flow remains generally the same).
No new information has been communicated on this matter since the previously announced proposal on changes to taxation of property transactions, the 'packaging inquiry'. The consultation period for the proposal expired in September 2017.
Shareholders' equity amounted to SEK 34,964m (28,011) at the end of the period and the equity/assets ratio was 51 per cent (47). Equity per share attributable to Parent Company shareholders totalled SEK 106 (85), based on the number of shares after the split. EPRA NAV was SEK 125 per share (101) and EPRA NNNAV amounted to SEK 120 per share (97).
Cash flow from operating activities before changes in working capital amounted to SEK 1,194m (992). Changes in working capital had an impact on cash flow of SEK −271m (−209). Investing activities had an impact of SEK –1,804m (–2,697) on cash flow, while financing activities had a positive impact of SEK 547m (2,201) on cash flow. In investing activities, cash flow was driven by property transactions and projects. Overall, cash and cash equivalents changed by SEK –334m (287) during the period.
In the second quarter, Fabege decided to raise two of its key operational targets:
Fabege's Board of Directors has decided on the following financial targets for the business.
Fabege is building Sweden's first zero-energy hotel in Arenastaden. Some 21 geothermal energy boreholes along with a total of almost 2,500 sqm of solar panels on the facade and roof will produce more energy than the property will consume.
The hotel will be part of Nordic Choice Hotel's Comfort Hotel chain, with 336 rooms and 88 long-stay apartments, and will be home to Nordic Choice Hotel's Swedish headquarters. The project is expected to be completed in the first quarter of 2021.
Stockholm's office rental market during the year was characterised by low vacancies and rising rent levels. Property values increased, fuelled primarily by project development and higher rent levels for new and renegotiated leases.
Fabege's Property Management and Property Development activities are concentrated on a few selected submarkets in and around Stockholm: Stockholm inner city, Solna and Hammarby Sjöstad. On 31 December 2018, Fabege owned 89 properties with a total rental value of SEK 3.0bn, lettable floor space of 1.3m sqm and a carrying amount of SEK 67.6bn, of which development and project properties accounted for SEK 7.1bn. The financial occupancy rate for the entire portfolio, including project properties, was 94 per cent (94). The occupancy rate in the investment property portfolio was 95 per cent (94).
During the year, 175 new leases were signed at a total rental value of SEK 350m (389), of which 96 per cent pertained to green leases. Lease terminations totalled SEK 191m (145), while net lettings amounted to SEK 159m (244). Rental contracts totalling just over SEK 200m were renegotiated, with an average rise in rental value of a little over 29 per cent, reflecting the persistently strong trend on the rental market during the year. The retention rate during the period was 77 per cent (84).
Four properties were sold during the year for a combined purchase consideration of SEK 1,697m. As a consequence of new accounting policies, which mean that divested properties are not recognised until they are vacated, realised changes in value rarely arise as any deviation from the most recent valuation is recognised as an unrealised change in value. The transactions generated a recognised unrealised change in value totalling SEK 132m. Realised changes in value amounted to SEK 153m (0) and related mainly to payment of an additional consideration and the reversal of a rental guarantee concerning a previously sold property. Three properties were acquired, all in Flemingsberg, for a total purchase consideration of SEK 750m.
The entire property portfolio is externally valued at least once annually. Roughly 46 per cent of the portfolio was independently valued just before year-end and the rest of the portfolio was internally valued based on the most recent independent valuations. The total market value at the end of the period was SEK 67.6bn (57.9).
Unrealised changes in value totalled SEK 7,685m (6,095). The average yield requirement saw a slight decline to 4.13 per cent (4.36). The change in value in the investment property portfolio of SEK 5,252m (3,831) was principally due to higher rent levels and somewhat lower yield requirements. The project portfolio contributed a change in value of SEK 2,301m (1,569), mainly due to development gains in major project properties. The total figure included SEK 132m relating to unrealised changes in value in divested property.
¹ The comparison figures for income and expense items relate to values for the January–December 2017 period and for balance sheet items at 31 December 2017.
Fabege's objective is for the company's entire property portfolio to be certified to BREEAM-SE/BREEAM In-Use standard. Fabege's new builds are certified in accordance with BREEAM-SE, with the minimum level of Very Good. This year, certification efforts have been stepped up. Of Fabege's 89 properties, 56 were certified by the end of the period or in the proces Overall, this represents 82 per cent of the combined area of Fabege's existing portfolio. The properties that have not yet begun certification relate to land and development properties for future project development.
A green lease means that both parties agree on a joint environmental agenda for the premises. Choice of materials, renewable electricity, flexible building design and sorting of waste at source are examples of commitments under this kind of lease. Green leases are an important basis for environmental certification of the building. Fabege's aim is for green leases to account for at least 75 per cent of total newly signed lettable space. During the period, the proportion totalled 90 per cent based on lettable space and 96 per cent based on annual rental value. Green leases account for 71 per cent of the total office space within Fabege.
In 2016, Fabege launched the world's first green MTN programme. Green financing offers Fabege better conditions on the capital market and access to more financing alternatives. All Fabege's Swedish bank financiers are providing opportunities for green financing, as are the capital market and European Investment Bank. The aim is for 100 per cent of the company's financing to be green. The proportion of green financing totalled 60 per cent of outstanding credits at the end of the period.
Employees who are fit and well are more committed and have more energy to look after our customers, which is why here at Fabege we have a broad and long-term focus on health. This manifests itself partly in spreading knowledge within a broad spectrum of issues covering everything from diet and exercise to sleep and relationships, and partly via collective physical training sessions paired with time for recovery. We want our employees to have a fantastic work environment and to have time and energy for life outside of work. It leads to good performances.
In 2014, Fabege set the target of reducing energy consumption by a further 20 per cent from an already low level by the year 2020. Our energy strategy includes key areas such as recycling cooling from server rooms, building envelope efficiency measures, improved heat recycling in ventilation and customising energy use to tenants' needs using digitalisation. Despite this, we have seen an increase this year due to the extremely hot summer. The increase is entirely attributable to a greater need for cooling.
2018 2017
| Jan-Dec Jan-Dec | ||
|---|---|---|
| Energy performance, KWh/sqm LOA | 108 | 110 |
| Environmetal certification, numer of properties | 56 | 36 |
| Environmetal certification, of total area, % | 82 | 61 |
| Green lease, share of newly signed area,% | 90 | 96 |
| Green lease, share of total office space | 71 | 55 |
| Green financing, % | 60 | 47 |
Tidningshuset, more commonly known as the DN Skyscraper, is heated and cooled using ultramodern geothermal storage with a volume corresponding to 1.3 Globen buildings. In summer, 38-degree Celsius water is pumped down into the bedrock, which is heated up. When colder days arrive, the heat is brought back up.
Green financing Fabege has drilled a total of 85 holes with a depth of 300 metres. There are a total of 25 kilometres of hosepipe containing warm liquid underneath the property. The total saving is around 2,000 MWh per year, which corresponds to what is required to heat almost 300 houses.
fers Fabege better conditions on the capital market and access to more financing alternatives. The aim is for 100 per cent of the company's financing to be green. The proportion of green financing totalled 59 per cent of outstanding loans at the end of the period. Fabege aims to be the industry leader in energy efficiency and sustainable office properties. One of many sustainability goals is to further reduce energy consumption and for total energy consumption to be 50 per cent lower than the Swedish national average for premises in 2014 by 2020 at the latest.
The purpose of Fabege's project investments is to reduce vacancy rates and increase rents in the property portfolio, thereby improving cash flows and adding value. Property development is a key feature of Fabege's business model and should make a significant contribution to consolidated profit. Our new target is to achieve a return on invested capital of at least 50 per cent. Another aim is to have all new builds certified under BREEAM-SE.
During the period, investments in existing properties and projects totalled SEK 2,963m (2,778), of which investments in projects and development properties accounted for SEK 2,359m (2,193). The return on capital invested in the project portfolio was 98 per cent.
The capital invested in the investment property portfolio, which amounted to SEK 604m (585) and encompassed energy investments and tenant customisations, also contributed to the total growth in value.
March saw the completion of the new construction of Pyramiden 4, Arenastaden, and SEB moved in during the final stage in April. The property was transferred to the investment property portfolio at the end of the first quarter. In August, the school and preschool at Lagern 4 were completed. The property was sold, with transfer of ownership scheduled for December. In the fourth quarter, the projects relating to Hörnan 1, Pelaren 1, Orgeln 7 and Signalen 3 were completed. All of them are fully let, with the exception of Orgeln 7, which has a small shop vacancy. All completed project properties have been transferred to the investment property portfolio.
Work is continuing on the project relating to the conversion and extension of Trikåfabriken 9 in Hammarby Sjöstad. The wood frame is now complete and work is under way on the interior. The investment is estimated at SEK 462m. The occupancy rate is 76 per cent. The property is expected to be ready for occupancy during the spring of 2019.
Construction of the office building at Båtturen 2 in Hammarby Sjöstad is progressing according to schedule. Work is currently being carried out on the interior, including painting, installations, etc. The investment is estimated at SEK 186m. The property is fully let to Goodbye Kansas, with occupancy scheduled for June 2019.
The redevelopment project relating to part of Paradiset 23, Västra Kungsholmen, is continuing. Now that the demolition has been completed, work is under way on installations. The investment is estimated at SEK 239m. The property will be completed ready for occupancy in the first quarter of 2020. The occupancy rate is 39 per cent.
During the summer, a decision was made regarding the redevelopment of Fortet 2. The redevelopment project relates to adaptations for a hotel, long-stay accommodation, co-working hub and restaurant. The investment is estimated at SEK 120m. The property is fully let to KOM Hotell, which is owned by KFUM Central. Project planning work is under way.
Planning and groundwork has begun on the investment concerning Bilia's new facility at the Stora Frösunda 2 property in Solna. The turnkey contractor has been procured. The investment is expected to amount to roughly SEK 1,270m and the facility will be ready by the first quarter of 2021. The investment also extends to some costs relating to foundation work for the planned residential areas at the property.
In the second quarter, a decision was made to invest in the construction of a hotel, long-stay accommodation and offices at the Nationalarenan 3 property in Solna. The total investment is estimated to be SEK 700m. The increase in the investment is largely due to an additional acquisition of land. The property is now fully let to Nordic Choice Hotels and is expected to be ready for occupancy in Q1 2021. The project has begun with initial ground and foundation work.
In the fourth quarter of 2017, a decision was made regarding an investment relating to the forthcoming redevelopment of Fräsaren 12 in Solna Business Park for tenant customisation for Skolverket, with occupancy scheduled for Q4 2019. The investment is estimated at SEK 170m. The project will begin once ICA has vacated the premises in January 2019.
| Changes in property value | 2018 |
|---|---|
| Opening fair value 2018-01-01 | 57,889 |
| Property acquisitions | 751 |
| Investments in new builds, extensions and | |
| conversions | 2,963 |
| Changes in value | 7,685 |
| Sales and disposals | -1,654 |
| C losing fair value 2018-12-31 | 67,634 |
| 2018 | |
|---|---|
| Changes in property value | Jan-Dec |
| Opening fair value 2018-01-01 | 2,359 |
| Property acquisitions | 604 |
| C losing fair value 2018-12-31 | 2,963 |
| Area | Average yield, % |
|---|---|
| Stockolm city | 3.89 |
| Solna | 4.29 |
| Hammarby Sjöstad | 4.50 |
| Other | 4.00 |
| Average yield | 4.13 |
| Property name | Area | Category | Lettable area.sqm |
|---|---|---|---|
| Quarter 1 | |||
| Uarda 6 | Arenastaden | Office | 17,139 |
| Quarter 2 | |||
| Resedan 3 | Vasastan | Office | 3,480 |
| Quarter 3 | |||
| Lagern 4 | Råsunda | Office | 5,100 |
| Quarter 4 | |||
| Skeppshandeln 2 | Hammarby Sjöstad | Land | 0 |
| Total sales of properties | 25,719 |
| Property name | Area | Category | Lettable area, sqm |
|---|---|---|---|
| Quarter 4 | |||
| Batteriet 3 | Flemingsberg | Industry | 800 |
| Batteriet 4 | Flemingsberg | 0 | |
| Regulatorn 1 | Flemingsberg | Industry/Office | 24,709 |
| Total acquisitions of properties | 25,509 |
Via co-owned Selfoss Invest AB, Fabege and Svenska Hyreshus AB are leading a housing development project in Kista. The total investment is estimated to be SEK 450m excluding purchase of the land. Planning work is currently under way on a parking area and residential units as part of stage 1, including 69 apartments. The selling rate in stage 1 amounts to 71 per cent. Stages 2 and 3 include a total of a further 207 apartments. Sales and production start for stage 2 are expected to take place in late autumn. The project is being externally financed with a construction loan. Income recognition will not occur until the end of the project.
In August, a decision was made regarding the development of the Lagern 3 property in Råsunda into tenant-owner apartments. The project will be managed together with TB-gruppen in a 50/50 per cent co-owned company. The property, which is owned by Fabege, will be sold to the co-owned development company in the spring. The investment is estimated to be SEK 240m excluding purchase of the land.
Furthermore, a decision has been taken to develop a housing project in cooperation with Brabo at the Stora Frösunda property in Haga Norra. The project includes 422 apartments that will be produced in a 3D reallotment above the facility that Fabege is building for Bilia at the property. The project is currently in the planning phase.
The current JV projects are not being consolidated, but will be recognised as an associated company in accordance with the equity method.
Return Projects
| Lettable | Occupancy rate, | Carrying amount | Estimated investment, | of which, worked up. |
|||||
|---|---|---|---|---|---|---|---|---|---|
| Property listing | Property type | Area | Completed | area, sqm | area, %¹ | SEKm | SEKm | SEKm | |
| Trikåfabriken 9 | Offices | Hammarby Sjöstad | Q2-2019 | 16,300 | 76% | 55 | 763 | 462 | 391 |
| Båtturen 2 (del av) | Offices | Hammarby Sjöstad | Q2-2019 | 5,200 | 100% | 18 | 265 | 186 | 131 |
| Paradiset 23 (del av) | Offices | Stadshagen | Q1-2020 | 7,200 | 39% | 29 | 264 | 239 | 73 |
| Fortet 2 | Hotell | Arenastaden | Q1-2020 | 7,533 | 100% | 20 | 210 | 120 | 3 |
| Stora Frösunda (del av) | Offices | Arenastaden | Q1-2021 | 44,400 | 100% | 60 | 35 | 1,270 | 189 |
| Nationalarenan 3 | Offices | Arenastaden | Q1-2021 | 19,100 | 100% | 55 | 222 | 700 | 38 |
| Total | 99,733 | 92% | 237 | 1,759 | 2,977 | 825 | |||
| Other land and project properties | 915 | ||||||||
| Other development properties | 4,421 | ||||||||
| Total projects, land and development properties | 7,095 |
¹ Operational occupancy rate 31 december 2018.
² Rental value including additions. The annual rent for the largest projects in progress could increase to SEK 226m (fully let) from SEK 0m in annualised current rent as of 31 December 2018.
³In leaseable area for the property Stora Frösunda 2 (part of) there are approximately 28,800 sqm garage space
| Commercial, sqm | Residential, sqm | ||
|---|---|---|---|
| Inner city | 41,000 | Inner city | 19,000 |
| Solna | 247,000 | Solna | 251,000 |
| Hammarby Sjöstad | 43,000 | Hammarby Sjöstad | - |
| Others | 97,000 | Others | - |
| Total | 428,000 | Total | 270,000 |
| Legal binding, % | 44 | Legal binding, % | 44 |
| Booked value, SEK/sqm | 3,400 | Booked value, SEK/sqm | 8,000 |
Space and carrying amount relates to additional development rights space. Development will in some cases require demolition of existing areas, which will impact the overall calculation. The volumes are not maximised. Ongoing planning work aims to increase the volume of future development rights.
Flemingsberg is not included, as work is under way on the vision and overall plan. The conclusion is that Flemingsberg will bring a substantial volume of development rights at low initial values.
| Property holdings | No. of properties Lettable area, '000 sqm | Market value SEKm |
Rental value² |
Financial occupancy rate % |
|
|---|---|---|---|---|---|
| Investment properties ¹ | 64 | 1,112 | 60,538 | 2,829 | 95 |
| Development properties ¹ | 10 | 128 | 4,456 | 131 | 83 |
| Land and Project properties ¹ | 15 | 12 | 2,640 | 0 | 0 |
| Total | 89 | 1,252 | 67,634 | 2,960 | 94 |
| Of which, Inner city | 28 | 390 | 27,876 | 1,196 | 94 |
| Of which, Solna | 45 | 711 | 31,889 | 1,432 | 95 |
| Of which, Hammarby Sjöstad | 10 | 105 | 5,838 | 248 | 85 |
| Of which, Other | 6 | 46 | 2,031 | 84 | 0 |
| Total | 89 | 1,252 | 67,634 | 2,960 | 94 |
¹ See definitions on page 21.
² In the rental value, time limited deductions of about SEK 162m (in rolling annual rental value at 30 June) have not been deducted.
| 2018 Jan-Dec |
2018 Jan-Dec |
2018 Jan-Dec |
2018 Jan-Dec |
2017 Jan-Dec |
2017 Jan-Dec |
2017 Jan-Dec |
2017 Jan-Dec |
|
|---|---|---|---|---|---|---|---|---|
| SEKm | Property Management |
Property Development |
Transaction | Total | Property Management |
Property Development |
Transaction | Total |
| Rental income | 2,306 | 211 | 2,517 | 2,014 | 266 | 2,280 | ||
| Property expenses | -553 | -89 | -642 | -477 | -123 | -600 | ||
| Net operating income | 1,753 | 122 | 0 | 1,875 | 1,537 | 143 | 0 | 1,680 |
| Surplus ratio, % | 76% | 58% | 74% | 76% | 54% | 74% | ||
| Central administration | -67 | -13 | -80 | -58 | -16 | -74 | ||
| Net interest expense | -407 | -78 | -485 | -400 | -109 | -509 | ||
| Share in profits of associated companies | -61 | -3 | -64 | -105 | 0 | -105 | ||
| Profit from property management activities | 1,218 | 28 | 0 | 1,246 | 974 | 18 | 0 | 992 |
| Realised changes in value of properties | 0 | 0 | 153 | 153 | 0 | 0 | 0 | |
| Unrealised changes in value of properties | 5,252 | 2,301 | 132 | 7,685 | 3,831 | 2,264 | 6,095 | |
| Profit/loss before tax per segment | 6,470 | 2,329 | 285 | 9,084 | 4,805 | 2,282 | 0 | 7,087 |
| Changes in value, fixed income derivatives and equities | 19 | 264 | ||||||
| Profit before tax | 9,103 | 7,351 | ||||||
| Properties, market value | 60,538 | 7,096 | 67,634 | 44,906 | 12,983 | 57,889 | ||
| Occupancy rate, % | 95% | 83% | 94% | 94% | 91% | 94% |
¹ See definitions on page 21
Reclassifications during the period between the Property Management and Property Development segments are stated in the note on Segment Reporting on page 18
In accordance with IFRS 8, segments are presented from the point of view of management, divided into the following segments: Property Management, Property Development and Transactions. Rental income and property expenses, as well as realised and unrealised changes in value including tax, are directly attributable to properties in each segment (direct income and expenses). In cases where a property changes character during the year, earnings attributable to the property are allocated to each segment based on the period of time that the property belonged to each segment. Central administration and items in net financial expense have been allocated to the segments in a standardised manner based on each segment's share of the total property value (indirect income and expenses). Property assets are directly attributed to each segment and recognised on the balance sheet date.
Fabege has acquired three properties close to the station in Flemingsberg from Vincero Fastigheter AB. The Regulatorn 1, Batteriet 3 and Batteriet 4 properties were taken over on 1 November 2018. Fabege is now working with Huddinge Municipality and other operators to develop a plan for the area and its infrastructure. With its existing and planned infrastructure, the area forms a natural hub in southern Stockholm. The total real estate value of the acquisitions amounts to approximately SEK 750m.
"It is of course extremely exciting that we are up and running with this important project, together with Huddinge Municipality. We need attractive workplaces in south Stockholm, close to where people live, and it makes sense to harness available capacity in existing infrastructure. We hope that the district will create a better balance and boost competitiveness for the entire Stockholm region," says Klaus Hansen Vikström, Vice President and Director of Business Development at Fabege.
| Change in value, % | Impact on after tax profit, SEKm |
Equity/as-sets ratio, % |
Loan-to-value ratio, % |
|---|---|---|---|
| +1 | 528 | 51.1% | 38.5% |
| 0 | 0 | 50.8% | 38.8% |
| -1 | -528 | 50.5% | 39.2% |
Earnings and key ratios are affected by realised and unrealised changes in the value of properties. The table shows the effect of a 1 percentage point change in value after deferred tax deduction.
| Change Effect, SEKm | ||
|---|---|---|
| Rental income, total | 1% | 26.1 |
| Rent level, commercial income | 1% | 21.0 |
| Financial occupancy rate | 1 percentage point | 29.7 |
| Property expenses | 1% | 6.4 |
| Interest expense, rolling 12 months ¹ | +/-1 percentage point | 69 / 38 |
| Interest expenses, longer term perspective | 1 percentage point | 262.7 |
The sensitivity analysis shows the effects on the Group's cash flow and earnings on an annualisedbasis after taking account of the full effect of each parameter.
¹ In the short term, interest expenses increase regardless of whether the short-term rate rises or falls. Due to interest rate floors in loan agreements, Fabege is not able to fully utilise negative interest rates, whereby a negative outcome arises even when interest rates are reduced.
The graph above shows the development of contracted rental income, including occupancies and vacations that are known about and renegotiations, but excluding letting targets. The graph therefore does not constitute a forecast, but rather aims to demonstrate the rental trend in the existing contract portfolio on the balance sheet date.
At the end of the year, 181 people (161) were employed by the Fabege Group.
Sales during the year amounted to SEK 260m (203) and earnings before appropriations and tax were SEK 3,033m (142).
Net investments in property, equipment and shares totalled SEK 0m (2).
| Maturity, year | No. of leases | Annual value, SEKm | Share, % |
|---|---|---|---|
| 2019 | 716 | 535 ¹ | 19% |
| 2020 | 333 | 577 | 26% |
| 2021 | 242 | 335 | 15% |
| 2022 | 113 | 233 | 10% |
| 2023 | 94 | 198 | 9% |
| 2024+ | 84 | 759 | 34% |
| Commercial | 1,582 | 2,102 | 93% |
| Residentals | 128 | 12 | 1% |
| Garage and parking | 748 | 135 | 6% |
| Total | 2,458 | 2,249 | 100% |
¹ Of which just over SEK 200m has already been renegotiated
| Share¹, % | Valid to year | |
|---|---|---|
| SEB | 6% | 2037 |
| Telia Company | 4% | 2031 |
| ICA Fastigheter Sverige AB | 4% | 2030 |
| Skatteverket | 4% | 2020 |
| Swedbank | 2% | 2029 |
| Migrationsverket | 2% | 2028 |
| Hi3G Access AB | 2% | 2028 |
| Carnegie Investment Bank AB | 2% | 2019 |
| Telenor AB | 1% | 2028 |
| Svea Ekonomi AB | 1% | 2023 |
| Total | 28% |
¹Share of contracted rent
The 2018 AGM renewed the authorisation of the Board to buy back and transfer shares in the company for the period extending up until the next AGM. Share buybacks are subject to a limit of 10 per cent of the total number of shares outstanding at any time. No shares were bought back during the period.
The Board of Directors will propose the following to the AGM on 2 April 2019:
Christian Hermelin, President and CEO since 2007, has informed Fabege's Board of Directors of his decision to leave the company in 2019. In order to ensure a smooth succession, Christian Hermelin has agreed to remain in post as CEO until his successor has joined the company. The Board has initiated the recruitment process. Christian Hermelin has been working for Fabege since 1993.
The Swedish Tax Agency intends to move to new premises with access at the end of 2021. Fabege's lease agreement with the Tax Agency expires in autumn 2020. The annual rent amounts to just over SEK 100m.
Risks and uncertainties relating to cash flow from operations relate primarily to changes in rents, vacancies and interest rates. The effect of the changes on consolidated profit, including a sensitivity analysis and a more detailed description of risks and opportunities, are presented in the section on Risks and opportunities in the 2017 Annual Report (pages 57–61).
Properties are recognised at fair value and changes in value are recognised in profit or loss. Effects of changes in value on consolidated profit, the equity/assets ratio and the loan-to-value ratio are also presented in the section on Risks and opportunities and the sensitivity analysis in the 2017 Annual Report. Financial risk, defined as the risk of insufficient access to long-term funding through loans, and Fabege's management of this risk are also described in the Risks and opportunities section of the 2017 Annual Report (pages 57–61).
No material changes in the company's assessment of risks have arisen following publication of the 2017 Annual Report. Fabege's aims for the capital structure are to have an equity/assets ratio of at least 35 per cent and an interest coverage ratio of at least 2.2. The target for the loan-to-value ratio is a maximum of 50 per cent. The long-term debt ratio will amount to a maximum of 13.
Expenses for the running and maintenance of properties are subject to seasonal variations. For example, cold and snowy winters give rise to higher costs for heating and snow clearance, while hot summers result in higher cooling costs. Activity in the rental market is seasonal. Normally, more business transactions are completed in the second and fourth quarters, whereby net lettings in these quarters are often higher.
The Stockholm market is robust and Fabege is well equipped to harness the opportunities that exist and to cope with any challenges. Although an economic slowdown is fast approaching, we can see that Stockholm will continue to grow for the foreseeable future. Given prevailing market conditions and Fabege's attractive property and project portfolio, circumstances are favourable for a continued positive trend in 2019. More completed projects will increase rental volumes which, combined with continued operational efficiency and low interest expense, is expected to boost profit from property management. Our attractive development rights in prime locations allow us the opportunity for continued successful, value-generating project development.
Fabege prepares its consolidated financial statements according to International Financial Reporting Standards (IFRS). This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act.
Disclosures in accordance with IAS 34 Interim Financial Reporting are submitted both in the notes and in other sections of the interim report.
The Group applies the same accounting policies and valuation methods as in the latest annual report, with the exception of what is stated below regarding IFRS 9 and IFRS 15. New or revised IFRS standards or other IFRIC -interpretations that came into effect after 1 January 2018 have not had any material impact on consolidated financial statements. The Parent Company prepares its financial statements according to RFR 2 Accounting for Legal Entities and the Swedish Annual Accounts Act, and applies the same accounting policies and valuation methods as in the latest annual report.
The transition to IFRS 15 will be applied from 2018 and means that recognition of revenue from contracts with customers, i.e. service income such as on-charging of heating, electricity, etc., must be separated from rental income (including on-charging of property tax) and service income, such as on-charging of heating, electricity, etc. Fabege's income consists predominantly of rental income, which means there is no division between rental income and service income.
As a rule, IFRS 15 states that property transactions should be recognised on the date that ownership is transferred. This is different to the procedure under previous accounting policies, in which such transactions were normally recognised on the contract date.
IFRS 9 replaces IAS 39 on 1 January 2018. The standard introduces new principles for the classification of financial assets, for hedge accounting and for credit reserves. The single largest item within the framework of IFRS 9 concerns derivatives that continue to be recognised at fair value through profit or loss. IFRS 9 also means that the principles for credit loss provisioning should be based on an estimation of expected losses. Since the credit losses are minimal, the transition has not had any material impact on Fabege's financial reporting.
This standard replaces IAS 17 and is applied from 1 January 2019, and it means among other things that lessees must record leases in the balance sheet. Fabege will not apply the standard retroactively. The change is not expected to impact Fabege's reporting as a landlord and lessor. Otherwise, Fabege has concluded that the standard will not have any material impact on the Group's earnings, position and cash flow. Of the Group's leases, management of ground rents is of the greatest significance. At 1 January 2019, the lease liability for ground rents amounts to SEK 942m. A corresponding right-of-use asset is included in the balance sheet. The cost of ground rents will be recognised as a financial expense. Earnings from property management are therefore not affected. The ground rent will be restored as an operating expense in the calculation of the surplus ratio and interest coverage ratio, as with previous accounts. The accounting will have a negligible impact on key ratios such as the equity/assets ratio. The cost of ground rents is expected to amount to SEK 28m for 2019.
No other new and amended standards approved by the EU and interpretative statements from IFRS Interpretations Committee are deemed to impact the Group's financial position to any significant extent.
Stockholm, 5 February 2019
CHRISTIAN HERMELIN Chief Executive Officer
This year-end report has not been examined bythe company's auditors.
Fabege had a total of 38,355 known shareholders at 31 December 2018. The 15 largest owners controlled 45.8 per cent of the total number of shares and votes.
Fabege will issue as a dividend to its shareholders the portion of the company's profit that is not required to consolidate or develop operations. Under current market conditions, this means that the dividend is expected to sustainably account for at least 50 per cent of profit from continuous property management and realised gains from the sale of properties after tax.
At the AGM on 9 April 2018, a decision was made to carry out a 2:1 share split. The share split meant that the number of shares in Fabege AB (publ) increased from 165,391,572 to 330,783,144. The new shares were registered in the shareholders' accounts on 30 April 2018.
| 31/12/2018 | Number of shares* | Proportion of equity, % |
Proportion of votes,% |
|---|---|---|---|
| Erik Paulsson with family, | |||
| privately and company | 51,021,650 | 15.4 | 15.4 |
| BlackRock | 14,658,395 | 4.4 | 4.4 |
| Fourth AP-fund | 12,251,003 | 3.7 | 3.7 |
| Länsfötrsäkringar Funds | 12,016,856 | 3.6 | 3.6 |
| Vanguard | 8,845,684 | 2.7 | 2.7 |
| Investment AB Öresund | 8,400,000 | 2.5 | 2.5 |
| Mats Qviberg with family | 7,495,736 | 2.3 | 2.3 |
| E.N.A City AB | 6,120,000 | 1.9 | 1.9 |
| AMF Insurance & Funds | 6,033,101 | 1.8 | 1.8 |
| Handelsbanken Funds | 5,754,962 | 1.7 | 1.7 |
| TR Property Investment Trust | 3,969,343 | 1.2 | 1.2 |
| Norges Bank | 3,894,875 | 1.2 | 1.2 |
| Pensionskassan SHB Försäkringsförening | 3,840,000 | 1.2 | 1.2 |
| Swedbank Robur Funds | 3,785,064 | 1.1 | 1.1 |
| CBRE Clarion Securities | 3,774,993 | 1.1 | 1.1 |
| Total 15 largest shareholders | 151,861,662 | 45.8 | 45.8 |
| Other | 178,921,482 | 54.2 | 54.2 |
| Total no. of shares outstanding |
330,783,144 | 100.0 | 100.0 |
| Treasury shares | 0 | 0 | 0 |
| Total no. of registrated shares | 330,783,144 | 100.0 | 100.0 |
* The verification date may vary for foreign shareholders
| Large Cap Nasdaq Stockholm |
||
|---|---|---|
| Fabege | (average) | |
| Lowest price, SEK | 108.60 | - |
| Highest price, SEK | 128.70 | - |
| VWAP, SEK | 117 | - |
| Average daily turnover, SEK | 86,260,686 | 134,215,859 |
| Number of traded shares, no | 737,196 | - |
| Average number of transactions, no | 2,484 | 2,538 |
| Number of transactions, no | 154,008 | 20,035,244 |
| Average value per transcation, SEK | 34,727 | 40,328 |
| Daily turnover relative to market capitalization | 0.22 | 0.27 |
Source of share statistics: Holdings av Modular Finance AB. Compiled and processed data from various sources, including Euroclear, Morningstar and the Swedish Financial Supervisory Authority (Finansinspektionen).
.
| Number of shares | Capital & votes,% |
|
|---|---|---|
| Foreign institutional owners | 94,541,548 | 28.6 |
| Swedish institutional owners | 86,497,331 | 26.1 |
| Other owners | 72,900,515 | 22.0 |
| Swedish private individuals | 47,776,973 | 14.4 |
| Anonymous ownership | 29,066,777 | 8.8 |
| Total | 330,783,144 | 100 |
.
| SEKm | 2018 Oct-Dec |
2017 Oct-Dec |
2018 jan-dec |
2017 Jan-Dec |
|---|---|---|---|---|
| Rental income ¹ | 653 | 592 | 2,517 | 2,280 |
| Property expenses | -167 | -142 | -642 | -600 |
| Net operating income | 486 | 450 | 1,875 | 1,680 |
| Surplus ratio, % | 74% | 76% | 74% | 74% |
| Central administration | -20 | -21 | -80 | -74 |
| Net interest/expense | -114 | -126 | -485 | -509 |
| Share in profits of associated companies | -1 | -24 | -64 | -105 |
| Profit/loss from property management | 351 | 279 | 1,246 | 992 |
| Realised changes in value of properties | 65 | 0 | 153 | 0 |
| Unrealised changes in value of properties | 1,560 | 1,643 | 7,685 | 6,095 |
| Unrealised changes in value, fixed income derivatives2 | -125 | 41 | 16 | 268 |
| Changes in value of shares | -1 | 0 | 3 | -4 |
| Profit/loss before tax | 1,850 | 1,962 | 9,103 | 7,351 |
| Current tax | -6 | -1 | -5 | -1 |
| Deferred tax | -412 | -531 | -1,399 | -1,718 |
| Profit/loss for period/year | 1,432 | 1,430 | 7,699 | 5,632 |
| Items that will not be restated in profit or loss | ||||
| Revaluation of defined-benefit pensions | -2 | -15 | -2 | -15 |
| Comprehensive income for the period/year | 1,430 | 1,415 | 7,697 | 5,617 |
| Total comprehensive income attributable to: | ||||
| Parent company shareholders | 1,430 | 1,415 | 7,697 | 5,617 |
| Non-controlling interest | - | - | - | - |
| Earnings per share, SEK ³ | 4:33 | 4:33 | 23:28 | 17:03 |
| Total earnings per share, SEK ³ | 4:32 | 4:33 | 23:27 | 16:98 |
| No. of shares at period end, millions | 330,783 | 330,783 | 330,783 | 330,783 |
| Average no. of shares, thousands | 330,783 | 330,783 | 330,783 | 330,783 |
¹ Additional payment, service and other income amounts to SEK 181m, corresponding to 5% of total rental income for the period January - December 2018.
² Of which Sek 143m are realised changes in value
³ Conversion per share has been made with regard to split 2: 1, according to the Annual General Meeting of 9 April 2018. No. of shares in previous periods has been recalculated accordingly.
| 2018 | 2017 | |
|---|---|---|
| SEKm | Dec 31 | Dec 31 |
| Assets | ||
| Properties | 67,634 | 57,889 |
| Other tangible fixed assets | 3 | 4 |
| Financial fixed assets | 429 | 342 |
| Current assets | 622 | 647 |
| Short-term investments | 127 | 153 |
| Cash and cash equivalents | 15 | 349 |
| Total assets | 68,830 | 59,384 |
| Equity and liabilities | ||
| Shareholder's equity | 34,964 | 28,011 |
| Deferred tax | 6,381 | 4,988 |
| Other provisions | 166 | 234 |
| Interest-bearing liabilities¹ | 26,275 | 24,841 |
| Derivative instrument | 132 | 291 |
| Non-interest-bearing liabilities | 912 | 1,019 |
| Total equity and liabilities | 68,830 | 59,384 |
¹ Of which short-term SEK 3,241m (7,817)
| SEKm | Shareholders' equity | Of which, attributable to Parent Company shareholders |
Of which attributable to non-controlling interest |
|---|---|---|---|
| Shareholders' equity, 1 January 2016, according to adopted Statement of financial position | 23,001 | 23,001 | - |
| Cash dividend | -662 | -662 | - |
| Acquired minority interest | 55 | 55 | |
| Profit for the period | 5,632 | 5,632 | 0 |
| Other comprehensive income | -15 | -15 | - |
| Shareholders' equity, 31 December 2016 | 28,011 | 27,956 | 55 |
| Cash dividend | -744 | -744 | - |
| Profit for the period | 7,699 | 7,702 | -3 |
| Other comprehensive income | -2 | -2 | - |
| Shareholders' equity, 31 December 2018 | 34,964 | 34,912 | 52 |
| 2018 | 2017 | |
|---|---|---|
| SEKm | Jan-Dec | Jan-Dec |
| Operations | ||
| Net operating income | 1,875 | 1,680 |
| Central administration | -80 | -74 |
| Reversal of depreciation | 0 | 1 |
| Interest received | 12 | 9 |
| Interest paid | -608 | -624 |
| Income tax paid | -5 | 0 |
| Cash flow before changes in working capital | 1,194 | 992 |
| Change in working capital | ||
| Change in current receivables | -98 | 40 |
| Change in current liabilities | -173 | -249 |
| Total change in working capital | -271 | -209 |
| Cash flow from operating activities | 923 | 783 |
| Investing activities | ||
| Investments in new-builds, extensions and conversions | -2,911 | -2,676 |
| Acquisition of properties | -751 | -1,314 |
| Divestment of properties | 1,930 | 1,439 |
| Other tangible fixed assets | -72 | -146 |
| Cash flow from investing activities | -1,804 | -2,697 |
| Financing activities | ||
| Dividend to shareholders | -744 | -662 |
| Change in interest bearing liabilities | 1,434 | 2,863 |
| Realised changes in value, fixed income derivatives | -143 | 0 |
| Cash flow from investing activities | 547 | 2,201 |
| Cash flow for the period | -334 | 287 |
| Cash and cash equivalents at beginning of period | 349 | 62 |
| Cash and cash equivalents at end of period | 15 | 349 |
| 2018 | 2017 | |
|---|---|---|
| Financial ² | Jan-Dec | Jan-Dec |
| Return on capital employed, % | 16.4 | 15.8 |
| Return on equity, % | 24.5 | 22.1 |
| Interest coverage ratio, multiple | 3.7 | 3.2 |
| Equity | 51 | 47 |
| Loan-to-value ratio, properties, % | 39 | 43 |
| Debt ratio, multiple | 14.6 | 15.5 |
| Debt/equity ratio, multiple | 0.8 | 0.9 |
| Share related ¹ ² | ||
| Earnings per share, SEK ³ | 23:28 | 17:03 |
| Total earnings per share, SEK | 23:27 | 16:98 |
| Equity per share, SEK | 106 | 85 |
| Cash flow from operating activities per share, SEK | 2:95 | 2:37 |
| Average no. of shares, thousands | 330,783 | 330,783 |
| No. of outstanding shares at end of period, thousands | 330,783 | 330,783 |
| Property-related | ||
| No. of properties | 89 | 90 |
| Carrying amount, Properties, SEKm | 67,634 | 57,889 |
| Lettable area, sqm | 1,252,000 | 1,136,000 |
| Financial occupancy rate, % | 94 | 94 |
| Total return on properties, % | 16.3 | 15.0 |
| Surplus ratio, % | 74 | 74 |
¹ Conversion per share has been made with regard to split 2: 1, according to the Annual General Meeting of 9 April 2018. No. of shares in previous periods has been recalculated accordingly.
³ Unless otherwise stated, the key figure is not defined under IFRS. Please see page 21 for definitions
³ Definitions according to IFRS
| 2018 | 2017 | |
|---|---|---|
| Jan-Dec | Jan-Dec | |
| EPRA Earnings (income from property mgmt after tax), SEKm | 1,130 | 901 |
| EPRA Earnings (EPS) , SEK/share | 3:42 | 2:72 |
| EPRA NAV (long term net asset value, MSEK | 41,477 | 33,290 |
| EPRA NAV, SEK/share | 125 | 101 |
| EPRA NNNAV (net asset value), SEKm | 39,758 | 32,046 |
| EPRA NNNAV, SEK/share | 120 | 97 |
| EPRA Vacancy rate, % | 6 | 6 |
Derivatives are measured continuously at fair value in compliance with level 2, with the exception of the callable swaps measured in accordance with level 3. All callable swaps expired in 2018. The derivatives portfolio is measured at the present value of future cash flows. Changes in value are recognised in profit or loss. Changes in value are of an accounting nature and have no impact on cash flow. At the due date, the market value of derivative instruments is always zero.
| Group | Parent Company | ||||
|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | ||
| IFRS, level 3, SEKm | Dec 31 | Dec 31 | Dec 31 | Dec 31 | |
| Opening value | -66 | -218 | -66 | -218 | |
| Acquisitions/Investments | 0 | 0 | 0 | 0 | |
| Changes in value | 66 | 117 | 66 | 117 | |
| Matured | 35 | 0 | 35 | ||
| C losing value | 0 | -66 | 0 | -66 | |
| Carrying amount | 0 | -66 | 0 | -66 |
¹ Is attributable in its entirety to derivative instruments that were held by the company at the beginning of the year and were due during the period.
| 2018 | 2017 | |
|---|---|---|
| Defered tax attributable to: | Dec 31 | Dec 31 |
| - tax loss carryforwards, SEKm | -908 | -1,066 |
| - difference between book value and tax value in respect of properties, SEKm | 7,341 | 6,124 |
| - derivatives, SEKm | -52 | -64 |
| - other, SEKm | 0 | -6 |
| Net debt, deferred tax, SEKm | 6,381 | 4,988 |
Details are provided below regarding reconciliation of the financial key ratios that Fabege continually monitors and for which established financial targets are in place. The following financial
targets have been adopted by the Board:
| 2018 | ||||
|---|---|---|---|---|
| Equity/assets ratio | Dec 31 | Dec 31 | ||
| Equity, SEKm | 34,964 | 28,011 | ||
| Total assets, SEKm | 68,830 | 59,384 | ||
| Equity/assets ratio | 51% | 47% | ||
| 2018 | 2017 | |||
| Loan-to-value ratio, properties | Dec 31 | Dec 31 | ||
| Interst-bearing liabilities, SEKm | 26,275 | 24,841 | ||
| Booked value properties, SEKm | 67,634 | 57,889 | ||
| Loan-to-value ratio, properties | 39% | 43% | ||
| 2018 | 2017 | |||
| Debt ratio | Dec 31 | Dec 31 | ||
| Operating surplus, SEKm | 1,875 | 1,680 | ||
| Central administration, SEKm | -80 | -74 | ||
| Total, SEKm | 1,795 | 1,606 | ||
| Interest-bearing liabilities, SEKm | 26,275 | 24,841 | ||
| Debt ratio, multiple | 14.6 | 15.5 | ||
| 2018 | 2017 | |||
| Interst coverage ratio, multiple | Dec 31 | Dec 31 | ||
| Net operating income, SEKm | 1,875 | 1,680 | ||
| Central administration, SEKm | -80 | -74 | ||
| Total, SEKm | 1,795 | 1,606 | ||
| Net intrest/expense, SEKm | -485 | -509 | ||
| Interst coverage ratio, multiple | 3.7 | 3.2 | ||
| 2018 | 2017 | 2018 | 2017 | |
| Return on equity | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Profit for the period, SEKm | 1,432 | 1,430 | 7,699 | 5,632 |
| Average shareholders' equity, SEKm | 34,248 | 27,304 | 31,488 | 25,507 |
| Return on equity | 16.7% | 20.9% | 24.5% | 22.1% |
| Total return on properties | 2018 Oct-Dec |
2017 Oct-Dec |
2018 Jan-Dec |
2017 Jan-Dec |
| Net operating income, SEKm | 486 | 450 | 1,875 | 1,680 |
| Unrealized and realized value changes properties, SEKm | 1,625 | 1,643 | 7,838 | 6,095 |
| Market value including captal investment during the period, SEKm | 65,618 | 56,248 | 59,679 | 51,794 |
| Total return on properties, % | 3.2% | 3.7% | 16.3% | 15.0% |
| 2018 | 2017 | |
|---|---|---|
| EPRA NAV & EPRA NNNAV | Jan-Dec | Jan-Dec |
| Shareholders' equity, SEKm | 34,964 | 28,011 |
| Reversal of fixed-income derivatives, SEKm | 132 | 291 |
| Reversal of deferred tax according to the balance sheet, SEKm | 6,381 | 4,988 |
| Sum, SEKm | 41,477 | 33,290 |
| Number of shares, millions | 330.8 | 330.8 |
| EPRA NAV, SEK per share | 125 | 101 |
| Deduction of interest rate derivatives | -132 | -291 |
| Deduction of actual deferred tax¹ | -1,587 | -953 |
| EPRA NNNAV (Short-term net asset value) | 39,758 | 32,046 |
| EPRA NNNAV (Short-term net asset value) SEK per share | 120 | 97 |
¹ Conversion per share has been made with regard to split 2: 1, according to the Annual General Meeting of 9 April 2018. No. of shares in previous periods has been recalculated accordingly.
| 2018 | 2017 | |
|---|---|---|
| EPRA EPS | Jan-Dec | Jan-Dec |
| Profit from property management, SEKm | 1,246 | 992 |
| Tax-deductable depreciation, SEKm | -721 | -580 |
| Sum, SEKm | 525 | 412 |
| Nominal tax (22%), SEKm | 116 | 91 |
| EPRA earnings in total, (Profit from property management minus nominal tax) SEKm | 1,131 | 901 |
| Number of shares, millions | 330.8 | 330.8 |
| EPRA EPS, SEK per share | 3:42 | 2:72 |
¹ Conversion per share has been made with regard to split 2: 1, according to the Annual General Meeting of 9 April 2018. No. of shares in previous periods has been recalculated accordingly.
| 2018 | 2017 | |
|---|---|---|
| EPRA Vacancy rate | Jan-Dec | Jan-Dec |
| ERV of vacant space, SEKm | 176 | 153 |
| Rental value, yearly, entire portfolio, SEKm | 2,960 | 2,594 |
| Sum, SEKm | 6% | 6% |
Contingent liabilities comprise the balance sheet date guarantees and commitments in favour of associated companies of SEK 390m (340) and other 0 (0).
The Pyramiden 4 property was reclassified as an investment property at the end of the first quarter. In the second quarter, the Fortet 2 property was reclassified from a development property to a project property. In the fourth quarter, the projects relating to Hörnan 1, Pelaren 1, Orgeln 7 and Signalen 3 were completed. All completed project properties have been transferred to the investment property portfolio.
| 2018 | 2017 | |
|---|---|---|
| SEKm | Jan-Dec | Jan-Dec |
| Income | 260 | 203 |
| Expenses | -346 | -257 |
| Net financial items | 1,896 | -147 |
| Share in profits of associated companies | -4 | 0 |
| Changes in value, fixed-income derivatives | 16 | 268 |
| Changes in value, equities | 3 | -4 |
| Group Contribution | 1,208 | 79 |
| Profit before tax | 3,033 | 142 |
| Current tax | 0 | 0 |
| Deferred tax | -237 | -32 |
| Profit for the period | 2,796 | 110 |
| 2018 | 2017 | |
|---|---|---|
| SEKm | Dec 31 | Dec 31 |
| Participation in Group companies | 12,516 | 12,516 |
| Other fixed assets | 41,092 | 40,786 |
| of which, receivables from Group companies | 40,945 | 40,402 |
| Current assets | 614 | 84 |
| Cash and cash equivalents | 1 | 347 |
| Total assets | 54,223 | 53,733 |
| Shareholders' equity | 12,180 | 10,129 |
| Provisions | 69 | 68 |
| Long-term liabilities | 38,911 | 36,916 |
| of which, liabilities to Group companies | 17,830 | 21,252 |
| Current liabilities | 3,063 | 6,620 |
| Total equity and liabilities | 54,223 | 53,733 |
| 2018 | 2017 | |||||||
|---|---|---|---|---|---|---|---|---|
| SEKm | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 |
| Rental income | 653 | 627 | 623 | 614 | 592 | 580 | 562 | 546 |
| Property expenses | -167 | -146 | -154 | -175 | -142 | -145 | -146 | -167 |
| Net operating income | 486 | 481 | 469 | 439 | 450 | 435 | 416 | 379 |
| Surplus ratio | 74% | 77% | 75% | 71% | 76% | 75% | 74% | 69% |
| Central administration | -20 | -21 | -21 | -18 | -21 | -17 | -17 | -19 |
| Net interest expence | -114 | -114 | -131 | -126 | -126 | -127 | -123 | -133 |
| Share in profits of associated companies | -1 | -23 | -19 | -21 | -24 | -27 | -43 | -11 |
| Profit/loss from property management | 351 | 323 | 298 | 274 | 279 | 264 | 233 | 216 |
| Realised changes in value of properties | 65 | 0 | 5 | 83 | 0 | 0 | 0 | 0 |
| Unrealised value of properties | 1,560 | 847 | 2,578 | 2,700 | 1,643 | 2,463 | 1,156 | 833 |
| Unrealised changes in value, fixed-income derivatives | -125 | 103 | -2 | 40 | 41 | 71 | 67 | 89 |
| Changes in value, equities | -1 | 4 | 0 | 0 | -1 | 0 | 0 | -3 |
| Profit for the period/year | 1,850 | 1,277 | 2,879 | 3,097 | 1,962 | 2,798 | 1,456 | 1,135 |
| Current tax | -6 | -1 | 0 | 0 | 0 | -1 | 0 | 0 |
| Deferred tax | -412 | -186 | -243 | -558 | -532 | -596 | -337 | -253 |
| Comprehensive income for the period | 1,432 | 1,090 | 2,636 | 2,539 | 1,430 | 2,201 | 1,119 | 882 |
| 2018 | 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SEKm | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | ||
| Assets | ||||||||||
| Properties | 67,634 | 65,024 | 63,391 | 61,375 | 57,889 | 55,509 | 52,464 | 50,832 | ||
| Other tangible fixed assets | 3 | 3 | 3 | 3 | 4 | 3 | 2 | 2 | ||
| Financial fixed assets | 429 | 409 | 424 | 400 | 342 | 495 | 497 | 360 | ||
| Current assets | 622 | 549 | 481 | 728 | 647 | 586 | 636 | 647 | ||
| Short-term investments | 127 | 154 | 153 | 153 | 153 | 152 | 142 | 142 | ||
| Cash and cash equivalents | 15 | 61 | 67 | 0 | 349 | 161 | 19 | 24 | ||
| Total assets | 68,830 | 66,200 | 64,519 | 62,659 | 59,384 | 56,906 | 53,760 | 52,007 | ||
| Equitites and liabilities | ||||||||||
| Shareholders' equity | 34,964 | 33,532 | 32,443 | 30,551 | 28,012 | 26,597 | 24,396 | 23,277 | ||
| Deferred tax | 6,381 | 5,991 | 5,789 | 5,546 | 4,988 | 4,455 | 3,859 | 3,521 | ||
| Other provisions | 166 | 229 | 229 | 235 | 233 | 216 | 216 | 218 | ||
| Interest-bearing liabilities | 26,275 | 25,435 | 24,947 | 25,194 | 24,841 | 24,436 | 23,886 | 22,548 | ||
| Derivative instruments | 132 | 39 | 254 | 251 | 291 | 332 | 402 | 470 | ||
| Non-interest bearing liabilitis | 912 | 974 | 857 | 882 | 1,019 | 870 | 1,001 | 1,973 | ||
| Total equity and liabilities | 68,830 | 66,200 | 64,519 | 62,659 | 59,384 | 56,906 | 53,760 | 52,007 |
| 2018 | 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | ||
| Financial² | |||||||||
| Return on capital employed, % | 13.0 | 9.5 | 21.3 | 23.7 | 16.4 | 23.1 | 13.4 | 11.2 | |
| Return on equtiy, % | 16.7 | 13.2 | 16.7 | 34.7 | 20.9 | 34.5 | 18.8 | 15.2 | |
| Interest coverage ratio, multiple² | 4.1 | 4.0 | 3.4 | 3.3 | 3.4 | 3.3 | 3.2 | 2.7 | |
| Equity/assets ratio, % | 51 | 51 | 50 | 49 | 47 | 47 | 45 | 45 | |
| Loan-to-value ratio, properties, % | 39 | 39 | 39 | 41 | 43 | 44 | 46 | 44 | |
| Debt ratio, multiple | 14.6 | 14.5 | 14.5 | 15.1 | 15.5 | 15.8 | 15.8 | 15.5 | |
| Debt/equity raio, multiple | 0.8 | 0.8 | 0.8 | 0.8 | 0.9 | 0.9 | 1.0 | 1.0 | |
| Share-related¹ ² | |||||||||
| Earnings per share, SEK³ | 4:33 | 3:29 | 7:97 | 7:67 | 4:32 | 6:65 | 3:38 | 2:67 | |
| Total earnings per share, SEK | 106 | 101 | 98 | 93 | 85 | 80 | 74 | 70 | |
| Cash flow from operating activities per share, SEK | 0:36 | 1:23 | 1:62 | -0:27 | 0:45 | -3:88 | 0:12 | 5:67 | |
| No. of shares outstanding at the end of the period, thousands | 330,783 | 330,783 | 330,783 | 330,783 | 330,783 | 330,783 | 330,783 | 330,783 | |
| Average no. of shares, thousands | 330,783 | 330,783 | 330,783 | 330,783 | 330,783 | 330,783 | 330,783 | 330,783 | |
| Property-related | |||||||||
| Financial occupancy rate, % | 94 | 95 | 95 | 94 | 94 | 94 | 94 | 93 | |
| Total return on properties, % | 3.2 | 2.1 | 4.9 | 5.5 | 3.7 | 5.5 | 3.1 | 2.5 | |
| Surplus ratio, % | 72 | 77 | 75 | 72 | 76 | 75 | 74 | 69 |
¹ Conversion per share has been made with regard to split 2: 1, according to the Annual General Meeting of 9 April 2018. No. of shares in previous periods has been recalculated accordingly.
² Unless otherwise stated, the key figure is not defined under IFRS. Please see page 21 for definitions
³ Definitionen according to IFRS.
The company presents certain financial performance measures in the interim report that are not defined according to IFRS. The company considers that these measures provide valuable supplementary information for investors and company management, as they enable an assessment and benchmarking of the company's presentation.
Since not all companies calculate financial performance measures in the same way, these are not always comparable to measures used by other companies. These financial performance measures should not therefore be regarded as substitutes for measures defined according to IFRS. The following key ratios are not defined according to IFRS, unless otherwise stated.
Profit for the period/year divided by average shareholders' equity including non-controlling interest. In interim reports, the return is converted into its annualised value without taking account of seasonal variations.
Profit before tax plus interest expenses, divided by average capital employed. In interim reports, the return is converted into its annualised value without taking account of seasonal variations.
Interest-bearing liabilities divided by the carrying amount of the properties at the end of the period.
Dividend for the year divided by the share price at year-end.
Parent Company shareholders' share of equity according to the balance sheet, divided by the number of shares at the end of the period.
Lease value divided by rental value at the end of the period.
Profit from property management less tax at a nominal rate attributable to profit from property management, divided by average number of shares. Taxable profit from property management is defined as profit from property management less such amounts as tax-deductible depreciation and remodelling.
Shareholders' equity per share following the reversal of fixed-income derivatives and deferred tax according to the balance sheet.
Shareholders' equity at the end of the period adjusted for actual deferred tax instead of nominal deferred tax, and the minority's share of the capital divided by the number of shares outstanding at the end of the period.
Estimated market rent for vacant rents divided by the annual rental value for the entire property portfolio.
Properties that are being actively managed on an ongoing basis.
Properties in which a conversion or extension is in progress or planned that has a significant impact on the property's net operating income. Net operating income is affected either directly by the project or by limitations on lettings prior to impending improvement work.
Lease value plus estimated annual rent for vacant premises after a reasonable general renovation.
Cash flow from operating activities (after changes in working capital) divided by the average number of shares outstanding.
Stated as an annual value. Index-adjusted basic rent under the rental agreement plus rent supplements.
Land and development properties and properties in which a new build/complete redevelopment is in progress.
New lettings during the period less terminations to vacate.
Parent Company shareholders' share of earnings after tax for the period, divided by average number of shares outstanding during the period. Definition according to IFRS.
Net operating income less central administration in relation to net interest items (interest expenses less interest income).
Interest-bearing liabilities divided by rolling twelve-month net operating income less central administration.
Interest-bearing liabilities divided by shareholders' equity.
Shareholders' equity including non-controlling interest divided by total assets.
Total assets less non-interest-bearing liabilities, provisions and deferred tax.
Net operating income for the period plus unrealised and realised changes in the value of properties, divided by market value at start of period plus investments for the period.
Estimated actual deferred tax has been calculated at approximately 4 per cent based on a discount rate of 3 per cent. Furthermore, it has been assumed that loss carryforwards are realised over four years with a nominal tax rate of 21.4 per cent, which gives a net present value for deferred tax assets of 19.7 per cent. The calculation is also based on the property portfolio being realised over 50 years, with 10 per cent being sold directly with a nominal tax rate of 20.6 per cent and the remaining 90 per cent being sold indirectly via companies with a nominal tax rate amounting to 6 per cent, which gives a net present value for deferred tax liabilities of 4 per cent.
Proportion of leases that are extended in relation to the proportion of cancellable leases.
Net operating income divided by rental income.
Fabege is one of Sweden's leading property companies, focusing mainly on letting and managing office premises as well as city district development. The company offers modern premises in prime locations in fastgrowing submarkets in the Stockholm region: Stockholm inner city, Solna and Hammarby Sjöstad.
Fabege offers attractive and efficient premises, mainly offices but also retail and other premises. The concentration of properties to wellcontained clusters leads to greater customer proximity and, coupled with Fabege's extensive local expertise, creates a solid foundation for efficient property management and high occupancy.
At 31 December 2018, Fabege owned 89 properties with a total market value of SEK 67.6bn. The rental value was SEK 3.0bn.
Fabege works with sustainable city district development, with a primary focus on commercial properties within a limited number of well located submarkets in the Stockholm area.
Fabege aims to create value by managing, improving and actively adjusting its property portfolio through sales and acquisitions.
Fabege's operational activities are conducted in three business areas: Property Management, Property Development and Transactions.
Fabege's strategy is to create value by managing and developing the property portfolio and through transactions, acquiring and divesting properties with the aim of increasing potential in the property portfolio. Fabege's properties are located in the most liquid market in Sweden.
Attractive locations lead to a low vacancy rate in the investment property portfolio. Modern properties permit flexible solutions and attract customers. With its concentrated portfolio and high-profile local presence, investments aimed at enhancing the attractiveness of an area benefit many of Fabege's customers.
A number of external factors affect Fabege's operations and these, together with the transaction volume and the office market trend in Stockholm, represent the prerequisites for the company's success.
Stockholm is one of the five metropolitan areas in Western Europe where the population is rising the most. According to forecasts, Stockholm County will have half a million inhabitants more than today by 2030. People in the active labour force account for the largest growth, which is boosting demand for office premises.
New technology and new working methods are fuelling demand for flexible and space-efficient premises in prime locations. Excellent peripheral service and good communication links in the form of public transport services are in increasing demand, as are environmentally certified offices and green leases.
The trend for both the Swedish and global economy impacts the property market. Lower vacancy rates in Stockholm's inner city and a stronger economic climate have historically meant rising rents.
Sustainability issues are becoming increasingly important, in terms of both individual properties and entire areas. Interest in environmental considerations involving choice of material and energy-saving measures is on the rise. Demand is increasing for premises in areas with a favourable mix of offices, retail, service and residential units, as well as excellent transport links and environmental commitment.
The essence of Fabege's operations is finding the right premises for a customer's specific requirements and ensuring that the customer is content. This is accomplished through longterm work and based on close dialogue with the customer, thus building mutual trust and loyalty.
High-quality property development is the second key cornerstone of our business. Fabege has long-standing expertise in pursuing extensive property development projects, with the aim of attracting long-term tenants to properties that have not yet been fully developed and can be redesigned based on the customer's specific requirements.
Property transactions are an integral part of Fabege's business model and make a significant contribution to the company's earnings. The company continuously analyses its property portfolio to take advantage of opportunities to generate capital growth through acquisitions and divestments.
Year-end report 2018 2019 Annual General Meeting Interim report Jan–March 2019 Interim report Jan–June 2019 Interim report Jan–Sep 2019
5 February 2019, 12:00 noon CET 2 April 2019, 15:00 pm CET 12 April 2019, 8:00 am CET 5 July 2019, 8:00 am CET 21 October 2019, 8:00 am CET
| 08/10/2018 | Well-known 55 year old environmentally certified with high |
|---|---|
| marks | |
| 18/10/2018 | Interim report January – September 2018 |
| 25/10/2018 | Fabege sponsors health initiative in Solna's schools |
| 01/11/2018 | Fabege increases its investment in Flemingsberg |
| 06/11/2018 | 800,000 m3 heated bedrock provides a pleasant climate for |
| employees in Tidningshuset | |
| 26/11/2018 | Changes in Fabege's Nomination Committee |
| 04/12/2018 | Fabege creates Sweden's first zero-energy hotel |
| 16/12/2018 | Christian Hermelin resigns as CEO in 2019 |
¹Including regulatory and non-regulatory press releases during the period.
There will also be a web presentation on the Group's website on 5 February 2019, at which Christian Hermelin and Åsa Bergström will present the report.
CHRISTIAN HERMELIN Chief Executive Officer Tel: +46 (0)8 555 148 25, +46 (0)733 87 18 25
ÅSA BERGSTRÖM Vice President and CFO Tel: +46 (0)8 555 148 29, +46 (0)706 66 13 80
Fabege AB (publ) Box 730, SE 169 27 Solna, Sweden Visitors: Pyramidvägen 7, 169 56 Solna, Sweden Telephone: +46 (0)8 555 148 00 Email: [email protected] www.fabege.se Corporate registration number: 556049-1523 Registered office of the Board of Directors: Stockholm
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