Fabege — Interim / Quarterly Report 2016

Apr 26, 2016

2016

Q1 Summary, SEKm

	2016	2015	2015
	Jan-Mar	Jan-Mar	Jan-Dec
Rental income	519	502	1 998
Net operating income	355	350	1 429
Profit from property management	195	168	688
Profit before tax	1,756	886	4,233
Profit after tax	1,665	705	3,232
Surplus ratio,%	6 8	7 0	7 2
Loan-to-value ratio, properties, %	4 8	5 8	5 2
EPRA NAV, SEK per share	126	9 7	115

January – March 2016¹

• Rental income increased to SEK 519m (502) as a result of completed project properties generating revenue. In an identical portfolio, income rose by 4 per cent.
• Net operating income rose to SEK 355m (350). In an identical portfolio, net operating income increased by slightly more than 2 per cent. The surplus ratio was 68 per cent (70) following a colder winter compared with the previous year.
• Profit from property management rose by 16 per cent to SEK 195m (168).
• Realised and unrealised changes in value amounted to SEK 1,679m (708) in properties and SEK –118m (–57) in interest-rate derivatives.
• In February, Uarda 5 was divested at a purchase price of SEK 2.2bn. The transaction produced a realised gain of SEK 159m before tax and SEK 420m after tax.

Profit before tax for the period amounted to SEK 1,756m (886). Profit after tax for the period was SEK 1,665m (705), corresponding to earnings per share of SEK 10.07 (4.26).

Net lettings during the period totalled SEK 12m (12). The rent levels from renegotiated leases were an average of 23 per cent higher, although based on a relatively low volume.

The equity/assets ratio was 43 per cent (39) and the loan-to-value ratio 48 per cent (52). After adjustment for unrecorded dividends adopted after the balance sheet date, the

equity/assets ratio amounted to 42 per cent and the loan-to-value ratio was 49 per cent.

¹The comparison figures for income and expense items relate to values for the period January–March 2015 and for balance sheet

items as at 31 December 2015.

Accelerating rental growth on Stockholm market

Christian Hermelin, CEO

SURPLUS RATIO

New long-term target as of 2016: 75 per cent

INVESTMENT VOLUME

Target: At least SEK 1,500m per year

RETURN ON PROJECTS¹

Target: At least 20 per cent 1) The return for projects in Q1, 2016, totalled 145 per cent.

TRANSACTION GAIN²

2) The transaction gain for 2015 amounted to 84%

High demand and low vacancies resulted in healthy rental growth over

the past year. In the first quarter, there was an acceleration in rental

growth, which contributed to a strong increase in value.

Positive market conditions persist

Effective business model creates value

Green financing

Market outlook

Earnings Jan–Mar 2016 1

Increased rental income and lower interest expenses led to a 16 per cent rise in profit from property management. Persistently declining yield requirements on the property market and value-adding projects paved the way for continued robust value growth in the property portfolio.

Revenues and earnings

Segment reporting

Quarter 1 in brief¹

BUSINESS MODEL CONTRIBUTIONS TO EARNINGS

	2016	2015
SEKm	Jan-M ar	Jan-M ar
Profit from Property Management activities	203	167
Changes in value (portfolio of investment
properties)	974	620
Contribution from Property	1,177	787
M anagement
Profit from Property Management activities	-8	1
Changes in value (profit from Property
Development)	545	8 7
Contribution from Property	537	8 8
Development
Realised changes in value	160	1
Contribution from Transactions	160	1
Total contribution
from the operation	1,874	876

3.8%

Value growth

Financing

Tax

Financial position and net asset value

Cash flow

INTEREST RATE MATURITY STRUCTURE, 31 MARCH 2016

	Amount SEKm	Average interest rate,%	Share,%
< 1 year	7,819	3.43	4 1
1-2 years	1,850	2.10	1 0
2-3 years	4,500	3.51	2 2
3-4 years	1,000	2.13	5
4-5 years	-	-	-
5 -6years	1,000	2.68	5
6-7 years	800	1.00	4
7-8 years	900	1.02	5
8-9 years	900	1.05	5
9-10 years	500	1.00	3
Total	19,269	2.83	100

The average interest rate for the < 1 year period includes the margin for the entire debt portfolio because the company's fixed-rate period is established using interest rate swaps, which are traded without margins.

LOAN MATURITY STRUCTURE AT 31 MARCH 2016

	Credit agreement SEKm	Draw n, SEKm
Commercial paper programme	5,000	3,438
< 1 year	5,617	2,397
1-2 years	4,418	3,063
2-3 years	6,395	4,000
3-4 years	1,125	1,125
4-5 years	-	-
5-10 years	3,993	3,993
10-15 years	-	-
15-20 years	-	-
20-25 years	1,253	1,253
Total	27,801	19,269

BREAKDOWN OF SOURCES OF FUNDING

Revolving facilities 15% Bond financing 6% Commercial Paper 15% Other loans 49%

Unutilised facilities 15%

Green MTN programme of SEK 2bn launched in April

Operations Jan–Mar 2016¹

The strong rental market meant rising rent levels for new and renegotiated leases at the start of the year. Higher rent levels and lower yield requirements on the property market also resulted in persistently rising property values. The lower yield requirements were confirmed by the sale of Uarda 5, Arenastaden, in the first quarter.

Property portfolio and property management

Changes in the property portfolio

Changes in value of properties

¹

Projects and investments

Completed projects

Major ongoing projects

ҫ

CHANGE IN PROPERTY VALUE 2016

Changes in property value	2016
Opening fair value 2016-01-01	40,279
Property acquisitions Investments in new builds, extensions and	152
conversions	486
Changes in value	1,519
Sales and disposals	-1,969
Closing fair value 2016-03-31	40,467

SALES OF PROPERTIES JAN–MAR 2016

		Cat	Lettable
Property name	Area	egory	area.sqm
Quarter 1
Uarda 5	Arenastaden	Office	44,269
Quarter 2
Quarter 3
Quarter 4
Total sales of properties			44,269

PROPERTY ACQUISITIONS JAN–MAR 2016

			Lettable
Property name	Area	Category	area, sqm
Quarter 1
Fräsaren 9	Solna	Office	9,541
Quarter 2
Quarter 3
Quarter 4
Total acquisitions of
properties			9,541

FABEGE'S FIRST BREEAM IN-USE CERTIFICATIONS READY IN Q1

ONGOING PROJECTS >SEK 50M

31 March 2016

	Property			Lettable	Occupancy rate,	Estimated rental	Carrying	Estimated	of w hich, w orked up.
Property listing	type	Area	Completed	area, sqm	area, %¹	value, SEKm²	amount SEKm	investment, SEKm	SEKm
Hörnan (Part of Lagern 2) Offices		Solna	Q2-2018	16,300	67%	4 4	148	529	3 1
Nationalarenan 8	Offices	Arenastaden	Q2-2016	42,000	100%	109	2,046	1,311	1,292
Pyramiden 4	Offices	Arenastaden	Q2-2018	72,200	100%	182	1,365	2,350	852
Signalen 3	Offices	Arenastaden	Q3-2018	30,500	75%	8 7	256	1,080	2 9
Uarda 6	Offices	Arenastaden	Q4-2017	18,000	70%	5 0	512	570	349
Total				179,000	90%	472	4,327	5,840	2,553
Other land and project properties							475
Other development properties							3,029
Total projects, land and development properties							7,831

PROPERTY PORTFOLIO

31 March 2016

31 March 2016
			Mar 31 2016				Jan-Mar 2016
	N o. of	Lettable area,	M arket	Rental	Financial	Rental	Property	N et operating
	properties	'000 sqm	value SEKm	value²	occupancy rate %	income SEKm	ex penses SEKm	income SEKm
Property holdings
Investment properties ¹	6 2	915	32,636	2,046	9 4	474	-110	364
Development properties ¹	7	130	3,029	144	8 9	3 1	-9	2 2
Land and Project
properties ¹	1 5	2 5	4,802	1 7	2 9	2	-3	-1
Total	8 4	1,070	40,467	2,207	9 3	507	-122	385
Of which, Inner city	3 0	403	17,910	1,061	9 4	251	-62	189
Of which, Solna	3 8	549	19,107	924	9 2	208	-49	159
Of which, Hammarby
Sjöstad	1 1	117	3,313	221	8 9	4 8	-11	3 7
Of which, Other	5	1	137	1	100	0	0	0
Total	8 4	1,070	40,467	2,207	9 3	507	-122	385
Expenses for lettings, project development and property administration								-40
Total net operating income after ex					penses for lettings, project development and property administration			345 ³
¹ See definitions on page 1 5.
² In the rental value,			time limited deductions of about SEK 102m (in rolling annual rental value at 31 March 2015) have not been deducted.

³ The table refers to Fabege's property portfolio on 31 March 2016. Income and expenses were recognised as if the properties were owned for the entire period. The difference between recognised net operating income above, SEK345m, and net operating income in profit or loss, SEK 355m, is due to net operating income from divested properties being excluded, and acquired properties being adjusted upwards as if they had been owned/ completed during the period of January–March 2016. Intercompany rentals have been included in the table.

SEGMENT REPORTING IN SUMMARY¹

	2016 Jan-M ar	2016 Jan-M ar	2016 Jan-M ar	2016 Jan-M ar	2015 Jan-M ar	2015 Jan-M ar	2015 Jan-M ar	2015 Jan-M ar
	Property	Property			Property	Property
SEKm	M anagement	Development	Transaction	Total	M anagement	Development	Transaction	Total
Rental income	486	3 3		519	468	3 4		502
Property expenses	-151	-13		-164	-139	-13		-152
N et operating income	335	2 0	0	355	329	2 1	0	350
Surplus ratio, %	69%	61%	0 %	68%	70%	62%	0 %	70%
Central administration	-13	-3		-16	-14	-2		-16
Net interest expense	-106	-25		-131	-137	-16		-153
Share in profits of associated companies	-13	0		-13	-11	-2		-13
Profit from property management activities	203	- 8	0	195	167	1	0	168
Realised changes in value of properties			160	160	0	0	1	1
Unrealised changes in value of properties	974	545		1,519	620	8 7		707
Profit/ loss before tax per segment	1,177	537	160	1,874	787	8 8	1	876
Changes in value, fixed income derivatives and equities				-118				1 0
Profit before tax				1,756				886
Properties, market value	32,636	7,831		40,467	30,282	3,481		33,763
Occupancy rate, %	94%	83%		93%	94%	76%		93%

Other financial information

Human resources

Parent Company

Annual General Meeting, 11 April 2016

Acquisition and transfer of treasury shares

New equity/assets ratio target

Opportunities and risks

SENSITIVITY ANALYSIS – CASH FLOW AND EARNINGS

		Effect,
	Change	SEKm
Rental income, total	1 %	20.8
Rent level, commercial income	1 %	19.2
Financial occupancy rate	1 percentage point	22.1
Property expenses	1 %	6.6
Interest expense, rolling 12 months ¹	+/ -1 percentage point	25 / 77
Interest expenses, longer term perspective	1 percentage point
The sensitivity analysis shows the effects on the Group's cash flow and profit on

an annualised basis 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.

SENSITIVITY ANALYSIS – PROPERTY VALUE

Change in value, %	Impact on after-tax profit, SEKm	Equity/ as sets ratio, %	Loan-to value ratio, %
+1	316	43.5%	47.1%
0	0	43.2%	47.6%
-1	-316	42.9%	48.1%

Profit and key figures 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.

Events after balance sheet date

Seasonal variations

Market outlook

Accounting policies

Share information

The Fabege share is listed on the Nasdaq Stockholm Nordic Exchange and included in the Large-Cap segment.

	THE 15 LARGEST SHAREHOLDERS AS OF 31 MARCH 2016¹

	N umber of	Proportion	Proportion
	shares	of equity, %	of votes,%
Erik Paulsson with family, privately and company	25,051,150	15.1	15.1
BlackRock Inc.	5,897,993	3.6	3.6
Investment AB Öresund	5,500,000	3.3	3.3
Handelsbanken Funds	4,319,727	2.6	2.6
Länsförsäkringar Funds	4,091,006	2.5	2.5
Qviberg Mats with family	3,747,868	2.3	2.3
Norges Bank Investment Management	2,980,965	1.8	1.8
Principal Funds	2,899,244	1.8	1.8
ENA City AB	2,740,300	1.7	1.7
SHB pension fund	2,420,000	1.5	1.5
Folketrygdfondet	2,170,292	1.3	1.3
Carnegie Funds	2,162,000	1.3	1.3
Stichting Pensioenfonds ABP	2,012,690	1.2	1.2
ING Funds	1,955,995	1.2	1.2
Blue Sky Group Pensioenfonds	1,440,207	0.9	0.9
Total 15 largest shareholders	69,389,437	42.0	42.0
Other foreign shareholders	51,602,170	31.2	31.2
Other Swedish shareholders	44,399,965	26.8	26.8
Total no. of
shares outstanding	165,391,572	100.0	100.0
Treasury shares	0	0	0
Total no. of registrated shares	165,391,572	100.0	100.0

1) The shareholdings of certain shareholders whose shares are managed by trustees may differ from what is stated in the share register.

**=The shares are wholly or partly owned by trustee-managed accounts. Ownership has been confirmed via a disclosure press release to the Swedish Financial Supervisory Authority and verified on 23 February 2016.

Source: Modular Finance AB, according to data from Euroclear Sweden AB.

SHARE INFORMATION

CONSTRUCTION OF UARDA 7 ON EVENEMANGSGATAN/DALVÄGEN IN ARENASTADEN COMPLETE

CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME

	2016	2015	2015	Rolling 12 m
SEKm	Jan-M ar	Jan-M ar	Jan-Dec	Apr 15 - M ar 16
Rental income	519	502	1,998	2,015
Property expenses	-164	-152	-569	-581
N et operating income	355	350	1,429	1,434
Surplus ratio, %	6 8	7 0	7 2	7 0
Central administration	-16	-16	-65	-65
Net interest/ expense	-131	-153	-582	-560
Share in profits of associated companies	-13	-13	-94	-94
Profit/ loss from property management	195	168	688	715
Realised changes in value of properties	160	1	2 1	180
Unrealised changes in value of properties	1,519	707	3,252	4,064
Unrealised changes in value, fixed income derivatives	-118	-57	262	201
Changes in value of shares	0	6 7	1 0	-57
Profit/ loss before tax	1,756	886	4,233	5,103
Current tax	-1	0	-2	-3
Deferred tax	-90	-181	-999	-908
Profit/ loss for period/ year	1,665	705	3,232	4,192
Items that will not be restated in profit or loss				0
Revaluation of defined-benefit pensions	-	-	2	2
Comprehensive income for the period/ year	1,665	705	3,234	4,194
Earnings per share, SEK	10:07	4:26	19:54	25:35
Total earnings per share, SEK	10:07	4:26	19:55	25:36
No. of shares at period end, millions	165.4	165.4	165.4	165.4
Average no. of shares, million	165.4	165.4	165.4	165.4

CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION

	2016	2015	2015
SEKm	M ar 31	M ar 31	Dec 31
Assets
Properties	40,467	33,763	40,279
Other tangible fixed assets	1	1	1
Financial fixed assets	906	1,634	923
Current assets	533	1,933	446
Short-term investments	6 6	3 8	7 0
Cash and cash equivalents	3 3	6 2	3 2
Total assets	42,006	37,431	41,751
Equity and liabilities
Shareholder's equity	18,144	13,951	16,479
Deferred tax	1,876	1,099	1,786
Other provisions	148	166	150
Interest-bearing liabilities¹	19,269	19,733	21,068
Other long-term liabilities	621	-	619
Derivative instrument	777	977	658
Non-interest-bearing liabilities	1,171	1,505	991
Total equity and liabilities	42,006	37,431	41,751
Equity/ assets ratio, %	4 3	3 7	3 9
Contingent liabilities	433	1,058	433

CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY

CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY
		Of w hich,
	Shareholders'	attributable to Parent Company
SEKm	equity	shareholders
Shareholders' equity, 1 January 2015, according to adopted Statement of financial position	13,783	13,783
Cash dividend	-538	-538
Profit for the period	3,232	3,232
Other comprehensive income	2	2
Shareholders' equity, 31 December 2015	16,479	16,479
Cash dividend	0	0
Profit for the period	1,665	1,665
Other comprehensive income	0	0
Shareholders' equity, 31 M arch 2016	18,144	18,144

CONSOLIDATED STATEMENT OF CASH FLOWS¹

	2016	2015	2015
SEKm	Jan-M ar	Jan-M ar	Jan-Dec
Operations
Net operating income	355	350	1,429
Central administration	-16	-16	-65
Reversal of depreciation	0	0	0
Interest received	2	3	2 5
Interest paid	-130	-140	-689
Income tax paid	0	0	0
Cash flow before changes in w orking capital	211	197	700
Change in w orking capital
Change in current receivables	3 5	-133	831
Change in current liabilities	3 2	160	211
Total change in w orking capital	6 7	2 7	1,042
Cash flow from operating activities	278	224	1,742
Investing activities
Investments in new-builds, extensions and conversions	-472	-490	-2,770
Acquisition of properties	-152	-	-985
Divestment of properties	2,143	163	604
Other tangible fixed assets	3	-39	440
Cash flow from investing activities	1,522	-366	-2,711
Financing activities
Dividend to shareholders	-	-	-538
Change in interest bearing liabilities	-1,799	182	1,516
Cash flow from investing activities	-1,799	182	978
Cash flow for the period	1	3 9	9
Cash and cash equivalents at beginning of period	3 2	2 3	2 3
Cash and cash equivalents at end of period	3 3	6 2	3 2

CONSOLIDATED KEY FIGURES

	2016	2015	2015
Financial	Jan-M ar	Jan-M ar	Jan-Dec
Return on capital employed, %	19.6	12.2	13.2
Return on equity, %	38.5	20.3	21.4
Interest coverage ratio, multiple ²	2.6	2.2	2.3
Equity	4 3	3 7	3 9
Loan-to-value ratio, properties, %	4 8	5 8	5 2
Debt/ equity ratio, multiple	1.1	1.4	1.3
Share related¹
Earnings per share, SEK	10:07	4:26	19:54
Total earnings per share, SEK	10:07	4:26	19:55
Equity per share, SEK	110	8 4	100
Cash flow from operating activities per share, SEK		1:36	14:27
EPRA NAV, SEK per share	126	9 7	115
EPRA, EPS	1.09	1.01	3.94
No. of outstanding shares at end of period, thousands	165,392	165,392	165,392
Average number of shares, thousands	165,392	165,392	165,392
Property-related
No. of properties	8 4	8 2	8 3
Carrying amount, Properties, SEKm	40,467	33,763	40,279
Lettable area, sqm	1,070,000	1,030,000	1,092,000
Financial occupancy rate, %	9 3	9 3	9 3
Surplus ratio, %	6 8	7 0	7 2

DERIVATIVES

		Group		Parent Company
	2016	2015	2016	2015
IFRS, level 3	M ar 31	Dec 31	M ar 31	Dec 31
Opening value	-396	-521	-396	-521
Acquisitions/ Investments	-	-	-	-
Changes in value	-26	125	-26	125
Matured	-	-	-	-
Closing value	-370	-396	-370	-396
Carrying amount	-370	-396	-370	-396

SEGMENT REPORTING – RECLASSIFICATION DURING THE PERIOD

PARENT COMPANY CONDENSED INCOME STATEMENT

	2016	2015	2015
SEKm	Jan-M ar	Jan-M ar	Jan-Dec
Income	3 6	3 8	146
Expenses	-65	-60	-226
Net financial items	-374	-25	152
Income from other financial assets	-	-	0
Changes in value, fixed-income derivatives	-118	-57	262
Changes in value, equities	0	6 7	3 6
Profit before tax	-521	-37	370
Current Tax	-	-	-
Deferred	114	2 2	8
Profit for the period/ year	-407	-15	378

PARENT COMPANY CONDENSED BALANCE SHEET

	2016	2015	2015
SEKm	M ar 31	M ar 31	Dec 31
Participation in Group companies	12,516	12,992	12,592
Other fixed assets	41,957	40,000	41,892
of which, receivables from Group companies	41,195	39,029	41,103
Current assets	9 8	1,060	129
Cash and cash equivalents	3 2	5 9	3 0
Total assets	54,603	54,111	54,643
Shareholders' equity	11,894	12,409	12,301
Provisions	-103	6 8	6 8
Long-term liabilities	36,869	32,778	35,118
of which, liabilities to Group companies	23,589	21,383	21,724
Current liabilities	5,943	8,856	7,156
Total equity and liabilities	54,603	54,111	54,643

Quarterly overview

CONDENSED INCOME STATEMENT, AMOUNTS IN SEKM

	2016 2015					2014
	Quarter 1	Quarter 4	Quarter 3	Quarter 2	Quarter 1	Quarter 4	Quarter 3	Quarter 2
Rental income	519	505	495	496	502	522	526	526
Property expenses	-164	-156	-130	-131	-152	-157	-144	-137
N et operating income	355	349	365	365	350	365	382	389
Surplus ratio, %	68%	69%	74%	74%	70%	70%	73%	74%
Central administration	-16	-17	-16	-16	-16	-21	-16	-15
Net interest expence	-131	-146	-143	-140	-153	-155	-158	-180
Share in profits of associated companies	-13	-14	-59	-8	-13	-15	-17	-27
Profit/ loss from property management	195	172	147	201	168	174	191	167
Realised changes in value of properties	160	1 7	3	0	1	165	-	5 2
Unrealised value of properties	1519	1282	590	673	707	570	258	299
Unrealised changes in value, fixed-income derivatives	-118	151	-26	194	-57	-96	-90	-146
Changes in value, equities	0	-26	-28	-3	6 7	2 2	-13	-16
Profit for the period/ year	1756	1596	686	1065	886	835	346	356
Current tax	-1	-2	0	0	0	-	-3	1 6
Deferred tax	-90	-416	-167	-235	-181	7 5	-78	-49
Comprehensive income for the period/ year	1665	1178	519	830	705	910	265	323

CONDENSED FINANCIAL POSITION, AMOUNTS IN SEKM

	2016	2015					2014
	Quarter 1	Quarter 4	Quarter 3	Quarter 2	Quarter 1	Quarter 4	Quarter 3	Quarter 2
Assets
Properties	40,467	40,279	37,630	36,361	33,763	32,559	33,868	33,257
Other tangible fixed assets	1	1	1	1	1	1	1	1
Financial fixed assets	906	923	1,562	1,644	1,634	1,542	1,475	1,492
Current assets	533	446	438	506	1,933	1,859	318	856
Short-term investments	6 6	7 0	5 0	4 8	3 8	3 4	-	-
Cash and cash equivalents	3 3	3 2	3 7	411	6 2	2 3	198	263
Total assets	42,006	41,751	39,718	38,971	37,431	36,018	35,860	35,869
Equitites and liabilities
Shareholders' equity	18,144	16,479	15,299	14,780	13,951	13,783	12,883	12,618
Deferred tax	1,876	1,786	1,502	1,335	1,099	918	1,060	984
Other provisions	148	150	159	159	166	166	158	158
Interest-bearing liabilities	19,269	21,068	20,513	20,436	19,733	19,551	20,136	20,402
Other long-term liabilities	621	619	617	615	-	-	-	-
Derivative instruments	777	658	809	783	977	920	824	734
Non-interest bearing liabilitis	1,171	991	819	863	1,505	680	799	973
Total equity and liabilities	42,006	41,751	39,718	38,971	37,431	36,018	35,860	35,869

KEY FIGURES

	2016		2015				2014
	Quarter 1	Quarter 4	Quarter 3	Quarter 2	Quarter 1	Quarter 4	Quarter 3	Quarter 2
Financial
Return on capital employed, %	19.6	18.4	9.2	13.7	12.2	11.7	6.1	6.4
Return on equtiy, %	38.5	29.7	13.8	23.2	20.3	27.3	8.3	10.3
Interest coverage ratio, multiple²	2.6	2.3	2.4	2.5	2.2	2.2	2.3	2.1
Equity/ assets ratio, %	4 3	3 9	3 9	3 8	3 7	3 8	3 6	3 5
Loan-to-value ratio, properties, %	4 8	5 2	5 5	5 6	5 8	6 0	5 9	6 1
Debt/ equity raio, multiple	1.1	1.3	1.3	1.4	1.4	1.4	1.6	1.6
Share-related
Earnings per share, SEK	10:07	7:12	3:14	5:02	4:26	5:50	1:60	1:95
Total earnings per share, SEK	110	100	9 3	8 9	8 4	8 3	7 8	7 6
Cash flow from operating activities per share, SEK ¹	1:75	4:82	1:10	6:99	1:36	-5:27	0:26	-2:07
EPRA NAV, SEK per share	126	115	107	102	9 7	9 4	8 9	8 7
EPRA EPS	1:09	0:99	0.91	1.17	1.01	1.04	1.12	1.01
No. Of shares outstanding at the end of the period, thousands	165,392	165,392	165,392	165,392	165,392	165,392	165,392	165,392
Average number of shares, thousands	165,392	165,392	165,392	165,392	165,392	165,392	165,392	165,392
Property-related
Financial occupancy rate, %		9 3	9 2	9 2	9 3	9 4	9 2	9 2
Surplus ratio, %	6 8	6 9	7 4	7 4	7 0	7 0	7 3	7 4
¹ The key figure is affected during 2014 of tax payments of SEK -1 607m as a result of convictions in the tax matters relating to previous real estate transactions.
² The interest coverage ratio definition has been changed from 1 January 2016.	The comparative figures have been restated according to the new definition.

Definitions

RETURN ON EQUITY

RETURN ON CAPITAL EMPLOYED

LOAN-TO-VALUE RATIO, PROPERTIES

RETURN, SHARE

EQUITY PER SHARE

FINANCIAL OCCUPANCY RATE

EPRA EPS

EPRA NAV

– LONG-TERM NET ASSET VALUE

INVESTMENT PROPERTIES

DEVELOPMENT PROPERTIES

RENTAL VALUE

CASH FLOW FROM OPERATING ACTIVITIES PER SHARE

LEASE VALUE

LAND AND PROJECT PROPERTIES

NET LETTINGS

PROFIT/EARNINGS PER SHARE

INTEREST COVERAGE RATIO

SEGMENT REPORTING

DEBT/EQUITY RATIO

EQUITY RATIO

CAPITAL EMPLOYED

TOTAL YIELD

RETENTION RATE

SURPLUS RATIO

This is Fabege

Business concept

Business model

Strategy

Value-driving factors

Stockholm is growing

Changed demand

Financial trend

Sustainable urban development

PROPERTY MANAGEMENT

TRANSACTIONS

PROPERTY DEVELOPMENT

CALENDAR

Interim report Jan–Jun 8 July 2016 Interim report Jan–Sep 20 October 2016 Year-end report 2016 2 February 2017

PRESS RELEASES DURING THE FIRST QUARTER

3 March 2016 Notice of Annual General Meeting in Fabege AB (publ) 29 February 2016 Fabege's Annual Report is available on the website 22 February 2016 Mia Häggström new Head of Sustainability at Fabege 4 February 2016 Fabege sells Uarda 5, Arenastaden

• 4 February 2016 Strong value growth yielded record earnings
• 4 February 2016 Year-end report January December 2015

27 January 2016 Nominating Committee's proposal to 2016 AGM concerning Board of Directors and Chairman of Fabege

Follow us on the internet, www.fabege.se

Visit the Group's website for more information about Fabege and its operations. There will also be a web presentation on 26 April 2016, at which Christian Hermelin and Åsa Bergström will present the interim report.

CHRISTIAN HERMELIN Chief Executive Officer Phone: +46 (0)8-555 148 25, +46 (0)733-87 18 25

ÅSA BERGSTRÖM CFO/Executive Vice President Phone: +46 (0)8-555 148 29, +46 (0)706-66 13 80

The information in this report is of the type that Fabege is required to disclose according to the Securities Market Act. The information was released for publication on 26 April 2016.

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: info@fabege.se Website: www.fabege.se Corporate registration number: 556049-1523

Registered office of the Board of Directors: Stockholm