Fabege Ab · OMXSTO:FABG

Fabege Ab — FY2015 Earnings Presentation

23 slides from Fabege Ab's earnings presentation, February 2016

  1. Slide 1: Welcome to Fabege's year-end report Jan-Dec 2015

    Welcome to Fabege’s year-end report Jan-Dec 2015 Christian Hermelin, CEO & President Fabege Åsa Bergström, Vice President & CFO Fabege

  2. Slide 2: Contribution 2010-2015

    CONTRIBUTION 2010 - 2015 SEKm 2015 2014 2013 2012 2011 2010 Contribution from Property 3,308 1,755 944 1,230 1,256 1,347 Management Contribution from Property 632 266 409 872 401 278 Development Contribution from 21 300 135 167 173 237 Transactions Contribution from operations 3,961 2,321 1,488 2,26

  3. Slide 3: Our prerequisites

    OUR PREREQUISITES SEKm 2015 2014 2013 2012 2011 2010 Contribution from Property 3,308 1,755 944 1,230 1,256 1,347 • Stockholm – a Management growth market Contribution from • The best locations in Property 632 266 409 872 401 278 Stockholm Development • Sweden’s most Contribution from 21 300 135 167

  4. Slide 4: Record results thanks to high demand and low interest rates

    Record results thanks to high demand and low interest rates! - Stockholm's continued expansion and the relatively weak growth in the world economy makes the unique favourable conditions persist.

  5. Slide 5: Fourth quarter in brief

    FOURTH QUARTER IN BRIEF  Surplus ratio 69% (70)  Continued healthy value growth in both property management and project portfolio  Deficit value in the portfolio of derivative instruments decreased again  Net letting: SEK -4m (-3)  Positive rental growth (renegotiated leases): 11%  Loan-to-val

  6. Slide 6: Condensed income statement

    CONDENSED INCOME STATEMENT SEKm JAN-DEC 2015 JAN-DEC 2014 Rental income 1 998 2 087 Property expenses -569 -602 • Positive rental growth in Net operating surplus 1 429 1 485 identical portfolio: approx. 3% Central administration -65 -67 • Surplus ratio: 72% (71) Net financial items -582 -664 • Retur

  7. Slide 7: Key figures

    KEY FIGURES 31 Dec 2015 31 Dec 2014 Equity, SEKm 16 479 13 783 Equity per share, SEK 100 83 EPRA NAV, SEK per share 115 95 Return on equity, % 21,4 13,2 Equity ratio, % 39 38 Loan-to-value ratio, % 52 60 Interest coverage ratio, multiple 2,1 2,4

  8. Slide 8: Capital Market

    Capital Market

  9. Slide 9: Financing 31 December 2015

    FINANCING 31 DECEMBER 2015  Total facilities SEK 22.8bn  Total loans SEK 21.1bn • Of which, bonds SEK 1.3bn • Of which, commercial paper SEK 3.8bn  Unutilised SEK 1.7bn  New green financing via Nya SFF: SEK 406m  Refinanced during the year: SEK 11.4bn  New loans during the year: SEK 2.2bn  Cr

  10. Slide 10: Rental market

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  11. Slide 11: Continued strong rental market and low vacancies

    CONTINUED STRONG RENTAL MARKET AND LOW VACANCIES Stockholm's strong growth and the relocation to quality properties favour rent increases in our areas.

  12. Slide 12: Transaction market

    Transaction market

  13. Slide 13: The transaction market

    THE TRANSACTION MARKET  The transaction market is continued very strong  Uarda 5 is yet another piece of evidence that the market is on a new level  Our value growth for the year was SEK 3 252m, corresponding to 10%  70% of the value growth depends on adjusted yield requirements Higher rent leve

  14. Slide 14: Project portfolio

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  15. Slide 15: On-going projects

    ON-GOING PROJECTS  200 000 sqm under production  Investment 2015 over SEK 2bn  Occupancy rate approx. 88%

  16. Slide 16: The operation's targets and contributions 2015

    THE OPERATION’S TARGETS AND CONTRIBUTIONS 2015 Over time, all business areas contribute to the operation’s total earnings

  17. Slide 17: At the forefront of sustainability efforts

    AT THE FOREFRONT OF SUSTAINABILITY EFFORTS  Fabege performs sustainability inspections of suppliers  All properties will be environmentally certified  Green leases accounted for 74% of total space under newly signed leases in 2015  Our efforts creating vibrant city districts are succesful  Gree

  18. Slide 18: Customer focus

    CUSTOMER FOCUS  Customer Satisfaction Index Results  High retention rate 73% (64%) That our existing customers are increasingly choosing to remain in our properties is evidence of a good and close customer management.

  19. Slide 19: Surplus ratio

    SURPLUS RATIO 75% 70% 65% 60% 55% 50% New target from 2016: 75% within five years

  20. Slide 20: Contribution property development

    CONTRIBUTION PROPERTY DEVELOPMENT  Extended project portfolio • Investment 2015: over SEK 2bn • Return on projects: 29%

  21. Slide 21: Contribution transaction

    CONTRIBUTION TRANSACTION  Acquired high potential properties • Will deliver results in the future  No sales during 2015 • However, sales for roughly SEK 4bn in 2014 • Ambition of higher business activity in 2016 Over time, all business areas contribute to the operation’s total earnings

  22. Slide 22: Contribution to profit from operations

    CONTRIBUTION TO PROFIT FROM OPERATIONS SEKm 2015 2014 2013 2012 2011 2010 Contribution from Property 3,308 1,755 944 1,230 1,256 1,347 Management Contribution from Property 632 266 409 872 401 278 CUSTOMER Development Contribution from 21 300 135 167 173 237 Transactions Contribution from operations

  23. Slide 23: Slide 23

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