Wihlborgs Fastigheter AB

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Wihlborgs Fastigheter ABYear End Report 2015

Anders Jarl, CEO and Arvid Liepe, CFO

9 February, 2016

Summary 2015

• Rental income increased by 3 percent

to 1,910 SEKm (1,856)

• Operating surplus* increased by

3 percent to 1,402 SEKm (1,357)

• Income from property management*

increased by 11 percent to 932 SEKm

(839)

• The Board proposes a dividend of

SEK 5.25 (4.75) per share

* Excluding payments for early lease termination

2

Oct-Dec 2015 Oct-Dec 2014

Rental income 475 468 + 1 %

Operating surplus* 337 332 + 2 %

Income property management* 221 200 + 10 %

Change in value of properties 731 469

Change in value of derivatives 199 -390

Pre-tax profit 1,162 279

Profit for the period 935 205

3

SEKm

Summary October-December

* Excluding payments for early lease termination.

Jan-Dec 2015 Jan-Dec 2014

Rental income 1,910 1,856 + 3 %

Operating surplus* 1,402 1,357 + 3 %

Income property management* 932 839 +11 %

Change in value of properties 1,615 642

Change in value of derivatives 269 -1,038


Profit for the period 2,278 395

4

Summary 2015

* Excluding payments for early lease termination.

SEKm

Increasing income from property management

0

200

400

600

800

1 000

1 200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

SE

Km

5

0

1

2

3

4

5

6

7

8

9

10

11

12

13

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

6

SE

K

Income from property managementPer share

Business model, outcome 2015

232 SEKm

975 SEKm

Profit from projects

Profit from

property management

7

Total: 1,207 SEKm

-

50

100

150

200

250

300

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

SE

Km

Profit from project

8

Q4

2015

Q4

2014

Jan-Dec

2015

Jan-Dec

2014

New leases 53 52 199 213

Terminations 33 48 175 194

Net leasing 20 4 24 19

Positive net letting

9

SEKm

-60

-40

-20

0

20

40

60

80

100

2008 2009 2010 2011 2012 2013 2014 2015

10

New leases

Terminations

Net

Positive net letting

Axis

City of Helsingborg

City of Malmö

Customs Service

Danske Bank

QlikTech

SAAB Kockums

Skåne Regional Council

Swedish Tax Agency

ÅF

of rental income

22 %

19 %Governmental tenants

11

Solid customers

01-01-2016

SEKm

01-01-2015

SEKm Percent

Rental value 2,259 2,058 9,7

Rental income 1,983 1,863 6,4

Rental growth for the entire property stock

12

01-01-2016

SEKm

01-01-2015

SEKm Percent

Rental value 1,393 1,387 +0.4

Rental income 1,295 1,278 +1.3

Rental growth for like for like offices, Sweden

13

¹ excluding property management

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Wihlborgs’ portfolio 1 January 2016

Office properties,

Ort

Market value,

SEKm

Op. surplus,

SEKm¹

Yield,

%¹

Occupancy

rate, %

Malmö 10,494 546 5.2 92

Helsingborg 3,505 209 6.0 95

Lund 5,046 286 5.7 91

Copenhagen 2,706 158 5.8 93

Totalt 21,751 1,199 5.6 93

15

Industrial/Warehousing

Ort

Market value,

SEKm

Op. surplus,

SEKm¹

Yield,

%¹

Occupancy

rate, %

Malmö 1,809 134 7.4 88

Helsingborg 2,427 183 7.5 85

Lund 126 11 8.4 95

Copenhagen 121 7 5.8 94

Totalt 4,483 335 7.3 90



16

The entire property stock

Market value,

SEKm

Op. surplus,

SEKm¹

Yield,

%¹

Occupancy

rate, %

Total excl Projects

& Land26,236 1,533 5.8 91

Total Wihlborgs 28,623 1,540 5.4 88



716,000 m2

537,000 m2

205,000 m2

287,000 m2

Percent of the market value

17

50

22

1810

A focused portfolio in a growing region,

SE

Km

18

0

5 000

10 000

15 000

20 000

25 000

30 000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Increased value in the portfolio

SEKm

Carrying amount 1 January 2015 24,299

Acquisitions 2,155

Investments 1,047

Properties sold1 -411

Changes in value 1,615

Currency translations -82

Carrying amount 31 Dec 2015 28,623

Changes in Investment Properties

19

1 These figures include insurance compensation for total losses on buildings, and profits from external projects.

January - December 2015

Investment: 151 SEKm

Area: 15,000 m2

Kroksabeln 12, Helsingborg

20

Musköten 17, Helsingborg

Investment: 38 SEKm

Area: 5,000 m2

21

Stattena 7, Helsingborg

Investment: 58 SEKm

Area: 6,200 m2

22

Polstjärnan1 and Polstjärnan 2, Malmö

Area: 11,000 m2

23

24

Karin 11, Nora 11 Malmö

Karin 11 and Nora 11, Malmö

Investment: SEK 1 billion

Area: 45,000 m2

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Investment: 78,1 SEKm

Area: 9,700 m2

Stenåldern 1, Malmö

Stationsalléen 40-46, Herlev

Investment: 38 SEKm

Area: 5,600 m2

26

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Ejby Industrivej 41, Glostrup

Investment: 800 DKKm (incl. Girostrøget)

Area: 50,000 m2

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Girostrøget 1, Høje-Taastrup

Investment: 800 DKKm (incl. Ejby)

Area: 60,000 m2

Employees 122

Properties 276

Lettable area, m2 1,746,000

Rental value, SEKm 2,259

Property value, SEKm 28,623

Rental income, SEKm 1,983

Economic occupancy rate, %* 91

* Excluding Projects & Land

Wihlborgs in brief

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1 January 2016

No. of shares,

thousands

Proportion

of equity, %

Erik Paulsson (incl.family) 7,790 10.1

Länsförsäkringar Funds 3,645 4.7

SEB Funds 3,365 4.4

SHB Funds 2,216 2.9

Qviberg family 2,162 2.8

Norges Bank 1,555 2.0

DnB – Carlson Fund 840 1.1

Tibia Konsult 813 1.1

Skandia Fonder 619 0.8

Avanza Pension 601 0.8

Other shareholders reg. in Sweden 24,546 32.0

Other shareholders reg. abroad 28,705 37.3

Total outstanding shares 76,857 100.0

Largest shareholders 31 Dec 2015

39 %

shareholders

reg. abroad

30

Jan – Dec 2015 Jan – Dec 2014

Rental income 1,910 1,856

Other revenues 43 49

Operating costs -508 -499

Operating surplus 1,445 1,406

Central administration -43 -41

Net interest -427 -477

Income from property management 975 888

Changes in value of properties 1,615 642

Changes in value of derivatives 269 -1,038


Current tax -4 -5

Deferred tax -577 -92

Profit for the period 2,278 395

Consolidated income statement

31

SEKm

2015 2014

Income tax 4 5

Property tax 94 87

Non-deductible VAT 14 30

Stamp duty 16 12

Energy tax 20 20

Total 148 154

Percentage tax paid 14 % 15 %

32

Tax paid

SEKm

31 December 2015 31 December 2014

Investment properties 28,623 24,299

Other fixed assets 247 197

Current receivables 88 111

Liquid assets 75 71

Total assets 29,033 24,678

Equity 8,876 6,967

Deferred tax liability 2,199 1,627

Borrowings 16,265 14,148

Derivatives 879 1,148

Other long-term liabilities 54 53

Current liabilities 760 735

Total equity and liabilities 29,033 24,678

Consolidated balance sheet

33

SEKm

Jan – Dec

2015

Jan – Dec

2014

Equity/assets ratio, percent 30.6 28.2

Leverage properties, percent 56.8 58.2

Interest coverage ratio, multiple 3.2 2.8

Surplus ratio, percent 73 73

Per share, SEK

Equity 22 percent tax 115.49 90.65

Equity 0 percent tax 144.10 111.82

EPRA net asset value 155.54 126.76

Earnings 29.64 5.14

Income from property management 12.69 11.55

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Key figures

EPRA net asset value

35

Per share

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013 2014 2015

SE

K

0%

5%

10%

15%

20%

25%

30%

2010 2011 2012 2013 2014 2015

Growth in EPRA net asset value

36

Average: 17 percent

Adjusted for dividend

Structure of interest and loan maturities

Interest maturity Loan maturity

Matures, year Loan amount, SEKm Av. interest rate, %

Cred agreement

SEKm Utilised, SEKm

2016 5,842 1.14 2,106 1,679

2017 300 0.80 4,875 4,727

2018 0 0 6,768 6,418

2019 0 0 1,290 1,290

2020 1,000 3.00 0 0

>2020 9,123 3.79 2,150 2,150

Total 16,265 2.73 17,189 16,265

Average fixed interest period: 4,8 years (6.0)

Average loan maturity: 4.1 years (4.1)

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31 December 2015

Current financing, December 2015

Swedish banks

67 %

Danish banks

17 %

Bonds 16 %

38

Derivatives 31 December 2015

Amount,

SEKm Interest , % Can be closed End date

500 2.63 quarterly 2026

500 2.72 ” 2026

500 2.34 ” 2026

500 2.58 ” 2027

1,000 1.96 ” 2021

2,000 2.70 2021

1,000 2.04 2022

1,000 2.01 2022

1,000 3.40 2024

500 3.32 2024

1,000 3.07 Threshold 4.75 2021

Cancellable swaps

Interest-rate swaps

Threshold swap

39

Cancellable swaps -235

Threshold swap -115

Fixed rate swaps -529

Sum -879

Deficit 31-12-2014 -1.148

Net 2015 269

Deficit in interest rate derivatives portfolio

31 December 2015, SEKm

40

Dividend 2005-2015

41

0

1

2

3

4

5

6

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

SE

K

Investments in progress

42

SEKm

Investments 1,047

Projects in progress 1,288

Invested by period end -789

Remains to invest 499

Project investments

43

2015

Gängtappen 1, Malmö

44

Area: 14,000 m2

Completion: Q2, 2016


45

Area: 9,000 m2



Terminalen 1 (Knutpunkten), Helsingborg

46

Terminalen 1 (Knutpunkten), Helsingborg

47

Area: 12,300 m2



Kranen 8, Malmö

48

Area: 12,000 m2



Nora 11, Malmö

Investments in pipeline

49

50

Area: 7,000 m2

Start: Q1, 2016


Sirius, Malmö

51

Area: 11,000 m2

Start: Q1, 2016


Postterminalen, Lund

52

Area: 4,000 m2

Start: Q2, 2016


Polisen 1, Helsingborg

Summary 2015

Strongest year ever

Profit from property management

975 SEKm, + 10 percent

Profit from projects 232 SEKm

Dividend proposal 5,25 SEK/share

53

Outlook 2016

The business will continue to grow

- Property Management

- Projects

54

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Wihlborgs Fastigheter AB

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