stockholm`s population - Stockholms Stadshus AB

Transcription

– STOCKHOLMS STADSHUS AB –
Contents
3 INTRODUCTION
4 A FEW WORDS FROM THE CHAIRMAN AND MANAGEMENT
4 A Stockholm for everyone
6 TIMELINE
8 A STOCKHOLM THAT STANDS UNITED
10 Stockholm is growing
16 ECO-SMART STOCKHOLM
18 Companies working for a climate-neutral Stockholm
4
2
26
27
31
FINANCIALLY SUSTAINABLE STOCKHOLM
Continued stable positive earnings
Earnings per company
Gross investments 2015
4
3
36
40
41
DEMOCRATICALLY SUSTAINABLE STOCKHOLM
A foundation for new ideas, broader perspectives and development
Personnel
Corporate governance
42 SUBSIDIARIES
54 ADMINISTRATION REPORT
59 Proposed appropriation of profits
60 GROUP SUMMARY
62 APPROPRIATIONS
64 INCOME STATEMENTS
65 BALANCE SHEETS
68 CASH FLOW STATEMENTS
69NOTES
82SIGNATURES
83 AUDITOR'S REPORT
84 LAY AUDITOR'S REVIEW
85 ADDRESSES
86 BOARD OF DIRECTORS AND AUDITORS
Annual report 2015
Introduction
3
Stockholmshusen
Stigbergsgaraget
Stockholms Stadshus AB
– a part of the city –
Stockholm is the city of opportunity with high ambitions for a
sustainable society with regard to social, economic, ecological and
democratic aspects. Stockholms Stadshus AB's Annual Report
presents how the City's companies, together with the City's
administrations, worked in 2015 to realise
the political missions and objectives.
S
Suburb investments
Snabba Hus
(Fast Housing)
Älvsjöstaden
TOCKHOLMS STADSHUS AB is owned by the
City of Stockholm and serves as a
unifying function for the majority of the
the City's limited liability companies.
Since 1991, Stockholms Stadshus AB
has been the Parent Company of a
Group comprising 16 active subsidiaries. In addition,
there are two associated companies. More than half of
the companies in tum have subsidiaries and sub-groups
of their own. Together with the City's committees, the
companies in the Stockholms Stadshus AB Group
form the Municipal Group.
– known as the Group Board of Directors. The
Board of Directors is made up of politicians and
reflects the distribution of seats in the City Council.
The Parent Company, Stockholms Stadshus AB,
and its Group Management – which is made up of
officials – are responsible for the operational owner
role, including strategic management and overall
development of the Group. This includes planning,
governance, support and follow-up to ensure that
the subsidiaries implement the City Council’s owner
directives and achieve set targets, as well as ensuring
the optimal utilisation of financial resources.
THE COMPANIES CONDUCT MUNICIPAL OPERATIONS throughout the City of Stockholm by offering a broad range
of services, from housing and school buildings, water
supply, fibre networks, port facilities and parking
operations to tourist information and culture. On
the map to the left, we present a selection of projects.
Further information regarding each subsidiary and
its operations can be found on page 42 onwards.
MUNICIPAL COMPANIES ARE GOVERNED BY
THE STOCKHOLM CITY COUNCIL has
The companies conduct operations throughout the City of Stockholm.
stockholms stadshus ab Annual Report 2015
delegated the operational
ownership of the companies to the Board of Directors
of the Parent Company, Stockholms Stadshus AB
more laws than
privately and publicly held companies: among other
regulations, they are subject to the Swedish Companies
Act, the Swedish Local Government Act, the Swedish
Public Procurement Act, the Swedish Publicity and
Secrecy Act, and the Swedish Public Records Act.
Certain companies are also subject to other legislation,
such as the Swedish Public Water Supply and Waste
Water Systems Act, the Swedish Municipal Housing
Companies Act and the Swedish Insurance Business
Act. More information on corporate governance is
available on page 41. Annual Report 2015 stockholms stadshus ab
Subtarget 1
A Stockholm that stands united
A Stockholm
for everyone
After more than a year with the new majority in
the City and with new owner directives, it is clear that the
City's companies have a prominent role in the realisation
of the City's new vision of A Stockholm for everyone.
5
The supply of housing is the issue that can be said to
be the most prominent and thereby also the highest
priority issue in the City.
I
N THE SCOPE OF THE CITY'S VISION, there are a number of key objectives and missions
that can only be achieved if every company, administration, unit and employee
in the City contributes their specific expertise and commitment. But this is not
enough. The City is also dependent on the contributions of other stakeholders
to the development of the City. This is true, for example, concerning the housing
supply, as well as in a number of other areas, such as infrastructure and service in
various forms. It is crucial for the City's development that private actors, academia
and the public sector work together to develop matters concerning service to the
citizens, such as for example the digitalisation of services.
ON THE MATTER OF HOUSING, the housing companies are naturally given a central role,
but other companies in the Group are also assigned a more prominent significance.
With more housing, more pre-schools and schools are needed. With more Stockholmers,
more is demanded from various kinds of municipal services, as well as a broader cultural
offering and a more well-developed tourism industry. This demands more from the
City's infrastructure in terms of the water supply, parking operations, recycling and
broadband. It sets higher demands on the transport system and functioning logistics
where the waterways and ports are increasingly in focus and made more accessible
to both residents and visitors.
karin wanngård Chairman of
Stockholms Stadshus AB and
Mayor of the City of Stockholm
THE SUPPLY OF HOUSING is the issue that can be said to be the most prominent and thereby
also the highest priority issue in the City. Building 40,000 homes by 2020 and 140,000
homes by 2030 is an enormously tough challenge that requires organisation to be
realised. We dare say that the work done in 2015 has laid a solid foundation for a
delivery that will lead to goal attainment while continuing to maintain high quality
and priceworthiness.
and see the value of an even, high level of
production in the future, the worst bottlenecks should also be able to be worked out.
A long-term perspective in planning and implementation is the most effective medicine
for removing uncertainties in production. And the positive aspect of this is that everyone wins in a City where the wheels turn, but above all, it is the Stockholmers and
those who want and need to move to the City who will have somewhere to live.
IF ALL PLAYERS WORK TOWARDS THE SAME GOAL
ingela lindh MD of Stockholms
Stadshus AB and Deputy CEO of the
City of Stockholm
TO UNDERSTAND THE BREADTH AND COMPLEXITY OF THE HOUSING CHALLENGE , we also need
to take the City's greater need and requirement to accept refugees into account. The
mustering of strength by the City in this matter is also impressive if one takes a minute
and looks at it from the outside. The City's companies have a stable delivery base with
a high degree of service, but also have a readiness and strength to handle extraordinary
situations. Karin Wanngård
Chairman
Ingela Lindh
MD
Jonas Schneider
Vice MD
jonas schneider Vice MD of
PHOTO ISTOCK
Annual Report 2015 stockholms stadshus ab
TIMELINE
a sampling of what happened in 2015
Stockholmshem
– Inauguration of
temporary housing
The P-hus Råcksta car park was
inaugurated with 720 parking
spaces in April. Of these, 275 are
allocated for park-and-ride and
other visitors. Bicycle parking
and charging stations for electric
cars are also available here.
In April, a phase with another
23 temporary housing units
in Västertorp was complete.
Stockholmshem is currently
building a total of 276 apartments that will be managed by
SHIS Bostäder.
In July, the application to the Land and Environment Court for the environmental permit was
submitted for an expansion with a new wastewater tunnel from Bromma to the Henriksdal
treatment plant. This is a part of Stockholm's
Future Wastewater Treatment (SFA), the Group’s
largest investment project.
The City of Stockholm is mustering its
housing construction strength with the
aim of building cost-effective rental units at
a high pace. Through the Stockholmshusen
(Stockholm Houses) initiative, Familjebostäder, Stockholmshem and Svenska
Bostäder will together build 3,500-5,000 new
rental apartments in the next five years.
Stokab – Winner of
the European Broadband Award 2015
S:t Erik Markutveckling
– New acquisitions
The award is handed out by
the European Commission and
the jury motivated its choice by
noting that Stockholm has
acted long term, been a
pioneer and built a
sustainable network.
In November 2015, S:t Erik
Markutveckling acquired three
properties at Årstafältet. The
acquisition increases the City's
possibilities of further housing
construction in the urban
development area.
DECEMBER
NOVEMBER
Joint mustering of strength
for Stockholmshusen
PHOTO ISTOCK
On 5 June, the cruise ship
M/S Britannia arrived in
Stockholm. With a length of
330 metres, she is the largest
vessel that has ever visited
the Port of Stockholm.
AUGUST
Together with the technical admini
strations and the City Executive Office,
Bostadsförmedlingen worked on the
construction of Stockholmsrummet
(The Stockholm Room), an interactive
exhibition that shows how Stockholm
is growing.
PHOTO SISAB
Bostadsförmedlingen
– Inauguration of the new
exhibition “Stockholmsrummet”
The Pre-school of the Future represents a
strength for SISAB, enabling pre-school orders
to be completed more quickly.
PHOTO STOKAB
Torbjörn Kumlin, Project Manager
at Stockholmshem, was awarded
the prize for positive contributions
to sustainable building and property
development at the 2015 Sweden
Green Building Awards.
Artwork was inaugurated in September
called The Mirror, a roughly 10-metre tall
and 15-metre wide rotating platform
placed in front of the entrance to Tele2
Arena. In 2015, Stockholm Konst
named The Mirror the One-Percent
Project of the Year.
Stockholm Vatten – Environmental
permits for new tunnel submitted
SISAB – Pre-school of the Future #3
With its eight divisions, the pre-school
Blomsterkungen in Hässelby is SISAB's third
Pre-school of the Future to be completed and
is also the largest to-date. There are implementation decisions for another eight pre-schools.
The Klarabiografen cinema is back
under the direction of Kulturhuset
Stadsteatern – a given hub for
quality film in Stockholm.
With a broad offering, there is
something for every taste.
Stockholms Hamnar
– Big visit
SEPTEMBER
OCTOBER
PHOTO STOCKHOLMS HAMNAR
Stockholmshem – Prize in
sustainable development
SGA Fastigheter
– New meeting place in
the Globen area
ILLUSTRATION AIX ARKITEKTER
Älvsjöstaden is Familjebostäders largest new production
project. For the final phase, a project competition was
arranged regarding how a large area can be designed with
a high volume of housing and attractive environments. The
winning proposal, Dela&Delta AIX Arkitekter, means that
the phase's originally approved 350 housing units can be
planned for 455 rental apartments, 90 student apartments
and another 140 homes in an adjacent land allocation.
MAY
PHOTO SISAB ILLUSTRATIONS LI ROSÉN
Familjebostäder
PHOTO KULTURHUSET STADSTEATERN
Stadsteatern
– Klarabiografen
cinema is back under
own management
JULY
APRIL
MARCH
In March, the renovation of Micasa's new
offices was complete and operations moved
from Södermalm to Husby. This was done in
accordance with the City's goal that more
companies and administrations will move
outside the city centre and create conditions
for more jobs in the suburbs and contribute
to the development of existing business.
The Energy Agents project aims to reduce energy consumption
in pre-schools. The starting point is the children's perspective
and the impact on behaviour. Play, enjoyment
and curiosity drive them forward and generate
many lessons learned. During the year, the
project was awarded both the Renewal
Award and the Penguin Prize. The project
was expanded in 2015 to comprise five
pre-schools and will grow further in 2016.
PHOTO STOKAB
JUNE
After a long time of preparations,
at the beginning of October, it
was time for the first vessel with
passengers and cargo to arrive at
the new quays at Värtahamnen.
Familjebostäder won the land allocation
competition in Midsommarkransen for
the best proposal on how new student
apartments can combine a low rent level
with innovation and novel thinking for
space efficiency. Start of construction of
the 31 apartments in Oxläggen at Tellusborgsvägen is planned for 2019.
7
Stockholm Parkering
– inauguration of a new
car park in Råcksta
SISAB – Energy Agents doubly awarded
The prices in the suburbs have been
harmonised with the inner-city prices to
facilitate establishment in the suburbs.
With the price change and fibre broadband
connection of commercial properties in
the suburbs, it has become just as easy
for a business operator to be a part of the
digital economy in Rågsved as in the
inner city.
Stockholms Hamnar
– New quays complete
Micasa Fastigheter
– Move to the suburbs
PHOTO STOCKHOLM PARKERING
Stokab – Stimulated
IT-development
Familjebostäder – Innovation
and novel thinking
PHOTO MICASA
In order to make homes available
for several groups with a weak
standing in the housing market,
the housing companies have
introduced new approval rules for
the letting of apartments. The rules
began to apply on 1 January 2015.
ILLUSTRATION ORIGO ARKITEKTER
Housing companies
– Housing for vulnerable
groups
FEBRUARY
TIMELINE
a sampling of what happened in 2015
JANUARY
6
Stockholm Business
Region – Eurovision to
Stockholm
After Sweden's victory in the
Eurovision Song Contest in 2015,
SVT made Stockholm the host of
the 2016 competition. The ambition
is to lift up and establish Stockholm's
position as a city of technology
and music.
Stockholm Business Region
– Innovation Jubilee
In December, there was a 30-year jubilee
for the City of Stockholm's innovation
scholarship. A total of SEK 600,000 is
allocated for the scholarship. Of the 321
submitted applications in total, 55%
were submitted by men and 45% by
women. The scholarship is awarded
annually by Stockholm Business Region.
S:t Erik Försäkring –
All children in the City
are insured
S:t Erik Försäkring renewed
its agreement with the City of
Stockholm to provide accident
insurance to all children who participate in activities conducted by
or on behalf of the City, including
children seeking asylum and
those with temporary residence
permits.
Stockholm Vatten
– Winner of the
St. Julian Prize
Stockholm Vatten was
awarded the St. Julian Prize in
the best employer characteristics category. Interns with
disabilities are continuously
welcomed with the aim of
recruiting new employees.
Housing companies
– Friend Contracts 65+
The housing companies are
introducing so-called “friend
contracts” for those over the age
of 65 as well. This provides an
opportunity for two people to be
able to be on the same contract
and apply for an apartment with
their combined income as a base.
Subtarget 1
PHOTO STOKAB
In 2015, the City Council decided on the vision for the City,
Vision 2040 – A Stockholm for everyone. Stockholm is buzzing
with life and movement and children and adults should have
the opportunity to make their lives a reality here. In 2015,
the City's companies contributed through their operations to
several steps being taken to realise the vision.
409
is the num
apartmen ber of trial and tr
ain
ts
jointly co the housing com ing
ntributed
panies
which ex
ceeds the during the year,
C
ity's goal.
apartmen
Bostadsfö ts are provided th These
rough
rmedling
en
that prov
ides hous (the company
ing all
service) o
n behalf o ocation
f the
Social Se
rvices.
Facilitated establishment in the suburbs
has connected all commercial
areas and commercial properties in the
suburbs to the fibre network. This
enables more rational and environmentally friendly operations for Stokab's
STOKAB
9
customers at the same time that the
business operators are given greater
freedom of choice. For several years,
the national broadband objective has
been achieved in Stockholm.
In 2015, the City's housing companies conducted
a number of new construction projects and
during the year, construction was begun on
1,584 homes and 746 were completed.
723,000
Snabba Hus
(FAST HOUSING) ARE MOBILE RENTAL
people visited kulturhuset stadsteatern's
programme and performance activities in 2015.
stockholm's population is estimated
to grow to 1.3 million by 2040.
THE CONCEPT HAS BEEN DEVELOPED
together with young adults based
on their needs with a focus on
building with a good quality that
provides a good standard of
housing. Svenska Bostäder has
PHOTO SVENSKA BOSTÄDER
PHOTO DANIEL HOLKING
1,300,000
The
Snabba Hus (Fast Housing)
concept is based on building
mobile housing modules
with a high standard and
quality that are placed on
plots with temporary
building permits. When the
building permit expires, the
mobile housing units are moved
to a different suitable location.
UNITS FOR YOUNG PEOPLE.
collaborated with jagvillhabostad.nu
to develop homes for young people
with temporary building permits on
land that, for example, may be
developed for other purposes in
the future. During the year, a
project with 280 such units
was built in Västberga for
Read more:
occupancy in the summer
snabbahus.nu
of 2016.
#snabbahus
1 ,400
The property companies have jointly
contributed around 1,400 places for
accommodation for asylum seekers.
84 %
For the third consecutive year,
Svenska Bostäder is nominated for
a “customer crystal” in the Highest
Service Index category. In 2015, 84%
said that they were satisfied with the
company's service.
2,450
apartments for students and young
people were provided during the year.
This is the highest number to-date.
PHOTO PIERRE VINCENSINI
10
Subtarget 1
Stockholm is
growing
In 2015, Stockholms Stadshus AB's companies were characterised
by extensive investment operations. The largest investments
involve developed infrastructure in ports and future wastewater
management. A record number of large investment projects over
SEK 300 million were conducted during the year, a total of
around 45, of which most are housing projects.
With the Stockholmshusen initiative, the City of Stockholm is mustering its housing
construction strength with the aim of building cost-effective rental units at a high pace.
S
TOCKHOLM'S POPULATION is
746 HOMES
were completed in
2015, including:
• The Korthållaren
block in Vällingby
• Duggregnet in
Kärrtorp
• Gyllene Ratten in
Fruängen
• The Grimman block
in Södermalm
• Töfsingedalen Royal
Seaport
• Rubinvägen in
Solberga.
estimated to grow to 1.3 million by 2040. To meet the needs
that this growth requires, 40,000 homes must be built by 2020 and 140,000 by 2030.
All of the Group's companies are involved in this development through the planning
and expansion of housing, elderly housing, schools, pre-schools and infrastructure,
such as ports, black fibre, water and sewage lines, waste and recycling facilities, energy
supply and parking possibilities. The City's companies also provide services and
expertise in culture, business development, housing allocation and insurance.
Urban development and housing production
In 2015, the City's housing companies, Svenska Bostäder, Familjebostäder and Stockholmshem,
conducted a number of new construction projects and construction was begun on 1,584 homes
and 746 were completed during the year. The companies' project plans currently comprise around
16,900 apartments. Notable among the large projects completed are the Korthållaren block in
Vällingby, Duggregnet in Kärrtorp, Gyllene Ratten in Fruängen, the Grimman block in Södermalm,
Töfsingedalen in Royal Seaport and Rubinvägen in Solberga. During the year, the housing companies
drafted a common strategy for doubling new production to 3,000 apartments per year by 2019.
THE CITY'S COMPANIES ARE INVOLVED in the development
of many city districts. The housing companies have the
strongest focus in the areas in which they have a large
number of homes and tenants. Areas in which extensive
work and plans are under way are Husby, Rinkeby,
Vällingby, Hökarängen, Rågsved, Bagarmossen,
Skärholmen and Farsta.
Familjebostäder developed Rinkebystråket, where
the street was rebuilt to be more pedestrian-friendly and
create an environment with service and offices. Planning
and implementation took place in dialogue with the
residents of Rinkeby. During the year, a civic affairs office
and nine stores opened on the street and a few hundred
workplaces are estimate to have been established around
the area.
In Rågsved, Familjebostäder is carrying out a visionbased effort to prepare a foundation for the City's
planning. The work is being done together with the
other property owners and based on the views of
During the year, the housing companies
drafted a common strategy for doubling
new production to 3,000 apartments per
year by 2019.
residents and local stakeholders. Focus in Rågsved
is on creating an attractive city centre, among other
aspects. A pilot project has also begun in collaboration
with the police, social services and property owners,
Alla Kvinnors Hus women's crisis centres and the
Swedish Union of Tenants with the aim of working
against violence in close relationships.
Familjebostäder is also performing renovations of a
large residential and commercial property in the centre
facility and a so-called “care programme” for maintenance
and development has been prepared for Årsta Centrum.
Svenska Bostäder has a substantial component of
12
Subtarget 1
1,584
in 2015, the city's housing
companies, svenska
bostäder, familjebostäder
and stockholmshem, conducted a number of new
construction projects
and construction was
begun on 1,584 homes and
746 were completed
during the year.
Subtarget 1
To open new ways into the
housing market for young
people, Familjebostäder,
Stockholmshem and Svenska
Bostäder introduced a new kind
of contract – the Friend Contract
– where two friends can rent
together. The contracts can be
signed by those aged 18 to 25,
they are valid for a maximum of
four years and the tenant keeps
his or her queue time with the
Stockholm Housing Service.
PHOTO MICASA
PHOTO FAMILJEBOSTÄDER
PHOTO NIKLAS PALMKLINT
PHOTO STEFAN BOHLIN
its housing in the areas around Järva. Since 2007, the
company has made extensive technical improvements
to properties in Akalla, Husby, Kista, Rinkeby and
Tensta. The work was done in dialogue with and with
the participation and influence of the residents. As a
basis for the renovations, there is a framework agreement with the Swedish Union of Tenants. In 2015,
planning for the renovations of Husby Centrum and
intensive detailed planning for the development of
Rinkeby Allé and Rinkebysvängen were under way.
There are also plans for the development of Kärrtorp
and Björkhagens Centrum.
Svenska Bostäder is also holding dialogues with the
residents in Hässelby-Vällingby as part of the efforts in
the suburbs. In Vällingby, Kulturhuset Stadsteatern has
established operations in the renovated Kulturhuset
Trappan facility, which will open in spring 2016.
Stockholmshem concluded the Sustainable
Hökarängen project with an evaluation that will form
the basis of the development of the company's future
city district development projects. In 2015, Bagarmossen
Interior- (left) and exterior picture (right) from Svenska Bostäder's Snabba Hus project.
SmartUp was under way with the aim of supporting
local commitment for the development of the centre,
sustainability and urban gardens. Additional area
development investment is planned in Skärholmen. In
2015, Stockholmshem also signed a new framework
agreement with the Swedish Union of Tenants regarding
improvements, which ensures and regulates the tenants'
influence in project implementation.
THE NUMBER OF APARTMENTS allocated by Bostadsförmedlingen i Stockholm AB amounted to approximately
12, 400, which is the record to-date, as was the number
of apartments submitted for allocation at 11,800. During
the year, 2,450 apartments for students and young people
were allocated, which is the highest to-date.
Vision illustration for Stockholmshusen.
ILLUSTRATION DINELL JOHANSSON
Snabba Hus (Fast Housing)
Svenska Bostäder has collaborated with “jagvillhabostad.
nu” to develop homes for young people with temporary
building permits on land that, for example, may eventually be developed for other purposes. During the
year, a project with 280 such units was begun in
Västberga for occupancy in the summer of 2016.
Stockholmshusen (Stockholm Houses)
During the year, the three public housing companies,
Svenska Bostäder, Familjebostäder and Stockholmshem, developed and procured a joint concept building
called “Stockholmshusen”, the Stockholm Houses, to
lower the construction costs by providing conditions
13
for large volumes of homes with some standardisation
in contracts with builders. Together with the companies, four contractors will develop the projects with the
objective of starting the first phases of around 1,500
apartments in 2017. One of the first projects is planned
in the Ledinge block in Tensta, where one of SISAB's
properties, which will no longer be used for educational
activities, is being developed into residential units. In
connection with the project, the sports ground will also
be improved.
Development of the suburbs
In 2015, the City Council approved the Guidelines for
local development programmes where the development
of seven city districts will be prioritised to improve the
areas identified to be facing greater challenges than
other districts. The Group's companies are partici
pating in the analysis work that is under way to provide concrete details to plans and measures.
In March 2015, Micasa Fastigheter moved its head
office from Södermalm to its own property in Husby,
which contributed to workplaces in the suburbs.
During the year, Stokab increased its investments
in strategic and prioritised areas. This means that all
commercial properties in the business areas of the
suburbs received fibre connections. The company also
harmonised the prices for connection with the inner
city to facilitate the establishment of businesses in these
districts. The connection fees were also cut in half with
Micasa's new head office in Husby.
the aim of continuing to stimulate the development of
information and communications technology (ICT).
Housing for vulnerable groups
In order to make homes available for several groups
with a weak standing in the housing market, the housing
companies have introduced new approval rules for the
letting of apartments. The rules began to apply on 1
January 2015. In addition to this, at the beginning of
2015, the housing companies also introduced the possibility of letting residential units with friend contracts
where two friends between the age of 18 and 25 can
sign a contract jointly. At the end of the year, a corresponding model for older tenants was also introduced.
In all major housing projects that are planned, a
review is done, in consultation with the other administrations of the City if there is demand, of the possibility
of also including homes for those with special needs,
so-called “LSS housing”. During the year, decisions
to this regard were therefore made in several new
production projects, including Sandaletten in Älvsjö,
Rösträknaren in Årsta, Grimman in Södermalm,
Töfsingedalen in Royal Seaport and Algoritmen in
Hagastaden.
To improve the conditions for the tenants, the housing
companies are conducting accessibility inventories that
form the basis of improving the accessibility in and to the
apartments in the technical improvement of the properties,
as well as to more easily meet different needs.
Karl Dyall and Rennie
Mirro in the Parkteatern
performance of From Sammy
with love – one of the productions that attracted a record
audience to Kulturhuset
Stadsteatern in 2015.
it possible for the City to more quickly be able to build
pre-schools.
The City's housing companies also contribute to
meeting the needs for more pre-schools and taking
this into consideration in new production projects. To
mention a few examples, a pre-school in the Vallgossen
block in Kungsholmen, Syllen in Årstadal, Grimman in
Södermalm and two blocks in Royal Seaport are under
construction.
Children and young people
In 2015, SISAB made record
high investments in school
and pre-school premises of
more than SEK 1.4 billion.
MICASA FASTIGHETER OFFERS housing in service blocks,
special needs and nursing homes. The company also
has senior and sheltered housing with guest apartments and common spaces. In sheltered housing,
Micasa hosts are offered for social interaction. During
the year, the company continued to introduce a longterm property plan that entails both renovations and
new construction of housing for the elderly and those
with special needs. The plan is based on the respective
property's technical and financial status and the Swedish
Work Environment Authority's space requirements in
bathrooms. The company has three land allocations for
new production for 2016.
The company's properties have been equipped
with an accessibility description that harmonises with
the City's model for accessibility.
Greater need for schools
and pre-schools
The City's planned new construction of housing and
the strong population growth entails an extensive
need for school and pre-school premises. In 2015,
SISAB has therefore made investments of more than
SEK 1.4 billion, which is record high. During the year,
a renovation of Högalidsskolan was completed. At
Nybohovsbacken, a new pre-school for 140 children
has been completed, which is one of the City's first
with a “green roof”, i.e. a sedum roof. The work on
the concept pre-school, the Pre-school of the Future,
has continued and three pre-schools are ready and
four more are under production. The concept makes
Sports and Leisure
Kulturhuset Stadsteatern's programme activities
attracted more than 720,000 visitors, which is a record.
Of them, around 70 percent visited programmes with
an entrance fee. The entire operation welcomed 3.2
million visitors. Today, the activities include dance,
theatre, music, art, design, debate, literature, film
and fashion.
During the year, SISAB participated in several work
groups to make school and sports facilities available
after school hours for sports, associations, culture and
meetings. Two test projects are under way in Alviksskolan
and in Mälarhöjden where the gyms are being prepared
to be able to be used during the weekends as well.
During the year, SISAB has conducted a large
number of improvement and maintenance projects on
school and pre-school playgrounds to improve the play
and sports environments for children and young people.
In total, around 350 properties are covered where
renovations or replacements have been done of falling
protection mats, sandboxes, stairs and wooden decks,
artificial grass has been laid or trees trimmed.
PHOTO PETRA HELLBERG
IN 2015, MICASA FASTIGHETER worked intensively on
developing housing and premises for asylum seekers,
unaccompanied refugee children and families with uncertain housing situations. This has been done in buildings
that have been vacant and can be brought into order
relatively quickly. Svenska Bostäder, Familjebostäder,
Stockholmshem, S:t Erik Markutveckling and SISAB
also contributed to preparing places for the refugees
and other vulnerable groups that have come to the City.
They have all jointly contributed
around 1,400 places for accommodation. Stockholmshem also
contributes by meeting the needs
for special housing by renting
out and building new premises
and housing to SHIS (Stiftelsen
Hotellhem i Stockholm).
12,400
APARTMENTS WERE ALLOCATED
BY THE HOUSING SERVICE,
BOSTADSFÖRMEDLINGEN I
STOCKHOLM AB, IN 2015,
WHICH IS A RECORD TO-DATE.
Åkerbrodden/Blomsterkungen is one of the
many pre-schools in Stockholm where SISAB
improved the outdoor environment in 2015.
PHOTO SISAB
DURING THE YEAR, STOCKHOLMSHEM ACQUIRED a student
housing project in Älvsjö with around 280 apartments
that are estimated to be ready by autumn 2016. During
the year, the detailed development plan for Svenska
Bostäder's expansion by approximately 1,000 student
apartments in Albano gained legal force. The project is
being conducted in cooperation with Akademiska Hus
and the overdecking of Värtabanan has begun in cooperation with the Swedish Transport Administration.
During the year, the housing
companies jointly contributed
409 trial and training apartments, which exceeds the
City's goal. These apartments
are allocated through Bostadsförmedlingen on behalf of the
Social Services.
In 2015, together with the
technical administrations and
City Executive Office, Bostadsförmedlingen (the Stockholm
Housing Service) worked on the
construction of the new exhibition,
Stockholmsrummet, at Kulturhuset
that was inaugurated on 20 October. Stockholmsrummet, or the
Stockholm Room, is an interactive
exhibition that shows how the City
is growing. The objective is for the
visitors to learn more about on-going and future city-building projects
in an exciting way.
During the year, around 400,000 children and young
people visited Kulturhuset Stadsteatern's activities. The
Kulturhuset Libraries Rum För Barn (Room for Children),
Tio Tretton (Ten Thirteen) and Lava library and workshop accounted for around 350,000 visitors. The theatre
activities also presented around 40 productions for
young people. In 2015, Kulturhuset Stadsteatern further
strengthened its activities for children and young people
with the development of the theatre's establishments in
Skärholmen and Vällingby.
Rinkebystråket increases the offering of service and shopping and the area also gains a new
meeting place. In October, it was time for the first stores on the street to open. The shopping
area will open in phases until summer 2016.
15
PHOTO KULTURHUSET/STADSTEATERN
PHOTO GUSTAV KAISER, FAMILJEBOSTÄDER
Subtarget 1
Association life and culture
Svenska Bostäder's subsidiary Stadsholmen manages
the City's culture properties with both commercial and
residential tenants. Many of the company's properties are
small and house association and cultural activities among
the tenants. In 2015, Stadsholmen together with the
housing companies prepared a proposal for a long-term
and sustainable rental model for setting the rent of these. Annual Report 2015 stockholms stadshus ab
Subtarget 2
eco-smart Stockholm
Stockholm's climate emissions from heating and transports
shall decrease and the proportion of renewable energy shall increase.
In 2015, the Group actively contributed to achieving the targets through
continuous efforts in operations, as well as through investments. Within
the Group Stockholms Stadshus AB, responsibility for the environment is
part of the business model and the companies work with environmental
management systems, ensuring structured environmental work with the
possibility of constant improvement.
1.3
2040
million
the goal is for
stockholm to be fossil
fuel-free by 2040.
the number of residents who have
their drinking water supplied and
their wastewater treated by
stockholm vatten.
Eco-smart Stockholm
from zero to 55 in six years.
Food waste containers have popped up like mushrooms at a
fierce pace throughout Familjebostäder's properties. Today,
more than half of the tenants can sort their food waste and
have been able to contribute to greater biogas production
in Stockholm since the beginning in 2009.
140
children will be admitted to the new
pre-school at nybohovsbacken, which
is one of the city's first pre-schools
with a “green roof” (sedum roof).
ILLUSTRATION TOVATT ARCHITECTS AND PLANNERS
1,000
Campus Albano will become
a scientific hub that ties
together Stockholm
University and the KTH
Royal Institute of Technology
with each other and the city.
The area will become a role model in sustainable
urban development and provide space mainly
for walking and cycling. Svenska Bostäder
is contributing the construction of 1,000
eco-smart student and researcher
apartments in 2016–2018.
The housing companies' investments
in improvements and new production
involve a major contribution
to lower energy use and environmental impact.
240
17
Solar energy
With growing environmental
problems and rising energy
prices, solar energy is becoming
increasingly important for both
private individuals and municipal
and private property managers
and energy companies.
Trivia:
• The annual solar radiation to
Earth is 5,000,000 EJ/yr. That is
around 10,000 times more than
today's global energy use.
• Solar radiation in Sweden is
around 1,000 kWh/m2 per year.
• The sun has been around for
4 billion years and will last
another 6 billion years.
charging stations
for electric cars has been installed
during the year by Stockholm
Parkering in order to reduce
the amount of CO2 emissions.
The name Green Roof is a collective term for roofs with living plants as
their roof covering. Sedum roofs are environmentally friendly in many ways.
With careful planning and good care, they can contribute to:
PHOTO ISTOCK
PHOTO FAMILEBOSTÄDER
PHOTO ANNE LINTALA
• Reducing the risk of flooding in the event of sudden downpours.
• Protecting the roof's sealing layer from ultraviolet radiation.
• Taking up and binding air pollution.
• Insulating the building year-round.
• Dampening noise.
18
Subtarget 2
eco-smart Stockholm
Subtarget 2
eco-smart Stockholm
The companies work
for a climate-neutral
Stockholm
19
All of the City's operations should work based on the goal of
having the smallest environmental impact possible. The City's
companies actively contribute to fulfilling the City's environmental
targets and at the same time, make it easier for Stockholm
residents to be environmentally aware in everyday life.
Stockholm Parkering has installed numerous charging stations for electric cars in the Stigbergsgaraget car park.
The City's companies work
actively and
long term on
the reduction
of climateimpacting
emissions.
T
HE GOAL IS for Stockholm to be fossil fuel-free by 2040. The City's companies work
actively and long term on the reduction of climate-impacting emissions. During the year,
many measures are being carried out and the challenge for the housing companies has
been reducing energy consumption further, and at the same time retaining customer
satisfaction. The housing companies' investments in improvements and new production
involve a major contribution to lower energy use and less environmental impact.
is Svenska Bostäder, which has further developed an
energy plan for 2015–2020. The energy plan includes a mapping of the company's potential for energy
savings considering the tenants' wishes regarding indoor comfort, planned investments and maintenance.
Based on this, documentation is prepared for the assessment of energy savings until 2020. The strategy
includes a systematised effort on the mapping of high-consumption properties and energy-savings
measures in improvement programmes. The company's new production and renovations take place
with low-energy technology, combined with follow-up and development work. Local plans will be
worked out to achieve a balance between customer satisfaction and energy consumption.
Another example is Stockholmshem, which has continued the work of energy-saving measures
and making investments to control the properties' heat consumption to make it more efficient. This
work will also continue in 2016, which will lead to energy-efficiency enhancements, reduced emissions
and lower costs.
AN EXAMPLE OF STRUCTURED ENVIRONMENTAL EFFORTS
focused on optimising previously implemented energy-savings
projects. At the same time, a number of further energy-efficiency enhancement projects have been carried
out. Among other things, façades have been additionally insulated in connection with façade renovations.
DURING THE YEAR, FAMILJEBOSTÄDER HAS
conducted trials of individual measurement and debiting (IMD).
The housing companies joint model is to prepare the measurement of new production, but await
THE HOUSING COMPANIES HAVE ALSO
reasonable conditions to introduce
IMD as a standard.
preschool and school premises, has conducted extensive efforts in accordance
with the company's energy plan. In the
budget for 2015, the decision was made
to move up activities planned for 2016
in the energy plan. Altogether, SISAB
implemented around 800 energy measures during the year, which included
operational optimisation, replacements
of district heating centres, conversion
of electrical heating to bedrock heating
and installation of around 2,500 indoor
thermostats for optimised control and
installation of heat recovery in ventilation systems. The result for the year is
a reduced energy consumption of 3.8
percent. In total, SISAB has reduced its
energy consumption by 16 percent since
2012.
SISAB, WHICH OWNS AND MANAGES
IN MANY OF ITS FACILITIES, Stockholm
Parkering has replaced the lighting with
800
DURING THE YEAR,
SISAB CARRIED OUT
AROUND 800 ENERGYEFFICIENCY ENHANCEMENT MEASURES.
The measures
comprised:
• operational optimisation,
• replacement of district
heating centres,
• conversion of electric
heating to bedrock
heating,
• installation of around
2,500 indoor thermostats for optimised
control and installation
of heat recovery in
ventilation systems.
energy-saving LED lighting, which
has reduced energy consumption. In
addition, the company installed 240
charging stations for electric cars both
for visitor parking and for leased parking
spaces. This makes it easier for Stockholmers to get an electric car and for visitors
to charge their electric cars. The amount
of CO2 emissions is thereby reduced.
At the end of the year, Stockholm
Parkering was also awarded a grant
of SEK 6.1 million from the Swedish
Environmental Protection Agency through
the Klimatklivet (Climate Leap) programme, for the expansion of charging
stations for electric cars. The grant was
awarded to generate a high degree of
climate benefit for every SEK invested.
With the grant, the company can continue to install charging stations –
around 300 new charging stations
will be installed in the next threeyear period. The number of charging
stations in the company's facilities
reached 700 at the end of 2015.
Subtarget 2
eco-smart Stockholm
21
Nearly 3,400 of Svenska Bostäders households can
now sort their food waste. The majority of these tenants have access to the Green Bag that is discarded
in the same container as other household waste and
is then sorted out optically to then go to anaerobic
digestion and become biogas and new energy.
The City's objective for 2020 is that at least 70
percent of the annual food waste will be collected.
During the year, Stockholm Vatten created a new
project unit to achieve this goal.
In 2015, Stockholms Hamnar
worked to increase the proportion
of renewable energy in part by
setting up solar cells on two of the
company's roofs. There are now
solar cell installations in Stockholm,
Nynäshamn and Kapellskär (pictured).
6.1
STOCKHOLM PARKERING WAS
AWARDED A GRANT OF SEK 6,100,000
FROM THE SWEDISH ENVIRONMENTAL PROTECTION AGENCY, THROUGH
THE “CLIMATE LEAP” INITIATIVE,
FOR THE EXPANSION OF CHARGING
STATIONS FOR ELECTRIC VEHICLES.
THE REASON FOR THE SUPPORT IS
FOR THE INVESTMENT TO GENERATE
A HIGH LEVEL OF CLIMATE BENEFIT
FOR EVERY SEK INVESTED.
buys electricity for
its own use and for its tenants. To clarify
who uses what electricity, an electricity
charging project was begun in 2015. This
makes it easier to read the electricity
charge for each individual tenant, vessel
and cargo boat. This also makes the individual electricity consumption clearer
to all customers, which in turn supports
a reduced electricity consumption.
STOCKHOLMS HAMNAR
Solar cells
Besides investing in energy-efficiency
enhancements, the subsidiaries invested
in renewable energy production in the
form of solar cells during the year. The
aim is to reduce emissions while at the
same time reducing the long-term costs
for the city.
have worked on solar
cell development during the year. In
2015, SISAB conducted a development
project to investigate the possibilities
of investing in solar cell installations
on school roofs.
Two solar cell installations were begun
and will be installed in 2015–2016. The
SEVERAL COMPANIES
project is being carried out at Kvickentorpsskolan and Thorildsplans gymnasium. Stockholms Hamnar worked
during the year to increase the proportion of renewable energy. Among other
things, this involved setting up solar cells
on two of the company's roofs. There are
now solar cell installations in Stockholm,
Nynäshamn and Kapellskär. The work is
continuing in 2016 with more solar cell
installations.
also
inventoried the conditions that exist for
investing in solar cell installations on
various properties.
DURING THE YEAR, STOCKHOLMSHEM
IN 2015, THE SWEDISH PARLIAMENT decided
on the tax regulation of solar cells.
The tax will be introduced as of 1 June
2016. The effect for the Group companies is that all solar electricity produced
will be taxed. Companies concerned
have pointed out the consequences of
changed legislation regarding the expansion of solar cell use.
Collection of food waste
in achieving
the targets regarding food waste collec
tion and waste management. The respec
tive companies contribute based on their
own circumstances. The housing compa
THE ENTIRE GROUP IS INVOLVED
Stockholm also has a high ambition for
the collection of food waste. Collection,
such as through optical sorting, shall
increase with a target for 2020 that at
least 70 percent of the annual
food waste shall be collected to
produce biogas as a part of the
transition to a City in which
transportation runs on renewable fuels.
During the year, Stockholm Vatten
adopted a collection strategy for food
waste for 2016–2020.
The collection strategy will be
supplemented with a more detailed
action plan for 2016. The action
plan will then be revised annually in
connection with the budget work. The
high level of ambition demands greater
communication efforts, directed efforts
for various customer categories, outreach activities at customers and clear
tariff control. To create the right conditions and carry out measures, Stockholm
Vatten created a new project unit during
the year for the period 2016–2020, called
Project Food Waste.
The entire corporate group is involved in achieving the
objectives for food collection and waste management; each
company contributes based on its own circumstances.
nies have a well-developed system for
property-oriented and environmentally
efficient source sorting. The collection
of source sorted materials and bulky
waste is similar and is based on the
legislated producer liability for certain
product groups. At the end of 2015,
55 percent of all apartment tenants with
Familjebostäder have access to food
waste collection. The housing companies have also conducted information
efforts during the year.
Stockholms Hamnar's collection of
food waste has also increased. The head
office at Magasin 2 and the project office
in Värtan have food waste collection and
the company's tenants are offered this
service.
SAVING ENERGY
Stockholmshem is making investments to guide the heating consumption of the properties in a more
efficient direction, which will lead
to energy efficiency enhancements,
lower emissions and lower costs.
22
Subtarget 2
eco-smart Stockholm
Subtarget 2
eco-smart Stockholm
23
PHOTO ISTOCK
When more people are to
travel in a limited space,
pedestrian, bicycle and
public transport must be
prioritised and investments
distributed evenly.
9 10
out of GOODS COME TO SWEDEN BY SEA.
STOCKHOLMS HAMNAR WORKS TO
ENSURE THAT THESE GOODS ARE
TRANSPORTED AS CLOSE AS POSSIBLE TO THEIR FINAL DESTINATION
BY SEA IN ORDER TO RELIEVE THE
PRESSURE ON SWEDEN'S HEAVILY
TRAFFICKED ROAD AND RAILWAY
NETWORK, THEREBY GENERATING
SIGNIFICANT ENVIRONMENTAL
BENEFITS.
Stockholms Hamnar is working to develop an index that can form
the basis of the environmental differentiation of fees.
The objective of Stockholm's Future Wastewater
Treatment is to build one of the world's most modern
wastewater treatment plants and significantly cleaner
water will be released to the Baltic Sea.
Sustainable transports
Stockholm is growing! When more
people are to travel in a limited space,
pedestrian, bicycle and public transport must be prioritised and investments distributed evenly. Car traffic
has to decrease to achieve the national
climate targets for road traffic by
2030. In the Group, only green vehicles
shall be used and the intention is to
also increase the number of electric
cars in the companies' vehicle fleets.
The respective companies work based
on their operations' possibilities and
the companies with the clearest connection to sustainable transports in the
Group are Stockholm Parkering and
Stockholms Hamnar.
STOCKHOLM PARKERING continuously
works to expand the number of parkand-ride facilities. During the year, the
construction of a new park-and-ride
facility was begun in Vällingby and the
park-and-ride in the P-hus Råcksta car
park was able to be re-opened after
a two-year closure. A study of a new
park-and-ride facility in Norra Sköndal
is under way.
In collaboration with SL, the company
offers park-and-ride free of charge with
SL Access card at six park-and-ride
facilities. In Johannelund, it is free for
everyone to park.
A relatively new strategy for the company is to build park-and-ride facilities
that connect to a bus stop with frequent
service to and from central Stockholm. At
the end of 2015, Stockholm Parkering had
23 park-and-ride facilities with a total of
3,111 parking spaces. This is around 100
more parking spaces than at the same
time the year before. An overview of the
position and degree of use of the parkand-ride facilities is a part of Stockholm
Parkering's commitments for 2016.
In addition to park-and-ride facilities,
Stockholm Parkering has created around
100 bicycle parking places at twelve of
the company's existing parking facilities.
Active work is under way to identify the
areas in the facilities that are suitable for
bicycle parking. In this work, the company assigns a great deal of importance
to traffic safety and the bicycle parking's
destinations.
Of today's portfolio, some bicycle
parking areas are open to all and others
are for those who rent a parking space
from the company. In addition, bicycle
boxes are rented out through rental
agreements.
Today, bicycle parking areas are available at P-hus Råcksta in Vällingby Parkstad, P-hus Åkeshov and P-hus Sjöstaden
in Hammarby Sjöstad, to name a few.
annually signs agreements with the shipping companies including environmental discounts. The
discounts comprise nitrogen, LNG and
electricity connection, among other things.
Stockholms Hamnar also works in
both national and international networks to develop a common index that
forms the basis of the environmental
differentiation of fees, i.e. the less
environmental impact of the vessels,
the lower the port fees.
STOCKHOLMS HAMNAR
in the Group that
indirectly works to reduce transports
is Stokab. The company is building a
network structure for environmentally
friendly operation. The broadband fibre
expansion is continuing with an expansion to commercial properties, mainly
A DIFFERENT ACTOR
in the suburbs. This network structure
is designed to facilitate the operation
and maintenance of the network both
for customers and for Stokab's own
operations with reduced transports as
a result. Stokab also contributes to reduced transports through greater digital
availability in the entire City.
and Environment Court in Nacka, which
must be seen as a milestone. The objec
tive for the project is to build one of
the world's most modern wastewater
treatment plants and significantly cleaner
water will be released to the Baltic Sea.
The treatment plant's impact on the
surroundings will also reduce significantly
since fewer people will be bothered by
transportation, noise and odor.
Clean air and clean water
The City will work actively for clean air
and clean water. Further measures are
needed to meet the air quality norms.
As a part of this work, humidity, environmental and energy control is being
further developed in new construction
and renovation projects.
The treatment of the wastewater is
taken care of by Stockholm Vatten in
an eco-smart way with heat recovery
of the wastewater and an extensive
biogas production. Stockholm Vatten
operates the project Stockholm's Future
Wastewater Treatment, which will have
major positive environmental effects.
The project is the Group's single largest
and in July 2015, the extensive permit
application was submitted to the Land
Possibilities for environmentally friendly lifestyles
TO ENSURE A HEALTHY
INDOOR ENVIRONMENT,
THE PROPERTY COMPANIES WORK ACTIVELY
AND CONTINUOUSLY ON:
• Moisture protection
• Good material
selections
• Good ventilation
• Good experienced
indoor temperature
• Good acoustic environments.
The possibility to recycle improved
during the year in part due the opening
of Roslagstull's re-use station in Vanadisberget, a new recycling facility with
a focus on re-use. Stockholm Vatten
also increased sales during the year of
punch tickets at the City's recycling
centre.
During the year, Stockholm Vatten
also invested in information distribution to influence the citizens to adopt
sustainable behaviour in the area of
water and waste. This work will be
intensified in 2016. Annual Report 2015 stockholms stadshus ab
Subtarget 3
FINANCIALLY sustainable Stockholm
A financially sustainable society creates the basis of a City
that will remain strong even in times affected by external
stresses. A good economy is a prerequisite for being able to
develop the City and to be able to achieve the vision of a
Stockholm for everyone. More jobs, more housing construction, investments in education and an active business
community are also central components of a well-functioning
economy and a financially sustainable Stockholm.
SEK
In 2015, Stockholm Vatten won the
St. Julian Prize, the City’s prize to
reward work done to include people
with disabilities in society.
million
stockholms stadshus ab has property
holdings of around 10.5 million sq.m. of
lettable space.
the market value for the properties is nearly
SEK 143 billion and makes Stockholms
Stadshus AB, through its subsidiaries, one of
Sweden's largest property owners.
Stockholm
The City's strategic expansion of a neutral and
open fibre network has promoted competition,
diversity and freedom of choice
30
Promoted competition
Stockholm has 100 percent broadband
coverage, both fixed and mobile. Stokab's
network is the world's largest open fibre
network and would wrap around the
Earth more than 30 times with its
1.25 million kilometres of fibre,
5,500 kilometres of cable, 600
cross couplings and more than
15,000 connection points.
The City's strategic expansion of a
neutral and open fibre network has
promoted competition, diversity and
freedom of choice, and the European
Commission named Stokab the winner
of the competition the European
Broadband Award 2015 in the category
Future Proof Quality and service.
times around the world is
how far Stokab's total
fibre network could be
drawn.
PHOTO ISTOCK
530,000 10.5 143
Congratulations!
is what the companies' total investments amounted to in 2015.
Financially sustainable
The number of cruise ships
that visited Stockholms Hamnar
during the April-October season
reached 247 with a record number
of passengers at 530,000.
10.8 m
25
26
Subtarget 3
Subtarget 3
27
Earnings per company
Continued stable
positive earnings
Profit/loss after financial items (SEK million)
2015
2014
2013
2013*
2012
2011
408
1,239
3,647
3,647
1,576
438
20
976
3,372
3,372
1,310
123
Parent Company
stockholms stadshus ab
Capital gains
of which dividend from subsidiaries
of which dividend from associated companies
25
203
Subsidiaries
ab svenska bostäder (g)
Stimulans för Stockholm
275
345
406
383
305
318
-123
-175
-125
-500
-465
-445
161
522
522
1,376
480
428
191
238
233
195
-17
-17
-133
-184
-198
456
563
563
1,171
534
285
243
251
332
216
-143
-241
-199
203
Capital gains
Financial sustainability is a starting point for the City's work.
Basic targets for the equity/assets ratio, with cost-effective operations and
low administrative costs are a part of the work. A high, but stable level of
investment for a growing Stockholm is another. At the same time more
jobs, investments in education and a functioning business community are
central to a better functioning economy and City.
ab familjebostäder (g)
324
Stimulans för Stockholm, Järvalyftet
Capital gains
ab stockholmshem (g)
363
Capital gains
bostadsförmedlingen i stockholm ab
skolfastigheter i stockholm ab
57
57
388
0
4
8
8
9
9
10
8
13
-2
-18
-10
-20
-20
-82
-140
Capital gains
micasa fastigheter i stockholm ab
27
85
93
-15
Capital gains
s:t erik markutveckling ab (g)
34
-74
-67
-55
-61
-70
205
47
28
57
30
25
10
-152
-1,187
-155
-156
-79
-84
-82
17
-44
-65
42
-41
stockholms hamn ab (g)
105
108
115
106
109
107
ab stokab (g)
212
188
175
175
174
171
stockholms stads parkerings ab
109
68
48
67
58
28
-20
-20
-20
-219
stockholm globe arena fastigheter ab (g)
stockholm vatten holding ab (g)
Capital gains
Stockholm Stadshus AB Group – Profit/loss 2015
4,100
IS THE NUMBER OF JOBS ESTIMATED
TO BE GENERATED EVERY YEAR
BY THE FERRY PASSENGERS WHO
VISIT STOCKHOLM. IN TOTAL, MORE
THAN 10.5 MILLION PASSENGERS
PASS THROUGH THE PORTS OF
STOCKHOLM EVERY YEAR. THE
PASSENGERS HAVE A CONSUMPTION
ESTIMATED AT SEK 5 BILLION.
For 2015, the Group recognises a profit after net financial items of SEK 1,411 million.
This includes the associated companies AB Fortum Värme jointly owned with the
City of Stockholm (hereafter referred to as “Fortum Värme”) and Mässfastigheter
i Stockholm AB's shares of profit in an amount of SEK 341 million.
Profit for the year after net financial items for the Group's subsidiaries amounted
to SEK 1,070 million.
Items affecting comparability for the year are marginal compared with the previous
year when capital gains of SEK 384 million and an impairment loss of SEK 1 billion
impacted earnings.
recognise better underlying earnings compared with the previous year.
A reason for the companies' positive earnings trend is the historically low level of
interest that entails lower interest expenses for the companies that borrow – even though
the investment volume is higher than the preceding year in the Group, the total interest
expenses have decreased. Another factor that affects the earnings trend is the new K3
regulations that were introduced in the 2014 financial year. Compared with earlier rules,
component depreciation is now applied to property, plant and equipment, such as properties. The change means that maintenance measures are capitalised to a greater extent
than before, which initially improves the earnings level. This increase is temporary and
the positive effect will be countered by greater depreciation within a few years.
The current good economy also contributes to a positive trend in sales from the
infrastructure companies.
MOST SUBSIDIARIES
stockholms stadsteater ab
-346
-330
-286
-286
-222
-25
4
2
2
1
0
s:t erik försäkrings ab
25
-5
0
0
38
33
s:t erik livförsäkring ab
86
37
90
90
62
-166
stockholm business region ab (g)
stockholms stads utrednings- och statistikkontor**
other companies
Group adjustments, net
Profit, subsidiaries
0
0
0
0
-251
-1,022
-3,450
-3,440
-1,466
-185
1,070
965
2,015
1,354
3,006
923
-7
-13
Associated companies
mässfastigheter i stockholm ab***
ab fortum värme, jointly owned with the city of stockholm****
Total profit, Group
of which capital gains, net
of which Stimulans för Stockholm
Profit/loss excl. capital gains
2
16
339
124
1,411
1,105
2,008
1,341
3,006
923
-50
834
1,116
1,116
2,827
1,185
-123
-192
162
-816
-1,053
-1,072
1,461
271
892
224
179
-263
Note: Subsidiaries marked (G) have sub-groups.
Capital gains of more than SEK 10 million are recognised separately for each company.
* Figures for 2013 have been adjusted in the annual accounts for 2014 due to the K3 accounting rules.
** Company was sold on 1 June 2011.
*** 50.4% share owned by the City of Stockholm, acquired in 2013.
**** 49.9% share owned by the City of Stockholm, acquired in 2014.
Subtarget 3
29
Bjällerkransen – one of many new
construction projects in Västertorp.
The housing companies recognised a profit.
Factors, such as shifts in investment volumes,
lower interest expenses and a snow-free winter
in 2015 contributed to strong earnings levels.
PHOTO ISTOCK
The profit for the City of Stockholm's corporate group is approximately SEK 1.5 billion (excl. capital gains).
The housing companies recognised a profit. Factors, such as shifts in
investment volumes, lower interest expenses and a snow-free winter in
2015 contributed to strong earnings levels.
continued the improvement in Järva during the year,
which also entails a somewhat lower earnings level than the other
housing companies.
SVENSKA BOSTÄDER
SISAB reported higher profit than in the preceding year. This is due to
higher revenues for new properties at Konradsberg and lower interest
expenses.
profit amounted to SEK 85 million. This is a
lower profit than the previous year, when non-recurring items, such
as capital gains and reversals from tax had a positive impact on
earnings. The underlying profit improved during the year, mainly
due to the effects of K3.
MICASA FASTIGHETER'S
SGA FASTIGHETER presents a loss of SEK 152 million, compared with a
loss of SEK 1.2 billion the year before. The loss for 2014 mainly related
to an impairment loss of SEK 1 billion when a reclassification of fixed
assets took place from buildings to land. The reclassification also
entailed lower expenses before depreciation during 2015. Compared
with the previous year, the rental income from arenas also increased.
STOCKHOLM VATTEN HOLDING recognised
a decrease in earnings of SEK
99 million compared with the preceding year. This year's profit includes provisions as an item affecting comparability in an amount
of SEK 76 million. The provision relates to a ruling in the Court
of Appeal that means that the company would have a lower tariff for
surface wastewater for the road owners. Stockholm Vatten has pe-
titioned for a leave to appeal with the
Supreme Court. The costs for depreciation increased by more than SEK 33
million, compared with 2014. This
is due to a higher depreciation rate
for the Bromma wastewater treatment
plant since the facility will be disposed
of earlier than planned. The disposal
will take place once the SFA project,
Stockholm's Future Wastewater Treatment, has been completed. The City's
waste operations were acquired from
the City of Stockholm in July 2014.
In 2015, both operating income and
expenses increased compared with
the previous year due to the full-year
effect. During the year, the water and
sewage tariff was increased.
leased parking spaces and visitor
parking.
improved its profit after net
financial items by SEK 24 million compared with the previous year, to SEK
212 million. This is attributable to a
high order intake that generates higher
income, as well as lower network-related
expenses and financial expenses.
STOKAB
THE ASSOCIATED COMPANY FORTUM VÄRME
loss
amounted to SEK 346 million. The
larger loss compared to 2014 is related
to higher investments in cultural and
theatre activities in Vällingby and
Skärholmen, among others.
KULTURHUSET STADSTEATERN'S
EXCLUDING DIVIDENDS, THE PROFIT OF THE
again recognises
strong earnings this year as well. The
revenues are increasing due to higher
rental and leasehold income. The interest
expenses are lower than expected due
to lower investments and lower interest
rates than expected.
STOCKHOLMS HAMNAR
STOCKHOLM PARKERING reports a strong
earnings increase compared with the
previous year. The profit of SEK 109
million is due to a sales increase for
The dividends have no impact on
earnings for the Group as a whole. This
is because the dividend is an internal
transaction within the Group, which is
eliminated under the item Group adjustments in the income statement. Other
Group adjustments mainly pertain to
depreciation/amortisation according to
plan of surplus values in the Group.
PARENT COMPANY, STOCKHOLMS STADSHUS
was SEK 78 million lower. This is
because the low interest rates generate
lower interest income.
AB,
from the housing companies
amounted to SEK 19 million in accordance with Section 3 of the the Swedish
Municipal Housing Companies Act.
Dividends from the associated companies
Fortum Värme and Mässfastigheter i
Stockholm totalled SEK 203 million.
THE DIVIDEND
is included in the Group since midyear 2014 when it was acquired from
the City of Stockholm. The profit share
for Fortum Värme amounted to SEK
339 million for 2015. This is a higher
share than in 2014 due to the full-year
effect. Fortum Värme's underlying
earnings are, however, lower than the
previous year. This is mainly due to
early redemption of loans from Fortum
in connection with the new consortium
agreement between Stockholms Stadshus
AB and Fortum OY that enters into
effect in 2016. Stockholms Stadshus AB's
share of profits amounts to 50 percent.
THE ASSOCIATED COMPANY, MÄSSFASTIGHETER
I STOCKHOLM,
recognised a profit of SEK
2 million.
30
Subtarget 3
Subtarget 3
31
PHOTO MATS ÅSMAN
PHOTO MATS ÅSMAN
Gross investments in 2015
Financial
assets
Intangible Construction in
assets
progress
Machinery and
equipment
Buildings
Land
Total annual
accounts
1
0
0
0
0
1
AB Svenska Bostäder
0
2,718
2
0
0
2,720
AB Familjebostäder
0
638
3
-1
0
640
AB Stockholmshem
0
2,021
3
84
2
2,109
Bostadsförmedlingen i Stockholm AB
0
0
1
0
0
1
Skolfastigheter i Stockholm AB (SISAB)
0
1,449
0
0
12
1,461
Micasa Fastigheter i Stockholm AB
0
473
4
0
0
476
S:t Erik Markutveckling AB
0
0
0
761
0
761
Stockholm Globe Arena Fastigheter AB
0
16
2
0
0
18
Stockholm Vatten AB
0
1,195
239
69
0
1,523
Stockholms Hamn AB
0
705
3
0
14
722
AB Stokab
0
184
0
0
0
184
Stockholm Stads Parkerings AB
0
104
2
0
0
106
Stockholms Stadsteater AB
0
0
5
6
0
11
Stockholm Business Region AB
0
0
0
0
0
0
S:t Erik Försäkrings AB
0
0
0
0
0
0
S:t Erik Livförsäkring AB
33
0
0
0
0
36
0
0
0
0
0
21
9,503
263
920
28
10,769
Apts/prem Book value (SEK
(No.)
million)
Fair value* (SEK
million)
Rental income
(SEK million)
SEK million
Parent Company
Subsidiaries
Other companies
In 2015, S:t Erik Markutveckling
acquired three properties at
Årstafältet and one property in
Royal Seaport. The acquisition
increases the City's possibilities for
urban development in two of Stockholm's urban-development areas.
50%
OF THE HOUSING COMPANIES
INVESTED AROUND SEK 5.5
BILLION IN 2015, WHICH CORRESPONDS TO MORE THAN 50% OF
THE GROUP'S TOTAL INVESTMENTS
DURING THE YEAR.
In a growing Stockholm, there is a considerable need for new housing and expanded
infrastructure. The Group's companies contribute in these areas and the investment
volume is now increasing gradually for the Group. In 2015, the companies' investments amounted to SEK 10.8 billion, up more than SEK 200 million compared with
the preceding year.
includes S:t Erik Markutvecklings acquisition of leaseholds at Årstafältet and in Royal Seaport in autumn 2015. The purchase consideration
amounted to slightly more than SEK 600 million. The project is a strategic acquisition
to secure the City's long-term planning of housing, workplaces, traffic interchanges,
etc.
THE HIGHER INVESTMENT VOLUME
report a total investment
volume of SEK 5.5 billion, which is SEK 1 billion higher than 2014. The housing companies account for more than 50 percent of the Group's investments during the year.
Svenska Bostäder accounts for an investment volume of SEK 2.7 billion, of which
SEK 1.7 billion pertains to renovation and maintenance projects. In 2015, the housing
companies began construction of around 1,580 apartments, compared with 890 in the
preceding year. The number of apartments begun is higher than the City Council's target
for 2015, but lower than the targets the companies themselves set in their operating plans
for the year. There are time shifts in the new construction projects that cause a delay.
34
Property portfolio in 2015
Use
Area(m2)
Housing
4,958,420
78,617
43,154
97,391
5,872
Premises
4,682,362
8,638
19,778
29,728
3,235
Retail
290,133
1,629
1,976
3,006
286
Other **
554,223
7,278
6,932
12,358
604
10,485,138
96,162
71,840
142,483
9,997
Total
* Normal real estate value, excluding land and water with Stockholm Vatten
** Other includes for instance garages and parking spaces
SVENSKA BOSTÄDER, FAMILJEBOSTÄDER AND STOCKHOLMSHEM
STOCKHOLM VATTEN'S INVESTMENTS total more than SEK 1.5 billion. Investments in
pipeline networks in existing networks and development areas as well as water and
sewage treatment plants amount to nearly SEK 1.1 billion.
Stockholm Vatten is implementing the project Stockholm's Future Wastewater
Treatment (SFA). The project is intended to give Stockholm one of the world's most
2
0
Group
Stockholm Stadshus AB Group – Gross investments 2015
19
modern treatment plants at Henriksdal
and the total forecast for the project
amounts to SEK 8.1 billion. In 2015,
the project spent just over SEK 234
million. The long-term planning for the
project is under revision.
carried out major
renovations of Nytorpsskolan, Kungsholmens grundskola, Högalidsskolan
and Lindeparkens gymnasium.
began a renovation and conversion of the
Vintertullen service block.
DURING THE YEAR, MICASA FASTIGHETER
conducted supplemental fibre expansion projects to
strategic areas in the suburbs.
investment volume is somewhat lower
than planned. This is mainly due to
the time shift of the Stockholm Norvik
Hamn project.
DURING THE YEAR, STOKAB
DURING THE YEAR, SISAB
DURING THE YEAR, THE STOCKHOLMS HAMNAR
continued the renovation of the port
Värtahamnen and the modernisation of
the port Kapellskärs Hamn. The total
STOCKHOLM PARKERING'S investments
for the full year amounted to SEK 106
million. During the year, the extension
of the car park in Råcksta and the construction of the Stigbergsgaraget car
park was completed.
PHOTO STOKAB
PHOTO STOKAB
32
Subtarget 3
ALL PHOTOS SISAB
Stokab is continuing the work
of stimulating IT development in
the region. With the price change
and broadband connection of
commercial properties in the
suburbs, it has become just as easy
for a business operator to be a part
of the digital economy in Rågsved
as in the inner city.
SISAB offers holiday
work to young Stockholmers
every summer.
Offering holiday jobs and trainee positions
(internships) is a way for the companies to work
with skills supply and contribute to reducing
unemployment among young people.
Holiday jobs and
trainee positions
Offering holiday jobs and trainee positions (internships) is a way for the companies to work with skills supply, and
reduce unemployment among young
people. Many are employed as summer
substitutes and in 2015, around 330
young people worked in the companies'
operations as holiday employees. In
several cases, the companies also employ
young people as a reinforcement through
out the year. The companies have various
ways of recruiting young people; in
some cases, they are recruited directly
in the companies' properties and local
areas, and in others, the recruitment
takes place together with the the City
District Councils. For example, Familjebostäder offered 80 young people holi
day work in 2015 in cooperation with
the district administrations of RinkebyTensta, Årsta-Enskede-Vantör and Farsta.
As supervisors for them, four university
students were employed. Many of the
companies have also had interns through
cooperation with the Jobbtorgen resource
programmes, high schools and universities or through the City's trainee programme where recent university graduates
were employed by SISAB and Familjebostäder.
offered trainee positions to young people with disabilities
and was awarded the 2015 St. Julian
Prize, the City’s prize to reward work
done to include people with disabilities
in society. For Stockholms Hamnar,
several of the “basic jobs” for the
younger target group below the age of
20 were cancelled as the work environ
ment and safety efforts developed and
were strengthened, with higher requirements on expertise. However, the mooring assignments, which is risky work,
increased in 2015. To meet the work
STOCKHOLM VATTEN
environment requirements, but at the
same time contribute to workplaces
for young people, Stockholms Hamnar
offered people over the age of 20 employment in summer 2015.
STOKAB developed cooperation with
higher vocational education in Nyköping
for a tailor-made training programme
for fibre technicians.
For the companies that have a large
part of their operations carried out by
external implementers, one work model
is to ensure that collaborative partners
offer workplaces; this is done in part
through social requirements in procurements. In collaboration with S:t Erik
Markutveckling's external managers,
the company offered summer jobs in
the company's management operations
in 2015.
works
together with the Labour Market
Committee and the City District Councils to promote, coordinate and develop the local economy and increase the
number of trainee positions and, on
the long term, social involvement in the
business community. For example, ethnic
associations and women's associations
STOCKHOLMS BUSINESS REGION
have been informed of where they can
seek advice to get help with starting new
businesses.
Read more about the companies'
work with labour market efforts under
Democratically sustainable Stockholm.
Business and tourism
During the year, Stokab stimulated the
IT development in the region by facilitating establishment in the suburbs. The
prices in the region have been harmonised and all commercial properties in
the suburbs have been connected to the
fibre network, which enables a more
rational and environmentally friendly
operation at the same time as the
business operators are given greater
freedom of choice. The City's strategic
expansion of a neutral and open fibre
network has promoted competition,
diversity and freedom of choice, and the
European Commission named Stokab
the winner of the competition the European Broadband Award 2015 in the category Future Proof Quality and service.
The jury motivated its choice by
noting that Stockholm has acted long
term, been a pioneer and built a sustainable network.
Stockholm has acted on the long-term, been
pioneers in terms of broad band provisioning and
built a sustainable network.
that
visited Stockholms Hamnar during
the April-October season reached 247
with a record number of passengers
at 530,000.
Stockholm also beats the record in
terms of the number of turnarounds, i.e.
when the cruise ships change passengers
in port. Extra days and nights are most
often spent in the City in a turnaround.
THE NUMBER OF CRUISE SHIPS
AFTER SWEDEN'S VICTORY in the Eurovision
Song Contest in 2015, SVT made Stockholm the host of the 2016 competition
in July. A project organisation under
the management of Stockholm Business
Region has been appointed consisting
of employees from the City's companies
and administrations, which have the
task of fulfilling the City's commitments.
The ambition is to elevate and establish
Stockholm's position as a technology
and music city for visiting artists, journalists, fans and others.
EUROVISION TO STOCKHOLM
After Sweden's victory in the Eurovision
Song Contest in 2015, SVT made Stockholm the host of the 2016 competition.
A project organisation is led by Stockholm
Business Region and the ambition is
to elevate and establish Stockholm's
position as a technology and music city
for visiting artists, journalists, fans and
others.
Subtarget 4
Democratically sustainable Stockholm
The City's companies play an important role with regard to the orientation
goal – Democratically sustainable Stockholm. With efforts from the companies, Stockholm can become an accessible City for everyone, free from
discrimination, where all Stockholmers have ready access to culture and
personal creativity and the citizens have influence. The companies also
work actively to be good employers with good working conditions.
[ DEMOCRACY
PHOTO ISTOCK
stockholms stadshus ab is the
parent company in the corporate group that consists of 16
active subsidiaries.
Stockholm
stockholm parkering
sees multilingualism as
an asset in recruitment.
with several of the
company's employees
speaking various
languages, the company
can offer broader
service.
New sanctuary author
the iraqi journalist and counsellor
Ashraf Atraqchi arrived to Stockholm as
the City's new sanctuary author. Atraqchi
comes from Mosul, Iraq, where he blogged
and wrote articles about the city's cultural
treasures that had been destroyed by
extremists.
Kulturhuset Stadsteatern is responsible
for the City's sanctuary programme.
PHOTO MATILDA RAHM, KULTURHUSET STADSTEATERN
PHOTO PETER HOELSTAD/AGENT MOLLY & CO
17
sustainable
PHOTO YANAN LI
2,751
]
Greek dēmo
kratiʹa = ‘go
vernment
by the peop
le’, from dem
o- (‘people’) and the
suffix -kratiʹa
(‘-rule’)
Democratically
monthly wage
earners worked
in the stockholm stadshus
ab group as of
31 december
2015
35
Three-year accessibility project
sisab has begun a project to
increase the accessibility of
schools rented by the Education Committee. The company
corrects “Easily resolved
obstacles” according to the
Swedish National Board of
Housing's definition, as well as
lifts and toilettes adjacent to
public premises.
the most common measures
in the project are:
•ramps for entrances
•extended handrails
•lowered thresholds
• loop amplifiers in auditoriums/
cafeterias
• installation of door automation
•wheelchair-access toilettes
•accessibility-adaptation of
older lifts
Equality perspectives in marketing
in february, a decision was made that the
equality perspective shall always be observed when the City considers various
marketing efforts in events that contribute
to marketing Stockholm internationally and
attracting both visitors and businesses.
For the companies,
corporate social
responsibility is a natural
and important part
of the missions of the
operations.
36
Subtarget 4
democratically sustainable Stockholm
A foundation for new ideas,
broader perspectives and
development
A democratically sustainable society is based on gender equality,
social equality, accessibility and freedom from violence and discrimination.
Stockholm is a City where people with many different backgrounds, experiences
and circumstances live. Stockholm shall be a City that leads the way
in terms of the residents' possibility to influence and a City
where everyone is given the same opportunities.
operating planning stage, Stockholms Hamnar has analysed what expertise needs to be upgraded to achieve
the desired targets. Svenska Bostäder expresses it as
follows: “We see equality and diversity as a foundation
for new ideas, broader perspectives and development.”
Stockholm Parkering views multilingualism as an asset
in recruitment. With several of the company's employees
being multilingual, the company can offer service in
various languages.
a way of
working that has a high ceiling and an attractive attitude
and contributes to a culture where all employees have a
responsibility to identify issues and situations that concern
discrimination, harassment and abusive treatment.
Micasa Fastigheter will continue to work to make gender
perspectives and antiracist perspectives a natural part
of the company's work processes.
AT STOCKHOLMSHEM, THERE IS A WILL TO PROMOTE
One of the companies' missions is to
contribute to people in exclusion entering a working community.
is to apply skillsbased recruitment. Familjebostäder confirms that the
breadth has increased in connection with the recruitment done during the year. As early as the business and
ONE WAY OF WORKING WITH THE ISSUE
IN 2015, SGA FASTIGHETER CONDUCTED an
equality survey
that comprises the event activities in the company's fa-
cilities. It showed, among other things, that the majority of concert-goers are women,
while the men are in the majority at sports events. Both football teams that have
Tele2 Arena as their home arena, Hammarby and Djurgården Fotboll, say that the
proportion of women and families with children has increased since the move to
Tele2 Arena. The equality work will continue and annual surveys with various focuses
will be carried out.
PHOTO ARILD VÅGEN
G
ENDER EQUALITY, SOCIAL EQUALITY and
active rejection of all kinds of discrimination are givens in every company,
both in internal work with each
other and externally in the contact with
the companies' customers, clients and
stakeholders. In 2015, many of the companies have seen
a challenge in increasing the diversity in ethnicity, age
structure and gender distribution for their various
professional areas.
During the summer, young people
working in summer jobs created a work of
art at one of Familjebostäder's environmental cottages in Rågsved. Porcelain and
glass were recycled for a mosaic motif that
portrays Stockholm – the eco-smart and
financially sustainable City.
Labour market efforts for young people
For the companies, corporate social responsibility is a natural and important part of the
missions of the operations. One of the companies' missions is to contribute to people
in exclusion entering a working community. An equally important mission is to attract
and retain expertise to be able to achieve other operational objectives, especially as the
companies encounter large numbers of retirements. For many years, the companies have
worked with various models for offering ways in to the labour market and to the workforce of the future. In 2015, work intensified in that the companies developed close
cooperation with the City's Labour Market Committee and its Jobbtorg programme
to find suitable duties and offer positions in the organisations, including through
so-called municipal temporary employment and trainee positions for groups that are
distanced from the labour market. Several companies offer their employees training in
supervision and/or coaching to be able to support the new employees in the best way.
POSITIVE DEVELOPMENT
Both Hammarby and Djurgården Fotboll
say that the proportion of women and
families with children has increased
among event visitors since their move to
Tele2 Arena.
Subtarget 4
39
One of Svenska Bostäder's resident consultation
groups in Tensta.
Visionary illustration from Familjebostäder of
Älvsjöstaden. The company is working actively to
prepare an action plan to ensure the needs of
children and young people mainly with regard to the
physical environments in which children spend time.
Examples of the companies' work involve developing city districts,
such as through technical improvements, resident influence, safety
work and requirements set in procurements.
PHOTO JOEL AHLGREN, VOLONTÄRBYRÅN
Svenska Bostäder's improvement of Husby Centrum began in 2015. The objective is a centre with
good service, security and a sense of community for the residents of Husby. To ensure the security of
women and accessibility to the public space, Svenska Bostäder began a feminist urban planning project
together with women in Husby and researchers from the KTH Royal Institute of Technology.
S:t Erik Försäkring has
provided accident insurance for volunteers in the
City's operations. This has
been extra important during the year when growing
numbers of volunteers
have gotten involved in the
City's operations, largely
due to the increased influx
of refugees.
PHOTO MICASA
Micasa Fastigheter will
continue to work with
resident influence to
strengthen democracy,
through such efforts
as customer surveys,
satisfaction councils
and continuous building
meetings.
Offering holiday jobs and trainee positions is also a
part of attracting future employees and generating
interest in various professional roles. The companies
employ young people as summer substitutes and in some
cases as reinforcement year-round.
SISAB USED THE PROCUREMENT of the renovation of
Dalhagsskolan in Husby as a model to provide around
12 young people and young adults from the local
area both education and professional experience. The
project in itself is also a model for creating participation and commitment and takes place in cooperation
with the Fryshuset youth centre. Once renovations are
complete, the premises will house the school as well as
association activities and other social activities and can
altogether contribute to more democratic participation
and commitment. Read more about the companies'
work with labour market efforts for young people
under Financially sustainable Stockholm.
Participation and influence
The organisations are based on collaboration between
elected representatives, managers and employees.
Candour and an ability to listen, as well as objectivity,
a goal-oriented approach and loyalty to decisions are
important components of this cooperation. In 2015,
the companies conducted active efforts to develop the
service to and dialogue with the customers, in part
through new procedures, training and new technical
support. Micasa Fastigheter will continue to work with
resident influence to strengthen democracy, through
such efforts as customer surveys, resident councils,
satisfaction councils and continuous building meetings.
The company's information shall be direct, clear and
uniform.
Svenska Bostäder, Familjebostäder and Stockholmshem work to improve conditions for socially sustainable development in the housing areas. Activities that
are supported include tutoring, sports, citizen night
patrols and meeting places for young people.
To be able to work more systematically with corporate social responsibility and societal development,
the housing companies worked in 2015 to prepare
CSR strategies in accordance with assignments from
the City Council. Examples of the companies' work
involve developing city districts, such as through technical improvements, resident influence, safety work
and requirements set in procurements. An effort is now
under way to formulate processes and follow-up of
the strategies. In 2016, the next stage of the work will
continue with sustainability reporting. The housing
companies' model for the CSR strategy will also form
the basis for the rest of the companies in the Group's
CSR strategies.
Familjebostäder is working to prepare an action plan
to ensure the needs of children and young people mainly with regard to the physical environments in which
children spend time. Previously, the company conducted
a child impact analysis that was done in the scope of the
Rinkebystråket project. In technical improvement and
beautification projects, the child and youth perspective
has also been taken into account. In summer 2015,
young people in Rågsved carried out a mosaic adornment on an environmental cottage in the area.
in Stockholm's suburbs, Kulturhuset Stadsteatern has begun the mapping
of possible existing performance sites in the City's
outer areas for touring activities similar to Parkteatern,
but indoors. Under the working name “Kretsteatern”,
Kulturhuset Stadsteatern hopes to offer the residents
outreach activities that mean that selected productions
are brought to established cultural meeting sites in the
suburbs, a touring mission that will offer selections
from Kulturhuset Stadsteatern's broad repertoire for
adults, children and young people. TO STRENGTHEN THE LOCAL PRESENCE
40
Subtarget 4
Subtarget 4
WITHIN THE GROUP, the measurement “number of employees” is used, which however can be measured in several
different ways; as the “number of individual employees” or
as the “number of full-year employees”. The term “full-year
employees” combines the worked hours of permanent and
temporary employees.
FOR EXAMPLE, two temporary employees (part-time
employees) who work 50 percent become one full-year
employee. The worked hours (or “level of employment”)
can then be based on the “contracted time” or “actual
hours worked”.
IN ADDITION, THE TERM “average number of full-year
employees” expresses the average during the year. The
different parameters for full-year employees (“contracted
time” and “actual hours worked”) complement each other
as they capture two different aspects: the contracted time
includes, for example, people on sick leave and parental
leave, and refers to the full-year employees for which the
companies have employer responsibility. The “actual hours
worked”, however, indicate how many full-year employees
are working. Holiday 9.9%
Parental leave 2.6%
Sick leave 3.9%
Other leave 3.4%
AGE STRUCTURE WITHIN THE CITY OF STOCKHOLM
47% 47%
44%
40
40
30
30
20
20
10
10
00
7% 6%
30–49 years
50- years
Specialist administrations
City district councils
Åldersstruktur inom Stockholms stad 2015
Stadshus AB
Fackförvaltningar
Stadsdelsförvaltningar
stockholms stadshus
ab Annual Report 2015
7%
6%
Municipally owned limited liability companies are
subject to the Swedish Companies Act, as well as special
legislation based on the companies' particular operations. In addition to this, there are certain rules regarding
the municipalities' governance and control of the companies in the Local Government Act. According to the
Local Government Act, the City Council exercises the
owner role and bears the ultimate responsibility. The
City Executive Board has a supervisory duty over of
the municipally owned companies.
In the City of Stockholm, the majority of the municipally owned companies are organised in a corporate
group. Stockholms Stadshus AB is the Parent Company
in the corporate group that consists of 16 active subsidiaries. In addition, there are two associated companies.
In terms of corporate law, the Group means that the
municipal bodies cannot exercise the owner role in
direct relation to the subsidiaries, but rather the owner
role must be exercised through the municipally owned
Parent Company's Board of Directors, known as the
Group Board. The City Council has delegated the operational owner dialogue to Stockholms Stadshus AB.
Sickness absence remains low
During the year, the Group continued to work towards its goals to
strengthen the employees' commitment and participation in operations, which resulted in several of the companies increasing their
results in the Active Employee Index (AEI) compared with the previous
year. The companies have also worked successfully to strengthen
their employer brand. This was done through greater presence in
social media, participation in labour market days and offers of
trainee positions and summer jobs. Keeping and attracting new
employees is especially important as several of the companies see
a greater need for recruitment in the next few years.
In 2015, new Managing Directors took office in Stockholm
Vatten, Stokab, Familjebostäder, Stockholmshem and Micasa
Fastigheter. Recruitment of a new Managing Director is under
way in SISAB.
Salary surveys
10%
-29 years
As of 31 December 2015, a total of 2,715 employees paid monthly
were employed in the City's companies, which is an increase of 107
people compared with the same time the year before. The average
number of full-year employees, according to contracted time, was
2,651 (2,528). Measured in terms of actual hours worked, the average
number of full-year employees was 2,330 (2,222). See the fact box
for definitions. In addition to these employees, employees paid per
hour worked an equivalent of 94 annual full-time jobs. Compared
with 2014, there has been a drop of 3 percent in the hours worked by
employees paid by the hour.
The gender distribution in the Group, which as a whole is
relatively even, with 57 percent of the employees being men and 43
percent women. Of the permanent employees who work in the City's
companies, 46 percent are aged 30–49 years, which is comparable
with the City's Specialist Administrations and the City District
Councils. The proportion of permanent employees under the age of
30 is lower than in the City District Councils, but higher than in the
Specialist Administrations.
Stronger AEI and employer brand
Hours worked
80.2%
46% 47% 46%
Corporate governance
Sickness absence for the companies remains low at 3.9 percent, even if it
increased marginally compared with the previous year (3.5 percent).
The proportion of sickness absence comprising long-term absence
(60 days or more) was 38 percent, which is a lower level than the previous
year (41 percent). During the year, several efforts were made with a
focus on the employees' health to prevent and reduce sickness absence.
DISTRIBUTION OF WORKING HOURS
WITHIN THE GROUP
50
50
A sustainable working life
10%
During the year, the Group worked actively and goal-oriented to
prevent discrimination on the basis of gender, ethnic identity, sexual
preference, disability and religious beliefs. This was done in part
through the preparation of equality, diversity and equal opportunity
plans. During the year, several salary surveys were also done with
the aim of identifying and correcting any unreasonable salary differences between men and women. PHOTO NIKLAS PALMKLINT
Personnel statistics include many
different terms and measures
41
INGELA LINDH
Managing Director*
JENNIE LANDEGREN
Administrative Secretary
SUSANNA HÖGLUND
Group Controller
INGER JOHANSSON KJAERBOE SARA FEINBERG
Financial Director
Administrative Director
JONAS SCHNEIDER
ANDREAS JAEGER
MALIN LINDVALL
JUAN COPOVI-MENA
Deputy Managing Director
Owner directives and
the municipal purpose
The 101 elected representatives in the Stockholm City
Council set objectives and guidelines for the City's
operations, of which the companies are a part. The owner
directives for the companies are decided by the City
Council in connection with the budget for the City. The
owner directives for Stockholms Stadshus AB state that
the Parent Company is responsible for strategic planning,
continuous oversight and economic control of the Group.
Follow-up of the directives takes place on an ongoing
basis during the year and in the Annual Report.
Group Controller
Company Lawyer**
Investigator
* also the Deputy CEO of the City of Stockholm
** also City Lawyer for the City of Stockholm's Legal Department
appoints representatives to the General Meeting of the
Parent Company Stockholms Stadshus AB after delegation from the City Council on the shareholder's behalf.
The Board of the Parent Company in turn appoints
representatives to the subsidiaries in the Group. The
subsidiaries in turn appoint representatives to their
respective subsidiaries. The Group's companies are
audited by authorised public accountants and lay
auditors who are appointed by the City Council. The
Group's companies are listed in Note 79 and the key
ratios for the Group are presented on page 60.
THE CITY COUNCIL DECIDES ON THE articles of association
and the municipal purpose for the companies' operations. The City Council also addresses decisions made
with regard to particularly important matters or matters
of a principled nature, such as investment decisions of
more than SEK 300 million.
The City Council elects all members of the boards
wholly owned by the City, unless legislation specifies
otherwise. The boards and executive management of
the companies bear operational responsibility for
carrying out decisions made by the City Council.
Parent Company personnel
is the highest
decision-making body in the company and the forum in
which shareholders decide on major issues affecting the
company. In Stockholm, the City Executive Board
In the Parent Company, there are nine people who are
responsible for Group-wide issues, for ensuring the
execution of owner directives and for ensuring that the
operations within the Group are coordinated, followed
up and given the support they need. THE GENERAL MEETING OF SHAREHOLDERS
Subsidiaries
Subsidiaries
Stockholms Stadshus AB is the Parent Company in the Group
that consists of 16 active subsidiaries or sub-groups.
The companies are active in areas that benefit the residents of
the City, including housing, water and sewage, parking,
infrastructure, culture and tourist information.
HIGHER NUMBER OF CONSTRUCTION STARTS
GROWING HOUSING COMPANIES
Svenska Bostäder's work was characterised by an extensive
improvement programme, new construction and the goal to offer
tenants first-rate property management. The company's customer
promise “Like a landlord should be” permeates the operations.
As a growing housing company, Familjebostäder works to
both develop the existing portfolio and give today's customers
quality service and to be able to build attractive new rental
units for new customers at a high pace.
has an important mission to contribute
to the City's supply of new rental units. The company has
planned for the first Stockholmshusen buildings to begin
construction in 2016 and is involved in the development of
Albano, Årstafältet and Västerort. We have also begun 469
eco-smart apartments and completed 119.
Snabba Hus (Fast Housing) in Västberga has begun and
is contributing 280 apartments for young adults between the
ages of 18 and 30. The Snabba Hus concept is a collaboration
between Svenska Bostäder and the organisation jagvillhabostad.
nu. This means that we are building mobile modular apartments of a high standard on plots with temporary building
permits.
The forecast shows that the goal of a 20 percent energy
efficiency improvement by 2020 compared with 2011 will
be achieved. During the year, it was achieved that nearly 55
percent of all tenants can sort food waste and contribute to
biogas production in Stockholm.
The company is continuing to develop the service work
to strengthen the tenants' perception of a modern, professional
and service-oriented company. A new fault reporting process
was established that strengthens the feedback to the customer
and enhances efficiency of resolutions of arising faults and
handling of opinions of the operations.
SVENSKA BOSTÄDER
on the improvement, conversion
and renovation of courtyards and buildings in close cooperation with the tenants. Svenska Bostäder also began the
technical improvement of Husby Centrum where the squares
and pedestrian zones will be designed in dialogue with the
residents. Together with women in Husby and researchers
from the KTH Royal Institute of Technology, the company
began a feminist urban planning project to ensure women's
security and accessibility to the public space.
IN JÄRVA, WORK IS CONTINUING
THE COMPANY'S CUSTOMER SATISFACTION REMAINS HIGH and the
work on the systematic improvements and the uniform,
goals-based management efforts are continuing. Svenska
Bostäder is well on its way to achieving one of its goals
– being the best in rental apartments in Greater Stockholm. SVENSKA BOSTÄDER was founded in 1944
and owns and manages more than 25,000
apartments, 3,900 business premises and five
shopping centres. One of the company's goals
is to be the best in rental properties
in Greater Stockholm. Through our
subsidiary Stadsholmen, we also
manage the City's finest cultural
heritage – 1,631 apartments and
819 business premises.
COMPANY'S
SHARE OF GROUP
TURNOVER
TOTAL
SEK 14,189 million
SEK
2,585
million
OPERATIONAL OPTIMISATION OF THE EXISTING PORTFOLIO IS CONTINUING.
RINKEBYSTRÅKET transforms from a construction site to
a shopping and meeting place. The offering of retailing and
service in the area is increasing markedly and the entire street
is scheduled to open by summer 2016. The work for more
workplaces in the area is continuing and a declaration of
intent has been signed for project planning of a property
development for 250 new workplaces near Rinkeby Centrum.
FOUR PROJECTS WERE BEGUN comprising a total of 479 new
rental units. The successful acquisition work continued with
1,275 secured development rights through land allocations
and acquisitions. The Stockholmshusen (Stockholm Houses)
effort was initiated in which the three housing companies
are collaborating to build 3,500–5,000 cost-effective rental
units in the next five years.
FAMILJEBOSTÄDER, founded in 1936, manages
and builds rental units and business premises. We
work for the customers of today and tomorrow with
a focus on commitment, customer benefit, professionalism and innovative thinking.
40,000 Stockholmers rent their home
from us and in the next few years,
we will begin construction on at
least 3,500 new rental units.
Operating income, SEK million
Operating profit, SEK million
Profit after net financial items,
SEK million
Return on total assets, %
Equity/assets ratio, %
Interest coverage ratio, multiple
Balance sheet total, SEK million
Gross investments, SEK million
Depreciation, SEK million
Average no. of full-year employees
As of 2014, the K3 regulations are applied.
COMPANY'S
SHARE OF GROUP
TURNOVER
TOTAL
SEK 14,189 million
SEK
1,762
million
Anette Sand, Managing Director
Pelle Björklund, Managing Director
KEY RATIOS
43
took office autumn 2015
2015
2,585
281
152
2014
2,520
452
331
2013
2,481
475
406
2012
2,524
1,269
1,216
2011
2,534
363
353
1.4
58.6
2.1
21,922
2,720
-594
265
2.4
64.1
3.6
19,875
2,307
-540
263
2.8
70.7
6.5
17,711
1,887
-534
264
8.2
82.0
23.2
16,545
2,145
-515
275
2.4
82.3
27.3
15,795
2,018
-492
298
KEY RATIOS
SEK million
2015
1,762
408
324
2014
1,725
986
867
2013
1,691
767
667
2012
1,773
1,312
1,221
2011
1,713
606
531
3.0
64.3
4.8
13,821
640
-332
296
7.2
63.5
8.1
13,582
665
-304
265
5.8
60.5
7.6
13,841
1,163
-265
277
10.6
73.5
14.4
12,726
1,366
-274
267
5.0
72.8
7.9
12,352
1,249
-253
267
PHOTO STOCKHOLMSHEM
Subsidiaries
45
Pedestrian zone in
Hökarängens Centrum.
MORE HOUSING IN FOCUS
ALLOCATION RECORD
MANY LARGE SCHOOLS
During the year, Stockholmshem worked to develop housing
construction, both through new construction projects and new ways
of working. The increased need for emergency housing has entailed
a priority assignment to quickly obtain temporary housing.
With the City's vision as a target, Bostadsförmedlingen's vision
that “All achieve the dream of a home a little more easily” is a
guide in its daily work. The objective is to make it easier for both
those seeking housing and for property owners.
In 2015, SISAB renovated several large schools and
delivered the third and largest Pre-school of the Future.
The company continued the work of improving school
and pre-school playgrounds.
IN 2015, WE TOOK YET ANOTHER STEP CLOSER TO our vision. During
the year, 12,384 homes were allocated, which is more than any
year before. We also received a larger proportion of housing
from private property owners than ever before, 51 percent
compared with 46 percent the previous year. We consider
this to be a very good grade.
IN 2015, SISAB INVESTED SEK 1.4 BILLION, which is more than
ever before. Some of the year's largest investments were
made in Kungsholmens Grundskola, Högalidsskolan and
Lindeparkens Gymnasium. The work on the Pre-school of
the Future continued in 2015 and three pre-schools are now
complete. The company received orders for several new
large schools such as Sjöviksskolan, Kämpetorpsskolan,
the schools of the Royal Seaport and Stadshagsklippan.
This means that the investments will increase further in
the future.
THE RATE OF NEW PRODUCTION IS HIGH and construction began
on 636 apartments in total in 2015. For several projects,
it was time for occupancy, such as Royal Seaport, Årstadal
och Solberga. At the same time that we are building a great
deal, customer satisfaction upon occupancy of new builds
improved greatly during the year. From a rating just over the
limit for a satisfied customer to the rating of very satisfied in
just one year.
A GROWING HOUSING MARKET demands new ways of working.
The Stockholmshusen effort is one example where the housing
companies are collaborating to, in a fast and cost-effective
way, build thousands of new rental units.
Stockholmshem has a special assignment to assist SHIS
Bostäder in their operations and during the year, we had
collaboration regarding temporary housing for newly arrived
refugees. We also inaugurated a new phase of temporary
housing in Västertorp.
on area development in order to provide good conditions to live and work in
the City. In Bagarmossen Smartup, we are working together
with residents and business operators in Bagarmossen to contribute to a vibrant, sustainable and cohesive city district. In
the Grow Smarter project, the City of Stockholm will test smart
environmental engineering solutions. Stockholmshem is participating with a housing area in Årsta that will be developed into
a European role model for sustainable city districts. and many people
want to live and work here. Demand for housing is extensive and in recent years, the new production of housing has
gained speed. During the year, we took new approaches to
make it even easier for housing seekers and property owners
to find each other. Through digital dispatches, we communicated with selected subsegments of our queue to tell about the
opportunities available with newly produced housing. One's
dream home is not always located where one first imagines
and by actively telling about newly built areas where the
queue time may be shorter, we want to make it easier for
both housing seekers and construction companies.
STOCKHOLM IS A REGION UNDER STRONG GROWTH
STOCKHOLMSHEM IS WORKING IN VARIOUS WAYS
STOCKHOLMSHEM is one of the country's
largest housing companies with nearly 50,000
tenants in our 26,000 residential units. More than
90% of our tenants recommend us as a landlord.
Our vision is to offer all of our tenants a home
that is welcoming, comfortable and
secure in every way. Every day.
Eva Nygren, Managing Director
COMPANY'S
SHARE OF GROUP
TURNOVER
TOTAL
SEK 14,189 million
SEK
2,156
million
KEY RATIOS
SEK million
OTHER TARGET GROUPS that received extra attention during the
year are students and young people, both vulnerable groups in
the housing market. Dispatches and advertising have been used
to spread the news among students that Bostadsförmedlingen
allocates student apartments. Last year, Bostadsförmedlingen
allocated 1,648 student apartments, an increase of 21 percent
compared with the year before. BOSTADSFÖRMEDLINGEN was formed in
1947 and transitioned from an administration
to a company in 1999. Our foremost mission
is to allocate available rental housing in the
Stockholm region and our goal is to
make it easier for property owners
and housing seekers to find each
other in the rental market.
COMPANY'S
SHARE OF GROUP
TURNOVER
TOTAL
SEK 14,189 million
SEK 98
million
Lena Daag, Managing Director
2015
2,156
534
363
2014
2,063
484
285
2013
1,996
339
165
2012
1,912
627
479
2011
1,824
349
220
2.9
46.4
3.1
19,230
2,109
-406
303
2.9
49.2
2.4
17,541
1,426
-381
297
2.2
51.7
2.0
16,300
1,413
-351
284
4.5
57.9
4.2
15,211
1,930
-300
302
2.6
60.5
2.6
14,327
1,594
-274
315
KEY RATIOS
SEK million
2015
98
-1
0
0.4
17.0
27.1
72
1
-1
96
2014
95
3
4
IN 2015, SISAB WORKED with a large number of repairs and
maintenance on school and pre-school playgrounds. In total,
around 350 properties were covered at an expense of SEK
62 million. The maintenance related, for example, to asphalting, fall protection mats, plantings and repair of stairs and
wood decks.
extensive work in accordance with a set
energy plan. In 2015, around 800 energy saving measures
were carried out that entail total energy savings of 3.8 percent
with regard to electricity and district heating. Since 2012,
energy consumption has decreased by 16 percent.
SISAB IS CONDUCTING
LASTLY, IN THE AUTUMN, SISAB leased out two schools, Kämpetorpsskolan and Frans Schartaus gymnasium, as refugee
housing for 800 people. SISAB, formed in 1991, owns and manages the
majority of Stockholm's pre-schools, compulsory
schools and upper secondary schools. We offer
suitable, flexible and cost-effective premises for
Stockholm's pre-school and school
operations. More than a hundred
thousand people spend time in our
1.8 million square metres daily.
COMPANY'S
SHARE OF GROUP
TURNOVER
TOTAL
SEK 14,189 million
SEK
2,167
million
Carl Bodsten, Acting Managing
Director
2013
93
7
8
2012
88
8
9
2011
83
7
9
5.9
13.7
16.7
14.6
332.1 1,055.3
73
63
0
1
-1
0
86
76
15.5
4.7
634.9
60
1
0
73
15.4
4.0
800.2
59
0
0
71
KEY RATIOS
SEK million
2015
2,167
216
10
2014
2,084
256
35
2013
2,024
191
-22
2012
1,717
121
-100
2011
1,699
87
-150
1.9
3.1
1.0
11,989
1,461
-514
169
4.6
3.2
1.2
11,045
2,880
-475
177
2.2
2.8
0.9
8,760
770
-464
173
1.5
2.6
0.5
8,489
739
-437
151
1.1
2.7
0.4
8,228
469
-432
157
Subsidiaries
Gyllene Ratten – one of many
new construction projects in
Fruängen.
MORE HOMES COMPLETED
SUSTAINABLE SHIPPING
URBAN DEVELOPMENT
The company shall primarily provide housing and business
premises for the City's operations. During the year, greater
focus was on groups prioritised by the City. The company
completed several large renovation projects.
In 2015, approximately 11 million passengers and eight million
tonnes of freight passed through the ports operated by
Stockholms Hamnar, making the company the largest
passenger port and fourth largest commercial port in Sweden.
S:t Erik Markutveckling AB’s goal is to own, manage and
develop properties/shares in property companies with the aim
of promoting the development of Stockholm and the City’s
asset management.
IN VÄSTERORT, the second and final phase of the Tunet sheltered housing facility was completed with 57 of a total of
106 homes with a high level of accessibility. In the same
property, a nursing and care facility was also completed. The
facility's 54 residential units have a Finnish-language focus
and they are divided into six groups with nine units in each.
The former Blackeberg elderly home was put in order for
the Social Services Administration, SHIS and the Bromma city
district council. The property is now used for refugee children
arriving alone and adults with uncertain housing situations.
In November, 57 of a total of 120 senior housing units
were completed in Axelsberg.
In Hammarbyhöjden, three main building structures in
the Lektionen block became ready for occupancy during
the year. In one of the structures, 18 residential units will be
let to families with uncertain housing situations. The two
other structures finished with 36 residential units belong to
Hammarbyhöjden's sheltered housing comprising 83 residential units in total. In the Älvsjö service block, some 30
residential units have been superficially renovated on behalf
of the Social Services Administration.
In March, the renovation of the company's new offices was
complete and operations moved from Södermalm to Husby.
9 OUT OF 10 GOODS come to Sweden by sea. Stockholms Hamnar
works to ensure that these goods are transported as close as
possible to their final destination by sea in order to relieve the
pressure on Sweden's heavily trafficked road and railway network, thereby generating significant environmental benefits.
These passengers are important for Stockholm. Ferry
passengers have a consumption of SEK 5 billion and generate
4,100 jobs every year. There are somewhat fewer cruise
ships, while the size of the vessels and number of passengers
are growing. Approximately four million passengers travel
by boat to the archipelago every year.
S:T ERIK MARKUTVECKLING WITH ITS SUBSIDIARIES
THE COMPANY'S WORK TO REDUCE ITS ENERGY CONSUMPTION has
yielded results and the annual target of 130 kWh/sq.m. has
been surpassed by a wide margin. There is work in progress
with operational optimisation that has been successful. AS IN THE PAST, environmental issues were a top priority and
Stockholms Hamnar remains dedicated to its sustainability
efforts. This is the fourth year the company issues a sustainability report according to GRI and is now going over to the
new G4 standard. MICASA FASTIGHETER, founded in 1999, owns
and manages the City of Stockholm's care provision properties. The company's primary task is to
provide good, adapted housing with
reasonable rents to people in need
of support and security.
Maria Mannerholm, Managing
Director
COMPANY'S
SHARE OF GROUP
TURNOVER
TOTAL
SEK 14,189 million
SEK
1,039
million
KEY RATIOS
SEK million
2014
1,015
471
298
2013
998
160
-21
2012
965
57
-135
2011
946
71
-137
2.9
5.4
1.6
7,379
476
-295
56
6.6
5.3
2.7
7,238
378
-292
73
2.3
1.9
0.9
7,107
392
-148
69
0.8
2.0
0.3
7,039
309
-147
83
1.1
2.2
0.3
6,871
455
-129
83
STOCKHOLMS HAMNAR is working to develop
Stockholm into a vibrant, modern shipping city
for its residents, business community and
tourism, with responsibility for quays,
facilities and service for ferry, cruise
ship and cargo service. Stockholms
Hamn AB was formed in 1991 and
is a wholly owned subsidiary of
Stockholms Stadshus AB. COMPANY'S
SHARE OF GROUP
TURNOVER
TOTAL
SEK 14,189 million
SEK 728
million
Johan Castwall, Managing
Director
2015
1,039
215
85
IT HAS BEEN AN INTENSIVE and successful construction year. Two
major development projects are under way while the services
function normally. The renovation of Värtahamnen is an
important project for Royal Seaport's development, while
the renovation of Kapellskärs Hamn is longed for by the
shipping customers. Both projects will be completed in 2016.
The commercial port Stockholm Norvik Hamn took a
major step forward when the Land and Environmental Court
of Appeal returned with a favourable ruling. The ruling was
appealed, however, and a decision from the Supreme Court
will come in 2016.
KEY RATIOS
SEK million
own business
premises comprising around 250,000 square metres of
lettable space in the urban development areas of Ulvsunda,
Slakthus area, Västberga, Hammarby Sjöstad, Årstafältet
and Royal Seaport. The properties' market value amounts to
approximately SEK 3.4 billion.
is to continuously review acquisitions and sales with the aim of promoting Stockholm's development. During the year, S:t Erik
Markutveckling acquired a company with four leaseholds in
Årstafältet and Royal Seaport.
In Ulvsunda, the company's properties were converted to
a modern shopping area. During the year, continued development and letting took place, most notable are the renovation of
offices, storerooms and warehouses for Stockholm Vatten AB
and that Andys Lekland opened in the company's premises.
The company's properties in the Slakthus area have been
acquired with the aim of facilitating the conversion of the area.
In December, the City Planning Office presented a so-called
programme proposal for the area with 100,000 square metres
of business premises and around 3,000–4,000 residential units
of which most are located in the company's properties. The
new city district is estimated to be fully developed by 2030.
In Hammarby Sjöstad, a leasehold was acquired in 2014
with three buildings. One of the buildings is being converted to
a school in cooperation with SISAB with a planned school
start in the autumn semester of 2016.
ONE OF S:T ERIK MARKUTVECKLING'S OWNER DIRECTIVES
The company's assignment is to own and
manage the City's development properties in the
financially best way while awaiting them to be
converted to housing, workplaces, etc.
Operations are focused on administration, letting and development
for a good return considering the
City's development.
COMPANY'S
SHARE OF GROUP
TURNOVER
TOTAL
SEK 14,189 million
SEK 257
million
Marie Wallhammar, Managing
Director
2015
728
142
105
2014
713
144
108
2013
724
135
106
2012
704
137
109
2011
661
135
107
4.8
20.4
3.8
3,521
722
-111
155
6.4
26.3
4.0
2,481
532
-108
135
7.2
27.1
4.5
2,035
438
-112
143
8.6
29.0
4.8
1,748
128
-102
135
8.6
28.5
4.7
1,700
306
-90
155
KEY RATIOS
SEK million
2015
257
95
47
2014
231
82
28
2013
246
82
30
2012
146
56
25
2011
117
34
10
3.1
2.0
2.0
3,541
761
-42
5
3.4
2.2
1.5
2,653
394
-37
4
3.7
2.1
1.6
2,232
84
-49
4
3.7
3.0
1.8
2,218
954
-25
3
3.1
3.6
1.4
1,326
472
-15
2
46
PHOTO SÖREN ANDERSSON
Subsidiaries
The sculpture entitled The Mirror by
Jonas Dahlberg is located in front of the
northern entrance to Tele2 Arena.
YEAR OF RECORD-BREAKING AUDIENCES
HIGH PACE OF INVESTMENT
CONTINUED EXPANSION
SGA Fastigheter's goal is to contribute to the development of
Stockholm as a tourism and event city and strengthen
Stockholm's international competitiveness. In 2015, several
attendance records were set.
Stockholm Vatten continues to have a high pace of
investment to be able to meet Stockholm's rapid growth
and participate in the City's many development projects.
The best results in the company's history have enabled lower
prices and continued expansion. During the year, all company
areas in the suburbs have been connected to the fibre network,
the connection fee was cut in half and the price structure was
harmonised.
had around two million
visitors at the roughly 300 events that were held. Noteworthy
among them are Madonna with a new attendance record
at Tele2 Arena and all of U2's four concerts in the Stockholm Globe Arena. Hammarby football also beat its atten
dance record by 25,507 people on average per match.
DURING THE YEAR, THE FOUR ARENAS
an environmental management system was
implemented according to SS-EN ISO 5001 and 14001. A
special environmental target for 2015 was to reduce the comparable consumption of 2012 by at least 10 percent, which
succeeded when the result was a 15.9 percent decrease.
In September, the artwork entitled The Mirror was inaugurated, a roughly 10 metre high and 15 metre wide mirror.
During the autumn, The Mirror was named the One-Percent
Project of the Year by Stockholm Konst.
DURING THE YEAR,
for the development of the Globen area has
been created with the other property owners in the area. An
important aspect is to make the area vibrant even when an
event is not being held. Tolv Stockholm contributes to this
in particular, and during the year, it was further developed
to provide space for more food and entertainment. In 2015,
Söderstadion was demolished and the company is working
on the development of the land holding.
An equality survey was conducted during the year. It showed
among other things that both Hammarby and Djurgården
football increased the proportion of women and families with
children since the move to Tele2 Arena. A COMMON VISION
THE SGA FASTIGHETER AB GROUP owns, manages and develops the arena properties in the
Globen area, Tele2 Arena, and Ericsson Globe,
including SkyView, Annexet and Hovet. The company also owns the entertainment
destination Tolv Stockholm and
Arenagaraget at the Tele2 Arena.
COMPANY'S
SHARE OF GROUP
TURNOVER
TOTAL
SEK 14,189 million
Mats Grönlund, Managing Director
SEK 72
million
DURING THE YEAR, Stockholm Vatten received a new Managing Director and a new organisational structure, characterised by clarity and a more operational orientation. During
the year, the company moved parts of its operations to new
premises. Among other things, part of the pipe network
personnel moved to Högdalen. The move of the head office
to Ulvsunda will take place in March 2016. The modern
offices will facilitate collaboration within the company and
will support an activity-based way of working.
is
continuing. This past summer, the permit application was
submitted to the Land and Environment Court and an expansion of the Henriksdal treatment plant is under way to
manage the City's rapid population growth.
THE WORK ON STOCKHOLM'S FUTURE WASTEWATER TREATMENT
THE CITY'S HIGHER LEVEL OF AMBITION for food waste collection
has led to the creation of a new project organisation. The
goal is for 70 percent of arising food waste to be collected
for biological treatment by 2020. Within the scope of this,
an optical sorting plant in a southern suburb is being investigated.
PROFIT BEFORE TAX FOR 2015 rose approximately 13 percent
to SEK 212 million compared with 2014, which is the best
result in the company's history. This increase was attributable
to continued strong demand for the company's products, a
high delivery capacity and effective cost control. The investments in the network continue to be high. During the year,
around SEK 184 million was invested in expansion, coverage
density increases and safety improvement measures. Net sales
increased by 1 percent and amounted to SEK 728 million
compared with 2014.
IN 2015, all commercial properties in the suburbs were connected to a node structure that provides more rational and
environmentally friendly operation for the customers at the
same time that it enables greater freedom of choice for business operators. The prices in the suburbs have been harmonised with the inner-city prices to facilitate establishment in
the suburbs. In addition to this, the connection fee in the entire network has been cut in half with the aim of continuing
to stimulate the ICT development in the region.
to contribute to the good conditions for
ICT development and a positive development of the region
received attention from the European Commission when it
gave the City of Stockholm and Stokab the European Broadband Award 2015 with the motivation that Stockholm
acted long term, was pioneering and built a sustainable
network. THE LONG-TERM WORK
to the customers, the customer service units for the waste and water operations were
merged. A completely new website has been launched and a
common operations and charging system has been developed.
Roslagstull's re-use station, a new recycling facility with
a focus on re-use, opened at the end of the year in Vanadisberget. IN ORDER TO PROVIDE BETTER SERVICE
STOCKHOLM VATTEN is Sweden's largest
water and waste company. We affect 1.3 million
residents and businesses in the Stockholm area
every day. We supply drinking water to
and treat the wastewater from the
City of Stockholm and
Huddinge Municipality, and are
responsible for waste management
in the City of Stockholm.
Krister Schultz, Managing Director
COMPANY'S
SHARE OF GROUP
TURNOVER
TOTAL
SEK 14,189 million
SEK
1,931
million
STOKAB has the mission of providing an open
and competition-neutral passive fibre network to
stimulate development in Stockholm by promoting competition, diversity and freedom of choice.
Stokab takes care of the City of Stockholm's internal data and telecommunications network through the
subsidiary S:t Erik Kommunikation.
Staffan Ingvarsson,
Managing Director
took office spring 2015
KEY RATIOS
SEK million
2015
72
-84
-152
2014
44
-1,100
-1,187
2013
25
-115
-156
2012
24
-71
-79
2011
24
-74
-84
-2.0
9.7
-1.2
4,040
18
-77
17
neg
10.2 neg
4,110
46
-59
18
neg
11.3
neg
4,077
896
-23
16
neg
14.9
neg
3,114
686
-29
14
neg
18.4
neg
2,493
1,037
-23
14
49
KEY RATIOS
SEK million
COMPANY'S
SHARE OF GROUP
TURNOVER
TOTAL
SEK 14,189 million
SEK 728
million
took office summer 2015
2015
1,931
81
-82
2014
1,655
205
16
2013
1,311
121
-65
2012
1,307
233
42
2011
1,175
165
-41
0.8
1.8
0.5
10,799
1,523
-296
460
4.3
2.7
1.1
9,511
1,431
-263
432
1.5
2.3
0.7
8,236
644
-271
377
3.2
3.2
1.2
7,703
552
-250
397
2.3
3.2
0.8
7,409
551
-234
380
KEY RATIOS
SEK million
2015
728
223
212
2014
722
208
188
2013
712
203
175
2012
692
207
174
2011
662
204
171
11.4
36.3
20.0
1,968
184
-260
89
10.1
36.0
9.9
1,970
94
-287
90
9.2
31.8
7.1
2,164
172
-258
93
10.0
26.2
6.1
2,273
332
-244
94
10.2
21.7
5.9
2,154
501
-210
100
Subsidiaries
One of many newly built
properties in Fruängen
RECORD YEAR
STRONG YEAR FOR STOCKHOLM
2015 was the best year in the company's history. Ticket revenue
of SEK 94.2 million and more visitors than ever to the
programme activities show that the work on a varied offering
and new audience groups has provided very good results.
The development of the Stockholm region continued in a very
positive manner with more visitors and steady growth in the
economy. Our role as the leading region in our part of Europe
has become even more clear.
THE NUMBER OF VISITS, like
the ticket revenues, have again
broken new records. In 2015, the programme activities
attracted 722,765 visits (665,042), of which 484,677 were
visits to performances and programmes with entrance fees.
In total, the entire activities and the centre had around
3.2 million visits (3.1).
TICKET REVENUES AMOUNTED TO SEK 94.2 MILLION (90.9), which
are the best in the activities, history to-date and the selffinancing ratio increased to 22 percent (21.8). Such a high
self-financing ratio is unique in culture Sweden, especially
considering that Parkteatern, Forum/Debatt and the Library
operations do not generate any revenues. The libraries were
visited by 1,196,756 people (1,145,912) and during the
summer, Parkteatern also broke its record with 200,704 in
the audience (157,050).
TWO NEW MULTISTOREY CAR PARKS
WE HAVE HAD A RECORD-BREAKING YEAR in terms of the number
of guest nights. The 10 percent increase over the previous year
means that we are well over the European average, which is
necessary if we are to regain a place in the top ten list of
Europe's tourist destinations. Of the foreign visitors, it can
be noted that the increase is the largest among the longdistance visitors.
STOCKHOLMS STADSTEATER was founded in
1960 as Sweden's youngest city theatre. Today,
the Kulturhuset Stadsteatern activities comprise
theatre, literature, dance, art, design, music,
debate and film. A broad offering that contributes to making
Stockholm an attractive place to
live in and visit.
COMPANY'S
SHARE OF GROUP
TURNOVER
TOTAL
SEK 14,189 million
SEK 164
million
Benny Fredriksson, Managing
Director
KEY RATIOS
SEK million
is entering its third five-year agreement in 2016. The collaboration has also been expanded to Östergötland by the City of
Norrköping joining the partnership. The 53 municipalities'
voluntary collaboration on investment promotion and economic development has become a model that several other
regions in Europe have copied.
for fast
growing startups in, above all, the tech sector. When it comes
to new investments in companies, we have a leading position
in the fast-growing financial technology. The music industry is
strongly tied to the tech industry, which gives us an opportunity
to market the music city Stockholm in the 2016 Eurovision
Song Contest.
2014
158
-324
-330
2013
134
-282
-286
2012
135
-218
-222
2011
124
-215
-219
-78.7
0.3
-73.0
439
11
-10
499
neg
0.4
neg
427
9
-10
445
neg
0.5
neg
380
17
-9
384
neg
0.9
neg
292
9
-8
330
neg
0.7
neg
287
6
-7
349
DURING THE YEAR, cooperation with the Nobel Foundation
intensified and we can now combine Nobel constructively
with the region's strong brand Stockholm – The Capital of
Scandinavia. THE STOCKHOLM BUSINESS REGION GROUP
markets Stockholm as an establishment and
visiting city based on the trademark, Stockholm –
The Capital of Scandinavia. The objective for the
operations is for Stockholm to develop
into Europe's leading sustainable
growth region.
COMPANY'S
SHARE OF GROUP
TURNOVER
TOTAL
SEK 14,189 million
SEK 234
million
Olle Zetterberg, Managing Director
2015
164
-341
-346
THE EXTENSION OF P-HUS RÅCKSTA, from 240 parking spaces
to 720 means that Vällingby Parkstad is gaining a better environmental and traffic situation. The park-and-ride there also
re-opened. The company also acquired the Råckstaberget
garage, which after renovation is gaining 50 parking spaces.
In Vällingby, construction began on a new park-andride facility.
OUR REGIONAL COOPERATION IN THE STOCKHOLM BUSINESS ALLIANCE
STOCKHOLM IS ONE OF THE WORLD'S FOREMOST LOCATIONS
A VARIED RANGE IN ALL GENRES with both breadth and speciality is one of the reasons for the success. Successes like Ronja
Rövardotter, Farmor och vår herre, Chicago and Cabaret
have been interchanged with performances of Vågen, on
the stage of Skärholmen, which drives the concept of demo
cracy to extremes. At the same time, performances of, among
others, Okänd, kvinna 2009-349701 by Anna Odell
brought up contemporary questions on the agenda, in this
case exclusion and who has interpretive priority. The inauguration of the car parks P-hus Råcksta and Stigbergsgaraget were the year's major events. Together, they provided
a new addition of more than 700 parking spaces. The garage
Råckstaberget was acquired and the construction of a new
park-and-ride facility was begun.
KEY RATIOS
SEK million
of 300 new parking
spaces in Södermalm. This is equivalent to all of the parking
spaces along Folkungagatan – two times over. The garage was
completed ahead of schedule and it was also less expensive
than budgeted.
STIGBERGSGARAGET PROVIDES AN ADDITION
THE COMPANY IS NOW OFFERING around 700 charging stations
for electric cars. New spaces have been installed both at visitor
parking facilities and for rental customers. The installation
of the charging stations has been emphasized by the Swedish
Environmental Protection Agency's “Climate benefit” as an
investment that provided the most environmental benefit and
granted the company SEK 6.1 million for a further expansion
in 2016–2018. The company also began the work of installing
bicycle parking, which is now offered at 12 facilities, including
P-hus Råcksta, Stigbergsgaraget and P-hus Sjöstaden.
amounted to SEK 109 million, which is SEK 41 million more than 2014. Greater occupancy by visitors and rental customers is the main reason for
the earnings improvement. PROFIT AFTER NET FINANCIAL ITEMS
STOCKHOLM PARKERING was formed in 1976.
We offer attractive car parks on development
land and create space for Stockholm to grow!
We are building new car parks to unburden
the road network from parked cars
and work for sustainable mobility
through our park-and-ride facilities,
bicycle parking and charging
stations for electric cars.
COMPANY'S
SHARE OF GROUP
TURNOVER
TOTAL
SEK 14,189 million
SEK 546
million
Christian Rockberger, Managing
Director
2015
234
-27
-25
2014
253
2
4
2013
246
0
2
2012
241
-2
1
2011
240
-3
0
-17.4
18.2
-909.0
132
0
-2
70
2.6
30.9
229.9
161
9
-2
75
1.5
29.8
249.3
153
0
0
74
0.7
29.5
962.0
147
0
-1
73
0.1
29.5
7.5
144
0
-1
76
KEY RATIOS
SEK million
2015
546
122
109
2014
511
83
68
2013
496
61
47
2012
488
54
38
2011
459
27
8
13.7
11.8
9.9
918
106
-36
67
10.3
12.1
5.8
855
147
-40
75
8.0
13.6
4.3
759
43
-43
73
7.1
13.6
3.3
758
28
-44
76
3.5
13.3
1.4
773
59
-42
77
50
Subsidiaries
Bjällerkransen –
one of many new
construction projects in Västertorp.
53
CLAIMS PREVENTION WORK
PROVIDES RESULTS
A GOOD ANNUAL PROFIT!
In terms of profit, 2015 was a good year for the City of
Stockholm and S:t Erik Försäkring. This in turn provided a
very good economic result that fits well in the work to create
a financially sustainable Stockholm..
the total claim cost decreased
in 2015 compared with earlier years. The largest single claim
was a fire that struck the Bikupan pre-school in HässelbyVällingby district council. The claims cost is estimated at
around SEK 11 million.
In addition to the work on insuring the City, the company
has also been involved in the City's claims prevention work.
This has largely taken place through the daily contact with
the company's customers, but also through targeted efforts
concerning systematic fire protection work and follow-up of
the City's safety and security programmes.
BOTH THE NUMBER OF CLAIMS AND
DURING THE YEAR, the company has also worked hard to
adapt its operations to the new European regulations for
insurance companies, Solvency II, which began to apply
1 January 2016. The new regulations entail higher capital
requirements and more extensive requirements on corporate
governance and information distribution. The company
continued its work to environmentally adapt its operations.
Mainly by reviewing the company's transports, but also by
providing an energy-efficient and sound office environment
for the company's employees. This year's employee survey
resulted in an active co-creation index of 93 out of a maximum of 100, which shows that the company's high ambitions as an employer with good terms of employment have
had a good result. S:T ERIK FÖRSÄKRING is an insurance company
that only insures the City's own interests. This
is done by providing a complete municipal
insurance protection where the
majority of that insured is building
and property owned by the City.
The protection also includes
accident insurance for school
children.
COMPANY'S
SHARE OF GROUP
TURNOVER
TOTAL
SEK 14,189 million
KEY RATIOS
Premium income, SEK million
SEK million
Net asset value, SEK million
are due both to the value of the company's
pension commitments decreasing in value at the same time
that the value of the company's investment assets rose.
THE GOOD RESULTS
the company worked hard to finish its new
operations system. Work has been under way since 2013,
but is estimated to be complete in the first half of 2016.
DURING THE YEAR,
THE COMPANY HAS ALSO adapted its operations to the new
European regulations for insurance companies, Solvency II,
which began to apply 1 January 2016. For S:t Erik Liv, the
new rules entail some higher requirements on corporate
governance and information distribution.
its work to adapt its operations.
Mainly by reviewing the company's transports, but also by
providing an energy-efficient and sound office environment
for the company's employees. The ambition to be a good
employer with good terms of employment also resulted in
good returns in this year's employee survey that resulted in
an active co-creation index of 93 out of 100 maximum. 2015
131
25
2014
130
-5
2013
116
0
2012
104
38
2011
108
33
40.7
176.3
293
7
32.5
151.0
326
7
32.3
155.5
328
4
32.6
155.5
326
4
36.4
155.9
291
6
SUSTAINABLE ENERGY
During the year, Fortum Värme took major steps towards
the goal of 100 percent renewable and recycled energy.
AT THE END OF THE YEAR, the commissioning of the new biofuelbased co-generation plant at Värtan began. It will provide
around 190,000 apartments with renewable district heating
per year. The amount of renewable electricity that will be
produced is equivalent to solar cells on 20,000 rooftops.
The road to an integrated district heating system in the whole
of Greater Stockholm continued and a new agreement on
production cooperation was signed with Norrenergi. The
transition from owner financing to self-financing was completed in accordance with the owners' agreement. As a part
of this, the company issued green bonds. Öppen fjärrvärme®
(Open district heating), is the business model for energy
recycling, and continued to be introduced and a declaration
of intent on large-scale heat recovery from Bahnhof's planned
computer hall was signed. THE COMPANY CONTINUED
FORTUM VÄRME is developing the future's sustainable energy solutions
for the modern city. The company supplies district heating and district
cooling to a large number of those who live and work in the region.
VISITOR MAGNET
Stockholmsmässan's mission is to attract visitors to the City.
This is done through a broad programme of trade fairs,
congresses and other events.
S:T ERIK LIVFÖRSÄKRING AB is a profit-driven
life insurance company that began business in
2006. The company insures pension commitments for employees within the
Stockholms Stadshus AB Group
according to the municipal KAP-KL
and PA-KFS municipal.
COMPANY'S
SHARE OF GROUP
TURNOVER
TOTAL
SEK 14,189 million
Jan Willgård, Managing Director
SEK 131
million
Jan Willgård, Managing Director
In terms of profit, 2015 was a good year for S:t Erik Liv,
which fits well in the work of creating a financially
sustainable Stockholm. Profit before tax was SEK 86 million
compared with a budgeted profit of SEK44 million.
KEY RATIOS
Premium income, SEK million
SEK million
Solvency ratio, %
Net asset value
SEK 61
million
2015
61
86
2014
71
37
2013
86
90
2012
74
62
2011
92
-166
24.4
132.5
559.4
2,289
36
3
21.1
126.9
481.1
2,279
273
2
22.3
128.9
451.0
2,019
193
3
18.0
122.0
373.0
2,074
–
3
15.7
119.2
320.0
2,035
–
3
welcomes more than one
million people to its events, which make the facility one of
the largest engines in Stockholm's tourism industry. It's activities generate between SEK 3–4 billion annually for stakeholders in the hotel, restaurant, shopping, transport and
experiences industry, which corresponds to 2,000–3,000
jobs. The largest trade fairs in 2015 were Stockholm Furniture
& Light Fair, Formex and Allt för sjön. Three medical congresses were held in Stockholmsmässan's facilities the largest
of which had more than 17,000 delegates. Through Stockholmsmässan, the City is marketed as one of Northern Europe's
foremost meeting places, and until 2023, another ten international congresses have already been contracted. EVERY YEAR, STOCKHOLMSMÄSSAN
START 1942. Mässfastigheter i Stockholm AB owns the facility in
Älvsjö, and the subsidiary Stockholmsmässan AB conducts exhibition
and congress business. The City owns 50.4% and the Stockholm's
Chamber of Commerce owns 49.6%.
54
Administration Report
Administration Report 2015
also has two insurance companies operating within the Group:
S:t Erik Försäkrings AB for non-life insurance and S:t Erik
Livförsäkring AB to insure the Group’s pension commitments.
Group operations and profit
Profit
Ownership
17
SUBSIDIARIES ARE A PART OF
THE STOCKHOLMS STADSHUS AB
CORPORATE GROUP.
Stockholms Stadshus AB, Corp. Identity No. 556415-1727, is wholly owned by the City of Stockholm,
Corp. Identity No. 212000-0142. The company functions as a holding company for the City's Group.
The Group comprises 17 subsidiaries, which in turn are wholly owned by the parent company
Stockholms Stadshus AB. In addition to the subsidiaries, the Group includes two associated companies, Mässfastigheter i Stockholm AB and AB Fortum Värme Holding is co-owned with the City of
Stockholm. AB Fortum Värme Holding co-owned with the City of Stockholm where Stockholms
Stadshus AB owns 50 percent and AB Fortum Power and Heat owns 50 percent. Stockholms
Stadshus AB owns 50.4 percent of Mässfastigheter i Stockholm AB. The remaining share is owned
by the Stockholm Chamber of Commerce.
The companies' operations are largely conducted within the City of Stockholm. The Group is
part of and consolidated in the City of Stockholm Municipal Group, which is reported in the City
of Stockholm's Annual Report.
The companies' operations
The subsidiaries operate in several areas for the benefit of the municipality's citizens. The operations
encompass three municipal housing companies: AB Svenska Bostäder, AB Stockholmshem and
AB Familjebostäder; one school property company: Skolfastigheter i Stockholm AB (SISAB); one care
provision property company: Micasa Fastigheter i Stockholm AB; and one property development company: S:t Erik Markutveckling AB. Furthermore, there is a property company that owns and manages the event arenas in the Globen area: Stockholm Globe Arena Fastigheter AB (SGA Fastigheter).
The primary tasks of the property companies include owning, managing, letting and building housing
and commercial premises in Stockholm. In addition, Bostadsförmedlingen i Stockholm AB allocates
apartments.
Companies operating in the field of infrastructure are Stockholm Vatten Holding AB, Stockholms
Stads Parkerings AB, Stockholms Hamn AB and AB Stokab. The associated company AB Fortum
Värme Holding is also included in this group. In addition, there are companies involved with events
and culture, and in marketing Stockholm, such as Stockholms Stadsteater AB and Stockholm Business
Region AB, as well as the associated company Mässfastigheter i Stockholm AB. Stockholm Stadshus AB
Net profit for the year after net financial items for the Group
amounted to SEK 1,411 (1,105) million. Profit includes
capital losses totalling SEK -53 (809) million net, and impairment losses totalling SEK -53 (-847) million, net. For several
years, the Group has recognised significant capital gains that
have arisen in connection with sales of fixed assets, primarily
rental properties to tenant owners' associations. According
to a decision in the City Council in connection with the
political shift in the City of Stockholm in autumn 2014,
sales of properties to tenant owners' associations were
ended. In 2015, no sales of fixed assets were made and no
capital gains thereby arose. Capital losses are recognised
by Svenska Bostäder, Familjebostäder, Micasa Fastigheter,
SISAB and Stockholms Hamn totalling SEK -53 million.
Capital losses have arisen in connection with the disposal of
building s and are mainly attributable to disposals as a result
of renovations of facilities in the companies.
Impairment losses for the year amounted to SEK 76
(1,015) million. Svenska Bostäder recognised an impairment loss of SEK 60 million related to an upcoming disposal
in the property Pyramiden. Familjebostäder recognises an
impairment loss of SEK 16 million related to the property
Limkakan. Reversal of previous impairment losses amounts
to SEK 23 (168) million in conjunction with Stockholmshem
reversing an impairment loss on the Stadsfogden block.
Last year's impairment losses included a non-recurring item
in SGA Fastigheter AB of SEK 1,000 million related to an
impairment of buildings. At the same time, a write-up was
made of the land values in an equivalent amount, which
was recognised against equity.
The Group's operating income amounted to SEK 14,189
(13,550) million. Income was higher than in the preceding
year. A large part of the increase is due to Stockholm Vatten
Holding as a full-year effect of the company's acquisition of the waste management operations from the City
of Stockholm. In addition to this, the company raised its
water and sewage tariff during the year pursuant to a City
Council decision. The operating expenses increased by SEK
177 million. This is due in part to the results from the sale
of fixed assets decreasing and being negative compared with
the previous year. Profit from the sale of non-current assets
was recognised as a single net item under expenses in the
55
income statement. Moreover, there was a full-year effect for
the new waste management group's expenses at Stockholm
Vatten Holding. Expenses for depreciation according to plan
increased by SEK 177 (187) million, which is due to the
companies' high investment level.
Group net financial items increased by SEK 78 (-153) million during the year. Profit/loss from other securities relates
to S:t Erik Livförsäkring and is recognised as a separate
item. Interest expenses decreased by SEK 178 (-148) million,
while interest income decreased by SEK -100 (6) million.
The decrease in interest expense is an effect of the historically
low interest rates in 2015.
The Group's tax expense amounted to SEK 325 (372)
million. Profit for the year for the Group amounted to
SEK 1,086 (733) million.
Investments
The investment volume amounted to SEK 10,769 (10,552)
million. The investment volume has gradually increased in
recent years and there are more than 50 large projects over
SEK 300 million.
The housing companies are responsible for the new production of homes and the renovation efforts that all property companies carry out. The housing companies' investments in new production and renovation projects amount to
a total of SEK 5.5 billion, which corresponds to more than
50 percent of the housing group's total investment volume
during the year.
During the year, the housing companies commenced
work on 1,580 new apartments, which is higher than the
City Council's target of 1,500 apartments.
During the year, SISAB made renovations on
Högalidsskolan, Kungsholmens grundskola, Fridhemsskolan,
Nytorpsskolan, Lindeparken, Högalid and Örby Herrängen.
In addition, there are a number of newly built and commenced pre-schools. Investments amounted to SEK 1,461
million.
Stockholm Vatten Holding's investments amounted to
SEK 1,523 million. This is generated by increased efforts
both in the existing pipe network, water and wastewater
treatment plants as well as in the development areas.
During the year, Stockholms Hamnar continued the
reconstruction of Värtahamnen and the modernisation of
Kapellskär.
Financial position
Equity for the Group amounted to SEK 57,363 (56,764)
million at year-end. The equity/assets ratio was 51 percent
(55).
PHOTO ISTOCK
→
Parent Company
Profit after financial items amounted to SEK 408 (1,239)
million for the Parent Company. Profit included dividends of
SEK 220 (976) million. There was a SEK 91 million decrease
in net financial items in the Parent Company compared with
the preceding year due to lower interest income.
Profit for the year after tax amounted to SEK 226 (979)
million.
Personnel
The average number of full-year employees (contracted time)
in the Group amounted to 2,651 (2,528) during the year, of
whom 1,132 (1,062) were men and 1,132 (1,062) were women.
The number of employees in the Parent Company totalled
seven (six), of whom three were men and four were women.
Events during the year and after its end
During the year, the City Council decided on the vision for
the City of Stockholm, Vision 2040 – A Stockholm for everyone. The vision comprises all companies and committees.
The vision work is based on the strong population growth,
globalisation and climate change in the region to achieve
a socially sustainable development.
During the year, the housing companies and the Parent
Company developed a Corporate Social Responsibility
(CSR) strategy. The objective is to show how the companies
in the operations and in investment can contribute to
a positive social development through a coherent strategy.
In the scope of a common strategy, the housing companies have worked out an interpretation of the companies'
public service mission. This interpretation shall harmonise
with a public service mission and commercial principles on
required returns. In 2016, the strategy's structure will largely
be able to be introduced on a broad front in the other
subsidiaries in the Group. Based on the CSR strategy, the
Group will develop guidelines for sustainability reporting
in accordance with upcoming amendments to the Swedish
Annual Accounts Act. A part of the reporting will be social
accounting.
In the aim of reducing construction costs through standar
disation and larger volumes, the three housing companies
have developed a concept building during the year called the
Stockholmhusen (Stockholm houses). Four contractors will
develop the project together with the housing companies. The
plan is to start the first stages with 1,500 apartments in 2017.
During the year, Svenska Bostäder began the first Snabba
Hus (Fast Housing) project in Västberga. In cooperation
with Jagvillhabostad.nu, the company has developed mobile
housing with temporary building permits for young people.
The number of asylum seekers increased strongly in the
latter part of the year. An important focus for the City of
Stockholm is to offer housing to children arriving alone,
adults and families with children. The property companies
have jointly contributed around 1,400 places for accommodation for asylum seekers.
Fortum Power and Heat AB and the City of Stockholm
reached a new consortium agreement regarding Fortum
Värme Holding in 2013. Some changes have occurred since
2013, including the City of Stockholm having transferred
its ownership in the company to Stockholms Stadshus AB
on 1 July 2014. The new consortium agreement entered into
effect on 1 January 2016. During the year, preparations were
made for the new agreement. A consequence of the new
agreement is that Stockholms Stadshus AB used its holdings
of warrants to subscribe for ordinary shares in Fortum
Värme Holding in December 2015. This means that the
proportion of ownership is now 50 percent for Stockholms
Stadshus AB.
S:t Erik Markutveckling AB acquired a company with
site leaseholds at Årstafältet and Royal Seaport.. The purchase consideration amounted to slightly more than SEK
600 million. The acquisition is a part of securing the City's
long-term planning for housing construction in the urban
development areas.
57
S:t Erik Markutveckling AB acquired a company
with site leaseholds at Årstafältet and Royal
Seaport. The acquisition is a part of securing
the City's long-term planning for housing
construction in the urban development
areas.
In its subgroup, Familjebostäder merged two subsidiaries,
Fastighets AB Pendlaren 1 and Hemmahamnen Bostad AB,
with the parent company AB Familjebostäder. During the
year, SISAB merged the subsidiary Datja Fastighets AB with
the parent company SISAB. The objective of mergers done
is to simplify the administration of the companies.
Group Board of Directors
The members of the Group Board of Directors are elected by
the City Council. The Board's ordinary members comprise
five women and four men. There are three female and six
male deputy members.
During the year, the Group Board of Directors followed
up the financial development, the companies' financial position and the companies' work regarding owner directives in
the budget and four-month reports. The Group Board also
received continuous reports and analyses regarding major
projects.
During the year, the Group Board of Directors approved
several major orientation decisions concerning the production of new apartments by the three housing companies. These decisions pertain to new housing production in
the Marman block in Årstadal, supplemental orientation
decision for new production of rental apartments in the
Sandaletten 12 block and student and rental apartments in
the Perstorp block.
During the year, the Group Board of Directors recommended several major implementation decisions regarding
new production in the Rösträknaren block, Älvsjöstaden,
Rosenlundsparken, the Brevlådan block and student apartments in Albano.
The Group Board of Directors recommended that SISAB
conduct renovations, extensions and new construction on
Kämpetorpsskolan in Älvsjö. The Board also recommended
implementation decisions for the new construction of a
school in Djurgårdsstaden and for Sjöviksskolan in Årstadal.
The Group Board of Directors also recommended that
S:t Erik Markutveckling acquire additional site leaseholds in
Royal Seaport and Årstafältet.
The Group Board of Directors approved the upgrade and
renovation of apartments in the Drakenberg block, Valla
Torg and the Vintertullen elderly home.
The City Council then approved the projects presented
above.
Environmental report
All of the City's operations should work based on the goal
of the smallest environmental impact possible. The City's
companies actively contribute to fulfilling the City's environ
mental targets and at the same time, make it easier for
Stockholm residents to be environmentally aware in everyday life. The Group's companies contribute to systematic
environmental efforts by being long-term sustainable in every
part of their operations. Besides energy-efficiency enhancements and the expansion of systems for the collection of
source-sorted waste, the companies focus their environmental efforts on measures in waste management, construction,
transports and procurement. Several of the housing companies and Stockholms Hamnar have chosen to certify their
environmental work.
Stockholms Hamnar conducts operations that require
permits under the Swedish Environmental Code. The permit
requirements concern the part of the Group's operations
that comprise ports, loading and unloading quays that allow
shipping traffic.
Stockholm Vatten Holding's operations are dependent on
activities subject to permit requirements that are conducted
at plants, and the permits that restrict the use and control
of untreated water. The company's environmental impact
encompasses its impact on water in the Stockholm area,
Lake Mälaren and the archipelago.
The City's environmental programme was revised in 2015
and a proposal on a new environmental programme for 2016–
2020 has been submitted to committees and companies.
PHOTO ISTOCK
Stockholm is one of the major cities where the population is growing the fastest in Europe, according to a new report. Before 2030, the
Stockholm region is forecast to have surpassed London and become
the fastest growing city in Western Europe.
Financial risks
Future development
The investments in the Group will be very extensive in the
next few years to meet the City's needs for housing, infrastructure and schools, etc.
The production of new housing remains a priority. The
City's long-term goal for housing construction is 140,000
apartments by 2030, supplemented with a short-term target
of 40,000 new homes by 2020. During the year, the City
Council made a decision on a number of housing production
projects that will increase the production of new apartments
by the City's housing companies. The housing companies are
working hard to introduce new housing projects. Beginning
in 2016, the housing companies have increased their requirement to gradually double the number of homes begun to at
least 3,000 per year by 2019.
The construction of a new port in Norvik, as decided
by the City Council, has been put on hold pending the
ongoing court review. On 30 October 2015, the Land and
Environmental Court of Appeal decided to primarily confirm the lower court's ruling, after which counterparties
have appealed to the Supreme Court with a leave to appeal.
Other major projects include Stockholms Hamnar's
expansion of the Värta Pier and the modernisation of the
port of Kapellskär.
Stockholm Vatten Holding's work on the project
Stockholm's Future Wastewater Treatment (SFA) is continuing. The objective is to guide the wastewater from
Bromma and the part of Stockholm connected to the SYVAB
(Sydvästra Stockholmsregionens VA-verks AB) wastewater
system to the Henriksdal treatment plant. The project is
currently the Group's single largest project. The aim is
for the project to give Stockholm one of the most modern
treatment plants in the world. Work on preparing a more
in-depth situation report with an updated timetable and
estimates for the project is under way.
The city development of the Slakthuset area is continuing.
Part of this work involves the planning and development
of the development rights that will partially finance the new
Tele2 Arena.
The City of Stockholm's Finance Department is responsible
for the financial operations of the Municipal Group. The
Municipal Group’s borrowing needs are met through coordinated central borrowing.
All external loan financing and investment are handled
centrally. The City's finance function is responsible for supporting the core activities and safeguarding economies of
scale within financial management. This is achieved through
a common Group account system that means that all flows
are net accounted in the Municipal Group before the City
needs to borrow externally. The companies have a limit in
the City's Group accounting system instead of loans. The
Municipal Group's finance policy sets out goals and guidelines for financing operations within the Municipal Group.
This means that the Finance Department is responsible for
the companies' interest rate risk in line with the established
policy and the companies, in turn, are responsible for their
investment decisions and capital structure. The policy also
identifies the financial risks to which the Municipal Group
is exposed, and how they should be managed. The risks are
monitored continuously by a risk control function.
The Municipal Group primarily borrows funds directly
from the financial markets through various market
programmes.
The City of Stockholm Municipal Group has a strong
financial position and a very high credit rating. The credit
rating is done by Standard & Poor's, and the City of
Stockholm has the highest possible rating for short and
long-term borrowing, A-1+ and AAA, respectively. The
rating is updated semi-annually and was confirmed on
20 November 2015.
The Group's total loan portfolio amounted to SEK
57,046 million, gross, at year-end, an increase of SEK 6,865
million compared with the preceding year. The increase is a
result of the companies' high investment level. At year-end, the
average period of fixed interest for the Municipal Group's
external debt portfolio was 2.8 (3.0) years. The target for
the Municipal Group and the Group is 3.0 years with a permissible deviation interval of +/- 1.5 year.
Deduction rules for intra-Group interest
At the end of 2012, the Riksdag decided on further restrictions to deductions for intra-Group interest payments.
The Swedish Tax Agency subsequently issued written opinions in which it clarified its assessment of the interpretation
of these restrictions.
In light of these new regulations, the City of Stockholm
has been engaged in dialogue with the Tax Agency since
2013 regarding whether interest expenses on loans from the
City of Stockholm are tax deductible. On 16 March 2015,
the Tax Agency submitted responses regarding tax deductions for interest on intra-Group loans for the 2014 income
year. In its response, the Tax Agency believes that the City's
companies are not entitled to tax deductions for interest
expenses on loans from its owner the City of Stockholm if
the City cannot prove that the debt relationship forming
the basis of the interest expenses is primarily commercially
motivated.
The City of Stockholm has a centralised finance function
that comprises the entire Municipal Group. The objective
is to achieve a coordinated handling of aggregated financial risks and effective handling of the collective financing
requirement for the City's companies and administrations.
The companies' borrowing is therefore handled centrally
at the City of Stockholm. In order to also cover the financing
requirement for the companies in the Stockholms Stadshus AB
Group, the City needs, however, to borrow funds as its own
funds do not suffice. The City's own funds, i.e. the surplus of
funds once the operations conducted in the administrations
have been financed, are not enough to cover the municipal
companies' financing requirements. The City therefore
borrows both externally as well as from companies in
the Group to finance an individual company's borrowing
requirements. The lending to the Group's companies with
borrowing requirements has therefore been financed
as follows:
1.External borrowing for the City that is lent on to the
municipal companies (46 percent).
2.Loans from municipal companies, primarily in the Parent
Company, that are lent on to another municipal company
(29 percent).
3.Lending from the City's own funds (25 percent).
While awaiting a definitive decision from the Swedish Tax
Agency, the interest expenses have been deemed to be fully
deductible in the accounts for 2014 and 2015. In terms of
the companies' tax returns for the 2014 tax year, there is
a dialogue between the companies concerned and the Tax
Agency that has not yet been completed.
Risk management
The City of Stockholm conducts systematic work to gain
an overall view and co-ordination of the City's operations
based on a risk and vulnerability perspective. All companies
carry out their own risk and vulnerability analyses each year
based on their own operations. These analyses are compiled
and an overall analysis is subsequently performed for the
City as a whole.
Group Management conducts continuous inspections
regarding confidence risks within the companies. These
inspections shed light on any risks regarding policy work,
internal control, finances, purchasing/procurement, letting,
project/maintenance, security, personnel, representation,
59
benefits, media and communication and IT, etc. Each area
is commented on and proposals for improved control and/
or risk management measures are presented. In 2016, Group
Management together with external expertise will begin
work on sustainability reporting. In connection with the
reporting, a number of areas will be identified that the companies need to systematically monitor, including combating
corruption and respect for human rights, and the significant risks associated with these areas and the company's
operations. Group Management will wait for the reporting
structure for sustainability reporting to be prepared and will
then conduct a renewed review of confidence risks in the
company.
Appropriation of profit
Last year, the Annual General Meeting proposed a dividend
of SEK 1,000 million to the City of Stockholm. The dividend
was preliminary and a final decision on the dividend was
taken by the City Council in connection with the second
four-month report. This means that the City can waive or
restrict the dividend if the economic situation allows. In
2015, the City Council decided that dividends should be
limited to SEK 500 million for the year in question.
In connection with the annual accounts for 2011, 2012
and 2013, the City Council decided on an extra dividend
from the housing companies in connection with Sections 4
and 5:1 of the Swedish Municipal Housing Companies Act.
The extra dividend decided on by the City Council in
2013 on the basis of the annual accounts for 2012 was
approved by the Administrative Court and Administrative
Court of Appeal, but is now subject to a review permit by
the Supreme Administrative Court. Other extra dividends
are approved.
The County Administrative Board, which along with
the National Board of Housing, Building and Planning is
responsible for supervising all of the municipal housing
companies' value transfers, has determined that the dividends decided on by the City are correct.
The Board of Directors proposes that the Annual General
Meeting approve a dividend of SEK 1,000 million.
Proposed appropriation of profits
GROUP
Group equity according to the consolidated balance sheet amounted to
SEK 57,363 million.
PARENT COMPANY
At the disposal of the Annual General Meeting
Profit loss brought forward
Share premium reserve
Net profit for the year
Total
SEK 16,381,632,433
SEK 7,499,999,000
SEK 225,707,387
SEK 24,107,338,820
The Board of Directors proposes that the earnings
be appropriated as follows:
Paid as dividends to shareholders, SEK 350.88 per share SEK 1,000,000,000
To be carried forward
SEK 23,107,338,820
SEK 24,107,338,820
60
Group summary
Group summary
61
Group summary
Financial key ratios
(SEK million unless otherwise indicated)
2015
2014
2013*
2013
2012**
2011**
14,189
13,550
12,953
12,953
12,499
12,079
Profit/loss after financial items
1,411
1,105
2,008
1,341
3,006
923
Profit/loss for the year
1,086
733
1,587
1,050
2,503
642
2.5
2.6
3.6
2.9
5.1
2.6
Return on equity, %
1.9
1.4
3.3
2.1
5.2
1.5
Profit margin, %
9.9
8.2
15.5
10.4
24.0
7.6
2,651
2,528
2,392
2,392
2,307
2,379
10,769
10,552
8,730
8,112
9,419
8,567
108,710
100,764
85,755
85,056
80,056
74,945
46
40
33
28
25
21
57,317
56,724
48,456
47,919
48,769
46,936
111,037
102,725
87,894
87,195
81,756
77,168
51.4
55.4
55.2
55
59.7
60.9
Operating income
Number of employees
Gross investments
Fixed assets
Minority interest
Equity
Total assets
* Figures for 2013 have been adjusted in the annual accounts for 2014 due to the K3 accounting rules.
** The comparative figures for 2011–2012 have not been recalculated in the transition to BFNAR 2012:1 (K3).
Definitions of key ratios
Return on total assets
Profit after financial items plus financial expenses as a percentage
of the average balance sheet total.
Return on equity
Profit after financial items and deduction of the standard tax rate
divided by average equity.
Profit margin
Profit after financial items divided by operating income.
Number of employees
Average number of full-year employees according to contracted
time. The term full-year employees combines the work of permanent and temporary employees. Contracted time refers, for
example, to employees on sick leave and parental leave and indicates the number of full-year employees for which the Group has
employer responsibility.
Commentary on Group summary
The Stockholms Stadshus AB Group's sales amounted to SEK
14,189 for 2015, compared with SEK 13,550 for 2014. This was
an increase of SEK 639 million. Like the previous year, Stockholm Vatten Holding accounted for the largest revenue increase.
This increase amounted to nearly SEK 280 million and was due
to a full-year effect of the company's acquisition of the City's
waste management operations at mid-year 2014. During the year,
the water and sewage tariff was also increased, which increases
the company's revenues. All property and infrastructure companies presented sales increases on a scale of SEK 15-90 million.
The sales increases are due to new production, acquisitions of
properties and a higher order intake. SISAB increased orders
from the City of Stockholm for school and childcare premises,
which increases the revenues by more than SEK 80 million.
Profit for the year after net financial items for the Group
amounted to SEK 1,411 million. These are strong earnings for
the Group. Compared with previous years in the five year period,
no capital gains are recognised. This is because the Group did
not conduct any sales of properties during the year. For 2014 and
2015, shares of profit from associated companies are included,
which increases the profit after net financial items by SEK 140
million and SEK 341 million, respectively. The shares in profit for
the associated companies are recognised in operating profit.
Profit for the year after tax and minority interests amounted
to SEK 1,086 million. Current tax on profit for the year totalled
SEK 325 million.
The balance sheet total amounted to SEK 111,037 million, which
is an increase of SEK 8.3 billion. This is due to the companies'
extensive investments in fixed assets in properties and land.
The companies investments in new production, upgrade projects,
new schools and infrastructure meant that the balance sheet total
increased by SEK 34 billion in the past five-year period, which
corresponds to around 44 percent.
Consolidated equity amounted to SEK 57,317 million, up
nearly SEK 600 million compared with the preceding year.
The equity/assets ratio (excluding minority shares) decreased
by 4 percentage points and amounted to 51 percent, which is a
continued high level. The equity/assets ratio is affected by the
companies' investment volume, which means that borrowing
increases. The housing companies' new production and upgrade
efforts are contributing causes of the investments made during
the year in Stockholm Hamnar's and Stockholm Vatten Holding's
infrastructure projects. The favourable profit reported by the
companies in recent years has provided a strong starting position
for continued investments in the production of new apartments
and infrastructure.
The number of employees in the Group increased. It is primarily
Familjebostäder, Stockholm Vatten Holding and Stockholms
Stadsteater that report larger increases. For the first two companies mentioned, the increase is due to strengthened organisations
for investment projects and full-year effects of Stockholm Vatten
Holding's acquisition of the waste management operations.
During the year, Stockholms Stadsteater increased the number
of temporary and piece employments, which is an effect of large
productions at the theatre.
Equity/assets ratio
Equity in relation to the balance sheet total, as per the consolidated balance sheet. Equity includes the capital portion of
untaxed reserves.
62
Appropriations
Appropriations
63
Appropriations
within the Group 2015
SEK 000s
Group
contributions
paid
Group
contributions
received
Shareholders’
contribution
paid
Shareholders’
contributions
received
Dividend,
Stadshus AB
Group
Dividend,
City of Stockholm3
-1,000,000
1,000,000
Parent Company
Stockholm Stadshus AB
-180,532
Subsidiaries
10,049
AB Svenska Bostäder1
869
AB Familjebostäder1
995
AB Stockholmshem1
Bostadsförmedlingen i Stockholm AB
Skolfastigheter i Stockholm AB (SISAB)
Micasa Fastigheter i Stockholm AB
S:t Erik Markutveckling AB2
-45,218
Stockholm Globe Arena Fastigheter AB
199,000
Stockholm Vatten AB
Stockholms Hamn AB
-9,000
AB Stokab
-205,000
Stockholm Stads Parkerings AB
-105,000
Stockholms Stadsteater AB
345,750
Stockholm Business Region AB
S:t Erik Försäkrings AB
S:t Erik Livförsäkring AB
Other companies
Group adjustments
Total
1
The dividend is attributable to Section 3 of the Swedish Municipal Housing Companies Act.
2
S:t Erik Markutveckling provided a Group contribution to Stockholm Globe Arena properties.
3
The dividend pertains to the proposed appropriations of profits in this year's accounts.
-544,750
544,750
0
0
-988,087
1,000,000
Commentary on appropriations
Like the previous year, the Group's total profit after net financial
items is positive. In general, the Group companies presented a
surplus in the accounts, but a few have deficits, such as Stockholms
Stadsteater and SGA properties. To cover these losses, the companies received Group contributions from other companies in
the Group, which reported a profit. These Group contributions
totalled SEK 545 million.
The dividend from the housing companies Svenska Bostäder,
Familjebostäder and Stockholmshem amounted to nearly SEK 20
million in accordance with Section 3 of the Swedish Municipal
Housing Companies Act. This dividend pertained to the return
on the company's basic capital.
According to the budget for 2016, the budgeted dividend to
the City of Stockholm is SEK 1,000 million. The City's dividend
is preliminary and a final decision on the dividend was made by
the City Council in connection with the second four-month report.
This means that the City can waive or restrict the dividend if the
economic situation allows.
In 2014 and 2015, the City Council decided to limit the
dividend to SEK 500 million, instead of the budgeted dividend
of SEK 1,000 million.
For accounting purposes, Group contributions are booked in
the 2015 accounts, but the decided dividend in the 2015 accounts
is recognised in the reports for the year after.
64
income statements
Balance sheets
Income statements
Group
SEK million
Note
Operating income
3, 4
Net sales
2015
Parent Company
2014
2015
Group
2014
13,399.9
12,769.4
128.5
118.2
Other operating income
660.5
662.6
45.3
34.8
Total operating income
14,188.9
13,550.2
45.3
34.8
Intangible assets
-346.4
-345.2
4, 5
-6,933.9
-6,872.7
-59.4
-50.5
Personnel costs
6
-1,935.9
-1,863.0
-10.2
-22.7
Depreciation/amortisation
7
-3,003.3
-2,826.2
-0.2
-0.2
Impairment losses
8
-52.7
-847.0
Profit from participations in associated companies
9
341.8
139.5
-52.6
808.5
-11,983.0
-11,806.1
Profit from sale of non-current assets
Total operating expenses
Operating profit
Profit from participations in Group companies
Profit from participations in associated companies
2,205.9
1,744.1
10
9
Profit/loss from other securities
-69.8
-73.4
-24.5
-38.6
19.8
976.4
203.0
56.1
289.3
222.9
323.5
209.9
Interest expenses and similar profit/loss items
12
-1,073.5
-1,251.6
-0.2
1,411.4
1,105.2
408.0
1,239.1
-180.5
-259.6
13
Tax on profit for the year
14
301.3
-325.3
-372.3
-1.8
-0.6
1,086.1
733.0
225.7
978.9
Attributable to Parent Company shareholders
1,080.5
725.3
5.6
7.7
Attributable to minority shareholders
31 Dec 14
15
78.0
76.0
31 Dec 15
31 Dec 14
0.4
0.6
0.4
0.6
6,572.9
6,572.9
7,528.8
7,528.0
Property, plant and equipment
Buildings and land
16
78,605.1
74,633.1
17, 18
5,907.2
6,052.5
Equipment
19
673.4
508.6
Construction in progress
20
12,891.9
9,050.8
98,077.6
90,245.0
230.0
230.0
Plant and machinery
Total property, plant and equipment
Financial assets
Participations in Group companies
21
Participations in associated companies
22
7,803.8
7,664.7
Other securities held as non-current assets
23
2,258.6
2,225.7
Deferred tax asset
14
245.5
259.8
16.7
62.4
Other non-current receivables
Total financial assets
10,554.6
10,442.6
14,101.7
14,100.9
108,710.2
100,763.6
14,102.1
14,101.5
Raw materials and consumables
31.2
29.5
Total inventories, etc.
31.2
29.5
0.0
0.0
Accounts receivable - trade
587.3
543.6
Receivables from City of Stockholm
344.7
255.1
13,623.8
13,881.6
336.6
282.6
109.5
Total non-current assets
CURRENT ASSETS
11
Appropriations
31 Dec 15
Receivables from City of Stockholm
Interest income and similar profit/loss items
Profit/loss after financial items
Parent Company
Note
FIXED ASSETS
Operating expenses
Raw materials and consumables
SEK million
ASSETS
Work performed by the company for its own use
and capitalised
Other external expenses
65
balance sheets
Inventories, etc.
Current receivables
Receivables from subsidiaries
Receivables from associated companies
Tax assets
14
Other receivables
Prepaid expenses and accrued income
Total receivables
24
1.0
2.5
187.6
373.3
9.2
792.7
339.5
1.4
363.9
371.5
0.3
0.4
2,277.2
1,885.5
13,971.3
14,274.1
Other investments in securities, etc.
35.0
Cash and cash equivalents
Cash and bank balances
Total cash and cash equivalents
Total current assets
Total assets
18.0
11.0
0.0
18.0
11.0
0.0
0.0
2,326.4
1,961.0
13,971.3
14,274.1
111,036.6
102,724.6
28,073.4
28,375.6
66
balance sheets
Equity
Balance sheets
Statement of changes in equity
Group
SEK million
Note
31 Dec 15
31 Dec 14
31 Dec 15
31 Dec 14
SEK million
GROUP
Parent Company equity
Closing balance 31 Dec 2013
Restricted equity
Share capital, 2,850,001 shares
–
2,850.0
2,850.0
Restricted reserves
–
570.0
570.0
Total restricted equity
–
3,420.0
3,420.0
Non-restricted equity
Profit brought forward
–
Share premium reserve
48,488.5
16,381.6
15,902.7
-41.2
27,801.6
Group equity
2,850.0
–
7,500.0
7,500.0
–
Other equity incl. profit for the year
46,967.0
46,373.6
–
Equity attributable to Parent Company shareholders
57,317.0
56,723.6
–
46.0
40.4
–
57,363.0
56,764.0
–
Closing balance 31 Dec. 2014
2,850.0
Provisions for pensions, S:t Erik Livförsäkring
14
Other provisions
Total provisions
42.8
45.9
1,726.8
1,795.4
1,896.0
1,853.7
188.1
52.2
3,853.7
3,747.2
6.6
7,500.0
Other change
11.4
33.6
33.6
725.3
725.3
7.7
733.0
46,373.6
56,723.6
40.4
56,764.0
-500.0
-500.0
SEK million
12.9
12.9
1,080.5
5.6
1,086.1
26
18.4
18.9
18.4
6.6
11.4
2,850.0
7,500.0
46,967.0
57,317.0
46.0
57,363.0
Share capital
Restricted
reserves
Share
premium
reserve
Total nonrestricted
equity
Profit/loss
for the year
Total equity
2,850.0
570.0
0.0
13,479.3
3,373.4
20,272.7
3,373.4
-3,373.4
Non-cash issue
7,500.0
8.3
6.4
1,905.1
1,773.4
Dividend
Accounts payable
Liabilities to Group companies
Liabilities to City of Stockholm
14
Other current liabilities
27
0.0
0.0
-950.0
2,850.0
570.0
7,500.0
Allocation of profit
3.0
1.2
513.2
532.7
44,117.2
37,358.9
15.4
14.2
141.4
215.8
0.7
0.6
435.2
487.8
0.3
2.2
3,193.8
2,352.7
6.9
11.7
Total current liabilities
49,801.0
42,195.0
539.5
562.6
Total provisions and liabilities
53,673.6
45,960.6
546.1
574.0
111,036.6
102,724.6
28,073.4
28,375.6
none
none
none
none
78.3
76.1
none
none
Total equity and liabilities
7,500.0
Current liabilities
Advance payments from customers
12.9
PARENT COMPANY
Other non-current liabilities
18.9
-500.0
1,080.5
Allocation of profit
Other non-current liabilities
33.6
Reversal of intra-Group profits
25
Provisions for pensions
7,500.0
-41.2
Dividend
27,527.3
7,500.0
-41.2
Reversal of intra-Group profits
Write-ups
–
7,500.0
Changed participating interest
in subsidiaries
24,381.6
Accrued expenses and deferred income
32.7
-950.1
24,107.3
Current tax liabilities
48,455.8
1,000.1
–
Total non-current liabilities
45,605.8
1,000.1
Total non-restricted equity
Deferred tax liabilities
0.0
1,000.1
978.9
Total equity
2,850.0
Write-ups
7,500.0
Minority interest
Total equity
-950.1
225.7
Other capital contributed
Minority
interest
-950.1
7,500.0
2,850.0
Total
Non-cash issue
–
Share capital
Other equity
incl. profit
for the year
Dividend
Total equity
Share capital
Other capital
contributed
Parent Company
EQUITY AND LIABILITIES
Provisions
67
Dividend
978.9
15,902.7
978.9
27,801.6
978.9
-978.9
-500.0
-950.0
978.9
2,850.0
570.0
7,500.0
16,381.6
-500.0
225.7
225.7
225.7
27,527.3
The share capital consists of 2,850,001 shares.
Memorandum items
Pledged assets
Contingent liabilities
28
68
cash-flow statement
notes
Cash-flow statement
Notes
Group
SEK million
Note
1
Accounting and valuation policies
Parent Company
Note
2015
2014
2015
2014
Profit after net financial items
29
1,411.4
1,105.3
408.0
1,239.1
Adjustment for non-cash items
30
2,583.1
3,807.1
0.2
4.8
49.4
-834.3
Operating activities
Net profit/loss from sale of non-current assets
Income tax paid
Cash flow from operating activities before change in working capital
Change in inventories and work in progress
Change in current receivables
Change in current liabilities
Cash flow from operating activities
-129.8
-268.6
97.9
-0.5
3,914.1
3,809.5
506.1
1,243.4
-1.8
9.1
-526.2
-83.4
5.1
0.5
437.6
-42.2
-8.5
12.8
3,823.7
3,693.0
502.7
1,256.7
Investing activities
Acquisition of intangible assets
-21.3
-2.7
Acquisition of financial assets
-33.3
-147.6
-948.0
-2,421.3
-9,502.5
-7,819.9
Acquisition of properties
Investment in constructions in progress
Acquisition of other property, plant and equipment
Payments received from the sale of non-current assets
Dividend received from associated companies
Cash flow from investing activities
31
-261.0
-45.5
16.4
1,295.5
-0.2
203.0
-10,546.7
-9,141.5
0.0
-0.2
Financing activities
Newly raised loans
0.9
Repayment of debt
-13.3
-21.4
-259.6
-273.5
-500.0
-950.1
-500.0
-950.0
Group contribution
Dividend paid
Change in non-current receivables
45.6
Cash flow from financing activities
-466.8
-971.5
-759.6
-1,223.5
Cash flow for the year
-7,189.8
-6,420.0
-256.9
33.0
Cash and cash equivalents at beginning of the year
-36,031.4
-29,611.4
13,880.7
13,847.7
Cash and cash equivalents at year-end
-43,221.2
-36,031.4
13,623.8
13,880.7
43,239.2
36,042.4
13,623.8
13,880.7
-18.0
11.0
43,221.2
36,031.4
The cash flow statement includes cash and cash equivalents
in the City's Group account.
The total in the Group account is included in current receivables/liabilities
in the City of Stockholm and amounts to:
69
Stockholms Stadshus AB prepares the annual report and consolidated financial statements in accordance with the Swedish Annual
Accounts Act and the Swedish Accounting Standards Board’s
general guidelines BFNAR 2012:1 Annual Accounts and Consolidated Accounts (K3).
The accounting policies are unchanged compared with the
previous year.
Consolidated financial statements
The consolidated financial statements include subsidiaries in
which Stockholms Stadshus AB, directly or indirectly, holds
more than 50 percent of the votes or has a controlling influence
in some other manner. The consolidated financial statements
have been prepared in accordance with acquisition accounting,
whereby the subsidiaries' equity at the time of the acquisition,
determined as the difference between the fair value of assets and
liabilities, is eliminated in its entirety. Accordingly, Group equity
only includes the portion of the subsidiaries' equity that arose
after the acquisition. The acquisition date is the date on which
the controlling influence is obtained.
If the consolidated cost of the shares exceeds the value of the
company's net assets according to the acquisition analysis, the
difference is recognised as goodwill on consolidation. If, instead,
the consolidated cost of the shares is less than the value of the
company's net assets according to the acquisition analysis, the
difference is recognised as negative goodwill on consolidation
under other provisions. Negative goodwill, which can be attributed
to anticipated future losses and expenses, shall be recognised in
the income statement the same financial year as these losses and
expenses. The portion of the provision that does not exceed the
fair value of the acquired identifiable non-monetary assets is dissolved in the income statement over a period calculated as the
remaining weighted average useful life of the assets that are subject
to depreciation. The portion of the provision that exceeds the fair
value of the acquired identifiable non-monetary assets is recognised
in the income statement during the financial year.
Companies acquired during the year are included in the consolidated financial statements in the amount relating to the period
after the acquisition. They are deconsolidated from the date that
control ceases.
The minority share of acquired net assets are measured at fair
value. Profit for the year is presented in the consolidated income
statement including the minority share. The amount of net profit
for the year attributable to the minority share is stated in disclosures on the income statement. The minority share in subsidiaries' capital is recognised as a separate item under “equity” in
the consolidated balance sheet. The Parent Company applies the
same accounting policies as the Group.
Transactions between Group companies are eliminated in
their entirety from the consolidated financial statements.
Group contributions
Both Group contributions received and paid are recognised as
appropriations in the income statement.
Recognition of associated companies
Companies that are not subsidiaries, but in which Stockholms
Stadshus AB, directly or indirectly, holds at least 20 percent of
the votes or in some other way holds a significant influence, are
considered associated companies. Participations in associated
companies are recognised in the consolidated financial statements
in accordance with the equity method. Participations in associated companies are recognised at cost, with adjustment for the
Group's share of changes in the associated company's net assets,
including goodwill (after deductions for accumulated amortisation). The Group's share of the associated company's profit is
recognised in the consolidated income statement. Undistributed
accumulated profit shares attributable to associated companies
are recognised in the consolidated balance sheet as an equity
method reserve under restricted reserves. Unrealised intra-Group
profits are eliminated against the share of profits relating to the
Group.
Revenues
Sales of goods are recognised when the significant risks and
benefits are transferred from the seller to the buyer. For service
assignments, income attributable to a performed service assignment is recognised as income in pace with the work being performed and the materials being delivered or consumed. Rental
income is recognised in the period to which it relates. Income is
reported net after VAT and discounts. Intra-Group sales are
conducted at normal prices.
Government subsidies
Stockholms Stadsteater receives government assistance in the
form of an annual operational subsidy paid to all institutional
theatres in accordance with an official document issued by the
government to the Swedish Arts Council. The subsidy is paid
quarterly in advance and the company distributes it so that it is
recognised as income per month. The housing companies are
entitled to investment subsidies for certain new production in
accordance with prior regulations. For further information, see
the Annual Report of the respective subsidiary.
Borrowing costs
The main principle is that no borrowing costs are capitalised
while non-current assets are being manufactured and instead they
are charged to the period to which they are attributable. Borrowing
costs may be capitalised during the construction period for major
construction projects. All new loans are handled by the City of
Stockholm's Finance Department, and each company has a limit
in the City's Group account system.
70
notes
Income taxes
Recognised income taxes include tax to be paid or received relating
to the current year, with adjustments for current taxes relating
to previous years and changes in deferred tax. All tax liabilities/
assets are measured at nominal amounts in accordance with the
tax regulations and rates which have been established or announced
and are very likely to take effect. Tax effects from items recognised in the income statement are reported in the income statement. Tax effects from items recognised directly against equity
are recognised against equity.
Deferred tax is calculated on all temporary differences arising
from carrying amounts and tax bases of assets and liabilities.
Temporary differences have primarily arisen due to the fact that
the depreciation of properties is carried out at different amounts
in the accounts than those permissible for tax purposes. Deferred
tax assets relating to loss carry-forwards or other future tax deductions are recognised to the extent it is likely that the deduction can be settled against a future taxation surplus. Deferred
tax liabilities relating to temporary differences in investments in
subsidiaries and associated companies are not recognised in the
consolidated financial statements since the Parent Company can
always control the date for reversing the temporary differences,
and it is not deemed likely that such a reversal will be made in
the foreseeable future. The deferred tax liability for untaxed
reserves is recognised in the Parent Company as part of the
untaxed reserves.
Receivables and liabilities are offset only when there is a legal
right to offset.
Financial instruments
The financial instruments recognised in the consolidated balance
sheet comprise securities, accounts receivable and other receivables, investments in securities, accounts payable and loans. The
instruments are recognised in the balance sheet when Stockholms
Stadshus AB becomes party to the contractual terms of the instrument. Financial assets are derecognised from the balance sheet when
the rights to receive cash flows from the investments have expired
or have been transferred and the Group has transferred substantially all risks and rewards of ownership of the asset. Financial liabilities are derecognised from the balance sheet when the obligations in the contract are met or extinguished in another manner.
Stockholms Stadshus AB has decided to recognise financial
instruments at cost in accordance with Chapter 11 of K3. Finan
cial instruments are initially recognised at cost except for accounts
receivable and other receivables that are recognised at the
amount at which they are expected to be received less individually
assessed doubtful receivables. Receivables that are interest-free
or accrue interest that deviates from the market interest rate and
have a term of more than 12 months are recognised at a discounted present value and the change in value over time is recognised as interest income in the income statement.
In the following valuation, investments in securities are valued
in accordance with the lowest value principle at the lowest of
cost and market value, and other securities held as non-current
assets are valued at cost, taking into account any impairment
requirements.
notes
All external borrowing and all investments are managed centrally
by the City of Stockholm's Finance Department. Instead of loans,
companies have a limit in the City's Group account system. The
City Council adopts a finance policy that applies to the entire
Municipal Group. The Board of Stockholms Stadshus AB adopts
a finance policy for the Group each year, which is subsequently
adopted by all of the companies in the Group. This means that
the Finance Department is responsible for the companies' interest
rate risk and the companies, in turn, are responsible for their
investments and capital structure.
Tests are performed on every balance-sheet date to determine
whether any indications that the financial assets require impairment. Impairment losses are recognised if the decline in value is
deemed to be permanent.
All loans have the City of Stockholm as the counterparty.
Loans are part of the City of Stockholm's Group account system.
There are no interest rate swaps or similar in the Group.
Inventories
Inventories are measured at the lower of cost and net selling price
on the balance-sheet date applying the first-in/first-out principle.
For raw materials, all expenses that are directly attributable to
the acquisition of the materials are included in the cost. Most
of the inventories comprise piping used in the water supply and
sewage operations of Stockholm Vatten Holding AB.
Property, plant and equipment are recognised at cost less accumulated depreciation and impairment. Included in the cost are
expenses that can be directly attributed to the acquisition of the
asset. Property, plant and equipment are systematically depreciated
over the asset's useful life. The Group's land has an indefinite
useful life and is not depreciated. Straight-line depreciation is the
method used for other types of property, plant and equipment.
The following depreciation periods apply:
Buildings
Building equipment
Plant and machinery
Equipment, tools, fixtures and fittings 25–100 years
3–50 years
3–50 years
5 years
When a component in a fixed asset is replaced, any remaining
part of the old component is disposed of and the new component's cost is capitalised. Additional expenses related to assets
not divided into components are added to the acquisition value
insofar as the asset's performance increases relative to the asset's
value at the time of acquisition. Expenses for ongoing repairs and
maintenance are recognised as costs.
Properties not used by Group companies, and which are
held for long-term leasing, are classified as buildings held for
investment purposes in the consolidated financial statements,
see Note 14.
For further information, see the Annual Report of the
respective subsidiary.
71
Intangible assets
Receivables, liabilities and provisions
Intangible assets are recognised at cost less accumulated depreciation and impairment. The expense model is applied in the
consolidated financial statements for internally accrued intangible
assets.
Amortisation takes place straight-line over the estimated useful life. The amortisation period for previously capitalised proprietary intangible assets amounts to 3–5 years and the amortisation
period for leaseholds is 50 years.
Unless otherwise stated above, current receivables are recognised
at the lowest of their cost and the amounts with which they are
expected to be settled. Non-current receivables and non-current
liabilities are measured at amortised cost after initial recognition.
Other liabilities and provisions are recognised in the amounts
with which they are expected to be settled. Other assets are
recognised at cost, unless otherwise indicated.
Impairment of non-financial assets
Current remuneration in the Group comprises salary, social
security contributions, holiday pay and paid sick leave. Current
remuneration is recognised as a cost and a liability when there is
a legal or constructive obligation to pay remuneration.
The majority of the companies in the Stockholms Stadshus AB
Group have their pension commitments insured with S:t Erik
Livförsäkring, which is tasked with co-ordinating and structuring
the management of pensions in the Group. The agreements insured
are KAP-KL (formerly PFA), PA-KFS and PA-KL. The commitments
insured by S:t Erik Livförsäkring AB are recognised under “provisions for pensions.” In addition, individual Group companies
may recognise separate pension commitments in accordance with
the Act on Safeguarding of Pension Commitments (1967:531).
These provisions refer in particular to pension commitments that
have not been insured, such as collective agreement occupational
pensions. Consequently, the Group's pension provisions are
divided into two items under provisions.
For a more detailed description, refer to Note 6.
When there is an indication that the value of an asset has declined, the recoverable amount is calculated, which is the highest
of the value in use and fair value, less selling expenses. If the
asset's recoverable amount is lower than the carrying amount,
the carrying amount is impaired to the recoverable amount.
For the purposes of assessing impairment, assets are grouped at
the lowest levels for which a separate cash flow can be identified
(cash-generating units). Prior impairments of assets (other than
goodwill) are reviewed for possible reversal at each balance-sheet
date.
Lease agreements
Lease agreements that entail that the financial risks and benefits
of ownership of an asset are essentially transferred from the lessor to one of the Group's companies are classified in the consolidated financial statements as finance leases. Finance leases entail
that rights and obligations are recognised as assets and liabilities,
respectively, in the balance sheet. Assets and liabilities are initially
recognised as at the lowest of the asset's fair value and the present
value of minimum leasing payments. Expenses directly attributable to the lease agreement are added to the value of the asset.
Leasing payments are specified by interest and repayment according
to the effective interest method. Variable fees are recognised as
an expense in the period in which they arise. The leased asset is
depreciated straight-line over the estimated useful life.
Lease agreements where the financial risks and benefits attri
butable to the lease object essentially remain with the lessor are
classified as operating leases. Payments, including the first increased rent, according to these agreements are recognised as
a cost straight-line over the lease term.
Provisions
A provision is made when there is a legal or constructive obligation and a reliable assessment of the amount can be made. The
present value is calculated of obligations that are expected to be
settled after more than 12 months. The increase in provisions
attributable to the passage of time is recognised as interest
expenses.
Remuneration of employees
Cash-flow statement
The cash-flow statement has been prepared in accordance with
the indirect method. The recognised cash flow only includes
transactions that involve payments received or made. In addition
to cash and bank balances, the term cash and cash equivalents
includes balances at the Finance Department of the City of
Stockholm Municipal Group. All cash and cash equivalents
can be used on behalf of the Group.
Transparency Directive
The Swedish Act on Transparency for Certain Financial Obligations, etc. entered into effect on 1 January 2006. The act places
certain demands on accounting in publicly owned companies
through requirements for open, separate accounting. The aim of
the act is to implement the European Commission's Directive –
the Transparency Directive – in Swedish law to counteract unfair
competition. The subsidiaries within the Group deemed to be
encompassed by the Directive are Stockholms Hamnar, Stokab
and Stockholm Parkering. These companies submit information
in connection with their respective Annual Reports.
Other disclosures
Income from the sale of properties is normally to be recognised
on the date of occupancy. Expenditure associated with the sale
is to be calculated and recognised on the same date.
72
notes
notes
73
Additional information
Note
Estimates and assessments
2
Note
3
Operating income
Group
Stockholms Stadshus AB makes estimates and assessments concerning the future. The resulting accounting estimates will, by
definition, seldom equal the related actual results. The estimates
and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within
the next year are addressed below.
The Boards and Managing Directors are responsible for
continuously monitoring all major projects and investments.
Both the Group and the City's administrations are to follow the
investment strategy decided by the City Council. New property
production projects are continuously valued by the property
companies based on a market assessment of the operations in
question. This means that major changes in the property market
can have a significant impact on, for example, new housing
production projects.
The new K3 rules applied from 2014 mean that the Group
needs to more specifically differentiate its depreciation periods,
depending on the components that will be applied.
Most of the Group's subsidiaries have property, plant and
equipment in the form of property and infrastructure. Properties are included in property, plant and equipment and comprise
many different significant components. Stockholms Stadshus AB
and its relevant subsidiaries have jointly defined principle standpoints and the components and depreciation periods to be
applied from 2014.
The various components are used to different extents by
the different companies depending on the type of operations,
buildings, year of construction/refurbishment and tenant in the
property portfolio of each company. The housing companies have
the most components, while the infrastructure companies require
fewer components.
SEK million
2015
Parent Company
2014
Rents and lease income
9,628.2
9,312.8
Invoiced sales
3,686.3
3,374.2
Fees
85.4
82.2
Government subsidy
2015
2014
45.3
34.8
53.6
53.9
128.5
118.3
Other operating income
606.9
608.8
Total operating income
14,188.9
13,550.2
45.3
34.8
3,063.7
3,035.7
0.6
0.3
42.5
29.8
of which sales to Group companies
STOCKHOLMS STADSHUS AB
AS LESSOR
SEK million
Work performed by the company
for its own use and capitalised
of which sales to the City of
Stockholm
Note
Other external expenses
5
Note
4
Operating leases
Invoiced sales increased compared with the preceding year.
It is Stockholm Vatten Holding, Stokab, Stockholm Hamnar and
Stockholm Stads Parkering that increased the sales revenues.
Stockholm Vatten Holding accounts for the largest increase
due to a full-year effect of the company having acquired the
cleaning operations from the City of Stockholm at mid-year
2014. The company increased the water and sewage tariff during
the year, which also increased sales.
Stockholms Stadsteater receives a government subsidy for
its operations.
Of other operating income, SEK 117 (114) million was attributable to Skolfastigheter i Stockholm AB (SISAB). This amount
comprised insurance compensation of SEK 15 (38) million, as
well as remuneration from the City of Stockholm for specific
work such as operational adaptations to premises and ventilation
work, etc. totalling SEK 102 (76) million.
Stockholm Business Region's other operating income amounted
to SEK 135 (131) million, of which SEK 112 (108) million consisted of remuneration from the City. The remaining income
related to external partners.
Stockholm Vatten Holding's other operating income amounted
to SEK 181 (211) million. The largest items referred to income
for special works, the sale of heat from wastewater to the
Hammarby plant and remuneration for handling industrial
waste.
The housing companies' other income totalled SEK 158 (139)
million. A large portion of these services comprised sales and
further invoicing for refuse collection, heating, water and communication services.
Group
Parent Company
2015
2014
Fall due for payment within one year
4,836.3
4,440.5
Fall due for payment later than
one year, but within five years
1,158.5
643.4
five years
325.7
207.7
Total
6,320.5
5,291.6
Variable leasing fees received
during the period
3,359.1
2,211.6
2015
2014
0.0
0.0
Future minimum leasing fees
that will be received regarding
non-cancellable leases:
REMUNERATION OF AUDITORS
SEK million
Group
Group
SEK million
In the consolidated financial statements, the operating lease income essentially comprises rent of housing and premises as well
as garage and parking spaces. Rental agreements regarding premises are normally entered into for three years. Rental agreements
regarding housing and garage and parking spaces are normally
entered into until further notice where the tenants have the possibility to cancel the agreement with a three-month period of notice.
Comparability with 2014 is somewhat deficient as all companies have not been able to collect fees for 2014 future minimum
leasing fees due to system limitations. These companies corresponded to 10.8 percent of the future minimum leasing fees in
2015 and 29.9 percent of the year's received variable leasing fees.
AS LESSEE
The Group companies' purchases from the City of Stockholm
amounted to SEK 769.5 (738.4) million. Sales by Group companies to the City of Stockholm totalled SEK 3,063.7 (3,035.7)
million.
Parent Company purchases from other Group companies
amounted to SEK 7.9 (3.7) million and purchases from the City
of Stockholm amounted to SEK 43.8 (26.7) million. The increase
in purchases from the City relates to the implementation of a
common accounting system.
Parent Company
2015
2014
2015
2014
4.1
4.7
0.2
0.2
0.4
0.4
0.6
0.6
Remuneration of auditors includes
the following:
Ernst & Young
Audit engagement
Auditing activities in addition to
the audit engagement
1.8
1.4
Tax consultancy services
1.0
1.7
Other services
2.7
0.9
Total remuneration of auditors
9.6
8.7
Parent Company
2015
2014
Fall due for payment within one
year
927.7
1,390.0
Fall due for payment later than one
year, but within five years
804.0
1,490.3
2015
2014
0.0
0.0
Future minimum leasing fees that
shall be paid regarding non-cancellable leases:
five years
123.1
106.7
Total
1854.8
2,987.0
Leasing fees paid during the period
1,508.2
1,816.2
In the consolidated financial statements, operating leases essentially comprise rented properties/premises and leasing of cars.
The lease term for rented properties/premises varies, but is mainly
between 1-10 years while the lease term for vehicle leasing is
normally three years. Index clauses and adjustment to CPI exist.
74
notes
notes
Note
6
Personnel
Remuneration and other benefits during the year.
Group
SEK million
Average no. of employees
(contract time)
Of whom men, %
2015
Parent Company
2014
2015
2014
2,651.0
2,528.0
7.0
6.0
57.0
58.0
43.0
30.0
Wages, salaries, other remuneration and social security costs
Ingela Lindh, Managing Director, Parent Company, paid by
the City of Stockholm
Jonas Schneider, Deputy Managing Director
as of 1 January 2015
Basic salary and contingent liability 1,576 (1,796)
Pension provision 239 (11,438)
KAP-KL pension age from 60
36.8
35.9
1.8
8.3
Social security costs
16.3
11.6
0.6
2.1
Pension expenses
15.1
14.7
0.2
4.8
Other employees
Wages, salaries and other
remuneration
1,227.7
1,159.4
4.9
4.7
429.7
409.8
1.6
1.0
Pension expenses
141.9
179.7
1.1
1.7
Total wages, salaries and other
remuneration
1,264.5
1,195.3
6.7
446.0
421.4
2.2
12.9
3.1
Pension expenses
157.0
194.4
1.3
6.5
Remuneration of senior executives within
the Group
Group
Fees to Board members are paid in accordance with the principles
established by the City Executive Board and City Council. Fixed
salaries are paid to senior executives in the Group and there are
no bonus or incentive systems.
Parent Company
The members of the Board of Directors are elected by the City
Council. The Board's ordinary members comprise five women
and four men. There are three female and six male deputy members. The Chairman has been paid SEK 70,000 (69,000) and the
Vice Chairman SEK 56,000 (55,000) in remuneration.
The Managing Director of the Parent Company is also the
Deputy Chief Executive Officer of the City of Stockholm and is
paid solely by the City. The Deputy Managing Director has the
same terms of employment as the City's chief administrative
officers. These conditions entail permanent employment with the
right to KAP-KL after 12 years of service, although not earlier
than 60 years of age. A right to two years' salary in severance pay
exists upon termination by the company. Other employees in the
Parent Company are senior executives. These employees receive
no supplementary salary. They have pension entitlements in
accordance with the PA-KFS or KAP-KL pension plans.
Group
SEK million
Note
9
rofit from participations in associated
P
companies
Parent Company
2015
2014 2015
Capitalised development expenses 20–33%
-19.3
-16.8
Total
-19.3
-16.8
2014
Intangible assets
0.0
0.0
Group
SEK million
Parent Company
2015
2014
AB Fortum Värme Holding coowned with the City of Stockholm
339.5
123.5
Group employees
Land and buildings
2–20% -2,624.1
-2,458.1
Mässfastigheter i Stockholm AB
1.9
15.6
Compared with the preceding year, the number of employees in
the Group (average number of full-year employees, actual hours
worked) is increasing, and amounted to 2,330 (2,222) at yearend. Of these, 1,377 were men. Among the men, 52 percent were
aged 50 or over, while the corresponding figure for women was
41 percent. A contributing factor to the increase in the number of
employees is that Stockholm Vatten Holding took over the City's
waste management operations.
Of the total annual work time within the Stockholms
Stadshus AB Group, the number of hours worked, meaning
time present at work, accounted for 80 percent. Holiday
accounted for 10 percent, sick leave 4 percent, parental leave
3 percent and the remainder was other leave.
Total sick leave remained at a low level, 3.9 percent (3.3)
of regular working hours, and increased somewhat compared
with the preceding year.
Long-term sick leave (at least 60 days) accounted for 38 percent of total sick leave, which is a somewhat lower level than
in the preceding year. Short-term sick leave (one to 14 days)
accounted for 46 percent of total sick leave.
Plant and machinery
2–33 %
-275.8
-283.4
Equipment
2–33 %
-84.1
-67.9
-0.2
-0.2
Sydvästra Stockholmsregionen
VA-verks AB, SYVAB
0.5
0.4
Total
-2,984.0
-2,809.4
-0.2
-0.2
341.8
139.5
Total depreciation/amortisation
-3,003.3 -2,826.2
-0.2
-0.2
Group pension plans
a defined-benefit gross pension plan that applied to
employees within the municipality and County Council. For
most employees, this pension agreement has been replaced by
another agreement, but still applies to certain managers. Under
the PA-KL plan, the employer offers a gross pension equivalent
to a certain salary level.
KAP-KL is
a defined-contribution old-age pension with a supplementary defined-benefit addition. KAP-KL replaced PFA in
2006. The transition regulations are complicated and will
impact the Group's results for a number of years.
PA-KFS is
similar to an ITP occupational pension plan for employees
of municipal companies. It primarily includes a defined-benefit
retirement pension, a supplementary retirement pension and a
survivor pension.
Dividend
203.0
Total
203.0
Dividends from subsidiaries are distributed as follows: Svenska
bostäder SEK 16.7 (344.1) million, Familjebostäder SEK 1.4
(501.7) million, Stockholmshem SEK 1.7 (126.9) million and
Stockholm Vatten AB SEK 0 (3.7) million.
Note
8
I mpairment losses and reversals of previous
years' impairment losses on property, plant
and equipment and financial assets
Group
SEK million
2015
Parent Company
2014 2015
2014
Land and buildings
7.3
Note
11 Interest income and similar profit/loss items
Group
-847.0
SEK million
2015
Parent Company
2014
2015
2014
Equipment
Interest
222.9
323.5
209.9
301.3
Provision for future
impairment requirements
-60.0
Total
222.9
323.5
209.9
301.3
Total impairment losses
-52.7
Of which from the City of Stockholm
214.8
308.7
209.1
301.3
-847.0
0.0
0.0
The Parent Company accounts for the majority of the Group's
interest income.
2015
SVENSKA BOSTÄDER: Provision for impairment of the property
Pyramiden, SEK -60 million.
Impairment attributable to Limkakan 4,
SEK -16 million.
FAMILJEBOSTÄDER:
a pension plan for municipal and County Council employees
comprising a defined-contribution old-age pension and a definedbenefit supplementary old-age pension.
2014
Note
10 Dividends from subsidiaries
PA-KL is
PFA is
2015
Profit from participations in associated companies is included in the
Group and the Parent Company as
follows:
Board, MD and Deputy MD
Wages, salaries and other
remuneration
Note
7
mortisation of intangible assets and depreciA
ation of property, plant and equipment
75
Note
12 Interest expenses and similar profit/loss items
Group
SEK million
Interest
STOCKHOLMSHEM: Reversal
of earlier impairment of Stadsfogden 12
block, SEK 23.3 million.
Parent Company
2015
2014
2015
2014
-1,072.5
-1,250.9
Other
-1.0
-0.7
-0.2
–
–
Total
-1,073.5
-1,251.6
-0.2
–
Of which to the City of Stockholm
-1,070.1
-1,250.5
-0.2
Note
13 Appropriations
Parent Company
SEK million
2015
2014
Group contribution received
319.0
258.7
Group contribution paid
-499.5
-518.3
Total
-180.5
-259.6
76
notes
Note
14
Note
15 Intangible assets
Taxation
Group
SEK million
2015
Parent Company
2014
2015
2014
22.0
22.0
22.0
22.0
Current tax
Recognised profit before tax
Tax according to current tax rate
Tax effects of non-deductible
expenses
Tax effects of profit-related Group
adjustments
1,411.4
1,105.3
227.5
979.5
-310.5
-243.2
-50.1
-215.4
-315.7
9.9
Tax effect of untaxed reserves
Tax effect of income which is not
liable for tax
Utilised, previously unrecognised
loss carry-forwards
Current tax, earlier years
Operations exempt from income
tax (S:t Erik Livförsäkring AB)
Increase in the loss carry-forwards
without corresponding capitalisation of deferred tax
Recognised tax expense
-509.0
Current tax liabilities
0.2
318.7
482.7
0.9
1.9
-34.3
0.1
11.4
1.5
49.3
214.8
-1.0
-5.7
-325.3
-372.3
Opening cost
Acquisitions for the year
2015
Disposals
Closing cost
-1.8
-0.6
Closing amortisation
Closing net value
2014
2015
2014
183.4
163.6
9.2
109.5
-141.4
-215.8
-0.7
-0.6
187.8
Non-taxable provisions
32.0
2.3
UER investments 93/94
27.7
30.0
Mortgage item
36.4
39.7
245.5
259.8
0.0
0.0
Deferred tax liabilities
Deferred tax surplus values
-356.5
-139.5
Untaxed reserves
-976.8
-1,613.6
Other deferred tax liabilities
-562.7
-100.5
Total deferred tax liabilities
-1,896.0
-1,853.7
SEK million
21.3
2.7
Opening cost
17.1
-2.5
202.2
183.4
-108.2
-91.4
-19.3
-16.8
0.0
0.0
2015
2014
93,062.0
84,337.5
874.9
Sales/disposals
-140.4
-626.0
Reclassifications
6,174.9
8,475.6
Closing cost
100,399.4
93,062.0
Opening depreciation
-25,938.9
-23,515.3
-2,620.5
-2,458.1
-233.6
196.6
Acquired accumulated depreciation
2.5
Sales/disposals
89.3
-57.4
-162.1
-28,761.0
-25,938.9
389.8
393.4
-3.6
-3.6
386.3
389.8
-125.0
-108.2
0.0
0.0
Reclassifications
77.2
75.2
0.0
0.0
Closing depreciation
Opening write-ups
Opening cost
27.6
27.6
Closing cost
27.6
27.6
Depreciation for the year on
amount written up
Opening amortisation
-26.8
-26.8
-26.8
-26.8
0.0
0.0
Impairment losses for the year
0.8
0.8
0.0
0.0
Reversal of impairment
Opening cost
23.3
23.3
Closing cost
23.3
23.3
-21.2
-21.2
-21.2
-21.2
0.0
0.0
Closing write-ups
Opening impairment losses
0.0
0.0
0.0
0.0
-1,374.3
7.3
2015
2014
20.1
93.0
Closing net value, buildings
0.0
0.0
Compilation of buildings held for investment purposes
0.0
0.0
Revenues
0.0
70,657.6
66,138.7
0.0
0.0
7,494.4
5,973.9
27.8
1,546.3
Sales/disposals
-0.1
-28.3
-574.6
2.4
7,494.4
0.0
0.0
0.0
0.0
0.0
-2.1
-2.1
0.0
0.0
Reclassifications
0.0
0.0
0.0
0.0
Closing cost
6,947.5
78.0
76.0
0.0
0.0
Opening write-ups
1,000.0
Closing write-ups
1,000.0
2014
62,380.2
58,192.9
4,822.0
4,675.2
Operating costs
-3,046.0
-3,099.6
Other expenses
-840.5
-781.4
Financial expenses
-298.6
-320.1
Profit/loss
636.8
474.2
Information on government subsidies:
Closing impairment losses
2015
Investment properties, fair value
0.0
Closing net value
SEK million
Of the values for buildings and land above,
the following net values refer to buildings
held for investment purposes:
-1,374.3
-2.1
Micasa: Portfolio valuation carried out in consultation with external, independent valuation companies. The valuations of the housing companies'
property holdings have been calibrated and co-ordinated on the basis of
selected valuation principles and reviewed by external appraisers.
0.0
-1,367.0
-2.1
Stockholmshem: Portfolio valuation carried out by external, independent
valuation companies.
Stockholms Hamnar: Valuation carried out by external, independent valuation company, based on market value.
LAND
Opening cost
Svenska Bostäder: Internal valuation of property portfolio. Analysis based
on current property market information based on a valuation model devel
oped by Datcha. External appraisers have reviewed a representative selection of internally valued properties. An external valuation was conducted for
Vällingby City.
SISAB: Internal yield assessment based on the recoverable amount.
24.7
Reclassifications
0.0
-1,651.1
Sales/disposals
Fair value is calculated as follows:
Familjebostäder: Portfolio valuation carried out by external, independent
valuation companies.
139.0
Total intangible assets
Parent Company
1,302.8
Depreciation for the year
GOODWILL
373.3
Group
LEASEHOLDS
Closing net value
187.6
Land and buildings
Parent Company
BUILDINGS
Reclassifications
Disposals
-106.2
149.4
Total deferred tax assets
SEK million
Amortisation for the year
Deferred tax assets
Difference between taxable/
accounting values of properties
Group
Information regarding taxes in
the balance sheet
Current tax assets
Note
16
CAPITALISED DEVELOPMENT
EXPENSES
Information regarding taxes in
the income statement
Current tax rate, %
77
notes
Interest subsidies included in financial income
51.6
0.0
0.0
0.0
0.0
0.0
0.0
Closing net value, land
7,947.5
8,494.4
0.0
0.0
Tax assessment value of buildings
45,606.0
46,775.7
Tax assessment value of land
29,848.1
28,404.1
0.0
0.0
Fair value
Carrying amount investment
properties
139,109.1 134,913.9
62,380.2
58,192.9
Impairment losses for the year and reversals of previous years' impairment
losses are recognised in Note 8.
78
notes
notes
Note
17 Plant and machinery
Note
19
Group
SEK million
Opening cost
2014
2015
2014
Note
21 Participations in Group companies
Equipment
Parent Company
2015
Group
SEK million
2014
2015
2014
1,067.1
1,057.8
1.3
1.3
32.2
22.8
9,643.9
8,929.4
231.0
25.0
Sales/disposals
-70.5
-23.2
Sales/disposals
-52.0
-65.9
Reclassifications
-204.2
712.7
Reclassifications
320.0
52.4
1,367.3
1,067.1
1.3
1.3
-552.9
-532.4
-0.7
-0.5
-84.1
-67.9
-0.2
-0.2
51.8
47.4
-0.9
-0.7
Capitalised leases
Closing cost
Opening cost
10.9
9,611.1
Closing cost
9,643.9
0.0
0.0
-3,590.4
-3,377.3
-275.8
-283.4
Sales/disposals
67.8
18.0
Reclassifications
95.5
52.3
-3,702.9
-3,590.4
-1.0
-1.0
-1.0
-1.0
0.0
0.0
5,907.2
6,052.5
0.0
0.0
Closing net value plant
and machinery
Sales/disposals
0.0
0.0
The Group has signed a finance lease for vehicles through its subsidiary Stockholm Vatten AB. The lease agreement is non-cancellable and the lease term is
five years. At the end of the lease term, the Group has the option of acquiring the
leased assets according to the conditions stipulated in the lease. The applicable
agreements have no restrictions, although the assets may not be further leased
during the lease term.
The Group has signed a finance lease for network equipment through its subsidiary S:t Erik Kommunikation AB. The leasing period amounts to three and four
years, respectively. The leases contain no variable leasing fees besides interest. At
the end of the lease term, the Group has the option of extending the lease term,
discontinuing the lease agreement or acquiring the leased assets according to the
conditions stipulated in the lease agreements. The applicable agreements have
no restrictions, although the assets may not be further leased during the lease
term. The carrying amounts above include the carrying amounts of these assets
of SEK 17.7 million.
-688.3
-552.9
-5.6
-5.6
-5.6
-5.6
0.0
0.0
673.4
508.6
0.4
0.6
SEK million
Opening cost
Sales/disposals
Reclassifications
Expensed investments
Closing cost
SEK million
Group
2015
Parent Company
2014
2015
2014
2014
11,446.4
9,728.9
8,096.5
-10.4
0.1
-5,651.0
-9,192.9
-226.3
-276.7
13,914.6
10,073.4
9.2
11.3
Fall due for payment later than one
year, but within five years
8.8
6.7
18.0
18.0
five years
0.0
A description of the Group's finance leases is in Note 17.
0.0
-1,022.7
2015
0.0
2014
0.0
0.0
0.0
0.0
-12.0
-1,015.1
Impairment losses for the period
Closing net value
Fall due for payment within one
year
0.0
Impairment losses for the year
Future minimum leasing fees
that shall be paid regarding
non-cancellable leases:
Total
2015
Note
18 Finance leases
AS LESSEE
Parent Company
10,073.4
2015
2014
6,572.9
6,572.7
0.2
4.4
-1,022.7
-1,022.7
0.0
0.0
12,891.9
9,050.8
0.0
0.0
0.0
Capital/votes, % No. participations
AB SVENSKA BOSTÄDER
AB Stadsholmen
Fastighets AB Centrumhuset Vällingby
IT-BO i Stockholm AB
Svenska Bostäder L-Bolag 1 AB
100%
91%
100%
100%
100%
0.0
6,572.9
Book value
2015
2014
6,572.9
Corp. ID no.
Domicile:
2,087.9
556043-6429
556035-1511
556203-5559
556615-7292
556748-4141
Stockholm
Stockholm
Stockholm
Stockholm
Stockholm
15,190,000
2087.9
0.4
0.4
556035-1511
Stockholm
7,500,000
1,398.2
1,398.2
556035-0067
556715-5386
556736-2156
556876-3196
Stockholm
Stockholm
Stockholm
Stockholm
9%
AB FAMILJEBOSTÄDER
AB Familjebostäder Fastighetsnät
Hemmahamnen Kontor AB
Gyllene Ratten Ny AB
100%
100%
100%
100%
MICASA FASTIGHETER I STOCKHOLM AB
100%
15,000
29.9
29.9
556581-7870
Stockholm
AB STOCKHOLMSHEM
Västertorp Energi AB
Bostads AB Hammarbygård
AB Stockholmshem Fastighetsnät
Anser AB
100%
100%
100%
100%
100%
17,640,000
1,630.2
1,630.2
556035-9555
556052-2160
556664-4745
556715-5394
556705-9307
Stockholm
Stockholm
Stockholm
Stockholm
Stockholm
BOSTADSFÖRMEDLINGEN I STOCKHOLM AB
100%
1,000
0.1
0.1
556057-8303
Stockholm
SKOLFASTIGHETER I STOCKHOLM AB
100%
50,000
158.3
158.3
556034-8970
Stockholm
STOCKHOLM VATTEN HOLDING AB
Stockholm Vatten Avfall AB
Stockholm Vatten AB
Stockholm Vatten VA AB
100%
100%
98%
100%
1,000
1,000
980
122.6
122.6
556969-3111
556969-3087
556210-6855
556175-1867
Stockholm
Stockholm
Stockholm
Stockholm
STOCKHOLMS HAMN AB
Kapellskärs Hamn AB
Nynäshamns Hamn AB
100%
91%
100%
500,000
96.9
96.9
556008-1647
556189-1010
556038-0882
Stockholm
Stockholm
Stockholm
AB STOKAB
S:t Erik Kommunikation AB
S:t Erik Fiber AB
100%
100%
100%
500,000
159.9
159.9
556475-6467
556738-9951
556801-6603
Stockholm
Stockholm
Stockholm
STOCKHOLMS STADS PARKERINGS AB
100%
40,000
49.8
49.8
556001-7153
Stockholm
STOCKHOLMS STADSTEATER AB
100%
12,500
1.2
1.2
556026-1553
Stockholm
STOCKHOLM GLOBE ARENA FASTIGHETER AB
Arenan 9 Norra Fastigheten AB
Stockholm Entertainment District AB
Södra Byggrätten Globen AB
100%
100%
100%
100%
180
369.0
369.0
556206-4914
556862-4182
556862-4166
556862-4174
Stockholm
Stockholm
Stockholm
Stockholm
S:T ERIK FÖRSÄKRINGS AB
100%
100,000
119.8
119.8
516401-7948
Stockholm
S:T ERIK MARKUTVECKLING AB
Fastighets AB G-mästaren
Fastighets AB Runda Huset
Stockholm Norra Station AB
Fastighets AB Styckmästaren
Fastighets AB Charkuteristen
Fastighets AB Tuben
Fastighets AB Kylrummet
Kylfacket Förvaltning AB
Fastighets AB Palmfelt Center
Langobardia AB
Fastighets AB Gavia
Fastighets AB Godsfinkan
Fastighets AB Grosshandlarvägen
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
1,000
232.1
232.1
556064-5813
556605-2170
556605-2386
556661-9929
556026-2049
556745-4862
556048-0328
556862-8142
556566-6111
556833-4535
556681-4470
556860-2188
556969-5314
556027-2972
Stockholm
Stockholm
Stockholm
Stockholm
Stockholm
Stockholm
Stockholm
Stockholm
Stockholm
Stockholm
Stockholm
Stockholm
Stockholm
Stockholm
STOCKHOLM BUSINESS REGION AB
Stockholm Visitors Board AB
Stockholm Business Region Development AB
100%
100%
100%
21,000
9.1
9.1
556491-6798
556027-5736
556083-1306
Stockholm
Stockholm
Stockholm
S:T ERIK LIVFÖRSÄKRING AB
100%
100,000
100.0
100.0
516406-0427
Stockholm
AB GLASBRUKSKVARTERET SWF
100%
40,000
7.5
7.5
556409-1832
Stockholm
6,572.9
6,572.9
Total
Parent Company
2014
Opening cost
AB STADSHOLMEN
Group
2015
Closing cost
-103.2
Note
20
SEK million
Shareholders' contributions paid/acquisition of companies
Reclassifications
Closing net value,
equipment
Group
Parent Company
2015
79
80
notes
notes
Note
22 Participations in associated companies
Note
26 Total non-current liabilities
Parent Company
Group
SEK million
Opening cost
2015
2014
2015
2014
7,664.7
23.7
7,528.0
28.0
Acquisitions during the year
7,500.0
Sales/disposals
7,500.0
1.5
Dividend
Closing net value
0.8
341.8
139.5
7,803.8
7,664.7
7,528.8
7,528.0
Sydvästra Stockholmsregionens VA-verks AB, SYVAB
33%
Nynäshamns Mark AB
50%
2,000
50.4%
100,800
AB Fortum Värme Holding co-owned with the City of Stockholm
50.0%
1
Total
Group
SEK million
2014
2,225.7
1,954.9
Acquisitions during the year
33.3
270.8
Sales/disposals
-0.4
-0.1
Opening cost
2015
2014
2,225.7
0.0
0.0
Closing net value
2,258.6
2,225.7
0.0
0.0
Stockholm
Stockholm
7,500.8
7,500.0
556040-6034
Stockholm
7,528.8
7,528.0
Group
SEK million Parent Company
2014
Accrued interest income
6.0
6.0
Accrued rents
1.8
0.2
Other accrued income
208.6
124.0
Other prepaid expenses
147.6
241.3
Total prepaid expenses and
accrued income
363.9
371.5
2015
0.3
0.3
2014
0.4
0.4
Reclassification
-0.2
2014
2015
2015
3.1
-33.7
Capitalisation of finance leases
10.9
10.3
Total non-current liabilities
18.9
18.4
43,834.2
50,190.8
0.0
0.0
Non-current interest-bearing
liabilities
Note
27 Accrued expenses and deferred income
Group
2015
2014
2015
4.8
4.6
Holiday-pay liability
119.2
115.1
0.3
0.4
Social insurance fees
50.5
48.2
0.1
0.1
Provision at year-end
42.8
45.9
6.6
11.4
Prepaid renal income
734.6
654.5
1,726.8
1,795.4
1,336.0
707.2
953.5
827.7
6.5
11.2
3,193.8
2,352.7
6.9
11.7
5.5
-1.1
-50.8
188.1
52.2
Change in deferred income
Other accrued costs
Total accrued expenses and
deferred income
0.0
0.0
Most Group companies have the majority of their pension
liabilities insured with S:t Erik Livförsäkring (refer to accounting
policies). Pension provisions recognised by the companies refer
to guarantee pensions and collective agreement occupational
pensions.
Other provisions for the period related to repayments to
Stockholm County Council by Stokab totalling SEK 3.2 million.
Stockholm Vatten Holding makes a further provision of
SEK 76.9 million. The company previously reserved funds
of SEK 49.1 million.
The provision relates to a dispute concerning the company's
right to differentiate the price it charges road owners for the handling of surface water. Stockholm Vatten Holding's tariff setting
was not approved by the Court of Appeal and the company has
now petitioned for a leave to appeal with the Supreme Court.
Svenska Bostäder made a provision of SEK 60 million in
2015. The provision relates to impairment requirements in the
property Pyramiden due to upcoming foundation reinforcements.
209.9
301.3
1,072.5
1,250.9
Note
30 Non-cash items
Note
28 Contingent liabilities
2014
2015
2014
3,003.3
2,826.2
0.2
0.2
Impairment losses
-7.3
847.0
Provisions
69.3
133.6
Depreciation/amortisation
Change in interest receivable
4.6
1.9
Profit from participations in
associated companies
-341.8
Non-cash component of property
acquisitions
-149.0
8.6
-1.6
2,583.1
3,807.1
0.2
4.8
Note
31 Acquisition of properties
Group
SEK million
AB Stockholmshem
2015
Parent Company
2014
85.9
70.9
761.4
343.8
SISAB
12.0
2,006.6
Stockholms Hamnar
14.0
Stockholm Vatten Holding
69.0
S:t Erik Markutveckling AB
Other properties
Total acquisitions
Group
SEK million
Parent Company
2015
2014
3.4
97.5
317.4
Parent Company
SEK million
-3.1
52.2
2014
216.9
Total items
Provision for the year, net
137.0
2015
Interest income received
Other
6.8
Other provisions for the year
2014
Group
Of the non-current liabilities, SEK 0 (0) million in the Group falls
due for payment more than five years after the balance sheet date.
Company borrowings are conducted in accordance with the City
of Stockholm's finance policy for the Municipal Group through
the City's Finance Department.
2014
Parent Company
2015
SEK million
11.4
Provision at beginning of year
Group
SEK million
Interest expense paid
-13.3
42.5
Pension provisions S:t Erik
Livförsäkring
Note
29 I nterest income received and interest
expense paid
2014
45.9
Provision at year-end
Note
24 Prepaid expenses and accrued income
41.8
Provision at beginning of year
Utilised during the year
Group
2015
Parent Company
Other provisions
The holding of securities refers to S:t Erik Livförsäkring's investments.
556314-3113
556094-5627
Provisions for pensions
2,258.6
2015
Stockholm
28.0
28.0
18.4
Domicile:
Note
25 Provisions
Closing accumulated cost
SEK million
Corp. ID no.
556050-5728
Parent Company
2015
2014
40
Mässfastigheter i Stockholm AB
Note
23 Other securities held as non-current assets
2015
Opening balance
Current interest-bearing liabilities
Book value
Capital/votes, % No. participations
2014
Repayments
0.3
Sales/disposals
Parent Company
2015
New borrowing
-203.0
Other
Group
SEK million
81
2015
2014
0.0
0.0
5.7
948.0
2,421.3
Parent Company
2015
2014
Guarantees and contingent
liabilities
78.3
76.1
Total contingent liabilities
78.3
76.1
2015
2014
0.0
0.0
Familjebostäder recognised deferred land registration costs relating
to the property portfolio in Farsta totalling SEK 54.0 million.
The Parent Company has issued capital adequacy guarantees for
the benefit of: Stockholms Stadsteater, S:t Erik Markutveckling,
SGA Fastigheter and Micasa. The capital adequacy guarantees
are not for specific amounts and not included in total contingent
liabilities.
S:t Erik Markutveckling acquired the company Fastighets AB
Grosshandlarvägen during the year with leaseholds and properties in Årsta and Norra Djurgårdsstaden. The purchase consideration amounted to SEK 604 million. Stockholms Hamnar acquired
land in Nynäshamn. SISAB recognises a supplemental purchase
consideration for the previous year's acquisition of Konradsberg.
Stockholmshem acquired a property under renovation in Älvsjö
for new student apartments. Other items pertain to direct investments in properties.
Note
32 Annual General Meeting
The Annual General Meeting will be held at City Hall on 6 April
2016.
82
Board signatures
Auditor's report
Board signatures
83
Auditor's report
TO THE ANNUAL GENERAL MEETING OF STOCKHOLM STADSHUS AB,
CORP. ID NO. 556415-1727
Stockholm, 21 March 2016
Report on the annual accounts and the consolidated accounts
I have conducted an audit of the annual accounts and the consolidated accounts of Stockholms Stadshus AB for the 2015 financial year. The company’s annual accounts and the consolidated
accounts are included in the printed version of this document on
pages 54–82.
Karin Wanngård
Chairman of the Board
Anna König Jerlmyr
Deputy Chairman
Åsa Lindhagen
Roger Mogert
Ann Mari Engel
Berthold Gustavsson
Sten Nordin
Lotta Edholm
Ingela Lindh
Managing Director
My auditor's report was submitted on 21 March 2016
Mikael Sjölander
Authorised Public Accountant
Daniel Helldén
The responsibility of the Board of Directors and the Managing
Director for the annual accounts and the consolidated accounts
It is the Board and the Managing Director who are responsible
for preparing annual accounts and consolidated accounts that
present a true and fair view in accordance with the Swedish
Annual Accounts Act, and for the internal control that the Board
and the Managing Director deem to be necessary in order to prepare annual accounts and consolidated accounts that are free of
material misstatement, whether due to impropriety or error.
The auditor's responsibility
My responsibility is to express my opinion on the annual accounts
and the consolidated financial statements based on my audit.
I have carried out the audit in accordance with International
Standards on Auditing and generally accepted auditing standards
in Sweden. These standards require us to follow professional ethical
requirements, and to plan and carry out our audit in order to
obtain a reasonable degree of certainty that the annual accounts
and the consolidated accounts are free of material misstatement.
An audit involves taking various steps to obtain audit evidence
of the amounts and other information in the annual accounts
and the consolidated accounts. The auditor chooses which steps
should be taken, including by assessing the risks of material
misstatement in the annual accounts and consolidated accounts,
whether due to impropriety or error. During this risk assessment,
the auditor observes the parts of the internal control of relevance
to how the company prepares its annual accounts and consolidated
financial statements in order to provide a true and fair view with
the aim of performing audit procedures which are appropriate
with regard to the circumstances, but not with the aim of expressing an opinion on the effectiveness of the company's internal
control. An audit also includes an evaluation of the appropriateness of the accounting policies used and of the reasonability of
the Board's and Managing Director's estimates in the accounts,
as well as an evaluation of the overall presentation of the annual
accounts and consolidated financial statements.
I am of the opinion that the audit evidence I have obtained is
sufficient and appropriate to serve as a basis for my statements.
Statements
In my opinion, the annual accounts and consolidated financial
statements have been prepared in accordance with the Annual
Accounts Act and, in all material respects, provide a true and fair
view of the Parent Company’s and Group’s financial position on
31 December 2015, and of their financial results and cash flows
for the year in accordance with the Annual Accounts Act. The
statutory administration report is consistent with other parts of
the annual accounts and the consolidated financial statements.
I therefore recommend that the Annual General Meeting adopt
the income statements and balance sheets of the Parent Company
and Group.
Report on other requirements in accordance with legislation
and other statutes
In addition to my audit of the annual accounts and the consolidated accounts, I have also reviewed the proposed appropriation
of the company’s profit or loss and the Board’s and the Managing Director’s administration of Stockholms Stadshus AB for the
2015 financial year.
The Board's and the Managing Director's responsibility
The Board is responsible for the proposed distribution of the
company's profit or loss, and the Board and Managing Director
are responsible for the administration of the company in accordance with the Companies Act.
The auditor's responsibility
My responsibility is to express my opinion with reasonable assurance on the proposed distribution of the company's profit or loss
and on the administration of the company based on my audit.
I have carried out the audit in accordance with generally accepted
auditing standards in Sweden.
As a basis for my opinion concerning the Board's proposed
distribution of the company's profit or loss, I examined the
Board's justifying statement and a selection of evidence for this
in order to be able to assess whether the proposal is consistent
with the Companies Act.
As a basis for my opinion concerning discharge from liability,
I examined significant decisions, actions taken and circumstances
of the company in addition to my audit of the annual accounts
and the consolidated financial statements in order to be able
to determine the liability, if any, to the company of any Board
member or the Managing Director. I also examined whether any
Board member or the Managing Director has, in any other way,
acted in contravention of the Companies Act, the Annual Accounts
Act or the Articles of Association.
I am of the opinion that the audit evidence I have obtained is
sufficient and appropriate to serve as a basis for my statements.
Statements
I recommend that the Annual General Meeting appropriate the
profit in accordance with the proposal in the Administration
Report and that the members of the Board of Directors and the
Managing Director be discharged from liability for the financial
year.
Stockholm, 21 March 2016
Mikael Sjölander
Authorised Public Accountant
84
Lay auditor's review
Addresses
Lay auditor's review
85
Addresses
TO THE ANNUAL GENERAL MEETING OF STOCKHOLM STADSHUS AB,
CORP. ID NO. 556415-1727
I, in my capacity as lay auditor appointed by the Stockholm City
Council, have examined Stockholm Stadshus AB's operations in
2015.
The Board of Directors and MD are responsible for the operations being conducted in accordance with the current Articles of
Association, owner directives and decisions, as well as the laws
and regulations that apply to the operations.
The responsibility of the lay auditor is to examine the operation and internal control and assess whether the operation has
been conducted in accordance with the City Council’s mandates
and objectives and the laws and regulations governing the operation. A summary of the review is reported in a separate review
memorandum dated 19 February 2016, which has been presented
to the company's Board of Directors.
This audit was conducted in accordance with the Swedish
Companies Act, the Swedish Local Government Act, generally
accepted auditing standards and audit rules of the municipality
as well as approved owner directives. The audit was performed
with the approach and scope required to provide reasonable
grounds for my opinion.
The company's operations have, in my judgement, been
conducted in an appropriate and satisfactory manner from
a financial viewpoint, and the company's internal control has
been adequate.
STOCKHOLMS STADSHUS AB (Parent Company)
SE-105 35 Stockholm | City Hall, 3rd floor
TEL. +46 (0)8-508 290 00 E-MAIL [email protected]
WWW.stadshusab.se CORP. ID NO. 556415-1727
STOCKHOLMS HAMN AB
Box 27314, 104 35 Stockholm | Magasin 2, Frihamnen
TEL: +46 (0)8-670 26 00 FAX +46 (0)8-665 08 38
E-MAIL [email protected] WWW.stockholmshamnar.se
CORP. ID NO. 556008-1647
AB SVENSKA BOSTÄDER
Box 95, SE-162 12 Vällingby | Vällingbyplan 2
TEL: +46 (0)8-508 370 00 E-MAIL [email protected]
WWW.svenskabostader.se CORP. ID NO. 556043-6429
AB STOKAB
Box 6813, SE-113 86 Stockholm | Tulegatan 11
WWW.stokab.se CORP. ID NO. 556475-6467
AB FAMILJEBOSTÄDER
Stockholm, 19 February 2016
Bosse Ringholm
Lay auditor appointed by Stockholm
City Council
Box 92100, SE-120 07 Stockholm | Hammarby Fabriksväg 67
WWW.familjebostader.com CORP. ID NO. 556035-0067
STOCKHOLMS STADS PARKERINGS AB
Box 4678, SE-116 91 Stockholm | Palmfeltsvägen 5
WWW.stockholm-parkering.se CORP. ID NO. 556001-7153
AB STOCKHOLMSHEM
Box 9003, SE-102 71 Stockholm | Hornsgatan 128
WWW.stockholmshem.se CORP. ID NO. 556035-9555
STOCKHOLMS STADSTEATER AB
Box 16412, SE-103 27 Stockholm | Beridarbansgatan 5
TEL: +46 (0)8–506 20 100 E-MAIL [email protected].
se WWW.stadsteatern.stockholm.se CORP. ID NO. 556026-1553
BOSTADSFÖRMEDLINGEN I STOCKHOLM AB
Box 8317, SE-104 20 Stockholm | Fleminggatan 6
WWW.bostad.stockholm.se CORP. ID NO. 556057-8303
STOCKHOLM GLOBE ARENA FASTIGHETER AB
Box 10026, SE-121 26 Stockholm-Globen | Arenatorget 1
WWW.sgafastigheter.se CORP. ID NO. 556206-4914
SKOLFASTIGHETER I STOCKHOLM AB (SISAB)
Box 47311, SE-100 74 Stockholm | Förmansvägen 11, Årstadal
WWW.sisab.se CORP. ID NO. 556034-8970
STOCKHOLM BUSINESS REGION AB
Box 16282, SE-103 25 Stockholm | Drottninggatan 33
WWW.stockholmbusinessregion.se CORP. ID NO. 556491-6798
MICASA FASTIGHETER I STOCKHOLM AB
Box 1298, SE-164 29 Kista | Nordkapsgatan 3
TEL: +46 (0)8-508 360 00 WWW.micasa.se CORP. ID NO. 556581-7870
S:T ERIK MARKUTVECKLING AB
SE-105 35 Stockholm | Kaplansbacken 10
WWW.sterikmark.se CORP. ID NO. 556064-5813
STOCKHOLM VATTEN HOLDING AB
S:T ERIK FÖRSÄKRINGS AB
WWW.sterikforsakring.se CORP. ID NO. 516401-7948
S:T ERIK LIVFÖRSÄKRING AB
WWW.sterikliv.se CORP. ID NO. 516406-0427
SE-168 67 Bromma | Bryggerivägen 10
WWW.stockholmvatten.se CORP. ID NO. 556969-3111
86
Board of Directors and Auditors
87
Board of Directors, deputies
The Board of Directors
of Stockholms Stadshus AB
Stockholm City Council has delegated the operational ownership
control of the companies to the Board of Directors of Stockholms
Stadshus AB – the Group Board of Directors – which comprises
a politically appointed Board reflecting the distribution of seats
in the City Council.
The Group Board of Directors is to comprise not fewer than
five and not more than nine members, with not fewer than three
and not more than nine deputies, who are elected by the City
Council. The Group Board of Directors is assigned the overall
responsibility of coordinating the companies in the Group and
must ensure, for example, that the companies follow the guidelines and financial framework established by political decisions.
It is the task of the Group Board to clarify the strategic guidelines for the City Council and to provide the City Council with
the supporting documentation necessary for balancing the
requirements for financial return against the requirements for
social input that the City Council may impose on the companies. Further information is provided on page 41.
emilia bjuggren (S)
olle burell (S)
karin gustafsson (S)
awad hersi (MP)
joakim larsson (M)
patrik silverudd (L)
karin ernlund (C)
erik slottner (KD)
kristin selander
Deputy (Vision)
curt öhrström
Deputy (LO)
lars bäck (V)
Board of Directors, permanent
karin wanngård
Chairman (S)
anna könig jerlmyr
Vice Chairman (M)
roger mogert (S)
daniel helldén (MP)
åsa lindhagen (MP)
ann mari engel (V)
Union representatives
staffan holmborn
Member (Vision)
mats lagerman
Member (LO)
Auditors
Not in photograph:
sten nordin (M)
berthold
gustavsson (M)
lotta edholm (L)
vacant
Deputy (SACO)
anna-maja hellberg
Deputy (SACO)
Mikael Sjölander (EY) Authorised Public Accountant,
Linda Strauss (EY) Deputy Auditor Authorised Public Accountant,
Bosse Ringholm (S) Lay Auditor,
Ulf Bourker Jacobsson (M) Lay Auditor, Deputy
PRODUCTION Blomquist. PHOTO COVER iStock PHOTO INSIDE Niklas Palmklint, unless otherwise stated. PRINTING Edita Bobergs 2016.
ARTICLE NUMBER 12964 Stockholms Stadshus AB 2016-03.

stockholm`s population - Stockholms Stadshus AB

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