STÅNGÅSTADEN ANNUAL REPORT

Transcription

OPERATIONS
STÅNGÅSTADEN
In an expanding Linköping, AB Stångåstaden is the leading housing
company and the biggest landlord in the city’s housing market. The company
has high ambitions of becoming a proactive community builder in order
to meet its obligations as the city’s municipal housing company. The company
is putting great effort into investing in new construction and the maintenance
of existing properties. Commitment to the environment and a focus on
sustainability goals form a natural part of this.
Stångåstaden owns and manages around 18,500 apartments, of which
4,200 are student homes managed by the subsidiary Studentbostäder i
Linköping AB. There are a further 35 homes of special cultural and historic
interest in the Bryggaregården AB subsidiary. Together, the above correspond to around 26 per cent of all the homes in Linköping.
THE YEAR IN BRIEF
Of which
Student apartments
Tenants
Apartments
Senior apartments
m
Performance after
financial items (SEK)
bn
Yield
on market value
Market value (SEK)
years
with Sweden’s best
satisfied customers
4
THE YEAR IN BRIEF
OPERATIONS
Award and special prize in Kundkristallen 2014
We are a “modern, model service company”
6 The past year
8 CEO’s Statement
11 Strategies, targets and
business plan
21 Opportunities and risks
CONTENTS
12
Stångåstaden’s mission
CONTENTS
OUR CUSTOMERS
68
30 Business Area Residential
41 Business Area Commercial
44Studentbostäder
i Linköping AB
49 Bryggaregården AB
58
Linköping’s leading operator
Projects planned
and in progress
OUR PROPERTIES
4
5
The property market today
56 Linköping in brief
58 Properties and locations
61 Property valuation
66 Focus on new construction
8
CEO’s Statement
STÅNGÅSTADEN ÅRSREDOVISNING 2014
FINANSIELLA RAPPORTER
HÅLLBARHET
36
68 P
rojects planned and in progress
72Reconstruction
74 Property holding
78 Five-year comparison
Activities in our
residential areas
STÅNGÅSTADEN ÅRSREDOVISNING
HÅLLBARHET
Part 2 Sustainability
Part 3 Finance
CONTENTS
OPERATIONS
5
This year’s ice hockey talents
This year’s ice hockey awards went to LHC’s
talented Klara Larsson and Filip Fornåå
Svensson. The SEK 5,000 prizes awarded
annually in collaboration with LHC, are aimed
at youths in the 12 to 15 age range who live in
Linköping municipality. This is the thirteenth year
running that the prize has been awarded as part
of the company’s efforts to create social activities
in our residential areas and promote youths who
set good examples.
Record numbers applied for
summer jobs
In 2014, Stångåstaden decided to try a
In addition, we were offering a group of
new way of recruiting summer workers. On
youths a three-day summer job in connec-
15 March, we organized an audition that
tion with the so-called Ung Företagsamhet
attracted record numbers of applicants.
(Junior Achievement) Challenge. It was
In all, we held around 600 interviews.
a hectic but very inspiring day that high-
We were looking for vacation substitutes
lighted the great interest shown for working
for our own organization as well as em-
within the property sector, Stångåstaden
ployees for indoor and outdoor caretaking
and Studentbostäder.
in collaboration with our contractors.
Berga fête a great success
The much-appreciated Berga fête went off
for the eleventh year running in the beginning of September. The event is a collaboration between Stångåstaden, the Church
of Sweden and Linköping municipality. In
brilliant sunshine, visitors had the opportunity to take part in fun try-it-out activities, performances, floral competitions and a cake
fest centred around a 50-meter long cake
to pay tribute to Västra Berga.
New trade and industry gala
Family day attracts all age groups
September 2014 saw Linköping’s first trade
Family day in August, which was held in
and industry gala. Stångåstaden was there
Linköping’s Garden Society Park in collabora-
to spotlight successful companies and bold
tion with Tekniska Verken and Lejonfastigheter,
ideas. The company’s award went to the
is one one Stångåstaden’s biggest events.
“Visionary of the Year” – the Linköping
New features this year included a challenge
company Sectra and CEO Torbjörn
to model our Tornet headquarters using Lego,
Kronander. The justification for the prize
free family photographs and a Linköping FC
mentioned the winner’s contribution to the
tickets give-away. There were also a number
city’s progress and that its many well-known
of fun try-it-out activities in collaboration with
products have put Linköping on the map.
various associations.
6
THE PAST YEAR
OPERATIONS
Ejdern Quarter celebrates
20 years
The Ejdern Quarter is Stångåstaden’s very
first 55+ community, beautifully located
next to Linköping’s Garden Society Park.
How time flies! In 2014 we celebrated the
20th anniversary together with the residents
in a much-appreciated party in beautiful
weather with speeches, performances,
food and coffee.
Trapprum was
the winning entry!
could be designed. The conditions were
Trapprum – submitted by Andrea Brandén,
with a total floor space of approx 20–30
Chalmers University and Karl Tyrväinen,
sq m per occupant based on companion-
SLU Ulltuna – was the winning entry in
ship and community while also providing
the architectural competition for students
a good study environment. Prize-winning
held by Studentbostäder in collaboration
ideas will form the basis for continued de-
with the Swedish Association of Archi-
sign of student accommodation in Valla-
tects. The objective was for architectural
staden or Irrblosset in Linköping, and may
students to create a visionary concept
also form the basis for other national or inter-
about how collective living for students
national student accommodation projects.
accommodation for around 10–20 students
Inauguration of Åkervindan
Inauguration of Magistratshagen
One of the year’s last events was the in-
In 2009, total renovation was begun in
auguration of Åkervindan in Lambohov
Magistratshagen, a residential area next
in December. Stångåstaden has erected
to Linköping’s Garden Society Park and
four buildings here with 64 one and
Stolplyckan. All of the apartments have
two-bedroom apartments. The project
been brought up to new production stand-
was characterized by a high degree of
ard. At the end of September it was time
prefabrication, which made construction
for a festive inauguration where all of the
quicker and cheaper. Just over 100
just over 100 visitors were invited to lunch,
guests attended the inauguration, among
a presentation of the extensive project and
other things to see the model apartment.
a much appreciated showing.
New student accommodation at Ryds Allé
The shortage of student apartments
means putting new solutions to use. One
of these is the construction of homes with
temporary planning permission. Twentyfive apartments were completed in November at Ryds Allé in a local car park;
coffee, meatball sandwiches and music
by the LiTHe Blås student orchestra were
provided at the inauguration.
THE PAST YEAR
OPERATIONS
7
“WE’RE STEPPING
UP THE PACE! WE
AIM TO DRIVE
THE INDUSTRY
FORWARD”
FREDRIK TÖRNQVIST, CEO
8
CEO’S STATEMENT
OPERATIONS
CEO’S STATEMENT
The world at large was a turbulent place during the past year, and
everything indicates it will continue to be so in 2015, too. The financial
situation in many parts of the Western world is uncertain, and the debt
crisis in parts of the Euro area remains unsolved. However, there are
certain positive factors for the property sector and for Stångåstaden.
Demand for homes is currently very good and historically low interest
rates affect us positively. Low capital costs create opportunities and
make the investments Linköping needs easier. The town is growing and
in great need of new homes. We have decided we must be a leading
force for building away the housing shortage in Linköping.
Mission statement – One
Step Ahead
Stångåstaden’s board of directors
adopted a new mission statement in
June – One step ahead. The mission
not only means that all employees
must stay one step ahead in day-today operations, but also that the
company must be at the forefront
and a leading force for the industry.
We’re stepping up the pace!
The mission also includes a vision
of what the company must achieve
by 2025. The vision is split into four
principal areas where we clarify how
we must remain one step ahead for
Linköping, our customers, employees
and in our sustainability efforts. In
concrete terms this means we must
e.g. build away the housing shortage
in Linköping, safeguard our skills
supply for the future and create
safe, secure city districts.
Finances
Our performance in 2014 was extremely robust. Profit after net financial income/expense amounted
to SEK 318 million and included
capital gains of SEK 101 million.
The capital gains are mainly attributable to a barter transaction with
HSB Östergötland in which we sold
198 homes in Berga and purchased
development rights for around 200
homes in Övre Vasastaden. As I
mentioned above, conditions are
good with record low interest rates
and excellent demand for homes.
What’s more, the past year was unusually warm, which had a positive
effect on the company’s operating
expenses. We diverted a major part
of the lower interest rate and operating expenses to maintenance
initiatives without forgoing earnings. Stångåstaden enjoys a strong
financial position which we must
retain as we enter a new period of
extremely high investments in both
new construction and reconstruction
in the years ahead.
Property development
At year-end, production of around
270 new homes was in progress in
e.g. Folkets Park, Lambohov and
Harvestad. In recent years, we have
put a great deal of effort into building up a large projects portfolio to
ensure an increase in new construction. In all, we hope to start construction of more than 2,000 homes over
the next four years. During 2015, we
plan to start construction of almost
700 new apartments in Övre Vasastaden, Gottfridsberg, Vallastaden,
Majelden and Valla. Some of the
projects are aimed at students. We
also carried out a long-term land
purchase during the year when we
acquired the disused prison in Roxtuna, including 28 hectares of land,
from Specialfastigheter.
CEO’S STATEMENT
OPERATIONS
9
“WE HAVE SUCCEEDED WELL AND
RECEIVED PRIZES SIX YEARS IN A
ROW FOR HAVING SWEDEN’S BEST
SATISFIED CUSTOMERS AMONG
MAJOR HOUSING COMPANIES –
PRIVATE AND PUBLIC ALIKE.”
We will also continue with the renovation of our existing residential
property holding. During 2014 we
brought around 300 homes up to
modern standards. In 2015, we will
raise the bar further and we plan to
renovate around 400 homes. Our
long-term plan is to renovate around
7,000 apartments over the next 15
years in order to offer modern homes
with good energy performance.
Sustainability
Stångåstaden works with sustainability on a broad front. We set aside
considerable resources in the environmental field to save energy. We have
a major initiative – designated 2525 – which entails our reducing the
proportion of purchased energy by
25 per cent per sq m heated space
by the year 2025. We’re proceeding
to plan well and have good hopes of
achieving our target. During 2014,
we upgraded our social sustainability
work by increasing our involvement
in urban development. For example,
in Skäggetorp we will work with
a different property management
model in the years ahead and focus
more keenly on security, employment, youth and the development
10
CEO’S STATEMENT
OPERATIONS
of living environments. The work
is based on a major analysis and a
great many interviews with the area’s
residents. It is of course appropriate to
work with a financial sustainability
perspective in a housing company
that handles large economic values.
It is extremely important that we husband our resources in the best way
and make sure the investments we
make are profitable in the long term.
A strong financial position provides
us with the ability to invest and
deliver truly good property management and service in the future.
Customers and organization
Every year, we measure how comfortable our customers are with us as
their landlord. Our ratings in various
city districts form the basis for our
entire business planning. We have
succeeded well and received prizes
six years in a row for having Sweden’s
best satisfied customers among major
housing companies – private and
public alike. But even though things
went well, we cannot rest on our
laurels. Accordingly, we are implementing a number of changes in our
organization. Above all, our customers
will notice that we have assembled
all of our rental activities and our
Bobutiken service desk in new premises in the centre of town. We
open shop in March 2015. We will
be able to offer better service and
better opening hours. We are also
redistributing our resources and
recruiting new technical employees
in order to handle the increased
investment volumes.
Outlook
I look to the future with great confidence. We have an incredible number of able employees who form the
basis for our success. Stångåstaden
is also well-equipped as we enter
a major expansion phase with increased investments for more homes,
and reconstructions and energy initiatives for a better climate.
In conclusion, I would like to extend a great thank you to all of the
company’s able employees and to
the board of Stångåstaden for its
excellent collaboration during the
past year.
Fredrik Törnqvist
CEO, AB Stångåstaden
STRATEGIES, TARGETS
AND BUSINESS PLAN
Progress in our business operations is based on an overall view
with a clear mission at its heart. The Group has embarked on an
entirely new mission adopted by the board – One step ahead.
The mission means we must be at the forefront as a company
and a leading force for the industry. We must be proactive, bold
and motivated in both day-to-day work and strategic matters.
During the past year, we continued
to develop and strengthen the shared
values that inform everything we
say and do here at Stångåstaden and
which constitute the basis of our
daily work. Our strategies, policies
and frameworks are based on our
values. Our shared values also clarify
the requirements and expectations of
our managers and employees.
Achieving our mission and vision
will mean focusing on areas where
we can be better. The principle business-critical areas in the years ahead
are customer service, property development, skills supply, property
management, sustainability, shared
values, quality and purchasing. The
operation is followed up continuously with the aid of e.g. balanced
scorecards at various levels, based
on five perspectives – the customer,
the employee, processes, progress
and finance.
Work is constantly in progress to
find a balance in the overall operations Stångåstaden pursues, so that
the company contributes to the development of Linköping in the best way.
“WE MUST BE
PROACTIVE,
BOLD AND
MOTIVATED.”
Strategies, targets and business plan
OPERATIONS
11
STÅNGÅSTADEN
LOOKS TO THE FUTURE
In 2013 we decided to take the next step forward in Stångåstaden’s
progress. Together with all of our employees, we formulated our vision
for 2025 and set course for the future using our mission statement –
One step ahead. Our vision makes our mission real. It clearly shows
what One step ahead means and what we must achieve by 2025.
By then, Stångåstaden will be the leading force for the entire industry.
One step ahead – for Linköping
It’s 2025 and Linköping is parsing
yet another milestone – 170,000 inhabitants. People are happy here and
they believe in the future; the city’s
industry is growing rapidly and the
university is flourishing. And at the
centre of this is Stångåstaden, creating
the conditions for this progress in
a long-term, proactive manner. We
have made record investments over a
ten-year period in new city districts,
such as Stångebro, where the city’s
new travel centre is emerging. We are
also applying the same commitment
to developing existing residential
areas and properties, and our focus
has had good results overall. Today,
Stångåstaden has strengthened its role
as a leading operator in a housing
market in equilibrium.
One step ahead – for our customers
In 2025 we are happy to note that
more and more people choose
Stångåstaden as a landlord. We develop living to suit every need and
budget, and every generation. We are
able to offer attractive living with an
extraordinary choice of surroundings,
customization, interior standards and
price levels through new construction
12
STRATEGIES, TARGETS AND BUSINESS PLAN
OPERATIONS
and extensive investments in renovation. Because we are at the forefront
in the integration of digital technology
into homes, we continue to develop
our service programme for maximum
convenience and accessibility. We
have thus consolidated our position
as Sweden’s leading housing company
in regard to service.
“STÅNGÅSTADEN STANDS
FOR PROGRESS, LONG-TERM
THINKING AND SUSTAINABILITY.
TODAY AND TOMORROW.”
One step ahead – for our employees
In 2025, Stångåstaden is one of the
region’s most attractive employers
and one of the strongest brands among
all categories. Our long-term skillssupply strategy has borne fruit and
we attract both young talent and
more experienced employees. Stångå-
staden has a good reputation as an
employer, our employees are happy
and enthusiastic about their assignments and the individual employee
has the opportunity to grow and
develop at work in our value-based
company culture.
One step ahead –for a sustainable
future
For many years, sustainability has
informed everything we do and in
2025 Stångåstaden is an example of
housing company best practice in
Europe. Our programme, developed
in-house, for efficiency and constant
improvement, forms the basis for our
sustainability work and we invite customers and stakeholders from every
city district to play active parts in
different ways. We help each other
to think and act climatesmart, and
through our joint efforts we create
security in our residential areas so
that everyone, regardless of generation or culture, enjoys a sense of
welcome home. Stångåstaden stands
for progress, long-term thinking and
sustainability. Today and tomorrow.
OPERATIONS
13
Business-critical areas
The principal business-critical areas
for the years ahead are customer
service, property development, skills
supply, administration, sustainability,
brand building, common values,
quality and purchasing. The operation is followed up continuously at
various levels with the aid of e.g.
balanced scorecards based on five
perspectives – the customer, the
employee, processes, progress and
finance.
Work is always in progress to find
a balance in the overall operations
Stångåstaden pursues, so that the
company can contribute to the development of Linköping in the
best way.
One or more targets are provided
for each focus area to show where
we must be within three to five years.
regarding service in which an individual approach and a case-by-case
customer dialogue are especially
important. This applies to both faceto-face meetings and telephone or
internet dialogues. Communication
with customers about goings-on in
their housing areas continues to be
a priority.
Target
Customer service
We create the conditions
for retaining our “best in service”
position among major housing companies through an ambition for constant development that focuses on
the customer. We undertake targeted
initiatives in new technology to improve accessibility for our customers.
We seek high customer satisfaction
1.We conclude all customer meetings by ensuring that the customer is satisfied with our
approach.
2.We are best in service among major
housing companies.
3. We are a best-practice example of customer service.
Property development
Linköping must be provided with 680 apartments per year
over the long term to meet population
growth. Stångåstaden’s share of the
housing market (including co-op
apartments and houses) is around 26
per cent. This means Stångåstaden
must build an average of around
180 apartments per year once the
market is in equilibrium. In recent
years, significantly fewer homes than
the 680 required have been added
each year. The demand for rental
apartments continues to grow and
the average turnover rate has halved.
14
OPERATIONS
Accordingly, we must increase new
construction over the next few years.
During the next 15–20 years at
least 7,500 apartments will be in need
of extensive renovation including
plumbing stack replacement. This
means we must increase the reconstruction rate in the existing holding
to 300–500 renovated apartments
per year.
Our Property and Property Management organizations must be developed and strengthened in order to
meet increasing new construction and
reconstruction rates.
Target
1.We have a long-term annual
compilation rate of 250 new con-
struction apartments. During 2015 and 2016 we will begin construction on 1,000 homes, including student accommodation.
2.On average, we renovate 300–500
apartments per year, excluding
student accommodation. Renovations take place at different levels
and in close consultation with our
customers.
3.We are organized to manage an
increase in new construction and reconstruction rates.
Skills supply
We must ensure that
the Group has the right skills to meet
future challenges through long-term
skills supply. We seek to be an employer that focuses on progress, is
known for its commitment to the
community and for working with
exciting projects. Our participation
in the city’s development and our
value-based leadership are important
qualities to communicate to attract
youth and talent to the industry and
safeguard our future skills supply.
Target
We work systematically on individual development for all and support
and encourage the development of
our own talent within the organization. To bring about a more creative,
dynamic working environment, we
seek diversity within our organization through the contribution of different backgrounds and experiences.
We improve understanding and participation through an organization
that better reflects its customers.
1.We have safeguarded the skills
supply for Property.
2.We have set up a programme
with trainee positions, vacation
jobs and internships that attract
youth and people looking to gain
entry-level property sector employment.
3.We have set up a skills supply
procedure with clear, individual
development plans.
Property management
We must strengthen our
property management and purchaser
expertise and increase the follow-up
of commissions already placed. We
must be perceived as a purchaser
with uniform working methods and
procedures.
We need to develop our rental
policy, e.g. in regard to the regulations
for our housing queue, our working
methods and how better to satisfy
those in need of a home.
We must further develop the platform for collaboration and annual
negotiations with the Swedish Union
of Tenants (HGF). A model for
setting rent levels must be developed where other parameters such
as location, quality and customer
perception are taken into account.
High-quality property management
must be profitable.
Target
urban development efforts that needs
additional promotion.
We have high ambitions in the environmental field and are raising the bar
to keep pace with trends within this
area. One of our long-term goals is
for the Group to produce renewable
electricity equivalent to our long-term
consumption of property-related
electricity.
Sustainability is not a separate
project. It is important that sustainability be integrated into our operation
in the same way as environmental
protection. This means sustainability
must also become an integrated part
of our business planning process.
Target
1.We are well qualified, so that
everyone contributes to efficient
quality follow-up.
2.Our collaboration and cooperation
with HGF is characterized by res pect and understanding for each party’s obligations.
3.We set rents that reflect location,
quality and customer perception.
Sustainability
Our 25-25 energy target
continues to be a priority area.
Because customer behaviour has
a major influence on our financial
performance, it is especially important
to continue our work with communications and conduct. We need every
employee’s abilities and commitment
in this regard if we are to succeed.
We focus more keenly on urban
development, and during 2015 we
will begin a project in Skäggetorp.
Our urban development model needs
to evolve further and also be implemented in other city districts. Diversity and an understanding of other
cultures constitute a success factor in
Read more about 25-25 in Part 2, Sustainability.
1.We are well known for our sustainability work and can easily present
and communicate our efforts internally and externally.
2.We influence the market by demanding high sustainability standards and making it easy for our
customers to live sustainably.
3.Our urban development model
is implemented in prioritized city
districts.
4.Employees, customers and contractors alike share a sense of participation on our mutual journey toward
25-25.
OPERATIONS
15
“GOOD IDEAS FROM EMPLOYEES
AND CUSTOMERS ARE
INVALUABLE. WE MUST HAVE A
STRUCTURED, SYSTEMATIC
WORKING METHOD THAT PUTS
IDEAS TO GOOD USE AND
PROMOTES INNOVATION.”
16
OPERATIONS
Brand building; shared values
We will continue our
efforts to clarify the common theme
that unites our vision, business idea,
shared values and brand. Our vision
and shared values must act as clear
guiding principles in our day-to-day
work. Changing behaviour is a longterm endeavour. It is important
to build the brand from within to
create enduring credibility. Our customers and employees are our best
ambassadors.
Target
2014 and will be implemented in the
organization during 2015.
We will continue our efforts to
introduce working methods and
tools for document management
that meet the organization’s needs.
The document management project
will be concluded during 2015, and
the IT system and procedure will be
implemented and handed over to the
regular organization.
We must set management objectives more clearly, where Group and
business unit objectives are followed
up and linked to performance and
salary reviews.
Target
Our procurement processes ensure quality and value-for-money.
We must set our sights higher and develop ways for placing social
demands where appropriate in
procurements.
Target
1.We are the property owner with the
best reputation in the region, both
as a landlord and an employer.
2.Ours is a values-driven organization.
3.Our vision and values are our
guiding principles.
4.We have satisfied customers,
employees and suppliers who are proud of our brand and their being our good ambassadors.
Quality
We must develop improved working methods to achieve
day-to-day operational progress
where small improvements are put to
good use for the benefit of customers and the company. Good ideas
from employees and customers are
invaluable. We must have a structured, systematic working method
that puts ideas to good use and
promotes innovation.
We need to develop a systematic
working method for risk management and internal control that forms
part of our operational and financial
governance. Our internal control
procedures were drawn up during
1.We have a systematic working
method with constant improvements and innovations.
2.We work systematically with risk
management and internal controls.
3.We have IT tools and working
methods for document management that meet the organization’s
needs.
Purchasing
We must develop a
purchasing strategy that clarifies
the purchasing department’s and
purchasing committee’s roles and
demarcation, as well as other roles
within the organization.
1.We control our purchases strategically and have clear roles and demarcations within the organization.
2.We use commercial procurement
processes that ensure the delivery
of quality and value-for-money.
3.We place social demands where
appropriate in procurements.
OPERATIONS
17
The Group’s target figures
Group scorecards
Customer perspective
Key figures
Result, 2013
Result, 2014
Targets, 2015
Targets, 2019
83.6%
84.0%
85.0%
87.0%
3.98
4.06
4.08
4.15
3.5
3.7
3.7
3.9
Result, 2013
Result, 2014
Targets, 2015
Targets, 2019
CPD – Employee index
4.18
4.14
4.25
4.50
CPD – How do we live up to our common values
3.90
3.86
4.10
4.50
Result, 2013
Result, 2014
Targets, 2015
Targets, 2019
181
318
170
200
3.3%
3.3%
3.3%
3.5%
Result, 2013
Result, 2014
Targets, 2015
Targets, 2019
3.78
3.68
3.90
4.50
221
153
300
300
Result, 2013
Result, 2014
Targets, 2015
Targets, 2019
4.1
7.1
5.0
5.0
154
291
500
2,000
CSI – Service Index – Stångåstaden
CSI – Student accommodation
Brand measurement
Employee perspective
Key figures
Financial perspective
Key figures
Profit/loss after financial items, SEK million
Yield, market value %
Process perspective
Key figures
CPD – The company encourages suggestions
and puts them to use
Number of registered customer complaints
Development perspective
Key figures
Energy-saving measures implemented, GWh
Production target – new apartments starts
The target for 2019 refers to an accumulated value for the years 2015–2019
18
OPERATIONS
The Group’s targets specify five different perspectives
as a basis for the company, namely customer, employee,
financial, process and development.
The customer perspective specifies
success factors and targets for achieving high customer satisfaction for
internal and external customers
alike. An important part of customer
perspective involves analysing customer surveys in order to retain our
strengths and improve on shortcomings that customers have experienced.
Scorecard measurements only take
place in respect of external customers.
In order to measure how satisfied
existing customers are, we use a CSI
for both Stångåstaden and Studentbostäder. To gain an idea of how
we are perceived in general by
Linköping’s inhabitants and a picture
of what people who are not our customers think, we use brand measurement as a KPI.
The financial perspective specifies
success factors and targets for
achieving profitability. We count
on being able to carry out an increased investment in new production and reconstruction without
impairing the Group’s financial
performance. To achieve this, it is
important to continue working with
constant improvements in our dayto-day work.
We measure yield on market values
at the Group level also as part of the
company’s owner instructions. We
also use Profit/loss after financial
items as a KPI at Group level.
The employee perspective specifies
success factors and targets for achieving high employee satisfaction and
how we create a culture of success.
We carry out annual employee
surveys that measure both soft and
hard factors concerning leadership,
teamwork, organization, the individual, finance, the market, our product
and working methods. The survey
also shows what we know about,
how we feel and how we live up to,
our vision and common values. The
first Group KPI – CPD – employee
index, shows the total outcome of
the survey which has a five-point
scale. The other KPI measures the
issues that reflect how we live up to
our common values.
Process perspective
The process perspective specifies
goals, strategies and activities for
streamlining and developing our
processes. We develop our processes
through constant improvements.
The rate of process development
changes over time and must follow
the operation’s other focus areas and
priorities.
We have chosen a question from
the employee survey as a process
perspective KPI; how well does the
company encourage suggestions for
improvement and put them to use?
The other process perspective
KPI measures how many customer
complaints are registered.
Focus processes, 2015
Focus processes for 2015 are indoor
and outdoor caretaking, skills supply,
repairs, service and reconstruction.
The development perspective specifies
targets, strategies and activities for
our ability to constantly improve
and develop operations.
Under development perspective
we have chosen to focus on KPIs
concerning new construction of
homes and implemented energysaving measures.
“WE’RE COUNTING
ON BEING ABLE TO CARRY OUT
AN INCREASED INVESTMENT IN
NEW PRODUCTION AND
RECONSTRUCTION WITHOUT
IMPAIRING THE GROUP’S
FINANCIAL PERFORMANCE.”
OPERATIONS
19
Planned activities, 2015
Set out below is a selection of some of the major
activities planned within the Group for 2015
• Continue to develop a strategy
and structure for our communica-
tions and marketing
• Implement the new message
platform
• Commission and launch Stångå-
staden’s new website
• Carry out an area analysis for
a future city district project in Ryd
• Begin a city district project in Skattegården
• Complete the initiated organiza tional changes and establish a new central customer centre
• Continue work with the vision and common values theme
throughout the entire company
• Implement the procedure and working method for strategic skills
supply
• Continue investment in leader
ship development with a focus on management through common values
• Prepare a diversity strategy
• Improve the procedure for quality follow-up of procured goods and services
• Work to secure resources for in-
vestments through e.g. strategic partnering for reconstruction
and new construction
• Develop the setting and follow-
up of management objectives
• Develop a new report package and KPI analyses
dures and tools for systematizing continual day-to-day improve-
ments linked to our common
values
• Implement a quality tool for out
door caretaking
• Implement procedures and an IT system for document management
• Prepare a new rental policy
• Begin construction of at least
500 new homes
• Complete reconstruction of at least 350 apartments
• Continue to pursue the 25-25
energy initiative and implement measures for a planned saving of at least 5 GWh
Process perspective
• Implement a new purchasing strategy for Stångåstaden
• Begin work on preparing proce-
“WE MUST BEGIN CONSTRUCTION OF 500 NEW HOMES AND
COMPLETE RECONSTRUCTION OF
AT LEAST 350 APARTMENTS.”
20
OPERATIONS
OPPORTUNITIES
AND RISKS
Stångåstaden’s profitability and operation is affected primarily by
economic growth, interest rates and development in the region.
Long-range planning and clear strategies are necessary if changes
in the world at large are to be successfully managed.
Property management requires longterm strategic decisions as possibilities
for influencing financial performance
in the short term are limited. Accordingly, we put great effort into longterm property management issues.
Examples of this are solutions for
reductions in environmental impact
and energy consumption that continually reduce future expenditures.
Internal supervision
Pursuant to Chapter 6, Section 7
of the Swedish Local Government
Act (1991:900) the committees and
boards of municipal companies must
ensure that internal controls are adequate and that operations are otherwise pursued in a satisfactory manner.
The municipal assembly appoints a
lay auditor tasked by the municipality
to review whether the company works
in compliance with the owner’s intentions and objectives, if the operation
is efficient and if there are adequate
internal controls.
Internal governance and controls
are part of a process carried out by
Stångåstaden’s board, management
and other personnel. We use the
COSO model as the basis for work
“LONG-RANGE PLANNING
AND CLEAR STRATEGIES ARE
NECESSARY IF CHANGES IN THE
WORLD AT LARGE ARE TO
BE SUCCESSFULLY MANAGED.”
OPPORTUNITIES AND RISKS
OPERATIONS
21
with internal governance and controls. The process includes all internal processes, procedures and
systems and is a systematic way of
ensuring that we achieve our goals
in an efficient manner and that operations are conducted according to
legislation, regulations and owner
directives.
The internal controls seek to
create a safe, secure work situation
for the company’s employees, and
avoid serious mistakes. Accordingly,
we identify shortcomings and risks
that threaten the achievement of our
goals and we create measures and
control activities to manage these
risks and shortcomings. Stångåstaden’s internal controls are described
based on the five components in the
COSO model: the control environment, risk analysis, control activ-
ities, information, communication,
follow-up and evaluation.
There is a risk that undesirable
situations occur in every organization. If a risk becomes real, it will
affect the organization’s ability to
achieve its goals. Therefore, internal
controls also concern mapping and
analysing existing risks and taking
measures to mitigate them.
RISK AREAS
Risks
The risks that Stångåstaden is exposed
to can be divided into three areas:
• Strategic risks and external risks are those connected to the com-
pany’s strategic direction that affect the company but which it has no control over.
• Operational risks are those that occur in the main operation.
• Financial risks are those that are linked to the company’s financial
management and interest
expenses.
22
OPERATIONS
Strategic risks
The housing market and
demand
1
Demand for all of Stångåstaden’s
homes continues to be very high and
for most of the year vacancies were
almost zero. Linköping’s population
trend continues to be positive, and
as the nation’s fifth largest municipality we have passed the 152,000
inhabitants milestone.
The market situation for commercial rental properties in Linköping
is positive.
Demand in attractive locations in
central Linköping districts is high.
But demand in outer districts such
as Mjärdevi is also high today, and
several property owners are planning
new construction of office and commercial premises.
Demand for rental apartments is
anticipated to remain very strong in
the next few years and the risk of
vacancies occurring in the company’s
holding will remain low.
“THIS YEAR’S RENTAL NEGOTIATIONS WERE CHARACTERIZED BY
COMPROMISE AND AN EXCELLENT
NEGOTIATING CLIMATE.”
Rent trends
8
Rent trends not only entail a risk, but
also an opportunity. Residential rents
make up 90 per cent of rental revenues. The system for determining
rent levels is controlled by what is
known as the value-in-use system.
Residential rents are determined
through negotiation with a tenants
organization and are not affected
by short-term market changes. This
provides a stable basis for financial
performance and property values.
Rent levels for business and office
premises are more market dependent,
but on the other hand they only represent seven per cent of Stångåstaden’s rental revenues.
During December, Stångåstaden
entered into an agreement with the
Swedish Union of Tenants regarding
rent levels for 2015. The agreement
involves raising rents by 0.9 per cent
as of 1 February 2015. This year’s
rental negotiations were characterized
by compromise and an excellent
negotiating climate.
The rent increase for Studentbostäder was 1.46 per cent. The rent
adjustments apply as of 1 July 2014.
New legislation for public housing
companies in force as of 1 January
2011 means their rent-controlling
role is abolished. Unclear rent-setting
conditions represent a risk, not least
in the case of major maintenance
measures and new construction.
But for Stångåstaden, the new
rent-setting work may also mean an
opportunity to set more differentiated rents that better reflect customer
preferences.
OPERATIONS
23
Regulations and legislation
concerning taxes, charges and
accounting regulations
2
5
År
0
20
13
14
12
11
20
20
09
10
20
20
08
Vacancy expenses entail rental losses
for unlet homes and commercial
10
20
2
15%
15
07
OPERATIONS
Vacancy expenses
20
20
24
Operational risks
%
25%
25
20
Our business is affected to a great
extent by regulations and legislation
that are difficult to predict. When
it comes to the Swedish Public
Procurement Act (LOU), we see an
increasing number of appeals and
downward price pressure in some
industries which affects the quality
of what we buy negatively. The tax
system is out of kilter with forms of
tenure as private homes and housing
cooperatives receive indirect subsidies through their ability to deduct
interest expenses. Our professional
organization SABO (Swedish Association of Public Housing Companies),
Fastighetsägarna (a property sector
association) and the Swedish Union of
Tenants, are collaborating to effect
change and achieve impartiality between forms of tenure.
Decisions concerning taxes, charges
and other regulations have a direct
impact on the company’s financial
performance. Various types of charges,
variable and fixed, for heating and
building electricity, which correspond
to 50–60 per cent of operating costs,
are expected to climb in the next few
years. The expenses are dependent
on political decisions. It is difficult
to predict events, but cost increases
can be countered retroactively
through reductions elsewhere within the company.
The new regulations regarding
corporate taxation may also affect
the property sector negatively if
proposals from the Swedish Committee on Corporate Taxation are
implemented. In practice, the proposal
means that not all interest rate expenses will be deductible, which will
increase the company’s tax expenses
and the construction of new homes
will be more difficult.
New accounting regulations were
introduced as of 2014, known as the
K3 regulations. The new regulations
will affect Stångåstaden’s accounting
and administration significantly.
Broadly speaking, it means changing
the depreciation procedure by dividing properties into component parts
with different depreciation periods.
A major part of maintenance and
reconstruction expenses will be recognized in the balance sheet. The accounting rules will also affect finance
operations which will have to use
hedge accounting for all derivative
transactions in order to report them
according to cost.
The new legislation for public
housing companies introduced in
2011, makes clear that only businessrelated new construction is admissible. Business principles dictate that
the company must always act in a
manner that is best for the company
in the long term, given the limitations
and conditions inherent in being a
bona fide long-term property owner.
This governs the areas that Stångåstaden and Studentbostäder is able
to plan new construction in for the
future. In certain cases it may be difficult to achieve acceptable profitability
in category C locations (see category
A, B and C locations on page 58).
Turnover rate trends
premises. After discounts, Stångåstaden’s rent loss totalled around
SEK 5 million (of which housing
SEK 0.5 million). This sum amounts
to less than 1 per cent of sales.
Vacancy expense trends
The number of vacancies is affected
by the number of people who want
to rent from Stångåstaden. In recent
years, net migration in Linköping
municipality was positive, which
meant that the company had practically zero vacancies in the period
2011–2013, and thus falling vacancy
expenses. Tenant churn within the
holding also affects profitability and
vacancy expenses. Previously, we had
relatively high churn due e.g. to the
nature of rental apartment living.
It’s easy to move home whenever you
want. But during recent years, churn
has fallen significantly from 25 per
cent in 2007 to a stable 15 per cent
in 2014, of which around 5 per cent
was internal. Lease cancellations fall
most when demand for housing in
the municipality is at its highest.
Studentbostäder has a higher rate
of churn, around 65 per cent, but
this is also part of the business area’s
business idea. In the case of students
it’s all about accommodation for
short study periods.
“DURING 2014,
STÅNGÅSTADEN
INCREASED ITS
MAINTENANCE
ACTIONS IN ORDER
TO BE WELL
PREPARED FOR
THE FUTURE.”
Operating expenses
2
Operating expenses consist of utilities, property caretaking and repairs.
Utilities refers to water, refuse collection, building electricity and district
heating. Read more about utilities
expenses in the properties chapter on
page 74.
There is a risk that cost increases
exceed the annual rent adjustments.
This is largely as a result of factors
that cannot be influenced, such as
higher taxes and fees. Refer also to
the Taxes and charges section on
page 24.
Maintenance, investments and
new construction
2
We have a long-term plan regarding
how maintenance is divided among
areas over time and the type of maintenance concerned. A relatively large
proportion of our holding consists of
older buildings in need of renovation.
During the next 15 years, the need
for e.g. plumbing stack renovations
will increase significantly. During
2014, Stångåstaden increased its
maintenance actions in order to be
well-equipped for the future. New
construction is affected largely by
external factors such as the availability of building land, opportunities
for planning permission, taxes and
subsidies and also by owner directives from Linköping municipality
regarding how the company must
set priorities and work. We are financially very strong, and we will use
this strength in 2015 to further increase our initiatives in maintenance,
investments and new construction.
We have not built so much since the
million-programme estates in the
1970s. Our construction starts are
breaking all records.
Environment
2
We have been certified to ISO
14001:2004 standards since 2005.
The purpose of the certification is for
the company to work in a structured,
predictive and preventive manner in
environmental matters. Well-considered environmental protection
provides good control over existing
risks and provides an understanding
of measures that benefit customers
and other stakeholders. New findings
about hazardous substances can impact environmental protection work.
We stay abreast of environmental research surrounding health and safety
matters regarding construction materials through systematically use of
e.g.the SundaHus environmental data
tool. Starting this year, we will implement SundaHus in our day-to-day
property management. Previously,
SundaHus was only applied to reconstruction and new construction.
Over the past ten years, Stångåstaden has invested major resources
in a radon inventory in the holding,
and in decontaminating where elevated values are measured. Legally
speaking, property companies need
not measure radon levels at all, but
we have consciously chosen a strategy
of ongoing radon-level measurements
throughout the holding in order to
improve the living environment for
our tenants. By being more thorough
than energy legislation requires, we
not only have a significantly better
picture of the potential for improvement concerning energy consumption,
but also other KPIs. See page 14,
Part 2 Sustainability.
OPERATIONS
25
Skills supply
3
There is a trend toward a desire to
work for values-driven organizations
and to enjoy the opportunity of
engendering creative, innovative
cultures. In certain cases we find it
difficult to find the right expertise
within construction and property
management. The next generation
waiting to join the labour market
has expectations that an attractive
employer must abide by. We regard
this as an increased risk and feel
there is increased competition for
well-qualified labour, which means
we must remain at the leading edge
in order to meet the expectations
our applicants have.
IT
3
A relatively new and alarming risk
we are experiencing within IT is the
interest shown in the illegal attempts
to gain access to information in our
IT systems. More and more of our
functionality is uploaded onto the
internet; we have long waiting lists
and we store our customers’ personal
details, all of which increases the
attraction of illegal access and the
attempts to manipulate and get hold
of information in our IT systems.
We mitigate this risk using an
advanced IT application that monitors any intrusion attempts via the
website. The information stored on
our website is the only company information exposed to external threats.
Other information is also secured
behind firewalls. Every day, the IT
application searches through log
files and every month it generates a
report with statistics covering intrusion attempts.
Financial risks
In finance work, Stångåstaden balances financial risks against a low financing expense. We have been rated
by Standard & Poor’s since 2004 and
hold a AA rating – the same as AB
Uppsalahem, Fastighets AB Förvaltaren, AB Framtiden, SKB and MKB
Fastighets AB. Just like Stångåstaden,
these companies are located in dynamic, growing cities where there is a
strong underlying demand for homes.
Our high ranking shows that we are
very strong financially, which makes
the company an attractive borrower
on the market. The ratings services
company’s motivation is that
Stångåstaden is the leading housing
company in a strong rental market
in Linköping with a low proportion
of commercial properties.
Once a year we carry out a strateg
test where various possible fixed interests are tested to see which fixed
interest terms best suit Stångåstaden.
This is to find the best fixed interest
versus risk and expense.
The board has adopted a finance
policy that forms the basis for how
our financial work must be carried
out. The finance policy is revised
annually to ensure that finance work
takes place in the best possible way
– low risks that still offer opportunities for good financial transactions.
Interest expenses
2
Interest expenses are a major expense
item and amounted to around SEK
104 million in 2014. Interest expenses
are affected by market interest rates
and the type of financing. A short
borrowing term of e.g. three months
provides lower interest expenses than
a fixed rate over ten years, but also
increases risk in the loan portfolio.
During the year, borrowing volume
remained more or less unchanged
“THE FINANCE POLICY IS
REVISED ANNUALLY TO ENSURE
THAT FINANCIAL WORK PROCEEDS
IN THE BEST WAY.”
26
OPERATIONS
but is expected to increase during
2015 to SEK 3,300 million due to
the new construction phase the
company is currently in. A rise of
one percentage point in the interest
rate in the beginning of 2015 with
an unchanged borrowing volume and
fixed interest term would increase the
Group’s expenses by SEK 5 million.
Financial operations and the various
financial risks are described in more
detail beginning on page 20 in Part 3
Finance. Changes in interest rate levels
affect required rates of return when
evaluating properties, and therefore
the assessment of market value of individual properties. We currently have
major surplus values in the property
holding. Higher interest rate levels
combined with high new construction and reconstruction expenses and
low rents increase the risk for book
value impairment in current and
future projects.
Control activities
Control activities are the concrete
measures taken to combat, mitigate
or in some cases, eliminate risks.
They must be drawn up in relation to
the risk assessment and the existing
control environment. As far as possible, the activities should be integrated
into the organization’s regular operational processes so that they form
natural parts of the processes the
organization and management need
to achieve their goals.Examples of
control activities include:
• Random samples are taken once a
month from the property manage ment system to check compliance with the rental policy in connection with leasing.
• Cross-checks regarding invoice
agreement with what was ordered
must be performed on authoriza-
tion, and random checks of the
invoicing system are carried out every month.
• A review of the environmental aspects list (environmental risks) according to the evaluation model takes place once per year and is reported for management review.
• In the case of recruitments, require-
ments analyses and requirements profiles are carried out, and later during the process references are
taken, interviews held and per-
sonality tests performed.
• Stångåstaden applies authorization
regulations for its IT system. All servers are backed up nightly via a cloud service.
• Our finance policy describes how
Stångåstaden’s finance operations must be carried out to limit risks.
The policy is revised annually in
order to ensure that financial operations proceed in the best way, that follow-up takes place each month, that all parts of the policy are complied with, and that ongoing reporting to the board takes place.
OPERATIONS
27
One of the year’s biggest, most appreciated events
- Families day in the Garden Society Park in Linköping.
OUR CUSTOMERS
“WE MUST PROVIDE
A WIDE CHOICE
OF HOMES AND
ATTRACTIVE LIVING
ENVIRONMENTS
THAT APPEAL TO
EVERYBODY”
Business Area Residential
MORE TENANTS
MORE SATISFIED
One in four Linköping inhabitants lives in a Stångåstaden home.
This makes us the city’s biggest property owner with just over 18,500
apartments, of which 4,200 are student flats. The holding will grow
as we’re getting ready for extensive new construction. Because we
are an important part of the way people live and spend their dayto-day lives, the company also shoulders responsibility for entire residential areas so customers can feel safe, secure and satisfied.
30
BUSINESS AREA RESIDENTIAL
OPERATIONS
Robin Bornehav and Bosse absolutely adore bright
and airy living on attractive Konsistoriegatan.
Stångåstaden’s task is to provide
Linköping’s inhabitants with homes
based on family circumstances,
lifestyle and needs. Some people
like to live close to the city, others
prefer peace and quiet and green
outer districts. Wherever the city is
expanding and people want to live,
you will find Stångåstaden. The aim
is to provide a wide choice of homes
and attractive living environments
to suit everybody.
Customer-focused
organization
One reason behind Stångåstaden’s
customer satisfaction is a customerfocused organization, whose service-
functions are located close to our
tenants and where residents get to
know the personnel who work in
their district.
There is a manager with ultimate
responsibility for each individual
district. Together with a district’s
local area manager, they run operations from a tenant perspective.
Every area manager is in charge of
around 700 apartments and also
responsible for issues concerning
finance, operations and service.
Customers can turn to their district
offices for various issues.
Stångåstaden has established a
new service, a reconstruction coordinator, who acts as a link between
projects. This was so well received
that we have employed a further coordinator in a similar post. We have
also invested in a new construction
coordinator, to take care of customers and guide them safely through
the process. The work of the coordinators makes things easier for all
concerned.
There will be other customerfocused changes in 2015. District City,
Smarta hem and personnel from both
Ryd and Johannelund will move into
new premises in central Linköping,
in Stångåstaden’s new Bobutiken
service centre. This way all letting is
dealt with under one roof to make
life easier for our tenants.
Service in the Centre
On Saturday 21 March 2015 we’re opening the doors
to Stångåstaden’s new Bobutiken service centre in central
Linköping. Our customers will be able to complete their
errands there with improved service and availability.
Customers can pick up and drop off keys, sign contracts
and fill in applications at the service centre. It is also a place
where we can showcase upcoming projects and organize
much-appreciated options and inspirations evenings.
We want every visit to feel welcoming and personal.
Like a homecoming.
Lena Gerhardsson, District Manager
and Nina Kalle, Bobutiken Manager
OPERATIONS
31
District West
District South
Ryd, Ullevi, Mjärdevi, Lambohov,
Innerstaden, Vasastaden, T1,
Majelden, Berga, Blästad, Södra
Ljungsbro, Valla/Fridhem, Malmslätt
Kungsgatan neighbourhood,
Ekkällan, Johannelund, Jakobsdal,
and Vikingstad.
Åbylund, Eskadern, Stolplyckan,
Hejdegården, Haninge, Vidingsjö
Ekängen and Linghem.
and Ullstämma.
District City consists of properties
District South has characteristic
spanning many decades. There is
1940s and 50s areas with a varied
everything from newly constructed
stock and new terraced houses.
high-end apartment buildings in ex-
Extensive renovation work is in
clusive city locations and beautiful
progress based on property age
fin de siècle buildings to1950s
and requirements. The common
Bauhaus homes and detached
denominator for these areas is their
properties in lakeside locations.
proximity to nature, something which
District West is dominated by properties
built in the 1960s, 70s and 80s,and
also star-shaped buildings from the
1950s. The Åkervindan Quarter in
Lambohov is a new project comprising
64 one and two-bedroom homes divided
among four buildings. The buildings are
of so-called Kombohus type, a concept
initiated and procured by SABO, our
industry association. We calculate that
we shortened construction time at
Åkervindan by almost 6 months and that
we reduced overall production costs
by around 20 per cent. District West
is characterized by exciting
projects and diversity
where Stångåstaden
is a driving force.
32
District City
OPERATIONS
attracts many residents.
Great demand and
few vacancies
Vacancies were also low in 2014, and
this applied to all of Stångåstaden’s
areas. The greatest demand is for
small apartments. Tenant fluctuation for the year was 15–16 per cent,
which is a low figure. The company
has an occupancy rate approaching
100 per cent.
Stångåstaden’s waiting list follows
simple rules. Anyone who lives inside or outside Linköping who has
reached an age of 17 can join the
waiting list and earn one point per
day. Existing residents can join the
waiting list from the date of the last
move. New construction apartments
are provided in order of priority
based on a special waiting list. The
same applies to apartments with
special requirements.
What we term social living priority may be offered in cooperation with Linköping municipality.
Equally, commercial points may be
awarded, which give the newly arrived 600 points extra.
A collaboration agreement was
signed during the year with the
Kvinnojouren women’s refuge.
This means the refuge has access to
a number of apartments that can
ANYONE WHO HAS
REACHED 17 CAN JOIN
THE WAITING LIST.
be let to women at risk. In return,
Stångåstaden can turn to Kvinnojouren when necessary for its expertise and support.
70+ and 55+ living in ever
greater demand
It’s full speed ahead for construction
in Folkets Park. Among other things,
Stångåstaden is offering 70+ housing
and all of the apartments are already
let. In order to create safe, secure living, we will be working together with
Verisure to supply a basic installation
with a fire alarm to which the tenant
is able to add any extra services he
or she would like. This could include
e.g. a burglar alarm or medical alert
alarm. Stångåstaden pays the installation costs and the customer pays
the monthly charges. This is an interesting pilot project for the future.
Stångåstaden’s senior concept –
Advantage 55+ – is in great demand
and there are currently plans for
more homes.
Skattegården development
A preliminary study has been carried
out in Skattegården in the Skäggetorp city district. Following interviews, analyses and discussions with
tenants, associations and the Swedish
Union of Tenants, a decision was
taken regarding a city development
project in the area. The project is
expected to take four years starting
from the beginning of 2015. The
objectives are to improve tenant involvement in housing issues and to
create security. A project manager
has been recruited. The project
framework also includes the recruitment of caretakers from the area
who will work with indoor caretaking. The project pays special attention to youth and finding meaningful tasks for those seeking work.
Stångåstaden has also decided to
communicate in several languages
in the area, especially concerning
local information and moving in.
We will carry out a preliminary
study in Ryd, similar to the one in
Skäggetorp, in order to study the
area’s needs and expectations.
Activities for tenants
The number of tenant activities
and local area housing meetings
increased during 2014. We will
also carry out area open days with
activities in places like Bergadagen.
This is a valuable opportunity for
Stångåstaden to get out and meet
its tenants.
ALL OF THE APARTMENTS IN
THE NEW 70+ CONCEPT
ARE ALREADY LET.
OPERATIONS
33
Green splendour on
Opphemsgatan in Gottfridsberg.
We also inaugurated the Rydshuset
building in the Ryd shopping centre.
Following a period of unrest in the
area, an association was formed
to use municipal funds to organize
various activities for older youths.
Stångåstaden subsidizes a premises
for activities. The inauguration was
carried out just before summer and
thus far the initiative has proved to
be very popular.
Stångåstaden, working together
with the Internationella Vänskapsföreningen, IVF, (International Friendship Association), helps support activities in the scout hall in the Berga city
district. From now on, the project
will be run by Linköping municipality
during 2015.
34
OPERATIONS
Show apartments
Usually, when an extensive repair or
reconstruction project is completed,
Stångåstaden arranges open house
presentations that attract many visitors. Magistratshagen is a typical
example that included both the inauguration and an open house. We
also held open house days at Tönsbergsgatan and Isafjödursgatan in
Övre Vasastaden.
Moving-in, 2014
In May, it was time for the last
tenants to move into Vingården in
Södra Ekkällan and in December
new tenants moved into Åkervindan
in Lambohov. These were so-called
Kombohus buildings, clearly defined constructions based on uni-
form methods, with central purchasing via SABO (Swedish Association
of Public Housing Companies, our
industry organization), which means
lower construction costs and even
lower rents. All of the homes in
Lambohov are planned for completion and occupation during 2015,
when new construction in Harvestad
and Folkets Park will also open ready
for moving-in.
For a number of years, Stångåstaden has used the SundaHus analysis tool for new constructions. During
2014, the system was also introduced
into property management in regard
to floors and wet spaces, and it will
be implemented in further areas
during 2015.
“THE CUSTOMER SURVEY CARRIED
OUT IN 2014 SHOWS AN INCREASE,
WHICH CONFIRMS THAT OUR INITIATIVES ARE SUCCESSFUL. THE SERVICE
INDEX WAS 84 COMPARED TO 83.6
THE PREVIOUS YEAR. THIS IS A
POSITIVE TREND WE HOPE
TO IMPROVE UPON.”
ULF GUSTAVSSON,
MANAGER, BUSINESS AREA RESIDENTIAL
Supplier follow-up
During 2014, we intensified quality
follow-up of our contractors. We
focused on two areas – paintwork
and outdoor care. Work will continue during 2015 and we are now
looking into the viability of effective
IT support for this work.
Vacation jobs and
second jobs
Stångåstaden always offers summer
vacation employment to youths in
collaboration with our contractors
when it comes to outdoor and indoor
caretaking. During 2014, Stångåstaden decided on using auditions
as a new way of applying for jobs.
Read more on page 31, Part 2
Sustainability.
Rent negotiations, 2014
During December, Stångåstaden
and the Swedish Union of Tenants
reached agreement regarding rent
levels which means that rents will
be raised by 0.9 per cent as of 1 February 2015. This year’s rent negotia-
tions were characterized by compromise regarding the basis for negotiations, and the future needs and
wishes of Stångåstaden and tenants
were taken into account. Thanks to
the low number of vacancies and
historically low interest rates, the
rent rise was lower than in recent
years. The increase in expenses that
did occur are related to e.g. district
heating, property caretaking and
organizational reinforcements to
cope with the greatly increased
construction of homes.
OPERATIONS
35
Business Area Residential – Activities
ACTIVITIES IN OUR
RESIDENTIAL AREAS
In summing up 2014, we can look back on a fun-filled,
exciting year. Events and all kinds of activities came one
after the other, and they all shared proud moments
and good-humoured neighbourliness.
The Trygga Ljungsbro Association
received the 2014 Tryggve award.
Bergadagen, with its events and
cake fest, is always appreciated.
Ejdern’s attractive 55+ living celebrated its 20th anniversary in style.
36
OPERATIONS
EJDERN 20
YEARS
Working together with the International Friendship Association,
we created a new meeting place
in Berga.
Well-attended neighbourhood party for our tenants in
Gottfridsberg and Åbylund.
The Skattegården project in
Skäggetorp contributes to increase involvement in meaningful
activities.
Feeling at home at the inauguration of two neighbourhood patios in Johannelund.
BBQ evenings on Vasavägen
are a pleasant local tradition.
OPERATIONS
37
Family:
Married to Sylvia, two adult
children and one grandchild.
Job:
Self-employed Pablo is an artist
blacksmith who runs the Järneken
smithy in the Garden Society Park,
which is also part of the designer
collective on Sandbäcksgatan 2 A.
Hello there
Pablo von Eckardstein!
Tell us about your home.
We live in the charming Magistratshagen
What’s the best thing about
Linköping?
area, which together with Stolplyckan,
The best thing about Linköping is proba-
is the best area in town, if you ask me.
bly that our family and friends live here.
We have an 84 sq m two-bedroom flat
Despite being one of Sweden’s biggest
in one of the newly renovated high-rise
cities, it has retained its small-town char-
blocks. It’s close to the city centre, major
acter, for better or for worse. Sometimes
green spaces and our jobs. In our eyes,
I miss the big-city beat. But all the same,
the major renovation carried out means
it’s an exciting town.
a better layout, and a bright fresh apartnew one. For us, the ultimate solution
What is Stångåstaden
like as a landlord?
is a reasonably sized rental apartment
We lived in Lambohov before we moved
and a simple cottage out in the country
closer to the centre of town, and as tenants
ment with the same standard as a brand-
not too far away.
here we’ve always appreciated Stångåstaden and are always treated with respect. The vacating procedure during
renovation is a good example; they were
obliging and listened to our demands.
It’s all about mutual respect, really.
38
OPERATIONS
Business Area Residential – Senior
A SUCCESSFUL TARGET
GROUP INITIATIVE
Living should be easy. For ever! This was the basis for Stångåstaden’s targeted
housing concept that goes by the name of Advantage 55+. In active collaboration
with other stakeholders, we create excellent housing and living environments
specially adapted for tenants aged 55 and above. These attractive apartments
with high service standards are in great demand among people
who take the long view in life.
In the middle of the 1990s, Stångåstaden offered homes designed for
senior living for the first time. Since
then the supply has grown at an ever
increasing rate and demand has done
the same. The Advantage 55+ concept
is aimed at empty-nesters aged 55
and above. The idea is to get a head
start in uncomplicated living to make
life simpler as the years pass.
of community and security. There are
rooms in the 55+ buildings that are
often used as a natural meeting place.
The tenants have the opportunity
to take part in various activities,
meetings, lectures and whatever else
is in demand. The concept is under
constant development in close consultation with our existing and prospective tenants and collaborative
partners.
High standards and a
welcome sense of
community
Reconstruction and new
construction
It’s an alternative whose high standards may include a sauna, a spa and a
communal wine tasting room. What’s
more, we provide communal spaces,
overnight facilities and good handicap accessibility. We have both new
construction and reconstructed existing buildings. Today, each building
has its own tenant counsel made up
of committed tenants. Many choose
to participate actively in their tenancy,
and they appreciate both the sense
Advantage 55+ apartments are
offered in converted buildings, whereby an existing property is remodelled
to suit the target group. But Stångåstaden also has 55+ living under construction. We are currently planning
for new 55+ homes in Linköping,
and forecasts indicate strong trends.
At the end of 2014, there were a
total of 291 homes classified as 55+,
of which 125 were built during the
past eight years.
HOMES WERE CLASSIFIED
AS 55+ AT YEAR-END 2014.
55+
BUSINESS AREA RESIDENTIAL – SENIOR
OPERATIONS
39
55+
Family:
Married to Göran Ejeman, 2 sons
with families and 5 grandchildren.
Job:
Senior, but still works part-time as
a consultant and mentor.
Hello there
Margareta Paulsson!
Describe where you live today.
It’s a centrally located, three-bedroom,
What’s the best thing
about Linköping?
duplex apartment of just over 100 sq m
That it’s a little big city with a small-town
of so-called Advantage 55+ living.
feel and pretty good cultural amenities.
Then there’s the surrounding countryside
What advantages does it have?
and recreational opportunities. Linköping
We love the central location in a pleas-
has felt like my home town for almost
ant neighbourhood with its little older
50 years.
city feel. The whole 55+ concept has
responsibility and a welcome sense of
What’s your experience of
Stångåstaden as a landlord?
neighbourliness. An example of this is our
Stångåstaden has been our landlord for
gardens, which we all get involved in.
23 years, which shows we’re happy. As
many advantages which involve shared
a landlord, they meet our expectations
for living standards, service, approach
and participation.
40
BUSINESS AREA RESIDENTIAL – SENIOR
OPERATIONS
Business Area Commercial
PREMISES WITH THE
RIGHT BUSINESS
CREATE ADDED VALUE
Commercial premises bring attractive businesses and added value for
residents. This can be everything from retail stores, cafés and restaurants to
pre-schools, sheltered accommodation and serviced apartments. Stångåstaden’s holding has around 350 commercial lease contracts all around
town, but mainly in the city centre, Johannelund and Ryd. The occupancy
rate continued to be extremely high throughout 2014.
Stångåstaden is constantly working
to develop the city’s residential areas
in a positive way. This makes properly managed commercial premises
an asset. Dynamic operators and
businesses bring an area to life, while
also providing an appreciated service
for residents.
Working closely with
customers
Today, we have around 350 commercial lease contracts, about 750
apartments and 120 premises for
public operations. Total floorspace
is 122,000 sq m.
Business Area Commercial works
closely with our customers to create
good conditions for various opera-
tions. The great challenge is in finding
the right premises for the right operation. Today, the Group consists of
four employees who work closely
with the property side. A new position, Operations and Area Manager,
has proved to be a great success and
customers feel they now enjoy significantly better service.
“THE GREAT
CHALLENGE
IS IN FINDING
THE RIGHT PREMISES
FOR THE RIGHT
OPERATION.”
BUSINESS AREA COMMERCIAL
OPERATIONS
41
“WE ARE
CONSCIOUS OF
THE ENVIRONMENT
IN EVERYTHING
WE DO.”
High occupancy rate and
new operations
An unchanged, high occupancy rate
made 2014 a positive year. Only two
per cent of the lettable area is vacant.
One future change concerns the
premises in the ground floor of our
head office in the Tornet high-rise.
The letting operation along with our
Bobutiken customer service centre
will move to the city centre during
the spring (read more on page 31).
This will make around 210 sq m available for some other operation; we can
either let it to an external party or use
it for our own operations.
We gained a number of new customers during the year. On 12 December 2014 Edblad, a jewellers and lifestyle boutique, opened shop on Stora
Torget in Linköping. The so-called
Pink House on Klostergatan is now
home to a gym and PT studio, Studio
Stark. And what used to be the gym
on S:t Larsgatan, next to Tinnis, was
converted into offices for Comparex
AB, who moved here from Mjärdevi.
A decision was taken in 2014 that
Linköping municipality would lease
a refuge for vulnerable women in one
of our city districts. This is a collaboration between Kvinnojouren
womens’ refuges and Stadsmissionen (City Mission), who will run the
operation. Today, it is an especially
safe and secure environment.
42
OPERATIONS
Improvements during the year
Stångåstaden as a long-term goal
– to reduce the proportion of purchased energy by 25 per cent by the
year 2025. We are conscious of the
environment in everything we do.
One of the things we review when
we customize a commercial premises is energy consumption. Changing all of our lighting to LED lamps
on a replacement basis is one example that makes a great difference in
consumption. Another is our properties on Drottninggatan 46–50, where
we are replacing windows.
We’re also making plans for the
Ryd shopping centre, where we aim
to begin a major renovation within
the next few years. There will even
be certain improvements indoors.
More exciting things took place
in Ryd during 2014. A group of
older youths committed themselves
to organizing a community multipurpose activity centre, which
resulted in the Rydshuset building,
where Stångåstaden provides the
premises and the municipality runs
the operation.
Renovations to the façade of S:t
Larsgatan 25 are planned for 2015
in work that will hopefully start as
early as this spring. Another central
property is the Basfiolen Quarter
between Stora torget and Ågatan,
where we’re reviewing the design
of the outdoor environment in the
courtyard as well as refuse collection
and logistics.
Another comprehensive job for
the years ahead is to inventory every
property and prepare clear maintenance plans.
New challenges – new
opportunities
The rate of expansion in Linköping
is high and one of the projects we
came a long way with during 2014 is
Övre Vasastaden. Not much can be
seen yet, but the initial groundwork
is in full swing. A new city district
will emerge here alongside Industrigatan, with restaurants, cafés, creative
businesses, preschools and other vital
activities. The vision is for a modern,
urban area that is also peaceful and
safe for people of every age group.
There are plans for new homes in
the Majelden city district, where there
will also be a brand-new municipal
preschool for around 50 children.
One of our greatest challenges is
receiving unaccompanied refugee
children and Stångåstaden is one of
the operators shouldering their humanitarian responsibility. We selected
a number of locations for consideration based on the various requirements demanded by the children’s
future surroundings.
Company:
Edblad (and also
the Jonoli boutique).
Operations:
Boutique for clothes, jewellery
and furnishings.
Location:
Stora Torget, Linköping.
Hello there
Gunilla Frennesson!
The store, Edblad, opened in
December. What is Edblad?
clothes. And of course Stora Torget is
Edblad is a Swedish brand, esta-
with constant activity. And it’s great be-
blished in 2006, with over 600
ing able to walk right through the store
dealers in a number of countries.
with its two entrances – one facing the
Today, there are also around ten con-
square and the other Platensgatan.
cept boutiques with jewellery, clothes
and furnishings.
one of the city’s natural meeting places,
Also important is the great feeling we
enjoy from having Stångåstaden as
our landlord. I’ve been extremely well
Why did you open a shop
on Stora Torget? treated and looked after, and pursuing
But this particular place, with a floor
is great fun.
my dream in their building and premises
space of 106 sq m, is just fantastic
range perfectly, as it’s not a conven-
What’s it like to be in business
in Linköping?
tional square room but one with its
This is a fabulous city where ideas
own special charm. Edblad is a lifestyle
become reality! This is something I have
concept, with its own special demands.
truly experienced in my two boutiques
Here we’re able to create space within
and through the fabulous network of
a space for furnishings, jewellery and
self-employed businessmen.
and unique. It fits Edblad’s product
OPERATIONS
43
Studentbostäder i Linköping AB
A GROWING STUDENT
CITY CREATES HIGH
DEMAND FOR HOMES
Linköping University, one of Sweden’s biggest universities, has distinguished
itself as an innovator in many fields and with many attractive programmes
and courses. It not only attracts students from all over Sweden, but all
over the world. As a result, demands for accommodation placed on Studentbostäder i Linköping AB are on the rise. Because demand continues to be
historically high with few vacancies, operations focus on new construction
while extensive renovations continue.
44
STUDENTBOSTÄDER I LINKÖPING AB
OPERATIONS
Studentbostäder, a wholly-owned
subsidiary of Stångåstaden, owns
and manages 4,200 student homes.
The company provides accommodation for students in collaboration
with Linköping University (LiU).
Around 35 per cent of LiU students
rent from us, a figure that is expected
to rise in the years ahead. The biggest
is Ryd with 2,700 student homes. The
other areas are Flamman, Fjärilen in
Gottfridsberg, Lambohov, Irrblosset
in Valla and T1.
Increased new construction
The year 2014 was characterized by
extensive new construction. One of
the larger projects is Irrblosset, in an
attractive location next to the Vallaskogen forest and close to the University. There have been a great number of homes here for some while,
and now there are plans for 220 new
homes in the same area. The focus is
on where demand is greatest – small
studios – but also on one-bedroom
and a few two-bedroom flats for
couples and families. There will also
be new meeting places for residents
and visitors. The new investments
will involve linking the entire area
together in a natural way. Earlier
zoning plans for the project were appealed, but now project planning is
under way and procurement will
begin in the spring of 2015.
New legislation came into force in
the summer of 2014 that allows the
granting of limited planning permission for periods up to 15 years. This
is an extension of the 10-year maximum previously permitted. This in
turn has opened up new opportunities
for Studentbostäder’s investment in
temporary homes. First off was Ryds
Allé in Linköping, where 25 homes
were built in two-story modular
buildings with gallery access. The
apartments are 25 sq m each, fully
equipped with kitchens and wet
rooms. It is an unconventional,
exciting form of accommodation that
has attracted a great deal of attention.
Moving in took place in December
2014.
In November, Studentbostäder received an offer to purchase 28 homes
from Stiftelsen Stockholms Studentbostäder. A quick decision led to
their purchase and transportation to
Linköping. The proposed location
is the carpark west of Björnkärrsgatan or the carpark on Alsättersgatan in Ryd. Moving-in is planned
for the summer of 2015.
Studentbostäder has also received
an allocation in Lambohov linked
to our existing properties there. We
hope to be able to build around 50
additional student homes.
Collaboration in the run-up
to LinköpingsBo2017
Work in Linköping is proceeding
apace in the run-up to LinköpingsBo2017 – the city’s innovative homes
and community expo that will showcase our brand promise “Where ideas
become reality”. Vallastaden is under
construction here, close to the university and the city centre. Studentbostäder was awarded an allocation
here, along with the municipal company Sankt Kors Fastigheter AB and
LiTHe Blås provided the entertainment during the
inauguration of the new modular buildings with
student accommodation in Ryd.
OPERATIONS
45
AB Stångåstaden. The land is located
next to the square at the end of Corson, a thoroughfare that runs through
the entire university area. We’re
planning to erect around 180 student
homes by the so-called Square.
During the autumn and winter of
2013/14, an idea competition was
held in collaboration with the Swedish
Association of Architects for architectural students, where the challenge
was to create attractive, visionary
student accommodation. Around
40 entries were submitted from all
of Sweden’s architectural colleges
as well as efforts from our Nordic
neighbours. The winning entry was
“Trapprum”, a creative description
of how to interweave innovation,
development potential and the efficient use of space in a total solution
for student accommodation based on
every day student needs. The entry
was prepared by Andrea Brandén,
Chalmers University and Karl Tyrväinen, SLU Ulltuna. Studentbostäder’s
ambition is to build a student residence for 14–16 students with inspiration from the winning entry.
Welcome new website
Studentbostäder has launched a
new interactive website, suitable for
all marques, both mobile and tablet.
“TRAPPRUM INTERWEAVES
INNOVATION, DEVELOPMENT
POTENTIAL AND THE EFFICIENT USE
OF SPACE IN A TOTAL SOLUTION
FOR STUDENT ACCOMMODATION.”
It offers a number of services such
as contract signing and digital termination. The website is designed to
suit the customer group’s lifestyle and
habits. It was very well received and
around 85 percent of all contracts today are signed digitally on the website.
Everyday meetings
Even though many of our services
today are digital, we still prioritize
face-to-face meetings with customers.
Therefore we will continue with our
local and regional meetings, where
Studentbostäder pays visits to inform
about the latest news, answer questions and invite tenants to breakfast.
We also nominate the year’s best
corridors.
Improved surroundings
In the Flamman student area, close
to Linköping’s city centre, we’ve invested in new outdoor environments
and meeting places. We’ve also
built secure, covered cycle parking.
The winning architectural proposal “Trapprum” created by
Andrea Brandén, Chalmers University and Karl Tyrväinen, SLU Ulltuna.
46
OPERATIONS
“THE DEMAND FOR STUDENT ACCOMMODATION IS HISTORICALLY HIGH IN
LINKÖPING. IN ORDER TO CONTINUE TO
OFFER STUDENTS GOOD ACCESS TO
STUDENT ACCOMMODATION, WE ARE
NOW MOVING FORWARD WITH PLANS
TO PRODUCE AN ADDITIONAL 500
HOMES WITHIN THE NEXT FEW YEARS.
SIMON HELMÉR, CEO STUDENTBOSTÄDER
The work was in close collaboration
with residents and the project was
finished off with an inauguration
and BBQ evening which we organized
together with the tenant association.
Similar initiatives are waiting in line in
the Ryd student area. We will also replace corridor kitchens on Rydsvägen
and a new refuse vacuum collection
system will be installed.
Energy efficiency
improvements
As part of its sustainable development efforts, Studentbostäder is
actively engaged in the creation of
healthy, safe living environments.
We seek to prevent environmental
problems and to reduce our environmental impact, e.g. through the more
efficient use of energy and materials
and by selecting green products.
We are running a number of energy
projects such as supplementary loft
insulation, motion activated lighting and new fans. Heating system
adjustments carried out have led to
significant savings. Environmental
aspects are considered in every applicable decision, and concern for the
environment characterizes every part
of our operation.
CSR (Corporate Social
Responsibility)
As a company, Studentbostäder is
willing to shoulder great social responsibility. This leads among other
things to a number of activities and
projects. During 2014, we began a
collaboration with Linköping municipality regarding the creation
in one of our properties of secure
accommodation for unaccompanied
refugee children.
Rent adjustments
Following negotiations between
Studentbostäder and Kårservice,
rents rose by 1.46 per cent as of
1 July 2014.
Record high CSI
The customer survey carried out in
2014 shows record-high figures for
Studentbostäder. This year’s customer
satisfaction index (CSI) was 4.06 compared to 3.98 last year. There is a distinct increase in several areas such as
service and information. For example,
no less than 86 per cent responded
“Extremely good” to the question
about Studentbostäder’s reputation
among students. We are pleased that
our efforts achieve results and our
constant improvements will continue.
Staying attractive
Studentbostäder, tenants associations,
Kårservice/KOMBO and Linköping
University work closely together
today. The ambition is to offer the
city’s students attractive, secure accommodation. Students are an important part of Linköping – today
and tomorrow. Today’s Studentbostäder tenants may well become
tomorrow’s Stångåstaden tenants.
OPERATIONS
47
Family:
Mom, dad and siblings
in Stockholm.
Current activity:
Studying 6th semester speech
Hello there
Linda Girke!
therapist programme at
Linköping University.
I live in a student flat, a cosy little studio of
What kind of home do you have?
And what’s the best thing
about Linköping? 28 sq m at the top of an apartment block
Linköping is a great city for students,
in Ryd overlooking a courtyard.
and the best part is the sense of community between the students of all faculties.
What’s the best thing about
your flat?
What’s more, you can reach almost
everything by bike. There’s a great deal I like about my
furnished design, and the big, gener-
What’s Studentbostäder like
as a landlord?
ously sized laundry room.
In my experience, Stångåstaden is
place, but most of all I like the easily
always close at hand to solve any problems and above all that it takes good
care of its tenants. 48
OPERATIONS
Bryggaregården AB
CULTURAL HERITAGE
IN OUR TIMES
There are a number of buildings in Linköping of cultural and historic interest
owned and managed by Bryggaregården AB, a subsidiary wholly-owned
by Stångåstaden. In all, there are around 90 buildings, mainly in the Gamla
Linköping open air museum, which also includes the Vallaskogen nature
reserve and Valla Gård farm. Other listed properties are Krogen Amerika,
Stenhusgården, Bäckagården and Hunnebergsgårdarna on Hunnebergsgatan.There are apartments, commercial premises and museums.
Gamla Linköping (Old Linköping)
is not just a museum. It’s also an
idyllic, vital, small town that reflects
life and living in former times. All
the buildings in the area have been
moved there from Linköping’s inner
city in a project that was begun in the
1950s. Here, private homes and interesting museums jostle with commercial premises and restaurants.
The area is open all year round with
markets and activities that follow the
seasons. Gamla Linköping bases its
work on the municipality’s vision –
culture and leisure for all, 365 days
a year, and with around 400,000
annual visitors it seems to have
succeeded. Today, it’s one of the city’s
major tourist attractions, but it’s also
a popular destination for Linköping’s
inhabitants, too.
Moving the theatre
This year’s main event was moving
the theatre from Folkets Park to
Gamla Linköping. Because homes
will be built at Folkets Park, the
decision was taken to dismantle the
fine old theatre created by architect
Axel Brunskog in the 1920s, and to reerect it instead where the Sjöbergska
outdoor theatre is today. The building
also recovered its original design and
splendour. This was all made possible
thanks to financing from the Westman-Wernerska Foundation. The
inauguration will be in the spring of
2015, after which it will be used as a
summer theatre.
Grafiska Museet in Gamla Linköping.
The extension was inaugurated in
September. During the autumn, glass
partitions were added to Grands Veranda in the gardens by Dahlberg’s
Café, which will extend the season
for every visitor. These projects were
made possible thanks to funds from
the Westman-Wernerska Foundation
and close collaboration between Friluftsmuseet Gamla Linköping and
Bryggaregården.
New tenants and projects
During the year Gamla Linköping
welcomed several new tenants who
run various kinds of business. A
building maintenance store opened
in the old Posthuset post office on
Kryddbodtorget Square; you can get
fresh-baked waffles at Skönfärgaregården and serviced business premises have been set up in Mamsell
Agardhs school.
Also new is the extension to the
The fine old theatre has
been moved from Folkets
Park to Gamla Linköping.
BRYGGAREGÅRDEN AB
OPERATIONS
49
“BÄCKAGÅRDEN IN CENTRAL
LINKÖPING WAS BUILT IN 1898.
IT HAS BEEN RENOVATED TO
REFLECT ITS FORMER GLORY AND
IS NOW LET AS OFFICES.”
Hilma Winblad’s bed and breakfast,
which opened for business in 2013
has become a great success and an
absolute boon for Gamla Linköping.
Systematic maintenance
The cultural and historic value in
Friluftsmuseet Gamla Linköping
calls for special maintenance. All
technical construction actions are
taken in close collaboration with
the museum’s operational managers.
During 2014, Stångåstaden focused
on outdoor maintenance such as the
painting of façades and fences, e.g.
at the Public Utilities and Railway
Museums in Valla. The replacement
of the district heating substation for
the area was also a major investment.
Indoor apartment renovations were
50
BRYGGAREGÅRDEN AB
OPERATIONS
carried out including such things as
new bathrooms.
new business involving hand-crafted
handbags moved in during the year.
Inauguration of Bäckagården
Purchase of Lambohofs Säteri
In 2011, Bryggaregården acquired
Bäckagården in central Linköping.
It is an elegant property built in
1898 for Commissioner of Telegraphy Wenström, which was initially
known as Villa Boiro. It has been
renovated to reflect its former glory
and is leased out as offices. Inauguration was 21 August 2014.
During 2014, Linköping municipality
decided that Bryggaregården would
acquire Lambohofs Säteri (manor
house) adjacent to Lambohov during
2015. From a national perspective,
Lambohofs Säteri is a unique country
manor and estate. The idea is to make
the buildings and surroundings available for the inhabitants of Linköping
in due course. Exactly how this will
take place has not been decided.
Stångåstaden is holding discussions
with stakeholders regarding the environment and future developments.
Hunnebergsgårdarna
Hunnebergsgårdarna, next to Linköping’s City Library, are another
off the city’s attractions. There are
boutiques and artisans in the charming wooden building ambience. A
Villa Boiro was built in 1898 as a residence befitting Commissioner of Telegraphy Wenström. It then became a café,
Bäckagården, which gave the building is new name.
Hello there
Jan Hellström!
Company: Sententia Rekrytering AB
and Sententia Management AB.
RYD
Operations: Sententia contributes
to the development of organizations
STUDENT APARTMENT
and individuals through education, the
development of leadership and organizational skills, recruitment services, HR
Last autumn you moved your
business; why Bäckagården
in particular?
What are the major advantages of
your new offices?
The companies Sententia Rekrytering
location. We appreciate its having
and Sententia Management had both
been restored in a cultural, historical
grown so we needed larger, more suita-
and tasteful manner. I suppose you can
ble premises. Also, our preference was
say it’s recovered its former glory, which
for a more central location than before.
feels really good. Mio Möbler helped
So when historic Bäckagården emerged
us furnish the building and decorate it
as an alternative, we were naturally very
with textiles, which adds even more to
interested. So today we do business in a
the authentic feel. In fact the building
beautiful building from 1898, in around
has almost become our second home.
For us it’s the space, the charm and the
LINKÖPING IN BRIEF
XXXXX
consultants.
XXXXXX
Location: Bäckagården, S:t Lars-
consulting and the provision of interim
gatan/Lasarettsgatan in Linköping.
250 sq m. The location is absolutely
perfect. But despite its central location,
it enjoys the natural beauty of Tinnerbäcken and Mahoniadalen – a city oasis.
BRYGGAREGÅRDEN AB
OPERATIONS
51
Exciting new construction
in central Linköping - Eddan.
52
OPERATIONS
OUR PROPERTIES
“WE CREATE FRESH
OPPORTUNITIES
THROUGH ACQUISITION,
UPGRADES AND NEW
CONSTRUCTION
IN ATTRACTIVE
LOCATIONS.”
THE PROPERTY
MARKET TODAY
Linköping is part of an expanding, increasingly attractive region. It is an
energetic, innovative technology city with world-class companies, one
of the country’s leading universities and several major, widely discussed
community construction projects. This in turn demands homes with high
standards, which makes Stångåstaden one of the most active operators.
We’re facing record levels of new construction. Not since the days of
the million project has so much building gone on.
54
THE PROPERTY MARKET TODAY
OPERATIONS
The growing city’s appeal is keeping pace with its expansion. Today,
Linköping is one of the biggest investor markets outside the big-cityregions. The municipality, commerce and the University work
closely together to create the right
conditions for building, living and
working in the region.
We monitor trends and market
needs carefully. We create fresh
opportunities through acquisition,
upgrades and new construction in
attractive locations. Energy and environmental issues also have priority in today’s homes.
Property market
developments
As an investment category, property
continues to attract large amounts
of capital. The market is dominated
by financially strong operators who
focus on relatively low risk investments such as prime properties in the
big cities, residential properties in
growth regions and properties with
long lease contracts, preferably within the public sector. Interest in industrial properties or properties in need
of development, is generally lower.
With a transaction volume of
around SEK 160 billion, 2014 was
a record year. Currently, the capital
market is characterized by good access to capital at low interest rates,
low vacancy rates and stable cash
flows. According to consultants DTZ,
the most active purchaser categories
during 2014 were listed and unlisted
property companies followed by
institutions and funds. The listed
property companies were also the
biggest net purchasers. As regards
nationality, Swedish operators continued to be overrepresented with
around 85 per cent of invested capital
“LINKÖPING HAS THE
RIGHT CONDITIONS FOR
PEOPLE TO BUILD, LIVE AND
WORK IN THE REGION.”
and around 80 per sent of the sales
volume.
Seen from the different property
sectors, residential sales with 27 per
cent of the capital took the greatest
share, followed by office space with
25 per cent. Together with the property markets outside the big-city
regions, Stockholm attracted most
capital during 2014. Stockholm
represented around 36 per cent of
the investment in volume and the
markets outside the big-city regions,
around 17 per cent. Skåne’s share was
around 8 per cent. Approximately
30 per cent of capital was invested
outside the big-city regions.
Widespread demand combined
with e.g. low interest rates are expected to result in the property market’s being regarded as a continued
attractive investment alternative during 2015. In the commercial premises
market, demand is chiefly for modern, versatile, environmentally sound
premises that use space efficiently and
are located close to communications.
Across the board, rents are anticipated
to remain stable during the year
ahead. The excellent demand is expected to lead to falling vacancy rates,
providing the opportunity for new
construction in many regional cities
and growth areas. However, with
the addition of modern premises
that use space efficiently, combined
with increasingly efficient locale
utilization, the risk of vacancies and
downward pressure on rent levels
will grow in the older holding.
The property market in Linköping
is ranked number seven nationwide
by consultants NAI Svefa. The company analyses and values the property
market in 24 places to create an index.
The index shows Linköping has
climbed up the list.
In the NAI Svefa property index,
Stockholm retains pole position for
investments on the Swedish property
market. After Stockholm, Gothenburg is in second place followed by
Uppsala. Linköping and Västerås
climbed most – two places each –
while Malmö and Växjö each dropped back two places. Sweden’s third
largest big-city region – Malmö –
does not appear until ninth position
in the NAI Svefa property index.
The biggest property transactions
in Linköping during 2014 included
Rikshem, which purchased a 2,400 sq
m senior living property from HSB.
Klövern bought 23,000 sq m of office
space (Sanktera – Idéskaparen 2 and
Idédebatten 1) from Ericsson in Mjärdevi, while Klövern sold an office
building in the city centre comprising
1,600 sq m commercial premises.
Our sale of Luftspanaren 1 should
also qualify here. 198 homes, purchaser HSB, underlying property
value, SEK 125 million.
THE PROPERTY MARKET TODAY
OPERATIONS
55
LINKÖPING
IN BRIEF
In 2013, Linköping achieved a growth target. The city passed
150,000 inhabitants and consolidated its position as Sweden’s fifth
largest municipality. Population growth has been strong ever since the
1950s and in the city has grown faster than the national average. In
2014, the population grew by 1,679 people to 151,881.
Close on 28,000 students, doctoral
candidates and research in many
fields, make Linköping one of Sweden’s leading university cities. Today,
more and more people remain in the
city on completion of their studies.
Close collaboration with business,
especially Mjärdevi Science Park,
and an extended range of homes
are a couple of explanations.
Statistics indicate that unemployment is comparable with the rest of
the country, while youth unemployment is lower.
One of the city’s strengths is its
well-functioning infrastructure. Its
location adjacent to the E4 motorway, good railway connections along
the Stockholm-Malmö main line,
and an airport that is a gateway for
travel throughout the world are a
few examples.
Today, Linköping has a total of
around 74,000 homes, distributed
as shown in the graphic below.
In other words, Linköping has
significantly more rental apartments
and somewhat more housing cooperatives than the nation in general,
while there are fewer small houses,
i.e. owner-occupied homes.
LINKÖPING SWEDEN
Small houses33%44.3%
Rental apartments
Co-op
apartments 56
LINKÖPING IN BRIEF
OPERATIONS
43%33.4%
24%22.3%
The rental market
in Linköping
The demand for rental apartments
keeps pace with population growth.
It’s important that the city is also able
to offer variation in its housing
choices, as Linköping’s appeal is
closely linked to the availability of
homes.
Stångåstaden is Linköping’s biggest
landlord and around 25 per cent of the
city’s 152,000 inhabitants are our tenants. Other landlords include Botrygg,
HSB, Lindstens, Mannersons, Victoria
Park, Willhem and Riksbyggen.
“IT’S IMPORTANT THAT THE CITY
IS ALSO ABLE TO OFFER
VARIATION IN ITS
HOUSING CHOICES.”
Future homes construction
The municipality’s extensive plans
for urban development and housing
construction involved an increase in
activity during 2014. Ground was
broken for several major projects
and many others are in the planning
and procurement phases. One of the
most widely discussed is Vallastaden
with plans for around 1,200 new
homes, of which approximately
600 are in the first phrase.
During 2014, the Övre Vasastaden
project with around 900 apartments
picked up speed. In Folkets Park, HSB
Östergötland and Stångåstaden are
building 300–400 new apartments
in the beautiful, historical park surroundings. The Östra Valla and
Wahlbecks Företagspark city districts are undergoing major changes.
By 2022, the area will be transformed
into a unique, modern city district
with 500–600 new apartments and
around 20,000 sq m of business floorspace. Because of the decision to go
ahead with the high-speed Ostlänken
rail link, planning is under way for a
new travel centre with an entirely new
adjacent city district – Stångebro. In
addition to this project, a number of
smaller housing projects are running
in parallel ready for occupation in the
next few years. According to calculations, Linköping must build around
1,000 homes every year to meet the
ever-increasing demand. In 2014, 725
(745) homes were completed (both
small houses and apartment buildings). Of these, Stångåstaden stood
for around 17 per cent.
LINKÖPING IN BRIEF
OPERATIONS
57
LINKÖPING’S
LEADING OPERATOR
Stångåstaden has a clear assignment from its owner, Linköping municipality.
We must provide a wide choice of value-for-money homes based on the different
needs and circumstances of our inhabitants. We will achieve this by taking care of
and developing the existing property holding through cost-effective property
management. We will also increase new construction that arouses both regional
and national interest. In this way, Stångåstaden will contribute to Linköping’s
competitiveness and continued development.
We are currently working strategically to distribute our holding right
across the city. We have defined
category A, B and C locations and
identified where the company has
its strengths and weaknesses. Today,
efforts to increase the number of
properties in what will in future be
regarded as inner city areas, have
the highest priority. This is taking
place through a number of city projects like Övre Vasastaden, Eddan
and at the intersection of Västanågatan – Västra Vägen.
When we build properties in
central locations, there is often a requirement and an express condition
to create attractive office and retail
space on the bottom floor. Both
the Alnen and Eddan projects will
be characterized by a high concentration of commercial space on the
bottom floor. Category A, B and
C locations in the municipality are
defined based on demand, vacancy
rates and yields. Category A locations are the most sought-after in
the market, with lower risk and
yield requirements.
The Kungsgatan area is one of
the city’s category A locations.
“WE’RE CURRENTLY
WORKING
STRATEGICALLY TO
DISTRIBUTE OUR
HOLDING RIGHT
ACROSS THE CITY.”
58
PROPERTIES AND LOCATIONS
OPERATIONS
Classification is influenced by:
• Proximity to service with retail stores of various types
• Immediate surroundings where security is a crucial factor
• Proximity to communication
• Proximity to daycare, schools and healthcare
A BC
Category A locations are
characterized by:
Category B locations are
characterized by:
Category C locations are
characterized by:
• Comparatively high rent levels
• Location not a decisive factor for rents
• Location is not a decisive factor for rents
• The vacancy rate may be some-
what higher than for Category A
• Higher risk of vacancies
• The required yield is some-what higher than for Category A
• Often farther away from service and communications
• Very low vacancy rates – close to zero per cent
• The lowest required yields
• The area is often adjacent to a Category A location
• Higher required yields
OPERATIONS
59
Property holding and market value
Number of
apartments
Proportion of Market value
apartments
Share of
market value
Floorspace
Share of
floorspace
Consolidated total
A
1,647
9%
2,431,400
17%
147,487
12%
B
6,253
34%
5,550,800
38%
423,713
34%
C
10,555
57%
6,732,200
46%
675,248
54%
18,455
100%
14,714,400
100%
1,246,448
100%
A
1,497
27%
2,213,400
37%
134,113
32%
B
3,890
70%
3,690,000
61%
277,114
66%
C
141
3%
130,500
2%
11,715
3%
5,528
100%
6,033,900
100%
422,942
100%
City
South
A
150
4%
166,000
5%
13,111
4%
B
898
23%
757,700
23%
61,262
21%
C
2,920
74%
2,394,800
72%
222,440
75%
3,968
100%
3,318,500
100%
296,813
100%
West
B
332
7%
255,000
8%
20,539
5%
C
4,370
93%
2,953,500
92%
354,017
95%
4,702
100%
3,208,500
100%
374,556
100%
26%
B
1,098
26%
597,000
32%
31,194
C
3,124
74%
1,253,400
68%
87,076
74%
4,222
100%
1,850,400
100%
118,270
100%
5000
9%
263
1%
35
100%
48,100
91%
26,513
99%
35
100%
53,100
91%
26,776
100%
Bryggaregården AB
A
B
TGS Fastigheter NR3 AB and Eddan i Linköping AB
60
A
–
–
47,000
19%
–
–
B
–
–
203,000
81%
7,091
100%
–
–
250,000
100%
7,091
100%
OUR PROPERTIES
PROPERTY
VALUATION
Market valuation
The valuation comprises all investment properties as of year-end 2014.
The property holding comprised 396
properties. All of the properties held
at year-end 2014 were valued.
On behalf of Stångåstaden, Widehov Konsult AB carried out an independent external market valuation of
the entire property portfolio with
the valuation date of 31 December
2014. The evaluation performed
did not include the value of projects
in progress or development rights
according to current plans. The purpose of the evaluation was to estimate
the market values of the respective
properties. The market values are
in turn used to report changes in
value, yield from the holding and
to determine any need to recognize
impairments. A property’s market
value refers to the most likely price in
a sale on a free and open property
market at a given point in time.
Valuation data
Stångåstaden was responsible for
current property-specific data such
as floorspace, invoiced rents, vacancies, rent discounts, property
taxation information and other
current operations and maintenance
expenses. Because no visual property inspections were performed, a
general estimation was made of the
market rents for the commercial
premises. Moreover, Linköping’s
property market, the region’s base
economy and the circumstances and
locations of the properties in their
respective market segments, were
analysed in general terms.
Valuation model
The valuations were carried out at
object level. The valuations were
carried out with recognized valuation
models generally accepted by the
market. In all material respects, the
method follows Svenskt Fastighetsindex (Swedish property index)
instructions and guidelines from
November 2007. The valuations
were carried out partly based on a
regional price model and partly on
a current value model. The current
value model, also known as the yield
method, can be seen as a generic term
for methods that analyse market
PROPERTIES IN THE
PROPERTY HOLDING
PROPERTY VALUATION
OPERATIONS
61
expectations for the valuation objects
concerned by simulating their calculated future revenues and expenses.
General and objectspecific assumptions
Each property was classified based
on its location, age, standard and
condition. Actual operating and
maintenance expenses were adjusted to a level considered consistent with market conditions. Current rent levels for the properties
concerned were adjusted over time
for known changes with regard to
rent negotiations, the de-escalation
of discounts and so forth. Furthermore, each property was allocated
a normal, long-term occupancy rate
62
PROPERTY VALUATION
OPERATIONS
known as normalization.
• Calculation periods covering five or ten years.
• Long-term inflation is presumed to be 2.0 per cent.
• Normal-case rent trends are pre
sumed to reflect inflation.
• Normal-case operating cost in
creases are presumed to reflect inflation.
• Required yields (surplus value calculations) for the properties included are assumed to be between 3.75 and 8.75 per cent.
• The cost of capital, which was calculated or estimated, varies
between around 5.7 and 10.7 per cent depending on e.g. area and property-specific risk.
Uncertainty
The method was somewhat general.
This means the property-specific
value assessments include a higher
uncertainty than is the case with
more conventional property-specific
valuations such as those prior to a
credit check. The degree of uncertainty in respect of access to market
values can be said to correspond to
around +/– 10 per cent. The degree
of uncertainty in regard to market
value of the total property portfolio
may however be said to be somewhat
lower as it can be assumed that the
deviations offset each other.
Value trend
Change in value
When assessing changes in value,
both acquisitions and sales must
be taken into account. Influencing
factors that arose during the year
included property value increases,
property purchases and sales and
investments in new construction,
reconstruction and extensions. The
total estimated value of Stångåstaden’s properties on 31 December
2014 was SEK 14,714 million, an
increase of 7.1 per cent.
After adjustments for investments in projects totalling SEK
493 million, and capital gains from
sales of SEK 101 million, an increase
of SEK 658 million remains. The
increase in value is mainly attributable to a rise in the value of house
prices and an agreement with the
Swedish Union of Tenants regarding rent rises in 2014.
Required rates of return for properties
Area
Residential, %
Commercial, %
Category A
3.75 - 4.25
6.25 - 7.50
Category B
4.25 - 6.00
5.25 - 8.75
Category C
4.75 - 6.25
6.50 - 8.75
Value trend for the entire property holding (including investments and increases in market value)
Year
Market value, SEK million
Change, %
SEK/sq m
Change, %
2009
10,748
4.5%
8,891
3.5%
2010
11,542
6.9%
9,492
6.3%
2011
12,230
5.6%
9,750
2.7%
2012
12,908
5.2%
10,330
5.9%
2013
13,664
5.5%
10,979
6.3%
2014
14,714
7.1%
11,805
7.0%
Change in value
Change in market value during 2014
Estimated market value, 31 Dec 2013
Investments in cons., ext. and renovations
Property sales
Property purchases
Unrealized increase in value
Estimated market value, 31 Dec 2014
13,664
493
- 101
658
14,714
PROPERTY VALUATION
OPERATIONS
63
Market value
Assessed market value
The market value for the entire
holding, assessed as the sum of the
individual objects’ market values,
was estimated in the valuation to a
total of SEK 14,714,400,000.
Yield is calculated by measuring the
operating surplus in relation to the
property’s market value. Only properties held at year-end were included
in the compilation.
Yield
Total return
A number of assumptions are made
in order to calculate market value;
refer to the section on general and
object-specific assumptions on
pages 61–62. Because this input
data may vary, market value is affected accordingly. If the required
yield is reduced, the market value
rises and vice versa.
Total return for Stångåstaden in 2014
amounted to 10.4 (8.3) per cent.
Total yield for properties is the
sum of the yield on actual market
value and changes in value for the
year. Note that investments include
changes in value.
Total return – including investments
Location
Yield calculated
by market value
Change in value
Total return
A
3.2%
6.3%
9.5%
B
3.1%
6.2%
9.3%
C
3.6%
8.2%
11.8%
Total
3.3%
7.1%
10.4%
Surplus value
Location
Rental income
Operating
surplus
Book value
Market value
Surplus value
A
163,877
77,105
885,860
2,428,759
1,541,708
B
449,824
169,691
2,072,850
5,560,753
3,486,340
C
704,643
243,929
2,684,943
6,724,888
4,042,697
1,318,344
490,725
5,643,654
14,714,400
9,070,746
Total
64
PROPERTY VALUATION
OPERATIONS
Book value
Surplus value
The book value of investment properties is SEK 5,643 million (5,199).
The need for impairments are determined based on the market valuation performed. No properties were
deemed to have a market value lower
than the book value, which would
otherwise have led to an impairment.
The book value of properties of
SEK 5,643 corresponds to 38 per
cent of the estimated market value.
Surplus value is calculated as the
difference between estimated market value and book value. During
2014, surplus value rose as a result
of the market value that increased
by approximately 6.7 per cent to
SEK 9,071 million (8,465).
Tax assessment
value
The tax assessment value for the
entire holding amounted to SEK
11,899 million (11,765) at year-end,
equivalent to SEK 954 per sq m.
At year-end, the total tax assessment
value was equivalent to 81 per cent
(86) of the assessed market value of
properties.
PROPERTY VALUATION
OPERATIONS
65
FOCUS ON NEW
CONSTRUCTION
The many projects in progress made 2014 an intensive year. We currently
have 266 homes in production and around 2,000 at the planning stage. One
of the reasons behind the increased rate is that several appealed zoning plans
now have the OK for construction to start. This applies to e.g. Övre Vasastaden,
Majelden and the Irrblosset student accommodation in Valla. The ever-higher
construction rate places increased demands on the entire organization.
Producing homes is a long process
with several different stages. Design
and project planning leads to zoning plans which must be approved
before it’s time for procurement and
turning the first sod. It has become
all the more common to appeal zoning plans, which delays many of the
municipality’s projects substantially,
and the picture is the same nationwide.
Stångåstaden’s Property Unit
focuses on three main areas; new
construction, maintenance and the
reduction of energy consumption
in the holding. Our owner directive
states that Stångåstaden must build
homes at a rate that keeps pace with
Linköping’s growth. And because
demand for homes is constantly
increasing, new construction has
the highest priority. The objective
is to invest in attractive locations.
During 2014, we invested SEK 870
million in our properties, through
new construction, maintenance and
reconstruction. Stångåstaden’s new
construction is characterized by comprehensive green thinking. Among
other things, we have a long-term
energy efficiency improvement goal
of reducing purchased energy by 25
per cent by 2025. As part of these
efforts we have decided that our
newly produced properties may consume no more than 63 KWh/ per sq m
per year. This is 30 per cent below the
“OUR OWNER DIRECTIVE STATES
THAT STÅNGÅSTADEN MUST BUILD
HOMES TO KEEP PACE WITH
LINKÖPING’S GROWTH.”
66
FOCUS ON NEW CONSTRUCTION
OPERATIONS
requirement mandated by the National Board of Housing, Building and
Planning for newly built properties.
Inauguration of new homes
In 2014, new construction resulted
in a number of completed properties.
In all, 123 (163) new homes were
added and 206 (79) were renovated.
The inauguration of new projects
were some of the year’s high points.
We arranged eye-catching events and
open houses to generate interest
around home-building, rental apartments and the company’s role in the
city. The following new constructions
were completed during the year:
Vingården, Södra Ekkällan
In Södra Ekkällan, close to the city
and the natural beauty of oak-strewn
Tinnerö, we have erected 115 homes,
of which 35 small apartments, 52
apartments in more traditional sizes
and 28 apartments for our Advantage
55+ concept. The much-appreciated
project became fully occupied in
2014. Sustainability characterizes
everything inVingården, which resulted in e.g. the company’s first investment in solar energy in a newly
built property. The solar cells installed will provide an annual production of around 60,000 kWh.
Student accommodation, Ryd
Because the Irrblosset project was
still under appeal at the beginning
of 2014, we discussed how the increasing demand for student homes
could be met. A decision was taken
to erect 25 new homes in an underused car park next to Ryds Allé.
A new law came into force in 2014
that now allows time-limited planning permission for up to 15 years.
The entire process was dealt with in
record time and in the beginning of
December the first students moved in
to the prefabricated modular buildings and its 25 sq m apartments.
Åkervindan, Lambohov
Another unusually quick project
was the Åkervindan Quarter in
Lambohov, where ground was broken at the end of 2013 and the first
tenant moved in on 9 December
2014. Åkervindan consists of one
and two-bedroom homes, in all 64
homes divided among four buildings.
The buildings are of so-called Kombohus type, a concept initiated and procured by SABO, our industry association. Kombohus buildings are highly
prefabricated with a clearly defined
construction and procurement process. Therefore construction is significantly faster than usual and more
cost-effective than more conventional
projects. We calculate that we shortened construction time at Åkervindan
by almost six months and that we
reduced overall production costs by
around 20 per cent.
Disposals and investments
During the year, Stångåstaden and
HSB Östergötland carried out a
barter transaction. Stångåstaden sold
the property Luftspanaren 1 in west
Berga, with a total of 198 homes to
HSB. At the same time, we purchased
homes in Övre Vasastaden, including
in the Agraffen Quarter, a property we
previously owned jointly and equally
with HSB Östergötland. Today,
Agraffen is a commercial property
that houses the Priso grocery store.
Yet another interesting acquisition
was carried out in the summer of 2014.
The disused prison in Roxtuna, along
the shores of Lake Roxen just north
of Linköping, was acquired from
Specialfastigheter AB. In all, the transaction covers 28 hectares of development land in an extremely attractive,
lakeside location. This is a long-term
investment, where construction can
be contemplated in 5–10 years. In a
first phase, infrastructure to the area
must be improved before the next
phase can begin.
Negotiations are currently being
held with Linköping municipality on
the acquisition of building land on
Tröskaregatan in Lambohov. Stångåstaden already owns the neighbouring property and we would now like
to purchase additional land. This will
provide the ability to build a further
3,000 sq m, which amounts to around
50 homes. The project is similar to the
one built during the year in Östra
Lambohov, but will probably involve
Kombo mini, i.e. studios and onebedroom flats. Because SABO takes
care of procurement and the product
is already defined, the process proceeds quickly and production is
anticipated to start late 2015.
FOCUS ON NEW CONSTRUCTION
OPERATIONS
67
PROJECTS PLANNED
AND IN PROGRESS
Stångåstaden aims to build 2,000 new homes per year in the next
few years. Our new construction level is extremely high. Not since
the million programme’s far-reaching initiatives has so much been
invested on this scale. Long-term planning covers around 2,000
new apartments, equivalent to around SEK 5 billion.
Harvestad IN PROGRESS
The first sod has been turned in growing Harvestad, in the southern parts
of Linköping. It’s an attractive area
with a rural atmosphere close to nature and Landeryd’s golf course. It’s
also conveniently close to the city and
the services in the centre of Ekholmen.
Stångåstaden will also build Lyckan,
which is phase 2 in Harvestad. It
comprises 3 three-story apartment
buildings with 1, 2 and 3-bedroom
apartments.
Type of home: Rental apartments
Number of homes: 48
Type of home: Rental, terraced
Construction start: 2015
or semi-detached
Planned first occupation:
Number of homes: 33
Summer 2016
Construction: In progress
Planned first occupation: June 2015
Folkets Park IN PROGRESS
Stångåstaden is building rental homes
in historic Folkets Park; 28 of the
homes will be sheltered accommodation for tenants over 70 years of
age. The homes range from studios
to 2-bedroom apartments with communal spaces for gatherings and recreation. In addition, we’re building a
care home for Linköping municipality
on the property.
68
PROJECTS PLANNED AND IN PROGRESS
OPERATIONS
Type of home: Rental – regular
apartments, sheltered accommodation
and care homes
Number of homes: 28 sheltered
accommodation homes, 29 regular
rental apartments and 8 care homes
Construction: In progress
Planned first occupation: Autumn 2015
Vallastaden PLANNED CONSTRUCTION START 2015
Renowned Vallastaden – a completely
new, innovative city district in Linköping – will feature in a homes and
community expo during 2017. The
Expo will be open for six weeks for
visits by the general public, the press,
politicians and other interest groups.
The vision of a new way of building
and living with social sustainability
as a lifestyle will become reality here.
By building densely with natural
meeting places in the form of squares,
greenhouses and community locales
– known as a Felleshus – will inspire
people to socialize. Several operators
are building in close collaboration
with e.g. the municipality, Linköping
University and commerce.
On the first plot, known here as
allotments, Stångåstaden will build
two properties designed by two different architects. We are currently
planning to erect six-story buildings
with relatively small apartments
that will use space efficiently. The
first property will be what’s known
as an energy-plus building, which
means it generates more energy than
it uses. Four terraced houses are
planned for the second allotment
when we focus on the exterior with
various exciting façade materials,
and on the interior with different
furnishing concepts. We will be run-
ning the project together with NCC
in a joint venture.
Type of home: Rental homes, of which
one house is an energy-plus building
Number of homes: 38
Construction start: Spring 2015
Planned first occupation: Late 2016
Vallastaden Torget PLANNED CONSTRUCTION START 2015
Together with Sankt Kors Fastighets
AB, Stångåstaden is planning to build
a complete city block containing both
offices, student accommodation and
regular apartments. The block is in an
extremely attractive location where
Corson and Vallastaden’s new square
meet. Some of the student homes will
be built as a large collective based on
new ideas submitted by architectural
students. The ideas stem from an
architectural competition under Stu-
dentbostäder’s auspices where the
winning entry now has the opportunity of becoming reality. See page 46.
Type of home: Student accommodation
and regular apartments
Number of homes: Around 220, of
which 180 are student apartments (plus
2,000 sq m commercial)
Construction start: Second half of 2015
Planned first occupation: Spring 2017
Majelden PLANNED CONSTRUCTION START 2015
Majelden, one of the central Linköping districts, is a residential area
established in the 1940s. We’re starting construction on new sites – two
5-storey town houses and a 14-storey
high-rise. There will also be a preschool for around 50 children. Procurement is planned for completion
in February 2015 with construction
starting in the spring of the same year.
Type of home: Rental
Number of homes: Stage 1 – 28
homes. Stage 2 – 45 homes.
Planned first occupation: 2016
OPERATIONS
69
Övre Vasastaden, Alnen PLANNED CONSTRUCTION START 2015
A completely new urban district
of inner-city blocks with 4 and 6
storey buildings is being created
in Övre Vasastaden between Slöjdgatan and Industrigatan. The apartments, predominantly 1, 2 and 3bedroom flats, will be light and airy
and use space efficiently. In addition
to apartments, the buildings also
house extremely attractive commercial premises and retail stores.
Number of homes: 145
Construction start: Summer, 2015
Planned first occupation: Preliminary
2017
Valla Irrblosset PLANNED CONSTRUCTION START 2015
In 2014, the construction of more
student homes in the Irrblosset
Quarter, whose zoning plans were
previously appealed, was given the
OK for construction start. There are
plans for three main buildings of 4
to 6 storeys which will house more
than 200 new homes. When it is
completed, the Irrblosset quarter
will provide accommodation for
almost 1,200 students.
Type of home: Student apartments
Number of homes: Approx 200
Construction start: Summer, 2015
Linghem PLANNED CONSTRUCTION START 2015
In the Linghem community, just
outside of Linköping, there are 15
terraced houses built in the early
1960s. Because the need to renovate
the terraces has proved to be so extensive, Stångåstaden has decided to
demolish them and build new houses
instead. The location is extremely
good in the central part of Linghem,
around 300 meters from the railway
station. We have also applied for
planning permission and planned for
Kombohus in this case. A new terrace
of five homes will also be erected.
70
OPERATIONS
Type of home: 24 apartments +
5 terraced apartments
Number of homes: 29
Östra Valla – Nya Wahlbecks
PLANNED CONSTRUCTION START 2016
Plans for a new city district in east
Valla – which goes under the name
of Nya Wahlbecks – are beginning
to take shape. The city district will
be characterized by sustainability
from financial, social and ecological
perspectives, with sustainable transportation, integrated energy system
solutions and recycling philosophy.
Stångåstaden is planning to build a
large number of homes in collaboration with several other market operators. In all, it will be possible to
Impression of the future
Nya Walhbecks by Arrow.
create around 500–600 new homes
and a further 20,000 square meters
of commercial space. The objective
is to build a city district amenable to
both living and working. In the first
phase we are producing a zoning
plan for around 220 homes.
Number of homes: Currently at zoning
plan stage for approx 220
Construction start: Preliminary 2016
Eddan PLANNED CONSTRUCTION START 2016
Stångåstaden is planning to build
rental homes with a large number of
underground parking spaces on the
existing carpark in Eddan, on the
intersection of Drottninggatan and
Djurgårdsgatan. The objective is to
create a wide choice of apartments –
everything from studios to 4-bedroom apartments, all with better
than average standard. Because the
centre city location is unique, the
bottom floors will be predominantly
attractive commercial premises. We
truly have a chance to build the city.
Vasastaden, Agraffen PLANNED CONSTRUCTION START 2016
Further homes are planned for Vasastaden. The Agraffen building will
be erected on the land where the
Priso grocery store is today – on
the intersection of Järnvägsgatan,
Sveagatan and Östgötagatan. Plans
are for the property to include three
blocks, which will vary between four
and ten stories, and a large number
of underground parking spaces.
Construction start: Preliminary 2016
OPERATIONS
71
MAJOR
RECONSTRUCTION
INITIATIVE
Reconstructions are an important part of the company’s
endeavours to achieve sustainable living. The reconstruction
rate increased markedly during 2014.
Stångåstaden’s goal is to upgrade
300–500 homes per year, and in
2014 the result was 206 (79). We are
currently focusing primarily on properties built during the 1950s and
1960s. Several areas are affected
and the measures mainly concern
replacing plumbing stacks, remodelling kitchens and bathrooms and
the renovation of façades. We have
also installed HRV – heat recovery
ventilation – in some buildings where
technically possible for better comfort
and environmental performance.
Övre Vasastaden and Majelden are
two of the city districts where major
projects were carried out during the
year. One of the next in line is Åbylund. Any radon decontamination
that may be necessary is carried out
in connection with the renovations.
The objective is compliance with
national guidelines, when no properties may have values that exceed
200 Bq/m3 by 2020.
The company’s energy target, to
reduce the proportion of purchased
72
RECONSTRUCTION
OPERATIONS
energy by 25 per cent by 2025, is
always included in project planning.
Before reconstruction, all measures
are assessed from an energy-saving
standpoint.
Maintenance for the year amounted to around SEK 370 million (350).
Insurance claims covering fire and
water totalled SEK 28 million (35).
New forms of collaboration
The Property Department includes
a group called Property Upgrades
comprising 12 employees of whom
two were recruited in the beginning
of 2015 – one HVAC engineer and
one project manager. Part of their
work includes finding new collaborative partners and solutions
that move work and developments
forward. During the year we tried
a different concept in one of our
projects. The reconstruction of
Isafjördursgatan was carried out
in a partnering project, where we
found the right solution at the best
quality and price together with the
contractor. This provides transparency and a long-term view, which
turned out very well. Accordingly,
the Evastigen project in Ljungsbro
will be carried out during 2015
using the same concept.
Appreciated service
Reconstruction is a process that involves many parties. Because we
have a reconstruction coordinator
today, the work is made easier and
communication without tenants has
improved considerably.
Once reconstruction is completed,
around half of our vacated tenants
move back to their previous homes.
Surveys show that they are extremely
satisfied with the improvements to
standards that reconstruction brings.
One of Stångåstaden’s priority areas
during 2014 was the follow-up of
our contractors for such services as
painting and technical maintenance
in order to ensure quality.
Föreningsgatan 27, 29, 31
Number of homes 54
Energy measure
Start2012
Finish2014
Isafjördursgatan 4 A–C
Tönsbergsgatan 4 A–D
Prästbolsgatan 1
Number of homes
Energy measure 84 of which 18
Number of homes 21
new basement and loft apartments
Start
Energy measure
Finish2015
2014 Start2013
Finish2015
Ödegårdsgatan 13–35
Djurgårdsgatan 77
Barnhemsgatan 6 A
Number of homes Number of homes Number of homes 107
Energy measure Start
2012 Finish2015
21
Energy measure Energy measure
Start
Start 2014 Finish2014
12
2014 Finish2014
Examples of energy-saving measures
A = HRV ventilation
B = Supplementary insulation, walls
C = Supplementary insulation, loft
D = New windows
E = Supplementary sealed glazing
unit, internal and complete replacement
of bathroom windows
F = Exhaust air heat pump
RECONSTRUCTION
OPERATIONS
73
PROPERTY HOLDING
At year-end, AB Stångåstaden and its subsidiaries owned 396 (394) properties,
of which Stångåstaden 370, Studentbostäder 20, Bryggaregården 5 and TGS3
one property. At the same point in time, the total lettable area was 1,246,449 sq m
(1,244,510), of which 1,122,602 sq m were homes.
Operating and
maintenance expenses
Operating and maintenance refers
to the expenses required to keep
properties in a functional condition.
In addition to expenses for property
tax, insurance and fire and water
damage, expenses are divided into
utilities, caretaking, repairs and
maintenance. Of these expense items,
maintenance and utilities are the
largest. When analysing these expenses, we use the KPI Expenses per sq m
let area to provide comparable values
from year-to-year, as the floor space
Charming quarter in south Vasastaden.
74
PROPERTY HOLDING
OPERATIONS
in the property holding varies.
The introduction of the new K3
accounting regulations affect maintenance and reconstruction expenses
and makes it difficult to draw comparisons with previous years. A major
proportion of maintenance and reconstruction expenses will be recognized in the balance sheet instead of
being expensed.
Utilities
Utilities refers to expenses for district
heating, district cooling, property
electricity, water and refuse collection.
The biggest utility item is district
heating, which in 2014 total to SEK
134 million, which was SEK 13 million lower than 2013. Measures for
improving energy efficiency, mild
winters and an unusually warm autumn, are some of the explanations.
District heating fell during the year
by 20.6 GWh or 9.9 per cent (actual
consumption, not annualized on a
degree-day basis) in the Group. The
second-biggest utility item, property
and electricity, amounted to SEK 44.1
million. Compared to 2013, the electricity trading price fell. Moreover,
Operating expenses and maintenance expenses
Operating expenses and maintenance expenses
Group
Utilities
SEK
2014
thousand SEK/sq m
249,436
200
248,227
199
238,215
76,921
62
71,617
57
72,855
58
Repairs
62,266
50
61,253
49
60,319
48
Utilities
191
314,000
251
344,755
276
308,477
248
702,623
562
725,852
582
679,866
546
183
210,661
190
210,008
190
201,311
Caretaking
66,400
60
61,338
56
59,594
54
Repairs
54,494
49
53,478
48
52,334
48
Maintenance
Studentbostäder
SEK
2013
thousand SEK/sq m
Caretaking
Maintenance
Stångåstaden
SEK
2012
thousand SEK/sq m
Utilities
279,108
252
303,667
275
271,494
247
610,663
552
628,491
569
584,733
533
270
34,837
298
34,152
291
31,875
Caretaking
8,928
76
8,482
72
10,455
89
Repairs
6,678
57
6,629
56
6,618
56
Maintenance
30,585
262
37,808
322
33,979
288
81,028
694
87,071
741
82,927
703
108
Utilities, expenses
Group
147,473
118
147,308
118
134,444
Electricity
Heating
46,344
37
43,845
35
44,135
35
Water
33,801
27
34,530
28
36,535
29
Refuse collection
Stångåstaden
Heating
17
22,544
18
23,101
19
200
248,227
199
238,215
191
106
129,281
117
128,991
117
116,772
Electricity
32,434
29
30,752
28
31,554
29
Water
29,629
27
30,335
27
32,523
30
Refuse collection
Studentbostäder
21,818
249,436
19,316
17
19,930
18
20,462
19
210,660
190
210,008
190
201,311
183
125
Heating
16,165
138
16,219
138
14,698
Electricity
12,433
106
11,587
99
11,075
94
3,807
33
3,810
32
3,544
30
Water
Refuse collection
2,432
21
2,536
22
2,558
22
34,837
298
34,152
291
31,875
270
234,171
187
262,847
211
220,469
177
79,829
64
81,908
66
88,008
71
314,000
251
344,755
276
308,477
248
201,706
182
225,720
204
188,291
172
77,402
70
77,947
71
83,203
75
279,108
252
303,667
275
271,494
247
28,188
241
33,916
289
29,101
247
2,397
21
3,892
33
4,878
41
30,585
262
37,808
322
33,979
288
Maintenance expenses
Group
Planned maintenance
Scheduled/running maintenance
Stångåstaden
Planned maintenance
Studentbostäder
Planned maintenance
The consolidated accounts include operations and maintenance expenses for Bryggaregården and TGS.
Note that the 2012 and 2013 figures are not restated to K3.
PROPERTY HOLDING
OPERATIONS
75
electricity consumption within the
Group fell by 4.2 per cent, equivalent to 1.3 GWh. This is explained
by the electricity conservation measures taken in the holding. Among
the things we focused on during
2014 was the replacement of all
mercury luminaires to LED.
Domestic electricity is included in
the rent in student accommodation.
This means that expenses for property
electricity per sq m are significantly
higher than those of Stångåstaden,
where almost all tenants have their
own electricity account. Utility costs
per sq m lettable area are also generally higher for Studentbostäder
than for Stångåstaden. This is explained by the lettable living area’s
being smaller in relation to the total
building area. A major part of Studentbostäder’s holding consist of
corridor rooms with large communal
areas in the form of a kitchen and
living room,and communal areas
are not counted as lettable area. Studentbostäder is running a number of
energy conservation projects such as
motion activated lighting, and supplementary loft insulation.
Caretaking
Caretaking refers to the expenses
of a recurring nature for the care
and maintenance of properties. It
includes expenses for external care,
technical care, indoor cleaning,
winter expenses, chimney sweeping
and measures arising from damage.
Overall, these expenses fell during
2014 by around SEK 1.2 million.
This is chiefly a result of the mild
winter. Other expenses remain
relatively stable over time, as they
are largely procured in framework
agreements at predetermined prices.
Repairs
An expense is considered a repair
if it is unforeseen and means that
Stångåstaden does not entirely replace the item concerned, but only
repairs it. These expenses are generated partly by the defect reports
received by customer services, and
also during apartment inspections.
During 2014, the company received 65,425 defect reports that
led to measures and affected repair
expenses. However, we succeeded in
reducing repair expenses by SEK 36
million during the year. The new repair contract that came into force in
2013 is one of the explanations.
Another is that work on orders
placed by customer services is constantly improved, and yet another
is the implementation of enhanced
invoice control.
Maintenance
Maintenance refers to the expenses
intended to return a building function to its original standard. Running and planned maintenance are
differentiated. Planned maintenance is carried out in the form of a
project and prioritized in advance,
while running maintenance is
largely controlled by each area manager. During the year we expended
a total of SEK 830 million in our
properties. Reconstruction and
maintenance recognized in the balance sheet amounted to SEK 257
million, while maintenance taken
up in the income statement totals
SEK 308 million. In addition, the
Group invested SEK 265 million in
new construction.
Impairment losses
During the year, the Group reversed
previous impairments in regard to
properties for a total of SEK 39.5
million. During the market valuation
of the properties it became apparent that the impairments were not
relevant and they were reversed so
that the book values are equal to or
lower the market values. Impairment
tests are carried out annually on each
registered property.
“IN ALL WE EXPENDED
SEK 830 MILLION
ON OUR PROPERTIES.”
76
PROPERTY HOLDING
OPERATIONS
Property holding
Residential floor space for 2014 is as follows, and also shown in relation to the floor space in the holding in December 2013.
Residential floor space
2012
2013
2014
Quantity
Floor space, sq m
Quantity
Floor space,
sq m
Quantity
Floor space,
sq m
14,465
1,019,542
14,304
1,012,934
14,198
1,094,312
4,175
113,078
4,197
113,772
4,222
118,270
Stångåstaden
Housing units
Studentbostäder
Housing units
Stångåstaden’s apartments range from studios to six-bedroom homes distributed as shown below
and where the average apartment has two bedrooms and a floor space of around 70 sq m.
Stångåstaden, number
Studio
1 bedroom
2 bedroom
3 bedroom
4 bedroom
5 bedroom
6 bedroom
Total
1,673
5,361
4,454
2,198
494
17
2
14,198
Student accommodation is predominantly corridor rooms and also a large proportion of studios.
The average floorspace is 28 sq m and for a corridor room, 20 sq m.
Student homes, number
Studio
1,641
1 bedroom 2 bedroom 3 bedroom 4 bedroom
375
140
1
8
Corridor room
Total
2,057
4,222
Premises, number
Quantity
Average sq m, commercial
Stångåstaden
Studentbostäder
1,312
54
68
72
The majority of the properties within the Group are in the city of Linköping, but there is a small proportion in outlying areas such as Linghem and Ljungsbro. In 20 of the buildings there is special accommodation and serviced
apartments or group homes. The 35 apartments owned by Bryggaregården also belong to the Group. The Group’s
premises also include 91 owned by Bryggaregården and one owned by TGS3.
PROPERTY HOLDING
OPERATIONS
77
Five-year comparison
Financial progress in summary. The five-year comparison has not been restated to K3 in respect of 2012, 2011 and 2010.
Group
2014
2013
2012
2011
2010
Net revenue
SEK million
1,346
1,297
1,259
1,239
1,203
Profit after financial items
SEK million
318
181
276
155
185
Balance sheet total
SEK million
6,349
5,887
5,632
5,325
5,156
-
145
145
136
141
134
Visible equity/assets ratio
%
43.5
42.7
42.3
41.6
41.1
Adjusted equity/assets ratio
%
76.8
76.5
76.2
75.6
74.7
Yield
%
3.3
3.5
3.1
3.3
3.3
Return on total capital
%
6.9
5.0
7.8
5.0
5.6
Return on adjusted equity
%
12.0
7.4
12.0
7.1
9.0
Average number of employees
FURTHER FINANCIAL INFORMATION
IS AVAILABLE IN PART 3, FINANCE.
PRODUCTION
Ariom Reklambyrå
PHOTO
David Einar and Stångåstaden
[email protected]
www.stangastaden.se
78
FIVE-YEAR COMPARISON
OPERATIONS
stangastaden.se
SUSTAINABILITY
13
CONTENTS
4
6
9
13
20
Environmental responsibility
CEO’s Statement
Sustainable development
Social responsibility
Financial sustainability
23 C
ustomer relations and
teamwork with stakeholders
29 HR and work environment
33 Definitions
9
6
Sustainable development
informs everything we do
25
23
Stångåstaden’s
communication channels
Social Responsibility
Customer relations and teamwork with stakeholders
VERKSAMHET
VERKSAMHET
Part 1 Operations
Part 3 Finance
CONTENTS
SUSTAINABILITY
3
“SUSTAINABILITY
WORK
STRENGTHENS
THE BRAND
AND CREATES
PROFITABILITY”
4
CEO’S STATEMENT
SUSTAINABILITY
CEO’S STATEMENT
Many companies understand the importance of working for sustainable
social development. This applies to
everything from major listed companies to SMEs. I think this positive
trend is because everyone realizes it’s
possible to combine good business
practice with social responsibility.
Such efforts strengthen the brand
and create both short-term and longterm profitability.
Stångåstaden has set its sights high
and aims to be a best-practice example
in the field of sustainability. For example, on the environment side we’ve set
pretty high energy conservation targets
and we take care of waste well.
In our procurements we’re careful
to ensure our contractors use good
products and good materials. Stångåstaden always tries to think in terms
of financial sustainability so that we
husband our resources and make sure
investments are profitable in the long
term. We also picked up the pace
significantly in social sustainability
matters in 2014 and we will deploy
extra resources to develop two major
city districts in the years ahead. The
company is making clearer social
demands in procurements, and more
of them. They not only help us boost
our residential areas, but also Linköping as a city.
Stångåstaden is a member of Eurhonet, a European collaboration between public and social housing
companies from Sweden, France,
Germany, Italy and the UK. Among
other things, we drew up the template
used in the sustainability report that
this annual report is based on. We
did so in order to make comparisons
and by learning from each other,
make improvements.
Fredrik Törnqvist
CEO, AB Stångåstaden
Company rundown
Unit
2012
2013
2014
Number of
apartments
18,675
18,536
18,420
Number
1,770
1,781
1,673
1 bedroom
5,538
5,391
5,361
2 bedrooms
4,478
4,459
4,454
3 bedrooms
2,176
2,166
2,198
<4 bedrooms
503
507
513
Seniors
14,500
14,339
14,198
Students
4,175
4,197
4,222
Other
-
-
-
SEK/sq m
982
1,008
1,027
Property holding (Parent Company and Studentbostäder)
Property holding by apartment size
Property holding by business area
Average rent
Company revenues
Studio
SEK million
1,082
1,116
1,153
Company employees
Number
121
137
138
Number of tenants (lease signers)*
Number
27,492
-
-
Proportion
3,814
-
-
Number of tenants (lease signers) over 65 yrs*
* Refers only to Stångåstaden
CEO’S STATEMENT
SUSTAINABILITY
5
SUSTAINABLE
DEVELOPMENT INFORMS
EVERYTHING WE DO
Successful sustainability efforts demand a shared big-picture approach in
which financial, social and environmental factors are crucial for performance.
Sustainable development forms an integral part of Stångåstaden’s business
plan, and during 2014 it was a Group-level focus area. The company’s
new vision and targets reflect a sustainable future.
One step ahead – Stångåstaden’s
new vision – describes developments
up until 2025 for Linköping, our customers and employees in terms of a
sustainable future.
Guiding principles
We must use our resources wisely
and efficiently. As a long-term, responsible operator, we do so as a
matter of course. Properties are
investments with abiding, enduring
values, and the company’s impact
on nature must be limited as far as
possible. Stångåstaden also aims
to improve living conditions and
well-being and enhance security for
our customers.
Sustainable development must characterize everything we do today and
tomorrow. It is a constant process in
which an awareness of resource management, finances, the environment
and society form a natural part of our
day-to-day work. Today, the organization enjoys great understanding and
a commitment to interweave these
aspects into our decision-making to
create a shared big-picture approach to
operations.
6
SUSTAINABLE DEVELOPMENT
SUSTAINABILITY
OUR VISION FOR 2025 – ONE STEP
AHEAD – FOR A SUSTAINABLE FUTURE
For many years, sustainability has characterized
everything Stångåstaden does and by 2025 we will
be a best-practice example among European
housing companies. Our programme, developed
in-house, for efficiency and constant improvement,
forms the basis for our sustainability work and we
invite customers and stakeholders from every city
district to play active parts in different ways. We help
each other to think and act climate-smart, and
through our joint efforts we create security in our
residential areas so that everyone, regardless of their
generation or culture, enjoys a sense of welcome
home. Stångåstaden stands for progress, long-term
thinking and sustainability. Today and tomorrow.
“STÅNGÅSTADEN SEEKS
TO BE A TRANSPARENT COMPANY THAT OPENLY ADDRESSES
AND DISCUSSES EVERY ISSUE,
BE IT POSITIVE OR NEGATIVE.
IT’S HOW WE SHOULDER OUR
RESPONSIBILITY TO THE FULL.”
THERESE FURHOFF, QUALITY MANAGER
Edifying, informative
exchanges
The European Housing Network,
Eurhonet, links more than 30 public
and social housing companies from
the UK, France, Italy, Sweden and
Germany. They all share a strong
desire to work for a sustainable
society. The network includes a
Swedish companies in Eurhonet:
Familjebostäder – Stockholm
Helsingborgshem – Helsingborg
Gavlegårdarna – Gävle
Mimer – Västerås
Hyresbostäder – Norrköping
Stångåstaden – Linköping
VätterHem – Jönköping
ÖrebroBostäder – Örebro
Bostadsbolaget – Göteborg
Uppsalahem – Uppsala
Botkyrkabyggen – Botkyrka
*SABO, Swedish Association
of Public Housing Companies is
an industry organization for around
300 companies.
number of different working groups
dealing with issues such as sustainability, social integration and energy.
What’s more, the Swedish companies
involved enjoy an even closer collaboration nationally where they address
issues of mutual interest.
Stångåstaden also works closely
with other public sector companies.
Under the SABO* framework, we
belong to a reference group in the
“For the Benefit of the Public Good”
project in which we discuss the social
responsibility companies bear. Publicsector housing companies see great
advantages in exchanging experiences
and learning from each other as we
encounter similar problems and opportunities in many areas.
CSR – an increasingly
important issue
Corporate Social Responsibility,
generally known as CSR, can also
be described as the social responsibility companies bear through their
operations and their impact on society in positive and negative terms.
Companies see a value in strengthening their relations with employees, customers and owners while
also increasing growth and profitability. CSR is about being dynamic,
credible and transparent in issues
that affect people, the environment
and society. And good, stable finances
allow investments in innovations for
a more sustainable society.
SUSTAINABILITY
7
The housing sector is facing growing
financial, social and environmental
challenges, something that is apparent
throughout Europe. Every housing
company must go on developing,
adapt or even change their operations to meet current and future
challenges. Publicly owned housing
companies have a special responsibility towards society as a whole.
As part of this development,
Stångåstaden participates in CSR
East Sweden, which can be described
as an overarching, inter-industry
CSR network in Östergötland county,
run by the Östergötland Chamber of
Commerce and in which different
companies participate to influence
future development. Its ambition
is to promote understanding about
sustainability issues in the region and
to learn from each other. Stångåstaden
is one of the network initiators, and
the company’s quality manager is also
a member of the steering committee.
CSR report
Stångåstaden has based its sustainability report on the template drawn
up by Eurhonet. The report model
has been adapted to suit our industry and has every chance of becoming the accepted reporting standard.
We have also signed a joint Code of
Conduct for housing companies in
Europe based on the following aspects:
financial responsibility, financial
sustainability, local social sustainability, environmental sustainability,
good business management, good
relationships with stakeholders and
a responsible workplace environment.
Upcoming challenges
If we are to succeed with the company’s sustainability efforts, all of
our employees must understand
8
SUSTAINABILITY
what sustainability involves and regard it as a natural part of everyday
life. The company and its employees
must take a joint a big picture approach – one that is supported by
our business model. This is how we
work at Stångåstaden, and as a step
toward achieving our ambition we
are planning a sustainability week
for everyone in the company during
the autumn of 2015.
One challenge is the attitude of
our tenants toward such things as
energy and waste. During 2015, we
will focus on waste, which is an important environmental factor. This
is where we can draw great benefit
from the valuable insights and ideas
our customer panel provides. We aim
to make it as easy as possible for our
tenants to live and act sustainably.
Another challenge is motivating all
of our employees to make conscious,
proactive decisions about sustainability on a day-to-day basis. This
might mean anything from major decisions concerning construction and
reconstruction, to everyday issues
like printouts and transportation.
We have made great strides in
working in a systematic, structured
way regarding the company’s social
responsibility. We analyse the current
situation and establish clear targets.
It’s important to be transparent and
responsive to the different conditions
and requirements that exist in our
residential areas. At the same time,
we endeavour to achieve internal
and external collaboration for greater
efficiency when it comes to prioritizing resources. Today, discussions
concern how Stångåstaden and other
public-sector housing companies
can set targets and monitor social
responsibility within SABO.
Stångåstaden is a committed,
dynamic company. Future challenges
include putting the organization’s
expertise and innovative ability to
good use. Because studying how other
industries approach innovation is
important, we actively participate in
a regional, inter-industry innovation
leader network to learn from others.
In Eurhonet, we work to assure
the quality of our accounting model.
Our operation, sustainability report
and the choice of indicators is reviewed and evaluated by external
sustainability auditors. It’s how we
make improvements and choosing
the right way ahead possible.
Joint focus on the
big picture
Social responsibility, environmental
issues and finances are the three fundamental parts of sustainability work
and sustainability reporting. The three
components depend on each other for
a successful outcome. We also include
ethical attitudes in our relationships
with the company’s stakeholders, employees and other parties. We report
Stångåstaden’s sustainability efforts
in the following sections:
1. Social Responsibility
2. Environmental responsibility
3. Financial sustainability
4. Customer relations and teamwork with stakeholders
5. HR and work environment
Each section includes a key indicator
that applies to Stångåstaden. Unless
expressly indicated, our subsidiaries
Studentbostäder and Bryggaregården
are not included, the reason being
that the comparison must be made between similar companies in Sweden
and within the Eurhonet network.
SOCIAL
RESPONSIBILITY
Stångåstaden’s work with social responsibility during 2014 had a
distinctly strategic focus. The objective was to get a big picture grasp
in which the entire company took part and posed fundamental what,
why and how questions; what should we as a company put our effort
into, why should we do so and how should we do it. While it’s ultimately a matter of responsibility for the supply of housing to our city
districts today and in the years ahead, it’s also a matter of adapting
the housing environment to suit customer needs and expectations.
SOCIAL RESPONSIBILITY
SUSTAINABILITY
9
“WE SEE A VALUE IN PUTTING TO USE
OUR TENANTS’ ABILITIES TO CREATE
POSSIBILITIES FOR AN EVEN DEEPER
SENSE OF COMMUNITY.”
Activities and dialogues are two of
the success factors needed to bring
about security and well-being. The
year was characterized by thorough
processes and a business plan that
raised our social responsibilities to a
new level by highlighting the importance of outward-looking, responsive work. This work is currently
prioritized in every city district and
residential area. We must meet our
customers on their home turf, create
strong relationships and aid commitment and progress.
Working together for security
and community
Stångåstaden has made great efforts
over the years to create relationships,
especially by our area managers.
Direct customer contact is important
to us. We see a value in putting to
use our tenants’ abilities to create
possibilities for an even deeper sense
of community. Thanks to this year’s
business plan, this has assumed even
greater importance and we will take
further strides and new initiatives to
enhancing awareness.
A topical example of a great company initiative is the Active Neighbours project in Lambohov – a voluntary initiative based on the commitment of residents to create a sense
10
SUSTAINABILITY
of community and a good living
environment. Here’s where people can
make a difference according to their
own abilities e.g. by shovelling snow,
raking leaves or planting shrubbery.
Stångåstaden also has a tradition of
supporting clubs and associations and
today we collaborate with around 40
organizations, mainly sporting but
also associations that engage in cultural pursuits and other activities of
benefit to society. This strengthens
the sense of community and makes
for more secure living in our areas.
Our ambition is to create popular
activities and pursuits which in turn
provide our tenants added value at
home, positive alternative pastimes
and meaningful leisure .
During 2014, our collaboration
with the different coordinating councils in e.g. Ryd, Berga and Skäggetorp continued. This is an important
information channel and a valuable
opportunity to increase understanding among all concerned.
the current situation and what we
should focus on to make progress.
Among other things, the study resulted in an organization that is closer
to customers in the area and makes
meeting our tenants on a day-to-day
basis easier. It also became clear that
we should prepare property development plans for the area and try to
help local young adults gain work
experience. The new organization
began operations in January 2015.
New property owner
association
The property owners’ association
Fastighetsägarna i Skäggetorp was
set up during the year. It’s a new association comprising Stångåstaden,
Willhem, Lejonfastigheter and Victoria Park. The association’s efforts
will concentrate on five principal areas
– security, living, work, training and
leisure. The association meets every
three weeks and initially the focus
was mainly on security-enhancing
measures for the area.
Better accessibility in
Skäggetorp
Youth involvement
We began 2014 with extensive work
on improving the living environment
in the Skäggetorp city district. During
the spring, we carried out a preliminary study to obtain a clear picture of
One of the first joint activities the
association carried out was an innovation day, in collaboration with
Skäggetorp’s school and FramtidsFrön, an association that works with
Filippa Jonsson, Lisa Appelqvist, Josefine Brandt, Liv Bossuyt and Märta Wolter
with the entry “The Most Important Meal of the Day” – the winners of the student competition aimed at marketing Stångåstaden’s common values internally.
Fredrik Törnqvist and Dietmar Mölk were also at the prize-giving.
entrepreneurship in schools with
support from the Swedish National
Agency for Education. The day was
part of the innovation week held
in Linköping. Seventh grade pupils
got to work for a full day in Tornet
making various proposals on how
to make Skäggetorp an even more
fun place to live in. Everyone had a
chance to present their ideas to representatives from Stångåstaden and
the other property owners. What’s
more, one group that focused on a
new multi-purpose activity centre, had
the opportunity to meet the working
group concerned from Linköping’s
City Hall and talk about their proposals. The work provided the pupils
with valuable insights into, and an
understanding of, the democratic
processes in the community.
Continued initiatives in Ryd
A preliminary study is planned for
Ryd, similar to the one in Skäggetorp.
It is important to carry out a fundamental survey of the area’s requirements and conditions before new
actions are taken.
During the summer, the Rydshuset
meeting place was inaugurated, where
Stångåstaden subsidizes a premises
in the Centrumhuset building. It
began as an association, but today
Linköping municipality has taken
over responsibility for the entire activity, which is still under development.
The assignment is a +16 activity
primarily aimed at somewhat older
youths. At the same time, there is a
desire to involve every age group to
achieve a safe, pleasant social mix.
Meeting place in Berga
In February, we started new activities
in the scout hall in the Berga city
district. It’s a collaboration with the
International Friendship Association
(IFA) and activities vary from the
afternoon to the evening. Today, it’s
a valuable meeting place for every
age group and culture. During 2015,
Linköping municipality will take over
the lease contract and responsibility
for developing activities further.
Ung Företagsamhet (Junior
Achievement)
Late summer saw Utmaningen (the
Challenge) – a Stångåstaden initiative aimed at getting young people
interested in the environment in our
residential areas. Thirty young people
were employed as consultants for
three days. Together with the Junior
Achievement organization, Stångåstaden got the chance to train youths
in entrepreneurship while also talking
about how we work as a property
company. The youths contributed
with new ideas and thoughts about
apartment living which were then
presented to Stångåstaden’s management group, where the winner of
the best idea was announced.
SUSTAINABILITY
11
Proud winners of Tryggve
Scholarships
Hans Salomonsson receives Tryggve’s
special award.
“Excellent collaboration and fantastic commitment from Ljungsbro’s inhabitants has led to a calm
local environment. Through night
neighbourhood watch patrols and
a presence on night buses, Trygga
Ljungsbro has helped create a
safer community.”
This year’s winner of Stångåstaden’s
own award – the Tryggve Scholarship – was the Trygga Ljungsbro
association.
It was awarded for their efforts
to create a safer city district. Trygga
Ljungsbro was formed in the autumn
of 2013 following a tragic double
murder in the community. Their
proposal immediately received great
support and has provided excellent
results. Among other things, the
jury’s justification mentioned:
This year a special prize was also
awarded. It went to Hans Salomonsson for his successful work with
security issues in Linköping municipality. Hans has helped the town become a safer, more secure town in
many ways.
Social responsibility
INDICATOR
Unit
2012
2013
2014
%
0.60
1.14
0.87
New rental apartment construction
Number
86
163
123
Property acquisitions (number of apartments)
Number
0
0
0
Disposals (number of apartments)
Number
300
0
198
%
40
40
40
1,008
1,027
Responsibility for the local housing supply and suitability of the residential environment
Changes in the property holding
Proportion of homes available for seniors and disabled persons
Social responsibility as a property owner in regard to the needs and expectations of occupants
Rent level
SEK/m2
Rent trends
SEK/m2
27
26
19
%
2.8
2.6
1.9
Operating expenses (includes both operations and maintenance expenses)
SEK/m2
711
670
700
Operating expense trend
SEK/m2
15
-*
30
Tenant churn in property holding (excl students)
982
%
2.6
-*
4.5
External
%
11.9
10.72
10.84
Internal
%
4.9
4.54
4.43
Proportion of residents who feel safe
in their home environment
Security index
%
81.3
81.1
80.40
Evictions for financial reasons
or disruptive behaviour
Disruptive
behaviour
Number
2
3
2
Financial
reasons
Number
17
14
8
SEK million
3.7
4.4
3.5
Social responsibility for integration and city district development
Accrued expenses and funds invested in city district development in
respect of properties built during the late 60s/early 70s
* Changes between 2012 and 2013 cannot be presented due to new accounting principles (K3).
12
SUSTAINABILITY
ENVIRONMENTAL
RESPONSIBILITY
Stångåstaden was environmentally certified according to ISO 14000
standards for the first time in 2005. In 2014, it was time for recertification and an external audit of the operation’s objectives and activities
was carried out. New audits are carried out every three years; they
are a valuable measurement of the success of the company’s efforts.
Our 25-25 energy efficiency improvement objectives will require
clear focus from us and our suppliers.
ENVIRONMENTAL RESPONSIBILITY
SUSTAINABILITY
13
THE ENERGY
CONSERVATION
TARGET 25-25 MEANS
REDUCING THE
AMOUNT OF ENERGY
PURCHASED PER SQ M
BY 25 PER CENT
BY 2025.
Stångåstaden has a general, Grouplevel environmental target which
is broken down into targets for the
various departments. But because
work that goes on continuously out
in the residential areas is just as important, the overall targets must be
met by initiatives and activities that
can be followed up in each individual city district. The idea is for people
to see results where they themselves
live and spend their time. It improves
awareness and motivation.
There was one particular area for
improvement noted in the environmental audit carried out in 2014,
namely waste. We will give it high
priority 2015. The last audit, carried
out in January 2015, followed up the
results from 2014. The auditor was
satisfied with how we had addressed
the deviations regarding waste and
our plans for improvement moving
forward.
Stångåstaden has an action plan in
which environmental goals are made
clear in detailed targets and activities.
Environmental management forms
the basis for the company’s operations
and it is clearly integrated in departmental business plans.
Energy efficiency
The 25-25 energy conservation goal
entails reducing the amount of pur-
14
SUSTAINABILITY
chased energy per sq m in the form of
electricity, heating and district cooling
by 25 per cent by 2025 (base year
2011). This long-term initiative is
now seen as a natural part of all departmental business plans for 2015.
A six-person energy group has coordinated the work since the spring
of 2013. The group was expanded
last summer with an energy coordinator tasked with maintaining project focus on tenant energy patterns,
and also to act as the group’s internal
and external communicator. In addition to this position, the group has
two energy sleuths, an energy controller, an energy strategist and an
energy manager. The group works
independently from its own budget
and is authorized to implement
energy efficiency projects.
Energy efficiency work is well
established within the company’s
units, contractors and customers.
The involvement and expertise at
the organization’s disposal is put to
good use and was further developed
during 2014. Among other things,
we held three Energy Lunches with
external energy experts during the
year to improve employee knowledge within the field. The presentations were very well attended.
The following are examples of energy
efficiency projects carried out by the
energy group during 2014:
• Installation of exhaust air heat pumps with heat recovery
• New district heating stations and new ducts
• Replacement of all outdoor mer
cury luminaires with LEDs
• Heat installation computerization
and internet connection
Find out more on page 72, Part 1
Operations, about renovations in
the property holding and the energy conservation projects carried
out in connection with these major
reconstructions.
During the past year we carried
out energy projects with a theoretical
saving of 7.1 GWh. Of this, around
1 GWh was electricity and 6.1 GWh
district heating.
Moving forward, the new construction rate will increase substantially.
This will mean the Group’s energy
performance will improve further
still, as all of the new construction
projects meet the highest energy
standards – at least 30 per cent better
than the National Board of Housing’s
energy performance standards.
Collaborative project
Stångåstaden and Linköping University have a number of joint projects
in progress. The ENVAR project
(Energy efficient homes – rooms
2011
0%
2012
2013
2014
1.2%
3.0%
6.2%
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
5%
10%
15%
20%
25%
25-25
30%
New construction
Renovation projects
Energy projects
Beteendepåverkan
New technology
Documented savings
Stångåstaden’s recipe for achieving the 25-25 energy target. The yellow bars show energy savings measured.
for everyday living), which began
in 2011, focuses on learning more
about how people use energy in their
everyday lives.
The Career energy project, begun
in 2012, has resulted in a long-term
collaboration between Stångåstaden
and Linköping University. The project aims to reduce the gap between
how energy efficiency improvements
and energy reductions are presented
in theory and how they can be implemented in practice.
Stångåstaden is also participating
in a new project entitled A Sustainable
Region – District Heating and Property Companies in Collaboration. It
too is being conducted jointly with
Linköping University. The project
studies how district heating suppliers
and property companies can develop
business models that accelerate progress toward a resource-efficient
region with reduced primary energy
consumption, energy costs and
climate impact.
Tekniska Verken and Stångåstaden currently run a number of
joint development projects to investigate the possibility of collaboration
and to improve know-how transfer
between them. The projects include
investigating system effects from
exhaust air heat pumps and wastewater heat exchangers, forms of
collaboration for taking stock of
district heating ducts and establishing
a district heating grid load management procedure. Current collaboration also includes new construction
in Vallastaden and Wahlbeck’s business park.
Individual metering
The IMD project for individual
metering and debiting was begun
in 2012 with the aim of investigating how the Group’s homes could
be provided with hot water and
temperature metering. The aim of
hot water metering and debiting is
to divide costs among tenants more
fairly. Temperature meters will be
installed in apartments to monitor
apartment comfort and optimize
building heating system operation.
A pilot installation has been in
use since early autumn 2013 in 48
apartments in Gottfridsberg, and
since 2014 all newly built, repaired
and renovated buildings have been
fitted with similar systems.
SUSTAINABILITY
15
“TO DATE, WE HAVE SET UP
A TOTAL OF SEVEN INSTALLATIONS –
FOUR ON PLÖJAREGATAN IN LAMBOHOV,
TWO IN THE NEW VINGÅRDEN
NEIGHBOURHOOD IN SÖDRA EKKÄLLAN
AND ONE AT OUR OFFICE IN RYD.”
Solar cells
Stångåstaden has chosen to invest in
solar cells in a number of places in
the holding. The amount of energy
necessary to produce solar cells
is minor in comparison with the
amount of energy that can be generated during their lifetime. To date,
we have set up a total of seven installations – four on Plöjaregatan
in Lambohov, two in the new Vingården neighbourhood in Södra Ekkällan and one at our office in Ryd.
The solar cells in Vingården were
installed during construction, which
meant that electricity generated by
the cells was already put to use during
construction. Together, Vingården’s
two installations generate 60,000
kWh/yr.
The installations on Plöjaregatan
produce a total of 100,000 kWh/yr,
equivalent to the annual consumption of four detached houses with
electric heating. The solar cells at
16
SUSTAINABILITY
Stångåstaden’s and Studentbostäder’s
offices in Ryd produce 30,000 kWh/yr,
equivalent to half of the property’s
annual consumption.
During 2015, we will follow up and
evaluate installations already on site
and plan for further solar cell installations during 2016.
Wind power
We are also investing in wind power
as part of our ambition to gradually
switch to renewable energy. Today,
the company is a part owner of eight
wind turbines in operation through
its 40 per cent participation in Bixia
Gryningsvind AB. In addition to
the environmental benefits, it also
provides for stable, long-term electricity prices.
Reducing refuse
Today, we produce large amounts of
waste, but through recycling we can
all reduce environmental impact and
conserve natural resources. Recycling
also means financial savings through
lower expenses for waste collection.
During 2015, Stångåstaden will
begin collecting textiles in collaboration with Ragn-Sells and Myrorna.
In February, we will be locating
recycling igloos at several of our
housing areas in the city. The textiles we collect will go to Myrorna,
who will sort out what can be sold,
given away or recycled. If this pilot
project pans out well, we plan to
carry out similar activities in more
city districts.
Popular green activities
One means to achieve the company’s
transport target of reducing the
amount of carbon dioxide released
to atmosphere, is for all of our employees – especially those who use
a vehicle for work – to take a course
in EcoDriving. The course teaches
people to drive sparingly and eco-
nomically while also taking care of
the environment.
Four courses were held during
2014 and a total of 86 of the company’s 138 employees have taken it.
Measurements taken right after the
course already showed an average
10 per cent reduction in the amount
of carbon dioxide emitted. EcoDriving also results in lower fuel
consumption and better road safety.
More comparisons and measurements will be carried out and EcoDriving will be introduced as an
annual training course.
Indoor environment
Part of our property maintenance plan
includes radon decontamination. By
2019, no apartment in the holding
may have a radon level higher than
the national guideline value of 200
Bq/m3. To make decontamination
as efficient as possible, it will be coordinated with renovations in planned
reconstruction projects. We attach
great importance to communications
with our tenants. All information
is important, especially that which
concerns measures tenants can take
themselves to improve the indoor
environment.
Follow-ups for positive
developments
Stångåstaden will continue its work
with managing projects and contracts.
During 2014, we held several followups and audits within both property
management and our construction
projects. Audits will also be carried
out during 2015.
Looking ahead, we are also review
ing the opportunities for the environmental certification of properties in
close development collaboration with
our contractors. The objective is to
work from a customer perspective
with things our customers value.
Work will continue on our SundaHus database, which also became a
requirement in day-to-day property
management in 2014 and which will
now be introduced in new framework
agreements. It allows us to control
the materials contractors use on a
daily basis and provides us with important information for our future
construction contracts regarding
materials incorporated in properties
during new construction and reconstruction. Our management and
property employees have undergone
SundaHus training, which has led
to increased awareness and understanding. It’s an area we want to
participate and lead progress in.
We can all make a difference!
Everyone who moves into a Stångåstaden home is offered a voucher for
SEK 300. Some tenants choose to
spend it in Stångåstaden’s Bobutiken
service centre. Others choose to
contribute to a sustainability projects
run by the Swedish Society for Nature
Conservation or Vi Agroforestry
in Africa. In 2014, we planted 600
trees and purchased 48 emission
allowances.
We are currently studying the
possibility of our tenants’ also being
able to support local social sustainability projects.
TREES PLANTED IN AFRICA
ON BEHALF OF VI AGROFORESTRY
IN 2014.
SUSTAINABILITY
17
INDICATOR
Unit
2012
2013
2014
kWh/m² atemp
155.3
151.5
146.2
Limitation of environmental impact from property holding
Parent company: Energy use in the
property holding (annualized on a degree-day basis)
Total
of which
district heating
%
90.3
90.4
90.4
electricity
%
9.7
9.6
9.6
oil
%
0
0
0
bio-fuel
%
0
0
0
district cooling
%
0.1
0.07
0.07
solar collectors
%
0
0
0
kWh/m² atemp
190.9
184.2
179.6
district heating
%
71.9
72.2
72.5
electricity
%
28.1
27.8
27.5
oil
%
0
0
0
bio-fuel
%
0
0
0
district cooling
%
0
0
0
solar collectors
%
0
0
0
kg/m² atemp
17.7
17.3
16.7
district heating
%
78.2
78.3
78.5
electricity
%
21.8
21.7
21.5
oil
%
0
0
0
bio-fuel
%
0
0
0
district cooling
%
0
0
0
solar collectors
%
0
0
0
Studentbostäder: Energy use in the
property holding (annualized on a degree-day basis)
of which
Total
Parent company: Amount of greenhouse gas emitted
by the property holding from energy use (heat use
annualized on a degree-day basis)
18
SUSTAINABILITY
INDICATOR
Unit
2012
2013
2014
kg/m² atemp
26.7
26.3
25.6
district heating
%
48.4
50.0
50.4
electricity
%
51.6
50.0
49.6
oil
%
0
0
0
bio-fuel
%
0
0
0
district cooling
%
0
0
0
solar collectors
%
0
0
0
CO2 reduction, base year 2007 Parent company
%
1.1
3.6
7.1
CO2 reduction, base year 2007 Studentbostäder
%
3.3
6.9
9.6
Proportion of renewable energy used by the
Parent company
%
73
73
73
Proportion of renewable energy used by Studentbostäder
%
78
78
78
Tonnes CO2
-
2.4
4.5
g CO2/km
113
107
110
m³/m² atemp
1.16
1.17
1.2
Hot
l/m² atemp
-
-
-
Cold
l/m² atemp
-
-
-
Total
m³/m² atemp
1.35
1.3
1.26
Hot
l/m² atemp
-
-
-
Cold
l/m² atemp
-
-
-
Compost
kg/apt
-
-
-
Residual waste
kg/apt
321.8
316.4
351.7
Recycled
material
kg/apt
119.7
121.8
116.8
Compost
kg/apt
-
-
-
Residual waste
kg/apt
150.3
124.2
131.5
Recycled
material
kg/apt
55.9
55.1
57.6
Studentbostäder: Amount of greenhouse gas emitted by the holding
from energy use (heat use annualized on a degree-day basis)
Limitation of environmental impact from property management
Carbon dioxide emissions from company vehicles
Average CO2e emissions from
company vehicles
Limitation of environmental impact from resident consumption
Parent company: Water consumption
in the property holding
Studentbostäder: Water consumption
in the property holding
Parent company: Amount of waste produced in
holding, excluding bulky refuse
Studentbostäder: Amount of waste produced in
holding, excluding bulky refuse
Total
SUSTAINABILITY
19
FINANCIAL
SUSTAINABILITY
Among other things, financial sustainability means that growth
may not take place at the price of a segregated, inequitable society
and a devastated environment. Instead, society and its homes should
be adapted to suit what’s best for the environment and human health,
and it’s here that Stångåstaden should make long-term investments.
Sustainable development means no
generation may consume more without subsequent generations having
equally large resources at their
disposal. The basis for sustainable
property management is good, sound
finances that give us the ability to
maintain the property holding.
We try constantly to be better at
what we do. In this way financial
sustainability is really just another
way of saying enduring creativity.
I.e., steering financial growth to areas
where production methods have no
negative impact on the ecosystem,
where material turnover can be
streamlined through more recycling
and human welfare can advance
through ever more people enjoying
meaningful work.
Stångåstaden, as a long-term operator in this market, shoulders great
socio-economic responsibility in that
it regards properties as long-term
investments and not as transactions.
Stångåstaden is a purchaser organization, which means that all caretaking, repairs and maintenance are
This picture was painted when the first sod was turned in Vallastaden.
20
FINANCIAL SUSTAINABILITY
SUSTAINABILITY
purchased externally. Every year we
engage a large number of contractors
for all of our property work and this
generates many jobs at the municipal and national levels. Furthermore,
the daily property operation generates taxes, provides jobs and wages
to employees and purchases goods
and services from our suppliers.
Stångåstaden’s financial development
is described in the administration
report and the financial statements
in the annual report, where our
financial targets and outcomes are
“FINANCIAL SUSTAINABILITY IS
REALLY JUST ANOTHER WAY OF
SAYING ENDURING CREATIVITY.”
also presented. Business-related
risks are described in the section
Opportunities and Risks on page
21, Part 1 Operations.
Because property companies are
often capital-intensive, as is the case
with Stångåstaden, it is important
to describe the financial situation
from a sustainability perspective.
The report focuses on our long-term
financial stability and risk-taking.
During 2014, we produced a policy
document for internal controls.
Read more under Opportunities and
Risks on page 21, Part 1 Operations
and Corporate Governance on
page 11, Part 3 Finance.
New construction continues
For many years now, Linköping
municipality has enjoyed a positive
population trend. Today, there is a
shortage of housing in Linköping
while the population increases by
around 1,500–2,000 per year.
This places great demands on
Stångåstaden, as our owner has
tasked us with ensuring that there
are homes for the municipality’s
inhabitants. We take this responsibility very seriously and are planning
to increase the new construction
rate over the next few years. Our
target is 2,000 new homes in
Linköping over the next five years
and we currently have 266 homes
under construction.
Long-term property
management
Stångåstaden is responsible for good
property management while also
developing our housing and taking
care of properties from a sustainability standpoint. All in order to
make sure the company can offer
good homes to everyone for many
years. Sometimes, social responsibility requires investments that are a
little more expensive in order to get
one step closer to a sustainable society. We count on getting our investments back over time in the form
of lower energy expenses, less damage and more satisfied customers.
and green bonds
Stångåstaden is a relatively large
operator on the financial markets
and should set a good example by
demanding more sustainable alternatives when raising capital. Our
heavy investments in new construction will mean long-term borrowing
will increase leading up to 2017.
We have a great responsibility for
ensuring renovations, construction
and reconstructions are carried out
in a sustainable manner that benefits both the environment and the
development of the city as a whole.
Because we have worked with sustainability issues for a long while, it
is natural that we issue green bonds.
Green bonds are bonds whose capital is devoted to various sorts of
environmental project that endow
investor and issuer alike with social
goodwill from investing in, and using the investment for, sustainable
new construction. We plan to seek
certification in 2015 and issue our
first green bonds.
SUSTAINABILITY
21
We have major future financing
needs, and by issuing green bonds
we create additional avenues for
raising funds on the capital market.
Low vacancy rate
Stångåstaden’s vacancy rate has been
low for many years. In 2013 and
2014, it was 0.1 per cent on average.
This is obviously positive from a
financial perspective and means
losses are kept to a minimum, while
Taxes
revenues are stable and can be used
for continued investments. Because
it invests in good housing environments in a number of ways that
create satisfaction among customers,
Stångåstaden is an attractive landlord.
Taxes paid, SEK
thousand
The table below shows taxes paid to
the state (social-security,VAT, property tax, company tax etc.). The table
shows that the company contributes
major sums to the state and to sustainable development in the nation.
2010
2011
2012
2013
2014
61,168
63,769
63,103
64,397
64,091
INDICATOR
Unit
2012
2013
2014
Financial responsibility and improvement of the property holding
Annual investments and maintenance expenses
per apartment (consolidated)
Existing holding
SEK 000s/Apt
31
23
27
Annual investments and maintenance expenses
(consolidated)
Existing holding
SEK million
450
524
493
42
38
37
147
273
265
14
21
20
0
0
0
0
0
0
%
99.7
99.9
100
SEK 000s
83
81
91
723
751
828
63,103
64,397
64,091
145,441
101,759
103,681
% of total revenues
Company investments in new construction and
property acquisition
New production
SEK million
% of total revenues
Acquisitions
SEK million
% of total revenues
The company’s financial occupancy rate
Housing
Contribution to responsible, sustainable financial development
Cost distribution by stakeholder category
Employees (payroll)
Suppliers (propertyrelated expenses)
Authorities (tax)
(consolidated)
Bank (interest expenses)
(consolidated)
Shareholder (consolidated)
22
SUSTAINABILITY
8,722
10,451
9,090
CUSTOMER RELATIONS
AND TEAMWORK WITH
STAKEHOLDERS
Stångåstaden has embarked on an exciting brand journey. All of our employees
have participated in the efforts that led to our new mission statement – One step
ahead. What’s more, we created a target that clearly shows the way ahead to a
successful operation together with our customers, employees and other stakeholders.
At the end of 2013 we held a workshop in which every employee was
invited to participate. The principal
questions asked were: What will
make the company successful in the
future; what do we need to do, and
how should we do it? This led to
many valuable opinions and ideas,
which have since been distilled in
stages. A great deal of the work resided with the ambassador group,
which acted as a sounding board
and helped move the work forward.
The result was a dynamic, pithy
mission statement that reflects
Stångåstaden – One step ahead.
With that, the work on revising our
brand platform and revitalizing our
graphic profile to reflect drive and
ambition continues. Our mission
must not only characterize us internally, in every employee’s attitude
and behaviour, but also externally
through our message.
Alongside the work with our mission,
we also formulated a target for 2025
comprising a number of points where
Stångåstaden must hold pole position.
It’s important we all share the same
picture of the company’s future and
what we want to achieve.
Our brand journey means adapting to our times. Ours is a company
with great customer focus that
demands constant change and attentiveness to the market. A strong,
OUR MISSION AND THE FUTURE
Together with all of our employees, we formulated our vision for 2025
and set course for the future and our mission – One step ahead.
Our vision makes our mission real. It clearly shows what One
step ahead means and what we must achieve by 2025 – that we
participate in leading the development of the entire industry. We
must remain one step ahead – for Linköping, our customers, our
employees and for sustainable development.
CUSTOMER RELATIONS AND TEAMWORK WITH STAKEHOLDERS
SUSTAINABILITY
23
vital brand is also crucial for the
ability to recruit new employees.
It helps create awareness, understanding, positive attitudes and
peace of mind.
The road to our customers
Because Stångåstaden must provide
the right kind of housing for every
time of life, we work closely with
our tenants every day. They should
feel safe, have the opportunity to exercise influence and be satisfied with
their accommodation. We value contact with our neighbourhoods in this
work and the opportunity to listen to
our stakeholders. We believe involved,
committed customers create a strong
sense of belonging and better living
conditions for everyone.
During 2014, we were active on
Facebook and Instagram and the
57%
2007
59%
2013
number of Stångåstaden followers
grew rapidly. We are also busy improving our website. We aim to
launch a new, interactive version
with several new services during
the spring of 2015.
Our customers demand ever
more information via email and
text message. This is a rapid means
of communicating certain types
of news to a strictly limited target
group such as residents sharing the
same entrance hall or people seeking a newly built apartment.
Videos constitute another important channel that opens a window
on Stångåstaden’s company culture.
We show everything from every day
tenant life, instructional videos and
more personal tips such as employment ads on YouTube.
We also carried out a pilot project
70%
2014
Stångåstaden has carried out an annual survey every
year since 2007 of how Linköping’s inhabitants perceive
our brand. The proportion who feel positive about being
Stångåstaden customers display the following trend.
24
SUSTAINABILITY
in 2014 with our own customer magazine – Välkommen hem (Welcome
Home) – printed in 20,000 copies.
We tested a special version with local
information for the Lambohov city
district. The AktivBo customer survey
shows that 69.5 per cent of our tenants read the magazine, a number we
hope will rise now that we reach out
with greater focus on target groups.
Customer meetings provide
direction
During the year we recruited young
people in the 18 to 25 age group to
form a customer panel. The panel
means Stångåstaden’s management
has access to a valuable advisory
board, while participants enjoy
paid assignments that provide them
with an opportunity for influence
as well as insights into working life
Annika Bergström lives on Drottninggatan in
central Linköping – a sought-after location
with views across Garden Society Park.
“BY BEING ACTIVE IN DIGITAL
CHANNELS AND FACE-TO-FACE
MEETINGS ALIKE, WE CREATE
MUCH-APPRECIATED CONTACT WITH
OUR CUSTOMERS. WHERE OUR CUSTOMERS ARE, WE MUST BE.”
MARIE AKTÖ, MARKETING MANAGER, STÅNGÅSTADEN
Stångåstaden’s
marketing and communication channels
Stångåstaden.se
Website with information,
services and My Pages
Facebook
Company page providing information,
customer service and inspiration
Välkommen hem (Welcome Home)
Välkommen hem is our customer
magazine; it will be printed in
local editions in 2015
Annual Report
Annual publication providing information
about the previous year, plus the mandatory
financial report
YouTube
Video information providing
inspiration, instructions and tips
Email
Information and offers
to customers
Text message
Information to customers
Mina nyheter (My news)
Newsletter with information and
offers to customers. Distributed with
rent advice and by email
Instagram
Inspirational social media channel
LinkedIn
Information about Stångåstaden
as an employer
SUSTAINABILITY
25
initiative that attracted many visitors.
As a result, we continued the open
house showings last year with the
same success. The apartments are
often decorated in different styles
and themes to provide inspiration.
The initiative boosts awareness of
Stångåstaden’s homes, while also
showing rental apartment standards.
Several of the show homes made colourful features in the customer magazine
Välkommen hem (Welcome Home).
Gabriel Sandör was Youth of the Year –
Stångåstaden’s prize at the Top 100 Gala.
TOP
New Service Centre –
Bobutiken
and how a company operates. The intention is to meet 4–5 times per year.
We also held focus groups in new
construction projects during the year.
Vallastaden, Linköping’s new visionary city district and homes expo, is a
current example. Tomorrow’s homes
for every age group will be created
here, the content and design of which
was discussed at the meetings. The
outcome was very worthwhile and
provides valuable information for
the next stage. One of the many exciting entries to the homes expo is
Dream Apartment, created by White
architects. It offers flexible living that
can easily be modified based on the
modern family’s practical circumstances. Ground was broken at Vallastaden on 17 November 2014, and
the much-discussed project is now
emerging alongside other buildings.
Eye-catching events
One of Linköping’s major events is
the Top 100 Gala, where Stångåstaden
has its own prize category – Youth
of the Year. In 2014, Gabriel Sandör
was awarded the prize for his efforts,
which may well spur other youths on
to success. We also award an annual
hockey prize to young ladies and
26
young men who have distinguished
themselves. This year’s ice hockey
awards went to Klara Larsson and
Filip Fornåå-Svensson. The Stångåstaden Culture Camp is a new youth
event. For one week during the
Christmas holidays a number of
activities took place in collaboration with Östergötland’s Museum,
Folkuniversitetet and the YMCA
to promote culture.
A trade and industry gala was held
for the first time in Linköping, and
Stångåstaden presented the Visionary of the Year Award. The award
went to Torbjörn Kronander and
technology company Sectra, whose
efforts contributed greatly to putting
Linköping on the map.
Another much-appreciated event
for the whole family is Families Day
at Garden Society Park, where Stångåstaden is one of the chief organizers.
People from every age group get
to take part in a range of different
activities, competitions and enjoy
pleasant entertainment.
Show apartments
In 2013, a number of open-house
showings of newly built and newly
renovated apartments were held, an
SUSTAINABILITY
In March 2015, the Bobutiken service
centre moved from Tornet to central
Linköping. With that, customer service matters are gathered under one
roof, including contract signing,
key collection, presentation of new
projects and option selection evenings.
As our rate of new construction increases, the easier it is for people interested to visit us. And most importantly, more Linköping residents will now
be able to take advantage of the service
centre’s attractive offers.
Continued audits
Stångåstaden sets great store in
the collaboration it enjoys with its
contractors. At the same time, because we have a great responsibility
to make sure we live up to contract
terms, our role as a purchaser has
evolved to serve the customer’s best
interests. The audits continued during 2014, e.g. among our advertising
and media contractors.
Stångåstaden driving license
Because our contractors are also an
important part of our future endeavours, we are producing a film for
completion in 2015 to describe the
common values that our contractors
Families day in Garden Society Park with plenty
of different activities for every age group.
must live up to, something that
is increasingly important in our
procurements.
Ongoing quality and
procedures work
A new project model was created
for Stångåstaden in 2013. The work
involved many employees, above
all managers and project managers,
and it led to new procedures and improved project management within
operational development. During
the year we worked on implementing the project model and making
improvements. The purpose was
to simplify working methods while
increasing project manager skills
and clarifying all project roles. The
company currently has six different
projects in progress in which the
project model is used to the full.
In 2014, ‘Constant Improvement’
was designated as our principal process development focus. Our process
managers emphasized the processes
regarding suggestions for improvement and deviations – everything
from definitions and flows to root
cause analyses and attitudes. The
ambition is to promote participation and involvement in process
improvement efforts by showing
that suggestions for improvement
are implemented and that deviations
illustrated are received positively and
actioned. Stångåstaden has defined
quality targets for the entire operation. We must deliver what we have
promised our customers, if not more.
Our operations must constantly improve and we must set a good example as a company.
A project to introduce new systems
and working methods for document
handling is in progress. During 2014,
a new document registration system
was introduced. All of our employees were trained in the system and
were given a greater understanding
of the freedom of information principle. The next step will be to develop
a procedures and projects tool.
The company began an innovation
initiative in 2014. It will mean the
introduction during 2015 of Innovation Labs to inspire and structure
ideas within the organization. Our
one-step-ahead lab will link to the
four pillars of our mission – customers, employees, sustainability and
Linköping, to help us progress toward our vision. This exciting challenge is of great value to the entire
organization.
SUSTAINABILITY
27
Business management and teamwork
with stakeholders
INDICATOR
Unit
2012
2013
2014
Women
%
50
47
48
Men
%
50
53
52
Women
%
29
33
33
Men
%
71
67
67
Service index
%
84.6
83.6
84
The company is evaluated by external auditors
Yes/No
Yes
Yes
Yes
The company works according to a documented code of ethics
Yes/No
Yes
Yes
Yes
The company’s CSR work is evaluated by an external party
Yes/No
No
No
No
The company works with tenant participation
Yes/No
Yes
Yes
Yes
Yes/No
Yes
Yes
Yes
Yes/No
Yes
Yes
Yes
Responsible decision-making and functioning management systems
Proportion of men and women on the Board
Proportion of men and women in the management group
Relationships to stakeholders and consideration of their interests
Proportion of tenants satisfied with their accommodation
The company works according to an externally certified
management system, e.g. ISO 14001
The company follows an established purchasing policy
that includes sustainability criteria
Description
Satisfied tenant in a recently renovated
apartment on Isafjördursgatan in Vasastaden.
OF OUR TENANTS ARE
SATISFIED WITH THEIR HOMES
28
SUSTAINABILITY
HR AND
WORK ENVIRONMENT
Our values, vision and brand have been the company’s focus areas since
2012. They engage all of our employees in inspiring development efforts
to achieve a common foundation. Our efforts have crystallized into three
watchwords that epitomize our operation – safe, professional and dynamic.
What our watchwords say is “Safety is the basis for our professional
performance and our dynamic approach moves us forward.”
A company that seeks constant improvement must have clear common
values, an inspiring vision and a conscious brand definition. Accordingly,
we began extensive work in 2012
that can be seen as a shared journey
with various waypoints. All of our
employees have been involved since
the start in 2012 and the journey will
continue in the years ahead.
Shared values that are naturally
rooted in every day life and which
everyone can identify with, create
conditions for improved customer
satisfaction, a more attractive employer and landlord image, and a
more positive working atmosphere.
Based on identified needs, our entire organization worked on a number
of important issues during the year.
Our meeting culture and feedback
are two examples. Management was
also given high priority. We concluded
the year by working on our narrative
– the creation of positive, edifying
anecdotes from everyday life that
mean something to everyone.
Setting a daily example
Highlighting every day initiatives
brings our work with shared values
to life. Here’s where the company’s
twelve ambassadors play an important part – they are our eyes and
ears in the operation and a link to
decision-makers. We also nominated
four ‘Dream Colleagues’ during 2014,
who were recognized for their exemplary behaviour and work.
The vision emerges
In parallel with our common values
work, the company’s vision also emerged. At the end of 2013 we held a
major workshop with all 140 employees. The process continued through
various stages in 2014 and the result
was the assumption of a dynamic,
CONGRATS HELEN,
DREAM COLLEAGUE!
CONGRATULATIONS TO
HELEN HORNHED, NOMINATED
ONE OF OUR FOUR DREAM
COLLEAGUES IN 2014.
HR AND WORK ENVIRONMENT
SUSTAINABILITY
29
“2014 WAS A FANTASTIC, EXCITING
YEAR IN WHICH WE MADE NEW STRIDES
FORWARD IN OUR COMMON VALUES
WORK. PARTICIPATION IS OUR STRENGTH
HERE – EVERYONE HAS TAKEN PART AND
EXPRESSED AN OPINION. WE WILL CONTINUE
DURING 2015 WITH A SHARPER FOCUS
ON VALUE-DRIVEN LEADERSHIP. STRONG,
AWARE LEADERS MAKE FOR A SECURE,
SUCCESSFUL ORGANIZATION.”
MALIN WETTRE, HR DIRECTOR
conscious stand – One step ahead!
Thus both our vision and shared values now reflect a dynamic company
– for Linköping, our customers, our
employees and a sustainable future.
Attractive employer
The property industry is an attractive
one with major future prospects. An
upcoming shortage of qualified employees is predicted, but Stångåstaden
will not feel the generation shift to
the same extent as other companies
within the industry. Meanwhile, because the company is facing record
new construction levels, we will need
new recruits in the years ahead.
Participation and personal development opportunities are two of our
success factors. This is also reflected
in Universum’s 2014 career barometer
in which Stångåstaden was nominated
one of three Newcomers of the Year.
30
SUSTAINABILITY
During the year, the company’s CEO
and HR director visited the entire
organization to discuss operations in
small groups. This is a good way to
hear what the operation has to say
and then implement any necessary
changes. The work was greatly appreciated and will continue during 2015.
Skills supply
Tomorrow’s skills supply answers
the questions “What do we want to
achieve, and what skills will we need
to achieve it ?” The questions help
us to identify needs and any shortfalls. The result was more individually adapted training for the company’s employees.
Leadership training – internal, customized company training carried out
at different levels to create a common
foundation on middle ground – continued during the year. Stångåstaden
also participates in SABO’s trainee
programme to recruit more highly
trained people to the operation.
During the summer of 2014, two
of the company’s employees took part
in an international convention organized by Eurhonet. They spent a week
exchanging experiences and developing their strategic and analytical skills
in a management exercise together
with talented people from other companies around Europe.
Diversity is also important from
a skills supply perspective. It is a perpetually relevant issue for the company, and during 2015 we will create
an overarching strategy for diversity
issues.
Vacation jobs and second jobs
Last year’s summer jobs attracted
more attention than ever, thanks to
Stångåstaden’s choice of auditions
INTERVIEWS FOR SUMMER JOBS
AT OUR AUDITIONS.
as a new way of applying for jobs.
Everyone, with or without a CV, was
given the chance to tell us why they
needed a summer job and to describe
their positive qualities. During the
course of a Saturday in March, we
carried out 600 auditions. We took
on 22 substitutes for personnel on
summer vacations, 17 youths got
summer jobs with our contractors
and 30 youths were employed for
3 days in the so-called Challenge in
collaboration with Stångåstaden
and Junior Achievement.
There is a collaborative project
between the public employment service, the municipality and municipal companies, known as 100 Jobs,
in which 100 unemployed youths
will have the opportunity for employment for a full year. During
2014, Stångåstaden took on seven
of these.
Employer Branding
In order to boost the image of Stångåstaden as an attractive employer, the
company was extremely active on
social media during 2014. We have
a company page on LinkedIn, and
there are short videos with personal
features available on YouTube. The
other social media channels are Facebook and Instagram. It was important to highlight our employees and
provide a sense of the company.
Universities and
other establishments
Stångåstaden engages actively with
tomorrow’s prospective employees,
which means we participate in e.g.
careers days at various universities,
university colleges, vocational training colleges and upper secondary
schools. Our intention here is to
kindle an interest for tomorrow’s
choice of profession and to help raise
awareness of the entire industry.
Internal crisis group
The company has established procedures for external crises. During 2014,
internal crisis management was also
reviewed. A group has been charged
with clarifying courses of events in
different kinds of crisis.
Wellness and exercise
Exercise in all its forms is given
the highest priority as it also reflects
the company’s dynamic spirit. It is
based on a health and wellness grant
where every employee has various
alternatives for its use. Furthermore,
massage, vaccinations, physical examinations and joint activities are
also subsidized.
SUSTAINABILITY
31
Good working environment
INDICATOR
Unit
2012
2013
2014
Full time
Part time
%
%
98
2
99
1
94
6
Permanent
%
97
94
95
5
Equal access to the labour market and working conditions
Form of employment
Temporary
Age
Women
Men
Temporary employment
with compensation
%
3
6
18–29 yrs
-
8
8
30–44 yrs
-
33
35
45–54 yrs
-
31
28
55–64 yrs
-
15
19
65+ yrs
-
0
0
Total
-
87
90
18–29 yrs
30–44 yrs
-
3
23
5
20
45–54 yrs
-
11
9
55–64 yrs
-
11
12
65+ yrs
-
2
2
Total
-
50
48
Number
35
79
73
White collar, men
SEK/month
37,832
38,706
37,672
White collar, women
SEK/month
29,480
30,866
32,377
Blue collar, men
SEK/month
-
-
-
Blue collar, women
SEK/month
-
-
-
SEK/
employee
15,900
15,295
17,570
hours
-
-
-
Internships* and seasonal
employment
Payroll
Distribution of average pay**
Employability and career development
Personnel training – course fees***
Result
Training hours per employee per year
Employee health and well-being
Absence
Total absence
%
3.35
2.98
3.34
Proportion of absence due to:
Accidents at work
%
0
0.01
0.01
%
-
84
94
Yes/No
Yes
Yes
Yes
Proportion of employees satisfied with their jobs – satisfaction index
Is there a work environment and/or health promotion policy?
*internship refers to positions with some form of compensation
**excluding CEO remuneration
***course fees, excluding travel, hotel, working hours
32
SUSTAINABILITY
Definitions
Definition of renewable
energy
Renewable energy comes from
sources that constantly renew themselves and which, as far as we know
today, will not run out within the
foreseeable future. Finite energy
sources (fossil fuels) such as oil, coal,
gas and uranium are not renewable.
Electricity can be generated by
both renewable energy – such as that
produced in hydroelectric stations –
or by biofuel-fired heat and power
plants; heat and power is not from
renewable sources if it was generated in a nuclear power station or
power station fired by oil or coal. Renewable energy
calculations
The calculations are based on the
assumption that 85 per cent of
district heating is green.
Evictions
Evictions refers to those carried out
by the Swedish Enforcement Service.
Evictions are carried out on the basis
of a decision, a provisional attachment or where a court order requires
the tenant to move. Cases where we
terminate a rental agreement and the
tenant accepts this, are not defined
as evictions. Homes accessible
for seniors
This refers to homes at ground level
or homes accessed by lift. Where
entrances have height differences, a
ramp or similar must be provided.
Floorspace heated to more than 10˚C.
Electricity
KWh
257 gram CO2
Operating expenses
Oil
m³
2,680 kg CO2
District heating KWh
Property acquisitions
Property acquisitions refers to the
purchase of properties already built.
Sick leave
Total sick leave is calculated on the
number of sick days regardless of
the cause of the absence. In the case
of accidents at work, the number
of sick days is calculated based on
the industrial injury report and the
event that led to the sick leave. The following conversion factors are
used to calculate CO2 emissions from
the operation.
Emissions
per unit
Operating expenses refers to company-wide expenses from operations
and property management. The definition includes such criteria
as ethical, social, environmental and
financial responsibility. CO2 calculation model
Energy carrierUnit Atemp
Sustainability criteria
for purchasing
99 gram CO2
The Tricorona calculation model
is used to calculate emissions from
air travel. Emissions for vehicles are
calculated as mixed driving for each
vehicle type concerned according
to information from the Swedish
transport agency.
DEFINITIONS
SUSTAINABILITY
33
PRODUCTION
Ariom Reklambyrå
PHOTO
PRINT
Larsson Offsettryck
PAPER
Arctic volume highwhite
[email protected]
www.stangastaden.se
stangastaden.se
FINANCE
26
CONTENTS
Five-year summary
4 CEO’s Statement
6 Chairman’s statement
8 Corporate governance
12 The company’s goal
fulfilment
18
Board and
Group management
20 Financial summary
26 Five-year summary
28 Administration report
33 Income statement
34 Balance sheet
36 Statement of cash flows
37
Accounting policies and
valuation principles
41 Notes
49 Proposed allocation of profits
50 Audit report
51 Auditor’s report
52 Property holding
67 Definitions
33
Income statement
18
Board and
Group management
6
Chairman’s statement
41
Notes
HÅLLBARHET
VERKSAMHET
VERKSAMHET
Part 1 Operations
HÅLLBARHET
Part 2 Sustainability
CONTENTS
FINANCIAL
3
CEO’S STATEMENT
The world at large was a turbulent place during the past year, and everything
indicates it will continue to be so in 2015, too. The debt crisis in parts of the
Euro area remains unsolved and growth is not picking up. However, the
housing and property market in Linköping has continued to develop strongly
during the past year. Demand for homes is currently very good and historically
low interest rates affect us positively. Low capital costs create opportunities
and make the investments Linköping needs easier.
Outcome 2014
Our performance in 2014 was extremely robust. After net financial
income/expense profit was SEK 318
million including capital gains of
SEK 101 million. The capital gains
are mainly attributable to a barter
transaction with HSB Östergötland
in which we sold 198 homes in Berga
and purchased development rights
for around 200 homes in Övre Vasastaden. Conditions are good with
record low interest rates and excellent
demand for homes. What’s more,
the past year was unusually warm,
which had a positive effect on the
company’s operating expenses. We
diverted a major part of the lower
interest rate and operating expenses
to maintenance initiatives without
forgoing earnings. Stångåstaden
enjoys a strong financial position
which we must retain as we enter a
new period of extremely high investments in both new construction and
reconstruction in the years ahead.
4
CEO’S STATEMENT
FINANCIAL
Investing and long-term
finance
Stångåstaden’s balance sheet is
incredibly strong with a visible
equity/assets ratio of 43 per cent
and an adjusted equity/assets ratio of 77 per cent. We are facing
serious major investments in the
next few years. There is an acute
housing shortage in Linköping, and
more homes are needed to secure
Linköping’s future development.
We are planning for an annual rate
of around 500 new homes and
300–500 renovated homes. In all,
we expect to invest around SEK 5
billion in the next four to five years.
We work with different scenarios in
which we assess not only investments
but also how external factors such
as interest rates, rent and operating
expense trends affect the company’s
financial position. Naturally, each
single investment is also considered
based on the need for profitability.
In my view, the company will handle
the high rate of investment in the
years ahead well.
Financing
The company pursues active debt
management. We have for many years
managed our own debt portfolio –
which amounted to SEK 3,100 billion at year-end – internally. The
supply of capital is chiefly through
the capital markets via commercial
papers and bonds. Our Standard &
Poor’s rating is AA-, which is on a
par with the very strongest property
companies in the industry. We work
with the AGL consultancy and use a
benchmark portfolio that governs
how we manage financing risk. At
least once per year we perform a
strategy test to make sure we optimize risks in relation to costs.
Property valuation
An external, independent evaluation
of Stångåstaden’s property portfolio
was carried out in December 2014.
“STÅNGÅSTADEN
IS WELL-EQUIPPED
AS WE ENTER A
MAJOR EXPANSION PHASE “
The purpose was to assess the market
value of our properties in order to
report value changes, yield from the
holding and any impairments or
reversal of impairments previously
applied. The Linköping property
market has developed tremendously
in recent years. Cooperative housing prices have increased markedly,
while we note falling required rates
of return in the rental holding and
clear value increases. The total value
of the property portfolio was estimated at around SEK 14.7 billion
at year-end.
Risk management and
internal controls
We expended a great deal of effort
during the year in developing the
company’s internal controls. A new
model was devised, based on the
COSO standard. Our internal controls seek to create a safe, secure
work situation for the company’s
employees and avoid serious mistakes. Stångåstaden identifies shortcomings and risks that threaten
the achievement of our goals and
we create measures and control
activities to manage these risks and
shortcomings. Stångåstaden’s internal controls are described based on
the five components in the COSO
model: control environment, risk
analysis, control activities, information, communication, follow-up
and evaluation.
Outlook
I look to the future with great confidence. We have an incredible number
of able employees who form the basis
for our success. Stångåstaden is also
well-equipped as we enter an incredible expansion phase with increased
investments for more homes, and
reconstructions and energy initiatives
for a better climate.
In conclusion, I would like to
extend a big thank-you to all of our
capable employees here at Stångåstaden, and to the Board for its excellent cooperation during the year.
Fredrik Törnqvist, CEO, AB Stångåstaden
CEO’S STATEMENT
FINANCIAL
5
CHAIRMAN’S
STATEMENT
Looking back, Sweden’s housing market has come a long way and
Stångåstaden’s development has been an exciting journey, too. The
company was founded during the Second World War and was known
as Råbergahus. The demand for better homes grew ever stronger,
which led to new regulations and construction standards. During this
period such places as Majelden, Valla and parts of Johannelund were
built – areas where Stångåstaden has major property holdings today.
The housing shortage was manifest,
and as we entered the 1960s, it became alarming. The baby boomers
were growing up and would soon
be leaving home. The solution was a
much-debated housing programme
which would see a million homes
built within ten years. Linköping
saw the rapid emergence of Skäggetorp, Ryd and Ekholmen.
Toward the end of the 1980s, the
housing shortage became acutely apparent again and in practically every
municipality demand outstripped
supply. Because of this, we entered the
1990s with a high housing construction rate just as the financial crisis
hit us with full force. The result was
an end to the housing shortage. Between 1992 and 1998, around 200
of the nation’s 290 municipalities
had housing surpluses instead.
Around that time, more precisely
1991, I became a board member at
Stångåstaden. It was a tough time for
the industry, with low profitability.
6
CHAIRMAN’S STATEMENT
FINANCIAL
The financial climate was characterized by tough governance and little
freedom of choice for the customer.
Over time, conditions have improved substantially with such things
as new legislation, new financing
conditions from a time of major
interest subsidies and other handouts to business-like operations on
equal commercial terms. Looking
at Stångåstaden, we can see that the
company has undergone fantastic
change from being an operation
reminiscent of an administrative
department to a strong, businesslike
company. Over the past eight years,
during which I have had the privilege of being Board chairman, we
have seen how the company has advanced to become one of Sweden’s
most customer-focused housing
companies. The various customer
satisfaction awards we receive year
after year bear witness to this. Today
we regard our tenants as customers.
We have raised standards across the
board and our customers have entirely different options regarding the
choice of apartment, especially since
the arrival of our much-appreciated
Bobutiken customer service centre.
We have also strengthened the Stångåstaden brand to keep pace with this
development. We have gone from
being the second choice to the most
attractive alternative. What’s more,
we can plainly see that the company
ranks ever higher as an employer.
A number of strategic decisions
over the years have been crucial for
the strong position we enjoy today.
A major change took place at the
end of the 1990s when we moved
from taking care of our own maintenance and repair services to become
Linköping’s biggest procurer of such
services on the market.
A similar change was our assumption of responsibility for sustainability in a wider perspective. We’re
leading the charge for new, innovative green solutions and taking care
OURS IS A
HEALTHY, DYNAMIC
COMPANY”
TOMMY ÄHLSTRÖM, CHAIRMAN OF THE BOARD
of our residents’ comfort, well-being
and security. Another important
decision was to offer differentiated
living such as our successful Advantage 55+ and sheltered accommodation for the over 70s. Differentiated
living offers an expanded range of
services in demand from customers
at various stages of life.
We enjoy strong finances. If we
look at today’s key ratios in relation to the industry as a whole,
Stångåstaden measures up to any
listed company you choose. And
it’s especially pleasing that we had
record earnings in 2014.
Now that I am leaving Stångåstaden on the occasion of our AGM
after 24 years, I will leave behind
a healthy, dynamic company that
has played an important role in
Linköping’s development. The city
is characterized by strong growth
that demands high standards of cooperation to accomplish our tasks.
The property sector must keep one
ear to the ground and be ready to
match supply with demand. In fact,
Stångåstaden has built up the biggest
project portfolio in modern times.
This means we will build around
2,000 new homes for around SEK 6
billion within a few years.
All we need to do now is deliver,
and I wish the new Board good luck.
It will be really exciting to follow developments.
And finally I would like to say that
Stångåstaden – a housing company
for all of Linköping inhabitant’s – has
every reason to be proud of itself.
Tommy Ählström
Chairman of the Board, Stångåstaden
CHAIRMAN’S STATEMENT
FINANCIAL
7
A PUBLIC BENEFIT
HOUSING COMPANY
AB Stångåstaden is a municipally owned housing company that is wholly
owned by Linköpings Stadshus AB, which is in turn wholly owned by Linköping
municipality. Operations are governed by both the Swedish Local Government
Act and the Swedish Companies Act.
Corporate governance at
Stångåstaden
Our shareholder, Linköping municipality, exerts influence over company
governance by exercising its voting
rights at the AGM – Stångåstaden’s
highest decision- making body. Owner
governance takes place primarily
through owner directives approved
by the municipal council. The allocation of control and responsibility
between the Board and the CEO is
governed by the Swedish Companies
Act, the Articles of Association and
internal policy documents such as
the Board of Directors’ rules of procedure, instructions to the CEO and
reporting instructions.
Our owner’s role
Stångåstaden is 100 per cent owned
by Linköpings Stadshus AB, which
is in turn wholly owned by Linköping
municipality. Our owner takes a long
view of its ownership of Stångåstaden,
with the main task of furthering the
supply of housing in Linköping municipality by providing, for profit and
the public good, the municipality’s
inhabitants with good housing, supplemental office and business premises and other facilities.
Stångåstaden must endeavour
to achieve market rates of return.
Linköping municipality has opted
to run some of its operations as
companies, which has proven very
successful. Stångåstaden and the
other municipally owned companies
are required to create growth with a
green profile and work jointly with
the municipality to make Linköping
an attractive place to live, spend time
and work in.
Articles of association
“STÅNGÅSTADEN
MUST ENDEAVOUR
TO ACHIEVE MARKET
RATES OF RETURN.”
8
CORPORATE GOVERNANCE
FINANCIAL
Stångåstaden’s operation is the
acquisition, erection, ownership,
management and divestment of
properties in Linköping municipality chiefly intended as housing
for rent and also supplemental office and commercial premises and
other facilities. At the 2011 AGM,
changes were made in the Articles
of Association as a result of new
legislation for municipally owned
public-benefit housing companies.
Owner directives and goals
Linköping sees Stångåstaden as an
important tool for the creation of
attractive surroundings and residential environments in the municipality. The municipal council decides
on general and specific owner directives. Our owner directive states
that Stångåstaden must act over the
long term and contribute to the municipality’s fulfilment of its housing
supply responsibility on competitively neutral, commercial terms. The
owner directive states that we must
develop housing in Linköping, in
terms of infrastructure and the environment, and that we must share
responsibility for ensuring that
housing is available for the disadvantaged on the housing market.
Linköping municipality has formulated financial objectives for
Stångåstaden expressed as direct
return and equity/assets ratio bench-
marks. Non-financial objectives are
expressed in the form of operational
requirements and policy goals.
Stångåstaden prepares an annual
business plan that governs operations
and ensures that the owner’s overall
operational and financial requirements can be met. Read more about
targets under Strategies, Targets and
Business Plan beginning on page 11
in Part 1 Operations.
Owner dialogue
Linköpings Stadshus AB – the parent
company of the municipally owned
corporate group – is tasked with
holding ongoing owner dialogues
with each of the Group’s subsidiaries. The dialogues address what the
municipality requires and expects
of the municipally owned companies and their operations, while also
clarifying the long-term justification
for the ownership and owner directives. During 2014, Stångåstaden
had one owner dialogue during
the spring and another during the
autumn and participated in a joint
owner dialogue with representatives
of all companies in the Linköping
Stadshus Group.
Annual General Meeting
(AGM)
The AGM is regulated by the Swedish
Companies Act and the Articles of
Association and is a limited company’s highest decision-making body.
The AGM must be held within six
months of the end of the financial
year. At the AGM, the shareholder
(the municipality) elects the Board
of Directors and auditors. The
AGM was held on 6 May 2014. The
most important resolutions at the
AGM were:
• Adoption of the Annual Report
• Resolution on allocation of profits
• Discharge from liability for the Board and CEO
• Election of Board members,
authorized public accountant and lay auditors.
LINKÖPINGS STADSHUS AB
Tekniska verken i Linköping AB
AB Stångåstaden
Lejonfastigheter AB
Bryggaregården AB
Sankt Kors Fastighets AB
TGS Fastigheter NR 3 AB
Arenabolaget i Linköping AB
NuLink – Näringslivsutveckling
i Linköping AB
ResMex – Resecentrum Mark
och Exploatering i Linköping AB
FlygMex – Flygplatsområdets Mark
och Exploatering i Linköping AB
LinköpingsExpo AB
The figure above also includes the subsidiaries Eddan i Linköping AB,
Stångåstaden Rystadstuna AB, Luftspanaren 1 Holding AB, Agraffmuren
Holding AB. Stångåstaden Rystadstuna AB and Agraffmuren Holding AB
own land on which it is planned to build homes in the future. In January
2015, Eddan i Linköping AB and Stångåstaden Rystadstuna AB merged
with the Parent company.
FINANCIAL
9
Breaking ground sustainably in
Harvestad, a southern Linköping district.
Stångåstaden’s Board of
Directors
Stångåstaden’s Board of Directors
was elected by the municipal council
until the 2015 AGM. The Board
consists of nine ordinary members
and nine alternates. There are also
two employee representatives, one
ordinary and one alternate.
The Board comprises: Tommy
Ählström, Chairman, Jan Österlind,
Vice Chairman; the other board
members are Chris Ramslöv, Göran
Falkenberg, Bengt Olsson, Gun Djerf,
Gunn Bredstedt, Andreas Berg, Daniel
Ellström and Eva Kaneklev, Personnel
Representative.
The alternates are: Susanne 10
FINANCIAL
Andersson, Mohammad Al Zoghbi,
Birgitta Unéus, Daniel Andersson,
Mohammed Abdigani, Kjell O Lejon,
Mari Hultgren, Jörgen Öckinger,
Maria Moraes and Cecilia Svärdström, personnel representative.
During the year, Margareta Ossbahr resigned as a board member as
did Tove Solbeckar as an alternate.
The Authorized Public Accountants are Öhrlings PricewaterhouseCoopers AB and Anita Agefjäll is
auditor-in-charge. The lay auditors
are Harry Nylund, Birgitta Johansson, Eva Sallnäs, Göran Eriksson
and Ann-Marie Andersson.
The work of the Board, 2014
The rules of procedure of the Board
of Directors aims to secure its need
for information and decision support
data and to create conditions for
effective Board work. The rules of
procedure lay down instructions for
Board work, the division of work
between the Board and the CEO and
instructions for financial reporting.
The Board of Directors’ main duties
include establishing the overall objectives, focus and strategy for the
company’s operations; ensuring that
the company’s organization is structured so that accounting, financial
management and other financial
matters are adequately controlled,
the satisfactory control of the company’s compliance with laws and
other regulations applicable to the
business, the annual evaluation of
the Board’s own work and making
sure deficiencies are resolved, the
annual preparation of the rules of
procedure for the Board’s work including reporting instructions and
decisions regarding acquisitions and
sales of real estate.
During the 2014 financial year, the
Board held five ordinary meetings and
one statutory meeting in connection
with the Annual General Meeting.
The main issues during the
year were:
• The acquisitions of properties and land, directly or indirectly
• New production
• Sale of properties
• Strategy and policy matters
• Financial reporting
• Financial statements
• Market conditions
and planned activities.
co-opted to the meetings. The primary
duty of the presiding committee
is the preparation of matters and
responsibility for certain investigative matters.
CEO and company
management
The CEO is appointed by, and
reports to, the Board of Directors.
The CEO’s most important task is
to take charge of the day-to-day administration of the company. In addition to the CEO, the management
group included five people, each
with a unique area of responsibility.
The work of company
management, 2014
Company management met every
week. In addition to issues concerning operating activities, matters of a
financial nature, strategy, personnel,
transactions and financial reporting
were also addressed.
Board of Directors
Risk management and internal controls
Stångåstaden’s Board of Directors
has appointed a presiding committee
comprising the Chairman and Vice
Chairman; the CEO is also usually
In order to follow strategies and
achieve their goals, companies
must be able to manage risk. There
are procedures to ensure that good
internal controls and correct risk
assessments are made. The procedures
describe the allocation of responsibility between the Board and the
CEO so that effective risk assessments can be made. The Board has
also established overarching policies
for finance, investments, communications, HR, the environment, procurement & purchasing and authorization instructions.
During 2014, we prepared a new
internal control document that
clearly describes our risks and the
internal controls that must be used
to minimize them.
Internal governance and controls
are part of a process carried out by
Stångåstaden’s Board, management
and other personnel. We used the
COSO model as the basis for work
with internal governance and controls. The process covers all internal
processes, procedures and systems
and is a systematic way of ensuring
we achieve our goals in an efficient
manner and that operations are
conducted according to legislation,
regulations and owner directives.
Read more under Opportunities
and Risks on page 21, Part 1
Operations.
“WE USE THE COSO
MODEL AS THE BASIS
FOR WORK WITH
INTERNAL GOVERNANCE AND
CONTROLS.”
FINANCIAL
11
STÅNGÅSTADEN’S
GOAL FULFILMENT
In this report, AB Stångåstaden describes how the company carried
out operations in 2014 to fulfil its municipal assignment and goals.
Linköping municipality aspires to create the best possible conditions
for the new communities that are emerging. Stångåstaden and its
subsidiaries constitute an important tool for the creation of attractive
surroundings and residential environments in the municipality.
Significant events during
the financial year
Linköping is one of Sweden’s fastestgrowing municipalities, and as the
nation’s fifth biggest city we have
more than 150,000 inhabitants.
World-class high technology, an innovative university and brisk trade
characterize the city. Things are also
going well for Stångåstaden. We
operate in a strong growth market,
enjoy strong finances and, most importantly, good relationships with
our tenants. Our annual customer
surveys and everyday dealings with
tenants confirm this.
What we have to offer is attractive.
More and more people recognize
the advantages of renting their homes
in terms of security, convenience and
service. We see this in the growing
interest in renting homes from us,
12
GOAL FULFILMENT
FINANCIAL
especially our new production.
New production is also an issue
that really engages many people.
Linköping is in great need of new
housing and we are putting major
effort into increasing the rate of
investment.
During the year we inaugurated
two new construction projects –one
in Lambohov comprising 64 Kombohus homes, and 25 student apartments in Ryd. Also, final occupancy
took place in new construction properties in Linghem (30 homes) and
in Södra Ekkällan (Vingården 115
homes). Ground was broken for 33
terraced and semi-detached houses
and 48 apartments in Harvestad,
38 homes in Vallastaden and 18 in
Vasastaden. In all, we aim to start
construction on 2,000 apartments
within the next four to five years.
Securing the supply of housing so
that we can contribute to the city’s
development and its ability to grow
is naturally a high priority in the
next few years.
General owner directives
The companies must be run according to commercial principles, taking
into account the municipal purpose
of the operation and the municipal
legal principles set out in the Articles
of Association and General Owner
Directives, as well as Specific Owner
Directives.
Based on the municipal council’s
adopted Vision and interaction
programme, the municipally owned
companies must jointly and severally
work to ensure Linköping is an attractive city.
Prospective tenants in the new Harvestad city district.
Goal
Goal fulfilment
Based on general owner directives
General owner directives
• The municipally owned companies must
The low vacancy rate the company has enjoyed since 2010 continued during 2014 and the
help to make Linköping an attractive place
number of vacancies was zero for most of the year. A contributory factor is Stångåstaden’s
to live, spend time and work in.
resolute brand work that shows Linköping residents share a positive attitude toward the
company. Linköping’s expansion and its growing population also contributed. And last but
not least, our committed employees and well-functioning organization are significant for our
market position.
• Moreover, all Group companies
We are innovative in our use of new technology and building methods in our new construc-
must live up to the motto:
tion. We always try to be at the forefront in our marketing and our brand building efforts.
Linköping – where ideas become reality.
We maintain close dialogues with our tenants and company employees in order to
put good ideas to use and implement improvements.
Stångåstaden is investing in solar energy technology. We have begun three solar energy
projects: the Vingården Quarter in Södra Ekkällan and in two existing properties.
• The companies must promote sustainable
We regard the sustainability report as a key part of our operation and we collaborate
growth, increased employment and
across borders with similar companies in Eurhonet*.
reduced segregation.
We create more jobs through increased new construction and renovations. Regarding
youth employment, we work to provide summer jobs to as many young people as
possible. During 2014, we provided summer jobs or work experience opportunities
for 69 youths at Stångåstaden or with our contractors.
During 2015, we will open a local office in Skattegården where we will focus on five
clear challenges: language & communication, youth, living, work and leisure. A similar
initiative is planned for Ryd.
*Eurhonet = The European Housing Network, a network linking more than 30 public and social housing companies from the
UK, France, Italy, Sweden and Germany. A number of working groups engaged on social integration, the ageing population,
HR, CSR, energy efficiencies and construction, seek to identify innovative ability disseminate knowledge.
GOAL FULFILMENT
FINANCIAL
13
Specific owner directives
The objectives defined by the Linköping municipality and Linköpings Stadshus AB
for the company’s operations are summarized below:
Goal
Goal fulfilment
Based on specific owner directives
• Be a proactive operator on the housing
During 2014, the property Luftspanaren 1 in Berga with 198 apartments was sold to till HSB.
market through new construction, re-
The sale formed part of a barter transaction in which Stångåstaden took over development
construction and extensions, as well as
rights for around 200 homes in Övre Vasastaden previously shared with HSB.
the acquisition and sale of properties.
Two new production projects were inaugurated in 2014 – 64 homes in Lambohov and 25
• Work to ensure that Linköping is per-
student apartments in Ryd. In addition, final occupancy of 115 apartments took place in the Vin-
ceived as an attractive municipality in
gården neighbourhood in Södra Ekkällan and 30 homes in Linghem. All of the new homes are let.
which to live and do business, by helping to ensure that good, healthy, reason-
Ongoing property maintenance is an investment in the future and vitally important for the com-
ably priced rental accommodation is
pany’s standing and reputation in the city. Maintenance forms part of the company’s targeted
available in the municipality’s major
environmental work and involves the use of healthy building materials and the phasing out of
residential and urban areas.
hazardous substances.
• Ensure that good-quality rental accommodation is available on competitive terms throughout the municipality
through new construction, acquisitions
and active property management, thus
helping to secure the supply of housing
in the municipality.
• Monitor adaptation of operations
Our ambition is to offer healthy homes and commercial premises and promote, long-term sus-
and services in respect of the ecocy-
tainable development and peace of mind in housing. To achieve a structured approach with
cle and environment, and manage the
regard to the environment, the company introduced an environmental management system
modification of homes and residential
and has been certified to the ISO 14001:2004 standard since 2005. It is an aid to the sys-
areas to meet ecocycle and environ-
tematic planning, implementation and follow-up of all the different parts of our environmental
mental requirements through in-house
efforts. In this way, the company achieves continual environmental improvements and the pre-
development in close collaboration
vention of environmental problems.
with current research.
We have adopted an ambitious goal for energy efficiency improvements. Stångåstaden must
reduce the consumption of purchased energy by 25 per cent between 2011 and 2025.
The company has worked with energy efficiency improvements and other conservation measures for many years. During 2014, we carried out energy-saving projects with a theoretical
saving of 7.1 GWh (target 5 GWh per year).
The company keeps abreast of environmental research into the impact of construction materials
on the environment and health, e.g. through systematic work with the SundaHus environmental
data tool. In a new initiative in the year ahead, the company will also incorporate SundaHus
in day-to-day administration (currently, only new construction and reconstruction projects
are covered).
14
GOAL FULFILMENT
FINANCIAL
Goal
Goal fulfilment
continued.
Stångåstaden’s participation in Bixia Gryningsvind AB means the company has indirectly
invested in wind turbines. At year-end, annual production was estimated to be 32 GWh and
Stångåstaden’s ownership share corresponds to 12.8 GWh.
• Promote the construction of different
Stångåstaden has a wide range of various kinds of housing. Tinnerbäcken Södra bears the Nor-
forms of homes and contribute to techno-
dic Ecolabel, which is unique in our industry. We are building terraced family houses in our outer
logical advances in the property sector
districts, and in Södra Ekkällan we have completed compact homes that use space efficiently.
• Actively preserve and develop build-
During 2014, we continued property maintenance and renovation as necessary.
ings of cultural and historical value
Major renovation of the central Bäckagården property was finished during the spring.
(especially in Gamla Linköping and the
Valla recreation area) and environments
Project planning continued during the year regarding the relocation of the outdoor theatre
within the company’s property holding.
from Folkets Park to Gamla Linköping. Inauguration will take place in February 2015.
This work must be characterized by a
major responsibility to preserve traditions
and cultural history.
• Bear special responsibility for ensur-
We further enhance customer freedom of choice by offering rental and rent-to-buy homes.
ing the availability of homes with various forms of tenure in all parts of the
municipality.
• Have a well-balanced range of
Stångåstaden carries out social housing activities with the aim of combating homelessness. One
housing in different areas such that
way to help people who do not meet rental policy requirements is to find a home through the
socio-economically disadvantaged
social welfare office. The social welfare office is able to draw on 200 Stångåstaden homes. Once
groups can be offered housing.
a person is deemed able to cope with running a home, the subletting contract is re-drafted as
a rental agreement. This usually takes 18 months, but sometimes longer. In addition to these
• Actively engage in ensuring that
apartments, there are a number of assisted living homes leased by the municipality for people
housing is available for the disad-
in need of support. Stångåstaden also works with the social welfare office with regard to an
vantaged on the housing market.
eviction procedure whereby tenants can have their leases transferred to the social welfare office
as an alternative to eviction.
• Contribute to socially sustainable
development throughout the
municipality.
Stångåstaden’s social housing group is in constant contact with both the social welfare and special
needs offices regarding housing issues. We feel the collaboration has worked so well that Linköping,
considering the city’s size, is in a very good position regarding the number of homeless.
The company continues its major commitment in support of education and employment. During the
year we worked together with the employment service, upper secondary schools and universities.
Also new is a collaboration agreement between Kvinnojouren women’s’ refuges and Stångåstaden in which we provide assistance for women who are in immediate need of accommodation.
GOAL FULFILMENT
FINANCIAL
15
Goal
Goal fulfilment
• Actively lead and manage develop-
Our annual customer survey is extremely important for ascertaining the views of tenants and ena-
ments concerning the influence and
bling comparisons with other housing companies. It showed very good results for 2014. Stångå-
participation of residents.
staden has received prizes six years in a row in a competition organized by AktivBo among major
housing companies – private and public alike – for having Sweden’s best satisfied customers.
• Together with the tenants, bring
Stångåstaden collaborates with Linköping University in several R&D projects within energy
about energy efficiency improvements
efficiency and energy conservation in homes. Among other things, we are financing a five-year
across the entire property holding.
research project that aims to achieve major energy savings without substantial investments. It
focuses on tenant and employee behaviour, communication and commitment. The project began
in January 2011 and Stångåstaden will invest around SEK 1.5 million per year over five years.
• Have a financial position that
The municipal council has set long-term return and equity/assets ratio targets for the company.
allows development and investments
without owner contributions.
The company’s long-term yield must be at the same level as that of other long-term property owners in the Linköping housing market. The company’s 3 per cent minimum yield target was met.
The long-term equity/assets ratio target of at least 20 per cent was also met.
The ratings services company Standard & Poor’s gives Stångåstaden a rating of AA-. This shows
that the company is very strong financially, which makes us an attractive borrower on the market.
Outlook for 2015
Stångåstaden has already begun an
increase in new construction and is
thus facing a period of expansion.
Because demand for the company’s
apartments has grown substantially
over the past year, it is necessary to
increase new production to meet
this demand considering our owner
requirements/directives.
Planned investments in Stångåstaden consists primarily of two parts.
We have several new construction
projects in progress and a large
number at the planning stage. During 2015, we will begin production
of 700 homes if everything proceeds
according to plan. We face major
challenges in our reconstructions
since a large proportion of our
property holding requires extensive
16
GOAL FULFILMENT
FINANCIAL
renovation and conversion to measure up to today’s standards. A large
part of reconstruction work is concentrated on our residential areas
from the 1950s and 60s.
Between 7,000 and 7,500 homes
within the company’s property holding are considered to be in need of
extensive renovation over the next
15 to 20 years including such things
as plumbing stack replacements. This
means investments in the existing
holding will need to be raised further.
Investment in these buildings is estimated at between SEK 4,000–5,000
million over 15–20 years.
Stångåstaden is well prepared for
further property investments such
as the acquisition of new apartments,
direct or indirect. Our ongoing restructuring of the property portfolio
includes the acquisition of properties, property exchanges and sales.
We seek to reduce the proportion
in areas where Stångåstaden is too
predominant.
Our increased revenues are partly
attributable to an increase in volume
and also due to a general rent increase. The company’s new rents
were finalized just before Christmas
2014. Stångåstaden’s strong finances
meant we were able to keep rent rises
at a level lower than the national
average in recent years. We will
raise rents by 0.9 per cent as of 1
February, 2015. This is a reasonable rise which gives us the ability to
develop the company and make further investments in the service and
maintenance of our properties and
housing areas.
Maintenance costs are rising as the
company is planning to further increase the volume of energy conservation measures.
Stångåstaden has a debt volume of
SEK 31,000,000 where the average
interest rate was 2.38 per cent (2.82)
as of 31 December. The reduction
in the average interest rate is attributable to falling market interest
rates and restructuring of the loan
portfolio at the end of 2014. During
2015, the debt volume is anticipated
to increase by SEK 100–200 million
as a result of increased new construction and reconstruction. In
all, planned investments in new
construction and existing properties
amounts to around SEK 600–700
million for 2015.
Projects completed in 2014: Planned construction starts for 2015:
In all, the company plans to renovate
64 apts, Östra Lambohov, Åkervindan
38 apts, Vallastaden, exhibition area
around 350 apartments in 2015.
25 student accommodation apts in Ryd
33 apts, Västanfläkten, Västra Vägen
Some of the major reconstruction
73 apts, Majelden
projects are:
New construction projects in progress: approx 150 apts, Alnen, Övre Vasastaden
Isafjördursgatan
65 apts, Ombudsmannen, Folkets Park
approx 220 student accommodation
Djurgårdsgatan, Eskadern
70 apts, Harvestad
apts, Irrblosset,
Heimdalsgatan
64 apts, Kombohus, Östra Lambohov
approx 180 apts, Vallastaden Torget
Prästbolsgatan
25 student accommodation apts in Ryd
approx 40 apts, Linghem
Evastigen
Barnhemsgatan
To summarize, AB Stångåstaden considers the tasks assigned to us by
the municipal council to have been successfully completed.
Linköping, 5 February 2015
AB Stångåstaden (publ)
Fredrik Törnqvist
CEO
GOAL FULFILMENT
FINANCIAL
17
STÅNGÅSTADEN’S
BOARD
Tommy Ählström
Chairman of the Board,
Development Director, elected 1991
Jan Österlind
Vice Chairman of the Board,
former Association Chairman,
elected 1991
Fredrik Törnqvist
Company CEO since 2013
Chris Ramslöv
former Biomedical Analyst, elected 2007, (member)
Göran Falkenberg
Count, farmer,
elected 2007, (member)
Bengt Olsson
Former Municipal Commissioner,
Daniel Ellström
Doctoral student,
Andreas Berg
Director of Research,
Gunn Bredstedt
Assistant Nurse,
elected 2011 (member)
Gun Djerf
Department Head
Eva Kaneklev
Telephony Manager, Customer
Service, Personnel Representative,
elected 2011 (member)
Cecilia Svärdström
Customer Host, Personnel
Representative, elected, 2013,
(alternate)
18
BOARD AND GROUP MANAGEMENT
FINANCIAL
Susanne Andersson
Self-employed,
elected 2010, (alternate)
Daniel Andersson
Political secretary,
Mari Hultgren
Teacher,
Mohammad Al Zoghbi
Architect,
Birgitta Unéus
Former farmer,
Kjell O Lejon
Professor,
Mohammed Abdigani
Labour market consultant
Group management
From left
Marie Aktö Marketing Director, employed 2012. Simon Helmér CEO, Studentbostäder i Linköping AB and CEO for Bryggaregården
AB, employed 2003. Malin Wettre HR Director, employed 2011. Ulf Gustafsson Director of Administration, employed 1987.
Fredrik Törnqvist CEO, AB Stångåstaden since 2013. Anders Stjärnberg Property Director, employed 2009.
Not pictured are alternates Jörgen Öckinger and Maria Moraes who took up their posts in December 2014.
During the year, Margareta Ossbahr resigned as a board member as did Tove Solbeckar as an alternate.
BOARD AND GROUP MANAGEMENT
FINANCIAL
19
FINANCIAL
SUMMARY
Market analysis 2014
The year began with mixed outcomes
for most macro indicators. However,
GNP forecasts had to be revised
downwards along the way. Exports
increased, but not to the extent
hoped for as the economies in important export countries have not
picked up speed. On the other hand,
domestic consumption was a source
of joy during the year as it contributed to growth. However, increasing amortization requirements to
reduce household indebtedness risks
are a cause for concern regarding
consumption trends moving forward. The absence of an increase in
the extremely low rate of inflation
led to unexpected announcements
from the Swedish Central Bank on
two occasions during 2014. In July,
the anticipated 25-point interest
reduction was instead a 50-point
reduction from 0.75 per cent to
0.25 per cent. A further reduction in
the run-up to the October meeting
was expected, but few had counted
on a reduction to the historically
low zero per cent. For the full year,
the five-year swap rate fell by 153
points to be listed at 0.65 per cent
on the last trading day of the year.
Three-month Stibor fell 68 points
to 0.264 per cent.
Goals and strategies
Financial operations are governed
by the finance policy adopted by
the Board where Linköping municipality’s financial guidelines set the
external framework for Stångåstaden’s policy. The aim is to create
uniform financial management
guidelines by defining rules, procedures, organization and reporting,
thus establishing conditions for
operational security. It describes
the risks that must be managed and
clarifies objectives. Thus the finance
policy governs the financial risk and
the link between business risk and
financial risks within defined frameworks. See page 22. The policy is
supplemented by our financial operations guidelines.
During the year we developed
material concerning risk management and internal controls to form
part of our operational and financial
governance. It describes the risks we
encounter in our operations and how
the Group must work with internal
controls. The risks Stångåstaden is
“LINKÖPING MUNICIPALITY’S
FINANCIAL GUIDELINES SET THE
EXTERNAL FRAMEWORK FOR
STÅNGÅSTADEN’S POLICY.”
20
FINANCIAL SUMMARY
FINANCIAL
exposed to can be divided into three
areas, where financial risks are one
component, and strategic and operational risks the others. Read more
under Opportunities and Risks on
page 21, Part 1 Operations.
It shows that we regard financial
operations as a cornerstone in our
overall business, and its importance
has grown during the years of financial market turbulence. The Board
is informed of financial trends at each
scheduled Board meeting.
More resources and time have
been devoted to financing work in
recent years. Financing work must
be based on clear objectives and approved strategies. The company pursues active debt management where
the strategy is to balance financial
risks against stable, long-term financing costs. In short, operations
must focus on a low risk profile.
The goals are to:
• Limit the negative effect of
financial risks on earnings,
• Secure access to necessary
financing at reasonable costs,
• Control financial risks according to policy and,
• Safeguard risk management in respect of control and reporting.
Stångåstaden reduces its financing
risks through spreading loan maturities across different years, entering
credit facility agreements and working with multiple creditors.
For many years, we have enjoyed
good access to credit facilities and
backup lines of credit. At year-end,
Stångåstaden had credit facilities
totalling SEK 1,750 million and all
credit commitments were unutilized.
In addition, there is an unutilized
overdraft facility of SEK 400 million.
In recent years, Stångåstaden’s borrowing strategy has been based on
diversified loan management. A major
proportion is managed through short
financing on the commercial paper
market and the remainder primarily
through bonds, preferably with terms
between two to five years. To reduce
interest rate risk, the fixed-rate period
is extended by means of interest-rate
swaps and interest rate caps, while
financing risk is reduced by covering
a large part of the debt volume by
backup credit facilities.
At year-end, Stångåstaden’s net
financial indebtedness was SEK
3,100 million (2,963).
Maturity of Stångåstaden’s
loan structure
Maturity profile, SEK million
20151,500
2016300
2017300
2018300
2019700
Total3,100
FINANCIAL SUMMARY
FINANCIAL
21
Definition of risk management
Risk exposure consists mainly of financing risk, interest rate risk, credit risk and counterparty risk.
Financing risk
Financing risk refers to the risk of being unable
to raise loans or that financing is not possible at
reasonable costs.
We work with 5 to 10 creditors, and our loan maturities are spread across different years; we have
credit facility agreements to reduce financing risk.
We have a diversified debt volume in which we
have chosen to manage different types of loan
such as short-term commercial papers, longer-term
corporate bonds and bilateral bank loans. This is in
order to reduce financing risk as we are present in
capital markets as well as the bank sector.
Interest rate risk
Interest rate risk refers to the risk of the company’s earnings being adversely affected by
market interest rates.
Stångåstaden uses derivative products, primarily
interest rate swaps, to minimize interest rate risks.
Credit risk
Credit risk refers to the risk that Stångåstaden
will be unable to obtain liquid assets for an
investment.
As a first choice, we use available surplus liquidity
for loan redemption, and investments or equivalent
as a second choice.
Counterparty risk
Counterparty risk refers to the risk of a counterparty in a financial transaction failing to meet its
payment obligations or fulfil its credit commitments, e.g by withdrawing credit or failure to
make an investment because of insolvency.
When signing derivative contracts with a new bank
contact we always enter into an ISDA agreement.
Stångåstaden only conducts business with established counterparties. We assess financial strength
on the basis of finance, governance, rating, etc. in
the case of new counterparties.
Rating AASince 2004, Stångåstaden has received
an annual rating from Standard &
Poor’s, which currently stands at
AA-. This shows that we are very
strong financially, which makes us
an attractive borrower on the market. The ratings services company’s
motivation is that Stångåstaden is
the leading housing company in a
strong rental market in Linköping
with a low proportion of commercial properties.
Other strengths include a stable
financial performance with large surpluses in the property portfolio.
However, Standard & Poor’s remarks
22
FINANCIAL SUMMARY
FINANCIAL
on the risk that the entire property
holding is located in Linköping and
feels that the company has short
maturities in the loan portfolio.
Financing
Previously, capital was raised primarily through bilateral bank loans,
but financing opportunities have
expanded over the years. The company has been operating a commercial paper programme since 2004
with a limit of SEK 2,000 million.
This provides access to a further
financing source with advantageous
terms at present.
In recent years, Stångåstaden has
opened the door to an additional
method of raising finances by entering the bond market. The company has no MTN programme, but
during the year it issued 8 bonds
known as private placements. Because bank liquidity surcharges have
resulted in high bilateral interest
rates, we have used the bond market
to raise loans at comparatively low
interest rates.
Considering the current market
situation, we will continue using
this method of borrowing. Multiple
financing sources provide Stångåstaden greater flexibility and loan
diversification.
Financing sources
Lenders
Debt volume
No. of loans
% of debt
Credit limit
100,000
1
3.2%
–
Bonds
1,600,000
5
51.6%
–
Certificates
1,400,000
8
45.2%
2,000
3,100,000
14
100.0%
–
Bank loans
Total
SEK 100 thousand
SEK 1.4 million
Type of loan
Bond
Certificates
Bank loans
SEK 1.6 million
Fixed-interest term
Benchmark portfolio
The Board has established a benchmark portfolio which describes the
percentage change in interest maturities in relation to the total volume
of debt. The finance unit carried
out a strategy test in the autumn
of 2014 in which various possible
fixed-rate terms were tested to find
the fixed-rate structure that suits
Stångåstaden best.
The results of the strategy test
were presented at the last Board
meeting of the year. The benchmark
portfolio used by Stångåstaden was
determined to be the best in terms of
risk and opportunities to exploit low
interest rates.
In the company’s analysis of prevailing financial conditions, interest
rates will remain low for many
years, and the company should
draw benefit from them.
Fixed-interest term as of 31/12/2014.
%
0.6
0.5
0.4
0.3
0.2
0.1
0.0
<1
>=1 yr <3 yrs
>= 3 yrs <5 yrs
> = 5 yrs <8 yrs
>=8 yrs <10 yrs
In the main, derivative instruments, primarily interest rate swaps and interest rate caps, are used for ongoing adjustment
to interest rate risk.
FINANCIAL SUMMARY
FINANCIAL
23
Average interest rate trend 1994–2014
Average interest rate
%
Central Bank base lending rate
12
10
8
6
4
2
Year
-1
2
07
-1
2
08
-1
2
09
-1
2
10
-1
2
11
-0
1
11
-0
4
11
-0
8
11
-1
2
12
-0
4
12
-1
2
13
-0
1
13
-0
4
13
-0
8
13
-1
2
14
-0
2
14
-0
8
14
-1
0
14
-1
2
-1
2
06
-1
2
05
-1
2
04
-1
2
02
-1
2
00
-1
2
98
96
94
-1
2
0
At year-end, average interest rate in the existing loan portfolio was 2.38 per cent (2.82).
Securities
Since the autumn of 2003, Stångåstaden has been unable to borrow
against municipal security. However, existing loans may retain this
security until maturity. At year-end,
the debt portfolio included a bilateral bank loan against municipal
security of SEK 100 million. The
commercial paper volume was SEK
1,400 million, while bond loans
amounted to SEK 1,600 million,
with our credit rating constituting
security.
Financial performance
and loan-to-value ratio
Net interest expense fell compared
with the previous year and amounted
to SEK 102 million (107).
At a factor of 1.2, the debt/equity
ratio is the same as the previous year’s.
The loan-to-value ratio in respect
24
FINANCIAL SUMMARY
FINANCIAL
In total, SEK 400 million in mortgages were lodged with a bank as
security for an overdraft facility.
Asset financing
Capital structure
At year-end, Stångåstaden’s total
assets amounted to SEK 6,349 million. The table below shows asset
financing.
SEK million
Particip., %
484
7.6
3,100
48.8
0.1
0.1
Equity
2,765
43.5
TOTAL
6,349
100
Non-interest-bearing liabilities
Interest bearing liabilities
Provisions
of the book value of property is
the same as the previous year’s at
57 per cent, and the loan-to-value
ratio relative to tax assessment value
is 25 per cent (25). Relative to the
estimated market value, the loan-tovalue ratio is 21 per cent (22). At
year-end, the deficit value of
Stångåstaden’s debt volume was
SEK 188 million (132). The deficit
value is largely attributable to interest rate swap positions taken out
when the interest levels were higher
than today, resulting in a negative
market value.
Loan to value ratio
Mkr
16000
%
70
14000
60
12000
50
10000
40
8000
30
6000
20
4000
10
2000
0
Year 2007
2008
2009
Bokfört värde på fastigheterna
2010
New accounting principles (K3) apply as of 2014 and affect reporting,
the depreciation process and financial
operations; Read more under Opportunities and Risks on page 21, Part 1
Operations.
We will report our derivatives
according to K3 chapter 11 and as
far as possible we will use hedge accounting, which means that derivative instruments are reported at cost
and not at market value.
We have worked together with
financial consultants AGL to adapt
our accounting practice to K3. AGL
has extensive experience in helping
2012
Marknadsvärde på fastigheterna
Belåning i förhållande till marknadsvärde
New accounting principles
– hedge accounting
2011
2013
2014
0
Skuldportföljens storlek
Belåning i förhållande till bokfört värde
municipalities and municipal
companies in preparing this data.
Our reasoning for using hedge
accounting is that it is in the longterm interests of Stångåstaden’s
owner (refer to Owner directives/
goal fulfilment on page 12). Our excellent finances and rating mean we
have good possibilities of extending
our current debt volume. This means
we can have long swaps but with a
shorter underlying term for capital
tied up.
Outlook for 2015
In all probability, the prevailing low
interest environment will continue
during 2015. The Swedish Central
Bank has declared that it does not
plan to raise the repo rate before
sometime in 2016 and some pundits
even believe that further expansionary measures may be taken as early
as 2015.
As for Stångåstaden, we will increase our volume of debt in the year
ahead due to major new construction
and reconstruction projects and we
anticipate a debt volume of around
SEK 3, 300 million at year-end. We
plan to issue the company’s first green
bond to raise money earmarked for
green investments. A green profile will
allow more ethical funds to invest by
lending us money. Green investments
are attractive.
FINANCIAL SUMMARY
FINANCIAL
25
FIVE-YEAR SUMMARY
2010
2011
2012
2013
2014
12.0
PROFITABILITY AND RISK
1. Return on adjusted equity
%
9.0
7.1
12.0
7.4
2. Return on capital employed
%
5.9
5.4
8.4
5.4
7.4
3. Return on total capital
%
5.6
5.0
7.8
5.0
6.9
4. Average total return on equity
%
27.4
24.5
29.3
30.3
37.5
5. Total return on equity
%
55.3
49.1
16.7
19.3
17.7
%
3.33
6. Total return on market value
7. Operating surplus
8. Yield
9. Interest coverage ratio
10. Profit margin
10.15
8.89
3.09
3.54
SEK/sq m
317
319
319
389
394
%
3.27
3.26
3.09
3.54
3.33
times
%
4.0
3.3
3.4
4.0
5.1
15.3
12.5
21.9
13.9
23.6
100.0
11. Occupancy rate, residential
%
99.7
99.8
99.9
99.9
12. Occupancy rate, commercial
%
97.3
97.6
98.2
97.8
97.6
13. Occupancy rate, garages
%
95.2
95.8
95.8
97.1
96.9
88.6
%
83.8
83.9
85.4
87.7
15. Average basic residential rent excl. Student
14. Occupancy rate, parking spaces
SEK/sq m
935
951
976
976
983
16. Average basic commercial rent
SEK/sq m
1,311
1,053
834
828
863
CAPITAL AND FINANCING
1. Liquidity
%
31.9
47.8
61.1
36.0
60.0
2. Visible equity/assets ratio
%
41.1
41.6
42.3
42.7
43.5
%
74.7
75.6
76.2
76.5
76.8
-25
31
116
235
318
3. Adjusted equity/assets ratio
4. Cash flow
SEK million
5. Investments
SEK million
257
252
327
424
493
6. Book value, property
SEK/sq m
3,974
3,878
3,939
4,190
4,539
7. Loan-to-value ratio, book value, property
%
57
57
57
57
55
8. Loan-to-value ratio, estimated market value, property
%
23
23
22
22
21
2,188
2,142
2,205
2,334
2,378
1.3
1.2
1.2
1.2
1.1
9. Net debt/equity
10. Debt/equity ratio
SEK/sq m
times
11. Gross loan interest rate
%
3.7
4.0
5.4
3.7
3.4
12. Net loan interest rate
%
3.6
3.9
5.4
3.7
3.4
18,556
18,587
18,675
18,536
18,455
RENTAL UNITS
1. Housing
26
units
2. Commercial premises
units
3,009
3,009
3,331
3,315
3,179
3. Garages
units
4,461
4,484
4,519
4,428
4,595
4. Parking spaces excl visitors
units
6,273
6,273
6,252
6,112
6,277
BALANCE SUMMARY
FIVE-YEAR
SHEET
FINANCIAL
FIVE-YEAR SUMMARY
2010
2011
2012
2013
2014
Rental income
1,178,261
1,211,977
1,229,164
1,265,524
1,318,344
Other revenue
25,145
27,350
29,420
31,349
27,657
1,203,406
1,239,327
1,258,584
1,296,873
1,346,001
Operating expenses
-545,201
-513,612
-515,398
-520,420
-519,238
-249,810
-296,980
-314,000
-264,882
-308,477
Property charges and property tax
-30,475
-30,268
-30,220
-27,366
-27,561
Operating surplus
377,920
398,467
398,966
484,205
490,725
INCOME STATEMENT SEK 000S
Net revenue
Depreciations and impairments
-117,415
-95,751
-88,529
-134,495
-103,779
Gross profit
260,505
302,716
310,437
349,710
386,946
Central administration and marketing
-62,133
-63,450
-70,484
-66,707
-71,666
Profit/loss from property sales
85,280
17,474
189,839
-346
101,124
Selling expenses
-3,969
-27
-8,121
-20
-477
279,683
256,713
421,671
282,637
415,927
Interest income and similar profit/loss items
1,884
4,714
3,815
4,909
5,543
Interest subsidies
2,741
795
0
0
0
Interest expenses and similar profit/loss items
-99,597
-107,510
-149,256
-106,688
-103,681
184,711
154,712
276,230
180,858
317,789
-76,000
-20,000
Tax on profit for the year
-27,635
-39,882
-53,930
-22,543
-53,425
Profit for the year
157,076
114,830
222,300
82,315
244,364
Operating profit
Profit/loss from financial investments
Group contributions
BALANCE SHEET SEK 000S
Assets
Property, plant and equipment
4,953,488
5,073,700
5,256,342
5,619,652
6,057,059
Financial assets
86,549
97,011
119,520
144,175
80,199
Current receivables
63,188
70,463
224,295
64,869
76,055
Cash and bank balances
52,615
83,720
31,856
58,082
135,392
5,155,840
5,324,894
5,632,013
5,886,778
6,348,705
2,120,321
2,215,694
2,382,286
2,515,159
2,764,674
14,345
28,386
42,214
67,246
131,608
438,080
1,238,080
413,080
1,013,000
1,600,000
2,583,094
1,842,734
2,794,433
2,291,373
1,852,423
5,155,840
5,324,894
5,632,013
5,886,778
6,348,705
Total assets
Equity and liabilities
Equity
Provisions
Non-current liabilities
Current liabilities
Total equity and liabilities
FIVE-YEAR
BALANCE
SUMMARY
SHEET
FINANCIAL
27
ADMINISTRATION
REPORT
The Board and CEO of AB Stångåstaden (publ), with its
registered office in Linköping, herewith present the Annual
Report and consolidated accounts for 2014.
The company’s operations
AB Stångåstaden (publ) is owned by
Linköpings Stadshus AB, 5567069793, which is in turn owned by
Linköping municipality.
The objective of the company’s
operation is, either by its own means
or those of its subsidiaries, to acquire, divest, own, erect, manage,
develop and let properties and lease
tenure rights in Linköping municipality with a focus on housing, offices and commercial premises and
associated amenities, and to conduct
other similar business.
The purpose of the company’s
operations is to erect or otherwise
acquire properties to provide good
housing in Linköping on market
terms and good office and business
premises that supply residents with
the goods and services they need.
This purpose includes providing the
owner with a reasonable return.
The Group consists of the Parent
company and seven subsidiaries,
Studentbostäder i Linköping AB,
TGS Fastigheter nr 3 AB, Eddan i
Linköping AB, Bryggaregården AB,
Agraffmuren Holding AB, Stångå-
28
ADMINISTRATION REPORT
FINANCIAL
staden Rystadstuna AB and Linköping Luftspanaren 1 Holding AB.
Group operations are conducted
in four business areas: Residential,
Commercial, Student and Bryggaregården. Business areas Student and
Bryggaregården are organized as
subsidiaries.
Net revenue and performance
The Group’s net revenues amounted
to SEK 1,346 million compared with
SEK 1,297 million the previous year.
Group profit after financial items totalled SEK 318 million (181); if capital gains are excluded the profit was
SEK 217 million (181) after financial
items. Net financial income improved
by SEK 4 million and totalled SEK
–98 million (–102). Profit after tax
totalled SEK 244 million (82).
Parent company net revenues were
SEK 1,154 million (1,116). Parent
company profit after financial items
amounted to 190 million (161).
Market
Linköping’s population increased
during 2014. The total increase was
around 1,670 compared to 2013.
In all, the municipality’s population
increased by around 7,200 people
over the past five years. This has
helped create an advantageous
market position for the company.
At year-end, the Group had 18,455
homes of which 4,222 were student
accommodation. The vacancy rate
was low throughout the year and
practically all of our apartments
are let. The occupancy rate in 2014
amounted to 100.0 (99.9) per cent.
The commercial rental market
in Linköping was characterized by
strong demand, especially in central
locations. The vacancy rate for commercial premises for the year was 2.4
(2.2) per cent on average.
Rent negotiations
The Swedish Union of Tenants and
the company reached agreement in
December 2013 on a rent increase of
1.2 per cent as of 1 February, 2014.
Property holding
During the year, 123 new apartments
were completed by the Group ready
for occupancy. The first of these was
16 homes in semi-detached houses
in Linghem which became occupied
in February; 14 apartments had been
completed here during the previous
year. During the spring, it was time
to move in to the Elitlöparen 1 property also known as Vingården. In all,
66 apartments out of a total 115 were
ready for occupancy. The other apartments were occupied during 2013.
During the autumn, it was time
for inauguration and occupancy for
16 apartments in the first of four
buildings at Åkervindan in Östra
Lambohov. Åkervindan consists
of one-bedroom and two bedroom
apartments in a total of 64 apartments. The buildings are of so-called
Kombohus type, a concept initiated
and procured by SABO, our industry
association. Kombohus buildings are
highly prefabricated with a clearly
defined construction and procurement process. Therefore the process
is significantly faster than usual and
more cost-effective than more conventional projects.
Our subsidiary Studentbostäder
i Linköping AB has completed 25
apartments at the Ostfatet 1 property
in Ryd. The buildings were erected
with temporary planning permission.
New legislation means temporary
planning permission may now be
granted for 15 years. A further 28
apartments are planned under the
same concept in an attempt to quickly
reduce the lack of student accommodation. These homes are planned
for completion in time for the autumn term, 2015. The company is
also planning new construction of
around 200 student apartments in
the Irrblosset 1 property in Valla.
All of the finished new homes are
let. At the end of 2014, the Stångåstaden Group had 266 new apart-
ments under construction. Construction is in progress in Valla, Folkets
Park, of 65 apartments of which 28
will be sheltered accommodation
for seniors. Construction of Åkervindan in Östra Lambohov continues. Just over 80 homes were begun
in Harvestad during the year, and
they will be ready for occupancy in
2015 and 2016. Ground was broken
for a project in the new city district
of Vallastaden, comprising a total of
38 homes. Lofts and basements are
being furnished in an existing building in Vasastaden to create 18 new
homes in the centre of town without
making any demands on new land.
During 2015, the Stångåstaden
Group is planning to start a large
number of new projects in such places
as Vasastaden, Majelden, Gottfridsberg and Vallastaden. In all, the projects will comprise more than 500
new apartments. During 2013, parts
of the Industrin 1 property in the
Wahlbecks Industrial Park were
acquired through the purchase of
shares in the company Linköping
Industrin 2 Holding AB. It is possible to build between 500 and 600
homes here. The project will be carried out together with a number of
other operators. In total, the Group’s
project portfolio contains around
2,000 homes in a variety of locations
such as Övre Vasastaden, City, Lambohov and Åbylund. Construction
of these apartments is planned to
start within the next five years.
In October 2014, an agreement was
signed for the sale of Luftspanaren
to HSB Östergötland Ekonomisk
Förening, for occupancy on 1 December 2014. Luftspanaren 1 contains
198 homes. Stångåstaden acquired
homes in Övre Vasastaden as part
of the same transaction. During the
year, the company Stångåstaden
Rystadstuna AB was acquired from
Specialfastigheter Sverige AB. The
company owns the old prison in Roxtuna, and the land is earmarked for
use for future housing developments.
Investments in Group properties
for the year amount amounted to
SEK 493 million (524), of which the
Parent company accounted for SEK
454 million (300). Of investments
in the Group, SEK 265 million (273)
refer to new construction.
Market values of properties
The year’s market valuation was
carried out by an external valuation
company. The market value of the
Group’s completed properties is
estimated at SEK 14,714 million
(13,664). The corresponding book
value amounted to SEK 5,643 million
(5,199). The market value for Parent
company properties amounted to
SEK 12,561 million (11,617) compared to a book value of SEK 4,550
million (4,175).
Participations in subsidiaries
and associated companies
During the year, the subsidiary Om24
Mark AB was merged with the Parent
company. The subsidiaries Stångåstaden Rystadstuna AB and Luftspanaren 1 Holding AB were acquired.
During the year, Stångåstaden acquired the remaining shares in Agraffmuren Holding AB. Stångåstaden
Rystadstuna AB and Agraffmuren
Holding AB own land on which it is
planned to build homes in the future.
In January 2015, Eddan i Linköping
AB and Stångåstaden Rystadstuna AB
merged with the Parent company.
FINANCIAL
29
Five-year comparison
Financial progress in summary. The five-year comparison has not been restated to K3 in respect of 2012, 2011 and 2010.
Consolidated
2013
2012
2011
2010
Net revenue
SEK million
1,346
1,297
1,259
1,239
1,203
SEK million
318
181
276
155
185
Balance sheet total
SEK million
6,349
5,887
5,632
5,325
5,156
-
145
145
136
141
134
%
43.5
42.7
42.3
41.6
41.1
%
76.8
76.5
76.2
75.6
74.7
Yield
%
3.3
3.5
3.1
3.3
3.3
%
6.9
5.0
7.8
5.0
5.6
%
12.0
7.4
12.0
7.1
9.0
2014
2013
2012
2011
2010
Parent company
30
2014
Net revenue
SEK million
1,154
1,116
1,082
1,068
1,052
SEK million
190
161
201
147
175
Balance sheet total
SEK million
6,288
5,837
5,591
5,288
5,115
-
129
128
121
127
122
%
42.5
44.6
41.8
42.3
41.8
%
74.7
75.1
72.3
74.2
73.4
%
4.8
4.7
6.4
4.9
5.4
%
7.3
6.6
8.8
6.6
8.5
FINANCIAL
Key ratio definitions
Significant risks and
uncertainties
The Group’s operations are exposed
to a great many risks such as construction, environmental, political,
financial and operational risks, which
can impact the ability to achieve
financial goals. In order to manage
threats and opportunities, we conduct
extensive risk management work for
the various parts of the Group. Actions are prioritized in order of the
material significance of each risk.
The company developed its internal controls during the year. A new
model was devised, based on the
COSO standard. COSO is a framework used to develop guidelines for
a company’s risk management and
internal controls. The internal controls seek to create a safe, secure
work situation for the company’s
employees, and avoid serious mistakes. Stångåstaden identifies shortcomings and risks that threaten
the achievement of our goals and
we create measures and control
activities to manage these risks and
shortcomings. Stångåstaden’s internal controls are described based on
the five components in the COSO
model: control environment, risk
analysis, control activities, information, communication, follow-up
and evaluation.
The objective of risk management
is to achieve the best result possible
by optimizing the balance between
the potential cost of the risks and
the expenses for mitigating risks
where possible. Risk management
must ensure that the Group’s longterm returns and equity/assets ratio
are not jeopardized.
Financial risk is managed primarily
by the company’s finance department,
which is responsible for financing and
Equity and untaxed reserves taking
into account deferred taxation/balance sheet total.
Equity and untaxed reserves taking
into account deferred tax plus surplus value of properties/balance
sheet total and surplus value of
properties without taking into
account deferred tax.
Yield
Net operating income/completed
properties’ market value brought
forward.
Income after financial items plus
interest expenses and similar loss
items/average balance sheet total.
Profit/loss after financial items and
untaxed reserves taking into account
deferred tax.
Investments
Investments in furnishings and equipment amounted to SEK 5 million (2),
of which the Parent company accounted for SEK 5 million (2).
Cash flow and liquidity
Group cash flow from operating activities totalled SEK 311 million (422).
Cash flow for the year amounted to
SEK 75 million (26). The net borrowing is a result of from increased new
construction during the year.
The Group’s accessible liquid assets
totalled SEK 135 million (58) as of
31 December 2014.
liquidity planning. The work is governed by a finance policy approved
by the Board which seeks to safeguard the Group’s financing needs
at expenses and risks that are as low
as possible. Financial risk can be divided chiefly into financing, interest
rate, currency, credit and counterparty risks. Financing and liquidity
risks are defined as the borrowing
requirements that cannot be covered in tight market conditions.
Interest rate risk refers to the risk
of a negative impact on the Group’s
income statement and balance sheet
as a result of changes in interest rate
levels. The Group is exposed mainly
to financing and interest rate risks.
Financial instruments (interest
rate swaps) are used to limit interest risks in the loan portfolio and
to allow a flexible influence over
the fixed interest period in the loan
portfolio (refer to Note 29).
The company strives to achieve
a balance between short-term and
long-term borrowing spread across
a number of financing sources in
order to reduce financing risk. Confirmed loan commitments or equivalent guarantees must at a minimum
correspond to the volume of outstanding commercial papers.
Equity
Group equity as of 31 December
2014 totalled SEK 2,765 million
(2,515). Parent company equity as
of 31 December 2014 totalled SEK
2,664 million (2,521).
Personnel
At year-end, the number of employees
in the Group totalled 146 (144), of
whom 130 (128) were in the Parent
company. The average number of
employees for the year amounted
FINANCIAL
31
Eddan is changing the cityscape in central
Linköping with exciting architecture,
homes and activities.
to 145 (145), of whom 129 (128)
were in the Parent company. Of
Group employees, 55 were men (55)
and 90 (90) women. In the Parent
company, 48 were men (49) and
81 (79) women.
Payroll and social security contributions in the amount of SEK 90.8
million (90.9) were charged to the
consolidated income statement, of
which social security contributions
made up SEK 28.5 million (30.0).
In the parent company, the income
statement was charged in the amount
of SEK 80.9 million (81.4), of which
social security contributions made
up SEK 25.6 million (27.3).
Statements of the number of employees and remunerations paid in
the Group and the Parent company
are presented in the notes to the financial statements.
32
FINANCIAL
Goal fulfilment
The requirements formulated by the
owner for the company are both financial and non-financial in nature.
The financial requirements consist
of those adopted by the municipal
council concerning returns and the
equity/ assets ratio, while the non-financial requirements are primarily
formulated as policy goals. The
overall view of the Board and the
CEO is that the assignment from
the owner has been achieved.
Outlook for 2015
The company is counting on a continued high occupancy rate. The Swedish
Union of Tenants and the company
signed an agreement in December
2014 concerning a rent rise of 0.9 per
cent valid from 01 February 2015.
In 2011, the Board resolved to es-
tablish a long-term energy efficiency
improvement goal of reducing purchased energy by 25 per cent by 2025.
This work has high priority in the
years ahead.
In recent years, Stångåstaden has
invested ever more in new construction and the Group is facing a period
characterized by expansion. Demand
for the company’s apartments increased substantially over the past
year. This means further investments
in new construction will be made to
meet demand.
During December 2014, interest
rate swaps were redeemed early
and interest rate caps were purchased
to reduce exposure to interest rate
risk. The ambition is to retain the
profit margin and equity/assets ratio
achieved in recent years.
INCOME STATEMENT
Consolidated
(SEK 000s unless otherwise indicated)
Rental income
Note
3
2014
Parent company
2013
2014
2013
1,318,344
1,265,524
1,129,983
1,090,684
27,657
31,349
23,917
25,318
1,346,001
1,296,873
1,153,900
1,116,002
-519,238
-520,420
-440,519
-447,277
-308,477
-264,882
-271,494
-230,784
-27,561
-27,366
-23,286
-23,123
490,725
484,205
418,601
414,818
-103,779
-134,495
-80,932
-112,037
386,946
349,710
337,669
302,781
6-8
-71,666
-66,707
-71,170
-64,999
9
101,124
-346
-1,775
-346
Selling expenses
-477
-20
-477
-20
Operating profit
415,927
282,637
264,247
237,416
Other revenue
Net revenue
Operating expenses
4, 6, 8
Property charges and property tax
Operating surplus
5
Gross profit
Central administration and marketing
Profit/loss from property sales
Other interest income and similar profit/loss items
10
5,543
4,909
27,518
29,516
Interest expenses and similar profit/loss items
11
-103,681
-106,688
-101,746
-106,379
317,789
180,858
190,019
160,553
Appropriations
12
-20,000
-76,000
196
-62,530
13
-53,425
-22,543
-52,372
-21,006
244,364
82,315
137,843
77,017
Profit for the year
INCOME STATEMENT
FINANCIAL
33
BALANCE SHEET
Consolidated
Parent company
Note
2014
2013
2014
2013
14-17
5,642,614
5,198,645
4,549,890
4,175,340
ASSETS
Non-current assets
Buildings, land and land improvements
Furnishings and equipment
18
15,507
15,636
14,782
15,014
Construction, reconstruction and extensions in progress
19
398,938
405,371
373,670
388,848
6,057,059
5,619,652
4,938,342
4,579,202
-
-
298,329
285,254
-
-
811,511
734,882
16,033
27,527
15,388
26,882
46,224
99,230
46,224
99,230
Total property, plant and equipment
Financial assets
Participations in subsidiaries
20
Other long–term receivables from subsidiaries
Participations in associated companies
21
Other long–term receivables from associated companies
Other securities held as fixed assets
22
40
40
40
40
Other non-current receivables
23
17,902
17,378
17,678
17,204
80,199
144,175
1,189,170
1,163,492
6,137,258
5,763,827
6,127,512
5,742,694
7,463
5,608
5,094
4,310
452
489
452
450
-
-
12,300
3,231
Total financial fixed assets
Total non-current assets
Current assets
Current receivables
Trade receivables
Receivables from Group companies
Receivables from subsidiaries
Other receivables
24
60,376
48,289
45,608
42,672
Prepaid expenses and accrued income
25
7,764
10,483
7,305
10,140
Total current receivables
76,055
64,869
70,759
60,803
Cash and bank balances
135,392
58,082
90,190
33,787
Total current assets
211,447
122,951
160,949
94,590
6,348,705
5,886,778
6,288,461
5,837,284
TOTAL ASSETS
34
BALANCE SHEET
FINANCIAL
Consolidated
Note
Parent company
2014
2013
2014
2013
368,000
368,000
368,000
368,000
480,000
480,000
1,677,783
1,595,618
137,843
77,017
LIABILITIES AND EQUITY
Equity
26
Restricted equity
Share capital (3,680,000 shares)
Restricted reserves
Non-restricted equity
Retained earnings
Profit for the year
Other equity including profit/loss for the year
2,396,674
2,147,159
Total equity
2,764,674
2,515,159
2,663,626
2,520,635
27
-
-
8,258
10,089
4,620
7,944
4,620
7,944
28
126,988
59,302
105,301
49,433
131,608
67,246
109,921
57,377
1,600,000
1,013,000
1,600,000
1,000,000
1,600,000
1,013,000
1,600,000
1,000,000
Untaxed reserves
Provisions
Pensions
Deferred tax liability
Total provisions
Liabilities to credit institutions
29
Total non-current liabilities
Current liabilities
Liabilities to credit institutions
29
1,500,000
1,950,000
1,500,000
1,950,000
Overdraft facilities
30
-
-
-
-
141,270
120,513
124,506
105,580
3,150
14,899
3,150
14,899
-
-
103,927
2,417
48,713
46,016
41,982
40,534
Trade payables
Liabilities to parent company
Liabilities to subsidiaries
Liabilities to Group companies
Other liabilities
5,528
2,396
1,906
1,476
153,762
157,549
131,185
134,277
Total current liabilities
1,852,423
2,291,373
1,906,656
2,249,183
TOTAL LIABILITIES AND EQUITY
6,348,705
5,886,778
6,288,461
5,837,284
Mortgage deeds for properties
402,095
400,394
402,095
400,394
For own pension commitments
274
547
274
547
1,293
1,143
1,171
1,032
10,000
-
10,000
-
Accrued expenses and prepaid income
31
Pledged assets
Contingent liabilities
Guarantee fund, Fastigo
Surety bonds
BALANCE SHEET
FINANCIAL
35
STATEMENT OF
CASH FLOWS
Consolidated
Note
Parent company
2014
2013
2014
2013
Current operations
317,789
180,858
190,019
160,571
Adjustment for items not included in cash flow
32
-8,998
159,475
86,014
114,985
Taxes paid
13
-453
-20
-164
-20
308,338
340,313
275,869
275,536
-3,453
159,426
-10,388
152,952
6,084
-78,059
107,473
-140,979
310,969
421,680
372,954
287,509
-28,900
-
-44,958
-24,757
-
-24
-
-24
Cash flow from operating activities
before changes in working capital
Cash flow from changes in working capital
Increase (–), reduction (+) in operating receivables
5
Increase (–), reduction (+) in operating liabilities
Cash flow from operating activities
6-8
Investing activities
Acquisition of / investment in subsidiaries
Acquisition of associated companies
Investment in furnishings and equipment
18
-5,198
-1,819
-4,501
-1,819
Sale of furnishings and equipment
18
551
702
450
702
Investment in buildings, land and land improvements
14-17,19
-492,650
-524,228
-454,030
-299,894
Sale of buildings, land and land improvements
14-17,19
134,087
5,069
31,188
5,069
-392,110
-520,300
-471,851
-320,723
13,753
-24,631
110
-117,394
6,490,000
7,450,000
6,490,000
7,450,000
-6,353,000
-7,275,081
-6,340,000
-7,275,081
Dividend paid
-10,451
-8,722
-10,451
-8,722
Shareholder contributions received
15,600
-16,720
15,600
-3,280
155,902
124,846
155,259
45,523
Cash flow for the year
74,761
26,226
56,362
12,309
Cash and cash equivalents at start of year
58,082
31,856
33,787
18,608
2,549
-
41
2,870
135,392
58,082
90,190
33,787
Cash flow from investing activities
Financing operations
Change in non-current receivables
Loans raised
Amortization of loan liabilities
Cash flow from financing activities
Assumed cash and cash equivalents
Total cash and cash equivalents at year-end
36
STATEMENT OF CASH FLOWS
FINANCIAL
33
ACCOUNTING POLICIES
AND VALUATION
PRINCIPLES
Amounts in SEK 000s unless otherwise indicated
General accounting policies
AB Stångåstaden’s annual accounts and the consolidated accounts have
been prepared in accordance with the Annual Accounts Act and the
general recommendations of the Swedish Accounting Standards Board
BFNAR 2012:1 Annual Reports and Consolidated Financial Statements
(K3). This is the first time the Group and the company have prepared
financial statements according to K3.
cash flows and notes have been restated for the purpose of comparison.
The five-year summary in the administration report has not been restated
for the above policy change except for the comparison year.
The effects of the transition to K3
The amounts in the 2013 income statement, balance sheet, statement of
The transition from the 2013 income statement from the 2013 annual
report and the corresponding value according to K3 is presented below.
INCOME STATEMENT
Consolidated
Net revenue
Property charges and
property tax
Parent company
K3
01/01/2013–
31/12/2013
Annual Report
01/01/2013–
31/12/2013
Operating expenses
When preparing the opening balance for 01/01/2013 and the balance for 31/12/2013, the Group made the adjustments shown below
compared to year-end 2012 and year-end 2013
1,296,873
-
1,296,873
Net revenue
1,116,002
-
-520,420
-
-520,420
Operating expenses
-447,277
-
-447,277
-344,755 1)
79,873
-264,882
-303,667 1)
72,883
-230,784
-27,366
-
-27,366
-23,123
-
-23,123
Property charges and
property tax
404,332
79,873
484,205
Operating surplus
-108,901 2)
-25,594
-134,495
Gross profit
295,431
54,279
349,710
Central admin &
marketing
-66,707
-
-66,707
-346
-
-346
Operating surplus
Gains/losses from
property sales
K3
01/01/2013–
31/12/2013
Annual Report
01/01/2013–
31/12/2013
1,116,002
341,935
72,883
414,818
-86,789 2)
-25,248
-112,037
Gross profit
255,146
47,635
302,781
Central admin &
marketing
-64,999
-
-64,999
-346
-
-346
Gains/losses from
property sales
Selling expenses
-20
-
-20
Selling expenses
-20
-
-20
Operating profit
228,358
54,279
282,637
Operating profit
189,781
47,635
237,416
Net interest income
-101,779
-
-101,779
Net interest income
-76,863
-
-76,863
Profit/loss after financial
items
126,579
54,279
180,858
Profit/loss after financial
items
112,918
47,635
160,553
Appropriations
Profit for the year
- 3)
-76,000
-76,000
Appropriations
-27,322 4)
4,779
-22,543
99,257
-16,942
82,315
1) Periodic maintenance was expensed directly according to the old
procedures; in K3 such maintenance constitutes components recognized
in the balance sheet and depreciated.
2) Breakdown into property components was introduced with K3 as of
01/01/2013 and provided for higher depreciations in 2013 than the
Profit for the year
30 3)
-62,560
-62,530
-24,290 4)
3,284
-21,006
88,658
-11,641
77,017
amounts carried in the 2013 annual report.
3) Group contributions were reported as per the old standards directly
against equity; in K3, reporting is via the income statement.
4) Deferred tax increased in that the temporary differences
between tax-related and book value costs and depreciations increased.
ACCOUNTING POLICIES AND VALUATION PRINCIPLES
FINANCIAL
37
The transition from the 2013 income statement from the 2013 annual
report and the corresponding value according to K3 is presented below.
BALANCE SHEET
Consolidated
Parent company
Annual Report
K3
Annual Report
K3
ASSETS
31/12/2013
31/12/2013
31/12/2013
31/12/2013
Non-current assets
5,709,547 1)
54,280
5,763,827
5,695,058 1)
47,636
5,742,694
Current assets
122,951
-
122,951
94,590
-
94,590
TOTAL ASSETS
5,832,498
54,280
5,886,778
5,789,648
47,636
5,837,284
2,472,821 2)
42,338
2,515,159
2,483,479 2)
37,156
2,520,635
10,089
-
10,089
LIABILITIES AND EQUITY
Equity
Untaxed reserves
-
-
-
3)
11,942
67,246
1,013,000
-
Current liabilities
2,291,373
TOTAL LIABILITIES
AND EQUITY
5,832,498
Provisions
55,304
3)
10,480
57,377
1,013,000
1,000,000
-
1,000,000
-
2,291,373
2,249,183
-
2,249,183
54,280
5,886,778
5,789,648
47,636
5,837,284
1) Periodic maintenance was expensed directly according to the old procedures; in K3 such maintenance constitutes components recognized in
the balance sheet and depreciated. Breakdown into property components
was introduced with K3 as of 01/01/2013 and provided for higher depreciations in 2013 than the amounts carried in the 2013 annual report.
2) Refer to the income statement. Consolidated equity is reclassified.
Subsidiary data
The Group includes the subsidiaries Studentbostäder i Linköping AB,
reg no. 556596-6792, TGS Fastigheter nr 3 AB, reg no. 556681-1435,
Eddan i Linköping AB, reg no. 556379-9781, Bryggaregården AB, reg
no. 556336-6086, Agraffmuren Holding AB, reg no. 556819-3048
Stångåstaden Rystadstuna AB, reg no. 556831-8439 and Linköping Luftspanaren 1 Holding AB, reg no. 556976-7808.
Internal sales, internal profits and receivables/liabilities within the Group
are eliminated in the consolidated accounts.
Associated companies, data
Shareholding in Byggutveckling Svenska AB, reg no. 556627-2117,
equivalent to 25% of the votes. Shareholding in Bixia Gryningsvind AB,
reg no. 556779-5348, equivalent to 16% of the votes and a significant
influence. Shareholding in Linköping Industrin 2 Holding AB, reg no.
556929-9828, equivalent to 49% of the votes.
Participations in associate companies are reported in the consolidated
accounts according to the equity method. The equity method involves the
reporting of shares in a company at cost at the time of acquisition and
subsequently adjusted by the Group’s share of the change in the associate
company’s net assets. The Group’s share of an associate company’s profit
is reported as income in the consolidated income statement. Undistributed
accumulated shares in profit attributable to associate companies is reported
in the consolidated balance sheet as an equity method reserve under restricted reserves. Unrealised inter-Group profits are eliminated in an amount
equivalent to the share of the profit accruing to the Group.
Consolidated Accounts
The consolidated accounts comprise the Parent company AB Stångåstaden and those companies of which more than 50 per cent of the
voting rights were owned directly or indirectly on the closing date.
The consolidated accounts were prepared according to the acquisition
method. This means that the assets and liabilities of acquired subsidiaries
are reported at market value according to a prepared acquisition analysis.
Should the acquisition value of participations in subsidiaries exceed
the estimated market value of the company’s net assets according to the
acquisition analysis, the difference constitutes Group goodwill, which is
depreciated over its estimated useful life. Only profits arising after the
acquisition date are included in consolidated profits and equity.
38
46,897
FINANCIAL
3) Deferred tax increased in that the temporary differences between
tax-related and book value costs and depreciations increased.
Associate companies
Associates are companies that are not subsidiaries but where the Parent
company directly or indirectly holds at least 20 per cent of the voting
rights of all shares, or in some other way exercises significant influence.
Participations in associate companies are reported in the Parent company’s
accounts at cost less any impairment charges. Only dividends received
from associate companies after the acquisition are reported as income.
Cash flow statement
The cash flow statement was prepared according to the indirect method.
The reported cash flow includes only those transactions that entail
payments and disbursements. Cash and cash equivalents include cash,
bank balances and the Group account.
Income
Rental income is advised in advance but reported such that only the
portion accruing to the period is reported as income. Expenses relating
to property tax, heating, water and electricity that are passed on are
reported under Other income. Interest income earned is recognized as
revenue using the effective yield method. Dividends received are recognized as income when the dividend received is considered to be final.
Pensions
The Group’s pension obligations according to the public pension plan
are covered by insurance premiums to Alecta. The pension commitment
up to year-end 1994 is reported as a pension provision.
Borrowing expenses
Borrowing expenses are charged against profit for the period to which
they relate, regardless of how the funds borrowed have been used.
Income tax
Current taxes are assessed based on the tax rate and tax regulations in
force on the closing date. Deferred taxes are assessed based on the tax
rate and tax regulations adopted before the closing date.
The Group’s land, which has unlimited useful life, is not depreciated. A
straight-line depreciation method is used for all types of tangible assets.
The following depreciation terms are applied within the Group:
Buildings
Frame
100 years
External walls, windows and roof
40 years
Electricity, water, heating and ventilation
40 years
Technical installations 20 years
Residual items
50 years
Land improvements
20 years
5–10 years
Construction, reconstruction and extensions in progress
New construction, extensions and reconstructions in progress were
valued at direct costs accrued. No interest expense was charged to this
balance sheet item.
Deferred tax liability in regard to temporary differences attributable to
investments in subsidiaries are not reported in the consolidated financial
statements as the Parent company is able in every case to control the
date of reversal of temporary differences and it is considered unlikely
that reversal will take place in the foreseeable future.
Impairment of non-financial assets
When there are indications that an asset has fallen in value, a test is carried out to determine any need to recognize impairment. If the asset has
a recoverable value that is lower than the carrying amount, it is written
down to the recoverable value. When assessing any need to recognize
impairment the assets are grouped together at the lowest levels at which
there are individually identifiable cash flows (cash-generating units). On
each closing day, a test is carried out to see whether reversal should
take place for assets other than goodwill, previously written down.
Deferred tax assets in respect of loss carryforwards or other future taxrelated deductions are reported to the extent it is likely that the deduction
may be offset against a surplus in future taxation.
Group contributions and shareholder’s contributions
Group contributions rendered and received are reported as appropriations in the income statement.
Receivables and liabilities are only reported net when there is a legal
right to an offset.
Shareholder contributions rendered are reported by the renderer as
an increase in the item Participations in Group companies given that
impairment is not required. Shareholder contributions received are
reported by the recipient directly against non-restricted equity.
Current tax as well as changes in deferred tax are reported in the
income statement unless the tax is attributable to an event or transaction reported directly in equity. In such cases the tax effect is also
reported in equity.
Property, plant and equipment are reported at cost less depreciations.
Cost includes expenditures that are directly attributable to the acquisition of an asset.
When a real estate component is replaced, any remaining part of the
old component is retired and the new component’s cost is activated.
Additional expenditures that refer to assets not divided into components
are added to cost to the extent that the asset’s performance increases in
relation to its value at the time of acquisition.
Expenditures for running maintenance and repairs are expensed.
Capital gains and capital losses in connection with the disposal of buildings,
land and land improvements are reported as a line item in the income
statement. Capital gains and losses arising from the disposal of furnishings
and equipment are reported as operating expenses.
Property, plant and equipment are depreciated systematically over the
asset’s estimated useful life.
Provisions
The company makes a provision when there is a legal or informal
commitment and a reliable estimation of the amount can be made. The
company calculates liabilities that are not expected to be settled for
more than 12 months at present value. The increase in a provision
arising from the passage of time is reported as an interest expense.
The Group’s pension liability is reported as a provision. The pension
liability relates to the pension agreement with KPA that was in effect
until year-end 1994. The provision is set on the basis of an actuarial
calculation provided by KPA.
Financial instruments
Financial instruments reported in the balance sheet include securities,
accounts receivable and other receivables, trade accounts payable,
loan liabilities and derivative instruments. The instruments are reported
in the balance sheet when the company becomes party to the instrument’s contractual conditions.
Financial assets are removed from the balance sheet when the right to
receive cash flows from the instrument has expired or is transferred and the
Group has transferred all the risks and benefits associated with ownership.
Financial liabilities are removed from the balance sheet when the obligation in the agreement is settled or has in any other way ceased.
FINANCIAL
39
Accounts receivable and other receivables
Receivables are reported as current assets with the exception of items with
maturities more than 12 months from closing date, which are classified
as assets. Receivables are reported in the payment amount expected after
deductions for individually assessed doubtful receivables.
Other securities held as fixed assets
The item consists chiefly of shares under a minor holding of interestbearing assets. The holdings are held over the long term. Assets included
in the item are initially reported at cost with an assessment of any
existing need to recognize the impairment. Interest-bearing assets are
reported in the subsequent accounts at accrued cost less any reserve
for a reduction in value.
Loan liabilities and trade accounts payable
Loan liabilities and trade accounts payable are initially reported at cost
less deductions for transaction expenses. If the reported amount differs
from the amount that must be repaid upon maturity, the difference is
periodized as an interest expense over the term of the loan on the basis
of the instrument’s effective interest rate. In this way, the reported amount
and the amounts that must be repaid will correspond upon maturity.
Derivative instruments included in hedge accounting
Hedge accounting is applied to those derivative instruments included
in a documented hedge connection. For hedge accounting to be
applied, there must be an unambiguous link between the hedge
instrument and the hedged item. It is also necessary for the hedge to
effectively protect against the risk concerned, that effectiveness can
be demonstrated on a continuous basis to be sufficiently high through
efficiency measurements and that documentation has been drawn up.
A determination as to whether hedge accounting should be applied
is made at the beginning of the hedge relationship. Changes in value
are reported depending on the type of hedge entered into. Losses
attributable to the hedged risk are not reported as long as the hedge
relationship abides.
Hedge accounting ceases when the hedge instrument falls due, is sold,
liquidated or redeemed or when the hedge no longer meets the conditions
for hedge accounting.
Swap agreements are entered into for the purpose of achieving a desired
fixed-interest term in the loan portfolio and to minimize interest rate risks.
Income and expenses for interest swaps are reported net under interest
expenses. Changes in market value during the swap agreement term
are not reported in profit/loss.
Offsetting financial assets and financial liabilities
A financial asset and a financial liability are offset and reported as
a net amount in the balance sheet only where there is a legal right to
offset the amount and when settlement with a net amount is intended
or when the simultaneous disposal of the asset and settlement of the
liability is intended.
Impairment test of financial assets
An estimation is made every closing date to determine whether there is
any indication of a need to recognize impairment in any of the financial
assets. Impairment takes place if the decline in value is deemed permanent.
The impairment loss is reported in the income statement line item
Depreciations and impairments. The need to recognize impairment is
tested individually for shares and participations and other individual
financial assets
40
FINANCIAL
NOTES
Note 2 Material estimations and assessments
Note 3 Rental income
The preparation of annual accounts and consolidated accounts in
accordance with K3 requires company management and the Board
to make assumptions about the future and other important sources of
uncertainty in estimations on the closing date that entail a significant risk
of a substantial adjustment to the reported values of assets and liabilities.
Estimations are also made that have a significant effect on the amounts
reported in this year’s annual accounts and consolidated accounts.
Consolidated
The estimations and assessments are based on historical experience
and other factors considered reasonable under prevailing circumstances.
The outcome of these estimations and assessments is then used to determine the carrying amounts of assets and liabilities that are not clearly
evident from other sources.
Accessories, services etc.
Estimations and assessments are reviewed annually.
The final outcome of estimations and assessments may deviate from
current estimations and assessments. The effects of changes to these
are reported in the income statement for the financial year in which the
changes are made and in future financial years if the change affects
both current and future financial years.
Important estimations and assessments are described below.
Testing for any need to recognize impairment for property, plant and
equipment
The Group has substantial values carried in the balance sheet in regard
to property, plant and equipment. They are tested for any need to
recognize impairment in accordance with the accounting principles
described in the consolidated accounts under Note 1, Accounting policies and valuation principles. Recoverable values for cash generating
units were determined by calculating value in use or the net sales value.
Certain estimations must be made for such calculations in regard to
future cash flows and other adequate assumptions in regard to e.g.
required rates of return.
Income taxes and deferred taxes
The Group reports deferred tax assets and liabilities that are expected
to be realized in future periods in the consolidated balance sheet.
When calculating these deferred taxes, certain assumptions and estimations are made in respect of the future fiscal consequences attributable
to the difference between assets and liabilities reported in the balance
sheet and the equivalent tax-related values.
The estimations also include the assumption that tax legislation and tax
rates will remain unchanged and that current regulations regarding the
use of loss carry forwards will not be changed.
2014
2013
Rental income, gross
Housing
1,185,403
1,142,171
Commercial premises
103,017
94,899
Garages
22,959
21,076
Parking spaces
13,454
12,817
5,042
4,917
1,329,875
1,275,880
-453
-1,000
-2,505
-2,110
Total
Less rent loss
Housing
Commercial premises
Garages
Parking spaces
Rent discounts
Total
Net revenue
-712
-621
-1,531
-1,578
-267
-249
-6,063
-4,798
-11,531
-10,356
1,318,344
1,265,524
Parent company
Rental income, gross
Housing
1,018,137
983,570
Commercial premises
82,110
78,689
Garages
22,914
21,031
Parking spaces
11,937
11,322
Total
3,934
4,112
1,139,032
1,098,724
Less rent loss
Housing
Commercial premises
-301
-574
-2,327
-1,871
Garages
-710
-619
Parking spaces
-900
-953
-233
-211
Rent discounts
-4,578
-3,812
Total
-9,049
-8,040
1,129,983
1,090,684
Net revenue
NOTES
FINANCIAL
41
Note 4 Operating expenses
2014
2013
72,855
71,617
Consolidated
Caretaking
Repairs
60,319
61,253
Water
36,535
34,530
134,444
147,308
Heating
Note 6 Purchases and sales between Group companies
Of the Group’s expenses, SEK 222,905 (214,336) concerned purchases
from the Linköpings Stadshus Group, which corresponds to 21.6% (20.1)
of the Group’s operating expenses.
Electricity
44,135
43,845
Note 7 Auditors’ fees
Refuse collection
23,101
22,544
Consolidated
Risk
40,429
47,142
Öhrlings PricewaterhouseCoopers AB
Cable TV, LANs, leasehold fees, etc.
12,622
8,541
Audit assignment
5,188
4,952
89,610
78,688
Audit activities in addition to the audit
assignment
519,238
520,420
Swedish Union of Tenants, Students’ Union
Property administration
Total
Parent company
43
36
Total
560
408
304
329
41
-
52,334
53,478
Parent company
32,523
30,335
116,772
128,991
Electricity
31,554
30,752
Refuse collection
20,462
19,930
Risk
35,911
40,443
Cable TV, LANs, leasehold fees, etc.
7,632
7,536
Swedish Union of Tenants
4,388
4,152
79,349
70,322
440,519
447,277
Audit assignment
Audit activities in addition to the audit
assignment
Tax advice
30
43
Other services
185
36
Total
560
408
Note 8 Employees &
employee expenses
Note 5 Depreciations and
impairments
2014
2013
-104,920
-111,297
-2,510
-324
Construction in progress
14,600
-14,600
-4,795
-8,274
-6,154
-
-103,779
-134,495
Land improvements
Total
Parent company
Buildings
-82,737
-89,623
Land improvements
-2,309
-296
Construction in progress
14,600
-14,600
-4,332
-7,518
-6,154
-
-80,932
-112,037
Total
42
NOTES
FINANCIAL
2014
Salaries and
other remunerations
55,315
(of which pension expenses)
Buildings
Wages and salaries, other
remuneration and social
security costs
Parent company
Consolidated
-
30
Water
Total
329
41
185
Repairs
Property administration
304
Tax advice
59,594
Heating
2013
Other services
Caretaking
61,338
2014
Subsidiaries
25,573
54,120
7,014
2,916
28,489
27,285
6,718
2,735
60,838
30,020
(574)
62,329
Social
charges
(9,955)
(6,421) 1)
Consolidated, total
2013
Salaries and
Social other remuexpenses
nerations
(439)
(10,394)
(6,995) 2)
1) Of Parent company personnel expenses, SEK 497 (326) refer to the Board and CEO.
2) Of Group personnel expenses, SEK 634 (442) refer to the Group’s Board and CEO.
Salaries and other remunerations distributed between
board members & other
employees
Parent company
(of which bonus and similar)
Subsidiaries
Consolidated, total
2014
2013
Board and
CEO
Other
employees
Board and
CEO
Other
employees
2,182
53,133
2,020
52,100
(-)
(-)
(-)
(-)
917
6,097
901
5,817
(-)
(-)
(-)
(-)
3,099
59,230
2,921
57,917
(-)
(-)
(-)
(-)
Note 8 continued
Note 8 continued
Members of the Board
Gender distribution
Fees to the Parent company’s Board totalled:
Parent company
Chairman Tommy
Ählström
200
Vice Chairman
Jan Österlind
124
Member, Göran
Falkenberg
12
Member, Bengt Olsson
10
Member, Andreas Berg
9
Member, Daniel Ellström
4
Member, Gunn Brestedt
12
Member, Chris Ramslöv
7
Member, Gun Djerf
13
Alternates
Men
Women
Board members
6
3
Chief Executive Officer
1
-
Other senior executives
2
2
11
6
Consolidated
Board members
51
2
-
Other senior executives
3
2
2014
2013
Remunerations were not paid to members of the boards of subsidiaries.
Remuneration to the Chief Executive Officer of the Parent company
totalled SEK 1,739 thousand. During the year, the CEO drew a car
allowance in the amount of SEK 60 thousand. The CEO has a defined
contribution pension plan where 30 per cent of salary may be allocated
to a pension of choice. During the year, pension benefits of SEK 497
thousand were paid out. Retirement age is 65.
Agreement on severance pay
The period of notice on termination of the employment of the CEO is 24
months on the part of the company. If a duty of service does not exist,
deductions must be made for any new employment income received
during the period of notice.
Remuneration to Group CEOs totalled SEK 2,656 thousand. Other senior executives
Remunerations to other senior executives in the Group totalled SEK 4,316
thousand (5 people). Remunerations to other senior executives in the Parent
company totalled SEK 3,399 thousand (4 people).Pension terms for other
senior managers are governed by central agreements between labour
market parties. Other benefits to the Group totalled SEK 224 thousand.
Note 9 Profit/loss on property sales
Consolidated
Capital gains
Capital loss
Total
103,100
-
-1,976
-346
101,124
-346
Parent company
Capital gains
201
-
Capital loss
-1,976
-346
Total
-1,775
-346
2014
2013
Interest income, other
5,543
4,909
Total
5,543
4,909
23,768
24,793
Note 10 Other interest income
and similar profit/loss items
Consolidated
2014
2013
Men
48
49
Interest income, Group internal
Women
81
79
Interest income, other
3,750
4,723
129
128
Total
27,518
29,516
Men
7
6
Women
9
11
16
17
Note 11 Interest expenses and
similar profit/loss items
2014
2013
Interest expenses, other
-103,681
-106,688
Total
-103,681
-106,688
Parent company
Parent company
Total
Subsidiaries
Total
Consolidated
Consolidated, total
Men
55
55
Women
90
90
145
145
Total
Parent company
Interest expenses, other
-101,746
-106,379
Total
-101,746
-106,379
NOTES
FINANCIAL
43
Note 12 Appropriations
2014
2013
Consolidated
Note 13 continued
Group contributions rendered
-20,000
-76,000
Current tax, state income tax
Total
-20,000
-76,000
Deferred tax on temporary differences,
depreciations and impairment charges
Parent company
Group contributions received
20,587
15,053
Group contributions rendered
-22,222
-77,613
Difference between book depreciations
and depreciations according to plan
– furnishings and equipment
Total
Note 13 Tax on profit for
the year
2014
2013
-164
-20
-10,056
-20,475
-41,641
-
Parent company
1,831
30
196
-62,530
2014
2013
Consolidated
Deferred tax on temporary differences, cost
balance sheet loan item
-511
-511
Total
-52,372
-21,006
Reported profit before tax and distribution
190,019
160,553
Tax calculated at according to current
rate (22%)
-41,804
-35,322
Tax effect of non-deductible expenses/
tax-exempt income
-5,640
-382
Tax effect of non-deductible/tax-exempt
capital gains
-301
-76
Tax effect of non-deductible impairment
of associated company
-1,354
-
-453
-20
360
13,763
depreciations and impairments
Tax effect on group contribution rendered/received
-10,053
-22,034
Tax effect on related depreciations on
furnishings and equipment
-403
-7
cost
-42,886
-
Current tax, state income tax
-511
-511
Deferred tax, appropriations
478
22
Total
-53,425
-22,543
Reported profit before tax
317,789
180,858
Tax calculated at according to current
rate (22%)
-69,914
-39,789
Tax effect of non-deductible expenses/
tax-exempt income
-5,127
-409
Tax effect of non-deductible/tax-exempt
capital gains
22,247
Tax effect of non-deductible impairment of
associated company
-1,354
-
Tax effect of group contributions rendered
4,400
16,720
-448
-7
Tax effect on related depreciations on
furnishings and equipment
Other tax effects
Total
-76
-3,230
1,018
-53,425
-22,543
Other tax effects
-3,230
1,018
Total
-52,372
-21,006
Note 14 Buildings
Group
Parent
company
At beginning of year
7,178,616
6,055,763
New production
264,922
264,922
Improvements
211,643
188,090
Disposals and retirements
-84,206
-84,206
7,570,975
6,424,569
-2,361,742
-2,145,588
Accumulated costs
Total
Accumulated depreciations according to plan
Depreciation of costs according to plan
for the year
Total
43,968
43,968
-129,816
-107,637
-2,447,590
-2,209,257
Accumulated impairment losses
-92,300
-66,300
Add-back
33,200
33,200
Impairment losses for the year
-8,300
-8,300
-67,400
-41,400
Total
Carrying amount, 31 December
44
NOTES
FINANCIAL
5,055,985
4,173,912
Note 15 Land
Note 18 continued
Consolidated
Consolidated
Parent
company
465,277
324,566
Acquisitions
83,312
21,777
Disposals
-1,041
-1,041
547,548
345,302
for the year
Accumulated depreciations according to plan
Accumulated costs
Total
Note 16 Land improvements
Parent
company
Consolidated
Parent
company
-41,495
-29,528
1,083
829
-4,795
-4,332
Total
-45,207
-33,031
Residual value according to plan at
year-end
15,507
14,782
Accumulated costs
29,466
27,176
Improvements
32,796
26,085
Total
62,262
53,261
Reclassifications
-20,672
-20,277
for the year
-2,509
-2,308
Total
-23,181
-22,585
Residual value according to plan at
year-end
39,081
30,676
Parent
company
Consolidated
Accumulated depreciations according
to plan
Note 19 Construction, reconstruction
and extensions in progress
Add-back, impairment loss
405,371
388,848
-509,361
-479,097
14,600
14,600
Investments
488,328
449,319
Total
398,938
373,670
Note 20 Participations in subsidiaries
Parent company
Accumulated costs
Note 17 Buildings, land and
land improvements
Consolidated
Parent
company
Buildings
Land
Land improvements
Total
311,254
Merger
-13,016
Cost
10,033
Shareholder contribution rendered
5,055,985
4,173,912
547,548
345,302
39,081
30,676
5,642,614
4,549,890
Market value
The 2014 market valuation took place with the assistance of an external
consultant. The market value of the Group’s properties was estimated to
be SEK 14,714,400 (13,664,500), of which Parent company properties
were valued at SEK 12,560,900 (11,616,800).
16,058
Total
324,329
Accumulated impairment losses
-26,000
Total
-26,000
298,329
Specification of the Parent company’s and Group’s
shareholdings and participations in Group companies.
No. of
shares
Particip., Adjusted equity, profit/
%
loss for the year
Book value
Subsidiary; reg no. domicile
All Group properties are insured to their full value except Bryggaregården
AB’s properties, which have first loss insurance cover.
Note 18 Furnishings and
equipment
Consolidated
Parent
company
Accumulated costs
57,131
44,542
Acquisitions
5,198
4,501
Total
Bryggaregården AB,
556336-6086, Linköping
16,000
100
37,144/2,227
34,101
Eddan i Linköping AB,
100
100
6 136 /0
25,824
TGS Fastigheter nr 3 AB,
1,000
100
4,643/194
280
Studentbostäder i Linköping AB,
1,000
100
233,104/1,597
228,091
Stångåstaden Rystadstuna AB,
500
100
1,632/-448
8,665
Linköping Luftspanaren 1 Holding
AB, 556976-7808, Linköping
500
100
102,949/102,899
50
1,000
100
3,548/1,320
-1,615
-1,230
Agraffmuren Holding AB,
60,714
47,813
Total
1,318
298,329
NOTES
FINANCIAL
45
Note 21 Participations in
associated companies
Parent
company
Consolidated
Accumulated costs
Note 26 Equity
Other
Share contributed
equity
equity
Total equity
Consolidated
27,527
26,882
Reclassification
-5,340
-5,340
Equity as of 01/01/2013
according to previously
applied policies 1)
2,014,286
2,382,286
Impairment loss
-6,154
-6,154
Group contribution rendered
-76,000
-76,000
16,033
15,388
Tax effect of Group contribution rendered
16,720
16,720
59,280
59,280
Book value at year-end
Specification of the Parent company’s and Group’s shareholdings and
participations in associated companies.
No. of shares Particip., %
Adjusted equity/
Profit for the year
Associated company; reg no. domicile
Bixia Gryningsvind AB,
Byggutveckling Svenska AB,
Linköping Industrin 2 Holding AB,
400
40
37,696/-9,465
2,500
25
1,560/-67
500
49
46/-4
368,000
Dividend
Profit for the year
Equity as of 01/01/2013
according to previously
applied policies
368,000
-
Equity 01/01/2014
Note 22 Other securities
held as fixed assets
Number
of
shares
Nominal
value
Book
value
Group and Parent company
Husbyggnadsvaror HBV Förening
368,000
1
40
40
40
Profit for the year
368,000
368,000 480,000
Tax effect of Group contribution received
Total
17,902
17,678
35,287
10,321
Total
60,376
45,608
Equity
01/01/2013
1,480,905
2,328,905
Merger
64,155
64,155
Group contribution received
15,053
15,053
-3,311
-3,311
-77,613
-77,613
17,075
17,075
59,280
59,280
Dividend
Profit for the year
01/01/2014
368,000 480,000
Prepaid interest expenses
Accrued interest income
Prepaid cable TV charges
Prepaid licenses
3,315
Parent
company
3,315
751
728
1,202
1,192
649
649
Group contribution received
-8,722
88,658
88,658
1,635,480
2,483,480
-15,053
-15,053
3,311
3,311
77,613
77,613
-17,075
-17,075
Profit for the year
-11,641
-11,641
1,672,635
2,520,635
Equity 01/01/2014
Shareholder contributions
received
368,000 480,000
Dividend
Other items
1,847
1,421
Profit for the year
Total
7,764
7,305
At year-end
NOTES
FINANCIAL
-8,722
Adjustment during 2013 according to K3:
Tax effect of Group contribution received
Consolidated
244,364
2,764,674
Total equity
3,268
39,531
244,364
2,396,674
Parent company
3,492
20,845
-
Non-restricted
equity
Other
Other items
-16,942
2,515,159
Statutory
reserve
11,600
Tax assets
-16,942
2,147,159
1) In the previous year’s annual report, consolidated equity was reported divided among Share capital SEK 368,000,
Restricted reserves SEK 488,203 and Non-restricted equity, SEK 1,526,083, Total SEK 2,382,286. In the table,
the amounts have been reclassified to comply with the new standards.
11,600
Parent
company
76,000
-16,720
15,600
2,810
Consolidated
-
76,000
-16,720
-10,451
2,810
Note 25 Prepaid expenses
and accrued income
2,472,821
15,600
Parent
company
Note 24 Other receivables
2,104,821
-10,451
Consolidated
Part of purchase price of divested
company
99,257
Dividend
Share capital
Refunds
-8,722
99,257
At year-end
Total
Note 23 Other long-term
receivables
-8,722
Adjustment during 2013 according to K3:
Profit for the year
46
Other equity
incl profit/loss for
the year
368,000 480,000
15,600
15,600
-10,451
-10,451
137,843
137,843
1,815,626
2,663,626
Note 27 Untaxed reserves
Note 29 continued
Parent company
Accumulated accelerated depreciations, furnishings
and equipment
8,258
Total
8,258
2013
81,298
20,671
704
19,453
Contracts with positive fair value
Caps
2014
2013
The fair value of derivative instruments on
closing date were as follows:
Interest rate swaps
Note 28 Deferred tax liability
2014
Contracts with negative fair value
Consolidated
Interest rate swaps
-267,374
-151,127
Deferred tax asset
Total
-185,372
-111,003
6,298
6,809
Further information regarding hedge accounting is presented in the
section on Financial instruments in Accounting principles.
Deferred tax liability, difference between
book value-related and tax-related
depreciations
-33,909
-51,808
book value-related and tax-related costs
-91,730
-
-5,808
-5,896
-
-6,115
Deferred tax liability,
revaluation of properties
Deferred tax liability, surplus value
untaxed reserves
Total
-1,839
-2,292
-126,988
-59,302
6,298
6,809
Note 30 Overdraft facilities
Parent
company
Consolidated
Credit approved
Unutilized amount
Utilized credit amount
53,000
45,000
-53,000
-45,000
-
-
Consolidated
Parent
company
7,462
7,462
101,946
85,620
27,738
23,474
Parent company
Deferred tax asset
book value-related and tax-related
depreciations
-34,065
-50,346
book value-related and tax-related costs
Total
Accrued interest expenses
Prepaid rental income
-71,726
revaluation of properties
Note 31 Accrued expenses
and deferred income
-
-5,808
-5,896
-105,301
-49,433
Property tax
Accrued personnel expenses
8,105
7,338
Accrued maintenance expenses
2,732
2,577
Other items
Total
Note 29 Liabilities to credit institutions
Group
Parent
company
Capital tied up through 2015
1,500,000 1,500,000 Capital tied up through 2016
300,000 300,000 Capital tied up through 2017
300,000 300,000 Capital tied up through 2018
300,000 300,000 Capital tied up through 2019 and beyond
700,000 700,000 3,100,000 3,100,000 Total
Consolidated interest-bearing liabilities amounted to SEK 3,100,000 and
SEK 3,100,000 in the Parent company. An agreement on interest rate swaps
was signed for a net amount of SEK 2,200,000 and interest cap of SEK
1,200,000 to hedge loans with variable interest rates. The swaps mature
between 2014 and 2023, and have an average term of around 4.07 years.
The fixed interest rate according to the interest rate swap agreement varies
between 1.15% and 4.11%. The variable interest rate is based on STIBOR
90 days and is adjusted every three months.
Note 32 Adjustment for items
not included in cash flow
5,779
4,714
153,762
131,185
2014
2013
103,779
156,607
Capital gains/losses from sale of
properties
-101,124
346
8,316
-
-19
2,909
-8,610
225
Consolidated
Retirement of part of building
Retirement, capital gains/losses from sale
of furnishings and equipment
Change in provisions
Deferred tax on surplus value on acquisition of subsidiary
Total
-11,340
-612
-8,998
159,475
NOTES
FINANCIAL
47
Note 32 continued
2014
2013
Parent company
80,932
112,037
Capital gains/losses from sale of
properties
1,775
346
Retirement of part of building
8,316
-
-49
2,909
Retirement, capital gains/losses from sale
of furnishings and equipment
Change in provisions
-1,300
225
Deferred tax, other
-3,660
-532
Total
86,014
114,985
2014
2013
Note 33 Cash and cash
equivalents
Consolidated
The following sub-components are
included in liquid assets:
Cash
15
25
Bank
7,402
4,734
Group account
127,975
53,323
Total
135,392
58,082
Parent company
The following sub-components are
included in liquid assets:
48
Cash
12
17
Bank
4,894
4,693
Group account
85,284
29,077
Total
90,190
33,787
NOTES
FINANCIAL
The Board’s statement regarding
the proposed allocation of profits
The nature and scope of the business is
described in the annual report. The risks are
considered normal for the sector in which
the Group operates.
The proposed dividend and the dividendrelated Group contribution amount to less
than one per cent of the company’s and the
Group’s equity. The proposed dividend and
dividend-related Group contribution are in accordance with the Swedish Municipal Housing
Companies Act, SFS 2010:879.
The company’s and the Group’s financial
positions are presented in the annual report
and give rise to no assessment other than that
the company is able to continue its operations.
The annual report also contains information
concerning the application of policies for the
valuation of assets, provisions and liabilities.
The proposed dividend reduces the company’s equity/assets ratio to 42.4 per cent.
The company’s liquidity forecast includes
preparedness for dealing with ongoing payment obligations in the short and long terms
as well as necessary future investments.
It is the Board’s view that a comprehensive assessment of the financial position of
the company and Group indicates that the
distribution is justified with regard to the
demands that this type of business, its scope
and associated risks make on the size of the
funding requirements, liquidity and position
in general of the company and Group.
Proposed allocation of profits
The company’s unrestricted earnings amount to SEK
1,815,626,713 as follows:
Retained earnings Profit for the year
Total
SEK 1,677,783,229
SEK 137,843,484
SEK 1,815,626,713
The Board proposes to the Annual General Meeting that the available earnings, SEK 1,815,626,713 be distributed as follows:
Dividend payable to shareholder equivalent to SEK 2.47 per share
To be carried forward
Total SEK 9,089,600
SEK 1,806,537,113
SEK 1,815,626,713
The proposed dividend will be paid out after the AGM provided that the AGM
resolves to approve the Board’s proposal for the allocation of profits in the Parent
company. The Board is authorized to set a final date for dividend payment.
Other distributions of earnings and Group contributions: AB Stångåstaden
rendered a Group contribution of SEK 20,000 thousand to the Parent company
Linköpings Stadshus AB.
The Parent company received Group contributions from the subsidiaries
Studentbostäder i Linköping AB in the amount of SEK 19,292 thousand and
from Eddan i Linköping AB of SEK 1,295 thousand. The Parent company
rendered Group contributions to subsidiaries TGS Fastigheter nr 3 AB in the
amount of SEK 1,157 thousand and SEK 1,065 thousand to Bryggaregården AB.
In regard to the Group’s and company’s earnings and position in general,
we refer to the following income statements, balance sheets and statements
of cash flow with associated notes to the financial statements.
The 2015 Annual General Meeting will take place at the company’s offices,
Tornbyvägen 1F, at 16:00 on Tuesday 22 April.
Linköping, 16 February 2015
Tommy Ählström
Jan Österlind
ChairmanVice Chairman
Andreas Berg
Gunn BredstedtGun DjerfGöran Falkenberg
Bengt Olsson
Fredrik Törnqvist
Daniel Ellström
Chris Ramslöv
Our Audit Report was submitted on 06 March 2015
Anita Agefjäll
Authorized Public Accountant
PROPOSED ALLOCATION OF PROFITS
FINANCIAL
49
AUDIT REPORT
To the AGM of AB Stångåstaden (publ) Company
Registration Number 556041-6850
We have reviewed the company’s
operations during the 2014 financial
year. The review was carried out in
accordance with generally accepted
practice. This practice requires us
to plan and perform the audit to
obtain reasonable assurance that
the management of the company’s
operations is fit for purpose and satisfactory from a financial point of
view, and that the company’s internal controls are adequate.
There has been interaction with the
authorized public accountant concerning internal controls.
The purpose of the company’s
operation is to further the supply of
housing in Linköping municipality
on commercial principles and for
the public good by providing good
homes and supplemental offices,
commercial premises and associated
amenities. In line with this, the company must provide tenants with the
Linköping, 10 March 2015
Harry Nylund
Göran Eriksson
Birgitta Johansson
Ann-Marie Andersson
Eva Sallnäs
Lay auditors appointed by Linköping municipal council
50
AUDIT REPORT
FINANCIAL
opportunity to influence decisions
regarding their tenures. The company must endeavour to achieve
market rates of return.
We consider the company’s operations to be managed appropriately
and satisfactorily from a financial
standpoint, and that internal controls
are adequate. We therefore find no
grounds for criticism of either the
members of the Board of Directors
or the CEO.
AUDITOR’S REPORT
To the Annual General Meeting of AB Stångåstaden
(publ), reg. no. 556041-6850
Report of the annual accounts
and consolidated financial
statements
Standards on Auditing and generally
These standards require us to follow
we have obtained in our audits is suf-
We have audited the annual accounts
and the consolidated accounts for
AB Stångåstaden (publ) for the year
2014. The company’s annual report
and the consolidated accounts are
included in the printed version of
this document on pages 28–49.
professional ethics and plan and carry
ficient and appropriate to provide a
out the audit with a view to achieving
basis for our audit opinion.
accepted auditing practice in Sweden.
and consolidated financial statements.
We believe that the audit evidence
reasonable certainty that the annual
accounts and the consolidated accounts
Opinion
are free of material misstatements.
In our opinion, the annual accounts
An audit includes various proce-
have been prepared in accordance
dures for obtaining audit evidence
with the Swedish Annual Accounts
of amounts and other information in
Act and in all material respects fairly
The Board of Directors and
Chief Executive Officer’s
responsibility for the annual
report and consolidated
financial statements
the annual accounts and consolidated
present the Parent company’s and
accounts. The auditor selects which
Group’s financial position as of 31
procedures will be performed by such
December 2014 and their financial
things as assessment of the risk of ma-
performance and cash flows for the
terial misstatement in the annual ac-
year in accordance with the Swedish
It is the Board and the Chief Executive
counts and consolidated financial state-
Annual Accounts Act. The Adminis-
Officer who bear the responsibility
ments, whether due to fraud or error.
tration Report is consistent with the
for preparing an annual report and
In making such risk assessments, the
other sections of the annual accounts
consolidated financial statements that
auditor considers internal controls
and the consolidated financial state-
provide a true and fair picture accord-
relevant to the company’s method of
ments. We therefore recommend that
ing to the Swedish Annual Accounts
preparation and fair presentation of
the shareholder’s Annual General
Act, and for the internal controls that
the annual accounts and consolidated
Meeting adopt the income statement
the Board and Chief Executive Officer
financial statements in order to draw
and balance sheet for the parent com-
consider necessary for the preparation
up audit procedures appropriate to
pany and for the Group.
of an annual report and consolidated
the circumstances, but not for the
financial statements that do not contain
purpose of expressing an opinion on
material misstatements whether due to
the effectiveness of the company’s in-
Report on other legal and
regulatory requirements
fraud or error.
ternal controls. An audit also includes
In addition to our audit of the annual
an evaluation of the appropriateness
report and consolidated financial
The Auditor’s responsibility
of the accounting principles used and
statements, we have also examined the
Our responsibility is to express an
the reasonableness of accounting esti-
proposed allocation of the company’s
opinion on the annual accounts and
mates made by the Board of Directors
profit or loss and the administration
the consolidated accounts based on
and the Chief Executive Officer, as
of the Board of Directors and Chief
our audit. We have conducted our
well as an evaluation of the overall
Executive Officer of AB Stångåstaden
audit in accordance with International
presentation of the annual accounts
(publ) for 2014.
AUDITOR’S REPORT
FINANCIAL
51
Responsibilities of the Board
of Directors and the Chief
Executive Officer
Board of Directors’ proposed approloss, we examined the Board of Direc-
we have obtained in our audits is suf-
The Board of Directors is responsible
tors’ reasoned statement and a selection
ficient and appropriate to provide a
for the proposal for allocating the
of supporting evidence in order to be
basis for our audit opinion.
company’s profit or loss, and it is the
able to assess whether the proposal is
Board of Directors and Chief Executive
in accordance with the Companies Act.
of Association.
We believe that the audit evidence
We recommend to the shareholder’s
annual meeting that the profit be
Officer who bear the responsibility for
In addition to our audit of the annual
appropriated in accordance with the
administration according to the Swedish
accounts and consolidated accounts as
proposal in the report of the Admin-
Companies Act.
a basis for our comments concerning
istration Report and that the members
discharge from liability, we examined
of the Board of Directors and the Chief
The Auditor’s responsibility
important decisions, actions taken and
Executive Officer be discharged from
Our responsibility is to express an
relationships of the Company in order
liability for the financial year.
opinion with reasonable assurance on
to be able to determine the liability,
the proposed appropriations of the
if any, to the Company of any board
company’s profit or loss and on the
member or the Chief Executive Officer.
administration based on our audit.
We also examined whether any board
Linköping, 06/03/2015
We conducted the audit in accordance
member or the Chief Executive Officer
with auditing standards generally
has, in any other way, acted in con-
accepted in Sweden.
travention of the Companies Act, the
Anita Agefjäll
Annual Accounts Act or the Articles
Authorized Public Accountant
As a basis for our opinion on the
52
priations of the company’s profit or
FINANCIAL
IKEA
LINKÖPING
Skattegården
Tornby
Skäggetorp
Åbylund
Cloetta
Center
Resecentrum
Vasastaden
Gottfridsberg
Innerstaden
Ryd
Tannefors
Vallarondellen
Valla
T1
Magistratshagen
Tinnerbäcken
Stolplyckan
Eskadern
Golfbana
Universitetet
Garnisonsrondellen
Mjärdevi
Science Park
Södra Ekkällan
Lambohov
Östra Lambohov
54
PROPERTY HOLDING
FINANCIAL
Berga
LJUNGSBRO
OG
Sve
Stångåstaden
Motala ström
nsso
ns v
äg
Studentbostäder
Härneg
Ljun
gsb
rovä
gen
atan
EKÄNGEN
LINGHEM
As
vä
ge
n
lsvä
gen
Ekä
n
ge
nkå
by
n
äge
ngsv
svä
ad
llst
Gä
Grö
ke
Linghemsskolan
gv.
Himnavägen
Byg
Sävsångarevägen
alm
sv.
MALMSLÄTT
No
rrm
Johannelund
Carl Cederströms
gata
Jakobsdal
en
väg
nda
erlu
Lag
n
ata
gsg
rha
Sto
VIKINGSTAD
Malmen
gen
Ekholmen
savä
Vidingsjö
en
sväg
skog
Barr
Fålå
Blästad
Haninge
Ullstämma
PROPERTY HOLDING
FINANCIAL
55
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th nco
SE
ou
K
sa me,
nd
co
s
m
m
Re
er
nt
ci
/s
al
q
,
m
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om
Ta
m
er
SE x a
ci
K sse
al
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th
ou ssm
EK
sa en
nd t v
al
s
u
Bo
e,
EK ok
th val
ou ue
sa ,
nd
s
m
qt
y
sq
pa
ce
,
rs
Flo
o
N
um
be
ro
flo
or
fp
re
m
ise
s,
sp
ac
e,
tm
en
ts
fa
pa
r
be
ro
Ap
ar
tm
en
t
Majelden
N
um
C
on
str
uc
tio
n
ye
ar
sq
m
Property holding
0101
Liljan 2
Vistv 35 A-B, 43
A-C, Majeldsv 2,
4 A-B, 6 A-B
1948
67
4,485
10
606
5,091
4,912
1,095
243
401
44,677
23,388
0102
Taklöken 1
Bockhornsv 2,
Majeldsv 1 A-E
1948
36
2,110
2
107
2,217
2,408
1,141
43
402
22,091
6,378
0103
Tallen 1
Bockhornsv 1, 3
1948
36
2,970
4
94
3,064
3,052
1,028
38
404
28,537
12,268
0104
Taggen 2
Bockhornsv 4
1948
18
1,465
3
26
1,491
1,504
1,027
7
269
13,724
1,368
0105
Talgoxen 1
Vårdkasv 2 A-B, 4
A-B, 6 A-B, 8 A-C
1948
54
3,721
9
445
4,166
4,108
1,104
106
238
36,606
18,798
0106
Taggsvampen 1
Vårdkasv 1 A-B,
3 A-C
1949
30
2,330
10
317
2,647
2,555
1,097
73
230
23,710
7,070
0107
Lövkojan 1
Vistv 30 A-B, 32
A-B; Vädursg 3 A-B;
Ramstorpsg 37 A-B
1949
60
4,142
6
209
4,351
4,449
1,074
66
316
40,445
15,686
0108
Linneán 1
Vädursg 2 A-D
1949
28
2,167
6
115
2,282
2,305
1,064
37
322
21,178
7,505
0109
Laxen 1
Ramstorpsg 34-52
1986
86
6,258
5
1,174
7,432
6,793
1,085
1,559
1,328
77,190
29,036
1101
Talismanen 13
Eklundsg 2, Majeldsv 9-15
1953
44
2,586
2
17
2,603
2,677
1,035
10
588
27,364
5,935
1102
Lyran 3
Majeldsv 8 A-B, 12
1953
27
1,495
1
6
1,501
1,608
1,076
2
333
15,168
6,923
1103
Luftslottet 2
Prästbolsg 1,
Lerlyckeg 1-13,
Solvändan 1 A-B,
3 A-B, 2-4, Vistv
36, Prästbolsg 3
A-B, 5 A-B, 7 A-B,
9 A-B
1953
252
13,901
14
470
14,371
14,600
1,050
242
515
141,359
59,427
1104
Lunden 1
Prästbolsg 4 A-G
1953
48
2,991
4
287
3,278
3,191
1,067
156
544
31,629
12,529
1105
Lyckohjulet 1
Vistv 34 A-B
1954
18
1,009
6
786
1,795
1,107
1,097
555
706
13,023
7,562
1106
Lysmasken 2
Ramstorpsg 54-62
1954
7
686
1
253
939
685
999
312
1,231
7,999
3,110
10
548
5,586
5,801
1,151
192
350
54,758
28,444
Abisko/Övre Vasastaden
0301
Assessorn 5
Götg 15 A-B, 17
A-E, Norgeg 1,
3 A-C
1949
89
5,038
0302
Assessorn 4
Danmarksg 4 A-E
1951
51
3,314
1
66
3,380
3,883
1,172
40
606
37,864
11,793
0303
Assessorn 7
Danmarksg 6 A-D,
8 A-D
1950
72
4,115
13
638
4,753
4,614
1,121
314
492
42,456
17,199
0304
Astrologen 1
Götg 7 A-E, 9 A-C
1950
65
3,961
7
536
4,497
4,344
1,097
207
386
39,545
11,410
0305
Arvtagaren 1
Tönsbergsg 2 A-B,
4 A-D
1950
53
2,969
4
508
3,477
2,935
989
226
445
28,627
5,434
0306
Adjutanten 1
Isafjördursg 2 A-B,
4 A-C
1951
50
2,739
4
341
3,080
2,833
1,034
117
343
25,934
5,262
0307
Akrobaten 1
Joensuug 2 A-B,
4 A-D
1951
60
3,348
2
210
3,558
3,786
1,131
86
410
31,538
24,513
0308
Aktören 1
Roskildeg 2 A-B,
4 A-B
1951
60
3,495
3
313
3,808
3,938
1,127
63
201
32,852
25,602
0309
Assessorn 3
Götg 11 A-B,
13 A-D
1950
65
1,788
3
1,271
3,059
1,922
1,075
1,025
806
17,814
8,756
0310
Assessorn 6
1989
64
5,493
0
0
5,493
6,095
1,110
0
57,200
25,271
1401
Abisko 2
Götg 19-35,
Norgeg 2-4
1958
56
4,100
33
4,053
8,153
4,576
1,116
2,647
653
53,499
21,393
56
PROPERTY HOLDING
FINANCIAL
ar
ea
Re
,s
n
q
SE ta
m
li
K
n
th
ou com
sa
e
nd , re
s
sid
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tia
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l,
q
m
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e
sid
Re
en
SE nta
tia
li
K
n
l,
th
SE
ou com
K
sa
e,
nd
co
s
Re
m
m
nt
er
/s
ci
q
al
m
,
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om
m
Ta
er
SE x a
ci
al
K sse
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th
s
s
ou m
EK
sa en
nd t v
al
s
ue
,
Bo
SE ok
v
K
a
l
th
ou ue,
sa
nd
s
al
le
tta
bl
e
To
t
Flo
o
rs
pa
ce
,
sq
m
qt
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m
sq
fp
re
m
ise
s,
sp
ac
e,
N
um
be
ro
flo
or
tm
en
ts
Ap
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tm
en
t
fa
pa
r
ye
ar
be
ro
n
N
um
uc
tio
on
str
C
Hejdegården
0601
Seglaren 5
Heimdalsg 5
1952
10
612
1
76
688
633
1,034
12
7,242
2,474
0602
Styrmannen 1
Heimdalsg 6 A-C
1952
29
1,439
0
0
1,439
1,585
1,101
0
158
17,157
1,941
0604
Silverräven 10
Atlasg 14 A-C
1937
30
971
1
0
971
1,275
1,313
2
13,551
2,833
1801
Hägern 9
Gripg 1, 3, 5 A-B,
7 A-B, 9, 11 A-C,
1955 1967
150
12,584
16
527
13,111
12,384
984
142
269
140,592
28,311
1802
Daggkåpan 9
Ådalag 1-3
1959
37
2,254
2
142
2,396
2,761
1,225
42
296
22,663
18,729
1803
Daggkåpan 11
Strandg 10 A-D,
Ådalag 4 A-B,
6 A-B
1959
66
5,191
2
7
5,198
5,749
1,107
35
5,000
59,055
16,151
1804
Daggkåpan 16
Ådalag 2 B
2011
32
2,559
1
435
2,994
3,804
1,487
821
1,887
44,926
76,301
1805
Daggkåpan 17
Hamng 23
1928
0
1
509
509
0
364
715
2,263
1903
Seglaren 3
Atlasg 8 A-C
1943
18
936
0
0
936
934
998
0
10,242
525
Valla/Fridhem
0701
Orrhönan 1
Ulvåsav 4 A-C
1952
38
1,757
5
130
1,887
1,839
1,047
82
631
17,760
2,591
0702
Orrspelet 1
Sydsvängen 2-4,
8-10, Ulvåsav 6-20
1952
130
6,843
20
898
7,741
7,080
1,035
395
440
67,664
23,808
0703
Ottefågeln 1
Ulvåsav 5-9
1953
36
1,938
1
2
1,940
2,114
1,091
31
15,500
19,779
3,353
0704
Odörtsplantan 1
Bobergsg 1-5
1953
36
1,938
3
48
1,986
2,112
1,090
9
188
20,517
3,235
0705
Ollonskogen 1
Bobergsg 2-20
1952
80
5,535
9
637
6,172
5,463
987
165
259
54,082
22,152
0706
Fiskaren 4
Ombergsg 3, 5
1998
12
813
0
0
813
1,145
1,408
0
10,828
8,398
0707
Fiskaren 11 forms
part of 0706
-
0
0
0
0
0
0
0709
Ombudsmannen
11
6,863
17,662
Göstringsgatan 1-5
0
0
Innerstaden
0801
Dansen 1
Emriks gata 2-16
2012
60
4,705
2
387
5,092
7,224
1,535
496
1,282
82,138
140,789
0802
Dansbanan 1
Emriks gata 18-38
2013
61
5,057
2
162
5,219
7,665
1,516
235
1,451
86,263
147,931
0803
Dansen 2
Emriks gata 16
2012
0
0
0
0
0
0901
Enbusken 22
Barnhemsg 1-3,
Drottningg 50, Elsa
Brändströmsg 2-8
1954
108
7,590
15
1,869
9,459
8,289
1,092
1,671
0902
Enbusken 21
Barnhemsg 5 A-B,
Elsa Brändströmsg 10
1939
17
1,373
6
234
1,607
1,543
1,124
0903
Ejdern 11
1962
16
1,490
3
479
1,969
1,394
0904
Ejdern 12
Barnhemsg 11-13,
Djurgårdsg 10-14
1994
57
4,858
7
1,563
6,421
5,682
0905
Ejdern 13
Barnhemsg 15
1973
38
1,408
1
348
1,756
1,690
0906
Ejdern 16
Barnhemsg 19-23,
Djurgårdsg16-18
1956
36
2,477
10
1,320
3,797
2,812
0907
Eternellen 46
Drottningg 44-46
1957
37
2,864
12
1,459
4,323
0908
Elden 13
Nyg, Drottningg 58,
51, Nyg 56
1958
27
1,933
7
989
2,922
0910
Ekorren 21
Barnhemsg 6 A-B,
8 A-D
1932
1961
56
3,995
8
208
4,203
0911
Elden 7
S:t Korsg 5-9,
Storg 60 A-B
1929
1986
9
737
0
0
0913
Dryckeshornet 6
Drottningg 27,
S:t Larsg 36
1929
11
1,222
4
0914
Dryckeshornet 2
Drottningg 31 A-B,
Klosterg 41
1929
18
1,418
4
28
2,849
10,693
894
93,485
28,457
136
581
17,134
8,794
936
444
927
17,157
2,587
1,170
13
8
62,811
29,422
1,200
358
1,029
18,947
5,538
1,135
1,074
814
34,561
13,548
3,279
1,145
1,148
787
40,228
15,815
2,226
1,152
781
790
26,385
5,640
4,079
1,021
130
625
43,596
14,319
737
865
1,174
0
10,169
5,179
172
1,394
1,127
922
157
913
14,571
557
161
1,579
1,416
999
139
863
15,590
1,957
PROPERTY HOLDING
FINANCIAL
57
uc
tio
n
N
ye
um
ar
be
ro
fa
pa
r tm
Ap
en
ar
ts
tm
en
t fl
oo
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N
pa
um
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be
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ro
q
fp
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re
m
Flo
ise
or
s,
sp
qt
ac
y
e,
sq
m
To
ta
ll
et
ta
bl
e
ar
ea
Re
,s
SE nta
q
l
K
m
th inco
ou
sa me,
nd
re
s
sid
en
Re
tia
nt
/s
l,
q
m
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es
Re
id
en
SE nta
tia
li
K
l,
th nco
SE
ou
K
sa me,
nd
co
s
m
m
Re
er
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ci
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al
q
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m
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SE x a
ci
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al
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sa en
nd t v
al
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u
Bo
e,
EK ok
th val
ou ue
sa ,
nd
s
C
on
st r
0915
Ekollonet 4
Drottningg 35,
Hospitalgränd 3-5
1929
17
1,716
1
85
1,801
1,638
955
0
0
17,353
2,659
0916
Elddonet 16
Apotekareg 1 A,
1 C, Drottningg
39-41
1929
37
4,675
5
80
4,755
4,405
942
30
375
46,100
4,845
0917
Eolus 4
Apotekareg 8 A-C
1929
11
873
5
340
1,213
908
1,040
453
1,332
30,764
8,456
0918
Eolus 5
Apotekareg 6 A-B,
Nyg 39-41
1929
15
1,603
6
269
1,872
1,624
1,013
300
1,115
0919
Basfiolen 4
Hantverkareg 2-8,
Platensg 1 B-C,
Stora Torget 6, 7, 8,
Åg 32-34
1929
1988
17
1,341
18
2,688
4,029
1,562
1,165
6,299
2,343
55,994
0920
Detektiven 17
Linnég 15
1939
16
998
2
63
1,061
1,141
1,143
17
270
11,532
2,320
0928
Dalkullan 15
Drottningg 8,
Hamng 18,
Kullag 8-12
1987
34
2,365
3
531
2,896
2,689
1,137
639
1,203
32,160
10,686
0929
Eolus 3
S:t Korsg 2, 4 A-B
1986
10
853
0
0
853
1,008
1,182
0
10,169
3,598
0930
Eolus 6
S:t Korsg 1, 3 A-B
1986
8
607
1
13
620
730
1,203
12
919
7,454
2,715
0931
Egypten 17
Nyg 43 A-B, 45,
S:t Korsg 6 A-B
1986
39
2,933
3
154
3,087
3,504
1,195
99
643
35,558
11,009
0932
Egypten 18
Nyg 48 A-C
1985
57
4,225
10
926
5,151
4,518
1,069
741
800
56,009
14,893
0933
Bokbindaren 1
Kungsg 14 A
1987
6
445
0
0
445
476
1,070
0
5,734
1,936
0934
Ekoxen 1
Klosterg 62, 62 C,
Linnég 16
1929
11
1,063
2
170
1,233
1,233
1,160
163
959
14,204
6,819
0936
Dynamon 1
Göran Dyks g 2,
S:t Larsg 25
1952
19
1,288
4
706
1,994
1,457
1,131
1,117
1,582
25,797
16,526
0938
Ejdern 17
1929
5
315
8
1,829
2,144
361
1,146
1,096
599
10,620
7,638
318
18,090
Kungsgateområdet
0921
Byggmästaren
14
Kungsg 13-19, 21
A-B, Repslagareg 7
A-B, 9, Snickareg 4
A-C, 6 A-B
1979
93
8,305
4
315
8,620
8,358
1,006
329
1,044
102,286
31,270
0922
Blandaren 16
Gasverksgr, Repslagareg 4, 2
1979
39
2,559
4
974
3,533
2,629
1,027
953
978
37,417
10 807
0923
Badhuset 13
Repslagareg 8-12
1979
54
4,550
14
466
5,016
4,673
1,027
438
940
61,311
17,313
0924
Bokbindaren 20
Kungsg 10-14,
Repslagareg
13 A-D, Snickareg
8-12
1981
65
5,587
1
14
5,601
5,632
1,008
8
571
68,600
21,472
0925
Bajonetten 13
Kungsg 1-7, 4 A-B,
Snickareg 3 A-E
1982
88
6,701
2
66
6,767
6,847
1,022
29
439
83,215
35,073
0926
Bajonetten 17
Kungsg 6
1940
10
671
0
0
671
691
1,030
0
8,245
1,892
0927
Bajonetten 18
Snickaregatan 5
A-D_NY 2011
1938
23
1,605
4
156
1,761
1,669
1,040
74
474
19,262
18,780
1,105
10,900
11,094
1,133
852
771
94,632
31,504
28,239
Johannelund
0501
Tackjärnet 8
Ödegårdsg 1-35
1951
1956
168
9,795
30
1201
Torpet 1
Ödegårdsg 30-40
1956
96
5,790
1
8
5,798
6,331
1,093
5
625
61,183
1202
Tibasten 12
Ödegårdsg 14-16
1960
22
1,444
3
35
1,479
1,537
1,064
10
286
14,559
7,398
1203
Timotejen 7
Vessleg 3
1953
7
407
3
71
478
444
1,091
25
352
17,287
1,600
1204
Tumlaren 11
Vessleg 4, 6 A-B
1953
21
1,220
2
51
1,271
1,356
1,111
11
216
1205
Tumlaren 12
Utterg 15-17
1958
10
710
0
0
710
756
1,065
0
1503
Tavernan 3
Skogslyckeg 3 A-B,
5 A-B, 7-9
1960
139
10,815
27
5,218
16,033
10,371
959
4,677
1504
Tenngruvan 6
Skogslyckeg 11 A-D,
13 A-D, 15 A-D,
17 A-D
1958
120
7,658
4
34
7,692
7,453
973
14
58
PROPERTY HOLDING
FINANCIAL
6,194
7,076
349
896
121,400
38,167
412
71,302
8,688
Ap
ar
tm
en
t
flo
or
N
sp
um
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e,
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sq
fp
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ty
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sq
m
To
ta
ll
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ta
bl
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ea
Re
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n
q
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m
li
K
n
th
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sa
e
nd , re
s
sid
en
Re
tia
nt
/s
l,
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tia
li
K
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sa en
nd t v
al
s
ue
,
Bo
SE ok
v
K
a
l
th
ou ue,
sa
nd
s
tm
en
ts
fa
pa
r
ye
ar
n
N
um
be
ro
uc
tio
C
on
st r
1505
Takskägget 4
Skogslyckeg 24 A-B
1961
30
1,856
0
0
1,856
2,029
1,093
0
18,764
5,376
1506
Takskägget 3
Skogslyckeg 20-22
1961
30
1,856
0
0
1,856
2,045
1,102
0
18,964
5,387
1507
Takstolen 2
Skogslyckeg 18 A-B
1960
30
1,856
0
0
1,856
2,051
1,105
7
18,963
6,053
Åbylund
1301
Osmanen 1
Stensättareg 1 A-G,
3 A-B
1955
81
4,441
6
73
4,514
4,390
989
24
329
41,316
10,561
1302
Orgelbyggaren 2
Skräddareg 1 A-G,
3 A-B
1956
77
4,443
8
99
4,542
4,473
1,007
39
394
41,320
11,214
1303
Ordinatan 5
Åbylundsg 18-28
1955
54
3,004
7
150
3,154
2,987
994
58
387
28,093
7,350
1304
Ordinatan 6
Åbylundsg 9-19
1953
56
3,264
3
38
3,302
3,321
1,017
12
303
30,986
5,720
1305
Obducenten 7
Åbylundsg 2-6, 3-7
1955
43
2,237
9
977
3,214
2,232
998
461
472
22,852
5,624
1306
Obducenten 3
Åbylundsg 8-14
1954
36
1,976
1
13
1,989
1,981
1,003
7
538
18,453
4,602
1307
Obducenten 4
Åbylundsg 4-6
1955
70
3,951
1
16
3,967
4,245
1,074
8
500
38,448
16,298
1308
Obducenten 5
Åbylundsg 2-6
1954
35
1,975
1
16
1,991
2,113
1,070
8
500
19,481
7,922
1310
Orgeltramparen 1
Skräddareg 2-12
1974
133
7,124
2
595
7,719
6,387
897
2,227
3,743
57,600
28,496
1311
Obducenten 6
Åbylundsg 1
1974
0
0
0
0
0
0
0
4,823
508
1312
Gottfridsberg 1:7
Stensättareg 1-3
0
0
0
0
0
0
0
0
1313
Orgelbänken 1
Skomakareg 6
1996
36
2,496
0
0
2,496
2,906
1,164
0
28,000
13,920
1314
Odalbonden 7
Örng 14
1989
6
276
0
0
276
338
1,225
0
3,163
1,501
11,870
5,537
19,200
3,458
Vasastaden Södra
1402
Apeln 11
Vasav 41
1941
15
945
1
5
950
1,063
1,125
1
1403
Apeln 16
Vasav 37-39
1941
32
1,651
0
0
1,651
1,811
1,097
0
142
1601
Azaléan 16
Östgötag 20 A-C
1929
18
904
1
18
922
948
1,049
8
444
10,362
1,277
1602
Azaléan 52
Konsistorieg 14-30
1929
54
2,516
6
46
2,562
2,745
1,091
18
391
29,260
1,901
1603
Almen 1
Vasav 24, Banérg 7
1939
24
1,906
15
363
2,269
1,974
1,036
198
545
22,220
4,954
1604
Almen 2
Vasa 22
1938
16
1,293
6
155
1,448
1,341
1,037
49
316
14,523
3,500
1605
Almen 12
Östgötag 30,
Vasav 20
1935
33
2,322
13
330
2,652
2,433
1,048
148
448
26,931
4,519
1606
Abborren 7
Vasav 40 A-B
1942
18
888
4
166
1,054
978
1,101
144
867
10,677
2,422
1607
Azaléan 53
Konsistorieg 38 A-C
1929
16
810
2
71
881
852
1,052
42
592
9,214
506
1608
Aspen 9
Hunnebergsg
11 A-B
1951
20
1,023
4
277
1,300
1,104
1,079
299
1,079
12,376
1,977
1609
Anemonen 4
Hunnebergsg 13,
15 A-C, 17 A-C,
19 A-B, Östgötag
18 A-B
1938
1950
1983
39
2,869
9
529
3,398
3,011
1,049
342
647
34,778
10,612
1612
Aspen 11
Barfoteg 1-7, Konsistorieg 2,4 A-D,
6, Östgötag 7-9
1929
1976
122
5,762
14
2,497
8,259
6,502
1,128
3,546
1,420
62,349
32,922
1613
Anemonen 3
Hunnebergsg 21
A-B, 23 A-B
1985
14
1,198
0
0
1,198
1,290
1,077
0
13,873
338
Vasastaden Norra
1404
Anders 10
Platensg 30-36,
Sveag 12-14,
Östgötag 51 A, 53
1984
87
5,896
2
782
6,678
6,485
1,100
1,050
1,343
72,401
25,955
1405
Alrunan 9
Östgötag 60 A-B
1929
8
511
3
65
576
537
1,051
17
262
5,935
1,551
1406
Alrunan 8
Sveag 18
1929
6
262
0
0
262
295
1,126
0
3,369
1,006
1407
Alrunan 2
Sveag 20 A-B
1930
9
429
1
48
477
466
1,086
25
521
5,024
1,166
1408
Alrunan 1
Sveag 22,
Kristinag 19
1929
13
759
2
148
907
805
1,061
90
608
8,947
1,837
1409
Axet 13
Östgötag 40 A-B
1933
23
1,820
1
126
1,946
1,849
1,016
103
817
21,150
8,244
PROPERTY HOLDING
FINANCIAL
59
uc
tio
n
N
ye
um
ar
be
ro
fa
pa
r tm
Ap
en
ar
ts
tm
en
t fl
oo
rs
N
pa
um
ce
be
,s
ro
q
fp
m
re
m
Flo
ise
or
s,
sp
qt
ac
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e,
sq
m
To
ta
ll
et
ta
bl
e
ar
ea
Re
,s
SE nta
q
l
K
m
th inco
ou
sa me,
nd
re
s
sid
en
Re
tia
nt
/s
l,
q
m
,r
es
Re
id
en
SE nta
tia
li
K
l,
th nco
SE
ou
K
sa me,
nd
co
s
m
m
Re
er
nt
ci
/s
al
q
,
m
,c
om
Ta
m
er
SE x a
ci
K sse
al
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th
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EK
sa en
nd t v
al
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Bo
e,
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th val
ou ue
sa ,
nd
s
C
on
st r
1410
Axet 6
Östgötag 36
1933
12
1,098
0
0
1,098
1,085
988
0
11,993
3,893
1411
Axet 8
Östgötag 34
1936
15
1,078
0
0
1,078
1,154
1,071
0
12,502
4,189
1413
Beckasinen 5
Engelbrektsg 5
1929
23
1,520
0
0
1,520
1,604
1,055
0
18,600
4,618
1414
Beridaren 14
Platensg 31-35,
Sveag 4-10
1989
78
5,805
1
32
5,837
6,300
1,085
8
250
65,062
30,795
1901
Aklejan 3, 5
Kristinag 14, 16
A-C, Lingg 1 A-B
1941
36
1,895
3
75
1,970
1,886
995
26
347
20,922
3,069
Uvelundsg 1-25,
4-24
1990
113
9,870
10
453
10,323
9,658
979
431
951
98,976
53,263
Jakobsdal
1501
Nyckelblomstret 1
Gottfridsberg
1701
Fjärilen 4 (student sub block)
Smedjeg 11-13,
15-17, Skolg 10,
Västanåg 13
1972
60
2,680
14
360
3,040
2,847
1,062
219
608
59,505
26,917
1702
Falken 11
Opphemsg 1-7,
Sandg 2 A-D, 4-8,
Skolg 25
1973
105
5,973
17
1,399
7,372
5,979
1,001
426
305
68,780
8,069
1703
Fogden 11
Hjälmsätersg
12 A-C, 14 A-C
1975
75
4,508
6
349
4,857
5,296
1,175
322
923
58,889
8,823
1704
Fogden 10
Hjälmsätersg
18 A-C, 20
1975
80
4,938
3
30
4,968
5,325
1,078
35
1,167
58,016
5,721
1705
Fogden 7
Hjälmsätersg
10 A-J
1977
57
4,511
3
156
4,667
4,769
1,057
69
442
51,882
9,334
1706
Fogden 8
Hjälmsätersg
16 A-G
1977
39
3,235
1
16
3,251
3,456
1,068
6
352
37,400
5,665
1707
Fogden 15
Hjälmsätersg 22
A-L, Hjälmg 5
1934
1977
75
6,112
3
27
6,139
6,451
1,055
6
236
70,779
4,754
1708
Floristen 1
Hjälmsätersg 1
1977
0
0
0
0
0
0
0
2,968
595
1709
Flodhästen 4
Västanåg 10
1978
0
0
0
0
0
0
0
4,185
623
1710
Filantropen 2
Dalg 1 A-C, Skolg
9 A-C, 11 A-B
1978
48
4,196
0
0
4,196
4,301
1,025
0
47,600
7,683
1711
Filantropen 1
Hjälmg 10
1929
6
483
0
0
483
511
1,058
0
5,782
3,735
1712
Fogden 16
Smedjeg 5 A-G
1979
42
3,228
1
48
3,276
3,363
1,042
19
396
36,400
5,418
1713
Fogden 17
Hjälmg 8 A-B
1929
9
498
2
56
554
533
1,070
23
411
6,000
892
1714
Fakiren 1
Opphemsg 9,
Slogatan 32
1947
21
918
0
0
918
1,112
1,211
0
11,881
7,554
1720
Omtanken 2
Hjälmsätersg 4 A-B,
6 A-D, 8 A-B
1929
1987
86
7,111
3
176
7,287
7,929
1,115
126
716
87,518
29,574
1737
Fogden 12
Hjälmg 15 A-B,
Hagmarksg 2
1934
28
1,469
3
76
1,545
1,460
994
21
276
16,297
1,610
1738
Filosofen 1
Hjälmg 16 A-B
1937
12
804
4
43
847
750
933
8
178
8,422
1,122
1739
Filosofen 2
Hjälmg 14 A-B,
Dalg 8
1936
19
756
1
62
818
824
1,090
14
227
8,980
1,698
1904
Fakiren 8
Sandg 12 A-C
1945
18
936
2
23
959
892
953
2
80
9,642
625
Djurgårdsg 71-95
1962
326
21,345
22
748
22,093
21,447
1,005
589
787
239,423
41,636
Föreningsg 21-31
1981
110
9,060
1
2
9,062
10,447
1,153
1
250
111,236
146,570
Föreningsg 35-59,
Skytteg 1-3
1940
1981
212
15,319
21
1,413
16,732
16,511
1,078
1,593
1,127
187,973
69,504
Eskadern
2001
Eskadern 2
Magistratshagen
2002
Ellipsen 5
Stolplyckan
2003
60
Ellipsen 6
PROPERTY HOLDING
FINANCIAL
Ap
ar
tm
en
t
flo
or
N
sp
um
ac
be
e,
ro
sq
fp
m
re
m
ise
Flo
s
or
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sp
ty
ac
e,
sq
m
To
ta
ll
et
ta
bl
e
ar
ea
Re
,s
n
q
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m
li
K
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th
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sa
e
nd , re
s
sid
en
Re
tia
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l,
q
m
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e
sid
Re
en
SE nta
tia
li
K
n
l,
th
SE
ou com
K
sa
e,
nd
co
s
Re
m
m
nt
er
/s
ci
q
al
m
,
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om
m
Ta
er
SE x a
ci
al
K sse
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th
s
s
ou m
EK
sa en
nd t v
al
s
ue
,
Bo
SE ok
v
K
a
l
th
ou ue,
sa
nd
s
tm
en
ts
fa
pa
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ye
ar
n
N
um
be
ro
uc
tio
C
on
st r
2101
Lagerkransen 1
Prästbolsg 11-21
1960
252
15,672
1
9
15,681
15,293
976
2
261
145,076
14,222
2103
Laken 4
Hovetorpsg 2-50
1964
189
13,603
39
566
14,169
14,308
1,052
223
394
130,925
55,589
2105
Lagunen 1
Hovetorpsg 1-3
0
0
0
0
0
0
Östra Berga
0
Västra Berga
2201
Löjtnanten 1
Knektg 4-34
1964
163
11,430
27
414
11,844
12,048
1,054
106
256
104,828
81,127
2202
Luftbevakaren 1
Knektg 5-63
1965
228
16,485
61
887
17,372
14,740
894
267
301
143,100
19,909
2203
Lavetten 1
Luftvärnsg 2-36
1964
132
9,682
30
289
9,971
8,803
909
104
360
84,158
9,826
2205
Landstormaren 1
Pionjärg 6-62
1965
193
15,171
42
555
15,726
13,688
902
226
407
132,767
31,132
2206
Larmvakten 1
Pionjärg 3-35
1965
126
9,153
27
310
9,463
8,377
915
115
371
79,710
15,151
2207
Landsknekten 1
Knektg 2
2007
39
2,694
0
0
2,694
3,494
1,297
0
31,228
39,169
2208
Laddstaken 1
Knektg 1-3
2007
38
2,624
1
70
2,694
3,432
1,308
31
36,604
31,616
2209
Luftbössan 1
Luftvärnsg 1
1966
0
0
0
0
0
0
2210
Lantvärnsmannen 1
Pionjärg 1
1966
1996
40
1,382
2
1,152
2,534
0
0
2,611
2010
56
5,447
0
0
5,447
7,219
1,325
0
115
8,358
1
0
8,358
10,158
1,215
443
0
2,266
1,956
176
1,702
13,210
71,606
112,989
101,200
207,720
Södra Ekkällan
2211
Livdragonen 1
Luftvärnsg 3-5,
Kanong 2-39,
Dragong 2-4,
Pansarg 2-37
2212
Elitlöparen 1
Befälsg 2-4,
Plutonsg 5, Lilla
Tinnerbäcksgänd 1
2014
2014
Skattegården
2401
Gåsen 1
Skattegården
101-136
1974
160
12,882
3
72
12,954
11,842
919
36
504
116,362
34,268
2402
Gåsen 2
Skattegården
73-100
1973
114
8,801
2
78
8,879
8,128
924
35
449
79,135
9,155
2403
Gåsen 3
Skattegården
23-54
1973
132
10,656
3
112
10,768
9,769
917
42
375
99,177
10,667
2404
Gåsen 4
Skattegården 1, 2
A-B, 3, 4, 5, 6 A-F
1975
118
7,850
16
384
8,234
7,568
964
113
294
72,901
13,610
2406
Gåsen 6
Skattegården 8-22,
55-71
1972
132
10,656
2
78
10,734
9,758
916
35
449
94,030
9,750
2408
Gåsen 8
(commonhold)
Skattegården
0
0
0
0
0
2601
Ostformen 1
Alsättersg 2, 4 A-B,
6 A-B, 8, 10 A-B,
12 A-B, 14 A-B,
16 A-B
1971
48
3,840
3
34
3,874
3,466
903
15
441
34,151
4,377
2602
Ostformen 2
Alsättersg 18 A-B,
20 A-B, 22, 24
A-B, 26 A-B, 28
A-B, 30 A-B
1970
48
4,187
3
22
4,209
3,704
885
9
409
36,079
3,869
2603
Ostformen 3
Rydsv 224, 226
A-B, 228 A-B, 230
A-B, 232 A-B, 234
A-B, 236 A-B, 238
1970
48
4,082
2
24
4,106
3,641
892
9
375
35,506
3,904
2604
Ostformen 4
Rydsv 194 A-B,
196 A-B, 198,
200 A-B, 202 A-B,
204 A-B, 206 A-B,
208 A-B, 210 A-B,
212, 214 A-B,
216 A-B, 218 A-B,
220 A-B, 222
1970
96
8,108
6
103
8,211
7,229
892
26
252
71,213
7,479
0
Ryd
PROPERTY HOLDING
FINANCIAL
61
uc
tio
n
N
ye
um
ar
be
ro
fa
pa
r tm
Ap
en
ar
ts
tm
en
t fl
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N
pa
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be
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ro
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fp
m
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m
Flo
ise
or
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sp
qt
ac
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To
ta
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et
ta
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ar
ea
Re
,s
SE nta
q
l
K
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ou
sa me,
nd
re
s
sid
en
Re
tia
nt
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l,
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m
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es
Re
id
en
SE nta
tia
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K
l,
th nco
SE
ou
K
sa me,
nd
co
s
m
m
Re
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ci
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al
q
,
m
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om
Ta
m
er
SE x a
ci
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al
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th
ou ssm
EK
sa en
nd t v
al
s
u
Bo
e,
EK ok
th val
ou ue
sa ,
nd
s
C
on
st r
2606
Ostformen 6
Mårdtorpsg 17-23
1969
45
2,311
3
33
2,344
2,161
935
5
155
20,939
7,235
2607
Ostformen 7
Mårdtorpsg 9-15
1969
45
2,311
3
31
2,342
2,173
940
6
178
20,955
7,981
2608
Ostformen 8
Mårdtorpsg 1-7
1969
40
2,054
5
324
2,378
1,915
932
289
892
20,338
6,495
2610
Ostformen 10
Rydsv 166 A-B,
168 A-B, 170,
172 A-B, 174 A-B,
176 A-B, 178 A-B,
180 A-B, 184,
186 A-B, 188 A-B,
190 A-B, 192 A-B
1969
96
8,189
5
59
8,248
7,254
886
17
288
70,407
18,239
2611
Ostformen 11
Rydsv 152-164 A-B
1969
48
4,175
2
22
4,197
3,700
886
5
227
35,555
9,417
2702
Ostformen 13
Mårdtorpsg 25-31
1972
46
2,344
19
4,753
7,097
2,165
924
5,404
1,137
42,206
15,613
2703
Ostpressen 1
Mårdtorpsg 33-57
1972
1988
124
8,833
4
1,361
10,194
9,174
1,039
1,847
1,357
95,922
40,114
2705
Ostformen 14
(student sub
block)
Alsättersg 44-46
1989
1971
0
0
3
422
422
0
0
14,626
14,411
2706
Ostduken 3
Björnkärrsg 15 D
1974
0
0
1
1,322
1,322
0
589
2707
Ostkniven 7
Mårdtorpsg 51-57
00
0
0
0
0
0
0
0
2801
Ostborret 1
Rydsv 264-294
1974
194
10,552
19
747
11,299
9,919
940
766
1,025
100,142
19,706
2802
Ostborret 2
Rydsv 266 A-C,
298 A-C, 300,
302 A-C, 304 A-C,
306 A-C, 308 A-B,
310, 312 A-B,
314 A-B, 316 A-C,
318 A-C, 320,
322 A-B, 324 A-B
1973
128
10,285
6
77
10,362
9,542
928
14
175
93,413
13,223
2803
Ostborret 3
Rydsv 326 A-C,
328 A-C, 330,
332 A-B, 334 A-B,
336 A-C, 338 A-C,
340, 342 A-C,
344 A-C, 346 A-C,
348 A-C, 350,
352 A-C, 354 A-C
1972
136
10,880
8
277
11,157
10,100
928
31
112
98,790
13,453
2804
Ostborret 4
Rydsv 356 A-C,
358 A-C, 360,
362 A-C, 364 A-C,
366 A-C, 368 A-C,
370, 372 A-C,
374 A-C
1972
96
7,718
4
51
7,769
7,147
926
25
490
69,143
10,028
2805
Ostborret 5
Rydsv 376 A-B,
378 A-B, 380,
382 A-C, 384 A-C,
386 A-B, 388 A-B,
390, 392 A-C,
394 A-C
1971
80
6,400
5
119
6,519
5,965
932
12
101
58,196
7,722
2806
Ostborret 6
Rydsv 396 A-C,
398 A-D, 400,
402 A-B, 404 A-B,
406 A-C, 408 A-C
1971
64
5,158
2
25
5,183
4,819
934
9
360
46,217
6,489
446
763
Ljungsbro
3001
Sockenmarken
2:4
Härneg 10-46
1971
72
4,570
3
30
4,600
4,322
946
9
300
33,597
11,359
3002
Sockenmarken
2:6
Härneg 48-82
1971
80
4,760
4
62
4,822
4,529
951
32
516
35,144
11,603
3003
Sockenmarken
2:3
Härneg 84-118
1971
72
4,570
4
50
4,620
4,306
942
19
380
33,335
11,392
3004
Heda Östergård
1:134
Mjölorpsv 1-41,
Jakobstorpsv 4, 5
A-B, 7 A-B, 9-33
1982
62
4,643
1
29
4,672
4,746
1,022
14
483
36,445
11,623
3005
Heda Östergård
1:135
Blommedalsv 1-69
1983
52
3,984
2
40
4,024
4,056
1,018
14
350
31,290
12,342
62
PROPERTY HOLDING
FINANCIAL
flo
or
N
sp
um
ac
be
e,
ro
sq
fp
m
re
m
ise
Flo
s
or
,q
sp
ty
ac
e,
sq
m
To
ta
ll
et
ta
bl
e
ar
ea
Re
,s
n
q
SE ta
m
li
K
n
th
ou com
sa
e
nd , re
s
sid
en
Re
tia
nt
/s
l,
q
m
,r
e
sid
Re
en
SE nta
tia
li
K
n
l,
th
SE
ou com
K
sa
e,
nd
co
s
Re
m
m
nt
er
/s
ci
q
al
m
,
,c
om
m
Ta
er
SE x a
ci
al
K sse
,S
th
s
s
ou m
EK
sa en
nd t v
al
s
ue
,
Bo
SE ok
v
K
a
l
th
ou ue,
sa
nd
s
tm
en
ts
Ap
ar
tm
en
t
fa
pa
r
ye
ar
n
N
um
be
ro
uc
tio
C
on
st r
3101
Adamstorp 1:8
Evastigen 14 A-B
1958
18
957
0
0
957
892
932
0
6,665
796
3102
Adamstorp 1:9
Evastigen 12 A-B
1959
18
957
2
9
966
875
914
4
444
6,671
616
3103
Adamstorp 1:10 Evastigen 10 A-B
1960
18
984
3
43
1,027
889
903
20
465
6,874
748
3104
Malfors 4:70
Evastigen 7 A-B,
O G Svenssons v
10 A-B
1962
36
2,082
2
15
2,097
1,910
917
3
208
14,242
2,585
3105
Malfors 4:95
Norra Cloettav 24
A-B, 26 A-B, 28
A-B, Bohemsv 2
A-C, 4 A-B, O G
Svenssons v 9 A-B
1964
76
4,990
29
655
5,645
4,582
918
311
475
34,760
6,344
3106
Malfors 4:94
Bohemsv 6 A-B, 8
A-B, 10 A-B, 12
A-B, O G Svenssons
v 11 A-B, 13 A-B,
15 A-B
1966
72
5,306
27
338
5,644
4,849
914
138
408
36,747
7,260
3108
Malfors 4:35
Evastigen 6
1942
10
803
3
238
1,041
800
996
29
122
6,224
2,417
3109
Malfors 4:36
O G Svenssons v
8 A-C
1945
12
660
0
0
660
737
1,117
0
5,089
3,934
3110
Malfors 4:37
O G Svenssons v
6 A-C
1945
12
660
0
0
660
756
1,145
0
4,562
4,214
3111
Malfors 4:38
O G Svenssons v
4 A-C
1946
12
660
0
0
660
741
1,123
0
4,437
4,360
3112
Malfors 4:54
Adamstorpsv 6 A-C
1956
20
588
2
869
1,457
0
0
1,185
1,364
3113
Malfors 4:58
Adamstorpsv 8 A-C
1956
20
590
1
300
890
0
0
0
0
221
3116
Kanaljorden 2:4
Spantv 2,
Trossv 1-3
1982
23
1,382
2
348
1,730
0
0
2,275
6,537
11,983
3117
Malfors 4:102
Adamstorpsv 10
A-D, 12 A-C
1970
27
1,323
2
378
1,701
1,358
1,026
192
508
11,363
1,295
3118
Malfors 4:60
OG Svenssons v
2 A-B
1955
8
466
4
83
549
451
968
27
325
3,603
984
3119
Adamstorp 2:1
Evastigen 8 A-B
1955
8
466
3
69
535
449
964
42
609
3120
Adamstorp 1:18, Evastigen 17
building X1
1992
14
1,287
0
0
1,287
1,286
999
0
3122
Adamstorp
1:12, building
X2 - X7
Evastigen 15, 1947, Adamstorpsv
13, 45-47
1991
1993
1994
52
3,603
6
2,500
6,103
3,522
978
3,852
2,732
2,732
3,319
1,215
4,281
3,649
1,164
10,251
8,082
26,060
40,809
0
31,325
54,988
2,945
1,541
Linghem
3201
Gällstad 1:293
Grönsångarev
1-11, Sävsångarev
24-38
2014
30
3202
Gällstad 1:19
Askebyv 4 A-C
1966
12
868
0
0
868
796
917
0
4,498
3203
Gällstad 1:20
Askebyv 4-34
1965
15
1,500
0
0
1,500
1,316
877
0
7,491
369
3204
Gällstad 1:21
Askebyv 36-64
1967
15
913
1
25
938
859
941
12
480
4,821
1,943
3205
Gällstad 1:23
Gällstadsv 5 A-D
1967
16
1,144
0
0
1,144
1,037
906
0
5,812
1,817
3207
Himna 11:332
Sparvsångsv 1-57,
2-62
1991
53
4,204
3
329
4,533
3,718
884
356
1,081
30,101
29,790
Bryggvägen 4-14
2008
6
558
0
0
558
808
1,448
0
12,186
13,981
Grönkålsvägen
2-32
2009
16
1,680
0
0
1,680
2,182
1,299
0
12,848
31,951
Roxen Strand
3214
Stensäter 1:22
Ekängen
3215
Stensäter 1:363
3221
Stensätter 1:314 Grönkålsvägen 37
2009
1
105
0
0
105
137
1,305
0
1,332
2,216
3225
2009
1
105
0
0
105
132
1,257
0
1,315
2,116
3226
2009
1
105
0
0
105
139
1,324
0
1,355
2,216
PROPERTY HOLDING
FINANCIAL
63
uc
tio
n
N
ye
um
ar
be
ro
fa
pa
r tm
Ap
en
ar
ts
tm
en
t fl
oo
rs
N
pa
um
ce
be
,s
ro
q
fp
m
re
m
Flo
ise
or
s,
sp
qt
ac
y
e,
sq
m
To
ta
ll
et
ta
bl
e
ar
ea
Re
,s
SE nta
q
l
K
m
th inco
ou
sa me,
nd
re
s
sid
en
Re
tia
nt
/s
l,
q
m
,r
es
Re
id
en
SE nta
tia
li
K
l,
th nco
SE
ou
K
sa me,
nd
co
s
m
m
Re
er
nt
ci
/s
al
q
,
m
,c
om
Ta
m
er
SE x a
ci
K sse
al
,S
th
ou ssm
EK
sa en
nd t v
al
s
u
Bo
e,
EK ok
th val
ou ue
sa ,
nd
s
C
on
st r
3227
2009
1
105
0
0
105
130
1,238
0
1,331
2,016
3228
2009
1
105
0
0
105
124
1,181
0
1,319
1,916
3229
2009
1
105
0
0
105
130
1,238
0
1,348
2,016
3230
2009
1
105
0
0
105
130
1,238
0
1,194
2,016
3231
2009
1
105
0
0
105
124
1,181
0
1,317
1,916
3232
2009
1
105
0
0
105
135
1,286
0
1,324
2,116
3237
2009
1
105
0
0
105
126
1,200
0
1,321
2,016
3238
2009
1
105
0
0
105
126
1,200
0
1,183
2,016
3239
2009
1
105
0
0
105
139
1,324
0
1,388
2,216
3240
Stensätter 1:333 Rödkålsvägen 2
2009
1
105
0
0
105
137
1,305
0
1,441
2,216
3242
2009
1
105
0
0
105
139
1,324
0
1,350
2,216
3243
2010
1
113
0
0
113
141
1,248
0
1,437
2,582
3244
2010
1
113
0
0
113
141
1,248
0
1,412
2,601
3245
2010
1
74
0
0
74
104
1,405
0
1,044
1,865
3246
2010
1
113
0
0
113
141
1,248
0
1,412
2,601
3247
2010
1
113
0
0
113
141
1,248
0
1,412
2,601
3248
2010
1
74
0
0
74
104
1,405
0
1,042
1,863
3249
2010
1
74
0
0
74
104
1,405
0
1,036
1,906
3250
2010
1
113
0
0
113
141
1,248
0
1,414
2,603
3252
Stensätter 1:348 Vitkålsvägen 1
2010
1
113
0
0
113
145
1,283
0
1,485
2,592
3254
2010
1
74
0
0
74
107
1,446
0
1,065
1,891
3255
2010
1
74
0
0
74
107
1,446
0
1,056
1,881
3256
2010
1
113
0
0
113
144
1,274
0
1,414
2,604
3259
2010
1
113
0
0
113
132
1,168
0
1,398
2,384
3260
2010
1
113
0
0
113
143
1,265
0
1,431
2,624
3261
2010
1
113
0
0
113
141
1,248
0
1,412
2,621
Vikingstad
3401
Bankeberg
14:67
Fålåsav 1 A-B,
3 A-B
1964
22
1,422
2
190
1,612
1,290
907
91
479
7,200
2,868
3403
Fålåsa 5:50
Storhagsg 73-81,
87-101
1984
85
5,608
4
787
6,395
4,137
738
1,211
1,539
29,462
19,228
3,105
Malmslätt
3501
Valresultatet 2
Milds g 10-16
1951
18
1,042
7
129
1,171
988
948
44
341
9,531
3502
Vedstapeln 1
Furubackav 14
1936
6
522
1
20
542
435
833
3
150
4,444
926
3601
Vedsäcken 1
Allév 8 A-B, 10
A-B, 12 A-B, 14
Norrmalmsvägen 9
1956
46
2,976
4
343
3,319
2,726
916
155
452
27,015
3,111
3602
Vedsäcken 2
Allév 6 A-B
1968
16
1,058
0
0
1,058
976
922
0
9,379
514
Vidingsjö
3701
Rotborsten 17
Långg 2 A
0
0
0
0
0
0
0
0
3702
Rotbladet 123
Långg 80 A
1975
0
0
0
0
0
0
0
117
3703
Rotbladet 122
Långg 129 A
1975
0
0
0
0
0
0
0
512
3704
Rotbladet 124
Greng 25 A
1975
0
0
0
0
0
0
0
263
3705
Rotfrukten 13
Greng 23 A
0
0
0
0
0
0
0
0
3706
Rottråden 16
Greng 125 A
0
0
0
0
0
0
0
0
3707
Rotskottet 59
Greng 44 A,
65 A, 84 A
1976
0
0
0
0
0
0
0
999
3708
Rotbladet
127-128
Långg 52-80
1975
14
1,009
0
0
1,009
1,072
0
12,374
985
3709
Rotbladet 121
Långg
0
0
0
0
0
0
0
0
8,950
3710
Rotbladet
125-126
Långg 104-136
1975
16
1,169
0
0
1,169
1,257
0
10,653
1,446
64
PROPERTY HOLDING
FINANCIAL
1,062
1,075
flo
or
N
sp
um
ac
be
e,
ro
sq
fp
m
re
m
ise
Flo
s
or
,q
sp
ty
ac
e,
sq
m
To
ta
ll
et
ta
bl
e
ar
ea
Re
,s
n
q
SE ta
m
li
K
n
th
ou com
sa
e
nd , re
s
sid
en
Re
tia
nt
/s
l,
q
m
,r
e
sid
Re
en
SE nta
tia
li
K
n
l,
th
SE
ou com
K
sa
e,
nd
co
s
Re
m
m
nt
er
/s
ci
q
al
m
,
,c
om
m
Ta
er
SE x a
ci
al
K sse
,S
th
s
s
ou m
EK
sa en
nd t v
al
s
ue
,
Bo
SE ok
v
K
a
l
th
ou ue,
sa
nd
s
tm
en
ts
Ap
ar
tm
en
t
fa
pa
r
ye
ar
n
N
um
be
ro
uc
tio
C
on
st r
0
0
0
0
0
0
1975
20
1,458
0
0
1,458
1,572
0
0
0
0
0
0
1975
18
1,313
0
0
1,313
1,406
0
0
0
0
0
0
1976
15
1,062
1
204
1,266
1,145
0
0
0
0
0
0
1976
18
1,297
0
0
1,297
1,389
1976
17
1,233
0
0
1,233
1,321
Greng 11-21
1975
20
1,458
0
0
1,458
Räknehäftet 1
Blästadsg 81-193
1979
52
4,728
2
269
Räknehäftet 42
Blästadsg
-
0
0
0
0
Räkneordet 70
Blästadsg
-
0
0
0
3711
Rotborsten 16
Långg
3712
Rotbladet
131-132
Långg 89-129
3713
Rotfrukten 14
Långg
3714
Rotbladet
129-130
Långg 25-61
3715
Rotskottet 58
Greng
3716
Rotskottet 29-30
Greng 97-114
3717
Rottråden 15
Greng
3718
Rotskottet 42-43
Greng 66-84
3720
Rotskottet 56-57
Greng 36-53
3722
Rotskottet 1-2
3724
3725
3726
1,078
0
0
0
13,272
0
0
1,071
0
12,265
1,078
336
0
2,014
1,842
0
1,644
13,352
2,060
0
0
1,071
0
16,136
2,127
1,071
0
11,257
2,124
1,582
1,085
0
13,273
2,405
4,997
4,961
1,049
251
40,567
6,971
0
0
0
0
0
0
0
0
0
Blästad
933
Haninge
3727
Ritbladet 1
Middagsg 1-2
0
0
2
78
78
0
46
3728
Ritblocket 1
Middagsg 1
0
0
0
0
0
0
0
3729
Ritbordet 25
Middagsg 3-7,
4-24, 54-86,
55-83
1985
1986
70
5,878
2
358
6,236
6,284
1,069
448
3730
Ritbordet 26
Middagsg 30-52,
88-106, 85-99
1985
108
8,162
0
0
8,162
8,824
1,081
0
3732
Ritstiftet 46
Morgong 8-104,
53
1986
1987
113
9,117
2
101
9,218
9,736
1,068
37
588
0
1,251
69,361
35,307
68,358
28,112
366
89,692
34,751
342
0
0
3735
Ritmallen 1
Morgong 6
0
0
1
38
38
0
13
3736
Ritbordet 24
Middagsg
0
0
0
0
0
0
0
0
3737
Ritstiftet 45
Morgong
0
0
0
0
0
0
0
0
3738
Ritpennan 1
Morgong
0
0
0
0
0
0
0
0
82
7,237
4
66
7,303
7,682
Nedre Ullstämma
3808
Rasten 11
Ullstämmav 1-108,
122-176
1991
1992
3809
Nässelduken 1
0
3810
Nässelmasken 2
0
1,061
35
530
75,353
58,534
1,050
2,475
1,640
Lambohov
4001
Isberget 19
Plöjareg 2-50,
52 A-B
1980
35
3,013
4
639
3,652
2,933
973
572
895
29,838
14,768
4002
Isbarken 17
Plöjareg 54-94,
98-104
1981
53
4,491
4
205
4,696
4,378
975
227
1,107
43,176
17,548
4003
Isbiten 21
Plöjareg 1-47
1980
21
1,779
1
20
1,799
1,697
954
0
0
16,597
6,199
4004
Isblocket 15
Plöjareg 49-77
1980
10
847
0
0
847
835
986
0
7,958
4,219
4005
Isbrodden 66
Boställsg 5-11,
55-65
1981
34
2,802
4
307
3,109
2,644
944
263
27,521
9,303
4006
Isbrodden 65
Boställsg 13,
Bygdeg 412
1981
24
1,990
0
0
1,990
1,870
940
0
18,278
7,345
4007
Isbrodden 55
Bygdeg 298,
338-354
1982
49
4,144
3
198
4,342
3,892
939
242
1,222
39,044
15,261
4008
Isbrodden 64
Boställsg 15-17,
Bygdeg 360-384,
414-428
1982
41
3,360
3
436
3,796
3,199
952
516
1,183
33,641
13,547
4009
Isblomman 28
Rättareg
0
0
0
0
0
0
2
0
857
PROPERTY HOLDING
FINANCIAL
65
uc
tio
n
N
ye
um
ar
be
ro
fa
pa
r tm
Ap
en
ar
ts
tm
en
t fl
oo
rs
N
pa
um
ce
be
,s
ro
q
fp
m
re
m
Flo
ise
or
s,
sp
qt
ac
y
e,
sq
m
To
ta
ll
et
ta
bl
e
ar
ea
Re
,s
SE nta
q
l
K
m
th inco
ou
sa me,
nd
re
s
sid
en
Re
tia
nt
/s
l,
q
m
,r
es
Re
id
en
SE nta
tia
li
K
l,
th nco
SE
ou
K
sa me,
nd
co
s
m
m
Re
er
nt
ci
/s
al
q
,
m
,c
om
Ta
m
er
SE x a
ci
K sse
al
,S
th
ou ssm
EK
sa en
nd t v
al
s
u
Bo
e,
EK ok
th val
ou ue
sa ,
nd
s
C
on
st r
4010
Isglassen 1
Hemmansg 60-118
2008
30
3,072
0
0
3,072
3,651
1,188
0
36,400
49,988
4011
Isläget 1
Hemmansg 19-31,
Lagfartsg 21-23
2008
9
896
0
0
896
1,109
1,238
0
11,416
14,866
4101
Isbjörnen 1
Tröskareg 5-35
1982
92
5,635
10
2,313
7,948
5,406
959
2,319
64,498
24,367
4102
Isbjörnen 3
Tröskareg 3
0
0
0
0
0
0
4103
Isstacken 1
Arrendeg 92-106
1983
35
2,381
3
189
2,570
2,399
1,008
194
1,026
24,152
7,467
4104
Isstycket 1
Arrendeg 35-75
1983
90
6,359
7
386
6,745
6,350
999
390
1,010
62,780
20,431
4105
Istappen 1
Arrendeg 1-33
1982
67
4,381
6
216
4,597
4,463
1,019
261
1,208
43,476
21,008
4106
Issågen 1
Arrendeg 46-90
1983
22
2,503
0
0
2,503
2,394
956
0
23,907
7,669
4107
Istiden 1
Arrendeg 2-44
1982
20
2,255
0
0
2,255
2,154
955
0
21,307
5,877
4201
Isprinsessan 2
Lantmannag 151,
155-175, 235,
239-251
1982
65
4,947
5
257
5,204
4,787
968
237
922
46,736
14,575
4202
Isrevyn 44
Lantmannag
89-103
1982
26
2,015
3
216
2,231
1,943
964
214
991
19,098
5,066
4203
Isrännan 46
Lantmannag
94-120
1983
46
3,490
6
259
3,749
3,455
990
209
807
33,385
10,883
4204
Isprinsessan 1
Lantmannag
177-233
1982
26
2,742
3
216
2,958
2,551
930
183
847
25,598
9,080
4205
Isprinsessan 3
Lantmannag 107149, 153
1982
20
2,050
2
398
2,448
1,950
951
478
1,201
19,424
8,432
4206
Isrevyn 43
Lantmannag 1, 87
1982
0
0
0
0
0
0
0
1,274
4207
Isrevyn 31-33
Lantmannag 81-85
1982
3
356
0
0
356
329
924
0
4,163
1,055
4208
Isrevyn 28-30
Lantmannag 75-79
1982
3
356
0
0
356
329
924
0
4,202
1,101
4209
Isrevyn 25-27
Lantmannag 69-73
1982
3
356
0
0
356
329
924
0
4,251
1,049
4210
Isrevyn 34-36
Lantmannag 63-67
1982
3
356
0
0
356
324
910
0
4,168
1,149
4211
Isrevyn 37-39
Lantmannag 57-61
1982
3
356
0
0
356
325
913
0
4,157
1,041
4212
Isrevyn 21-24
Lantmannag 17-23
1982
4
446
0
0
446
415
930
0
5,363
1,236
4213
Isrevyn 40-42
Lantmannag 25-29
1982
3
356
0
0
356
326
916
0
4,166
1,041
4214
Isrevyn 18-20
Lantmannag 11-15
1982
3
356
0
0
356
336
944
0
4,174
1,041
4215
Isrevyn 14-17
Lantmannag 3-9
1982
4
446
0
0
446
421
944
0
5,381
1,271
4216
Isrevyn 11-13
Lantmannag 31-35
1982
3
356
0
0
356
327
919
0
4,170
1,050
4217
Isrevyn 8-10
Lantmannag 37-41
1982
3
356
0
0
356
331
930
0
4,173
1,069
4218
Isrevyn 5-7
Lantmannag 51-55
1982
3
356
0
0
356
324
910
0
4,149
1,039
4219
Isrevyn 1-4
Lantmannag 49-53
1982
4
446
0
0
446
419
939
0
5,366
1,303
4220
Isrännan 45
Lantmannag 2, 92
1983
0
0
0
0
0
0
0
1,282
4221
Isrännan 1-4
Lantmannag 76-82
1982
4
446
0
0
446
417
935
0
5,418
1,108
4222
Isrännan 5-8
Lantmannag 68-74
1982
4
446
0
0
446
416
933
0
5,327
1,156
4223
Isrännan 12-15
Lantmannag 84-90
1982
4
446
0
0
446
426
955
0
5,322
1,110
4224
Isrännan 9-11
Lantmannag 62-66
1983
3
356
0
0
356
332
933
0
4,189
936
4225
Isrännan 16-19
Lantmannag 54-60
1983
4
446
0
0
446
413
926
0
5,377
1,103
4226
Isrännan 27-30
Lantmannag 46-52
1983
4
446
0
0
446
405
908
0
5,359
1,133
4227
Isrännan 20-22
Lantmannag 28-32
1983
3
356
0
0
356
330
927
0
4,208
972
4228
Isrännan 23-26
Lantmannag 20-26
1983
4
446
0
0
446
412
924
0
5,385
1,161
4229
Isrännan 31-34
Lantmannag 12-18
1983
4
446
0
0
446
424
951
0
5,378
1,144
4230
Isrännan 41-44
Lantmannag 4-10
1983
4
446
0
0
446
423
948
0
5,400
1,186
4231
Isrännan 38-40
Lantmannag 34-38
1983
3
356
0
0
356
337
947
0
4,227
912
4232
Isrännan 35-37
Lantmannag 40-44
1983
3
356
0
0
356
341
958
0
4,202
967
4233
Iskällaren 2
Torpareg 3-29
1985
47
3,496
3
44
3,540
3,411
976
14
318
33,602
10,943
4234
Isprinsen 2
Torpareg 31-57
1984
25
1,996
1
349
2,345
1,937
970
336
963
19,214
6,226
4235
Isprinsen 1
Torpareg 80-84,
86-90, 92-94
1983
66
4,455
8
1,033
5,488
4,250
954
1,814
1,756
49,007
25,264
4236
Ispiken 1
Lantmannag
160-230
1984
38
3,748
2
19
3,767
3,652
974
1
53
35,169
12,987
66
PROPERTY HOLDING
FINANCIAL
1,003
0
0
Ap
ar
tm
en
t
flo
or
N
sp
um
ac
be
e,
ro
sq
fp
m
re
m
ise
Flo
s
or
,q
sp
ty
ac
e,
sq
m
To
ta
ll
et
ta
bl
e
ar
ea
Re
,s
n
q
SE ta
m
li
K
n
th
ou com
sa
e
nd , re
s
sid
en
Re
tia
nt
/s
l,
q
m
,r
e
sid
Re
en
SE nta
tia
li
K
n
l,
th
SE
ou com
K
sa
e,
nd
co
s
Re
m
m
nt
er
/s
ci
q
al
m
,
,c
om
m
Ta
er
SE x a
ci
al
K sse
,S
th
s
s
ou m
EK
sa en
nd t v
al
s
ue
,
Bo
SE ok
v
K
a
l
th
ou ue,
sa
nd
s
tm
en
ts
fa
pa
r
ye
ar
n
N
um
be
ro
uc
tio
C
on
st r
Lantmannag
122-156
1984
37
2,932
4237
Ispiken 2
4238
Isprinsen 1 forms
part of 4235
4240
Islandet 2
Utsädesg 62-114,
116 A-B
2012
4241
Isfältet 2
Åkervindan,
Utsädesgatan
2015
1
12
2,944
2,866
977
0
0
27
2,304
2,304
2,804
1,217
16
1,056
1,056
65
62
1
83
27,608
0
10,207
619
0
30,000
47,552
1,608
Mjärdevi
4301
Importgodset 1
Storskiftesg 75-111
1992
68
7,588
0
0
7,588
6,322
833
0
65,173
61,847
4302
Importaffären 3
Tröskareg 2-8,
Enskiftesg 1-5, 9
1992
1993
120
10,442
0
0
10,442
8,368
801
0
87,065
84,309
4303
Importfirman 1
Storskiftesg 87 A
1992
0
0
0
0
0
0
0
649
5001
Idrottsledaren 1
Drabantg 2-12,
Furirg 2-16,
Kaserng 6
1929
1990
127
9,017
9
621
9,638
10,406
1,154
873
1,406
121,241
65,252
5002
Idrottshallen 3
Kaserng 4, Översteg 3 A-D, 5-11
1929
1991
59
3,401
5
462
3,863
3,977
1,169
434
939
46,175
25,431
5003
Idrottsplutonen 1
Kaptensg 19,A
1929
51
3,560
0
0
3,560
3,986
1,120
0
44,200
24,843
5004
Idrottskansliet 1
Gustaf Smiths pl 1
1929
8
894
0
0
894
993
1,111
0
11,104
8,142
5005
Idrottsläraren 1
Rekrytg 9-45,
49-65
1992
96
8,360
5
450
8,810
9,550
1,142
464
1,030
108,400
76,918
5006
Industrin 6
Drabantg 28
1992
0
0
0
0
0
0
6,455
7,059
5007
Idrottsföreningen 1
Trumslagareg
2-120
1993
61
5,465
1
35
5,500
6,241
1,142
20
571
60,145
36,737
5008
Industrin 7
Drabantg 47-49,
Rekrytg 12-14
1994
33
2,043
0
0
2,043
2,521
1,234
0
28,000
15,560
5009
Idrottsklubben 1
Drabantg 43-45,
Rekrytg 2-4, 8-10
1994
70
4,861
1
187
5,048
5,812
1,196
150
802
64,600
36,883
14,198
1,005,397
1,312
88,915
1,094,312
1,038,228
1,033
83,348
937
10,642,886
4,549,690
258
5,589
3
23
5,612
8,494
1,520
3
130
70,000
22,723
63
2,035
1
13
2,048
3,074
1,511
9
693
T1
STÅNGÅSTADEN TOTAL
0
STUDENTBOSTÄDER
9001
Flamman 2
Västanåg 18-28
9006
Fjärilen 4 (block
let)
Västra V 10
1965
9101
Ostfatet 1
Ryds Allé 1-21
1967
467
10,082
3
186
10,268
13,936
1,382
11
58
94,262
44,385
9201
Ostkupan 1
Rydsv 244 A-C,
246 A-C, 248 A-C,
250 A-C,
Alsättersg 1 A-D
1972
338
7,482
7
129
7,611
10,977
1,467
24
186
75,658
31,485
9202
Ostkupan 2
Rydsv 252 A-C,
254 A-C, 256 A-D
1973
254
5,493
4
102
5,595
8,312
1,513
18
174
55,341
27,300
9210
Ostkupan 10
Alsättersg 5 A-D, 7
A-D, 9A-D, 11 A-D
1969
295
6,406
0
0
6,406
9,887
1,543
7
64,000
37,210
9214
Ostkupan 14
Rydsv 258 A-D,
260 A-D, 262 A-D
1970
252
5,417
4
75
5,492
8,228
1,519
24
55,100
28,663
9215
Ostkupan 15
Alsättersg 3 A-C,
Rydsv 240 A-C,
242 A-C, Björnkärrsg 2 A-C
1971
177
5,013
0
0
5,013
6,782
1,353
0
46,600
17,523
9216
Ostkupan 16
Björnkärrsg 4 A-D,
6 A-C
1969
156
3,428
1
20
3,448
5,330
1,555
13
33,429
19,574
325
659
0
PROPERTY HOLDING
FINANCIAL
67
uc
tio
n
N
ye
um
ar
be
ro
fa
pa
r tm
Ap
en
ar
ts
tm
en
t fl
oo
rs
N
pa
um
ce
be
,s
ro
q
fp
m
re
m
Flo
ise
or
s,
sp
qt
ac
y
e,
sq
m
To
ta
ll
et
ta
bl
e
ar
ea
Re
,s
SE nta
q
l
K
m
th inco
ou
sa me,
nd
re
s
sid
en
Re
tia
nt
/s
l,
q
m
,r
es
Re
id
en
SE nta
tia
li
K
l,
th nco
SE
ou
K
sa me,
nd
co
s
m
m
Re
er
nt
ci
/s
al
q
,
m
,c
om
Ta
m
er
SE x a
ci
K sse
al
,S
th
ou ssm
EK
sa en
nd t v
al
s
u
Bo
e,
EK ok
th val
ou ue
sa ,
nd
s
C
on
st r
1970
313
7,890
12
945
8,835
11,268
1,428
793
50
1,250
0
0
1,250
2,027
1,622
0
0
0
1
700
700
0
1,191
3,035
184
6,848
0
0
6,848
8,984
1,312
0
64,418
55,465
86
3,874
0
0
3,874
4,472
1,154
0
33,200
11,993
1969
86
3,874
0
0
3,874
4,400
1,136
0
33,200
13,754
1968
108
4,488
1
16
4,504
5,414
1,206
6
40,000
20,275
Importaffären 53 Tröskaregatan
10,12
2003,
2004
206
8,571
0
0
8,571
11,435
1,334
0
76,200
95,926
9402
Isskrapan 2
Tröskareg 39,
43-71
1987
152
4,616
3
171
4,787
6,780
1,469
150
877
41,045
34,548
9503
Idrottstränaren 3
2002
203
6,042
0
0
6,042
9,756
1,615
0
74,800
76,281
9601
Irrblosset 1
Vallav. 6-10,
Westmansg. 20
1963,
2003
574
15,980
14
1,512
17,492
25,323
1,585
1,444
955
171,438
184,937
4,222
114,378
54
3,892
118,270
164,879
1,442
2,624
674
1,111,160
763,994
0
0
4
7,091
7,091
0
11,707
1,651
71,200
177,698
0
0
4
7,091
7,091
0
11,707
1,651
71,200
177,698
24,875
20,025
24,875
20,025
46,077
40,999
9217
Ostkupan 17
Alsättersg 13 A-D,
15 A-D, 17 A-D,
10 A-C, 12 A-B
9218
Ostformen 14
(block let)
Alsättersg 32-38,
42
9219
Ostkupan 12
Alsättersg 19
1929
9301
Osthyveln 1
3 A-D
1970
1999
2002
9302
Osthyveln 2
Björnkärrsg 5 A-C,
7 A-D
1969
9303
Osthyveln 3
11 A-C
9304
Osthyveln 4
Björnkärrsg 13 A-C,
15 A-D
9401
STUDENTBOSTÄDER TOTAL
122
839
81,278
38,917
0
174
356
TGS3
1002
Glasblåsaren
13
Tornbyvägen 1
2009
TGS3 TOTAL
EDDAN
0
Eddan 11
Drottningg/Nyg
0
0
EDDAN TOTAL
0
0
0
0
0
0
1955
33
2,662
75
10,839
13,501
BRYGGAREGÅRDEN
0
0
0
7001
Valla 1:2
Gamla Linköping
2,363
928
9,541
880
7002
Valla 1:2
Valla friluftsområde
2
165
3
10,779
10,944
157
951
1,476
137
7003
Eolus 1
Läroverksg 5,
Storg 56
0
0
2
350
350
0
338
966
1,825
1,243
7004
Aspen 10
Hunnebergsg 5-9
0
0
9
350
350
0
137
391
970
866
7005
Smedstad 1:23
Infanteriv 12
0
0
1
1,368
1,368
0
253
960
14
7006
Bäckagården,
Innerstaden 1:6
Sankt Larsgatan
1
263
263
0
5,312
3,613
0
0
BRYGGAREGÅRDEN TOTAL
TOTAL
68
35
18,455
PROPERTY HOLDING
FINANCIAL
2,827
91
23,949
26,776
2,520
874
7,309
1,122,602 1,461
123,847
1,246,449
1,205,578
1,074
104,988
305
48,872
52,047
848 11,898,993
5,643,454
DEFINITIONS
Return on adjusted equity, %
Earnings after financial items/average
shareholders’ equity and untaxed reserves
taking into account deferred tax
Average basic residential rent
excl. student accommodation
SEK/sq m
Basic residential rent/residential lettable
area excluding student accommodation
Interest coverage ratio, %
Operating profit/loss plus interest income and similar income statement
items/interest expenses and similar
profit/loss items
Return on capital employed, %
Operating result plus interest income and
similar income statement items/average
balance sheet total excluding non- interestbearing liabilities
Average basic commercial rent,
SEK/sq m
Return on total capital,%
Average total return on equity, %
Profit/loss after financial items plus interest
expenses and similar profit/loss items/
average balance sheet total
Profit/loss for the year plus average change
in the market value of completed properties over the past five years/equity and
untaxed reserves with regard to deferred tax
Basic commercial rent/commercial lettable area
Debt/equity ratio
Interest-bearing liabilities/equity and
untaxed reserves
Visible equity/assets ratio, %
Loan-to-value ratio, estimated
market value, %
Liabilities to credit institutions/market
value, completed properties
Loan-to-value ratio, book value
of property, %
Liabilities to credit institutions/book
value of completed properties
Loan-to-value ratio, tax assessment value, %
Liabilities to credit institutions/tax
assessment value of properties
Book value, property, SEK/sq m
Book value of completed properties/lettable area, residential and commercial
Gross loan interest rate, %
Interest expenses/average liabilities to
credit institutions
Investments, SEK million
Investments in properties, furnishings and
equipment reconstructions, extensions,
new constructions, shares and participations for the year
Adjusted equity/assets ratio, %
Equity and untaxed reserves with regard
to deferred tax plus surplus value of
properties/balance sheet total and surplus value of properties without taking
into account deferred tax
Equity and untaxed reserves taking into
account deferred taxation/balance sheet
total
Total return on equity, %
Operating surplus plus changes in the
market value of completed properties/
equity and untaxed reserves with deferred tax
Total return on market value, %
Operating surplus plus changes in the market value of completed properties/closing
market value of completed properties
Occupancy rate, residential, %
Gross rents less vacancy expenses residential/gross rents residential
Cash flow, SEK million
Occupancy rate, garages, %
Change in cash and cash equivalents for
the year
Gross rents less vacancy expenses of
garages/gross rents for garages
Liquidity, %
Occupancy rate, commercial, %
Cash and bank balances, current receivables/current liabilities
Gross rents less vacancy expenses for
commercial space/gross rents commercial
space
Net borrowing interest, %
Yield,%
Operating surplus/completed properties’
closing market value
Interest expenses less interest subsidies/
average liabilities to credit institutions
Occupancy rate, parking spaces, %
Gross rents less vacancy expenses for parking spaces/gross rents for parking spaces
Net debt/equity ratio, SEK/sq m
Net operating income, SEK/sq m
Net revenues less property tax, maintenance
and operating expenses/residential and
commercial lettable area
Interest-bearing liabilities less interestbearing financial assets/lettable area, residential and commercial
Profit margin, %
Profit/loss after financial items/net revenue
DEFINITIONS
FINANCIAL
69
PRODUCTION
Ariom Reklambyrå
PHOTO
[email protected]
www.stangastaden.se
stangastaden.se

STÅNGÅSTADEN ANNUAL REPORT

Transcription

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