PRESENTATION 2010 FOUNDED IN

Transkript

1 PRESENTATION 2010 FOUNDED IN

2 Table of contents Income statement 3 Balance sheet 4-5 Board of directors and management of the CA group 6-7 Group structure 8-9 List of properties Addresses 14 HYMNEN 4 JÖNKÖPING

3 Table of contents Region Karlskrona Region Northeastern Skåne Region Stockholm Region Växjö Region Berlin and Estonia Region St. Petersburg Key ratios Project development

4 4 KNAPEN 1 JÖNKÖPING

5 JOHAN DAMNE CEO CA FASTIGHETER AB MESSAGE FROM THE CEO Local presence and commitment yield results After the turbulence of financial markets around the globe since the autumn of 2008, we noticed at the end of 2009 and the beginning of 2010 a cautious but increasing optimism in the real estate industry. We are noticing increased activity in the transaction market, as lenders carefully increase their real estate lending. We in the CA group view this as a positive development. For many years, we saw the market as overvalued, and now are finding attractive investments again. We hope and believe that we will be able to increase our real estate portfolio this year. When we try to summarize 2009, we can say with pride that the CA group, despite the instability of the market, enjoyed excellent profitability. We are convinced that this results from the local presence and commitment of our employees on the various markets where we do business. An increase in profits has taken place in all parts of our operations. The management profits from our real estate portfolio has increased by about 10% at the same time as profits from product development and financial operations have shown a clear upward trend. We are therefore well-prepared financially for investments in both our existing properties as well as in new ones. Given the continued low interest rates and excellent occupancy levels, we also expect that the next few years will be successful ones for the real estate industry. Maintaining a high occupancy rate will be the major challenge for real estate companies over the next few years. In this changing business environment CA Fastigheter AB, a part of the Claesson & Anderzén AB group, is increasingly unique. The basis of our business concept goes back to its founding in Kalmar in Since then, the company has been managed and developed by three generations of the same family. The CA group is characterized by a strong local presence in the towns and cities where we operate. Being close to our customers gives us an understanding of the changing needs of the market. Even though our company is large, when viewed in its entirety, we retain a small company s ability to quickly change course and put our efforts where the needs and opportunities are. CA Fastigheter is a part of the local community, and our profitability is based on satisfied customers. In 2010, we will continue to focus on our real estate development projects. At present, housing construction, especially, is taking place in various forms. We have commenced construction of the first stage of our Lomma Harbor project. In this project, we have the right to construct a total of close to 450 housing units, in the form of both co-operative apartments and single family homes. On Varvsholmen in Kalmar, we are planning to start construction on various forms of assisted living. In addition, we are working on several properties, changing local plans to facilitate new development projects, both residential and commercial. It feels good to assist in community development in this way, as we have done for almost 100 years. Johan Damne CEO 5

6 6 KALMARSALEN, KVARNEN 12 KALMAR

7 CA Fastigheter in brief The business of CA Fastigheter was started in Kalmar, in 1912, by Claes Johansson, the grandfather of the current owners. The business was first focused on residential construction. In 1947, the company name was changed to Claesson & Anderzén, when Edvin Claesson, the son of the founder, took over the business together with his partner, K-G Anderzén. The construction business continued, performing construction for outside parties, as well as erecting buildings to be managed by the company. The latter group of buildings from this period is still owned by the CA group, and constitutes the foundation of today s real estate holdings. The group is currently owned by Magnus and Johan who are brothers and represent the third generation of the Claesson family. The group s construction business was discontinued in Since then operations mostly concern real estate management, primarily in Sweden, but also in Germany, Estonia and Russia. At the end of 2009, the CA group owned real estate with an aggregate area of more than 700,000 sq. meters. More than 28 per cent of these holdings consist of residential units, with the remaining area devoted to commercial space, such as stores, offices, hotels and storage areas. Our focus is on centrally-located real estate with a high standard. Our management is primarily by company employees in order to provide our tenants with the best possible service. Our responsiveness to our tenants wishes means that the CA group will create value for our tenants, which, in turn, will mean in - cre ased value for the group. The CA group is developing both properties currently in our portfolio, as well as acquisitions, with a current emphasis on residential and commercial property development. MAGISTRATEN 5 KARLSKRONA TRUD 4-8 BORÅS APELN 29 JÖNKÖPING 7

8 8 WACHTMEISTER 57 KARLSKRONA

9 Weak recovery on the transaction market As a result of the financial crisis, the real estate market has been slow for the past one or two years, especially with regard to transactions. At the end of 2009, however, we experienced that the Swedish market, which is our primary market, is slowly recovering. A few transactions have gone through, and we are now picking up favorable signs from the banking system expressing a willingness to again consider financing real estate investments. In other countries where the CA group does business, similar trends have been noted. The Swedish National Institute of Economic Research (KI) continues to maintain its opinion that the decline in the GNP has stopped, and that growth will increase in A number of indicators predict a more rapid recovery in Sweden than previously expected. The KI estimates that GNP will increase by 2.7% in Inflation and market interest are expected to increase during the year. The rental volume in Sweden in 2009 was lower than normal, but despite this, rental levels were maintained very well. Despite a decline in the market, office rents were stable in those geographical reasons where the CA group is doing business. The rental levels for stores have also been stable, even though we have seen some profitability problems for a few stores not affiliated with chain. Despite a somewhat weaker market, lower market interest rates have contributed to maintaining the profitability of real estate companies, disregarding valuation adjustments. No effects on real estate companies of reduced profitability of their customers have been observed. This may well be the result of the lag stemming from multi-year leases. Continuing a strong customer orientation will most likely be even more important on what may be a weaker market. SVETSAREN 3 VÄXJÖ ROCKAN 10 KALMAR PEGASUS 3 BORÅS 9

10 Rental income Operating profit/loss 100% Occupancy rate (area) % 500,000 98% 375, , , , , , , , , , , ,710 96% 94% 92% 95.1% 94.4% 95.9% 96.1% 92.2% 125,000 90% Classification of areas Total 700,000 sq. meters Distribution of space by region Växjö 9.4% Other space 0.1% Borås 11.4% RE Dev. Proj. 29% Residential 28% Jönköping 10.6% Other space 6% Storage 11% Hotels & restaurants 2% Stores 14% Offices 10% International 31.3% Stockholm 10.9% Karlskrona 6.8% Northeastern Skåne 2.1% Kalmar 17.4% 10

11 Profit/loss for 2009 The profits of the CA Fastigheter AB group for 2009 have shown strong growth. The core activities, the management and development of the existing real estate portfolio, continue to produce stable profits. In addition to this, a number of relatively small real estate sales, as well as a good return on the group s financial investments, have contributed to the profits. After-tax profits total about SEK 239 million. Rental revenue in 2009 from previous years partially results from one acquisition, but is primarily due to the rental increases on both residential and commercial premises. Rental revenues totaled SEK 424 million (388). Operating income increased as a result of this to SEK 250 million (221). Profits after financial items totaled SEK 239 million (-102). In 2009, the group s parent, Claesson & Anderzén AB, decided to focus operations to achieve increased clarity and more emphasis on core activities. CA Fastigheter AB, as a result, sold its equity in Scribona AB (publ) and in Grain Alliance AB to a group company. Total assets at the end of the year totaled about SEK 3,965 million, with shareholders equity of about SEK 1,136 million and an equity-to-assets ratio of 28.4%. As the CA group is a private non-listed company, its assets are not evaluated. The CA group is thus well-prepared to take advantage of the future market situation both by conventional purchases and by developing various types of real estate development projects. 11

12 Cities/Regions Regional Regionkontor offices Real Fastighetsinnehav estate holdings utan kontor not under an office St. Petersburg Arboga Stockholm Tallinn Narva Jönköping Borås Västervik Växjö Hässleholm Osby Kristianstad Bromölla Borgholm Kalmar Karlskrona Lomma Berlin 12

13 Organization CEO Johan Damne CFO Eje Wictorson Construction Manager Johan Frostberg Business Development Mikael Holmgren Andreas Claesson Sweden International Region Borås Christer Södeliden Region Northeastern Skåne Gun Christensson Berlin Andreas Claesson Region Jönköping Anders Gustafsson Region Stockholm Jan Dahlberg Estonia Andreas Claesson Region Kalmar Johan Frick Region Växjö Claus Holmgren St. Petersburg Jan Borekull Region Karlskrona Ulf Åberg Project Lomma Harbor Erik Herder 13

14 OTTAR 3 BORÅS RESTAURANT EEST BORÅS MARS 10 BORÅS 14

15 REGION BORÅS CHRISTER SÖDELIDEN A stable market Looking back, we can now say that when the Borås region weathered the storms of the financial crisis quite well. In the case of the Knalleland shopping center, we acquired a new tenant, Emmaus Björkå, which specializes in selling second-hand goods, especially clothing. Being able to sign a lease in February 2010 with Media Markt, one of the largest retailers in home electronics, was also a welcome development. The rebuilding has begun, and is estimated to reach completion during the fall of We have invested in optimizing operations in many of our properties, in the form of window replacement, and in saving heating and water. There has been a relatively good production of new housing in Borås in Most of this has involved the production of cooperative housing units located in and around the central areas of Borås. The purchasers have been largely those born in the 1940s, who sold their detached homes for the benefit of the younger generation. This is a sign that the housing market is operating satisfactorily, that demand for central rental units continues to be good, and that we continue to enjoy a very low vacancy rate. In 2010, we will be building 29 cooperative apartments in central Borås. This project is operated as a cooperative effort with an outside partner, and is expected to be ready for occupancy in the fall of The City of Borås is working to create the new neighborhood of Simonsland, a cluster for the development of textiles and fashion. Transforming the old industrial area at the Viskan River will create a vibrant stretch between the center of town and Knalleland. This will strengthen the position of Borås as the textile capital of Sweden. To us, the heading a stable market means good growth, increased population, and an active business community with retail as its foundation. We look forward to an exciting 2010, with many projects, both relating to the development of our existing portfolios, as well as acquisition opportunities. Christer Södeliden Regional Manager Borås MEDEA 1 BORÅS 15

16 JUVELEN 3 JÖNKÖPING KLOSTERGATAN 43 JÖNKÖPING RUSTMÄSTAREN 2 HUSKVARNA 16

17 REGION JÖNKÖPING ANDERS GUSTAFSSON Many ways to develop The construction of new buildings is one way to grow and develop. Another way is by improving existing properties. This includes our building 24 garages for rental in Huskvarna, converting offices to apartments, and completing an expansion for our tenant, Konsum at Dalvik, Jönköping. Our Nötskrikan property, an apartment house, has been given a new facade, new windows and new balcony railings. Renovation is a good example of development. The Municipality of Jönköping decided to sort waste food in order to manufacture biogas, and CA Fastigheter took part in this project, checking waste logistics. On several properties, we installed underground deep receptacles for combustible waste, resulting in both an improvement of work environment and lower costs. The operating costs increase primarily due to price increases. In order to counteract this, we will be modernizing heating and control installations in many properties. In addition, where it is possible, we will be replacing old heating sources with district heating connections. This will benefit not only CA Fastigheter, but our tenants and the environment, as well. Jönköping the Light at the end of Lake Vättern is a city devoted to commerce and education, and is always developing. Its population is increasing, and the Stadsvisionen 2.0 (City Vision 2.0) program has been adopted. This program deals with increasing the density of the city with new housing, offices and workplaces. This vision relates to the entire area around Lake Munksjön between Lake Vättern and the E4, and will guide development over the next decade. Anders Gustafsson Regional Manager Jönköping ROSENGÅRD 15 & 16 HUSKVARNA 17

18 HATTMAKAREN 13 KALMAR ROCKAN 7 KALMAR KVARNEN 12 KALMAR 18

19 REGION KALMAR JOHAN FRICK Kalmar, a university city that continues to grow Kalmar s fair winds continue, and with them, the CA group continues its growth in that city. In 2010, Kalmar became a university city when Växjö University and Kalmar College merged to form Linnaeus University. Hopefully, the already wide range of educational offerings will grow even more, and serve as the foundation for the continued development of the labor market in Kalmar and its vicinity. At Hansa City, with players like IKEA and Media Markt, expansion continues with the opening of Mode - huset in the late fall of In December 2009, ground was broken for Kalmar Arena, the new home of Kalmar FF, which will be completed for the start of the 2011 season of the Premier Division of the Swedish Football League, and marking the end of the famous old Fredrikskans football arena. Since its start in 2008, the Kalmar summer theatre is one of the largest of its kind in Sweden. At the Krusenstiernska House, 38,000 visitors are expected to see Zpanska Flugan with summer Kalmarites Robert Gustavsson, Suzanne Reuter and Peter Dalle in the leading roles. A stone s through from there is Kalmar Castle, which is continuing its activities for all ages. The CA group has experienced an improvement of the occupancy rate of our commercial premises, and enjoys a low vacancy rate. Demand for housing continues at a very high level. After the successful gut renovation of the Safir 1 tract, we are now continuing with an additional project in the Herden 1 tract. Construction commenced in January this year. The scope of the project will be similar to the previous one, and will include completely new bathrooms and kitchens, as well as adding new ceilings and skylights. We are thus on schedule with the renovation of the other properties in our portfolio. We have recently signed a major contract with Telia regarding fiber LAN for the Kalmar region. In 2010, we will begin to install fiber LAN in all apartments in Kalmar, as well as a large percentage of our commercial premises. We can happily and proudly say that we are in the vanguard, and can offer our tenants the fastest and most modern broadband, telephone and TV service on the market. In 2009, we completed the construction of 16 townhouses in the southeast part of Varvsholmen. In the latter part of 2010, we will start on our next project, on the northwestern side. This will be an extensive and multifaceted construction project that will last two years, and include rental housing, cooperative apartments, assisted housing and service. In December 2009, CA acquired Kläckeberga 10:10, a property that was previously owned by Chinese- Swedish Fanerdun. This property of 150,000 sq. meters has great potential thanks to its location and the northern entrance to Kalmar, with a golf course and Värsnäs within walking distance. Development efforts have begun together with the municipality of Kalmar, and we expect this to be an exciting project for the near future. Johan Frick Regional Manager Kalmar DRYADEN 1 KALMAR 19

20 URMAKAREN 56 KARLSKRONA WACHTMEISTER KARLSKRONA LOKE 24 KARLSKRONA 20

21 REGION KARLSKRONA ULF ÅBERG Karlskrona sighted! Those may have been the words Charles XI used when he first saw the place that would later be the ice-free harbor of the Swedish fleet in the Baltic. At that moment, the most prominent architects were already hard at work planning the city. And this work is still continuing with the gradual renewal of the center of the city. Hogland Park and Borgmästaregatan are two examples of this kind of renewal which the city s current property owners take part in and assume a great deal of responsibility for. CA Fastigheter AB has been an active contributor and participant in the development of Karlskrona for about 25 years. The latest example is the transformation of Borgmästaregatan, a commercial street that will become a pedestrian mall in the spring of 2010, and be increasingly viewed as a place to meet and shop. CA Fastigheter AB, together with the Municipality of Karlskrona and other property owners, are investing in this transformation to achieve a more enjoyable and easily accessible area. Making central Karlskrona more conducive to retail and shopping is an important objective for our Karlskrona office. In 2010 and 2011, CA Fastigheter AB will be working with the development of the Nordstjärnan 32 tract, a project building modern housing in a central location. Development is also continuing in Trummenäs with an additional 45 building lots for detached single family homes in the middle of the archipelago, right next to one of the best golf courses in Sweden. This year, this former 3,800 sq. meter large printing plant property will be converted into new business premises with an excellent location close to the city center and the Rv 28 and E22 highways. The regional office in Karlskrona will focus on this and a great deal more in 2010 and many years afterwards in its work with the development of Karlskrona. Ulf Åberg Regional Manager Karlskrona WACHTMEISTER KARLSKRONA 21

22 MASKROSEN 22 BROMÖLLA PREDIKANTEN 1 OSBY VÄKTAREN 3 OSBY 22

23 REGION NORTHEASTERN SKÅNE GUN CHRISTENSSON An attractive part of Skåne Northeastern Skåne is a very attractive region. The Öre sund Bridge and the increased train service frequency have transformed Northeastern Skåne into a part of Örestad, which is what we call the largest metropolitan area in Scandinavia, and includes Malmö and Copenhagen. The expansion of the Pågatåg local commuter rail system will bring the various part of Skåne even closer in the next few years. More people are moving in, commerce is flourishing, and new houses and buildings are being constructed all over. The communities along the railroad s trunk line are expanding, and our properties in Hässleholm, Osby and elsewhere have become very attractive thanks to their locations, CA Fastigheter s high level of service, and the standard of comfort of these homes. CA Fastigheter offers flats suitable to seniors in Osby, Hässleholm, Kristianstad and Bromölla. They maintain a high standard and many of the apartments have access to elevators. In Osby, we own and manage one of that municipality s landmarks, the Predikanten commercial building, built in 1958 and expanded in This building houses most of Osby s retail stores, as well as the Osby Näringslivscenter (business center). Welcome to Osby, now a part of Örestad, the leading metropolitan area in Scandinavia. Gun Christensson Regional Manager Northeastern Skåne DAVID NYBORG 8 KRISTIANSTAD 23

24 VEDDESTA 2:18 STOCKHOLM VRETEN 12 STOCKHOLM VÅGLÄNGDEN 9 STOCKHOLM 24

25 REGION STOCKHOLM JAN DAHLBERG There s definitely added value here Sweden, outside of Stockholm, the fact that CA Fastigheter has its own management, and excellent service is something that s taken for granted. In the capital, however, this is a tremendous, and often unexpected, source of added value for tenants. If there s a problem, you just phone CA Fastigheter, and the caretaker will come the very same day. Other companies outsource management, entrusting the customer service function to anonymous call centers. In Stockholm, CA Fastigheter owns two major tracts of land. One measures 100,000 sq. meters, and is located in Järfälla, close to the E18, with convenient transportation to offices, distribution and commerce. DSV Solutions AB currently has a logistics facility here. Of the tract, approximately 80,000 sq. meters of land remain for future development. In 2010, a local plan will be completed that will pave the way for businesses and commerce including convenience stores. In Upplands Väsby, north of Stockholm, CA Fastigheter owns 43,000 sq. meters of land adjacent to the E4, with a prominent location between Stockholm and Arlanda. Our property, Vreten 12 in Västberga, the previous site of Bernats Bil, will be developed for commerce, light industry and/or offices. This property enjoys excellent visibility from the Essingeleden highway. In the spring of 2010, a preliminary study will begin regarding our property in Gävle, Brynäs 18:3, investigating changes of activities, from industrial to housing, in the local plan. The work of finding new properties in the Stockholm region for development and/or management continues. Jan Dahlberg Regional Manager Stockholm VRETEN 12 STOCKHOLM 25

26 TVINNAREN 4 VÄXJÖ BJÖRNEN 10 VÄXJÖ TULLEN 8 VÄXJÖ 26

27 REGION VÄXJÖ CLAUS HOLMGREN Full speed ahead Växjö s population continued to grow in 2009, and we in the CA group feel a part of this, as our long-term goals are to develop and continuously improve our properties in Växjö. We continue to see a high level of demand for our residential units, and during the year, we have done some reconstruction work, and created a number of new and centrally located housing units, where there were previously offices. We have also begun the planning for the gut renovation (ROT) of two of our centrally located residential buildings, with a scheduled date of commencement in During the year, we have witnessed tenants moving into our office premises, and we now have practically full occupancy in these properties. We believe that this reflects our customers view of the CA group as an attractive and committed property owner. We are also continuing our long-term and continuously progressing work to supply our tenants with better premises that are enjoyable and well adapted to their needs. This year, we have completed a major renovation and expansion of one of industrial properties for a customer. This has resulted in new and well-adapted manufacturing space for the customer s operations, thereby increasing production in Växjö. We at CA Fastigheter are very pleased to help our customers in this way for shared success and development. During the year, our commercial area of Västerport has grown, and we are working together with our existing customers to ensure continued growth in the area. Our location close to the center of town and other commercial areas is an asset for us, providing our customers with excellent opportunities for doing business in Växjö, the greenest city in Europe. Claus Holmgren Regional Manager Växjö TORVEN 5 VÄXJÖ 27

28 Albrechtstrasse 115 BERLIN HEIMSTRASSE 10 BERLIN NARVA GATE NARVA 28

29 REGION BERLIN & ESTONIA ANDREAS CLAESSON Historic city with future opportunities Germany, Berlin Berlin is the capital of Germany and a cultural metropolis with a most eventful history. History has left its mark on this city s appearance, which will most likely continue to change in the future. We find Berlin to be an interesting market right now, with excellent chances for rapid growth in the future. Since 2005, CA Fastigheter has acquired cooperative housing properties in Berlin. The portfolio today consists of conventional managed property. CA Fastigheter has a total of almost 20,000 sq. meters of residential space in Berlin, located in excellent locations in the western part of the city. Estonia Estonia and primarily its capital, Tallinn, have undergone dramatic changes since it declared independence from the Soviet Union in The growth rate was extremely high for many years, and the country developed rapidly. When the financial crisis occurred in 2008, Estonia was hit hard. Through its subsidiary in Letona Properties OÜ, a joint venture company, CA Fastigheter has been acquiring office and warehouse properties in Tallinn since the middle of We also felt the effects of the financial crisis in the form of declining rents and diminished interest from prospective tenants. The situation has stabilized, however, and we expect to see a relatively fast recovery for Estonia. At present we are seeing opportunities rather than problems. At the start of 2010, the Posthuset property in the middle of central Tallinn was acquired, increasing Letona s property holdings by 3,000 sq. meters to almost 30,000 sq. meters, consisting of offices, warehouses and stores. At the end of 2007 a large tract of land and some adjacent properties were also acquired in Narva, Estonia. This investment was done together with Gabrielsson Invest AB (GIAB) through a new joint company, Narva Gate OÜ. The tract of land is on the Russian border, and includes 65 hectares, with a total of 140 buildings or varying types, aggregating about 365,000 sq. meters. The company, in cooperation with various government agencies, intends to develop a new, modern neighborhood that will be incorporated into the City of Narva. This new area is planned to contain housing, and offices, as well as commercial and industrial space. In 2010, we hope a new local plan for all or part of the area will be adopted. Andreas Claesson Regional Manager Berlin & Estonia KLUCKSTRASSE 25 BERLIN 29

30 DEVELOPMENT PROJECT ST. PETERSBURG DEVELOPMENT PROJECT ST. PETERSBURG PARNAS PARK DEVELOPMENT PROJECT ST. PETERSBURG 30

31 REGION ST. PETERSBURG JAN BOREKULL Gradual recovery of the Russian market The global financial crises in 2008 had a massive effect on the Russian economy, leading to a decrease in GDP growth from +6% in 2008 to approximately -8% in Many people compared the situation with the crisis of 1998, but Russia of today is in a much better position than 10 years ago. In August 2008 the Russian currency reserves were an incredible USD 600 billion. The stimulus provided by the fiscal package and liquidity injections to the banking system is expected to result in the economy returning to growth. Swedbank predicts a growth rate of +4.5% in 2010 and +4.5% in For CA s largest investment, the Sweden House business center, 2009 was a challenging year. However, through a constructive dialogue with the tenants, and adapting to their needs and preferences, we have succeeded in keeping the vacancy rate at very low level compared with all other business centers in St. Petersburg. Long-term leases have also secured a stable cash flow for us during the coming years. The planning process for the two tracts we own close to one of the IKEA mega-malls will be completed this year. We are planning a joint venture project with Hansa Stroi, the Parnas Business Park, with a business and data center of approximately 60,000 sq. meters in several phases. The goal is now to find an anchor tenant before starting any construction. The other tract of five hectares will be part of a bigger retail development where IKEA is the largest landowner. Banks are still reluctant to lend money for real estate transactions. As a consequence very few deals have taken place. Even though the number of distressed properties has increased, the banks have not put them on the market so far. We expect, however, that a lot more properties will be placed on the market this year. We focus on objects with good cash-flow, strong tenants and attractive prices, and see great opportunities to make good deals. Jan Borekull General Director CA St. Petersburg Ltd SWEDEN HOUSE ST. PETERSBURG 31

32 700,000 sq. meters At the end of 2009, the CA group owned real estate totaling 700,000 sq. meters, of which 200,000 sq. meters represent property development projects that do not generate rental income. 28% Of the total property portfolio is residential, with the rest of the area used as commercial premises, as well as stores, offices, hotels, warehouses and property development projects. SEK 3,965 million Total assets of the CA group at the end of % Equity to assets ratio for 2009 of the CA group. 32

33 92.2% Occupancy rate (percentage of area for 2009). SEK 424 million Rental income for Year when the CA group was founded. 98 years We ve been innovating for almost 100 years. That s our tradition. 33

34 Project development With our roots in construction, project development continues to be an important part of the operations of CA Fastigheter. Through the years, the CA group has completed a number of real estate development projects in both Sweden and the rest of Europe. The project portfolio of the CA group currently consists to a large extent of housing projects, which reflects the current strong demand for housing. Ongoing projects are primarily residential construction in Lomma Harbor and on Varvsholmen in Kalmar. VARVSHOLMEN KALMAR 34

35 Project development ERIK HERDER PROJECT MANAGER LOMMA HARBOR Lomma Harbor, Lomma CA Fastigheter will develop three residential areas of different types in the Lomma Harbor area. All three areas will share the unique location in the heart of the Öresund region, and will offer detached houses, townhouses and cooperative apartments in multi-family dwellings close to the shore of Öresund and a fantastic sandy beach. A total of about 450 residential units are planned for this area. The first stage consists of 21 cooperative housing units known as shore homes (Strandfuret), begun at the end of The units are scheduled to be completed in the spring of 2011, and 15 of the 21 units were sold before the start of construction. In order to ensure high quality, the buildings were constructed as solid concrete houses that could withstand wind and water in this seaside environment. In 2010, the next stage will be planned, and will consist of about 25 family-friendly townhouses. Construction is scheduled to start in the latter part of The local plan for the third and last area in the Lomma Harbor project is currently in the consultation stage, with the local plan scheduled to secure legally-binding final approval after the summer of Read more at EXTERIOR VIEW OF SHORE HOMES LOMMA HARBOR 35

36 INTERIOR VIEW OF SHORE HOMES LOMMA HARBOR INTERIOR VIEW OF SHORE HOMES LOMMA HARBOR 36

37 Project development VARVSHOLMEN KALMAR Varvsholmen, Kalmar This little island in Kalmar Sound has been transformed from a boatyard to an exclusive residential area with some office buildings. CA Fastig - heter has completed many residential projects since the start of construction in 2000, building cooperative apartments, semi-detached homes, and rental apartments. In 2009, 16 townhouses on the properties designated Tåget and Knopen were ready for occupancy, with lots extending all the way down to the sea, and each with its own landing. CA Fastigheter s construction on Varvsholmen is continuing, and will include additional cooperative and rental apartments. Varvsholmen represents the past, present and future. Read more at Veddesta, Järfälla A tract of land of about 100,000 sq. meters planned for commercial use. Local planning began in the spring of 2009, with construction expected to begin in the autumn of VEDDESTA JÄRFÄLLA TRUMMENÄS KARLSKRONA Trummenäs, Karlskrona On a peninsula in the Karlskrona archipelago, CA Fastigheter owns three tracts of land earmarked for the construction of small private homes. The first area, which will include 22 lots, is already planned, and most of the lots have been sold. In addition, the local planning for the rest of the areas envisions an additional approximately one hundred lots and residential units. Stage 2 is now being implemented, and includes 45 lots, which are scheduled to be ready to sell in the fall of Narva Gate, Narva Estonia A tract of land in central Narva of about 65 hectares with a large number of existing industrial structures dating from about This area has a great deal of potential to be developed in the near future into a new neighborhood of Narva with homes, offices, commercial space and hotels. The work involved in producing a new detailed plan has begun. NARVA GATE NARVA Estonia 37

38 38 STENBOCK 1 VÄXJÖ

39 INCOME STATEMENT AND BALANCE SHEET BOARD OF DIRECTORS AND MANAGEMENT OF THE CA GROUP GROUP STRUCTURE LIST OF PROPERTIES

40 FINANCIAL INFORMATION 2010 FOUNDED IN

41 Table of contents Message from the CEO 4-5 CA Fastigheter in brief 6-7 Transaction market 8-9 Profit/loss for Map of CA group locations 12 Organization 13 Region Borås Region Jönköping Region Kalmar Continued on the next page APELN 29 JÖNKÖPING

42 Income statement (Amounts in SEK thousands) CA Fastigheter AB The Group Real estate management Rental income, management fees 423, ,224 Operating expenses -109,496-99,251 Maintenance, modifications for tenants -47,178-52,900 Real estate tax -16,150-15,145 Operating profit 250, ,928 Depreciation, and/or write-down of real estate -25,144-32,156 Depreciation of machinery and equipment -1,950-1,652 Gross income 223, ,120 Projects and sales of real estate Sales of real estate 31,886 21,543 Projects 7,627-5,972 Capital gain from projects and sale of real estate 39,513 15,571 Other operations Hotel operations 4,523 5,974 Agricultural operations - -18,318 Profit/loss from other operations 4,523-12,344 Management and administration costs -43,484-45,545 Operating income 224, ,802 Financial items Profit/loss from shares in subsidiaries 60,268 - Profit/loss from shares in associated companies -6,559-68,561 Profit/loss from other securities and claims that are fixed assets 7,273-14,530 Interest income and similar items 21,901 30,648 Interest expenses -107, ,215 Other financial items 38,713-92,354 Total of financial items 14, ,012 Profit/loss after financial items 238, ,210 Appropriations 3,266 4,665 Current tax -6,532-9,802 Deferred tax 3,396 10,653 Minority s share of the profit/loss ,602 Profit for the year 238,757-60,092 3

43 Balance sheet (Amounts in SEK thousands) CA Fastigheter AB The Group ASSETS Fixed assets Intangible fixed assets Other intangible assets 0 24,824 Tangible fixed assets Building, land, land improvements 3,080,162* 2,991,196* Machines and equipment 7, ,653 3,087,466 3,143,849 Financial fixed assets Shares in associated companies 29, ,577 Other shares and participating interests 8 1,008 Notes receivable, affiliated companies 195,022 - Notes receivable 45, ,884 Other long-term receivables 1, , ,469 Total fixed assets 3,359,251 3,489,142 Current assets Inventory Finished products and merchandise 1,075 49,363 Real estate to be traded Real estate to be developed 158,115 83,313 Short-term receivables Accounts receivable 14,027 19,952 Receivables from parent company 30,010 - Receivables from affiliated companies - 47,125 Prepaid tax 2,792 - Other receivables 26,835 49,782 Pre-paid costs and accrued income 14,041 21,375 87, ,234 Short-term investments 107, ,097 Cash and bank deposits 252, ,370 Total current assets 606, ,377 TOTAL ASSETS 3,965,800 4,180,519 * The Group does not apply the accounting recommendations of the International Financial Reporting Standards (IFRS), which means that no market appraisal of the real estate holdings of the group has been performed. 4

44 Balance sheet (Amounts in SEK thousands) CA Fastigheter AB The Group SHAREHOLDERS EQUITY AND LIABILTIES Restricted shareholders equity Share capital, 100,000 shares 10,000 10,000 Restricted reserves 23,985 21,594 33,985 31,594 Unrestricted shareholder s equity Unrestricted reserves 863,673 1,233,847 This year s profit/loss 238,757-60,092 1,102,430 1,173,755 Shareholders equity 1,136,415 1,205,349 Minority share 11,027 7,401 Provisions Deferred tax - 22,162 Other provisions ,162 Long-term liabilities Liabilities to credit institutions 2,643,638 2,619,401 Liabilities to parent company Other liabilities 1,513 14,109 2,645,779 2,633,510 Current liabilities Liabilities to credit institutions 12,923 44,389 Accounts payable 37,218 32,392 Liabilities to parent company - 24,625 Liabilities to affiliated companies - 24,436 Tax liabilities - 14,073 Other liabilities 58, ,779 Deferred costs and prepaid income 63,428 55, , ,097 TOTAL STOCKHOLDERS EQUITY AND LIABILITIES 3,965,800 4,180,519 Pledged assets Floating liens 4,500 4,500 Mortgages 2,764,921 2,763,886 Deposited securities 2,072 - Shares, participation interests in subsidiaries 201, ,492 Other pledged assets Deposited securities 2, Endowment insurance for future pensions 1,513 1,016 Contingent liabilities Sureties given for affiliated companies - 1,650 Other contingent liabilities for subsidiaries 16,542 17,473 5

45 Board of directors * and management of the CA group * Refers to the board of directors of Claesson & Anderzén AB, owner of 100% of CA Fastigheter AB, where all formal decisions are made. Johan Claesson Chairman Born in 1951, M.B.A. Member of the Board of Borås Wäfverier, K3 Technology Group PLC, Leeds Group, Scribona AB etc. Johan Claesson represents the third generation of owners of the CA Group. Magnus Claesson Member of the Board Born in 1949, LL.B. Magnus Claesson represents the third generation of owners of the CA Group. Anders Ek Member of the Board Born in 1948, fil. kand. (Sw. B.A.) Chairman of the Board of Sparinstitutens Pensionskassa and Banque Invik. Member of the Board of Catella KAG, East Capital Explorer and Hemfosa Fastigheter. 6

46 Leif Andersson Member of the Board Born in 1965, M.B.A., EMBA Owner and CEO of AREIM AB. Partner and part-owner of Jarl Asset Management AB, Operating Partner of the Blackstone Group in Scandinavia. Member of the Board of INREV, the European Association for Investors in Non-listed Real Estate Vehicles. Johan Damne CEO, Member of the Board Born in 1963, M.B.A. CEO of the CA Group since Previously, Deputy CEO. Joined the company in Member of the Boards of Scribona AB (publ.) and Kalmar FF. Eje Wictorson CFO Born in 1958, M.B.A. Joined the company in Previously, CPA and partner in Deloitte. 7

47 Group Structure December 31, 2009 CA Fastigheter AB Fastighets AB Sergeanten KB CA i Upplands Väsby CA i Tyskland AB CA Real Estate AB CA Rådjursvägen AB Systratorpsvägens Fastighets AB HB Lea HB Altner & Co KB Hästbacken KB Kängurun Boklådan Fastighets AB Fastighets AB Korpralen KB Fältherren KB Fältherren KB Fältherren KB Fältherren HB Nornan Fastighets AB Fanjunkaren KB Majo KB Majo KB Majo HB Förvaltarna HB Jägaren Fastighets AB Juvelen Handels AB i Ousby Sätra HB Claesson & Anderzén Hotellfastighets AB Claesson & Press AB Crete Estate Hotel and Tourist Enterprises S.A. Ierapetra S.A. CA i Växjö AB Vemo Industri AB CA i Huskvarna AB CA Bostäder i Växjö AB KB Spetsamossen CA i Estland AB Letona Properties Ou (51%) Narva Gate Ou (50%) Fastighets AB Fölungen KB Fölungen KB Majo KB Majo KB Majo Claesson & Anderzén Invest AB Fojobo Fastighets AB Clania Byggtjänst HB CA Industrifastigheter i Jönköping AB CA i Karlskrona AB Bengt Wall HB CA i Stockholm AB CA i Osby AB Hällaflundran i Kalmar HB KB Sillesund Fastigheter KB Bremerhus & Co CA Property Holding AB FastAm i Norrköping KB CA Progress Kalmar AB CA Progress December I AB CA Progress December II AB

48 Group Structure December 31, 2009 KB Brynäs 18:6 Gävle KB Vreten 12 Sthlm KB ArconaTrumman Ph Trollhättan Bil AB Evidentia Consult AB KB Hemsta 9:6 Gävle Philipson Bil AB Philipson Sthlm Bil AB Philipson Syd Bil AB Philipson Bilprodukter AB Philipson Lastbilar Gbg AB Bileleganten AB CA i Jönköping AB Örtenhus i Jönköping AB CA Fastighetsservice AB CA i Ryssland AB CA&DR Holding AB Kalmarsalen Konferens & Evenemang AB Claesson & Anderzén HB Gerdéns Byggnads AB Gerdéns Fastighets KB CA Lomma Hamn KB Fast bol Strandhotellet KB CA Hotels KB CA Fastighetsutveckling AB Smålandsbyggen AB HB Jordsläta 3: CA Sankt Petersburg (Russian company) CA Parnas 2 LLC (Russian company) CA Parnas 5 LLC (Russian company) TREB Prop Holding AB Ladoga Holding AB Dom Shvetsii (49%) (Russian company) Parnas Park Holding AB (37%) PCH Investment AB (37%) KB Trummenäs KB Rockan KB Majo Jönköpings Industrifastigheter 1 AB Jönköpings Industrifastigheter Ädelkorallen 6 AB Jönköpings Industrifastigheter Öronskyddet Jönköpings Industrifastigheter Fridhem AB Majo Hotellinvest AB Hantverkscentrum AB KB Ringvägen 59 (50%) Varvsholmens Fastighets AB CA Entreprenad AB Fastighets AB Ankarjärnet x) For subsidiaries, see below Fastighets AB Sadeltaket y) For subsidiaries, see below Cont. x) Fastighets AB Ankarjärnet Majovation AB Ulvarboett Fastighets AB HB Semele HB Malvan Borås City Fastigheter AB Fastighets AB Gåshöjden HB Sadelett HB Jungfrulinet HB Trätrean HB Fönsterett HB Vivan HB Myrspoven KB Kinnarumma F 2: HB Torparen KB Nettovägen (83%) Ulvarboett AB Kurorten 3 i Varberg KB Kurorten 7 i Varberg KB Kurorten 10 i Varberg KB Fast.bol Brunnshotellet KB HB Harren CA på Norrmalm KB (83%) KB Herkulesvägen (83%) Cont. y) Fastighets AB Sadeltaket Majoplus AB Ulvarboett Management AB HB Marelden HB Jaken HB Resexan HB Ripan Fastighets AB Ålen HB Getbocken CA Management AB KB Nettovägen (17%) CA på Norrmalm KB (17%) KB Herkulesvägen (17%) 9

49 Region Borås List of properties Area (sq. meters) Assessed valuation Designation Address Town/City Total Residential Office Stores Hotel & Rest. Storage Other space (SEK thousands) Braxen 13 Industrigatan 28 Arboga 1, ,023-1,976 Armbåga 3 Ålgårdsvägen 5-23 Borås 20, , ,800 Getängen 26 Getängsvägen 29 Borås 1, ,158 3,269 Gullvivan 1 Alvestagatan Borås 10,239 9, ,871 Körsbärsträdet 1 Katrinebergsgatan 21 Borås 4, ,100 - Körsbärsträdet 3 Furugatan 5 Borås 1, ,689 Körsbärsträdet 5 Katrinebergsgatan 23 Borås 1, ,468 Luna 7 Hallbergsgatan 8 Borås 2,837 1, ,903 Mars 10 Stora Brogatan 9 Borås 1, ,442 Medea 1 Stora Brogatan 15 Borås 3,598 2, ,407 Ottar 3 Allégatan 37 Borås 2,926 1, ,604 Pegasus 3 Allégatan 52 Borås 3,218 2, ,710 Resedan 23 & 33 Elinsdalsgatan 2 & 6 Borås 7,269-2,536 1, ,037 10,745 Semele 5 Allégatan 66 Borås 2,322 1, ,886 Sexdalern 1 Trandaredsgatan 202 Borås 6,482-6, ,577 Trud 4 & 8 Kungsgatan 50 Borås 1,502 1, ,926 Valhall 1 Allégatan 43 Borås 3,900 2, ,423 Ålgårdsängen 2 Getängsvägen 40 Borås 4, ,255-10,092 Total, Region Borås: 79,918 22,636 12,824 24,408 2,637 6,817 10, ,788 Region Jönköping Area (sq. meters) Assessed valuation Designation Address Town/City Total Residential Office Stores Hotel & Rest. Storage Other space (SEK thousands) Apeln 29 Smedjegatan Jönköping 1, ,548 Ekorren 1 Eriksgatan Jönköping 9,982 9, ,593 Hymnen 4 Trädgårdsgatan 14 A-E Jönköping ,465 Härolden 4 Oxtorpsgatan 14 Jönköping 2,531 2, ,617 Juvelen 3 Brunnsgatan 20 Jönköping 1,045-1, ,929 Knapen 1 Berzeliigatan 10 A-B Jönköping 2,974 2, ,693 Kärnan 7 Myntgatan Jönköping 3,935 3, ,408 Myran 12 Sjöbogatan Jönköping 6,741 6, ,920 Möckeln 23 Brahegatan Jönköping 3,165 2, ,370 Nötskrikan 8 Fornkullegatan 3 A-B Jönköping ,604 Raststället 1 Dalviksringen 20 Jönköping 2, ,023 14,900 Rosengård 15 & 16 Rosenborgsgatan Jönköping 3,446 1, , ,303 Rustmästaren 2 Trädgårdsgatan Jönköping 4,128 4, ,586 Ädelkorallen 6 Bultvägen 1 Jönköping 2, , ,294 Ädelmetallen 3 Kabelvägen 12 Jönköping 2,827-2, ,897 Ämbaret 4 Fridhemsvägen 25 C Jönköping 1, ,003 Örnnästet 4 Herkulesvägen 3 Jönköping 10, , ,400 Öronlappen 2 Bangårdsgatan 7 Jönköping 1, , ,083 Öronskyddet 6 Granitvägen 3 Jönköping 2, ,651-6,580 Örontofsen 10 Gnejsvägen 4 Jönköping 1, ,297 Örten 7 Herkulesvägen 16 Jönköping 1, , ,009 Överdraget 1* Bangårdsgatan 2 Jönköping Överkastet 5 Porfyrvägen 2 Jönköping 5, , ,067 Total, Region Jönköping: 73,932 36,576 7,286 21, ,760 3, ,290 * Refers to project property which does not generate rental income. 10

50 Region Kalmar List of properties Area (sq. meters) Assessed valuation Designation Address Town/City Total Residential Office Stores Hotel & Rest. Storage Other space (SEK thousands) Antilopen 12 Dahléngatan 3/Polhemsgatan 15 Kalmar 1, ,331 3,643 Antilopen 26 Polhemsgatan 17 Kalmar 2, ,246 4,376 Dryaden 1 Tullbron 1 Kalmar ,233 Fallskärmen 2 Flygplatsvägen 21 Kalmar 1,352-1, ,332 Framsta 2 Unionsgatan 6 Kalmar 1,915 1, ,507 Furan 5, 50% Vegagatan 9 Kalmar 1,806 1, ,570 Fårtickan 1 Tegelviksvägen 9 Kalmar 2,294 2, ,490 Fårtickan 4 Nyslottsgatan 1-3 Kalmar 2,953 2, ,923 Guldsmeden 11 Storgatan 9 Kalmar ,846 Gösen 11 Wernskjöldsgatan 12 A-C Kalmar 1,273 1, ,426 Hackspetten 7 Tegnérgatan 4-6/Nygatan 14 Kalmar 2,046 1, ,305 Hattmakaren 13 Larmgatan 14 Kalmar ,243 Hattmakaren 3 Storgatan 10 Kalmar 1, ,949 Herden 1 Arvid Västgötes gata 1-3/ Jacob Smålännings gata 4, 6 Kalmar 3,729 3, ,122 Hälleflundran 1 Norra v 44 A-B/Erik Dahlbergs v 9 Kalmar 2,932 2, ,091 Jungfrun 2 Banérgatan 3-5 Kalmar 2,767 1, ,651 Jungfrun 3 Riddaregatan 12, 14, 16 Kalmar 3,696 3, ,777 Kajan 1 Smålandsgatan 15 Kalmar 1,486 1, ,209 Kajan 6 Linnégatan 16 A-C Kalmar 1,428 1, ,014 Kajan 13 Linnégatan 14 Kalmar 1,450 1, ,072 Kakelmakaren 1 S:a Långgatan Kalmar 2,891 2, ,204 Klyvaren 6* Sparregatan 11 Kalmar ,178 Klyvaren 12 Gripgatan 6-12 Kalmar 2,186 2, ,717 Kläckeberga 10:10* Chokladvägen 2-4 Kalmar Kvarnen 12 Skeppsbrogatan 49 Kalmar 5,542-2, ,600 - Landshövdingen 2 S:a Långgatan 20 Kalmar 1,355 1, ,014 Landshövdingen 15 Ölandsgatan 9-11 Kalmar 1, ,199 Laxöringen 28 Trädgårdsgatan Kalmar 4,335-1, ,400 Linet 6 Wismarsvägen 8-10 Kalmar 1, , ,771 Linet 8 Lybecksvägen 2-36 Kalmar ,356 Lärlingen 6 Strömgatan Kalmar 8,303-7, ,400 Löjan 2 Erik Dahlbergs Väg 3 Kalmar ,146 Mallvinden 1 Bredbandet 2 Kalmar 1, ,016 1,968 Mästaren 26, 80% Fiskaregatan 18 Kalmar ,485 Rockan 7 Lindölundsgatan 3-11 Kalmar 4,699 4, ,400 Rockan 10 Norra vägen Kalmar 4,422-3, ,856 Safiren 1 Daléngatan 11-17/ Dr. Kristinas väg 4 Kalmar 7,250 7, ,708 Sillen 1 Borgmästaregatan 12 Kalmar Simpan 10 Magistratsgatan 1 Kalmar ,124 Simpan 11 Magistratsgatan 3 Kalmar ,344 Simpan 12 Magistratsgatan 5 Kalmar ,211 Spättan 1 Kämnärsg. 8 A-B/Tolvmannag 3A-B Kalmar 2,395 2, ,956 Stadsträdgården 2 Kungsgårdsvägen 7-13 Kalmar 6,161 5, ,234 Stadsträdgården 5 Kungsgårdsvägen Kalmar 4,649 4, ,080 Termiten 13 Timmermansgatan 33 Kalmar ,981 Termiten 18 Kaptensgatan 2 A-B Kalmar ,716 Trossen 1 Bredbandet 6, 8, 10 Kalmar 2,148 2, ,200 Borgehage 1:73* Borgehage by Borgholm Byxelkrok 1:1* Borgholm Jordsläta 3:6-9* Borgholm Kamelen 6 V:a Kyrkogatan 17 Borgholm 2, , ,367 Verdandi 3, 5 S.Långgatan 2/Verdandi gränd Borgholm 3,193 2, ,425 Åkaren Markgatan / Storgatan 56 Borgholm 4,219 2,710-1, ,095 Residenset 24 Storgatan 3 Västervik 5, , ,641 Residenset 29 Kvarngatan 4 Västervik ,747 Total, Region Kalmar: 121,690 73,028 20,562 5,952 7,438 1,953 12, ,776 * Refers to project property which does not generate rental income. 11