Year-end report 2000

Year-end report 2000 Ongoing property management profit before tax rose 19 percent to MSEK 873 operating surplus up 13 percent in the identical portfolio cash flow per share improved by 26 percent to SEK 10.34 Value value growth of SEK 5.1 billion in the real estate portfolio, corresponding to SEK 52 per share adjusted equity per share estimated at SEK 160, an increase of 47 percent real estate valued at SEK 42.0 billion (24.8) The year's profit profit before tax was MSEK 1,566 (1,247) and profit after tax was MSEK 1,050 (1,059) Proposals to the AGM a dividend of SEK 4.00 per share (3.50) extension of mandate to repurchase up to 10 percent of the company's shares page CONTENTS Development of the Drott Group 3 Comments on the income statement for 4 2000 Comments on the balance sheet per 5 Dec. 31, 2000 Forecast for 2001 11 Proposal to the Annual General 12 Meeting Financial statements 13 Key ratios 15 The Drott share 17 Appendix I: Appraised value of the 18 properties Appendix II: Specification of 19 property transactions 556050-2113 Drott AB (publ) Telephone +46 8 545 83 000 Fax +46 8 545 83 096 Web site www.drott.se Mailing address Box 5530, SE-114 85 Stockholm Visiting address Nybrogatan 57A, Stockholm Financial calendar Annual report for 2000 To be published in mid-March 2001 Annual General Meeting for April 18, 2001 2001 3-month report for 2001 May 4, 2001 6-month report for 2001 August 20, 2001 9-month report for 2001 October 26, 2001 For additional information Mats Mared (President Teleph +46 8 545 83 010 and CEO) one Fax +46 8 545 83 098 E-mail mats.mared@drott.se Claes Linné (Vice Teleph +46 8 545 83 012 President) one Fax +46 8 545 83 098 E-mail claes.linne@drott.se Johan Nordenson Teleph +46 8 545 83 019 (Investor Relations) one Fax +46 8 545 83 099 E- johan.nordenson@drott.se mail Åsvor Brynnel Teleph +46 8 545 83 082 one (Corporate Fax +46 8 545 83 099 Communications) E- asvor.brynnel@drott.se mail Development of the Drott Group 1998 1999 2000 RESULTS FOR 2000 Ongoing property management Profit before tax, MSEK 652 736 873 Profit after tax, MSEK 480 635 719 - earnings per share, 4.22 6.24 7.12 SEK Cash flow, MSEK 647 836 1,045 - Cash flow per share, 5.68 8.22 10.34 SEK Total Group Profit before tax, MSEK 672 1,247 1,566 Profit after tax, MSEK 495 1,059 1,050 - earnings per share, 4.35 10.41 10.39 SEK 199 1999 2000 VALUE Dec. 31 8 Real estate value, SEK billion 21. 24.8 42.0 5 Estimated adjusted shareholders No 109 160 equity dat (10% deferred tax) per share, a SEK Market price, SEK 74 97 130 Market capitalization, SEK 8.4 9.9 13.2 billion Comments on the income statement for 2000 Figures in brackets refer to 1999. Rental revenues increased to MSEK 3,416 (2,498), an improvement attributable to acquisitions, sales and changes in the identical portfolio (renegotiated and new leases). The effects of the robust rental trend, particularly in Stockholm, are gradually having a positive impact on Drott's income statement. Rental revenues in the identical portfolio (incl Balder) were MSEK 195 higher than in the preceding year, an increase of 7 percent. The occupancy rate on December 31, 2000 was 95 percent (94). The Operating surplus improved to MSEK 2,136 (1,519). The operating surplus in the identical portfolio increased by MSEK 217, or 13 percent. Operating profit amounted to MSEK 2,457 (1,783), of which MSEK 648 (511) pertained to gains on the sale of properties and MSEK 34 (0) to repayment of surplus funds from SPP. Net financial items totaled MSEK -891 (-536). Interest expenses amounted to MSEK 945 (597). The increase is explained by a larger volume of loans attributable to net acquisitions. Drott's average interest rate at year- end was 4.9 percent (4.7). Net financial items were strengthened by a capital gain of MSEK 11 on the sale of shares in OM-Gruppen. Interest subsidies decreased to MSEK 24 (51) due to planned reduction and the net sale of interest-subsidized properties. Profit before tax rose by MSEK 319 to MSEK 1,566 (1,247). The increase is attributable to higher earnings in ongoing property management operations (+137), higher gains on property sales (+137), the sale of shares (+11) and surplus funds from SPP (+34). If the MSEK 3,600 write- up of properties on December 31, 1999 had not been carried out, Drott would have reported a pre-tax profit of MSEK 2,077. Profit before tax in ongoing property management operations was MSEK 873 (736). Profit for the year amounted to MSEK 1,050 (1,059) after tax of MSEK 516 (188). The higher tax expense is mainly a result of substantial property sales with low fiscal residual values. Since the book value of sold properties was significantly higher than the fiscal residual value the reported gain on the property sales was charged with tax equivalent to 54 percent. Profit from ongoing property management operations after tax amounted to MSEK 719 (635) and was charged with tax corresponding to 18 percent (paid tax 13.6 percent). Comments on the balance sheet per Dec. 31, 2000 Figures in brackets refer to December 31, 1999. Properties During the year, 276 properties with a combined 1.9 million square meters of floor space were acquired for SEK 15.5 billion (of which SEK 11.9 billion refers to the Balder properties and SEK 2.0 billion to the Ericsson properties)1. In addition, 122 properties were sold for SEK 4.3 billion, providing capital gains of MSEK 6482. The sales prices for the Swedish properties exceeded the independently appraised values per December 31, 2000 by an average of 11 percent. Swede Outsi Total Properties acquired in n de 2000 Swede n Number 273 3 276 Rentable space, sq. m. 1,887 18,59 1,905,8 ,257 8 55 - of which residential, 298,0 - 298,088 sq. m. 88 Book value of 15,24 225 15,466 acquisitions, MSEK 1 Properties sold in 2000 Swede Outsi Total n de Swede n Number 120 2 122 Rentable space, sq. m. 514,8 118,2 633,181 89 92 - of which residential, 343,1 - 343,172 sq. m. 72 Sales price, MSEK 3,165 1,142 4,307 Gains of the sale off 621 27 648 properties, MSEK At year-end, Drott owned 693 properties (538) with rentable space of 4,221,000 square meters (2,932,000) and a book value of MSEK 35,796 (23,321). As per December 31, 2000, DTZ VärderingsHuset AB appraised the value of the Swedish properties at more than SEK 41.6 billion and Drott assessed the value of the properties outside Sweden at more than SEK 0.3 billion, or a total of SEK 42.0 billion - see appendix I. Dec. 31, Dec. 31, REAL ESTATE PORTFOLIO3 2000 1999 No. of properties 693 538 Market value, SEK 42.0 24.8 billion Book value, MSEK 35,796 23,321 Rentable space, sq. 4,221,49 2,932,365 m. 6 Number of residential 17,219 18,094 apartments Annual rents incl. 3,989 2,666 vacant rent, MSEK Economic occupancy 95% 94% rate MARKET VALUE OF PROPERTIES SEK billion Dec. 31, 1999 24.8 Sales -4.0 Acquisitions 15.5 Investments 0.9 Value growth, portfolio as per Dec. 4.8 31, 2000 Dec. 31, 2000 42.0 BOOK VALUE OF PROPERTIES MSEK Dec. 31, 1999 23,321 Acquisitions 15,467 Investments 950 Sales -3,659 Depreciation -276 Exchange rate effects -7 Dec. 31, 2000 35,796 VALUE DISTRIBUTION BY Dec. 31, Dec. 31, REGION 2000 1999 Market value, SEK 42.0 24.8 billion Stockholm 70% 60% Öresund 12% 13% Gothenburg 6% 10% Rest of Sweden 11% 11% Outside Sweden 1% 5% Total 100% 100% DISTRIBUTION BY Dec. 31, Dec. 31, REGION 2000 1999 Annual rents incl. 3,989 2,666 vacant rent, MSEK Stockholm 62% 51% Öresund 14% 15% Gothenburg 7% 14% Rest of Sweden 16% 15% Outside Sweden 1% 5% Total 100% 100% DISTRIBUTION BY TYPE Dec. 31, Dec. 31, OF SPACE 2000 1999 Annual rents incl. 3,989 2,666 vacant rent, MSEK Office 51% 47% Retail 8% 7% Industrial/warehouse 12% 6% Other 5% 4% Residential 24% 36% Total 100% 100% TERM OF COMMERCIAL LEASES, Dec. 31, 2000 MSEK Share 20014 512 18% 2002 508 18% 2003 639 22% 2004 332 12% 2005- 730 25% Garage, parking, etc. 151 5% Total 2,87 100% 2 RENTAL DISTRIBUTION, Dec. 31, 2000 Annual rents incl. Commercial Residen Total vacant rent incl. tial MSEK parking Inner-city 675 154 829 Globen, Marievik, 408 - 408 Alvik Kista 346 - 346 Rest of Stockholm 668 200 868 region5 Stockholm region 2,097 354 2,451 Öresund region 269 279 548 Gothenburg 131 167 298 Rest of Sweden 508 146 654 Outside Sweden 38 - 38 Total 3,043 946 3,989 DISTRIBUTION OF FLOOR SPACE, Dec. 31, 2000 Rentable space Commercial Residen Total Sq. m. incl. tial parking Inner-city 430,000 167,000 597,0 00 Globen, Marievik, 296,000 - 296,0 Alvik 00 Kista 238,000 - 238,0 00 Rest of Stockholm 762,000 246,000 1,008 region5 ,000 Stockholm region 1,726,000 413,000 2,139 ,000 Öresund region 328,000 356,000 684,0 00 Gothenburg 149,000 232,000 381,0 00 Rest of Sweden 785,000 196,000 981,0 00 Outside Sweden 36,000 - 36,00 0 Total 3,024,000 1,197,0 4,221 00 ,000 Ongoing projects In the consolidated balance sheet, the item "Book value of properties" includes land, buildings and building investments in ongoing projects. MSEK 897 pertains to building investments made to date in the major projects listed below: Region Pro Planne Adde Total of Added of ONGOING jec d d buildi which annua which REMODELING AND t occupa rent ng , l , NEW BUILDING sta ncy able invest inves rent lease PROJECTS rt spac ment ted MSEK 8 d > MSEK 50 Month e MSEK7 to to Dec. 31, 2000 Yea Sq. date date r m.6 MSEK MSEK Helgafjäll 7, Stockh 199 01-04 23,4 373 324 42 42 Kista olm 9 00 Marievik 26 Stockh 199 01-06 23,0 387 337 54 43 olm 9 00 Stockshem 11, Stockh 200 01-01 4,10 82 77 8 8 Danderyd olm 0 0 Helgafjäll 2, Stockh 200 02-07 900 59 23 6 6 Kista (leasehold) olm 0 Marievik 28 Stockh 200 02-10 18,7 370 1 48 41 olm 0 50 Isafjord 2, Kista Stockh 200 02-04 19,3 326 4 38 38 olm 0 00 Lustgården 12, Stockh 200 02-02 2,60 112 4 16 0 Stadshagen olm 0 0 Idétävlingen 4 Linköp 200 01-07 5,60 63 48 8 8 ing 0 0 Von Conow 54 Malmö 199 01-12 0 100 79 12 7 9 Total 97,6 1,872 897 232 193 50 Project potential In addition to ongoing projects, Drott has project potential equivalent to more than 300,000 square meters in the Stockholm region, representing possible building investments of more than SEK 6 billion. The potential projects in the immediate future is as follows: Region Detail Buildi Space PROJECT POTENTIAL plan ng added availa invest Sq. Dec. 31, 2000 ble ment m. MSEK Elefanten 16, inner-Stockho Yes 100 5,000 city lm Geysir 1-2, Kista Stockho Yes 250 25,000 Port (leasehold) lm Isafjord 1-2, Kista Stockho Yes 1,70 80,000 lm 0 Järvakrogen 3, Stockho Yes 250 11,000 Solna lm Lillsätra, Stockho Yes 200 20,000 Skärholmen lm Mimer 5, inner-city Stockho Yes 100 0 lm Mörbylund, Danderyd Stockho Yes 150 10,000 lm Racketen 10, Alvik Stockho Yes 50 4,000 lm Ynglingen 10, inner-Stockho Yes 50 0 city lm Riga 2, Värtahamnen Stockho Yes 200 15,000 (50%) lm Inom Vallgraven Gothenb Yes 50 1,000 23:11 urg Stuten 17, inner- Stockho No 200 3,500 city (leasehold) lm Pelaren 1, Globen Stockho No 400 17,000 lm Påsen 10, Hammarby Stockho No 150 8,000 lm Visthusbodarna Stockho No 1,00 50,000 lm 0 Tallarna, Stockho No 400 30,000 Sollentuna lm Tvålflingan 5, Stockho No 1,15 60,000 Telefonplan lm 0 Total 6,40 339,500 0 Current assets Liquid funds, including short-term investments, amounted to MSEK 206 (248). Total current assets in the Drott Group amounted to MSEK 591 (719). Shareholders' equity Consolidated shareholders' equity totaled MSEK 10,321 (9,995), distributed among 98,407,789 shares outstanding. Repurchased shares have reduced shareholders' equity by MSEK 378. MSEK Change in shareholders' equity Dec. 31, 1999 9,995 Dividend -356 Repurchase of shares -378 Change in exchange rate 10 difference, etc. Net profit for the year 1,050 Dec. 31, 2000 10,321 The Group's own holding of Drott shares During the year Drott acquired 3,280,600 Series B Drott shares for a total of MSEK 378, or an average of SEK 115 per share. The transactions were conducted within a price range of SEK 98-129. In addition to the acquired shares, Drott received 370 Drott shares from Skanska (surplus shares in conjunction with the spin-off). As per December 31, 2000, Drott owned shares corresponding to 3.2 percent of the total number of shares. Drott has acquired additional shares after the end of the reporting period - see "Events after the end of the reporting period" on page 12. Provisions Total provisions amounted to MSEK 954 (280), of which MSEK 909 (250) pertained to provisions for deferred tax. Interest-bearing liabilities At year-end the Drott Group had interest-bearing liabilities of MSEK 23,439 (12,510), carrying an average interest rate of 4.9 percent (4.7) and an average fixed interest term of 24 months (21). Committed lines of credit During the year, Drott renegotiated and signed new agreements covering a total credit volume of approximately SEK 18 billion, and thus secured access to loan capital for a long period ahead. As of December 31, 2000, Drott had committed lines of credit amounting to SEK 24.9 billion with a fixed margin against Stibor, and other credit lines amounting to SEK 2.6 billion. The weighted duration of the committed lines of credit was 5.7 years. For the utilized volume (SEK 23.4 billion), the weighted duration was 5.2 years (3.8). 70 percent of the loan portfolio will be renegotiated in 2005 or later. Fixed interest Drott's policy is to maintain an average fixed interest term of 2 years +/- 12 months, and as of December 31, 2000 it was exactly 2 years. In order to attain the desired interest term, Drott utilizes the derivatives market. On December 31, 2000, the derivates portfolio had a nominal value of SEK 8.8 billion and the discounted value of the derivates and loan portfolio was equivalent to the market value (no revaluation surpluses or deficits). INTEREST RATE MATURITY STRUCTURE Dec. 31, 2000 Interest due, 200 200 200 200 200 2006- Tot year 1 2 3 4 5 al Swedish kronor, 10, 4,7 1,8 3,0 911 2,30 22, MSEK 073 54 97 31 3 969 average interest 4.7 5.0 4.5 4.5 5.5 6.03 4.9 rate, % 3 7 1 2 2 2 Foreign 470 - - - - - 470 currency, MSEK average interest 5.8 5.8 rate, % 9 9 Interest-bearing 10, 4,7 1,8 3,0 911 2,30 23, liabilities, 543 54 97 31 3 439 MSEK Proportion, % 45 20 8 13 4 10 100 average interest 4.7 5.0 4.5 4.5 5.5 6.03 4.9 rate, % 8 7 1 2 2 4 As of February 19, 2001, the average rate of interest for the Drott Group was 4.9 percent. Non interest-bearing liabilities Non interest-bearing liabilities amounted to MSEK 1,826 (1,302), of which the bulk referred to accrued expenses and prepaid rent. Parent Company The Parent Company reported a loss of MSEK -434 (624). Parent Company sales, comprising the provision of intra-group services, amounted to MSEK 22 (21) in 2000. During the year, compulsory redemption of 63,000 synthetic options was requested with no profit effect for Drott. Drott's tax situation and adjusted equity on December 31, 2000 As a result of the acquisitions of Balder, the Ericsson properties and Ragne, the difference between the consolidated book values and fiscal residual values of the Drott properties has increased from SEK 8.1 billion to SEK 11.5 billion. The fiscal residual value has increased from SEK 15.2 billion to SEK 24.3 billion. In calculating adjusted equity, the fiscal revaluation surplus should be charged with a certain deferred tax. Furthermore, the value of the Group's loss carryforwards should be taken into account and consideration should be given to prior balance sheet provisions for deferred tax on fiscal revaluation surpluses. The choice of tax rate for deferred tax on the fiscal revaluation surplus is based on assessment of when and how future sales will take place and which properties are expected to be sold. An imputed deferred tax of 10 percent can be warranted for long-term holdings and when the opportunity to sell unprioritized properties through the sale of companies will be exploited. The Group's loss carryforwards have decreased during the year and amounted to SEK 0.7 billion on December 31, 2000. Provisions of SEK 0.8 for deferred tax on fiscal revaluation surpluses were made in the balance sheet as per December 31, 2000. According to the above calculation, adjusted equity rose from SEK 109 to SEK 160 per share in 2000, an increase of 47 percent. Changed accounting principles for taxes in the three-month report for 2001 In the three-month report for 2001 - which will be adapted to the Swedish Financial Accounting Standards Council's recommendation on income tax (RR:9) - Drott will make provisions for 28 percent deferred tax on the property write-ups carried out in 1998 and 1999. Since provisions for 28 percent deferred tax were made on the original write- ups, the property write-ups will now be completed. As a result, the book value of the properties will increase by an amount equivalent to the provision for deferred tax. Neither visible nor adjusted equity will be affected. Other effects of the new accounting recommendation are that Drott will report a tax expense of 28 percent on profit from ongoing property management operations and the reported tax on capital gains from property sales will decrease significantly. The above effects of the reported tax expense have no effect on paid tax, which remains low thanks to loss carryforwards. For the year 2000, tax paid on profit from ongoing property management operations amounted to MSEK 117, or 13.6 percent. The tax rate in 2001 is expected to be around 15 percent. Forecast for 2001 Market outlook Growth in the U.S. economy is breaking fast, which will eventually affect the European economies. Sweden is well poised to fend off this downward trend, but the most recent market forecasts predict somewhat lower growth than in the preceding year. However, the Stockholm region is expected to continue outpacing the rest of the country and demand for space in this market is expected to exceed supply. In attractive submarkets of the three metropolitan areas, rising rents are anticipated throughout the year - though not at the same exceptional rate as in the past few years. Demand for housing in the major cities will remain intense and a slight increase in housing rents is awaited. Outlook for Drott During the year Drott will renegotiate leases that were signed 3-7 years ago, since which time market rents in the major cities have risen dramatically. This and continued growth in market rents will have a positive effect on Drott's rental revenues in 2001. The volume to be renegotiated in 2001 amounts to approximately MSEK 500. Furthermore, Drott will complete project properties with combined annual rents of MSEK 124 during the year. Profit in ongoing property management operations is thus expected to show further improvement in 2001. Added to this are gains on the sale of properties. Events after the end of the reporting period Repurchase of shares In 2001 (through February 19), Drott has acquired 500,000 Series B shares at an average price of SEK 121.50 per share. Drott thus owns 3,780,970 Series B shares, corresponding to 3.7 percent of the total number of shares. Proposals to the AGM The Annual General Meeting of Drott will be held on Wednesday, April 18, 2001 at 4:00 p.m. at Industrihuset in Stockholm (Storgatan 19). The annual report for 2000 will be published in mid-March 2001. Dividend The Board proposes the Annual General Meeting that the dividend be raised by 50 öre to SEK 4.00 per share. Repurchase of shares The Board proposes that the Annual General Meeting extend the Board's mandate to repurchase up to ten percent of the shares in the company during the period extending to the next Annual General Meeting. Stockholm, February 20, 2001 Drott AB (publ) Mats Mared President and Chief Executive Officer Financial statements Consolidated income statement Quarter IV Full year 2000 1999 2000 1999 MSEK Oct- Oct- Jan- Jan- Dec Dec Dec Dec Rental revenues 969 633 3,416 2,498 Other 13 5 57 17 Operating, maintenance and -250 -201 -887 -652 tenant adaptation costs Ground rent -17 -13 -58 -50 Property tax -48 -34 -182 -135 Property management -66 -50 -210 -159 Operating surplus 601 340 2,136 1,519 Depreciation -77 -47 -289 -185 Gross profit 524 293 1,847 1,334 Gains on the sale of properties 288 45 648 511 Items affecting comparability - - 34 - Central corporate and group -19 -19 -72 -62 expenses Operating profit 793 319 2,457 1,783 Interest subsidies 4 11 24 51 Interest income 8 3 309 10 Interest expense -282 -142 -945 -597 Profit for the year before tax 523 191 1,566 1,247 Tax -234 -20 -516 -188 Net profit for the year 289 171 1,050 1,059 Ongoing property management, MSEK Profit for the period before tax 235 146 873 736 Profit for the period after tax 166 126 719 635 Cash flow 263 165 1,045 836 Consolidated balance sheet MSEK Dec. 31, Dec. 31, 1999 2000 Properties 35,796 23,321 Other fixed assets 153 47 Fixed assets 35,949 23,368 Current receivables 385 471 Liquid assets 206 248 Current assets 591 719 ASSETS 36,540 24,087 Shareholders' equity 10,321 9,995 Provisions 954 280 Non interest-bearing 1,826 1,302 liabilities Interest-bearing liabilities 23,439 12,510 SHAREHOLDERS' EQUITY AND 36,540 24,087 LIABILITIES Cash flow statement MSEK 2000 1999 OPERATING ACTIVITIES Operating surplus 2,136 1,51 9 Central corporate and group -72 -62 expenses Interest subsidies 24 51 Interest income 19 10 Interest expense -945 -597 Taxes paid for ongoing property -117 -85 management operations Cash flow from ongoing property 1,045 836 management operations Cash flow from nonrecurring items, etc: Nonrecurring items plus difference between paid 13 -98 and expensed interest Cash flow before change in 1,058 738 working capital Cash flow from change in working 968 301 capital Cash flow from operating 2,026 1,03 activities 9 · INVESTING ACTIVITIES Investments, properties - -3,2 16,40 87 1 Investments, equipment -40 -11 Sale of listed shares 11 - Property sales (including selling 4,430 1,91 expenses) 9 Taxes paid on capital gains -280 -70 Cash flow from investing - -1,4 activities 12,28 49 0 · FINANCING OPERATIONS Interest-bearing loans raised 10,94 842 /amortized 6 Repurchase of own shares -378 - Dividend -356 -305 Cash flow from financing 10,21 537 activities 2 Change in liquid assets -42 127 Liquid assets on January 1 248 126 Exchange rate differences in 0 -5 liquid assets Liquid assets on December 31 206 248 Ongoing property 199 199 200 management 8 9 0 Quarter IV I II III IV I II III IV Cash flow, MSEK 146 192 216 263 165 206 279 297 263 Cash flow, SEK/share 1.2 1.8 2.1 2.5 1.6 2.0 2.7 2.9 2.6 8 9 2 9 2 3 4 4 4 Rolling annual cash 647 701 744 817 836 850 913 947 1,0 flow, MSEK 45 Rolling annual cash 5.6 6.3 6.9 7.8 8.2 8.3 8.9 9.3 10. flow, SEK/share 8 2 0 0 2 6 8 2 34 Key ratios MSEK 2000 1999 PROPERTY-RELATED Rental revenues 3,416 2,498 Operating surplus 2,136 1,519 Surplus ratio, % 62.5 61 Rentable space, sq. m. 4,221,0 2,932,00 00 0 Economic occupancy rate, % 95 94 Book value of properties 35,796 23,321 FINANCIAL Profit 1,050 1,059 Cash flow 1,045 836 Cash flow including gains on the sale of properties and nonrecurring 1,450 1,277 items Interest coverage ratio, times 2.7 3.1 Interest coverage ratio - ongoing 1.9 2.2 property management, times Interest-bearing liabilities 23,439 12,510 Shareholders' equity10 10,321 9,995 Total assets 36,540 24,087 Equity/assets ratio, % 28 41 Debt/equity ratio, times 2.3 1.3 DATA PER SHARE11,12 Number of registered shares at year-101,688 101,688, end ,759 759 Number of shares outstanding at 98,407, 101,688, year-end 789 759 Average number of shares 101,017 101,688, outstanding during the year ,645 759 Earnings, SEK 10.39 10.41 Profit from ongoing property 7.12 6.24 management operations, SEK Cash flow, SEK 10.34 8.22 Cash flow including gains on the sale of properties and nonrecurring 14.35 12.56 items, SEK Shareholders' equity per December 104.88 98.29 31, SEK Estimated adjusted equity per December 31 160 109 (10% deferred tax), SEK Definitions PROPERTY-RELATED DATA Economic occupancy rate Contractual rent for leases expiring on December 31, divided by the sum of contractual rents including rents for vacant premises. Contractual rent Basic annual lease-based rent after indexing and adjusted for rent discounts and rent surcharges. Rentable space The sum of leased and vacant space, including indoor garage space. Vacant rent Estimated rent for vacant housing plus market rent for vacant commercial premises after reasonable general refurbishment measures. Annual rent including vacant The sum of contractual rents and rent rents for vacant premises. Surplus ratio Operating surplus as a percentage of rental revenues. FINANCIAL Return on shareholders' equity Profit for the year as a percentage of average shareholders' equity. Central corporate and group Expenses not directly attributable to expenses property management, such as costs for corporate management, group staff functions and maintenance of the company's stock exchange listing. Cash flow Pretax profit after the reversal of depreciation, gains on the sale of properties and nonrecurring items, less tax paid in ongoing property management operations. Profit from ongoing property Profit excluding gains on the sale of management operations properties and nonrecurring items. Interest coverage ratio Profit after net financial items after the reversal of interest expense, divided by interest expenses. Interest coverage ratio - Profit after net financial items ongoing property management after the reversal of interest operations expense, gains on the sale of properties and nonrecurring items, divided by interest expense. Debt/equity ratio Interest-bearing liabilities divided by shareholders' equity. Equity/assets ratio Shareholders' equity plus minority interests as a percentage of total assets. Earnings per share Profit for the period divided by the average number of shares outstanding. The Drott share èÿÿÿÿÿÿ¤¤ì$Ù$Û%Ùsxçÿÿÿÿþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿfiláááÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿþÿÑÓ÷$Ù$Ù$Ù#ØùöýÿÿÿÿÿÿÿþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿILOþþþÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿêêê]`c ÿÿÿÿÿÿÿÿÿþþþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿãåå cfiÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ßßßgjmÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ£¤¦ILOILO¤¥§ÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿMPS''-ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ¤¤¤ÅÆÈÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿZ]`ìîîÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿTWZóóóÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿøøøORUÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÖÖÖqtwÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿJMPýýýÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿëëë-bÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿæææadgÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ»¼¾¤ ¤¤ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿµ ¶¸''-ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿ¤¤¤¾¿Áÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿ`cfçççÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿZ]`ëííÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿüüüJMPÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿùùùNQTÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿØØØoruÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ«¬®¤¤¤ÿÿÿÿÿÿÿÿÿÿÿÿ¯²ñ$Ù$Ù$Ù%ÙÜÝ÷ÿÿÿÿÿÿÿÿ ÿýÿÿÿþÿÿÿýÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿËÊÌ~¤ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ¤ ¢¤§ªº»óËÍ÷ÿÿÿÿÿÿÿþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿýÿÿÿÿÿÿÿÿÿÿÿ¤¤¤¯°²ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿýÿÿÿÿÿÿÿÿÿÿÿÿþÿÿÿÿèèú$Ù$Ù$ÙSYâÿÿÿÿýÿRXá$Ù$Ù$Ù¤¤îÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿýÿÿþþþÿÿÿÿÿÿfiláááÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿNTá$Ù%Ú$Ù ¤¤íÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿILOþþþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿêêê]`cÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿþÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿãååcfiÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿßßßgjmÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ£¤¦ILOILO¤¥§ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿþþþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿþþþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿþþþÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿMPS''-ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ¤¤¤ÅÆÈÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿZ]`ìîîÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿTWZóóóÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿøøøORUÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÖÖÖqtwÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿJMPýýýÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿëëë-bÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿæææadgÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ»¼¾¤¤¤ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿµ¶¸''-ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ¤¤¤¾¿Áÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ`cfçççÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿZ]`ëííÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿüüüJ MPÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿù ùùNQTÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿØØØoruÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿ«¬®¤¤¤ÿÿÿÿÿÿÿÿÿÿþÿÿþÿbhå$Ù$Ù$Ùàâùÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ-¤í½¾öÿþÿý ÿÿÿÿÿÿþÿÊËÍ~¤ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿ¤ ¢qu¼7=Þ$ÙNTákpå÷÷ýÿþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿýÿÿÿ¤¤¤¯°²ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿýýÿÿÿÿÿÿÿÿÿÿÿÿÿÿþþþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ üþþÿþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ/5Â%Ú$Ù%ÙÐÒö¤¤ë$Ù$Ù$Ù$Ùåäúÿÿýÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿýÿÿÿÿÿýÿÿÿÿÿfilàââÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÞßù?EÞ%Ù$Û$Ùÿþÿÿÿÿÿÿÿýÿÿÿÿÿÿÿýÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿILOþþþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿêêê]`cÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿãååcfiÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿßßßgjmÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿ£¤¦ILOILO¤¥§ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿMPS''-ÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ¤¤¤Å ÆÈÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿZ]`ìîîÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿTWZóóóÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿøøøORUÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÖÖÖqtwÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿJMPýýýÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿëëë-bÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿæææadgÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ»¼¾¤¤¤ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿµ¶¸''-ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ¤¤¤¾¿Áÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ`cfçççÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿZ]`ëííÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿüüüJMPÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿùùùNQTÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿØØØoruÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ«¬®¤¤¤ÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿ÷÷ý%Ù¤ ìýüþÿÿÿýÿÿÿÿÿþþþòïýòóýhnå$ÙkpåÿÿýÿÿÿÿÿÿÿÿÿËÌÎ _______________________________ 1 Specifications of all properties sold/acquired by Drott in 2000 and to date in 2001 are found on Drott's web site www.drott.se. These can also be ordered directly from Drott - call Åsvor Brynnel, telephone +46 8 545 83 082. 2 For a specification of properties sold/acquired during the fourth quarter of 2000 (October-December) - see appendix II. 3 Including 50% of properties in 50%-owned companies (11 properties as of December 31, 2000). 4 Including leases expiring as of December 31, 2000. 5 Solna, Danderyd, Årsta, Danvikstull, Huddinge, Botkyrka, Haninge and other areas. 6 Excluding garage space. 7 Excluding investments in land and building rights (building rights and freeholds are included in the book value of the properties). 8 Additional rent from both newly produced and remodeled space. 9 In addition to interest income, the figure includes a gain of MSEK 11 on the sale of listed shares (OM-Gruppen AB). 10 If the write-up of properties in 1998 and 1999, in the amounts of MSEK 786 and MSEK 3,600, respectively, were charged with full tax, shareholders' equity would be reduced as follows: Sept. 1999: MSEK 220; Dec. 1999: MSEK 1,228; Dec. 2000: MSEK 1,073. 11 In calculating key ratios per share, the total number of shares has been adjusted by the number of shares held by Drott. Of the total number of Drott shares (101,688,759) Drott owned 3,280,970 at year-end, whereby the total number of Drott shares outstanding was 98,407,789. Shareholders' equity per share is calculated on 98,407,789 shares, and earnings and cash flow per share are calculated 101,017,645 shares. 12 In June 1999, Drott issued a convertible debenture loan in an amount of MSEK 46.2 with preferential rights for Drott employees in Sweden. To date, the employees have subscribed for MSEK 43.1, while the remaining convertible debentures have been subscribed for by a wholly owned subsidiary of Drott AB for future allotment to employees. Conversion may take place no later than April 30, 2004 at an exercise price of SEK 84. Upon full conversion, the number of Series B shares in Drott will increase by 550,000. In the summary of key ratios, the dilution effect of a possible conversion to shares has not been taken into account, since such dilution would have only a marginal impact on the key ratios. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/02/20/20010802BIT00460/bit0001.doc http://www.waymaker.net/bitonline/2001/02/20/20010802BIT00460/bit0001.pdf