Kvartalsrapport Q1 2023

Automatiskt nyckeltalsindex

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===== SIDA 1 =====

R  
• Strong net lettings and large number of new leases
• Sustainable financial model and daily improvements provide 
stability in an uncertain market
• Reduced energy consumption and steps to increase reuse
• Merkurhuset wins Kasper Salin Prize for best building in Sweden
• First building in Sörred Logistikpark completed and tenants 
move in. The building has an area of 30,000 sq. m.
• Rental income increased to SEK 350 million (311)
• Income from property management amounted to SEK 161 million (173)
• Profit for the period amounted to SEK 78 million (1,382)
• Value of property portfolio amounted to SEK 27 ,387 million (26,994)
• Earnings per share totalled SEK 0.65 (11.53)
Key Performance Indicators Q1 2023 Q1 2022
Net Reinstatement Value (EPRA NRV) per share 132.25 117.30
Interest coverage ratio (multiple) 2.6 4.1
Loan-to-value ratio, % 45 45
Investment yield, % 3.9 3.6
Surplus ratio, % 76 75
Economic occupancy rate, % 92 92
Increase in rental income mitigates the  
consequence of higher financing costs
Interim report 1 January – 31 March 2023Q1

===== SIDA 2 =====

2
Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2023CEO’s comment
Increase in rental income mitigates the 
consequence of higher financing costs
Merkur scooped the most 
prestigious prize an 
architect can win — the 
Kasper Salin Prize
Turbulence in the external environment, high electricity prices and inflation contin -
ued to dominate the global markets in the first quarter of 2023. Riksbanken, the Swed -
ish Central Bank, raised the policy rate by a further 0.5 percentage points to 3.0% and 
announced that further increases would be necessary unless the rate of inflation 
starts to fall.
In both the USA and Europe there are signs of inflation starting to slow down and of 
central banks considering if and when they will be able to cut their key bank rates. At 
the same time, higher interest rates and high inflation are adversely impacting the 
economy. Gothenburg, with its low unemployment rate, the largest port in the Nordic 
region and many planned industrial investments, is estimated to be relatively well 
placed to ride out an economic downturn. Business Region Göteborg’s latest economic 
indicator shows that the Gothenburg economy is in a recession, however. 
Ever higher key rates are impacting all property companies that have taken out 
loans as financing costs increase. This particularly affects companies with short fixed 
interest term, high loan-to-value ratios and revenue streams not protected against 
inflation. At the same time, non-A-rated property companies are struggling with 
liquidity in the capital markets, which has meant that the number of property transac -
tions has dropped sharply and investments in new projects have been cancelled or 
postponed. Some actors have had to turn to their owners for fresh capita , undertake 
structured deals and sell properties. Several listed property companies have also 
chose to either suspend or reduce their dividends to shareholders in order to shore up 
financial key ratios.
We too are affected when market yield requirements increase, property 
values fall and property investments become harder to finance. We are 
also affected when the economy slumps and demand for our premises 
drops. Although there is nothing we can do about the external situation, 
there is much we can do to mitigate the effects.
Platzer’s sustainable financial model
At Platzer we take a proactive approach to financing of our operations based on our 
three-year business plan, which is updated on a continuous basis. Platzer’s starting 
point is profitable growth without new issues. On a few occasions when the need for 
additional equity has arisen, for example with the IPO in 2013 and acquisitions from 
Volvo 2016, we have carried out new issues. We have used the same method of working 
since the company was formed 15 years ago and it has proved a successful formula for 
our gradual growth into a listed Large Cap property company.
In the last year, developments in our external environment has meant that financing 
of our operations has become more uncertain and difficult to manage. Having posted 
our strongest key ratios to date, having 75% bank loans and having a clear model for 
how to safeguard future financing were factors in our favour as the external environ -
ment became more uncertain. In addition, we have strong owners, no cross ownership, 
long-term relationships with lenders and a high-quality property portfolio. 
A large number of new leases improved our earning capacity and partially offset 
increased financial expenses. Our sustainable financial model and daily improvements 
provide stability and create opportunities for the future.

===== SIDA 3 =====

3
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2023
Improved operating surplus but net financial expenses also 
increase
The fact that many of our projects, such as Kineum, have been completed or are close to 
completion, will gradually impact the income statement over the year. Together with 
the index-linked increase for 2023 this meant that the operating surplus rose by SEK 32 
million to SEK 266 million in the first quarter, compared with the same period in the 
previous year. Unfortunately, the improvement is not enough to compensate for the 
increased financial net, which during the period amounted to SEK -97m, a deterioration 
of SEK 44m compared to the corresponding period in 2022. Consequently, income from 
property management fell to SEK 161 million (173), which at the same time shows that 
we are able to maintain a strong cash flow despite the sharp rise in interest rates. 
Positive net lettings 
In addition to project completions and index-linked rent increases, high net lettings in 
the first quarter contributed to a rise in earning capacity of SEK 20 million to SEK 1,142 
million. It was particularly pleasing that growth in lettings mostly took place in our 
existing office properties, which generates an injection of cash flow more rapidly than 
for project properties. This is because the time until occupancy is normally shorter. 
Strong letting activity also shows that the recession has not yet had an impact on 
potential tenants’ need for premises in our office properties.
Yields and property values unchanged in first quarter 
Against the background of the work carried out in the previous quarter on assessing 
property values in the portfolio, the start to 2023 has been more sedate. In actual fact, 
the Gothenburg transaction market has seen almost no activity at all. Random checks 
with external valuation experts also show that yields were largely unhanged. This 
assessment is backed up by discussions held in connection with refinancing of bank 
loans and bond issues. Compared with the first quarter of 2022, this means that we 
have raised yields in our valuations by an average of 0.25 percentage points in whol -
ly-owned properties and by 0.4 percentage points in associates.  
Occupancy in Sörred Logistikpark and prize for Merkur
Many of our ongoing logistics projects are nearing occupancy. In the second quarter, 
the projects Sörred 7:21, Sörred 8:12 building V1 and Sörred 8:12 building V2 and Aren -
dals Kulle will be ready for occupancy. In addition, on the last day of the first quarter 
we were able to hand over the premises at Sörred 8:12 V1 to Schenker Logistics.  
As well as being profitable investments, our office projects add to the urban land -
scape. Gårda Vesta, Merkur and Kineum have all been nominated for prestigious 
awards. Gårda Vesta and Kineum were left empty-handed, but Merkur scooped the 
most prestigious prize an architect can win — the Kasper Salin Prize. Congratulations 
to Olsson Lyckefors and of course to us and Bygg-Göta. The prize shows that we live up 
to our vision: “We aim to make Gothenburg the best city in Europe to work in”.
All sustainability parameters are green
Green light for green work sums up Platzer’s performance in the first quarter of 2023, 
when nearly all measured parameters improved. The focus on energy consumption 
continued in the first quarter of the year. Our total energy consumption decreased by 
just over 5% compared with the same period in the previous year. We also intensified 
our efforts to increase the proportion of reuse in our projects. 
Business uncertainty until inflation peaks
On the 15th of every month, the property sector, investors and Riksbanken pore over 
inflation figures, looking for signs indicating that inflation has peaked, which would 
enable Riksbanken to stop raising the policy rate. I hope that I will be able to savour 
that moment as the CEO of Platzer before I hand over the reins to our CEO-designate, 
Johanna Hult Rentsch, on 14 August. 
The situation now resembles the financial crisis of 2008/2009, when I also was CEO. 
After the tough years we came out stronger and were able to use the situation to grow the 
business to the company Platzer is today. During the time I remain with the company I 
want to contribute in guiding Platzer in an environment with higher inflation by seiz -
ing and utilizing the opportunities we can create.
P-G Persson, CEO
Earning capacity, quarterly
0
200
400
600
800
1,000
1,200
Q1-23Q4-22Q3-22Q2-22Q1-22Q4-21Q3-21Q2-21
Earning capacity, quarterly
SEK, million
Net reinstatement value per 
share, SEK
Q1/2022
117. 3 0
Q1/2023
132.25

===== SIDA 4 =====

4
Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2023SustainabilityCEO’s comment
Our sustainability work
We actively drive development  
in the areas where we operate
Energy efficiency is part of our daily work. Our long-term focus 
on the energy issue has resulted in energy-efficient and cli -
mate-smart solutions that have generated both environmental 
gains and cost savings. At the end of 2022, our average energy 
consumption was 78.5 kWh/sq. m. of area heated to a minimum 
of 10 °C. The long-term goal is for energy performance in our 
investment properties to be lower than 70 kWh/sq. m. of area 
heated to a minimum of 10 °C by 2025 at the latest. We are also 
looking to increase the proportion of energy we produce our -
selves by means of more photovoltaic systems. The target for 
the year is to install 16 new photovoltaic system with a total 
effect of just over 2,500 kW. One of wich came on stream in the 
first quarter.
Continued focus on climate efficiency
Our ambition is for our property management to be carbon-neu -
tral (Scope 1 and Scope 2) by 2025. We are actively working to 
reduce the emissions we ourselves are able to control and we 
are also conducting dialogues with, for example, energy provid -
ers to reduce emissions. Mapping of our indirect emissions in 
Scope 3 show that a significant percentage stem from our con -
struction projects. All projects should therefore include a signif -
icant proportion of materials reuse. We are now accelerating 
this work by introducing systematic monitoring and calculation 
of the emission savings that reuse will bring. It is important to 
realise that input is required from a number of stakeholder 
groups. It is also crucial that the issue is identified and taken 
into consideration at an early stage. 
A lighting project in which all existing lighting in public areas 
is replaced with new LED sources is an example of action that 
combines energy efficiency with reuse. This is estimated to gen -
erate annual energy savings of around 80 MWh.
  Because the 
existing luminaires are retained, this measure also achieves 
emission savings. 
Platzer in the community
Securing competence in our industry is an important part of our 
social sustainability work. We participate in organisations such 
as Fastighetsbranschens kompetensråd, we are one of the own -
ers of the higher vocational educational establishment Fastighet -
sakademin and we are the main sponsor of the construction 
industry business development and entrepreneur programme at 
Chalmers University of Technology. We offer a large number of 
internships, student placements and summer jobs every year. In 
2022, we welcomed 17 of these workers, which corresponds to 
approx. 20% of the total workforce. Two students are doing their 
thesis placements with us in the spring term 2023. 
Platzer’s sustainability reporting
In our quarterly reports we account for the outcome of a few prioritised sustainability issues and sustainability goals, and provide 
information on current events linked to our sustainability work during the quarter. An overall picture of our sustainability work is 
published once a year in our sustainability report, which is prepared in accordance with the Swedish Annual Accounts Act, GRI 
Standards and EPRA Sustainability Best Practice Recommendations (sBPR). The Sustainability report for 2022 is available on our 
website integrated into our 2022 Annual Report. 
Sustainability metrics measured on a quarterly 
basis Unit
2023 
Jan–Mar
2022 
Jan–Mar
Change, 
%
2022 
Jan–Dec
Energy consumption in comparable property
kWh/sq. m. of area heated to a mini-
mum of 10 °C 29.2 31.2 -6.6 78.5
Total energy  (electricity consumption in our buildings, 
district heating and district cooling) MWh 27,881 29,483 -5.4  74,161
Carbon dioxide emissions (Scope 1* and Scope 2**) tonnes CO2e 120 222 -45.9 570
Carbon dioxide emissions (Scope 1* and Scope 2**) per lettable area                kg CO2e/sq. m. 0.14 0.25 -44.1 0.67
Green leases Percentage of lettable area 53.7 52.0 3.3 53.5
Environmentally certified properties percentage of investment properties, % 91.7 91.3 0.4 91.7
Green finance % 67 68 -1.5 67
*Scope 1 carbon dioxide emission from company cars and refrigerant leaks. 
**Scope 2 carbon dioxide emissions from district heating, from 2023 only emissions from incineration are included in Scope 2.  
Emissions from district heating related to production and transport are included in Scope 3, which are reported on an annual basis. 
Sustainability metrics measured on an annual basis 2022 2021
Collaboration in our 10 selected areas                             number of collaboration projects 10 of 10 9 of 10
One of the best workplaces in the industry trust index >90 according to GPTW 79 78
Contribute to competence in the industry
number of students offered internship, 
thesis placement or summer job 17 15
Distribution of women and men should be between 40% and 60% at all  
levels of the organisation 
   Management team percentage women/men 43/57 38/62
   Managers percentage women/men 44/56 40/60
   Employees percentage women/men 47/53 46/54
Platzer wants to actively contribute to positive community development 
by having a carbon footprint that is as small as possible. We take 
responsibility for Gothenburg by developing sustainable, vibrant and 
safe areas that put people first.

===== SIDA 5 =====

5
CEO’s comment Sustainability Results & Financial position Financing & Share Market & Platzer Platzer Q1 2023Operations
Our total property portfolio comprised 73 properties as at 31 
March 2023. The property portfolio includes 23 project proper -
ties, of which two are jointly owned. There are another three 
jointly owned properties in the overall portfolio, which means a 
total of five jointly owned properties are accounted for as asso -
ciates. In the quarter we acquired part of the property Högsbo 
757:50. See page 8 for more information. The total lettable area, 
including associates, is 845,000 sq. m. The fair value of the 
properties totalled SEK 27,387 million, excluding associates. 
The economic occupancy rate in the period was 92% (92).
Net lettings and renegotiated leases
Lettings operations continued to show positive development in 
the first quarter, in both the office and logistics sectors. In the 
quarter we signed several large leases in our investment prop -
erties, primarily in the Offices business area, and we had only 
one larger terminated lease, in the Industry/logistics business 
area. 
Our acquisitions of the properties at Medicinareberget in 
2021, tenants taking possession in Kineum and completed lease 
renegotiations have resulted in the average remaining lease 
term increasing to 51 months in the first quarter of this year 
from 42 months in the same period in the previous year. In 
total, we have 692 (699) leases for office space generating total 
rental income of SEK 1,397 million (1,217) on an annual basis, 
excluding garage and parking agreements. The 20 largest leases 
accounted for 37% (35) of rental value. 
Industrial/logistics
We are the leading player in Arendal in industrial/logistics. 
Major clients include DFDS, DHL, Plasman, SSAB and Sveafjord 
(AB Volvo). In total, we have 59 (74) commercial leases for indus -
trial/logistics generating total rental income of SEK 283 million 
(285) on an annual basis. The number of contracts decreased as 
a result of completion of the sale of part of the property Arendal 
764:720 in the second quarter of 2022. 
Letting and property management
Net lettings Offices Industrial/Logistics Total
SEK m Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022
Investment properties – lettings 44 19 3 6 47 25
Investment properties – terminations -21 -9 -6 -10 -27 -19
Project properties – lettings - 4 - 12 - 16
Project properties – terminations - -4 - - - -4
Associates – lettings 2 - - 36 2 36
Associates – terminations -1 - - - -1 -
Total net lettings 24 10 -3 44 21 54
-40
-30
-20
-10
0
10
20
30
40
50
60
70
80
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Net lettings, by quarter
SEK, million
Investment properties, 
terminated
Investment properties, 
lettings
2018 2019 2020 2021
2022 2023
Terminated projectNew project
Net per quarter
0
20
40
60
80
100
120
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Renegotiated leases and rent increases, by quarter
SEK, million
Rent increases (%)Volume of rent
2018 2019 2020 2021 2022
%
0
10
20
30
40
50
Renegotiated 
leases Offices
Industrial/  
Logistics Total
Q1 
2023
Q1 
2022
Q1 
2023
Q1 
2022
Q1 
2023
Q1 
2022
Investment property 
Rental value after  
renegotiation, SEK m 12 0 32 16 44 16
Investment property 
Change in rent, % 9 0 12 2 11 2
Associates 
Rental value after  
renegotiation, SEK m - - - - - -
Associates 
Change in rent, % - - - - - -
Lettings operations continued to show positive development in the first quarter, 
in both the office and logistics sectors. With only one major termination, we 
have a positive net lettings of SEK 21 million for the period.

===== SIDA 6 =====

6
CEO’s comment Sustainability Results & Financial position Financing & Share Market & Platzer Platzer Q1 2023Operations
 
0
50
100
150
200
250
300
350
400
2028 -20272026202520242023
Maturity structure leases, per business area
SEK, million
Rental income, 
business area Office
Number of contracts,
business area Office
Number of contracts,
business area Industrial/logistics
Rental income,
business area Industrial/logistics
50
100
150
200
250
0
Number
Area distribution per category
Office
Industrial/logistics
60%28%
3%
3%
Restaurant
Project
Retail
Other
Care
Hotel
1%1%2%2%
Property value per segment
Office
Central 
Gothenburg
Office
North East
Gothenburg
58%
4%
16%
17%
5%
Industrial/
Logistics
Project
Office
South West
Gothenburg
Offices
In the offices segment we are the leading player in Lilla Bommen, Gårda 
and Gamlestaden. Major clients include the Swedish Social Insurance 
Agency, the City of Gothenburg, ESS Group, the Swedish Migration 
Agency, Nordea, NCC, Region Västra Götaland and Swedish Public 
Dental Care (Folktandvården). In total, we have 633 (625) commercial 
leases for offices, generating total rental income of SEK 1,114 million 
(932) on an annual basis. 
Major clients Percentage1)
Sveafjord (AB Volvo) 7%
Swedish Migration Agency 5%
Hotellet i Höghuset AB (ESS Group) 5%
DFDS Logistics Contracts AB 3%
University of Gothenburg 3%
Swedish Public Dental Care (Folktandvården) in Västra Götaland 3%
Region Västra Götaland 2%
City of Gothenburg 3%
Mölnlycke Health Care AB 2%
Nordea Bank Abp, Sweden branch 2%
Total 33%
1) Percentage of agreed rental income
Together with customers such as AGREAT and Mindpark, we are creating a meeting place ARIA  
at Lilla Bommen.

===== SIDA 7 =====

7
CEO’s comment Sustainability Results & Financial position Financing & Share Market & Platzer Platzer Q1 2023OperationsCEO’s comment
 
Number of 
properties
Lettable area,  
sq. m.
Fair value,  
SEK m
Rental value,  
SEK m
Economic 
occupancy  
rate, %
Rental  
income, 
 SEK m
Operating  
surplus,  
SEK m
Surplus  
ratio, %
Investment properties
Central Business District (CBD) 8 74,938 4,831 238 81 194 157 81
City centre excl. CBD 18 224,887 11,026 608 95 577 456 79
Central Gothenburg 26 299,825 15,857 846 91 770 613 80
East Gothenburg 7 119,478  3,002 219 95 209 159 76
Norra Älvstranden/Backaplan 4 38,684 1,510 97 98 95 73 77
North/East Gothenburg 11 158,162 4,512 316 96 304 232 77
West Gothenburg 4 21,946 279 29 88 25 17 68
Mölndal 4 28,794 845 62 100 62 50 81
South/West Gothenburg 8 50,740 1,124 91 96 87 67 77
Industrial/logistics 2 268,979 4,553 300 96 287 226 79
Total investment properties 47 777,706 26,046 1,552 93 1,448 1,139 79
Project properties 21 19,597 1,341 12 53 7 3 -
 
Total Platzer excl. associates 68 797,303 27,387 1,564 93 1,455 1,142 79
Associates offices 100% 3 47,318 2,734 153 96 147 121 -
Associates industrial/logistics 100% 2 0 1,230 67 100 67 66 -
Rental income, SEK m
Leases agreed for occupancy as of 1 October 
2023: Offices
Industrial/
logistics
Platzer 
total
Current and future new build projects, including 
associates 24 27 51
Investment properties, including associates 29 0 29
Rental income, SEK m
Terminated leases with vacation as of 1 April 
2023: Offices
Industrial/
logistics Platzer total
Current and future new build projects, including 
associates 3 0 3
Investment properties, including associates 21 8 29
The summary is based on the property portfolio as at 31 March 2023 and is based on com -
pleted lease agreements. It provides a snapshot of our earning capacity for 2023 but it is not 
a forecast. The table is not an assessment of any changes in leases. 
The breakdown of office property is in line with the general geographical breakdown used 
by the property industry in Gothenburg with the exception of our property at Backaplan, 
which we account for as Norra Älvstranden. We report our industrial/logistics properties 
and project properties separately. Project properties include all our properties in Södra Äng -
gården, for example. Below the line Total Platzer excl. associates we report the figures for 
our associates at 100% of the value, irrespective of our holding, which is usually 50%. 
Leases that have been concluded for future occupancy in six months or later and future 
vacancies from terminated leases are reported in a separate table. 
By rental value we mean rental income plus the estimated market rent for vacant prem -
ises in their existing condition. The results-related columns include current leases in exist -
ing properties, including for future occupancy in the next six months. Leases for later occu -
pancy or in properties currently under construction are not included.
Rental income refers to contracted rental income, including agreed supplements such as 
payments for heating and property taxes, and excluding limited period discounts of 
approximately SEK 38 million. For project properties where the project has not yet started 
or where projects are underway, the information relating to rental value, rental income and 
operating surplus refers to existing leases and costs in the property. For project properties 
where occupancy is due to take place in the next six months, the figures include rental 
value, rental income and operating surplus attributable to these leases.  
The operating surplus shows the properties’ earning potential on an annual basis, 
defined as contracted rental income as at 1 April 2023. Deductions are made for estimated 
property costs, including property administration, for a normal year.
Earning capacity as at 31 March 2023

===== SIDA 8 =====

8
CEO’s comment Sustainability Results & Financial position Financing & Share Market & Platzer Platzer Q1 2023Operations
Property transactions
Acquisitions
In the period, Platzer acquired part of the property Högsbo 757:50 as part of the continued development of Södra Änggården. 
Disposals
No disposals were carried out or agreed in the period.
List of property acquisitions and disposals 
Agreement signed  
Year/quarter Property designation Area Segment Inv. /Project property
Lettable 
area,  
sq. m. Completion
Agreed  
property value,  
 SEK million
Acquisitions
2021/Q3 Kungsfisken 7 (MIMO) Mölndal Offices Investment property 32,000 2024/Q4 (prel) 1,500
2022/Q3 part of Högsbo 757:50 Södra Änggården School Project properties - 2023/Q1 17
Acquisitions, total 32,000 1,517
Agreement signed  
Year/quarter Property designation Area Segment Inv. /Project property
Lettable 
area,  
sq. m. Completion
Agreed  
property value, 
SEK million
Disposals
2017/Q3 Remaining phase 2 Södra Änggården Residential property Project properties 21,050 2023/Q3 (prel) 211
2017/Q3–Q4 Phase 3 Södra Änggården Residential property Project properties 46,900 prel 2024–2025 (prel) 537 
Disposals, total 67,950 748
* Area refers to GFA
The table shows property transactions completed in the period and future agreed but not yet completed transactions.  
AREA: SÖDRA ÄNGGÅRDEN

===== SIDA 9 =====

9
CEO’s comment Sustainability Results & Financial position Financing & Share Market & Platzer Platzer Q1 2023Operations
We currently manage major projects comprising a total lettable area of
185,000 sq. m., including joint ventures and associates. In addition to these,
we have potential development projects of 365,000 sq. m. gross floor area
(GFA), of which residential building rights of around 80,000 sq. m. in Södra
Änggården have been sold. The portfolio comprises projects in all stages,
from detailed development plan to buildings ready for occupancy.
Development in the quarter
Property development 
City centre
The projects Aria at Lilla Bommen and Merkur at Skeppsbron are proceed -
ing to place and are expected to be completed during the third quarter of 
2023. In the quarter we concluded a lease with Capio,
  which will be a new 
tenant in Aria, taking the economic occupancy rate to 65%. The corre -
sponding figure for Merkur is 71%.
Project development 
City centre
In Lilla Bommen, directly adjacent to the new Hisingsbron,
we have an option to acquire two building rights in total
43,000 sqm BTA. The design work continues and construction starts
may take place in 2023.
Arendal
The project Arendals kulle (part of Arendal 764:720) is in the final phase 
and is fully let. Occupancy will begin in April this year. 
Torslanda
Development of the joint venture owned by us and Bockasjö, Sörred Logis -
tikpark (Sörred 7:21 and Sörred 8:12), is continuing. Schenker Logistics has 
now moved into 30,000 sq. m of the logistics building, the total area of 
which is 43,000 sq. m.
In Syrhåla 3:1, phase 1 is fully let with planned occupancy during the 
third quarter 2023, while stage 2 is slightly later and expected to be com -
pleted during the fourth quarter. The occupancy rate here is 59%.
Södra Änggården
In Södra Änggården, work is continuing on Internationella Engelska 
Skolan’s (IES) new premises, for occupancy in autumn 2024. We have also 
began planning for a parking garage in the area.
Urban development
Gamlestaden 
In Gamlestadens Fabriker (Olskroken 18:7, etc.) we are working on develop -
ment of our building rights and letting, and infrastructure works are also 
underway. 
Södra Änggården
At the same time as the school in Södra Änggården is being built, property 
developers are gradually taking possession of their building rights. The 
last sale of building rights will be completed in 2026.
Almedal
Work on preparing a new detailed development plan for Almedals Fabriker 
(Skår 57:14) is continuing.
Property, project and urban development
AREA: TORSLANDA
PROPERTY: SÖRRED LOGISTIKPARK
P-G Persson, CEO of Platzer, Håkan Nydén, CEO Schenker Logistics AB & Head of Contract Logistics Cluster Nordics and  
Adam Ekdahl, Business Development Manager at Bockasjö, formally open Sörred Logistikpark.

===== SIDA 10 =====

10
CEO’s comment Sustainability Results & Financial position Financing & Share Market & Platzer Platzer Q1 2023Operations
Major projects underway
Property Segment
Converted 
area,  
lettable 
area, sq. 
m.
New  
area,  
lettable 
area, 
 sq. m.
Total invest-
ment incl. 
land, SEK 
m1) 
Outstanding 
investment, 
SEK m
Fair 
value, 
SEK m
Rental 
value, SEK  
million 2)
Economic 
occupancy 
rate, % Completed
Arendal 764:720,  
Arendals Kulle Industrial/Logistics - 7,000 143 4 161 8 100 Q2 2023
Syrhåla 3:1, phase 1 Industrial/Logistics - 21,500 279 64 227 16 100 Q3 2023
Syrhåla 3:1, phase 2 Industrial/Logistics - 22,000 292 187 121 18 59 Q4 2023
Gullbergsvass 1:1, Aria
Offices/Central Busi-
ness District (CBD) 15,761 - 1,234 240 984 61 65 Q3 2023
Högsbo 55:13, 
School Södra Änggården
Offices/Southwest 
Gothenburg - 8,964 441 218 267 27 100 Q3 2024
Total 15,761 59,464 2,389 713 1,789 131
Jointly owned properties accounted for as associates
Property Segment
Converted 
area,  
lettable 
area,  
sq. m.
New  
area, 
 lettable 
area, 
 sq. m.
Total 
investment 
incl. land,  
SEK m1) 
Outstanding  
investment, 
SEK m 
Fair 
value, 
SEK m
Rental 
value, SEK  
million 2)
Economic 
occupancy 
rate, % Completed
Sörred 7:21,  
Sörred Logistikpark
Industrial/
Logistics - 22,680 299 61 304 19 100 Q2 2023
Sörred 8:12, Building V1,  
Sörred Logistikpark
Industrial/
Logistics - 43,300 475 65 518 30 100 Q2 2023
Sörred 8:12, Building V2,  
Sörred Logistikpark
Industrial/
Logistics - 24,300 337 84 284 19 100 Q2 2023
Inom Vallgraven 49:1
4), Merkur
Offices/ 
Central Busi-
ness District 
(CBD) 4,850 - 347 65 222 16 71 Q3 2023
Sörred 8:12, Building V4,  
Sörred Logistikpark 
Industrial/
Logistics - 14,900 218 165 53 15 0 Q2 2024
Total 4,850 105,180 1,676 440 1,409 99
   
 
Property Segment Type of property
New area  
GFA sq. 
m. Project phase
Possible  
construction 
start5)
Syrhåla 2:3 Industrial/Logistics
industrial/ 
logistics 14,600 detailed development plan adopted 2023
Sörred 8:12, Buildings V3 and V4, 
Sörred Logistikpark Industrial/Logistics
industrial/ 
logistics 45,000 detailed development plan adopted 2023
Olskroken 18:13, Gamlestadens Fabriker Offices/East Gothenburg offices/retail 19,900 detailed development plan adopted 2023
Olskroken 18:14, Gamlestadens Fabriker Offices/East Gothenburg offices 10,200 detailed development plan adopted 2023
Högsbo 55:11, Södra Änggården Offices/West Gothenburg
multi-storey  
car park 17,000 detailed development plan adopted 2023
Högsbo 55:10, Södra Änggården Offices/West Gothenburg preschool 1,800 detailed development plan adopted 2023
Gullbergsvass
6)
Offices/Central Business 
District (CBD) offices 43,000 detailed development plan adopted 2023
Olskroken 18:7, Gamlestadens Fabriker Offices/East Gothenburg offices 2,300 detailed development plan adopted 2024
Högsbo 3:6
7), Södra Änggården Offices/West Gothenburg residential 21,050 detailed development plan adopted 2024
Högsbo 55:97), Södra Änggården Offices/West Gothenburg residential 17,600 detailed development plan adopted 2024
Skår 57:14, Almedals Fabriker
Offices/City centre excl. 
CBD offices 25,000 detailed development plan in progress 2024
Olskroken 18:10, Gamlestadens Fabriker Offices/East Gothenburg offices 29,000 detailed development plan adopted 2025
Högsbo 34:13, Södra Änggården Offices/West Gothenburg residential 7,150 detailed development plan adopted 2025
Högsbo 2:2, Södra Änggården Offices/West Gothenburg residential 6,850 detailed development plan adopted 2025
Bagaregården 17:26 Offices/East Gothenburg
mixed use  
development 60,000 detailed development plan in progress 2025
Olskroken 18:11, Gamlestadens Fabriker Offices/East Gothenburg offices 9,000 detailed development plan adopted 2026
Högsbo 3:11
7), Södra Änggården Offices/West Gothenburg residential 15,350 detailed development plan adopted 2026
Högsbo 3:127), Södra Änggården Offices/West Gothenburg residential 13,950 detailed development plan adopted 2026
Olskroken 18:12, Gamlestadens Fabriker Offices/East Gothenburg offices 6,000 detailed development plan adopted 2027
Total 364,750
 1)  T he total investment including land value also includes the value on acquisition of existing building and planned investment.
2) Refers to estimated rental value when the building is finished and fully let.
3)  T he occupancy rate also includes existing building.
4) The information refers to refurbishment of the old part of the building.
5) Possible construction start means when it is estimated the project could start, provided that planning work proceeds as expected and pre-letting has 
reached a satisfactory level.
6) Platzer does not currently own the land but has an option to acquire the land together with building rights at the market rate.
7) The property has been sold but completion has not yet taken place.  
 
Potential development projects

===== SIDA 11 =====

11
CEO’s comment Sustainability Operations Financing & Share Market & Platzer Platzer Q1 2023Results & Financial position
CONSOLIDATED
Results and comments on results
SEK m
2023
Jan–Mar
2022 
Jan–Mar
2022
Jan–Dec
2022/2023
Apr–Mar
Rental income 350 311 1,229 1,268
Property costs -84 -77 -290 -297
Operating surplus 266 234 939 971
Central administration -15 -15 -58 -58
Share of profit of joint ventures and associates 15 187 319 147
   – of which income from property management 7 7 32 35
   – of which changes in value 24 237 415 202
   – of which tax -5 -49 -86 -42
   – of which sundry expenses -11 -9 -42 -47
Net financial income/expense1) -97 -53 -245 -289
Profit including share of profit of joint ventures  
and associates 169 352 955 771
   – of which income from property management 2) 161       173 668 659
Change in value, investment properties 0 937 2,562 1,625
Change in value, financial instruments -87 340 671 244
Change in value, financing arrangements - 3 -220 -223
Profit before tax 82 1,632 3,968 2,418
Tax on profit for the period -4 -250 -773 -527
Profit for the period 3) 78 1,382 3,195 1,891
Total profit for the period
Parent company’s shareholders 78 1,382 3,195 1,891
Earnings per share 4) 0.65 11.53 26.67 15.79
 
1)   N et financial income/expense includes ground lease costs totalling SEK 0.2 million (0.2) for the year.
2)   R efers to income from property management excluding changes in value, tax and sundry expenses in joint ventures and associates.
3)  The Group had no other comprehensive income and therefore the consolidated profit for the period is the same as comprehensive income for the period. 
4)   T here is no dilution effect because there are no potential shares.  
Results 
Income from property management for the period amounted to 
SEK 161 million (173), of which SEK 7 million (7) came from joint 
ventures and associates. The decline is due to increased utility 
costs and interest expenses.
Profit for the period amounted to SEK 78 million (1,382). 
Changes in the value of wholly-owned properties had an effect 
on profits of SEK 0 million (937) and revaluations of financial 
instruments and financing arrangements impacted results by 
SEK -87 million (343). 
Rental income  
Rental income in the period increased to SEK 350 million (311), an 
increase of 12.5%. The increase was primarily due to the fact 
that tenants have moved into our newly built property Kineum 
(Gårda 16:17) and to index-linked increases. Annualised rental 
income from existing leases (as at 31 March 2023) is estimated 
at SEK 1,455 million (1,265), see earning capacity on page 7. The 
economic occupancy rate for the year was 92% (92).
 
Q1 2023
SEK m
Q1 2022 
SEK m Change, %
Comparable properties 344 272 26.5
Property development 5 6
Project properties 1 10
Property transactions - 23
Rental income 350 311 12.5
Property costs 
Property costs for the period amounted to SEK -84 million (-77).  
The increase of SEK 7 million (6) was primarily due to increased 
electricity costs due to higher electricity prices. The mild 
weather in the first quarter of the year and energy optimisation 
measures contributed to reducing utility consumption. Costs in 
the first and fourth quarters are normally higher than in the other 
two quarters, primarily because of higher utility costs and snow 
removal and anti-icing costs.
Q1 2023 
SEK m
Q1 2022
SEK m Change, %
Comparable properties 80 67 19
Property development 2 2
Project properties 2 3
Property transactions - 5
Property costs 84 77 9.1
Operating surplus 
The operating surplus in the period increased by 13.7% (5.4) to SEK 
266 million (234). The operating surplus for comparable properties 
rose by 28.8% (1.0), primarily as a result of occupancy in Kineum 
and index-linked increases. The surplus ratio was 76% (75). The 
investment yield for wholly-owned properties was 3.9% (3.6).

===== SIDA 12 =====

12
CEO’s comment Sustainability Operations Financing & Share Market & Platzer Platzer Q1 2023Results & Financial position
CONSOLIDATED
Central administration and staff 
Central administration costs for the period amounted to  
SEK -15 million (-15). The number of staff at the end of the 
period was 86 (91).
Share of profit of joint ventures and 
associates
Share of profit of joint ventures and associates for the period 
amounted to SEK 15 million (187), most of which comprised pro -
ject development in properties. 
See page 81 of the 2022 Annual Report for a description of 
investments in associates and joint ventures. 
Net financial income/expense 
Net financial income/expense for the period amounted to SEK 
-97 million (-53). Net financial items were primarily adversely 
affected by higher interest rates.  
Borrowings were, on average, around SEK 100 million down 
on the same period in the previous year. In addition to current 
cash flow, the reason for the decrease was the net effect of dis -
posals and financing of acquisitions and project investments.  
Average interest rate for the period, including the effects of 
derivative instruments, was 3.4% (1.9). 
Changes in value
Changes in the value of wholly-owned properties in the period 
amounted to SEK 0 million (937). In the second half of 2022 we 
assessed that yield requirements had increased, we adjusted 
our valuations in line with the forthcoming Consumer Price 
Index increase and we adjusted our inflation assumptions for 
the coming year. In the first quarter of 2023 we assessed that 
yield requirements were unchanged compared with the begin-
ning of the year. See page 13 for more information. Changes in 
the value of financial instruments totalled SEK -87 million (340). 
Tax 
Tax expense for the period amounted to SEK -4 million (-250), of 
which SEK -11 million (-16) comprised current tax and SEK 7 
million (-233) deferred tax. Deferred tax was above all impacted 
by changes in the value of derivatives. 
Segment reporting 
We report our operations in three geographical office segments 
as well as industrial/logistics: 
• Offices Central Gothenburg (Almedal, City Centre, Gårda, 
Lilla Bommen, Masthugget and Medicinareberget).
• Offices North/East Gothenburg  (Backaplan, Gamlestaden, 
Lindholmen and Mölnlycke).
• Offices South/West Gothenburg  (Högsbo and Mölndal)
• Industrial and logistics   (Arendal and Torslanda)
Project properties are included in the segment to which they 
belong. The total operating surplus in segment reporting for 
wholly-owned properties corresponds to the operating surplus 
reported in the income statement and the total value of property 
and investments, etc., corresponds to the balance sheet. The 
properties we own through associates are reported in a separate 
segment table, as these are not included in the total amounts in 
segment reporting. The amounts below relating to associates 
increased as a result of our holdings in the companies that own 
Gårda 2:12 (Gårda Vesta) being classified as associates with 
effect from 3 February 2022. Our properties owned through 
associates in Industrial/Logistics are under construction.
Segment reporting, wholly-owned properties
Offices
Industrial/  
Logistics Total
Period refers to Q1 
Central 
Gothenburg
South/West 
Gothenburg
North/East 
Gothenburg
SEK m 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Rental income 185 154 22 20 74 64 69 73 350 311
Property costs -44 -37 -7 -6 -19 -17 -14 -17 -84 -77
Operating surplus 141 117 15 14 55 47 55 56 266 234
Fair value, properties 15,937 15,262 2,249 1,486 4,555 4,335 4,646 4,446 27,387 25,529
Of which investments/acquisitions/disposals/ 
changes in value over the year 96 -943 80 22 75 131 142 288 393 -502
Segment reporting, associates
Offices
Industrial/  
Logistics Total
Period refers to Q1 
Central 
Gothenburg
South/West 
Gothenburg
North/East 
Gothenburg
SEK m 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Rental income 33 21 - - - - 1 - 34 21
Property costs -7 -5 - - - - 0 - -7 -5
Operating surplus 27 16 - - - - 1 - 27 16
Fair value, properties 2,734 2,825 - - - - 1,230 735 3,964 3,560
Of which investments/acquisitions/disposals/ 
changes in value over the year 3 1,856 - - - - 44 483 47 2,339
0
20
40
60
80
100
120
140
160
180
200
Q1-23Q4-22Q3-22Q2-22Q1-22Q4-21Q3-21Q2-21
Income from property management, quarterly 
SEK, million
0
50
100
150
200
250
300
350
400
20232022202120202019
SEK, million
Rental income per business area, Jan-Mar
Office Industrial/logistics

===== SIDA 13 =====

13
CEO’s comment Sustainability Operations Financing & Share Market & Platzer Platzer Q1 2023Results & Financial position
CONSOLIDATED
Platzer’s cash flow is strong and its financial position is also 
strong. Our projects are proceeding according to plan, with 
secured financing and a high occupancy rate. 
Value of properties and property valuation
The properties were recognised at fair value of SEK 27,387 million 
(26,994), which was based on an internal valuation as at the bal -
ance sheet date.  All properties are valued internally at the end of 
each quarter, using a ten-year cash flow model. Additionally, at 
each year-end we carry out an external valuation of a few sample 
properties that form a cross section of the property portfolio. The 
external valuation covers at least 30% of the value of the property 
portfolio at year-end and is performed as quality assurance of the 
internal valuation. In 2022 we carried out external valuation of 
properties corresponding to 2/3 of the value of the property port -
folio. Historically, the difference between our internal valuation 
and the external valuation has been marginal, and this was also 
the case at 31 December 2022. The investment properties are val -
ued within level 3 in the IFRS 13 fair value hierarchy. 
The internal property valuation for the period showed a 
change in the value of wholly-owned investment properties of 
SEK 0 million (937). The change in value consisted of SEK 126 mil -
lion (94) in increased cashflow, SEK -126 million (375) in urban, 
project and property development, and SEK 0 million (468) in 
adjustment of yield requirements in the portfolio. Each property is 
valued individually and therefore any portfolio premiums have 
not been taken into account. The average yield requirement in 
the valuation as at the balance sheet date was 4.7%, unchanged 
compared with 31 December 2022. As a result of the changing 
market situation, yield requirements for offices and industrial/
logistics properties in our portfolio were deemed to have 
increased in the second half of 2022, but were assessed as being 
unchanged in the first quarter of 2023. Also see page 12. 
Transactions in the period
In the period, we took possession of land in Södra Änggården. 
Investments in existing properties in the period amounted to 
SEK 376 million (426), with the largest investments involving the 
new build project Kineum (Gårda 16:17). Large investments were 
also made in our properties in Arendal, Torslanda and  
in area development of Södra Änggården. 
Financial assets 
In connection with the increases in value of our jointly owned 
properties, this item also increased with regard to our invest -
ments in associates and joint ventures. 
Financial position
Balance Sheet, condensed
SEK m 31 Mar 2023  31 Mar 2022 31 Dec 2022
Assets
Investment properties 27,387 25,529 26,994
Right of use assets, leasehold 30 30 30
Other non-current assets 27 19 19
Financial assets 1,721 932 1,790
Current assets 375 223 415
Cash and cash equivalents 275 185 217
Total assets 29,815 26,918 29,465
Equity and liabilities
Equity 13,802 12,186 13,999
Deferred tax liability 2,568 2,147 2,503
Non-current interest-bearing liabilities 9,407 9,212 7,466
Lease liability 30 30 30
Other non-current liabilities 226 186 240
Current interest-bearing liabilities 2,962 2,239 4,357
Other current liabilities 820 918 870
Total equity and liabilities 29,815 26,918 29,465
Pledged assets as at 31 March 2023 amounted to SEK 11,906 million (SEK 11,275). Contingent liabilities as at 31 March 2023 amounted to SEK 
1,575 million (1,572).
Comparative amounts for balance sheet items refer to 31 December 2022.
SEK m
2023 
Jan–Mar
2022 
Jan–Mar
2022 
Jan–Dec
Value of properties, opening balance 26,994 26,031 26,031
Investments in existing properties 376 426 1,412
Property acquisitions 17 - -
Property sales and reclassifications - -1,865 -3,011
Changes in value 0 937 2,562
Value of properties, closing balance 27,387 25,529 26,994
 Changes in the value of properties

===== SIDA 14 =====

14
CEO’s comment Sustainability Operations Financing & Share Market & Platzer Platzer Q1 2023Results & Financial position
CONSOLIDATED
SEK m
2023
Jan–Mar
2022 
Jan–Mar
2022 
Jan–Dec
Equity attributable to the Parent Company's shareholders 
At the beginning of the period 13,999 11,068 11,068
Comprehensive income for the period 78 1,382 3,195
Dividend -275 -264 -264
At the end of the period 13,802 12,186 13,999
Total equity 13,802 12,186 13,999
Statement of changes in equity, condensed
Equity
The Group’s equity amounted to SEK 13,802 million (13,999) as at 31 March 
2023.  The equity/assets ratio on the same date was 46% (48), well above 
the financial target of 30%. 
Equity per share as at 31 March stood at SEK 115.19 (116.84), while the 
net reinvestment value, EPRA NRV, was SEK 132.25 (132.63) per share.
We take a proactive approach to financing of our 
operations based on our three-year business plan, 
which is updated regularly.
AREA: GAMLESTADEN
PROPERTY: GAMLESTADS TORG

===== SIDA 15 =====

15
CEO’s comment Sustainability Results & Financial positionOperations Market & Platzer Platzer Q1 2023Financing & Share
 
CONSOLIDATED
Interest-bearing liabilities
As at 31 March 2023, interest-bearing liabilities amounted to 
SEK 12,369 million (11,823), which corresponded to a loan-to-
value ratio of 45% (44). The average loan maturity term was  
2.3 years (2.1). Current interest-bearing liabilities on the balance 
sheet refer to loans that should be renegotiated within the next 
twelve months and repayments according to plan.
Interest-bearing liabilities primarily comprised bank loans of 
SEK 9,400 million (8,792), secured through property mortgage 
deeds. Platzer is also borrowing SEK 1,344 million (1,456) in the 
form of secured green bonds via Svensk FastighetsFinansiering 
(SFF).  In order to obtain direct financing in the capital markets, 
Platzer has launched an MTN programme and associated green 
debt framework for unsecured green bonds of SEK 5 billion, as 
well as a SEK 2 billion commercial paper programme. Outstand -
ing unsecured green bonds amounted to SEK 1,300 million 
(1,300) and commercial paper amounted to SEK 325 million 
(275). The first unsecured bond will mature in November 2024.
Interest-bearing liabilities increased by SEK 546 million in the 
quarter. Secured bank loans of SEK 1,412 million matured and 
SEK 2,032 million were paid out, including net use of revolving 
credit facilities. Bonds via SFF of SEK 360 million matured and 
bonds of SEK 248 million were issued. The volume of commercial 
paper increased by SEK 50 million.  Loan repayments and other 
payments by instalments amounted to SEK -12 million.
Green finance
Green bonds and green loans accounted for 67% (67) of our out -
standing liabilities. 
Pledged assets
Unsecured financing accounted for 13% (13) of interest-bearing 
liabilities. Of interest-bearing liabilities, SEK 10,744 million 
(9,461) were secured against mortgage deeds, corresponding to 
39% (37) of the property value.
Fixed interest term and derivatives 
The average fixed interest term, including the effect of derivatives 
contracts, was 2.8 years (2.8) as at 31 March. As at 31 March, the 
average interest rate, including the effects of derivative instru-
ments, was 3.54% (3.15), excluding unused credit commitments, 
and 3.66% (3.30) including unused credit commitments. The inter-
est coverage ratio over a rolling 12-month period was 3.2 (4.1). 
The total volume of derivatives as at 31 March was SEK 6,270 
million (5,570). In the quarter, Platzer entered into new interest 
rate swaps of SEK 700 million in order to manage the interest 
coverage ratio and extend the fixed interest period. Interest rate 
swaps are used as interest rate hedges for loans at variable 
rates and to achieve the desired term structure of interest rates. 
The market value of the derivatives portfolio as at 31 March 
2023 was SEK 524 million (611) and the unrealised change in 
value was SEK -87 million. Only realised changes in value affect 
cash flow and the market value will be resolved through 
changes in value during the remaining maturity of the deriva -
tives.
Credit rating
The company has a BBB- (Stable) credit rating, awarded by the 
credit rating institution Nordic Credit Rating. The rating was 
last confirmed in June 2022.
Interest-bearing liabilities
Green MTN, SEK 1,300 million
Green bank loanes, SEK 5,185 million
Green bonds SFF, SEK 1,456 million
Bank loans, SEK 3,607 million
45%
11%
10%
31%
3%
67%
GREEN
FINANCING
Commercial paper, SEK 275 million 
Interest maturity Loan maturity
Year
Interest-  
bearing  
liabilities 
SEK m
Average 
interest, 
%
Credit 
agree-
ments,  
SEK m
Used,  
SEK m
of which 
bank, 
SEK m
of which 
MTN/CP, 
SEK m
0–1 years 6,199 5.941) 3,637 3,287 2,962 325
1–2 years 970 1.07 3,259 2,909 1,761 1,148
2–3 years 500 1.72 5,470 3,880 3,280 600
3–4 years 400 0.94 1,175 1,175 279 896
4–5 years 730 1.14 - - - -
5–6 years 1,000 1.14 1,129 629 629 -
6–7 years 800 0.68 - - - -
7–8 years 850 0.95 489 489 490 -
8–9 years 720 1.15 - - - -
9–10 
years 200 2.83 - - - -
Total 12,369 3.54 15,159 11,823 9,400 2,969
Target/mandate
Outcome  
31 March 2023
Equity/assets ratio > 30% 46%
Loans with one bank < 35% 30%
Percentage of loans maturing within one year* 35% 22%
Average loan maturity term > 2 years 2.3 years
Average fixed interest term 2–5 years 2.8 years
Fixed interest term due to mature within 12 months, percentage 20–60% 54%
*excl. commercial paper
Financing
Financing policy
1)  Net volume of interest-bearing loans and derivatives results in a high average interest 
rate. Average interest rate excluding derivatives 4.65%.

===== SIDA 16 =====

16
CEO’s comment Sustainability Results & Financial positionOperations Market & Platzer Platzer Q1 2023Financing & Share
The Platzer share 
The company’s share price at 31 March 2023 was SEK 80.40 per 
share, corresponding to a market capitalisation of SEK 9,633 
million based on the number of outstanding shares. A total of 
4.4 million (9.7) shares, worth a total of SEK 390 million (1,034), 
changed hands in the quarter. Average daily turnover was 
68,000 (153,500) shares. The number of shareholders amounted 
to March 31 to 6,151 (6,126). The foreign ownership
amounted to 14.5% (14.1) of the share capital.
Dividend policy and dividend
The long-term policy is to pay a dividend of 50% of adjusted 
income from property management after tax (20.6% flat-rate tax 
in 2021). Adjusted income from property management is income 
from property management attributable to the Parent Compa-
ny’s shareholders. 
The Annual General Meeting on 23 March approved a dividend 
of SEK 2.30 per share (2.20), to be paid in two instalments of SEK 
1.15 each. The record dates are 27 March and 25 September. The 
dividend corresponds to an investment yield of 2.9% (1.9), based 
on the share price at the end of the period.
Share capital 
At 31 March 2023, the share capital in Platzer was distributed 
among 20 million Class A shares with 10 votes per share, and 
99,934,292 Class B shares carrying one (1) vote per share.   
Platzer owns 118,429 of its Class B-shares (118,429).  Each share 
has a quotient value of SEK 0.10. 
The net reinvestment value, EPRA NRV, was SEK 132.25 (117.30) 
per share at the end of the period.
The Platzer share is listed on Nasdaq Stockholm, in the Large Cap 
segment. During the last 12-month period the share’s total yield 
including dividend has been negative 29%. The real estate index (Real 
Estate GI) during the same period has had a negative yield of 39%. 
The Platzer share 
2023 
Jan–Mar
2022 
Jan–Mar
2022 
Jan–Dec
2022/2023 
Jan–Mar
Share price at the end of the period 80.40 116.4 82.30 80.40
Net reinstatement value (EPRA NRV) 132.25 117.3 132.63 132.25
Net tangible assets (EPRA NTA) 127.36 113.08 127.75 127.36
Net disposal value (EPRA NDV) 115.19 101.71 116.84 115.11
Income from property management less nominal tax (EPRA EPS) 1.17 2.37 4.74 4.72
EPRA Loan-to-Value ratio property, % (EPRA LTV) 44 46 43 44
Profit after tax 1) 0.65 11.53 26.67 15.79
Adjusted income from property management after tax 2) 0.91 1.36 4.35 4.18
Cash flow from operating activities 0.53 1.04 5.14 3.71
Dividend - - 2.30 -
Number of shares as at the balance sheet date, thousand 119,816 119,816 119,816 119,816
Average number of shares, thousand 119,816 119,816 119,816 119,816
For definitions and calculations of key ratios, see platzer.se
1) There is no dilution effect as there are no potential shares.  Refers to result attributable to Parent Company’s shareholders.
2) Calculated in accordance with dividend policy, see description on page 16. 
   
Name
Number of Class A 
shares
Number of Class 
B shares 
Number of 
shares
Share of votes, 
%
Share of equity, 
%
Neudi & C:o (formerly Ernström) 11,000,000 6,500,000 17,500,000 38.9 14.6
Länsförsäkringar Göteborg och Bohuslän 5,000,000 11,375,112 16,375,112 20.5 13.7
Länsförsäkringar Skaraborg 4,000,000 2,468,000 6,468,000 14.2 5.4
Family Hielte/Hobohm 18,007,601 18,007,601 6.0 15.0
Fourth Swedish National Pension Fund 9,008,393 9,008,393 3.0 7.5
Länsförsäkringar fondförvaltning AB 8,128,453 8,128,453 2.7 6.8
Handelsbanken funds 6,306,087 6,306,087 2.1 5.3
SEB Investment Management 4,286,708 4,286,708 1.4 3.6
Lesley Invest (incl. private holdings) 4,030,562 4,030,562 1.3 3.4
State Street Bank and Trust Co 3,917,377 3,917,377 1.3 3.3
Other shareholders 25,787,570 25,787,570 8.6 21.5
Total number of shares outstanding 20,000,000 99,815,863 119,815,863 100.0 100.0
Buyback of own shares 118,429 118,429
Total number of registered shares 20,000,000 99,934,292 119,934,292
Major shareholders in Platzer Fastigheter Holding AB (publ) as at 31 March 2023Key ratios per share, SEK

===== SIDA 17 =====

17
CEO’s comment Sustainability Results & Financial positionOperations Market & Platzer Platzer Q1 2023Financing & Share
CONSOLIDATED
Cash flow statement
 
SEK million
2023 
Jan–Mar
2022 
Jan–Mar
2022 
Jan–Dec
2022/2023  
Apr–Mar
Operating activities
Operating surplus 266 234 939 971
Central administration -15 -15 -56 -56
Net financial income/expense -97 -53 -289 -274
Tax paid -14 -25 -72 -61
Cash flow from operating activities before changes in working 
capital 140 141 566 565
Change in current receivables 35 -23 -216 -158
Change in current liabilities -111 118 266 37
Cash flow from operating activities 64 236 616 444
Investing activities
Investments in existing investment properties -376 -426 -1,412 -1,362
Acquisitions of investment properties -17 - - -17
Disposal and reclassification of investment properties - 1,865 3,011 1,146
Acquisition/disposal of shares in associates - - -357 -357
Other investments -9 0 -2 -11
Cash flow from investing activities -402 1,439 1,240 -601
Financing activities 
Changes in non-current receivables 0 21 -217 -238
Change in interest-bearing liabilities 545 -1,288 -916 917
Change in non-current liabilities -11 -262 -413 -162
Dividend -138 -132 -264 -270
Cash flow from financing activities 396 -1,661 -1,810 247
Cash flow for the period 58 14 46 90
Cash and cash equivalents at the beginning of the period 217 171 171 185
Cash and cash equivalents at the end of the period 275 185 217 275
Cash flow from operating activities for the period amounted to SEK 
64 million (236).  Changes in working capital impacted cash flow by 
SEK -76 million (95).  See page 11 for further comments on 
operating activities. 
Investments in existing properties in the period amounted to SEK 
376 million (426). No properties were sold in the period.  
The company acquired part of a property in Södra Änggården. 
Cash flow from investing activities amounted to SEK -402 million 
(1,439).  Cash flow from financing activities amounted to SEK 396 
million (-1,661).  Cash and cash equivalents increased by SEK 58 
million (14) in the period and totalled SEK 275 million (185) as at 
the balance sheet date.   
Unused overdraft facilities amounted to SEK 100 million (100) and unused credit facilities amounted to SEK 1,900 million (2,090).  
Comparative amounts for unused credit refer to 31 December 2022. 
Cash Flow Statement, condensed
AREA: SKEPPSBRON  
PROPERTY: MERKUR

===== SIDA 18 =====

18
CEO’s comment Sustainability Results & Financial positionOperations Market & Platzer Platzer Q1 2023Financing & Share
CONSOLIDATED
Key Performance Indicators Quarterly Summary
2023 
Jan–Mar
2022 
Jan–Mar
2022 
Jan–Dec
2022/2023 
Apr–Mar
Financial
Debt/equity ratio (multiple) 0.9 0.9 0.8 0.9
Interest coverage ratio (multiple) 2.6 4.1 3.6 3.2
Loan-to-value ratio, % 45 45 44 45
Equity/assets ratio, % 46 45 48 46
Return on equity, % 3.4 18.3 25.5 14.6
 
Property-related
Investment yield, % 3.9 3.6 3.5 3.7
Surplus ratio, % 76 75 76 77
Economic occupancy rate, % 92 92 92 92
Rental value, SEK/sq. m. 1,940 1,677 1,715 1,704
Lettable area, sq. m. (thousand) *) 797 826  797 797
  
    2023          2022           2021
SEK m Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
Rental income 350 308 308 302 311 304 307 296
Property costs -84 -78 -66 -69 -77 -76 -63 -68
Operating surplus 266 230 242 233 234 228 244 229
Central administration -15 -19 -9 -15 -15 -18 -11 -14
Share of profit of associates 15 -2 -3 137 187 33 26 35
Net financial income/expense -97 -78 -60 -54 -53 -54 -54 -52
Profit including share of profit of joint ventures and 
associates 169 131 169 302 352 189 204 198
- of which income from property management 161 139 184 174 173 159 177 163
Change in value, investment properties 0 -230 253 1,602 937 492 248 317
Change in value, financial instruments -87 -24 107 248248 340340 4141 4242 77
Change in value, financing arrangements - -146 -94 17 3 -140 52 1
Profit before tax 82 -268 435 2,169 1,632 582 546 523
Tax on profit for the period -4 17 -123 -417 -250 -111 -90 -107
Profit for the period 78 -251 312 1,752 1,382 472 456 416
Investment properties 27,387 26,994 27,002 26,955 25,529 26,031 24,574 24,386
Investment yield, % 3.9 3.4 3.6 3.5 3.6 3.6 4.0 3.9
Surplus ratio, % 76 75 79 77 75 75 79 77
Economic occupancy rate, % 92 92 91 92 92 91 91 91
Return on equity, % 3.4 0.8 6.0 20.3 18.3 8.6 8.9 8.8
EPRA Loan-to-Value ratio property, % (EPRA LTV) 44 43 41 40 46 50 49 50
Net reinstatement value per share, SEK (EPRA NRV) 132.25 132.63 135.20 133.12 117.30 109.74 105.35 101.38
Net tangible assets per share, SEK (EPRA NTA) 127.36 127.75 130.23 127.85 113.08 105.63 101.50 97.63
Net disposal value per share, SEK (EPRA NDV) 115.19 116.84 118.94 116.33 101.71 92.37 88.44 84.62
Income from property management less nominal tax  
per share, SEK (EPRA EPS) 1.17 1.01 1.32 1.22 1.18 1.18 1.23 1.17
Share price, SEK 80.40 82.30 67.00 66.20 116.40
135.60 132.00 129.80
Earnings after tax per share, SEK 0.65 -2.09 2.60 14.62 11.53 3.94 3.81 3.47
Operating cash flow per share, SEK 0.53 1.79 0.95 0.43 1.04 1.79 1.17 1.90
 *) Lettable area inclusive of associates 845,000 sq. m.  
For definitions and calculations of key ratios, see Financial data on our website, platzer.se  
https://investors.platzer.se/en/calculation of key performance indicators

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19
CEO’s comment Sustainability Results & Financial positionOperations Market & Platzer Platzer Q1 2023Financing & Share
PARENT COMPANY
The Parent Company does not own any properties of its own, but instead manages certain groupwide functions relating to  
management, strategy and financing. Parent Company revenue consists entirely of invoicing for services to Group companies. 
Parent Company
SEK m
2023 
Jan–Mar
2022 
Jan–Mar
2022 
Jan–Dec 
Net sales 5 4 15
Operating expenses -5 -4 -15
Net financial income/expense 28 -5 990
Change in value, financial instruments     -87 340 671
Profit/loss before tax and appropriations -60 334 1,661
Appropriations -287 - -22
Tax 82 -71 -134
Profit for the year 1) -265 264 1,505
SEK m 31 Mar 2023 31 Mar 2022 31 Dec 2022
Assets
Participations in Group companies 1,962 1,886 1,962
Other non-current financial assets (primarily financing of Group companies) 4,599 4,076 4,684
Receivables from Group companies 7,440 5,844 6,368
Other current assets 52 8 29
Cash and cash equivalents 13 54 3
Total assets 14,066 11,868 13,046
Equity and liabilities
Equity 4,268 3,568 4,809
Non-current liabilities 5,517 4,358 3,978
Liabilities to Group companies 3,096 3,756 3,257
Current liabilities 1,185 186 1,002
Total equity and liabilities 14,066 11,868 13,046
Parent Company, Balance Sheet, condensed
1)   T he Parent Company has no items of other comprehensive income and total comprehensive income is therefore the same as profit for the year.
Active urban development 
impacts both rent levels and  
 the value of properties.
AREA: LILLA BOMMEN 
PROPERTY: GULLBERGSVASS 1:17

===== SIDA 20 =====

20
Sustainability Results & Financial positionOperations Financing & Share Platzer Q1 2023CEO’s comment Market & Platzer
MARKET OUTLOOK
Sprawling market as Gothenburg enters recession 
50
60
70
80
90
100
110
120
20222021202020192018201720162015201420132012201120102009200820072006
Financial crisis
Trade and industry economic indicator in the Gothenburg region Source: National Institute of Economic Research
/Business Region Gothenburg (BRG)
Saab Automobile 
bankruptcy
Covid-19
Pandemic
62,7
Economic peak
Economic peak
89,0
The global economic downturn is expected to continue in 2023, which will affect both 
the overall Swedish economy and an export-oriented city like Gothenburg. Both infla-
tion and interest rates are expected to remain relatively high for the rest of the year, 
even though there are signs suggesting that these are about to peak and that the vari -
ous central banks will only raise key rates one or two more times.
The Swedish National Institute of Economic Research (NCIR) wrote in its March fore -
cast that the Swedish economy will enter a recession in which both private households 
and companies will feel the squeeze from inflation and constantly rising interest rates. 
Riksbanken is expected to continue to raise interest rates until July and to begin a 
series of interest rate reductions early next year. The recession is not expected to end 
until 2026.
The economic downturn can be seen in the Purchasing Manager Index (PMI) for 
industry, which declined to 45.7 in March. This is the eighth consecutive month of the 
index being outside the so-called growth zone. For the service sector the index rose to 
58.6, the second month in a row outside the growth zone.
Gothenburg economy
Gothenburg economic activity continued to decline in the fourth quarter and the index 
stood at 89.0. With an index value below the limit value of 90, it means that the 
region’s economy is now in recession. The downturn was broad, with the largest 
decline in the construction sector and industry. 
According to Business Region Göteborg, growth in Gothenburg’s 10 largest export 
markets is expected to amount to 0.9% in 2023 (2022: 2.5%), slightly down on the previ -
ous forecast.
The weak Swedish krona has so far bolstered the export industry, however, with all 
transport volumes at the Port of Gothenburg except roll on roll off (RoRo) increasing in 
the fourth quarter of 2022 compared with the same period in the previous year.
In January, unemployment in the Gothenburg region was 5.6%, still well below the 
national unemployment rate of 6.6% and also lower than the 6.2% reported in the 
Stockholm region. Employment in the past year has grown sharply in the hotel and 
restaurant sector and in information and communication. Transport and warehousing, 
knowledge-intensive services and manufacturing also reported an increase in jobs. In 
recent months, a number of companies have also announced that they intend to 
employ more people in the region. In addition, a number of major development pro -
jects are underway in the region, the largest of which is Northvolt’s and Volvo Cars’ 
investment in a battery plant and R&D centre at Hisingen, which is expected to result 
in the creation of more than 3,000 jobs.
According to the visitor night statistics of Statistics Sweden and the Swedish Agency 
for Economic and Regional Growth, the number of visitor nights in Västra Götaland 
region rose by 28% in February compared with the same month in the previous year.
Source: IMF World economic Outlook, April 2023
Global economy
2022 2023 2024
GDP growth 3.4 2.8 3.0
Inflation 8.7 7.0 4.9
Swedish  
economy
2022 2023 2024 2025
GDP growth 2.7 -0.4 1.3 3.3
Employment 2.7 0.4 -0.2 1.1
Unemployment 7.5 7.9 8.2 7.9
CPIF (Consumer price 
index with fixed interest rate) 7.7 6.1 1.7 1.8
Source: Swedish National Institute of Economic Research (NCIR)
GOTHENBURG REGION ECONOMIC INDICATOR
Source: National Institute of Economic Research/Business Region Gothenburg (BRG)

===== SIDA 21 =====

21
Sustainability Results & Financial positionOperations Financing & Share Platzer Q1 2023CEO’s comment Market & Platzer
 
MARKET OUTLOOK 
 
Industrial/Logistics
RENTAL MARKET
The logistics rental market is more subdued than before, but demand remains good in 
attractive locations. This is reflected in rent levels of approx. SEK 900 per sq. m. for 
new production in the best locations in the Gothenburg area.
The earlier sharp rise in e-commerce came to a stop in 2022, which was the first year 
of decline in this sector, both in terms of volumes and in terms of share of total retail 
sales. Looked at from a long-term perspective, the Swedish e-commerce sector has 
doubled in just a few years, resulting in pent-up demand for logistics facilities. The 
market in the Gothenburg area is also driven by the needs of the manufacturing indus -
try and the location close to the port. 
In the Gothenburg area the main logistics locations are on Hisingen, close to the 
Volvo companies’ factories, at the port and at the old airport site in Säve. Other impor -
tant logistics locations include the area around Landvetter airport and Viared outside 
Borås. 
There were no official records of major leases in the first quarter.
 
PROPERTY MARKET
The market for industrial and logistics facilities is also subdues and no major transac -
tions took place in the first quarter of 2023. This, in turn, mean that it was difficult to 
assess how the market has developed in terms of yield requirements and property val -
uations. 
The previously high rate of new production has slowed down. In addition to the pro -
jects Platzer is involved in, Catena is constructing stage 2 at Landvetter airport. 
Slightly further on along the motorway Riksväg 40, Logistic Contractor is building a 
facility in Viared, outside Borås. In Arendal, NCC & Barings is building a logistics facil -
ity of 34,000 sq. m.
Since most of the new production is built to order for tenants, the vacancy rate in 
the segment is low with regard to modern logistics premises. 
Prime Yield (%) Q1 2023 Q1 2022
CBD 4.25 3.50
City centre excl. CBD 4.90 3.90
Norra Älvstranden 5.50 4.25
Mölndal 6.00 5.00
West Gothenburg 6.50 6.00
East Gothenburg 6.00 4.75
Source: JLL
Property market, offices
Prime Yield (%) Q1 2023 Q1 2022
Stockholm Class A location 4.75 3.30
Gothenburg Class A location 4.75 3.50
Malmö Class A location 5.25 3.75
Source: Newsec
Property market industrial/logistics
Offices
RENTAL MARKET
Rent levels increased in all market segments compared with the same period in the 
previous year, but the rate of increase has slowed down recently. The largest increases 
were recorded in the City centre excl. CBD, where a large percentage of new production 
came on the market. 
Economic uncertainty was assessed as contributing to continued caution. The picture 
is not one-sided, however, and there is still demand for modern, environmentally certi-
fied premises in good locations. In addition, the majority of leases are index-linked, 
which helps push up rent levels.
At the same time, the earlier rise in vacancy levels has slowed down in recent quar -
ters. No new figures are available for the first quarter, however. 
The inflow of new production of office space in Gothenburg peaked at the turn of the 
year 2022/2023. In 2022, around 170,000 sq. m. came on the market, compared with a nor-
mal volume of 30,000–40,000 sq. m. per year.  According to JLL, levels will drop back down 
to just under 10,000 sq. m. in 2023, before rising again in 2024 to around 60,000 sq. m.  
 So far, the market has been able to absorb the new inflow well. Most of the largest 
office buildings have high occupancy rates before coming on stream and contribute to 
a rise in market rents. 
In the quarter, new leases were agreed in Våghuset and Citygate in the City centre 
excl. CBD, in Regina in CBD and in Uni3 at Norra Älvstranden.
PROPERTY MARKET
The start to 2023 was marked by falling activity in the Swedish transaction market for 
office property. The main reason for this was increasing uncertainty and rising inter -
est rates, as well as widely differing views on price levels between buyers and sellers. 
No major transactions took place in the Gothenburg area, which makes it harder to 
evaluate the market situation.
The rate of new construction of office property in the Gothenburg area is currently 
low and no major projects were launched in the first quarter.
Prime Rent (SEK/sq. m.) Q1 2023 Q1 2022
CBD 4,200 4,000
City centre excl. CBD 3,500 3,300
Norra Älvstranden 2,800 2,700
Mölndal 2,500 2,400
West Gothenburg 1,300 1,300
East Gothenburg 2,500 2,500
Rental market, office space 
Source: JLL 
Prime Rent (SEK/sq. m.) Q1 2023 Q1 2022
Stockholm Class A location 1,000 950
Gothenburg Class A location 900 775
Malmö Class A location 775 650
Rental market, industrial/logistics
Source: Newsec

===== SIDA 22 =====

22
Sustainability Results & Financial positionOperations Financing & Share Platzer Q1 2023CEO’s comment Market & Platzer
OTHER COMMENTS 
Employees and organisation
The number of employees stood at 86 as at 31 March. Our operations are divided into 
business areas based on segments: 
- Business area Offices – will build on its current position as the market leader to con -
tinue to create profitable growth in office space. 
- Business area Industrial/Logistics – its goal is to make Platzer the leading commercial 
property company in Gothenburg in industrial and logistics property. 
Each business area has overall responsibility for the property operations within 
their respective business areas. Our Group management comprises managers respon-
sible for the following functions: operations development/IT/purchasing, business 
development, finance/accounting/property analysis, communication/marketing/sus -
tainability, HR, business area Offices and business area Industrial/Logistics. 
Significant risks and uncertainties 
Effects of the war in Ukraine
The continuing war in Ukraine is impacting the property sector in general. We are con -
tinuously carrying out analysis and risk assessment of our own and our tenants’ oper -
ations in respect of the impact of the war in Ukraine. We are making adjustments to 
manage both rising prices and any delays in materials deliveries for our projects. We 
are taking measures to mitigate the impact of rising energy prices on the operation of 
our properties. 
Financial risks
Risk and uncertainty in the financial markets is reflected in reduced access to capital 
and increased cost of credit as a measure to reduce inflation. We are closely following 
this development in order to mitigate the impact on Platzer. The largest financial risk 
is limited access to financing and increased credit margins. Platzer’s financial policy 
sets outs how these risks should be approached. Underlying strong key ratios together 
with a good financial position and property with lasting value reduce the risk. 
General risks 
The general risks and uncertainties that we are primarily exposed to are further exac -
erbated by increased uncertainty around future inflation and increased costs in gen -
eral, as well as a risk of a deteriorating rental market. We use in-depth continuous 
analyses and mitigating measures to reduce the impact. We are able to do this thanks 
to good internal control, well-functioning administrative systems and tried and tested 
procedures for related processes. Our general risk assessment is described in detail in 
the 2022 Annual Report on pages 46–50 and 62–63. No significant changes have 
occurred in our assessment of risks and uncertainties since the 2022 Annual Report.
 
Related party transactions 
The company’s ongoing related party transactions are described on page 78 of the 2022 
Annual Report. There are no significant transactions with related parties other than 
what is described here. 
Accounting principles 
Platzer prepares its consolidated financial statements in accordance with IFRS (Inter -
national Financial Reporting Standards) as adopted by the EU. The same accounting 
policies and measurement principles have been applied as in the most recent Annual 
Report. The Interim Report has been prepared in accordance with IAS 34, Interim 
Financial Reporting. None of the new or revised IFRS standards or IFRIC interpreta-
tions that have come into force in 2023 has had any effect on the Group's financial 
statements. 
The Parent Company’s financial statements are prepared according to the Swedish 
Annual Accounts Act and the Swedish Financial Reporting Board’s Recommendation 
RFR2 Accounting for Legal Entities. The Parent Company applies the same accounting 
policies and measurement principles as in the most recent annual accounts. 
 
Rounding 
Individual amounts and total amounts are rounded to the nearest whole number in 
SEK million. Rounding differences may result in tables not adding up. 
    
Other comments
Significant events after the reporting period
No significant events have taken place after the end of the period.
 
 
Gothenburg, 19 April 2023
Platzer Fastigheter Holding AB (publ) 
P-G Persson  
CEO 
This interim report has not been reviewed by the company's auditors.

===== SIDA 23 =====

23
Sustainability Results & Financial positionOperations Financing & Share Platzer Q1 2023Market & PlatzerCEO’s comment
Platzer in brief
We aim to make Gothenburg the 
best city in Europe to work in.
OUR VISION
OUR RESOURCES
Employees Capital
OUR OPERATIONS
Letting and property 
management
Property projects 
and urban  
development
 
OUR VALUE CREATION
Together we creating 
lasting sustainable 
values
Property transactions
Platzer is one of the largest and leading commercial property companies in 
Gothenburg. We are proud to be participating in the creation, preservation and 
regeneration of the best locations in Gothenburg. We own and develop 73 
properties with a total lettable area of 845,000 sq. m., worth SEK 27 billion.
How we create value
We create value through management, 
development, acquisition and disposal of 
property.  
We aim to create attractive areas with 
good business opportunities for our 
clients.
Business concept   
   P latzer creates sustainable value through ownership and development of commercial 
property in Gothenburg. 
Financial targets  
  Equity/assets ratio: > 30%
  Loan-to-value ratio: not to exceed 50% over time 
  Annual increase in net asset value: >10%
  Interest coverage ratio: > 2 (multiple)
  Return on investment, project investments: >20%
Calendar 
2023
Interim Report January – June     5 J uly at 08:00 (CEST)
Interim Report January – September    1 7 October at 08:00 (CEST)
 
For further information, please visit platzer.se or contact P-G Persson, CEO,  
on +46 (0)734 11 12 22 – Fredrik Sjudin, CFO, on +46 (0)721 27 77 78

===== SIDA 24 =====

Platzer Fastigheter Holding AB (publ)
PO Box 211, SE-401 23 Gothenburg | Visiting address: Kämpegatan 7
+46 (0)31 63 12 00 | info@platzer.se | platzer.se
Registered office of Board of Directors: Gothenburg | Corporate ID No: 556746–6437