🗊Презентация Stockholm County Council

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Слайд 1


Stockholm County Council, слайд №1
Описание слайда:

Слайд 2





Disclaimer
This presentation may not be distributed in the United States or to U.S. persons as defined in Regulation S of the U.S. Securities Act 1933, as amended. 
The information contained in this Presentation has been prepared exclusively for the benefit and internal use of prospective investors in order for them to evaluate the feasibility of a potential financing for Stockholm County Council (“SCC”) and for no other purpose. This Presentation may not be used for any other purposes without the prior written consent of SCC. This Presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by SCC and other documentation and material made available in connection with a potential financing. The information does not purport to be all-inclusive or to contain all information that a prospective investor may desire. It is understood that each recipient of this Presentation will perform its own independent investigation and analysis of the proposed financing and the creditworthiness of SCC, based on such information as it deems relevant. The information contained herein is not a substitute for the recipient’s independent investigation and analysis. Recipients of this Presentation and the information contained herein must check and observe all applicable legal requirements and, for the avoidance of doubt, receipt of this Presentation and the information contained herein may not be taken as discharging the regulatory or statutory responsibilities under applicable legislation of any such recipient.
The distribution of this Presentation and a potential financing for SCC may in certain jurisdictions be restricted by law. Any persons reading this Presentation should inform themselves of and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of any such jurisdiction. SCC shall not have any responsibility for any such violations. This Presentation does not constitute an offer to sell or issue, or the solicitation of an offer to buy or subscribe, any securities in any jurisdiction.
This Presentation includes information which is or may constitute forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties and SCC cautions the recipients of this Presentation that forward-looking information and statements are not guarantees of future performance and that its actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Any such forward-looking statements and this Presentation are based on current expectations, estimates and projections about [global economic conditions and of the economic conditions of SCC. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects”, “believes”, “estimates”, “targets”, “intends”, “anticipates” or similar expressions or the negatives thereof. Important factors that could cause actual results to differ materially from those expectations include, among others, [macroeconomic fluctuations, changes in tax levels and tax basis, inflation rate, interest rates], and such other factors as may be discussed from time to time in the Presentation. Although it is believed that such expectations and the Presentation are based upon reasonable assumptions, no assurance can be given that those expectations will be achieved or that the actual results will be as set out in this Presentation. SCC is not making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither SCC nor any of its respective directors, officers or employees will have any liability to any recipient of this Presentation or any other persons resulting from such recipient’s or other person’s use. 
Potential investors should not construe the contents of this Presentation as legal, accounting or tax advice. This Presentation has been prepared for information purposes only and should not be conceived as investment advice. In making an investment decision investors must rely on their own examination of SCC including the merits and risks involved. Each prospective investor should consult with its own advisors as to the legal, accounting, tax, business, financial and related aspects of a potential financing for SCC.
Any views contained in this Presentation are based on financial, economic and other conditions prevailing at the date hereof and SCC shall be under no obligation to update this Presentation in the light of changes to such conditions or otherwise.
Описание слайда:
Disclaimer This presentation may not be distributed in the United States or to U.S. persons as defined in Regulation S of the U.S. Securities Act 1933, as amended. The information contained in this Presentation has been prepared exclusively for the benefit and internal use of prospective investors in order for them to evaluate the feasibility of a potential financing for Stockholm County Council (“SCC”) and for no other purpose. This Presentation may not be used for any other purposes without the prior written consent of SCC. This Presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by SCC and other documentation and material made available in connection with a potential financing. The information does not purport to be all-inclusive or to contain all information that a prospective investor may desire. It is understood that each recipient of this Presentation will perform its own independent investigation and analysis of the proposed financing and the creditworthiness of SCC, based on such information as it deems relevant. The information contained herein is not a substitute for the recipient’s independent investigation and analysis. Recipients of this Presentation and the information contained herein must check and observe all applicable legal requirements and, for the avoidance of doubt, receipt of this Presentation and the information contained herein may not be taken as discharging the regulatory or statutory responsibilities under applicable legislation of any such recipient. The distribution of this Presentation and a potential financing for SCC may in certain jurisdictions be restricted by law. Any persons reading this Presentation should inform themselves of and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of any such jurisdiction. SCC shall not have any responsibility for any such violations. This Presentation does not constitute an offer to sell or issue, or the solicitation of an offer to buy or subscribe, any securities in any jurisdiction. This Presentation includes information which is or may constitute forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties and SCC cautions the recipients of this Presentation that forward-looking information and statements are not guarantees of future performance and that its actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Any such forward-looking statements and this Presentation are based on current expectations, estimates and projections about [global economic conditions and of the economic conditions of SCC. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects”, “believes”, “estimates”, “targets”, “intends”, “anticipates” or similar expressions or the negatives thereof. Important factors that could cause actual results to differ materially from those expectations include, among others, [macroeconomic fluctuations, changes in tax levels and tax basis, inflation rate, interest rates], and such other factors as may be discussed from time to time in the Presentation. Although it is believed that such expectations and the Presentation are based upon reasonable assumptions, no assurance can be given that those expectations will be achieved or that the actual results will be as set out in this Presentation. SCC is not making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither SCC nor any of its respective directors, officers or employees will have any liability to any recipient of this Presentation or any other persons resulting from such recipient’s or other person’s use. Potential investors should not construe the contents of this Presentation as legal, accounting or tax advice. This Presentation has been prepared for information purposes only and should not be conceived as investment advice. In making an investment decision investors must rely on their own examination of SCC including the merits and risks involved. Each prospective investor should consult with its own advisors as to the legal, accounting, tax, business, financial and related aspects of a potential financing for SCC. Any views contained in this Presentation are based on financial, economic and other conditions prevailing at the date hereof and SCC shall be under no obligation to update this Presentation in the light of changes to such conditions or otherwise.

Слайд 3





Key Credit Highlights
Описание слайда:
Key Credit Highlights

Слайд 4





Content
Overview of SCC
Regional Macro-Economic Conditions
Financial Position
Funding Policy
Environmental Policy
2016 Green Bond Transaction
Appendix
Описание слайда:
Content Overview of SCC Regional Macro-Economic Conditions Financial Position Funding Policy Environmental Policy 2016 Green Bond Transaction Appendix

Слайд 5





SCC Responsibilities and Structure
In Sweden, public sector consists of a three-tier system:
Central Government
Higher education
Police and military
National roads
County Councils
Healthcare
Public transport
Regional planning 
Culture
Municipalities
Childcare
Compulsory education
Upper secondary education
Elderly care
Описание слайда:
SCC Responsibilities and Structure In Sweden, public sector consists of a three-tier system: Central Government Higher education Police and military National roads County Councils Healthcare Public transport Regional planning Culture Municipalities Childcare Compulsory education Upper secondary education Elderly care

Слайд 6





Strong Institutional Framework
Описание слайда:
Strong Institutional Framework

Слайд 7





Content
Overview of SCC
Regional Macro-Economic Conditions
Financial Position
Funding Policy
Environmental Policy
2016 Green Bond Transaction
Appendix
Описание слайда:
Content Overview of SCC Regional Macro-Economic Conditions Financial Position Funding Policy Environmental Policy 2016 Green Bond Transaction Appendix

Слайд 8





Sweden’s Economy in Brief
Описание слайда:
Sweden’s Economy in Brief

Слайд 9





Stockholm County Council in Numbers
Stockholm County 
is the growth 
engine of Sweden
Considerable proportion 
of the national output
Continued population growth fuelled by a strong labour market
Описание слайда:
Stockholm County Council in Numbers Stockholm County is the growth engine of Sweden Considerable proportion of the national output Continued population growth fuelled by a strong labour market

Слайд 10





Robust Underlying Economy
Описание слайда:
Robust Underlying Economy

Слайд 11





Stockholm’s Global Position
Описание слайда:
Stockholm’s Global Position

Слайд 12





Content
Overview of SCC
Regional Macro-Economic Conditions
Financial Position
Funding Policy
Environmental Policy
2016 Green Bond Transaction
Appendix
Описание слайда:
Content Overview of SCC Regional Macro-Economic Conditions Financial Position Funding Policy Environmental Policy 2016 Green Bond Transaction Appendix

Слайд 13





Financial prerequisites
In 2014, revenues amounted to 
SEK 82.5 billion
County council tax was SEK 12.10 
per taxable 100 kronor
Описание слайда:
Financial prerequisites In 2014, revenues amounted to SEK 82.5 billion County council tax was SEK 12.10 per taxable 100 kronor

Слайд 14





SCC total Investment Plans 
Selected major investments
The plan for future health and medical care
New University Hospital – A new world class university hospital
Södertälje Hospital
Expanded metro – 20 kilometres 
of new track and nine new stations
The Red Metro Line – New 
signal system and new metro cars
Описание слайда:
SCC total Investment Plans Selected major investments The plan for future health and medical care New University Hospital – A new world class university hospital Södertälje Hospital Expanded metro – 20 kilometres of new track and nine new stations The Red Metro Line – New signal system and new metro cars

Слайд 15





Content
Overview of SCC
Regional Macro-Economic Conditions
Financial Position
Funding Policy
Environmental Policy
2016 Green Bond Transaction
Appendix
Описание слайда:
Content Overview of SCC Regional Macro-Economic Conditions Financial Position Funding Policy Environmental Policy 2016 Green Bond Transaction Appendix

Слайд 16





Debt Portfolio and Financial Policy
Full hedging of all foreign exchange risk inherent in non-SEK debt
Interest rate derivatives only against underlying debt, no speculative trading
Derivatives only entered into with highly credit worthy counterparties 
(S&P:A-, Moodys:A3, Fitch:A-)
Описание слайда:
Debt Portfolio and Financial Policy Full hedging of all foreign exchange risk inherent in non-SEK debt Interest rate derivatives only against underlying debt, no speculative trading Derivatives only entered into with highly credit worthy counterparties (S&P:A-, Moodys:A3, Fitch:A-)

Слайд 17





Debt Portfolio and Maturity Profile
Total borrowings of SEK 42bn 
as per 31 December 2015
Описание слайда:
Debt Portfolio and Maturity Profile Total borrowings of SEK 42bn as per 31 December 2015

Слайд 18





Funding Plans for 2016
Budget 2016 including financing plans were approved in June 2015 by the County Council Assembly 
Estimated funding need 2016 is SEK 10 billion (including refinancing)
Описание слайда:
Funding Plans for 2016 Budget 2016 including financing plans were approved in June 2015 by the County Council Assembly Estimated funding need 2016 is SEK 10 billion (including refinancing)

Слайд 19





Strong and Stable Rating
Rated by S&P since September 1999
AA+ stable maintained since November 2007
AA+ with stable outlook since November 2007
“The ratings reflect our view of Stockholm County Council's very strong economy and very low contingent liabilities, and Sweden's extremely predictable and supportive institutional framework. The ratings are further supported by our assessments of the county council's strong financial management, budgetary flexibility, and liquidity.” (S&P October 16 2015)
Описание слайда:
Strong and Stable Rating Rated by S&P since September 1999 AA+ stable maintained since November 2007 AA+ with stable outlook since November 2007 “The ratings reflect our view of Stockholm County Council's very strong economy and very low contingent liabilities, and Sweden's extremely predictable and supportive institutional framework. The ratings are further supported by our assessments of the county council's strong financial management, budgetary flexibility, and liquidity.” (S&P October 16 2015)

Слайд 20





Content
Overview of SCC
Regional Macro-Economic Conditions
Financial Position
Funding Policy
Environmental Policy
2016 Green Bond Transaction
Appendix
Описание слайда:
Content Overview of SCC Regional Macro-Economic Conditions Financial Position Funding Policy Environmental Policy 2016 Green Bond Transaction Appendix

Слайд 21





Overarching vision
The County Council's environmental work is groundbreaking, stimulates environmental technology development and inspires other actors

The County Council's activities are climate-efficient, resource-efficient and health-promoting

Environmental work is a fundamental part of the County Council's work for sustainable societal development and for good health
Описание слайда:
Overarching vision The County Council's environmental work is groundbreaking, stimulates environmental technology development and inspires other actors The County Council's activities are climate-efficient, resource-efficient and health-promoting Environmental work is a fundamental part of the County Council's work for sustainable societal development and for good health

Слайд 22





Environmental Challenge – three target areas – 16 interim targets
Описание слайда:
Environmental Challenge – three target areas – 16 interim targets

Слайд 23





Climate Strategy
The target area Climate-Efficient is the County Council's climate strategy
Overarching climate strategy
In 2020, the County Council's total greenhouse gas emissions shall be at least 75 % lower compared with the year 1990
In 2016, the County Council's total greenhouse gas emissions shall be at least 30 % lower compared with the year 2011
Описание слайда:
Climate Strategy The target area Climate-Efficient is the County Council's climate strategy Overarching climate strategy In 2020, the County Council's total greenhouse gas emissions shall be at least 75 % lower compared with the year 1990 In 2016, the County Council's total greenhouse gas emissions shall be at least 30 % lower compared with the year 2011

Слайд 24





Climate Strategy
OVERARCHING CLIMATE GOAL
In 2016, the County Council's total greenhouse gas emissions shall be at least 30 % lower compared with the year 2011.
Result 2014: 35%
Описание слайда:
Climate Strategy OVERARCHING CLIMATE GOAL In 2016, the County Council's total greenhouse gas emissions shall be at least 30 % lower compared with the year 2011. Result 2014: 35%

Слайд 25





Climate Strategy
Goals for renewable energy
In 2016, the share of renewable fuels for transport in County Council-funded activities shall be at least 75 per cent
In 2016, the share of renewable energy for heating, cooling and electricity in premises where County Council-funded activities are conducted shall be at least 95 per cent
Results for renewable energy
Bus service. 89 percent renewable fuel in volume and 85 per cent of bus fleet is green 
All transports within the county council: 79 per cent renewable fuel
Buildings: 95 per cent renewable energy (2013: 95 %)
Locum is planing to build solar cells in at least 20 000 m2, which would make Locum largest in Sweden on solar electricity.
Описание слайда:
Climate Strategy Goals for renewable energy In 2016, the share of renewable fuels for transport in County Council-funded activities shall be at least 75 per cent In 2016, the share of renewable energy for heating, cooling and electricity in premises where County Council-funded activities are conducted shall be at least 95 per cent Results for renewable energy Bus service. 89 percent renewable fuel in volume and 85 per cent of bus fleet is green All transports within the county council: 79 per cent renewable fuel Buildings: 95 per cent renewable energy (2013: 95 %) Locum is planing to build solar cells in at least 20 000 m2, which would make Locum largest in Sweden on solar electricity.

Слайд 26


Stockholm County Council, слайд №26
Описание слайда:

Слайд 27





Resource Efficient
Reduced resource use and closed eco-cycles with respect to goods and services.
Waste as a resource is highlighted.
Food waste is collected for biogas production.
Описание слайда:
Resource Efficient Reduced resource use and closed eco-cycles with respect to goods and services. Waste as a resource is highlighted. Food waste is collected for biogas production.

Слайд 28


Stockholm County Council, слайд №28
Описание слайда:

Слайд 29





Social responsibility
The County Council has ethical 
guidelines for healthcare,
a code of conduct for suppliers, and 
regulating collaboration between healthcare and the pharmaceuticals industry.
Areas of priority:
to combat discrimination and promote equality
access for people with disabilities
SER in supply chain
Описание слайда:
Social responsibility The County Council has ethical guidelines for healthcare, a code of conduct for suppliers, and regulating collaboration between healthcare and the pharmaceuticals industry. Areas of priority: to combat discrimination and promote equality access for people with disabilities SER in supply chain

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Future environmental program is under development. The new program will be valid for 2017-2021
Some examples of areas that may be considered in the future plan:
Climate calculations 
Life cycle analysis of for example textiles
Mobility
Sustainable procurement
Описание слайда:
Future environmental program is under development. The new program will be valid for 2017-2021 Some examples of areas that may be considered in the future plan: Climate calculations Life cycle analysis of for example textiles Mobility Sustainable procurement

Слайд 31





HEALTH SYSTEMS AND HOSPITALS ARE INVITED TO JOIN GGHH AND THE 2020 CHALLENGE! 
HEALTH SYSTEMS AND HOSPITALS ARE INVITED TO JOIN GGHH AND THE 2020 CHALLENGE! 
For more information
and to sign up for the 2020 Health Care Climate Challenge visit:
www.greenhospitals.net
Описание слайда:
HEALTH SYSTEMS AND HOSPITALS ARE INVITED TO JOIN GGHH AND THE 2020 CHALLENGE! HEALTH SYSTEMS AND HOSPITALS ARE INVITED TO JOIN GGHH AND THE 2020 CHALLENGE! For more information and to sign up for the 2020 Health Care Climate Challenge visit: www.greenhospitals.net

Слайд 32





Audit of environmental performance at SCC
Annual environmental report
Every other year – external audit
Internal audit every year
Описание слайда:
Audit of environmental performance at SCC Annual environmental report Every other year – external audit Internal audit every year

Слайд 33





Content
Overview of SCC
Regional Macro-Economic Conditions
Financial Position
Funding Policy
Environmental Policy
2016 Green Bond Transaction
Appendix
Описание слайда:
Content Overview of SCC Regional Macro-Economic Conditions Financial Position Funding Policy Environmental Policy 2016 Green Bond Transaction Appendix

Слайд 34





SCC’s Green Bond Framework
Описание слайда:
SCC’s Green Bond Framework

Слайд 35





SCC’s Green Bond Framework
To secure prudence the Green Bond framework received a second opinion from the independent research center CICERO
Extract from CICERO:s second opinion on SLL:s Green Bond Framework:
”SLL takes a broad view of climate change impact in its environmental policies, incorporating life-cycle analysis and suppliers”
”Management system certified to ISO 14001 to evaluate performance with respect to its environmental objectives”
SCC Green Bond is fully compliant with Green Bond Principles
Описание слайда:
SCC’s Green Bond Framework To secure prudence the Green Bond framework received a second opinion from the independent research center CICERO Extract from CICERO:s second opinion on SLL:s Green Bond Framework: ”SLL takes a broad view of climate change impact in its environmental policies, incorporating life-cycle analysis and suppliers” ”Management system certified to ISO 14001 to evaluate performance with respect to its environmental objectives” SCC Green Bond is fully compliant with Green Bond Principles

Слайд 36





What is Miljöbyggnad Gold?

Energy:
Energy consumption
Heat power
Solar Heat Load
Energy source
Materials:
Documentation of building materials
Phase-out hazardous substances
Decontamination of hazardous substances
Описание слайда:
What is Miljöbyggnad Gold? Energy: Energy consumption Heat power Solar Heat Load Energy source Materials: Documentation of building materials Phase-out hazardous substances Decontamination of hazardous substances

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Miljöbyggnad gold, Careful scrutiny of the documents to verify compliance
Self-check of the application
Formalities check by Sweden Green Building Council
Third-party assurance
Описание слайда:
Miljöbyggnad gold, Careful scrutiny of the documents to verify compliance Self-check of the application Formalities check by Sweden Green Building Council Third-party assurance

Слайд 38





Miljöbyggnad Gold, important examples for healthcare buildings
65 % of legal demands on energy use
100 % renewable energy
Safe and healthy indoor environment with daylight, good thermal comfort and no harmful emissions 
Documentation of all building materials
No uses of harmful substances
Описание слайда:
Miljöbyggnad Gold, important examples for healthcare buildings 65 % of legal demands on energy use 100 % renewable energy Safe and healthy indoor environment with daylight, good thermal comfort and no harmful emissions Documentation of all building materials No uses of harmful substances

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SCC’s Green Bond transaction 2014
Описание слайда:
SCC’s Green Bond transaction 2014

Слайд 40





SCC’s Green Bond transaction 2015
Описание слайда:
SCC’s Green Bond transaction 2015

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SCC’s Green Bond projects 2016
Описание слайда:
SCC’s Green Bond projects 2016

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Eligible projects 2016
Описание слайда:
Eligible projects 2016

Слайд 43


Stockholm County Council, слайд №43
Описание слайда:

Слайд 44





Eligible projects 2016
An upgrade of the red metro line
25 percent higher capacity during rush hours
New depot
New subway trains
New traffic control system and control center
Описание слайда:
Eligible projects 2016 An upgrade of the red metro line 25 percent higher capacity during rush hours New depot New subway trains New traffic control system and control center

Слайд 45





Contact details
Описание слайда:
Contact details

Слайд 46





Content
Overview of SCC
Regional Macro-Economic Conditions
Financial Position
Funding Policy and Plans
Appendix
Описание слайда:
Content Overview of SCC Regional Macro-Economic Conditions Financial Position Funding Policy and Plans Appendix

Слайд 47





Stockholm County Council organisation
Описание слайда:
Stockholm County Council organisation

Слайд 48





Prudent Budget for Balanced Finances
Forecast 2015
Forecast 2015
Budget is set by the County Council Assembly
Budget facts
Budget is set by the County Council Assembly
Budget must balance according to Swedish law
SCC has the right to levy tax
Predictable revenues with tax forecasts 5–7 times per year
Stable track record
Описание слайда:
Prudent Budget for Balanced Finances Forecast 2015 Forecast 2015 Budget is set by the County Council Assembly Budget facts Budget is set by the County Council Assembly Budget must balance according to Swedish law SCC has the right to levy tax Predictable revenues with tax forecasts 5–7 times per year Stable track record

Слайд 49


Stockholm County Council, слайд №49
Описание слайда:

Слайд 50


Stockholm County Council, слайд №50
Описание слайда:

Слайд 51





Follow-ups
Описание слайда:
Follow-ups



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