Interim report Anders Jarl, CEO and Arvid Liepe, CFO Ulrika - - PowerPoint PPT Presentation

▶
interim report
SMART_READER_LITE
LIVE PREVIEW

Interim report Anders Jarl, CEO and Arvid Liepe, CFO Ulrika - - PowerPoint PPT Presentation

Oct 01, 2022 328 likes •709 views

Wihlborgs Fastigheter AB Interim report Anders Jarl, CEO and Arvid Liepe, CFO Ulrika Hallengren January March, 2018 Summary January-March 2018 Rental income increased by 22 percent to SEK 668 million (549) Operating surplus

slide-1
SLIDE 1

Wihlborgs Fastigheter AB Interim report

Anders Jarl, CEO and Arvid Liepe, CFO Ulrika Hallengren January – March, 2018

slide-2
SLIDE 2

2

Summary January-March 2018

  • Rental income increased by 22 percent to

SEK 668 million (549)

  • Operating surplus increased by 19 percent

to SEK 460 million (388)

  • Income from property management increased

by 25 percent to SEK 325 million (261)

  • Result for the period amounts to SEK 303

million (289), corresponding to earnings per share of SEK 3.94 (3.76)

slide-3
SLIDE 3

3

SEK m Q1 2018 Q1 2017 Percent Rental income 668 549 + 22 Operating surplus 460 388 + 19 Income property management 325 261 + 25 Change in value of properties 46 56 Change in value of derivatives 17 54 Pre-tax profit 388 371 Profit for the period 303 289

Income statement

slide-4
SLIDE 4

4

SEK m Q1 2018 Q1 2017 Rental income 668 549 Operating surplus 460 388 Surplus ratio, % 69 71 Old accounting method Rental income 648 541 Operating surplus 460 388 Surplus ratio, % 71 72

Income statement, comparing accounting methods

slide-5
SLIDE 5

5 SEK m Q1 2018 Q1 2017

New leases 53 62 Terminations 35 39 Net leasing 18 23

Net letting

slide-6
SLIDE 6

6

SEK m

Net letting, quarterly

New leases Terminations Net

  • 100
  • 80
  • 60
  • 40
  • 20

20 40 60 80 100 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

slide-7
SLIDE 7

7

Rental growth for the entire property stock

01-04-2018 SEK m 01-04-2017 SEK m Percent

Rental value 2,868 2,391 +19.9 Rental income 2,668 2,189 +21.9

Rental growth like-for-like*

01-01-2018 SEK m 01-01-2017 SEK m Percent

Rental value 2,469 2,391 + 3.3 Rental income 2,305 2,189 + 5.3

*Excluding Projects & Land

slide-8
SLIDE 8

8

Portfolio - Office properties

¹ excluding property admin.

Market value SEK m

  • Op. surplus,

SEK m1 Occupancy rate, % Running yield, % Yield fully let, %

Malmö 14,170 664 95 4.7 5.0 Helsingborg 4,639 239 94 5.1 5.6 Lund 6,010 317 93 5.3 5.8 Copenhagen 6,781 415 94 6.1 6.6 Total 31,600 1,635 94 5.2 5.6

1 April, 2018

¹ excluding property admin.

slide-9
SLIDE 9

9

Portfolio - Industrial/Warehousing

¹ excluding property admin.

Market value SEK m

  • Op. surplus,

SEK m1 Occupancy rate, % Running yield, % Yield fully let, %

Malmö 2,285 164 94 7.2 7.7 Helsingborg 2,950 212 90 7.2 8.3 Lund 149 10 84 6.7 8.3 Copenhagen 439 33 88 7.5 8.8 Total 5,823 419 91 7.2 8.1

1 April, 2018

slide-10
SLIDE 10

10

Portfolio the entire property stock

Market value SEK m

  • Op. surplus,

SEK m1 Occupancy rate, % Running yield, % Yield fully let, %

Total excluding Projects & Land 37,422 2,054 94 5.5 6.0 Total Wihlborgs 39,396 2,067 93 5.2 5.8

¹ excluding property admin.

1 April, 2018

slide-11
SLIDE 11

11

Axis City of Helsingborg City of Malmö Danske Bank Försäkringskassan SAAB Skåne Regional Council Swedish Tax Agency ÅF Qlik

  • f rental income

21 %

Governmental tenants

Solid customers

20 %

slide-12
SLIDE 12

12

Changes in Investment Properties

SEK m Carrying amount 1 January 2018 38,612 Acquisitions 149 Investments 282 Properties sold Changes in value 46 Currency translations 307 Carrying amount 31 March 2018 39,396

slide-13
SLIDE 13

13

5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 2018 SEK m

Increased value in the portfolio

slide-14
SLIDE 14

14

20

A focused portfolio in a growing region Total SEK 39.4 billion

18

Percent of the market value

17 45

591,000 m2 546,000 m2 220,000 m2 728,000 m2

slide-15
SLIDE 15

15

Consolidated balance sheet, SEK m 31-03-2018 31-03-2017 Investment properties 39,396 33,217 Other fixed assets 338 294 Current receivables 185 173 Liquid assets 208 131 Total assets 40,217 33,815 Equity 13,913 11,752 Deferred tax liability 3,055 2,442 Borrowings 21,145 17,603 Derivatives 926 1,090 Other long-term liabilities 55 53 Current liabilities 1,033 875 Total equity and liabilities 40,127 33,815

slide-16
SLIDE 16

16

Key figures 31-03-2018 31-03-2017 Equity/assets ratio, percent 34.7 34.8 Leverage properties, percent 53.7 53.0 Interest coverage ratio, multiple 3.6 3.2 Surplus ratio, percent 69 71 Per share, SEK Equity 22 percent tax 181.03 152.91 Equity 0 percent tax 220.77 184.68 EPRA net asset value 232.82 198.86 Earnings per share 3.94 3.76 EPRA EPS 3.90 3.07

slide-17
SLIDE 17

17

EPRA net asset value

Per share

Average growth: 19 percent

50 100 150 200 250 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 2018 SEK

slide-18
SLIDE 18

18

Current financing, March 2018

Bank loans 46 % Danish mortgage loans 31 % Bonds 23 %

slide-19
SLIDE 19

19

45,0 50,0 55,0 60,0 65,0

Loan-to-value %

Stable financial position

Financial targets

  • Max. loan-to-value

60 %

  • Min. equity/Assets

30 %

  • Min. interest coverage

2.0 multiple

0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0

Interest coverage, multiple

25,0 30,0 35,0

Equity/Assets %

slide-20
SLIDE 20

20

Strong earnings relative to borrowings

0,0 2,0 4,0 6,0 8,0 10,0 12,0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 2018 Multiple

Borrowings / Operating surplus

slide-21
SLIDE 21

21

Structure of interest and loan maturities

Matures year Loan amount SEK m Average interest rate, % Credit agreement SEK m Utilised, SEK m

2018 8,425 1.24 1,568 1,568 2019 1,519 0.53 10,346 9,361 2020 0.00 4,473 3,518 2021 4,000 3.71 375 375 2022 2,000 3.08 >2022 5,202 3.72 6,325 6,325 Total 21,145 2.44 23,087 21,145

INTEREST MATURITY LOAN MATURITY

Average fixed interest period: 4.0 years (4.0) Average loan maturity: 6.0 years (6.2)

slide-22
SLIDE 22

22

Fixed interest period and loan maturity

1 2 3 4 5 6 7 8 sep-06 mar-07 sep-07 mar-08 sep-08 mar-09 sep-09 mar-10 sep-10 mar-11 sep-11 mar-12 sep-12 mar-13 sep-13 mar-14 sep-14 mar-15 sep-15 mar-16 sep-16 mar-17 sep-17 mar-18

Fixed interest period, years

1 2 3 4 5 6 7 sep-06 mar-07 sep-07 mar-08 sep-08 mar-09 sep-09 mar-10 sep-10 mar-11 sep-11 mar-12 sep-12 mar-13 sep-13 mar-14 sep-14 mar-15 sep-15 mar-16 sep-16 mar-17 sep-17 mar-18

Loan maturity, years

slide-23
SLIDE 23

23

Interest rate sensitivity

  • Interest bearing debt as of March 2018, SEK 21.1 billion
  • Interest rate derivatives amounting to SEK 9.5 billion reduces sensitivity

1,0 1,5 2,0 2,5 3,0 3,5 4,0 0,0 0,5 1,0 1,5 2,0 2,5 3,0

%

Sensitivity, average interest rate, %

Change, market interest, %

slide-24
SLIDE 24

Investments in progress

slide-25
SLIDE 25

25

SEK m

Investments 282 Projects in progress 1,607 Invested by period end

  • 908

Remains to invest 699

January – March 2018

Project investment

slide-26
SLIDE 26

26

Polisen 5

HELSINGBORG Area: 4,000 sq.m Completion: Q3, 2019 Investment: 182 SEK m

slide-27
SLIDE 27

27

Kranen 9

MALMÖ Area: 2,200 sq.m Completion: Q4, 2018 Investment: 114 SEK m

slide-28
SLIDE 28

28

Dungen (Gimle 1)

MALMÖ Area: 9,000 sq.m Completion: Q1, 2019 Investment: 392 SEK m

slide-29
SLIDE 29

29

Sunnanå 12:53

MALMÖ Area: 2,300 sq.m Completion: Q3, 2018 Investment: 66 SEK m

slide-30
SLIDE 30

30

Origo (Bure 2)

MALMÖ Area: 6,800 sq.m Completion: Q3, 2019 Investment: 238 SEK m

slide-31
SLIDE 31

31 LUND Area: 1,900 sq.m Completion: Q4, 2019 Investment: 63 SEK m

Raffinaderiet 5

slide-32
SLIDE 32

Investments in pipeline

slide-33
SLIDE 33

33

Prisma, Oceanhamnen

HELSINGBORG Area: 11,000 sq.m

  • Plan. start: Q2, 2018
slide-34
SLIDE 34

34

Ideontorget

LUND Area: appr. 20,000 sq.m. Start: TBD

slide-35
SLIDE 35

35

Hyllie 2

MALMÖ Area: 20,000 sq.m

slide-36
SLIDE 36

Summary

Growth driven by acquisitions, but also by higher rents, reduced vacancy and new developments Very strong cashflow growth Strong balance sheet maintained Growth continues 2018

slide-37
SLIDE 37