PRELIMINARY FINANCIAL STATEMENT Q4 2019 PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
ATRIUM LJUNGBERG IN BRIEF 13% UPPSALA Number of properties 70 72% STOCKHOLM Property value SEK 49 billion Contracted annual rent SEK 2,6 billion Lettable area 1 176 000 m 2 Letting rate 93 % 6% GÖTEBORG Contracted annual rent per premises type Offices 50 %, 1 296 mkr Retail 26 %, 662 mkr FMGC 6 %, 158 mkr Restaurants 5 %, 121 mkr 9% MALMÖ Culture / education 4 %, 108 mkr Healthcare 4 %, 96 mkr Other 3 %, 88 mkr Residential 2 %, 49 mkr PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
REFINEMENT OF THE PROPERTY PORTFOLIO 31/12/2009 – 31/12/2019 Reduction of retail in favour of offices Offices 50 % Offices 31 % Retail 26 % Retail 51 % FMGC 6 % Other 14 % Restaurants 5 % 2019 2009 Culture / education 4 % Healthcare 4 % Other 3 % Residential 2 % Now only in Sweden’s four major cities Stockholm 81 % Stockholm 72 % Uppsala 9 % Uppsala 13 % Malmö 6 % Malmö 9 % 2019 2009 Sweden other 4 % Gothenburg 6 % PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
STRONGLY EXPANDED PROJECT PORTFOLIO Increased property value Increased project portfolio SEK m SEK m 50 000 30 000 40 000 20 000 30 000 20 000 10 000 10 000 0 0 2009-12-31 2019-12-31 2009-12-31 2019-12-31 Change of detailed development plan required Land and development rights Development properties Detailed development plan exists Propject properties Investment properties Decided projects PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
EVENTS FOURTH QUARTER 2019 • Lease agreement with Nordic Choice for an additional 3,000 sqm in Tapetfabriken • Decision to start Sickla Galleria phase IV, with 200 parking spaces and 3,000 sqm of new retail space • Several lettings in Sickla Front II and Curanten in Sickla • Prepared the organization for the future with a new organization and the appointment of several new positions. Sickla Galleria phase IV PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
AN INTENSE 2019 • Access to 14 properties in Slakthusområdet (Meat Packing district) • Sale of residential properties in Kista • After some delays, several major projects are now underway, Life City and Bas Barkarby • Entry into the EPRA index, which have significantly increased turnover in the share Kylhuset 15 in Slakthusområdet PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
RECORD VOLUME ON TRANSACTION MARKET Dividend yield requirements for offices and 10-year government Transaction volume, SEK billion bond interest 250 7% 6% 200 5% 4% 150 3% 100 2% 1% 50 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 -1% 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 SE GOV 10Y Prime yield (Offices Stockholm CBD) Stockholm Gothenburg Malmö Sweden Other Prime yield (Offices Gothenburg CBD) Prime yield (Offices Malmö CBD) Shopping centers Source: Savills PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
LOW VACANCIES KEEPING DEMAND UP Contracted annual rent per area, SEK/m 2 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Stockholm CBD Prime Vasastaden/Norrmalm Kista Southern suburbs Södermalm Lindholmen Malmö CBD Source: Savills PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
RETAIL SALES GREW BY 3.5 % DURING 2019 Retail sector’s development and forecast 1991 - 2020 (rolling prices, %) 9% 6% 3% 0% -3% -6% 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
FASHION STILL STRUGGLES Retail development by industry, current prices 6,00% 4,4% 4,0% 4,00% 3,6% 3,5% 3,4% 2,00% 1,2% 1,0% 0,00% -2,00% -4,00% -5,3% -6,00% Source: SCB (preliminary full-year development) PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
RECOVERY ON THE HOUSING MARKET New production for sale Prices for tenant-owned dwellings , SEK/ m 2 Queue times for new production, years 9 100 000 10 000 90 000 9 000 8 80 000 8 000 7 70 000 7 000 6 60 000 6 000 5 50 000 5 000 4 40 000 4 000 3 30 000 3 000 20 000 2 2 000 10 000 1 1 000 0 0 0 2005 2007 2009 2011 2013 2015 2017 2019 2001 2004 2007 2010 2013 2016 2019 2015 2016 2017 2018 2019 2020 Stockholm inner city Stockholms län Stockholm region Uppsala Stockholm close suburbs Västra Götalands län Skåne län Göteborg inner city Malmö region Uppsala län Source: Booli Source: Värderingsdata Source: Bostadsförmedlingen Stockholm, Boplats Syd and Uppsala Bostadsförmedling
NET LETTING • Net letting during the fourth quarter SEK -8 m of which SEK -4 m in project properties. Affected by a couple of notice of terminations in offices in Hagastaden, SEK -22 m. • SEK -82 m for the period, of which SEK -46 m in project properties. Katarinahuset in Slussen that is being prepared for project contributes with SEK -85 m. SEK m 100 80 60 40 20 0 -20 -40 -60 -80 Q2 Q2 Q1 Q3 Q4 Q1 Q3 Q1 Q2 Q3 Q4 2017 2018 2019 Investment properties Project properties Glashuset and Katarinahuset in Slussen Net letting PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
CONSOLIDATED INCOME STATEMENT 2019 2018 SEK m Jan-Jun Jan-Jun Δ % Rental income 2,577 2,412 + 6.9 % Property costs* -844 -764 + 10.5 % Operating surplus * 1,733 1,648 + 5.2 % Central administration (property management) -80 -73 Project- and construction work -59 -59 Net financial items -360 -302 Profit/loss before changes in value 1,234 1,214 + 1.7 % Change in the value of properties, unrealised 2,283 2,516 Change in the value of properties, realised 73 121 Change in the value of financial instruments -139 -69 Profit/loss before tax 3,450 3,781 Tax -643 -329 Profit for the period 2,807 3,453 *excluding effect of introduction of IFRS 16 PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
RENTAL INCOME AND PROPERTY COST Rental income trend (SEK m) 2019 2018 Δ % • Like-for-like portfolio 1/1-31/12 1/1-31/12 Like-for-like portfolio 2,223 2,099 + 5.9 % – Rental income increased by 5.9% Non-recurring renum. 4 5 – Property cost increased by 11.1% Project properties 184 117 • EPRA vacancy rate 6% Acquisitions 127 14 • Some bad debt losses Sold properties 39 177 • New concepts Rental income 2,577 2,412 + 6.9 % • Property tax, increased costs and Property cost trend (SEK m) increased surcharges 2019 2018 1/1-31/12 1/1-31/12 Δ % Like-for-like portfolio -730 -657 + 11.1 % Project properties -59 -46 Acquisitions -41 -9 Sold properties -14 -52 Property cost -844 -764 + 10.5 % PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
STRONG INCREASE IN RENTAL INCOME LIKE-FOR-LIKE Like-for-like rental income growth Operating surplus and operating surplus margin % SEK m 500 75 7,0% 450 400 70 5,9% 350 5,0% 300 65 250 200 60 150 100 55 50 0 50 Q2 Q3 Q4 Q1 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Office- Retail- Residential- Total 2019 2017 2018 properties properties properties Operating surplus, SEK m Operating surplus, % PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
LOWER GEARING RATIO AND DECLINING GROWTH AFTER NET SALES IN 2018 AND RECONSTRUCTION PROJECTS Profit before changes in value and gearing ratio SEK m % 1 400 48 1 200 46 1 000 44 800 42 600 40 400 38 200 36 0 34 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Profit before changes in value Gearing ratio PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
INVESTMENTS OF SEK 1 810 MILLION IN HELD PROPERTIES SEK m 2 000 1 810 1 758 1 800 1 593 1 600 1 400 1 200 1 002 1 000 768 800 707 600 400 200 0 2014 2015 2016 2017 2018 2019 xxxxxxxxxxxxxxxxxxx Vision for Bas Barkarby in Järfälla PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
INCREASE IN PROPERTY VALUES WITH 5.4% DURING THE YEAR Unrealised changes in value, properties (SEK m) 2019 2018 Jan-Dec Jan-Dec Change in yield requirements 1,271 487 Change in operating net etc. 936 2,029 Building rights 76 - Total 2,283 2,516 Vision for Slussen PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
CONSOLIDATED ASSETS 2019 2018 (SEK m) 31/12 31/12 Investment properties 47,513 43,310 1 305 - Leasehold Goodwill 225 225 Other fixed assets 73 45 Derivatives 82 - Total fixed assets 49,198 43,579 Development properties 997 891 Current assets 411 323 Liquid assets 457 335 Total current assets 1,865 1,549 Total assets 51,062 45,128 PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
INCREASING SHARE OF CAPITAL MARKET FINANCING Development, financing sources 2014-2019, SEK billion Interest-bearing liabilities 22 Bank loans 33 %, 6 742 m 20 Direct financing 5 %, 1 030 m 18 16 Green bank loans 8 %, 1 546 mkr 14 Green bonds 29 %, 5 916 m 12 Bonds 11 %, 2 207 m 10 Commercial paper 14 %, 2 769 m 8 6 4 2 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Secured loans correspond to 18% of total assets 2015 2019 2017 2018 2014 2016 Green financing represents 37% of liabilities Bank loans Direct financing Green bank loans Green bonds Bonds Commercial paper PRELIMINARY FINANCIAL STATEMENT Q4 2019 ATRIUM LJUNGBERG
Recommend
More recommend
