Wihlborgs Fastigheter AB Interim Report Jan-Mar 2015

Transcription

1 Wihlborgs Fastigheter AB Interim Report Jan-Mar 2015 Anders Jarl, CEO Arvid Liepe, CFO 29 April, 2015 Bild 1

2 Summary January-March 2015 Rental income increased by 2 percent to SEK 470 million (462) Operating surplus* increased by 4 percent to SEK 332 million (320) Income from property management* increased by 10 percent to SEK 212 million (192) Profit after tax for the period amounted to SEK 315 million (73), corresponding to SEK 4.10 (0.95) per share * Excluding payments for early lease termination 2

3 Income statement, January-March 2015 SEKm Jan-Mar 2015 Jan-Mar 2014 Rental income % Operating surplus % Income property management % Early lease termination Change in value of properties Change in value of derivatives Pre-tax profit Profit for the period

4 Solid customers Axis City of Helsingborg Customs Service Malmö University Nordic Choice Hotels Qlik SAAB Kockums Skåne Regional Council TeliaSonera ÅF 19% of rental income Governmental tenants 18% 4

5 Net letting SEKm Q1, 2015 Q1, 2014 New leases Terminations Net leasing

6 Net letting SEKm New leases Terminations Net Q1 6

7 Rental growth for the entire property stock Rental value 2,100 2, % Rental income 1,902 1, % 7

8 Rental growth like for like offices, Sweden Rental value 1,403 1, % Rental income 1,304 1, % 8

9 Portfolio 1 April 2015 office properties Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % Malmö 9, Helsingborg 3, Lund 4, Copenhagen 1, Total 19,518 1, ¹ excluding property management 9

10 Portfolio 1 April 2015 Industrial/Warehousing Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % Malmö 1, Helsingborg 2, Lund Copenhagen Total 4, ¹ excluding property management 10

11 Portfolio 1 April 2015 the entire property stock Total excluding Projects & Land Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % 23,716 1, Total Wihlborgs 24,998 1, ¹ excluding property management 11

12 A focused portfolio in a growing region m m m m 2 Percent of the market value 12

13 Changes in carrying amount SEKm Carrying amount 1 Jan ,299 Acquisitions 198 Investments 252 Properties sold -78 Changes in value 378 Currency translations -51 Carrying amount 31 Mar ,998 13

14 Acquisition Q1, Kroksabeln 12 in Helsingborg Price: 151 SEKm Area: 15,000 m 2 14

15 Acquisition Q1, Stationsalléen in Herlev Price: 38 DKKm Area: 5,600 m 2 15

16 Project investments SEKm Investments 252 Projects in progress 1,006 Invested by period end -857 Remains to invest

17 Wihlborgs in brief Employees 113 Properties 270 Lettable area, m 2 1,571,000 Rental value, SEKm 2,100 Property value, SEKm 24,998 Rental income, SEKm 1,902 Economic occupancy rate*, % 91 *Excluding Projects & Land 17

18 Largest shareholders No. of shares, 000 Share of capital, % Erik Paulsson 7, Länsförsäkringar Funds 4, SEB Funds 3, SHB Funds 2, Qviberg family 2, Robur Funds 1, Skandia Funds Lannebo Funds Tibia Konsult AB DnB Carlson Funds Other shareholders reg in Sweden 24, Other shareholders reg abroad 27, Total outstanding shares 76,

19 Consolidated income statement Jan-Mar 2015 Jan-Mar 2014 Rental income Other revenues Operating costs Operating surplus Central administration Net interest Income property management Changes in value of properties Changes in value of derivatives Pre-tax profit Current tax -2-2 Deferred tax Profit for the period

20 Consolidated balance sheet Jan-Mar 2015 Jan-Mar 2014 Managed properties 24,998 22,751 Other fixed assets Derivatives 0 48 Current receivables Liquid assets Total assets 25,590 23,317 Equity 7,281 6,967 Deferred tax liability 1,719 1,509 Borrowings 14,359 13,586 Derivatives 1, Other long-term liabilities Current liabilities Total equity and liabilities 25,590 23,317 20

21 Key figures Jan-Mar 2015 Jan-Mar 2014 Equity/assets ratio, percent Leverage properties, percent Interest coverage ratio, multiple Surplus ratio, percent Per share, SEK Equity 22 percent tax Equity 0 percent tax EPRA net asset value Earnings Income from property management

22 EPRA net asset value Per share 160 SEK Q1 22

23 Growth in EPRA net asset value Adjusted for dividend 25 % Average: 15.6 percent Q1 23

24 Structure of interest and loan maturities Matures year Loan amount SEKm Interest maturity Average interest rate, % Credit agreement, SEKm Loan maturity Utilised, SEKm , ,635 4, ,877 3, ,768 3, >2019 9, ,577 1,577 Total 14, ,821 14,359 Average fixed interest period: 6.2 years (6.0) Average loan maturity: 4.2 years (4.1) 24

25 Current financing, March 2015 Bonds 16 % Danish banks 12 % Swedish banks 72 % 25

26 Derivatives Interest, % Closable End date Cancellable swaps quarterly , Interest-rate swaps 2, , , , Threshold swap 1, threshold

27 Deficit in interest rate derivatives portfolio Cancellable swaps -413 Threshold swap -154 Fixed rate swaps -777 Sum -1,344 Deficit ,148 Net January-March

28 28 Investments in progress

29 Floretten 4, Helsingborg Area: 4,800 m 2 Completed: Q2, 2015 Investment: 104 SEKm 29

30 Terminalen 1 (Knutpunkten), Helsingborg Area: 8,000 m 2 Completed: Q1, 2016 Investment: 315 SEKm 30

31 31 MaxLab IV, Lund

32 32 Investments in pipeline

33 Polisen 1, Helsingborg Area: 4, ,000 m 2 Possible start:

34 Postterminalen 1, Lund Area: 8, ,000 m 2 Possible start:

35 Gängtappen 1, Malmö Area: 13,000 m 2 Start:

36 Kranen 8, Malmö Area: 12,000 m 2 Start:

37 Dockan, Malmö Area: 8,000 m 2 Possible start:

38 Sirius, Malmö Area: 6,000 m 2 Start: 2015/

39 39 Nyhamnen, Malmö

40 40

41 Summary of Q Rental income rises, costs decline Increased income from property management + 10 percent Strong balance sheet and cash flow Growth opportunities in an active rental market 41

42 Thank you