Wihlborgs Fastigheter AB Interim Report Jan-Jun 2015

Transcription

1 Wihlborgs Fastigheter AB Interim Report Jan-Jun 2015 Anders Jarl, CEO Arvid Liepe, CFO 6 July, 2015 Bild 1

2 Wihlborgs raises performance again Rental income increased by 2 percent to SEK 950 million (930) Operating surplus* increased by 3 percent to SEK 689 million (671) Income from property management* increased by 9 percent to SEK 452 million (415) Profit after tax for the period amounted to SEK 961 million (112), corresponding to SEK (1.46) per share * Excluding payments for early lease termination 2

3 Income statement, April-June 2015 SEKm Apr-Jun 2015 Apr-Jun 2014 Rental income % Operating surplus % Income property management % Early lease termination 7 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 20% of rental income Governmental tenants 18% 4

5 Net letting SEKm Q2, 2015 Q2, 2014 New leases Terminations Net leasing

6 Net letting SEKm New leases Terminations Net

7 Rental growth for the entire property stock Rental value 2,101 2, % Rental income 1,888 1, % 7

8 Rental growth like for like offices, Sweden Rental value 1,388 1, % Rental income 1,297 1, % 8

9 Portfolio 1 July 2015 office properties Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % Malmö 9, Helsingborg 3, Lund 4, Copenhagen 1, Total 19,365 1, ¹ excluding property management 9

10 Portfolio 1 July 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 July 2015 the entire property stock Total excluding Projects & Land Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % 23,586 1, Total Wihlborgs 25,142 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 Managed properties 1 Jan ,299 Acquisitions 220 Investments 450 Properties sold -249 Changes in value 491 Currency translations -69 Managed properties 30 June ,142 13

14 Project investments SEKm Investments 450 Projects in progress 1,208 Invested by period end -806 Remains to invest

15 Wihlborgs in brief Employees 116 Properties 269 Lettable area, m 2 1,575,000 Rental value, SEKm 2,101 Property value, SEKm 25,142 Rental income, SEKm 1,888 Economic occupancy rate*, % 91 *Excluding Projects & Land 15

16 Consolidated income statement Jun 2015 Jun 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 1, Current tax -5-4 Deferred tax Profit for the period

17 Consolidated balance sheet Jan-Jun 2015 Jan-Jun 2014 Managed properties 25,142 23,178 Other fixed assets Derivatives 0 0 Current receivables Liquid assets Total assets 25,840 23,617 Equity 7,561 6,680 Deferred tax liability 1,879 1,529 Borrowings 14,674 14,033 Derivatives Other long-term liabilities Current liabilities Total equity and liabilities 25,840 23,617 17

18 Key figures Jan-Jun 2015 Jan-Jun 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

19 19 EPRA net asset value Per share

20 Growth in EPRA net asset value Adjusted for dividend Average: 15.6 percent 20

21 Structure of interest and loan maturities Matures year Loan amount SEKm Interest maturity Average interest rate, % Credit agreement, SEKm Loan maturity Utilised, SEKm , ,642 3, ,877 3, ,268 4, >2019 9, ,553 1,553 Total 14, ,303 14,674 Average fixed interest period: 5.2 years (6.0) Average loan maturity: 4.0 years (4.1) 21

22 Current financing, June 2015 Bonds 18 % Danish banks 12 % Swedish banks 70 % 22

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

24 Deficit in interest rate derivatives portfolio Cancellable swaps -237 Threshold swap -120 Fixed rate swaps -538 Sum -895 Deficit ,148 Net January-June

25 25 Acquisitions after the reporting end

26 26 Acquisitions after the reporting period

27 27 Karin 11 and Nora 11, Malmö Investment: SEK 1 billion Area: 45,000 m 2

28 28

29 29 Investments in progress

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

31 Gängtappen 1, Malmö Area: 14,000 m 2 Completion: Q2, 2016 Investment: 242 SEKm 31

32 Kranen 8, Malmö Area: 12,000 m 2 Completion: Q2,

33 33 Investments in pipeline

34 34 Nyhamnen

35 35

36 Sirius, Nyhamnen Malmö Area: 6,000 m 2 Start: Q4,

37 Postterminalen, Lund Area: 8, ,000 m 2 Start: Q4,

38 Polisen 1, Helsingborg Area: 4, ,000 m 2 Start: Q1,

39 Summary of Q Net letting back on track Income from property management up 8 percent Large acquisition 1st of July Well positioned for future development 39

40 Thank you