Wihlborgs Fastigheter AB Interim Report Jan-Sep 2015

Transcription

1 Wihlborgs Fastigheter AB Interim Report Jan-Sep 2015 Anders Jarl, CEO and Arvid Liepe, CFO 21 October, 2015 Bild 1

2 Wihlborgs strongest quarter thus far Rental income increased by 3 percent to SEK 1,435 million (1,388) Operating surplus* increased by 4 percent to SEK 1,065 million (1,025) Income from property management* increased by 11 percent to SEK 711 million (639) Profit after tax for the period amounted to SEK 1,343 million (190), corresponding to SEK (2.47) per share 2 * Excluding payments for early lease termination

3 Income statement, July-September 2015 SEKm Jul-Sep 2015 Jul-Sep 2014 Rental income % Operating surplus % Income property management % Early lease termination 12 0 Change in value of properties Change in value of derivatives Pre-tax profit Profit for the period

4 Solid customers Axis City of Helsingborg City of Malmö Customs Service Qlik SAAB Kockums Skåne Regional Council Swedish Tax Agency TeliaSonera ÅF 20% of rental income Governmental tenants 20% 4

5 Net letting SEKm Q3, 2015 Q3, 2014 Jan-Sep 2015 Jan-Sep 2014 New leases Terminations Net leasing

6 Net letting SEKm New leases Terminations Net

7 Rental growth for the entire property stock Rental value 2,178 2, % Rental income 1,907 1, % 7

8 Rental growth like for like offices, Sweden Rental value 1,340 1, % Rental income 1,243 1, % 8

9 Portfolio 1 October 2015 office properties Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % Malmö 10, Helsingborg 3, Lund 4, Copenhagen 1, Total 20,262 1, ¹ excluding property management 9

10 Portfolio 1 October 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 October 2015 the entire property stock Total excluding Projects & Land Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % 24,567 1, Total Wihlborgs 26,694 1, ¹ excluding property management 11

12 A focused portfolio in a growing region ,000 m 2 174,0000 m ,000 m ,000 m 2 Percent of the market value 12

13 Changes in carrying amount SEKm Managed properties 1 Jan ,299 Acquisitions 1,126 Investments 730 Properties sold -322 Changes in value 884 Currency translations -23 Managed properties 30 Sep ,694 13

14 Project investments SEKm Investments 730 Projects in progress 1,142 Invested by period end -595 Remains to invest

15 Wihlborgs in brief Employees 118 Properties 270 Lettable area, m 2 1,632,000 Rental value, SEKm 2,178 Property value, SEKm 26,694 Rental income, SEKm 1,907 Economic occupancy rate*, % 91 *Excluding Projects & Land 15

16 Consolidated income statement Jan-Sep 2015 Jan-Sep 2014 Rental income 1,435 1,388 Other revenues Operating costs Operating surplus 1,097 1,074 Central administration Net interest Income property management Changes in value of properties Changes in value of derivatives Pre-tax profit 1, Current tax -7-5 Deferred tax Profit for the period 1,

17 Consolidated balance sheet September 2015 September 2014 Managed properties 26,694 23,506 Other fixed assets Current receivables Liquid assets Total assets 27,144 23,927 Equity 7,945 6,759 Deferred tax liability 1,966 1,560 Borrowings 15,325 14,059 Derivatives 1, Other long-term liabilities Current liabilities Total equity and liabilities 27,144 23,927 17

18 Key figures Jan-Sep 2015 Jan-Sep 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 property management

19 19 EPRA net asset value Per share

20 Growth in EPRA net asset value Adjusted for dividend Average: 16.1 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 , ,609 3, ,877 3, ,268 5, >2019 9, ,621 1,621 Total 15, ,280 15,325 Average fixed interest period: 5.4 years (6.0) Average loan maturity: 3.8 years (4.1) 21

22 Current financing, September 2015 Bonds 17 % Danish banks 12 % Swedish banks 71 % 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 -299 Threshold swap -134 Fixed rate swaps -645 Sum Deficit ,148 Net January-September

25 25 Investments in progress

26 Terminalen 1 (Knutpunkten), Helsingborg Area: 9,000 m 2 Completion: Q2, 2016 Investment: 370 SEKm 26

27 Gängtappen 1, Malmö Area: 14,000 m 2 Completion: Q2, 2016 Investment: 242 SEKm 27

28 Kranen 8, Malmö Area: 12,000 m 2 Completion: Q2, 2016 Investment: 127 SEKm 28

29 29 Investments in pipeline

30 Sirius, Nyhamnen Malmö Area: 6,000 m 2 Start: Q1,

31 Postterminalen, Lund Area: 8, ,000 m 2 Start: Q1,

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

33 Summary of Q Strongest quarter Income from property management up 16 percent Strong rental market in Malmö Strong investment market Yields dropping 33

34 Outlook 2015 Wihlborgs business model for growth continues Operating surplus continues to grow Projects in pipeline Income from property management full year 2015, to exceed SEK 960 million (888) 34

35 Thank you