Wihlborgs Fastigheter AB Interim Report Jan-Jun 2016

Transcription

1 Wihlborgs Fastigheter AB Interim Report Jan-Jun 2016 Anders Jarl, CEO Arvid Liepe, CFO 11 July, 2016 Bild 1

2 Summary January-June 2016 Rental income increased by 5 percent to SEK 997 million (950) Operating surplus* increased by 6 percent to SEK 731 million (689) Income from property management* increased by 9 percent to SEK 491 million (452) Profit after tax for the period amounted to SEK 1,383 million (961), corresponding to SEK (12.50) per share * Excluding payments for early lease termination 2

3 Income statement SEKm Q Q Rental income % Operating surplus* % Income property management* % Early lease termination 1 7 Change in value of properties 1, Change in value of derivatives Pre-tax profit 1, Profit for the period 1, * Excluding payments for early lease termination 3

4 Solid customers Axis City of Helsingborg City of Malmö Danske Bank Försäkringskassan Qlik SAAB Kockums Skåne Regional Council Swedish Tax Agency ÅF 21 % of rental income 19 % Governmental tenants 4

5 Positive net letting SEKm Q Q Jan-Jun 2016 Jan-Jun 2015 New leases Terminations Net leasing

6 Positive net letting 100 New leases Terminations Net

7 Rental growth for the entire property stock SEKm SEKm Percent Rental value 2,255 2, Rental income 2,000 1, Rental growth like for like offices, Sweden SEKm SEKm Percent Rental value 1,382 1, Rental income 1,248 1,

8 Changes in carrying amount SEKm Carrying amount 1 Jan ,623 Acquisitions 109 Investments 521 Properties sold -520 Changes in value 1,330 Currency translations 98 Carrying amount 30 June ,161 8

9 Portfolio 1 July 2016 office properties Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % Malmö 11, Helsingborg 3, Lund 5, Copenhagen 2, Total 23,893 1, ¹ excluding property management 9

10 Portfolio 1 July Industrial/Warehousing Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % Malmö 1, Helsingborg 2, Lund Köpenhamn Totalt 4, ¹ excluding property management 10

11 Portfolio 1 July the entire property stock Total excluding Projects & Land Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % 28,595 1, Total Wihlborgs 30,161 1, ¹ excluding property management 11

12 A focused portfolio in a growing region ,000 m ,000 m 2 297,000 m ,000 m 2 Percent of the market value 12

13 Wihlborgs in brief Employees 122 Properties 268 Lettable area, m 2 1,741,000 Property value, SEKm 30,161 Rental value, SEKm 2,255 Rental income, SEKm 2,000 Economic occupancy rate*, % 91 *Excluding Projects & Land 13

14 Largest shareholders 30 June 2016 Number of shares, 000 Proportion, % Erik Paulsson 7, SEB funds 3, Länsförsäkringar funds 3, Qviberg family 2, Bank of Norway 2, SHB funds 1, Tibia Konsult AB DnB - Carlson funds Skandia funds Avanza Pension Other shareholders reg. in Sweden 23, Other shareholders reg. abroad 29, Total outstanding shares 76, % shareholders reg. abroad 14

15 Consolidated income statement, SEKm Jan-Jun 2016 Jan-Jun 2015 Rental income Other income 2 20 Operating costs Operating surplus Central administration Net interest Income property management Changes in value of properties 1, Changes in value of derivatives Pre-tax profit 1,296 1,216 Current tax -9-5 Deferred tax Profit for the period 1,

16 Consolidated balance sheet, SEKm Managed properties 30,161 25,142 Other fixed assets Current receivables Liquid assets Total assets 30,802 25,840 Equity 9,863 7,561 Deferred tax liability 1,976 1,879 Borrowings 16,625 14,674 Derivatives 1, Other long-term liabilities Current liabilities Total equity and liabilities 30,802 25,840 16

17 Key figures 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

18 EPRA net asset value Per share SEK Q2 18

19 Growth in EPRA net asset value Adjusted for dividend Average: 18 percent 30% 25% 20% 15% 10% 5% 0% Q2 19

20 Structure of interest and loan maturities Interest maturity Loan maturity Matures year Loan amount SEKm Average interest rate, % Credit agreement, SEKm Utilised, SEKm , ,970 5, ,768 3, ,608 4, > , ,228 2,228 Total 16, ,574 16,625 Average fixed interest period: 5.1 years (4.8) Average loan maturity: 4.8 years (4.1) 20

21 Current financing, June 2016 Bonds 18 % Danish banks 17 % Swedish banks 65 % 21

22 Deficit in interest rate derivatives portfolio SEKm Cancellable swaps -443 Threshold swap -151 Fixed rate swaps -812 Sum -1,406 Deficit Net January-June

23 Investments in progress

24 Project investments January June 2016 SEKm Investments 521 Projects in progress 1,448 Invested by period end -544 Remains to invest

25 Gängtappen 1 25 MALMÖ Area: 14,000 m 2 Completion: Q3, 2016 Investment: 242 SEKm

26 Nora 11 MALMÖ Area: 12,000 m2 Completion: Q3, 2016 Investment: 142 SEKm

27 Posthornet 1 27 LUND Area: 11,000 m 2 Completion: Q1, 2018 Investment: 347 SEKm

28 Sirius 3 MALMÖ Area: 7,000 m 2 Completion: Q4, 2017 Investment: 250 SEKm

29 Hordaland 1 MALMÖ Area: 15,000 m 2 Completion: Q3, 2017 Investment: 121 SEKm

30 Investments in pipeline

31 Polisen 1 HELSINGBORG Area: 4,000 m 2 Exp. start: Q4, 2016

32 Hyllie MALMÖ Area: 9,000 m 2 Exp. start: Q1, 2017

33 SPACE, Science Village LUND Area: 7,000 m 2 Exp. start: Q2, 2017

34 Summary Strong net leasing + 35 SEKm Increased rental income 997 SEKm, + 5% Growing income from property management 491 SEKm, + 9 % Solid balance sheet: Property value SEK 30.2 billion LTV 55 %

35 Thank you