Wihlborgs Fastigheter AB Interim Report Jan-Mar 2016

Transcription

1 Wihlborgs Fastigheter AB Interim Report Jan-Mar 2016 Anders Jarl, CEO Arvid Liepe, CFO 28 April, 2016 Bild 1

2 Summary January-March 2016 Rental income increased by 6 percent to SEK 497 million (470) Operating surplus* increased by 7 percent to SEK 354 million (332) Income from property management* increased by 12 percent to SEK 237 million (212) Profit after tax for the period amounted to SEK 202 million (315), corresponding to SEK 2.63 (4.10) per share * Excluding payments for early lease termination 2

3 Income statement, January-March 2016 SEKm Jan-Mar 2016 Jan-Mar 2015 Rental income % Operating surplus* % Income property management* % Early lease termination 1 13 Change in value of properties Change in value of derivatives Pre-tax profit Profit for the period * Excluding payments for early lease termination 3

4 Positive net letting SEKm Q1, 2016 Q1, 2015 New leases Terminations Net leasing

5 Positive net letting 100 New leases Terminations Net

6 Solid customers Axis City of Helsingborg City of Malmö Customs Service Danske Bank Qlik SAAB Kockums Skåne Regional Council Swedish Tax Agency ÅF 22 % of rental income 19 % Governmental tenants 6

7 Rental growth for the entire property stock SEKm SEKm Percent Rental value 2,263 2, Rental income 1,991 1,

8 Rental growth like for like offices, Sweden SEKm SEKm Percent Rental value Rental income

9 A focused portfolio in a growing region m m m m 2 Percent of the market value 9

10 Portfolio 1 April 2016 office properties Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % Malmö Helsingborg Lund Copenhagen Total ¹ excluding property management 10

11 Portfolio 1 April 2016 Industrial/Warehousing Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % Malmö Helsingborg Lund Köpenhamn Totalt ¹ excluding property management 11

12 Portfolio 1 April 2016 the entire property stock Total excluding Projects & Land Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % Total Wihlborgs ¹ excluding property management 12

13 Changes in carrying amount Carrying amount 1 Jan ,623 Acquisitions 78 Investments 268 Properties sold -110 Changes in value 303 Currency translations 34 Carrying amount 31 Mar ,196 13

14 Wihlborgs in brief Employees 120 Properties 272 Lettable area, m 2 1, 753,000 Property value, SEKm 29,196 Rental value, SEKm Rental income, SEKm 1,991 Economic occupancy rate*, % 91 *Excluding Projects & Land 14

15 Largest shareholders 31 March 2016 Number of shares, 000 Proportion, % Erik Paulsson 7, SEB funds 3, Länsförsäkringar funds 3, SHB fonder 2, Qviberg family 2, Norges Bank 1, Tibia Konsult AB DnB - Carlson funds Avanza Pension Folketrygdfondet Other shareholders reg. in Sweden 24, Other shareholders reg. abroad 26, Total outstanding shares 76, % shareholders reg. abroad 15

16 Consolidated income statement Jan-Mar 2016 Jan-Mar 2015 Rental income Other revenues 1 13 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 -5-2 Deferred tax Profit for the period

17 Consolidated balance sheet Jan-Mar 2016 Jan-Mar 2015 Managed properties 29,196 24,998 Other fixed assets Current receivables Liquid assets Total assets 29,741 25,590 Equity 9,081 7,281 Deferred tax liability 2,231 1,719 Borrowings 16,376 14,359 Derivatives 1,179 1,344 Other long-term liabilities Current liabilities Total equity and liabilities 29,741 25,590 17

18 Key figures Q Q 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 kr EPRA net asset value Per share Q1 35

20 Growth in EPRA net asset value Adjusted for dividend 30% Average: 17 percent 25% 20% 15% 10% 5% 0% Q1 20

21 Structure of interest and loan maturities Interest maturity Loan maturity Matures year Loan amount SEKm Average interest rate, % Credit agree-ment, SEKm Utilised, SEKm , ,000 1, ,384 5, ,268 3, ,796 4, > , ,168 2,168 Total 16, ,616 16,376 Average fixed interest period: 5.0 years (6.2) Average loan maturity: 4.2 years (4.2) 21

22 Current financing, March 2016 Bonds 19 % Danish banks 17 % Swedish banks 64 % 22

23 Financing via Green Bond Green bond via Nya Svensk FastighetsFinansiering 420 Mkr issued Floating rate note 3-month stibor +0,90 percent until Nov Proceeds used to finance Ideon Gateway with certifications LEED, Miljöbyggnad and EU Green Building

24 Deficit in interest rate derivatives portfolio Cancellable swaps -344 Threshold swap -139 Fixed rate swaps -696 Sum -1,179 Deficit Net January-March

25 25 Investments in progress

26 Project investments January-March 2016 SEKm Investments 268 Projects in progress 1,757 Invested by period end -941 Remains to invest

27 Knutpunkten HELSINGBORG Area: 9,000 m 2 Completion: Q2, 2016 Investment: 436 SEKm

28 Gängtappen 1 28 MALMÖ Area: 14,000 m 2 Completion: Q2, 2016 Investment: 242 SEKm

29 Kranen 8 29 MALMÖ Area: 12,300 m 2 Completion: Q2, 2016 Investment: 127 SEKm

30 Nora 11 MALMÖ Area: 12,000 m 2 Completion: Q3, 2016 Investment: 142 SEKm

31 Postterminalen 31 LUND Area: 11,000 m 2 Completion : Q1, 2018 Investment: 347 SEKm

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

33 Summary January-March Strong start to the year Net leasing + 13 SEKm Rental income 497 SEKm, + 6% Income from property management 237 SEKm, + 12 percent Solid balance sheet 53

34 Thank you