Wihlborgs Fastigheter AB Interim Report Jan-Mar 2015 Anders Jarl, CEO Arvid Liepe, CFO 29 April, 2015 Bild 1
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
Income statement, January-March 2015 SEKm Jan-Mar 2015 Jan-Mar 2014 Rental income 470 462 + 2 % Operating surplus 332 320 + 4 % Income property management 212 192 +10 % Early lease termination 13 49 Change in value of properties 378 14 Change in value of derivatives -196-212 Pre-tax profit 407 43 Profit for the period 315 73 3
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
Net letting SEKm Q1, 2015 Q1, 2014 New leases 65 47 Terminations 86 43 Net leasing -21 4 5
Net letting SEKm 90 70 50 30 10-10 -30-50 -70 New leases Terminations Net -90 2008 2009 2010 2011 2012 2013 2014 2015 Q1 6
Rental growth for the entire property stock 01-04-2015 01-04-2014 Rental value 2,100 2,010 + 4% Rental income 1,902 1,819 + 5% 7
Rental growth like for like offices, Sweden 01-04-2015 01-04-2014 Rental value 1,403 1,385 +1.3 % Rental income 1,304 1,279 +2.0 % 8
Portfolio 1 April 2015 office properties Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % Malmö 9,842 552 5.6 93 Helsingborg 3,201 203 6.3 96 Lund 4,747 273 5.8 92 Copenhagen 1,728 96 5.5 88 Total 19,518 1,124 5.8 93 ¹ excluding property management 9
Portfolio 1 April 2015 Industrial/Warehousing Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % Malmö 1,719 133 7.7 87 Helsingborg 2,241 176 7.9 84 Lund 120 11 9.3 95 Copenhagen 117 7 6.3 99 Total 4,197 327 7.8 86 ¹ excluding property management 10
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 1,452 6.1 91 Total Wihlborgs 24,998 1,467 5.9 91 ¹ excluding property management 11
A focused portfolio in a growing region 23 526 000 m 2 174 000 m 2 8 49 20 205 000 m 2 665 000 m 2 Percent of the market value 12
Changes in carrying amount SEKm Carrying amount 1 Jan 2015 24,299 Acquisitions 198 Investments 252 Properties sold -78 Changes in value 378 Currency translations -51 Carrying amount 31 Mar 2015 24,998 13
Acquisition Q1, Kroksabeln 12 in Helsingborg Price: 151 SEKm Area: 15,000 m 2 14
Acquisition Q1, Stationsalléen 40-46 in Herlev Price: 38 DKKm Area: 5,600 m 2 15
Project investments SEKm Investments 252 Projects in progress 1,006 Invested by period end -857 Remains to invest 149 16
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
Largest shareholders No. of shares, 000 Share of capital, % Erik Paulsson 7,790 10.1 Länsförsäkringar Funds 4,559 5.9 SEB Funds 3,408 4.4 SHB Funds 2,626 3.4 Qviberg family 2,162 2.8 Robur Funds 1,674 2.2 Skandia Funds 961 1.3 Lannebo Funds 834 1.1 Tibia Konsult AB 812 1.1 DnB Carlson Funds 750 1.0 Other shareholders reg in Sweden 24,016 31.2 Other shareholders reg abroad 27,265 35.5 Total outstanding shares 76,857 100.0 18
Consolidated income statement Jan-Mar 2015 Jan-Mar 2014 Rental income 470 462 Other revenues 13 49 Operating costs -138-142 Operating surplus 345 369 Central administration -11-10 Net interest -109-118 Income property management 225 241 Changes in value of properties 378 14 Changes in value of derivatives -196-212 Pre-tax profit 407 43 Current tax -2-2 Deferred tax -90 32 Profit for the period 315 73 19
Consolidated balance sheet Jan-Mar 2015 Jan-Mar 2014 Managed properties 24,998 22,751 Other fixed assets 201 188 Derivatives 0 48 Current receivables 170 198 Liquid assets 221 132 Total assets 25,590 23,317 Equity 7,281 6,967 Deferred tax liability 1,719 1,509 Borrowings 14,359 13,586 Derivatives 1,344 371 Other long-term liabilities 53 52 Current liabilities 834 832 Total equity and liabilities 25,590 23,317 20
Key figures Jan-Mar 2015 Jan-Mar 2014 Equity/assets ratio, percent 28.5 29.9 Leverage properties, percent 57.4 59.7 Interest coverage ratio, multiple 3.0 3.0 Surplus ratio, percent 71 69 Per share, SEK Equity 22 percent tax 94.73 90.65 Equity 0 percent tax 117.10 110.28 EPRA net asset value 134.59 114.49 Earnings 4.10 0.95 Income from property management 2.93 3.14 21
EPRA net asset value Per share 160 SEK 140 120 100 80 60 40 20 0 2009 2010 2011 2012 2013 2014 2015 Q1 22
Growth in EPRA net asset value Adjusted for dividend 25 % Average: 15.6 percent 20 15 10 5 0 2010 2011 2012 2013 2014 2015 Q1 23
Structure of interest and loan maturities Matures year Loan amount SEKm Interest maturity Average interest rate, % Credit agreement, SEKm Loan maturity Utilised, SEKm 2015 3,743 1.19 61 61 2016 418 1.19 4,635 4,060 2017 300 0.80 3,877 3,840 2018 0 0 4,768 3,918 2019 0 0 903 903 >2019 9,898 3.74 1,577 1,577 Total 14,359 2.94 15,821 14,359 Average fixed interest period: 6.2 years (6.0) Average loan maturity: 4.2 years (4.1) 24
Current financing, March 2015 Bonds 16 % Danish banks 12 % Swedish banks 72 % 25
Derivatives Interest, % Closable End date Cancellable swaps 500 2.63 quarterly 2026 500 2.69 2026 500 2.33 2026 500 2.58 2027 1,000 1.96 2021 Interest-rate swaps 2,000 2.70 2021 1,000 2.04 2022 1,000 2.01 2022 1,000 3.40 2024 500 3.32 2024 Threshold swap 1,000 3.07 threshold 4.75 2021 26
Deficit in interest rate derivatives portfolio Cancellable swaps -413 Threshold swap -154 Fixed rate swaps -777 Sum -1,344 Deficit 31-12-2014-1,148 Net January-March -196 27
28 Investments in progress
Floretten 4, Helsingborg Area: 4,800 m 2 Completed: Q2, 2015 Investment: 104 SEKm 29
Terminalen 1 (Knutpunkten), Helsingborg Area: 8,000 m 2 Completed: Q1, 2016 Investment: 315 SEKm 30
31 MaxLab IV, Lund
32 Investments in pipeline
Polisen 1, Helsingborg Area: 4,000 + 8,000 m 2 Possible start: 2015 33
Postterminalen 1, Lund Area: 8,000 + 5,000 m 2 Possible start: 2015 34
Gängtappen 1, Malmö Area: 13,000 m 2 Start: 2015 35
Kranen 8, Malmö Area: 12,000 m 2 Start: 2015 36
Dockan, Malmö Area: 8,000 m 2 Possible start: 2015 37
Sirius, Malmö Area: 6,000 m 2 Start: 2015/2016 38
39 Nyhamnen, Malmö
40
Summary of Q1 2015 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
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