Wihlborgs Fastigheter AB Interim Report Jan-Mar 2016 Anders Jarl, CEO Arvid Liepe, CFO 28 April, 2016 Bild 1
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
Income statement, January-March 2016 SEKm Jan-Mar 2016 Jan-Mar 2015 Rental income 497 470 + 6% Operating surplus* 354 332 + 7% Income property management* 237 212 + 12% Early lease termination 1 13 Change in value of properties 303 378 Change in value of derivatives -300-196 Pre-tax profit 241 407 Profit for the period 202 315 * Excluding payments for early lease termination 3
Positive net letting SEKm Q1, 2016 Q1, 2015 New leases 37 65 Terminations -24 86 Net leasing 13-21 4
Positive net letting 100 New leases Terminations Net 80 60 40 20 0-20 -40-60 2008 2009 2010 2011 2012 2013 2014 2015 2016 5
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
Rental growth for the entire property stock 01-04-2016 SEKm 01-04-2015 SEKm Percent Rental value 2,263 2,100 + 7.8 Rental income 1,991 1,902 + 4.7 7
Rental growth like for like offices, Sweden 01-04-2016 SEKm 01-04-2015 SEKm Percent Rental value 1 344 1 327 +1.3 Rental income 1 229 1 227 +0.2 8
A focused portfolio in a growing region 22 544 000 m 2 287 000 m 2 10 18 50 715 000 m 2 205 000 m 2 Percent of the market value 9
Portfolio 1 April 2016 office properties Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % Malmö 10 946 558 5.1 92 Helsingborg 3 501 198 5.7 92 Lund 5 079 284 5.6 90 Copenhagen 2 741 158 5.8 93 Total 22 266 1 199 5.4 91 ¹ excluding property management 10
Portfolio 1 April 2016 Industrial/Warehousing Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % Malmö 1 868 141 7.6 90 Helsingborg 2 456 187 7.6 86 Lund 127 11 8.6 95 Köpenhamn 123 7 5.8 96 Totalt 4 582 346 7.5 88 ¹ excluding property management 11
Portfolio 1 April 2016 the entire property stock Total excluding Projects & Land Market value SEKm Op. surplus, SEKm 1 Yield % 1 Occupancy rate, % 26 850 1 545 5.8 91 Total Wihlborgs 29 196 1 549 5.3 88 ¹ excluding property management 12
Changes in carrying amount Carrying amount 1 Jan 2016 28,623 Acquisitions 78 Investments 268 Properties sold -110 Changes in value 303 Currency translations 34 Carrying amount 31 Mar 2016 29,196 13
Wihlborgs in brief Employees 120 Properties 272 Lettable area, m 2 1, 753,000 Property value, SEKm 29,196 Rental value, SEKm 2 263 Rental income, SEKm 1,991 Economic occupancy rate*, % 91 *Excluding Projects & Land 14
Largest shareholders 31 March 2016 Number of shares, 000 Proportion, % Erik Paulsson 7,884 10.3 SEB funds 3,472 4.5 Länsförsäkringar funds 3,429 4.4 SHB fonder 2,244 2.9 Qviberg family 2,162 2.8 Norges Bank 1,747 2.3 Tibia Konsult AB 813 1.1 DnB - Carlson funds 751 1.0 Avanza Pension 598 0.8 Folketrygdfondet 595 0.8 Other shareholders reg. in Sweden 24,001 31.2 Other shareholders reg. abroad 26,161 37.9 Total outstanding shares 76,857 100.00 40 % shareholders reg. abroad 15
Consolidated income statement Jan-Mar 2016 Jan-Mar 2015 Rental income 497 470 Other revenues 1 13 Operating costs -143-138 Operating surplus 355 345 Central administration -12-11 Net interest -105-109 Income property management 238 225 Changes in value of properties 303 378 Changes in value of derivatives -300-196 Pre-tax profit 241 407 Current tax -5-2 Deferred tax -34-90 Profit for the period 202 315 16
Consolidated balance sheet Jan-Mar 2016 Jan-Mar 2015 Managed properties 29,196 24,998 Other fixed assets 249 201 Current receivables 176 170 Liquid assets 120 221 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 52 53 Current liabilities 822 834 Total equity and liabilities 29,741 25,590 17
Key figures Q1 2016 Q1 2015 Equity/assets ratio, percent 30.5 28.5 Leverage properties, percent 56.1 57.4 Interest coverage ratio, multiple 3.2 3.0 Surplus ratio, percent 71 71 Per share, SEK Equity 22 percent tax 118.15 94.73 Equity 0 percent tax 147.18 117.10 EPRA net asset value 162.52 134.59 Earnings 2.63 4.10 Income from property management 3.10 2.93 18
kr EPRA net asset value Per share 180 160 140 120 100 80 60 40 20 0 2009 2010 2011 2012 2013 2014 2015 2016 Q1 35
Growth in EPRA net asset value Adjusted for dividend 30% Average: 17 percent 25% 20% 15% 10% 5% 0% 2010 2011 2012 2013 2014 2015 2016 Q1 20
Structure of interest and loan maturities Interest maturity Loan maturity Matures year Loan amount SEKm Average interest rate, % Credit agree-ment, SEKm Utilised, SEKm 2016 5,958 1.15 2,000 1,608 2017 300 0.80 5,384 5,236 2018 0 0.00 3,268 3,268 2019 0 0.00 4,796 4,096 2020 0 0.00 0 0 >2020 10,119 3.75 2,168 2,168 Total 16,376 2.75 17,616 16,376 Average fixed interest period: 5.0 years (6.2) Average loan maturity: 4.2 years (4.2) 21
Current financing, March 2016 Bonds 19 % Danish banks 17 % Swedish banks 64 % 22
Financing via Green Bond Green bond via Nya Svensk FastighetsFinansiering 420 Mkr issued Floating rate note 3-month stibor +0,90 percent until Nov. 2017 Proceeds used to finance Ideon Gateway with certifications LEED, Miljöbyggnad and EU Green Building
Deficit in interest rate derivatives portfolio Cancellable swaps -344 Threshold swap -139 Fixed rate swaps -696 Sum -1,179 Deficit 31-12-2015-879 Net January-March -300 24
25 Investments in progress
Project investments January-March 2016 SEKm Investments 268 Projects in progress 1,757 Invested by period end -941 Remains to invest 816 26
Knutpunkten HELSINGBORG Area: 9,000 m 2 Completion: Q2, 2016 Investment: 436 SEKm
Gängtappen 1 28 MALMÖ Area: 14,000 m 2 Completion: Q2, 2016 Investment: 242 SEKm
Kranen 8 29 MALMÖ Area: 12,300 m 2 Completion: Q2, 2016 Investment: 127 SEKm
Nora 11 MALMÖ Area: 12,000 m 2 Completion: Q3, 2016 Investment: 142 SEKm
Postterminalen 31 LUND Area: 11,000 m 2 Completion : Q1, 2018 Investment: 347 SEKm
Sirius MALMÖ Area: 7,000 m 2 Completion : Q4, 2017 Investment: 250 SEKm
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
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