Wihlborgs fastigheter AB Interim report. Anders Jarl, CEO and Arvid Liepe, CFO July, 2017

Transcription

1 Wihlborgs fastigheter AB Interim report Anders Jarl, CEO and Arvid Liepe, CFO July, 2017

2 Summary January-June 2017 Rental income increased by 9 percent to SEK 1,089 million (997) Operating surplusincreased by 11 percent to SEK 810 million (733) Income from property management increased by 12 percent to SEK 551 million (493) Result for the period amounted to SEK 892 million (1,383), corresponding to earnings per share of SEK (17.99) Acquisition of m 2 offices in Denmark for a price of DKK 1.8 billion 2

3 Income statement SEK m Q Q Percent Rental income Operating surplus Income property management Change in value of properties 496 1,027 Change in value of derivatives Pre-tax profit 774 1,055 Profit for the period 603 1,181 3

4 Strong net letting SEK m Q Q Jan-Jun 2017 Jan-Jun 2016 New leases Terminations Net leasing

5 Strong net letting 100 New leases Terminations Net SEK m

6 Rental growth for the entire property stock SEK m SEK m Percent Rental value 2,381 2, Rental income 2,191 2, Rental growth like-for-like* SEK m SEK m Percent Rental value 2,227 2, Rental income 2,058 2, *Excluding Projects & Land 6

7 Portfolio - Office properties 1 July, 2017 Market value SEK m Op. surplus, SEK m 1 Occupancy rate, % Running yield, % Yield fully let, % Malmö 13, Helsingborg 4, Lund 5, Copenhagen 3, Total 27,025 1, ¹ excluding propertyadmin. 7

8 Portfolio - Industrial/Warehousing 1 July, 2017 Market value SEK m Op. surplus, SEK m 1 Occupancy rate, % Running yield, % Yield fully let, % Malmö 2, Helsingborg 2, Lund Copenhagen Total 5, ¹ excluding propertyadmin. 8

9 Portfolio the entire property stock 1 April, 2017 Market value SEK m Op. surplus, SEK m 1 Occupancy rate, % Running % Yield fully let, % Total excluding Projects & Land 32,248 1, Total Wihlborgs 34,019 1, ¹ excluding propertyadmin. 9

10 Solid customers Axis City of Helsingborg City of Malmö Danske Bank Försäkringskassan Qlik SAAB Skåne Regional Council Swedish Tax Agency ÅF 21 % of rental income 21 % Governmental tenants 10

11 Changes in Investment Properties SEK m Carrying amount 1 January ,755 Acquisitions 178 Investments 471 Properties sold -11 Changes in value 552 Currency translations 74 Carrying amount 30 June ,019 11

12 Increased value in the portfolio SEK m Q

13 Acquisition in Denmark

14 Acquisition in Denmark Transaction summary: 15 properties m 2 Seller: Danica Price: DKK 1.8 billion Rental income: DKK 130 million Vacancy: 9 % Yield 6 % Closing: Q Economic effect August 1 Largest tenants 46 % of revenues: The Danish Goverment Føtex Danske Bank Erhvervsuddannelse CGI Hotel Lautrup Park Gribskov Kommune Konica Minolta Sanofi-Aventis DOMEA Debt financing brings group LTV to ~56 % 14

15 15 LEJRVEJ 5-19, VÆRLØSA

16 A focused portfolio in a growing region Total SEK 36.4 billion ,000 m ,000 m 2 568,000 m ,000 m 2 Percent of the market value 16

17 Consolidated income statement, SEK m Jan-Jun 2017 Jan-Jun 2016 Rental income 1, % Other revenues 2 2 Property costs Operating surplus % Central administration Net interest Share in result of joint ventures 0 0 Income property management % Changes in value of properties 552 1,330 Changes in value of derivatives Pre-tax profit 1,145 1,296 Current tax -5-9 Deferred tax Profit for the period 892 1,383 17

18 Consolidated balance sheet, SEK m Investment properties 34,019 30,161 Other fixed assets Current receivables Liquid assets Total assets 34,604 30,713 Equity 11,916 9,863 Deferred tax liability 2,607 1,976 Borrowings 18,073 16,625 Derivatives 1,102 1,406 Other long-term liabilities Current liabilities Total equity and liabilities 34,604 30,713 18

19 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 per share Income from property management

20 EPRA net asset value Per share Average growth: 18 percent SEK Q2 20

21 Current financing, June 2017 Bonds 24 % Danish banks 23 % Swedish banks 53 % 21

22 Stable financial position Loan-to-value % 65,0 Equity/Assets % 35,0 60,0 55,0 30,0 50,0 45,0 25,0 Interestcoverage, multiple jun-12 sep-12 dec-12 mar-13 jun-13 sep-13 dec-13 mar-14 jun-14 sep-14 dec-14 mar-15 jun-15 sep-15 dec-15 mar-16 jun-16 sep-16 dec-16 mar-17 jun-17 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 Financial targets Loan-to-value 60 % Equity/Assets 30 % Interest coverage 2.0 multiple 22

23 Strong earnings relative to borrowings 12,0 Borrowings / Operating surplus 10,0 8,0 Multiple 6,0 4,0 2,0 0, Q2 23

24 Structure of interest and loan maturities Matures year Loan amount SEK m INTEREST MATURITY Average interestrate, % Credit agreement SEK m Utilised, SEK m , ,428 3, ,926 7, ,426 2, , >2021 6, ,479 3,479 Total 18, ,679 18,073 Average fixed interest period: 4.2 years (4.8) Average loan maturity: 5.1 years (5.9) LOAN MATURITY 24

25 Fixed interest period and loan maturity Loan maturity, years jun-06 nov-06 apr-07 sep-07 feb-08 jul-08 dec-08 maj-09 okt-09 mar-10 aug-10 jan-11 jun-11 nov-11 apr-12 sep-12 feb-13 jul-13 dec-13 maj-14 okt-14 mar-15 aug-15 jan-16 jun-16 nov-16 apr Fixed interest period, years jun-06 nov-06 apr-07 sep-07 feb-08 jul-08 dec-08 maj-09 okt-09 mar-10 aug-10 jan-11 jun-11 nov-11 apr-12 sep-12 feb-13 jul-13 dec-13 maj-14 okt-14 mar-15 aug-15 jan-16 jun-16 nov-16 apr

26 Interest rate sensitivity Interest bearing debt as of June 2017, SEK 18.1 billion Interest rate derivatives amounting to SEK 9.5 billion reduces sensitivity 5 4,5 Sensitivity, average interest Average interest, % 4 3,5 3 2,5 2 1,5 1 0,5 0 0,0 0,5 1,0 1,5 2,0 2,5 3,0 Change, market interest, % 26

27 Investments in progress

28 Project investment January June 2017 SEK m Investments 471 Projects in progress 1,869 Invested by period end -687 Remains to invest 1,182 28

29 Polisen 4 HELSINGBORG Area: 4,000 sq.m Completion: Q2, 2019 Investment: 182 SEK m 29

30 Posthornet 1 LUND Area: 11,000 sq.m Completion: Q1, 2018 Investment: 347 SEK m 30

31 Sirius 3 MALMÖ Area: 7,000 sq.m Completion: Q4, 2017 Investment: 250 SEK m 31

32 Ubåten (Hordaland 1) MALMÖ Area: 15,000 sq.m Completion: Q3, 2017 Investment: 121 SEK m 32

33 Kranen 9 MALMÖ Area: 2,200 sq.m Completion: Q4, 2018 Investment: 114 SEK m 33

34 Dungen (Gimle 1) MALMÖ Area: 9,000 sq.m Completion: Q1, 2019 Investment: 392 SEK m 34

35 Sunnanå 12:53 MALMÖ Area: 2,300 sq.m Completion: Q3, 2018 Investment: 66 SEK m 35

36 Investments in pipeline

37 Knutpunkten HELSINGBORG Area: 3,000 sq.m Plan. start: Q1,

38 Oceanhamnen HELSINGBORG Area: 13,000 sq.m Plan. start: Q1,

39 Origo (Bure 2) MALMÖ Area: 6,800 sq.m Plan. start: Q3,

40 Hyllie 2 MALMÖ Area: 20,000 sq.m Plan. start: Q3,

41 Summary Q Profit from property management +14 % Very strong net letting Attractive project pipeline Aquisition in Denmark

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