Wihlborgs Fastigheter AB Interim report. Anders Jarl, CEO and Arvid Liepe, CFO Ulrika Hallengren January March, 2018

Transcription

1 Wihlborgs Fastigheter AB Interim report Anders Jarl, CEO and Arvid Liepe, CFO Ulrika Hallengren January March, 2018

2 Summary January-March 2018 Rental income increased by 22 percent to SEK 668 million (549) Operating surplus increased by 19 percent to SEK 460 million (388) Income from property management increased by 25 percent to SEK 325 million (261) Result for the period amounts to SEK 303 million (289), corresponding to earnings per share of SEK 3.94 (3.76) 2

3 Income statement SEK m Q Q Percent Rental income Operating surplus Income property management Change in value of properties Change in value of derivatives Pre-tax profit Profit for the period

4 Income statement, comparing accounting methods SEK m Q Q Rental income Operating surplus Surplus ratio, % Old accounting method Rental income Operating surplus Surplus ratio, %

5 Net letting SEK m Q Q New leases Terminations Net leasing

6 SEK m Net letting, quarterly New leases Terminations Net

7 Rental growth for the entire property stock SEK m SEK m Percent Rental value 2,868 2, Rental income 2,668 2, Rental growth like-for-like* SEK m SEK m Percent Rental value 2,469 2, Rental income 2,305 2, *Excluding Projects & Land 7

8 Portfolio - Office properties 1 April, 2018 Market value SEK m Op. surplus, SEK m 1 Occupancy rate, % Running yield, % Yield fully let, % Malmö 14, Helsingborg 4, Lund 6, Copenhagen 6, ¹ Total excluding property admin. 31,600 1, ¹ excluding property admin. 8

9 Portfolio - Industrial/Warehousing 1 April, 2018 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 property admin. 9

10 Portfolio the entire property stock 1 April, 2018 Market value SEK m Op. surplus, SEK m 1 Occupancy rate, % Running yield, % Yield fully let, % Total excluding Projects & Land 37,422 2, Total Wihlborgs 39,396 2, ¹ excluding property admin. 10

11 Solid customers Axis City of Helsingborg City of Malmö Danske Bank Försäkringskassan SAAB Skåne Regional Council Swedish Tax Agency ÅF Qlik 21 % of rental income 20 % Governmental tenants 11

12 Changes in Investment Properties SEK m Carrying amount 1 January ,612 Acquisitions 149 Investments 282 Properties sold 0 Changes in value 46 Currency translations 307 Carrying amount 31 March ,396 12

13 SEK m Increased value in the portfolio Q

14 A focused portfolio in a growing region Total SEK 39.4 billion ,000 m ,000 m 2 591,000 m ,000 m 2 Percent of the market value 14

15 Consolidated balance sheet, SEK m Investment properties 39,396 33,217 Other fixed assets Current receivables Liquid assets Total assets 40,217 33,815 Equity 13,913 11,752 Deferred tax liability 3,055 2,442 Borrowings 21,145 17,603 Derivatives 926 1,090 Other long-term liabilities Current liabilities 1, Total equity and liabilities 40,127 33,815 15

16 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 EPRA EPS

17 SEK EPRA net asset value Per share Average growth: 19 percent Q

18 Current financing, March 2018 Bonds 23 % Danish mortgage loans 31 % Bank loans 46 % 18

19 Stable financial position Loan-to-value % 65,0 Equity/Assets % 35,0 60,0 55,0 30,0 50,0 45,0 25,0 Interest coverage, multiple 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 Financial targets Max. loan-to-value 60 % Min. equity/assets 30 % Min. interest coverage 2.0 multiple 19

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

21 Structure of interest and loan maturities Matures year Loan amount SEK m INTEREST MATURITY Average interest rate, % Credit agreement SEK m Utilised, SEK m , ,568 1, , ,346 9, ,473 3, , , >2022 5, ,325 6,325 Total 21, ,087 21,145 Average fixed interest period: 4.0 years (4.0) Average loan maturity: 6.0 years (6.2) LOAN MATURITY 21

22 sep-06 mar-07 sep-07 mar-08 sep-08 mar-09 sep-09 mar-10 sep-10 mar-11 sep-11 mar-12 sep-12 mar-13 sep-13 mar-14 sep-14 mar-15 sep-15 mar-16 sep-16 mar-17 sep-17 mar-18 sep-06 mar-07 sep-07 mar-08 sep-08 mar-09 sep-09 mar-10 sep-10 mar-11 sep-11 mar-12 sep-12 mar-13 sep-13 mar-14 sep-14 mar-15 sep-15 mar-16 sep-16 mar-17 sep-17 mar-18 Fixed interest period and loan maturity Loan maturity, years Fixed interest period, years

23 Interest rate sensitivity Interest bearing debt as of March 2018, SEK 21.1 billion Interest rate derivatives amounting to SEK 9.5 billion reduces sensitivity % Sensitivity, average interest rate, % 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,0 0,5 1,0 1,5 2,0 2,5 3,0 Change, market interest, % 23

24 Investments in progress

25 Project investment January March 2018 SEK m Investments 282 Projects in progress 1,607 Invested by period end -908 Remains to invest

26 Polisen 5 HELSINGBORG Area: 4,000 sq.m Completion: Q3, 2019 Investment: 182 SEK m 26

27 Kranen 9 MALMÖ Area: 2,200 sq.m Completion: Q4, 2018 Investment: 114 SEK m 27

28 Dungen (Gimle 1) MALMÖ Area: 9,000 sq.m Completion: Q1, 2019 Investment: 392 SEK m 28

29 Sunnanå 12:53 MALMÖ Area: 2,300 sq.m Completion: Q3, 2018 Investment: 66 SEK m 29

30 Origo (Bure 2) MALMÖ Area: 6,800 sq.m Completion: Q3, 2019 Investment: 238 SEK m 30

31 Raffinaderiet 5 LUND Area: 1,900 sq.m Completion: Q4, 2019 Investment: 63 SEK m 31

32 Investments in pipeline

33 Prisma, Oceanhamnen HELSINGBORG Area: 11,000 sq.m Plan. start: Q2,

34 Ideontorget LUND Area: appr. 20,000 sq.m. Start: TBD 34

35 Hyllie 2 MALMÖ Area: 20,000 sq.m 35

36 Summary Growth driven by acquisitions, but also by higher rents, reduced vacancy and new developments Very strong cashflow growth Strong balance sheet maintained Growth continues 2018

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