Welcome to Kungsleden. First Quarter 2011

Transcription

1 Welcome to Kungsleden First Quarter 2011

2 Kungsleden in brief Owns and manages properties generating high and stable long-term returns Returns more important than property type and location Returns cannot be judged without considering risk levels 629 properties, of which 298 are part-owned via Hemsö, reported at SEK 25.5 (21.5) bn as of 31 March 2011 Commercial properties 52% (45) Public properties 42% (48) Modular buildings 6% (7) 22,400 shareholders. 36% of shares held by private individuals and approximately one-third by foreign shareholders. Ten largest shareholders control 19.4% of capital and votes

3 Profit for calculating dividends SEK m Gross profit Sales and administration costs Net financial position Sub-total Realised items Trading net on sale 3 3 Realised value changes, properties 0 25 Realised value changes, financial instruments -9 - Sub-total Taxes payable Profit for calculating dividends

4 First quarter in brief Net sales increase by 5% to SEK 601 m. Gross profit in line with the previous year after a severe winter. Positive value change on properties and financial instruments of SEK 455 m. Profit after tax increases to SEK 406 (58) m. A strong quarter for transactions. Kungsleden purchased 38 properties for approximately SEK 3.8 bn at a property yield of 9.9%. 36 of these properties were purchased from Nordic & Russia Properties, with completion on 31 March Kungsleden was recognised as Sweden s third-best workplace and the best property company in the Great Place to Work survey.

5 Current market conditions Kungsleden s lettings market Increasing new lettings Vacancy levels stabilising, likely to reduce Slight increase in rent levels with existing tenants Financial market Continued strong capital flows to the property sector New foreign mutual funds investing in properties Bank deal appetites increasing Transaction market Extremely strong fourth quarter 2011, good start to 2011 High competition over properties

6 Property portfolio

7 Our properties by type

8 Kungsleden 2011 Q1 in figures

9 Income Statement SEK m Jan- Mar Rental revenues Sales revenues, modular buildings Net sales Gross profit Trading net 3 3 Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax Profit after tax for the period

10 Income Statement SEK m Jan- Mar Rental revenues Sales revenues, modular buildings Rental revenue comparable to previous year. Net sales Gross profit Trading net 3 3 Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax Profit after tax for the period

11 Income Statement SEK m Rental revenues Sales revenues, modular buildings Net sales Sales revenues double thanks to greater interest in modules Gross profit Trading net 3 3 Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax Profit after tax for the period

12 Income Statement SEK m Rental revenues Sales revenues, modular buildings Net sales Gross profit Gross profit comparable to previous year after another severe winter. Trading net 3 3 Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax Profit after tax for the period

13 Income Statement SEK m Rental revenues Sales revenues, modular buildings Few sales in the period. Net sales Gross profit Trading net 3 3 Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax Profit after tax for the period

14 Income Statement SEK m Rental revenues Sales revenues, modular buildings Net sales Higher administration costs mainly because of the split of Kungsleden and Hemsö into two separate organisations. Gross profit Trading net 3 3 Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax Profit after tax for the period

15 Income Statement SEK m Rental revenues Sales revenues, modular buildings Net sales Gross profit Trading net 3 3 Sales and administration costs Negative change primarily explained by newly arranged bond loans with higher interest margins than bank loans and slightly higher loan volume. Net financial position Unrealised value changes Profit before tax Tax Profit after tax for the period

16 Income Statement SEK m Rental revenues Sales revenues, modular buildings Net sales Gross profit Trading net 3 3 Sales and administration costs Net financial position Unrealised value changes Positive value change mainly on public properties corresponding to 1% of book value. Positive value change on financial instruments resulting from rising long yields. Profit before tax Tax Profit after tax for the period

17 Income Statement SEK m Rental revenues Sales revenues, modular buildings Corresponds to 26.3% of profit before tax. Net sales Gross profit Trading net 3 3 Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax Profit after tax for the period

18 Income Statement SEK m Rental revenues Sales revenues, modular buildings Net sales Gross profit The higher figure is mainly due to unrealised value changes on properties and financial instruments. Trading net 3 3 Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax Profit after tax for the period

19 Statement of Financial Position SEK m Assets 31 Mar 31 Dec Goodwill Properties 25,540 21,501 Receivables, etc. 1,762 2,045 Cash and cash equivalents 1, Total assets 28,825 24,494 Equity and liabilities Equity 7,765 7,357 Interest-bearing liabilities 17,826 13,949 Non-interest-bearing liabilities 3,234 3,188 Total equity and liabilities 28,825 24,494

20 Maturity structure, interest fixings As of 31 March 2011 Loan, SEK m Interest derivatives, SEK m Ave. interest, % , , , , , , Average fixed interest term, years Total derivatives 14, Total loans 17, Market value of loans and derivatives 438 Total 18,291

21 Maturity structure, credits (including un-utilised credit facilities) As of 31 March 2011 Utilised credits, SEK m Un-utilised credits, SEK m Total credits, SEK m , , ,286 3,000 11, , , , , , , Total 17,853 3,454 21,307 Average conversion term, years Equity ratio 31 Dec 10 27% 30 Jun 10 30% 31 Dec 09 30% Mortgage ratio

22 Underlying profits, Q1

23 The share to the end of April

24 Total yield to first quarter 2011

25 Ten largest shareholders (% of votes & capital) Nordea fonder 3.3 Länsförsäkringar fonder 2.9 Olle Florén and companies 2.3 SHB fonder 1.9 Pensioenfonds PGGM (NL) 1.7 Norwegian Government 1.7 AP4 1.5 SEB Fonder 1.5 Swedbank Robur Fonder 1.3 Black Rock fonder (USA) Source: SIS Ägarservice

26 Outlook for 2011 A strong Swedish economy paves the way for favourable years for property Focus on customer care, cash flow and enhancing the portfolio Broadening the base of alternative funding sources Kungsleden active on the transaction market and increased property portfolio Continued measures to reduce vacancy levels in a cluster of large properties Increasing rent levels High employee commitment creates good prospects Kungsleden at a new address

27 Any questions?

28 Any questions?