Wallenstam Ab Class B · OMXSTO:WALL_B
Wallenstam Ab Class B — Q3 2024 Earnings Presentation
24 slides from Wallenstam Ab Class B's earnings presentation, Oct 22, 2024
Slide 1: Third quarter 2024 Wallenstam
Third quarter 2024 Wallenstam
Slide 2: Events during the third quarter
Events during the third quarter • Construction started on a total of 169 apartments in Nacka and Mölndal • After reporting period: Wallenstam starts commercial segment in CBD Stockholm and buys the scraper next to Sergels Torg square, number 5 of the Hötorget scrapers.
Slide 3: Wallenstam today
Wallenstam today Stockholm Rental value Residential 51% & Uppsala 210 properties 35% Office 27% Gothenburg 1.4 million sq m 65% Retail 7% Education/care 4% SEK 65 billion in property value Restaurant 4% Garage 2% 96% in occupancy rate Industry/warehouse 3% Cinema 1% 1,379 apartments under constructi
Slide 4: Wallenstam's sustainability work
Wallenstam's sustainability work • Responsible business – Procedure for background checks • Green premises – Full-service offices ready for occupation – Renovation with a focus on reuse – Green contracts • Recycled textiles – in partnership with Human Bridge – 28 tons of textiles collected so far, a
Slide 5: Net operating income, properties
Net operating income, properties SEK million 2024 2023 2024 2023 2023 Jan-Sep Jan-Sep Jul-Sep Jul-Sep Jan-Dec Rental income 2,187 2,036 730 697 2,730 Operating expenses investment properties -501 -518 -153 -151 -730 Net operating income, properties 1,686 1,518 576 546 1,999 Surplus ratio: 77.1%
Slide 6: Net operating income change, +11%
Net operating income change, +11% Rental income +151 MSEK New construction Total Acquisitions/sales Comparable holdings & large projects rental income +80 -12 +83 MSEK MSEK MSEK Net operating income +168 MSEK Operating expenses New construction Acquisitions Property maintenance, Total operating Weat
Slide 7: Nacka Grace, Nacka
COMPLETED IN Q3 Nacka Grace, Nacka • 28 apartments completed and let • 141 apartments still under production
Slide 8: Income from property management
Income from property management SEK million 2024 2023 2024 2023 2023 Jan-Sep Jan-Sep Jul-Sep Jul-Sep Jan-Dec Rental income 2,187 2,036 730 697 2,730 Operating expenses investment properties -501 -518 -153 -151 -730 Net operating income, properties 1,686 1,518 576 546 1,999 Management costs and admin
Slide 9: Average fixed interest rate term, 38 months
Average fixed interest rate term, 38 months SEK million 2,500 New swap agreements of 2,000 SEK 1.4 billion Interest during the coverage ratio: quarter. 2.1 times 1,500 58% of the loan volume has fixed 1,000 interest. 500 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Maturity interest
Slide 10: Profit/loss before changes in value and impairment losses
Profit/loss before changes in value and impairment losses SEK million 2024 2023 2024 2023 2023 Jan-Sep Jan-Sep Jul-Sep Jul-Sep Jan-Dec Total revenue 2,367 2,265 768 748 3,351 Operating expenses investment properties -501 -518 -153 -151 -730 Central management and administration -238 -237 -71 -74 -35
Slide 11: Profit/loss after tax
Profit/loss after tax SEK million 2024 2023 2024 2023 2023 Jan-Sep Jan-Sep Jul-Sep Jul-Sep Jan-Dec Profit/loss before changes in value and impairment losses 676 870 186 289 1,129 Change in value, investment properties -44 -793 -22 -188 -787 Change in value, financial instruments -341 -12 -432 112 -9
Slide 12: Balance sheet – Assets
Balance sheet – Assets Assets, 24-09-30 23-12-31 SEK million Investment properties 64,602 63,090 INVESTMENT PROPERTIES, SEK MILLION Development properties 74 77 Investment properties in operation 59,339 Wind turbines 916 985 Projects in progress, rental apartments 2,838 Cash and cash equivalents 143
Slide 13: The value of the properties
The value of the properties Distribution Property value CHANGE DURING THE YEAR, INVESTMENT PROPERTIES SEK million Investment properties, Jan 1, 2024 63,090 Residential properties, 56% Acquisitions 144 Construction 1,555 Commercial properties, 41% Sales -121 Unrealized change in value -65 Public use
Slide 14: Investments in construction
Investments in construction SEK million 4, 000 3, 500 3, 000 2, 500 2, 000 1,500 1,000 500 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3
Slide 15: Construction started of 169 apartments
Construction started of 169 apartments
Slide 16: Älta Torg, Nacka
Kv 4 Kv 2 Kv 3 Kv 5 Kv 7 Kv 1 191 apts Kv 6 Kv 8 Completed in 2024 Älta Torg, Nacka
Slide 17: Älta Torg kv. 2, Nacka
CONSTRUCTION START IN Q3 Älta Torg kv. 2, Nacka • 50 apartments • New cultural center • Estimated completion 2026
Slide 18: Åbybergsgatan in Mölndal
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Slide 19: Åbybergsgatan kv. C, Mölndal
CONSTRUCTION START IN Q3 Åbybergsgatan kv. C, Mölndal • 119 apartments • Estimated completion 2027
Slide 20: 1,379 apartments in ongoing new construction
Occupation starts 2024 Nacka Grace 141 apts. Nacka Occupation starts 2025 Kallebäcks Terrasser Älta Torg Occupation starts 2026 Kvarter 6 Kvarter 1 298 apts. 191 apts. Gothenburg Nacka Årstaberg 408 apts. Stockholm Occupation starts 2027 Occupation starts 2025 Åbybergsgatan Älta Torg Ädellövet Kvart
Slide 21: Balance sheet – Liabilities and equity
Balance sheet – Liabilities and equity Liabilities and equity, 24-09-30 23-12-31 SEK million Equity/assets Equity 30,431 30,500 ratio: 45% Interest-bearing liabilities 30,016 29,075 Loan-to-value Financial derivative instruments 7 18 ratio: 46% Lease liability 597 544 Other 6,844 6,704 Net asset Tot
Slide 22: Funding sources
Funding sources Expanded overdrafts facilities during the quarter. A total of SEK 1.8 billion (1.4) Bank loans, SEKM 28,361 95% Bonds, SEKM 1,000 3% Commercial papers, SEKM 655 2% Financing Q3, distribution
Slide 23: Questions?
Questions? Susann Linde, CFO & Head of Investor Relations susann.linde@wallenstam.se
Slide 24: Slide 24