Catena Ab · OMXSTO:CATE
Catena Ab — Q2 2019 Earnings Presentation
26 slides from Catena Ab's earnings presentation, 2019
Slide 1: The leading property company in logistics
The leading property company in logistics.
Slide 2: Contents
Contents 1. Highlights 2. Results and balance overview 3. Operational review 4. Capital deployment 5. Outlook and cases Q&A 2
Slide 3: Highlights
Highlights Strong cashflow performance and markets remain favorable • Profit from property management1 of 318 msek, up 16% vs. H1 2018 and 17% in the quarter YoY. Total operations • Earnings per share (EPS) of 13,46 sek, up 36% vs. H1 2018. • Occupancy maintained at 95% and WALE of 5 years. • Leased
Slide 4: Results and balance overview
Results and balance overview 2019, Q2 4
Slide 5: Income statement – result of the period
Income statement – result of the period 2019 Q2: SEK M 654 145 Surplus 8,43 13,46 kr/sqm kr/sqm ratio per per 1000 78% share share 900 800 395 700 585 +37% 600 +15% 70,4 500 +16% 135 400 129,9 16 4,7 300 116,5 455,1 507,5 200 317,9 100 0 Rental Property NOI Central Other Financial net Income Value V
Slide 6: Statement of financial position
Statement of financial position SEK M 2019 Q2 2018 Q2 Total assets Investment properties 15,570.4 8,573 SEK/sqm 13 647,2 8,134 SEK/sqm Goodwill 503.0 503.0 Other assets 867.4 579,2 Opening cash and cash equivalents 135.8 516,5 Total assets 17,076.6 15,245.9 Total shareholders’ equity and liabilities
Slide 7: Operational review
Operational review CATENA
Slide 8: Strong and sustainable cash flow
Strong and sustainable cash flow Profit Msek surplus 1 200 54% 1 000 800 54% 600 52% 400 200 0 2015 2016 2017 201806 2018 201906 Rental income Profit from property management 1 Profit from property management comprises profit adjusted for value changes (realized and unrealized) related to properties
Slide 9: Portfolio characteristics 1 (2)
Portfolio characteristics 1 (2) Regions # of Lettable area Fair Value Rental value Economic Contractual Surplus ratio properties tsqm Msek Msek letting ratio annual rent, % % SEK M Gothenburg 15 231.0 2,220.6 180.5 97 169.9 87 Helsingborg 23 380.7 2,760.6 219.4 95 207.5 75 Jönköping 12 209.6 1,180.4
Slide 10: Portfolio characteristics 2 (2)
Portfolio characteristics 2 (2) By value # of tenants per Tenant concentration Asset size breakdown Letteble space types, property by Contractual income by area 14% 7% 12% 9% 40% 44% 45% 18% 56% 44% 56% 47% 27% 7% 41% 16% 16% Gothenburg 10 biggest tenants < 10k sqm Terminals 1 tenant Helsingborg Res
Slide 11: Property value and yield
Property value and yield EPRA NIY Msek EPRA NIY 6,1% 20 000 6,1% 18 000 16 000 14 000 12 000 10 000 8 000 6 000 4 000 2 000 0 2015 2016 2017 201806 2018 201906 Assets IFRS property value 11
Slide 12: Rental market
Rental market Region Stockholm 717 kr/sqm Msek Stockholm 1 400 720 937 kr/sqm 1 200 Örebro 700 548 kr/sqm 1 000 680 800 Occupancy 660 95% 600 640 400 200 620 Region Gothenburg 0 600 781 kr/sqm Region Jönköping 2015 2016 2017 201806 2018 201906 554 kr/sqm Rental value Rental value per sqm Region Hels
Slide 13: Leasing activity and contract maturity
Leasing activity and contract maturity Net rental by contractual value Maturity - Contractual 120,0 annual rent 100,0 500 80,0 37% 60,0 40,0 400 20,0 0,0 300 WALE -20,0 18% 5y -40,0 200 11% 12% 13% -60,0 9% -80,0 100 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 1% Q2 Q3 Q4 Q1 Q2
Slide 14: Funding structure
Funding structure Year Debt maturity loans Interest maturity incl. derivatives Funding source msek Share% Interest rate msek Share% Interest rate including including 11% Margin% Margin% 0-1 y 4,132 47 1.36 4,037 46 1.07 16% 1-2 y 3,250 37 1.09 0 0 0.00 2-3 y 455 5 1.25 1,417 16 3.81 73% 3-4 y 825 10
Slide 15: Capitalisation
Capitalisation LTV & Cost of debt Capital structure 80,0% 4,0% 18 000 32,8% 31,5% 33,2% 70,0% 3,5% 16 000 32,3% 60,0% 3,0% 14 000 31,6% 12 000 50,0% 2,5% 10 000 40,0% 2,0% 8 000 35,7% 30,0% 1,5% 6 000 20,0% 1,0% 4 000 10,0% 0,5% 2 000 0,0% 0,0% 0 2015 2016 2017 201806 2018 201906 2015 2016 2017 2018
Slide 16: A history of growth
A history of growth Profit from property management per share EPRA NAV per share Return on equity 20 200 30 25 16 150 20 12 15 100 10 8 5 50 4 0 0 0 Return on equity Average 16
Slide 17: Capital deployment
Capital deployment Focus on development programme 17
Slide 18: Development projects in progress
Development projects in progress Rosersberg 11:81, Sthlm Speed logistics Sothönan 3, Katrineholm Total investment: 65 MSEK # of Added Postnord Finalized: Q2 2020 projects TSqm Total investment: 36 MSEK Finalized: Q3 2020 14 92 Tahe 1:64, Jönköping Procurator Invested, Investm. Total investment: 107
Slide 19: Outlook and cases
Outlook and cases We develop logistics positions 19
Slide 20: Tostarp
Logistics position Tostarp 20
Slide 21: Katrineholm
Logistics position Katrineholm 21
Slide 22: Rosersberg
Rosersberg 22
Slide 23: Dikartorp energy saving project
Energy Saving project, Dikartorp 23
Slide 24: Potential, future development projects
Magneten 6 Umeå Sqm: 42’ Investment land: 37 MSEK Potential, future development projects Örebro (JV, 34%) Törsjö Sqm: 700’-900’ Investment land: 315 MSEK Ånsta 1:1 Stockholm Syd Potential Potential Sqm: 450’ Land-bank lettable investment Investment land: 315 MSEK tsqm area tsqm MSEK 2,800 1,000 8,00
Slide 25: Q&A
Q&A CATENA
Slide 26: The leading property company in logistics
The leading property company in logistics.