Wihlborgs Fastigheter Ab · OMXSTO:WIHL
Wihlborgs Fastigheter Ab — FY2022 Earnings Presentation
61 slides from Wihlborgs Fastigheter Ab's earnings presentation, Feb 14, 2023
Slide 1: Year-end report 2022
Year-end report 2022 Ulrika Hallengren, CEO and Arvid Liepe, CFO 14 February 2023
Slide 2: Summary 2022
Summary 2022 ✓ Record income ✓ Record profits ✓ Record net letting ✓ Record like-for-like rental growth ✓ Stable balance sheet ✓ Access to liquid funds ✓ Investing for the future 2
Slide 3: Results January-December 2022
Results January-December 2022 • Rental income increased by 9% to SEK 3,335 million (3,060) • Operating surplus increased by 6% to SEK 2,331 million (2,195) • Income from property management increased by 3% to SEK 1,861 million (1,815) • Result for the period amounted to SEK 2,288 million (3,348), co
Slide 4: Rental income January-December 2021-2022
Rental income January-December 2021 - 2022 Rental income Jan-Dec 2021 3,060 Early redemption 2021 -69 Aquisitions 87 Currency effect 33 Canteens Denmark 18 Debited property tax 14 Index 53 Completed projects, new leases and renegotiations 139 Rental income Jan-Dec 2022 3,335 4
Slide 5: Net letting
Net letting Q4 Q4 Jan-Dec Jan-Dec SEKm 2022 2021 2022 2021 New leases 80 108 282 315 Terminations 48 41 163 200 Net letting 32 67 119 115 5
Slide 6: New leases Q4 2022 – a selection
New leases Q4 2022 – a selection 6
Slide 7: Net letting quarterly
Net letting quarterly 120 100 80 60 40 20 0 -20 -40 -60 -80 -100 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 New leases Terminations Net 7
Slide 8: Net letting rolling 12 months
Net letting rolling 12 months 160 140 120 100 80 60 40 20 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 -20 8
Slide 9: Solid customers
Solid customers City of Helsingborg City of Malmö Danish Building and Property Agency Danske Bank 21% Revenues from top ten tenants Ericsson Lund University Malmö University Skåne Regional Council 24% Swedish Social Insurance Agency Revenues from public tenants Swedish Tax Agency 9
Slide 10: Rental growth
Rental growth Rental growth entire property stock like-for-like* 01-01-2023 01-01-2022 01-01-2023 01-01-2022 SEK m SEK m Percent SEK m SEK m Percent Rental value 4,170 3,472 +20.1 Rental value 3,829 3,426 +11.8 Rental income 3,810 3,128 +21.8 Rental income 3,588 3,155 +13.7 *Exkluding project & land
Slide 11: Increased value in the portfolio
Increased value in the portfolio 60 000 50 000 40 000 30 000 SEK m 20 000 10 000 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 11
Slide 12: Changes in market value properties
Changes in market value properties SEK m Carrying amount 1 January 2022 50,033 Acquisitions 2,438 Investments 1,518 Properties sold -97 Changes in value 396 Currency translations 891 Carrying amount 31 December 2022 55,179 12
Slide 13: Portfolio – the entire property stock
Portfolio – the entire property stock 1 January, 2023 Market value Op. Surplus* Occupancy Running Yield fully SEK m SEK m rate, % yield, % let, % Total excl. projects and 51,483 2,949 93 5.7 6.3 land Total 55,179 2,953 91 5.4 6.0 Wihlborgs * Excluding property admin 13
Slide 14: Portfolio – Office properties
Portfolio – Office properties 1 January, 2023 Market value Op. Surplus* Occupancy Running Yield fully SEK m SEK m rate, % yield, % let, % Malmö 18,153 959 95 5.3 5.6 Helsingborg 8,521 469 91 5.5 6.2 Lund 7,971 493 93 6.2 6.7 Copenhagen 10,174 568 93 5.6 6.2 Total 44,819 2,489 94 5.6 6.0 * Excluding
Slide 15: Portfolio – Logistics/Production
Portfolio – Logistics/Production 1 January, 2023 Market value Op. Surplus* Occupancy Running Yield fully SEK m SEK m rate, % yield, % let, % Malmö 2,044 137 93 6.7 7.3 Helsingborg 3,460 253 90 7.3 8.3 Lund 271 19 98 6.9 7.1 Copenhagen 889 51 95 5.7 6.1 Total 6,663 459 92 6.9 7.7 * Excluding property
Slide 16: Portfolio running yield, excl. property admin
Portfolio running yield, excl. property admin. 6,5 6,3 6,3 6,2 6,1 5,9 5,8 5,7 5,7 Percent 5,5 5,4 5,4 5,4 5,3 5,3 5,1 5,1 5,1 4,9 4,7 4,5 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Excl. project and land 16
Slide 17: Wihlborgs in the region
Wihlborgs in the region Malmö Helsingborg Lund Copenhagen 619,000 m2 647,000 m2 261,000 m2 702,000 m2 103 properties 108 properties 33 properties 62 properties 40 % of property value 22 % of property value 16% of property value 22 % of property value 22,035 SEK m property value 12,292 SEK m property
Slide 18: Business model, result 2022
Business model, result 2022 Profit from projects 150 SEK m 1 861 SEK m Income from property management 18
Slide 19: Business model, 2005-2022
Business model, 2005-2022 Profit from projects 4.7 SEK bn 17.7 SEK bn Income from property management Total 22.3 SEK bn Dividend 7.9 SEK bn 19
Slide 20: Profit from projects
Profit from projects 600 500 400 SEK m 300 200 100 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20
Slide 21: Acquisitions
OBS, väntar på högupplöst bild på nya danska fastigheterna Acquisitions
Slide 22: Sufflören 4 + Sunnanå
+ Sufflören 4 + Sunnanå 12:26 5 100 m2 + 10 000 m2 Total property value SEK 70 m December 16 2022 22
Slide 23: Financials
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Slide 24: Income statement
Income statement SEK m Q4 2022 Q4 2021 Rental income 888 770 Operating surplus 602 537 Income property management 436 443 Change in value of properties -16 1,562 Change in value of derivatives -37 55 Pre-tax profit 383 2,060 Profit for the period 290 1,688 24
Slide 25: Consolidated balance sheet
Consolidated balance sheet, SEK m 31-12-2022 31-12-2021 Investment properties 55,179 50,033 Right-of-use assets 146 150 Other fixed assets 391 396 Derivatives 696 94 Current receivables 238 164 Liquid assets 159 315 Total assets 56,809 51,152 Equity 23,380 21,948 Deferred tax liability 5,180 4,622 B
Slide 26: Key figures
Key figures 31-12-2022 31-12-2021 Equity/assets ratio, percent 41.2 42.9 Leverage properties, percent 48.6 46.5 Interest coverage ratio, multiple 5.6 6.7 Per share, SEK EPRA net disposal value 76.05 71.39 EPRA net reinstatement value 90.64 86.33 Earnings per share 7.44 10.89 EPRA EPS 5.45 5.33 26
Slide 27: Seventeen years of rising dividends
Seventeen years of rising dividends Adjusted for stock splits Dividend, SEK/share Yield, % 7,00 3,10 3,00 3,00 6,00 2,63 5,00 2,25 2,00 1,88 4,00 1,57 1,44 1,32 3,00 1,19 0,94 1,00 1,07 1,00 0,79 0,82 0,85 0,88 2,00 0,69 0,44 1,00 Dividend, SEK/share, % 0,00 0,00 Yield, % 2005 2006 2007 2008 2009 20
Slide 28: EPRA NRV
EPRA NRV Per share 90 80 70 60 Average annual growth: 50 17 percent adjusted for dividend SEK 40 30 20 10 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 28
Slide 29: Stable financial position
Stable financial position Equity/Assets % Financial targets 45,0 40,0 • Max. loan-to-value 60% 35,0 • Min. equity/assets 30% 30,0 • Min. interest coverage 2.0 multiple 25,0 Interest coverage, multiple Loan-to-value % 60,0 8,0 7,0 55,0 6,0 5,0 4,0 50,0 3,0 2,0 45,0 1,0 0,0 40,0 sep-18 sep-19 sep-20 s
Slide 30: Strong earnings relative to borrowings
Strong earnings relative to borrowings Net debt/EBITDA 12,0 10,0 8,0 Multipler 6,0 4,0 2,0 0,0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 30
Slide 31: Current financing, December 2022
Current financing, December 2022 Total debt: SEK 26.8 bn 10% 48% 42% Bank loans Danish mortgage loans Bonds 31
Slide 32: Structure of interest and loan maturities
Structure of interest and loan maturities Interest maturity Loan maturity Loan amount Average interest Credit agreement Utilised Matures year SEK m rate % SEK m SEK m 2023 17,139 3.02 986 986 2024 1,788 1.43 5,858 5,282 2025 1,788 1.44 11,666 9,386 2026 1,252 1.62 596 596 2027 1,352 2.96 595 595 >20
Slide 33: Interest rate sensitivity
Interest rate sensitivity Effect of a change in market rates on the average interest rate, % Effect of a change in market rates on the interest cover ratio, multiple % ggr 6,00 5,00 5,00 4,00 Average interest rate 4,00 Interest cover ratio 3,00 3,00 2,00 2,00 1,00 1,00 0,00 0,00 0,0 0,5 1,0 1,5 2,0
Slide 34: Fixed interest period and loan maturity
Fixed interest period and loan maturity Fixed interest period, years Loan maturity, years 7 7 6 6 5 5 4 4 3 3 2 2 1 1 0 0 dec-17 jun-18 dec-18 jun-19 dec-19 jun-20 dec-20 jun-21 dec-21 jun-22 dec-22 dec-17 jun-18 dec-18 jun-19 dec-19 jun-20 dec-20 jun-21 dec-21 jun-22 dec-22 34
Slide 35: Available funds
Available funds Unutilized credit facilities plus liquid funds, SEK mn 4500 4000 3500 3000 2500 2000 1500 1000 500 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 35
Slide 36: Sustainability
Sustainability
Slide 37: Certified properties 2022
Certified properties 2022 Sunnanå 12:54, Malmö Miljöbyggnad level Silver Kranen 9, Malmö Miljöbyggnad level Silver Diabasen 1 Miljöbyggnad level Silver Dubbelknappen 15, Malmö Miljöbyggnad level Silver Töebacken 7, Lund Miljöbyggnad In-Use level Silver Elefanten 40, Malmö Kranen 9, Malmö Miljöbyggna
Slide 38: Targets
Targets Target Result Target 2022 2023-2025 Customers’ willingness to 75% 92% 75% recommend, % Trust index (GPtW) 85% 86% 85% Sponsorship with community 50% 53% 50% orientation, % Certified properties 80% 49% 90% (office, Sweden), % of floor area CO2 emissions (scope 1 & 2) 1.50 kg 1.35 kg 1.0 kg kg
Slide 39: Investments in progress
Investments in progress
Slide 40: Projects investments January-December 2022
Projects investments January-December 2022 SEK m Investments 1,518 Projects in progress 3,631 Invested by period end -1 367 Remains to invest 2,264 40
Slide 41: Pulpeten 5 - Kvartetten
Pulpeten 5 - Kvartetten Mindpark SPILL Trygg-Hansa Malmö, Hyllie 16,000 m2 Completion Q2, 2023 SEK 804 m 41
Slide 42: Bläckhornet 1 - VISTA
Bläckhornet 1 - VISTA Malmö, Hyllie 15,000 m2 mobility hub + 16,600 m2 office Completion Q4 2024/Q4 2025 SEK 884 m 42
Slide 43: Raffinaderiet 3
Raffinaderiet 3 Symetri Inter TLC Genetor N yoga studio Backtick Skanska AFRY Lund, City 5,800 m2 Completion Q1, 2023 SEK 190 m 43
Slide 44: Kunskapen 1 - SPACE
Kunskapen 1 - SPACE Oatly Lund, Science Village 6,000 m2 Completion Q3, 2023 SEK 244 m 44
Slide 45: Posthornet 1, phase 2
Posthornet 1, phase 2 Lund, City 9,900 m2 Completion Q4, 2025 SEK 448 m 45
Slide 46: Tomaten 1
Tomaten 1 Inpac Lund 6,400 m2 Completion Q2 2024 SEK 137 m 46
Slide 47: Rausgård 21
Rausgård 21 Nederman Helsingborg 25,000 m2 Q2 2024 SEK 420 m 47
Slide 48: Huggjärnet 13
Huggjärnet 13 Automationspartner Soprema Helsingborg 8,000 m2 Completion phase 1 Q2, 2023 SEK 108 m 48
Slide 49: Snårskogen 5
Snårskogen 5 DOKA Helsingborg 2 200 m2 Completion Q2 2023 SEK 60 m 49
Slide 50: Plåtförädlingen
Plåtförädlingen 15 Springhill Helsingborg 8,700 m2 Completion Q4, 2023 SEK 141 m 50
Slide 51: Future investments
Future investments
Slide 52: Börshuset 1
Börshuset 1 Malmö, City 5 300 m2 GFA TBD Miljöbyggnad Guld 52
Slide 53: Vetskapen 1, Ideontorget, Polisen 7, Västerbro
Vetskapen 1 Ideontorget Polisen 7 Västerbro Lund Lund, Ideon Helsingborg Lund, Västerbro 4 700 m2 GFA 16 000 m2 GFA 6 000 m2 GFA 70 000 m2 GFA TBD TBD TBD TBD TBD TBD TBD TBD 53
Slide 54: Tomaten 1, Bilrutan 5, Örja, Sunnanå 12:54
Tomaten 1 Bilrutan 5 Örja, Pedalen m fl Sunnanå 12:54 Lund Landskrona Landskrona Malmö 2 500 m2 GFA 14 000 m2 GFA TBD 17 000 m2 GFA TBD TBD TBD TBD TBD TBD TBD TBD 54
Slide 55: Stenåldern 7, Benkammen 16, Spännbucklan 9
Stenåldern 7 Benkammen 16 Malmö Malmö Stenåldern 7 Spännbucklan 9 Hindbygården 9 Malmö Malmö 55
Slide 56: Nyhamnen
Nyhamnen
Slide 57: Higher density at Slagthuset
Higher density at Slagthuset 57
Slide 58: Hamnen 16:xx – Smörkajen, Kranen 15, Dockan
Hamnen 16:xx – Kranen 15 Dockan Naboland 3 Smörkajen Malmö, Nyhamnen Malmö, Dockan Malmö, Dockan Malmö 13 000 m2 GFA TBD TBD 8 000 m2 GFA TBD TBD TBD TBD Miljöbyggnad Guld Miljöbyggnad Guld Miljöbyggnad Guld Miljöbyggnad Guld
Slide 59: Summary 2022
Summary 2022 ✓ Record income ✓ Record profits ✓ Record net letting ✓ Record like-for-like rental growth ✓ Stable balance sheet ✓ Access to liquid funds ✓ Investing for the future 59
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Slide 61: Wihlborgs
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