Wihlborgs Fastigheter Ab · OMXSTO:WIHL
Wihlborgs Fastigheter Ab — Q1 2024 Earnings Presentation
50 slides from Wihlborgs Fastigheter Ab's earnings presentation, Apr 23, 2024
Slide 1: Quarterly report January - March 2024
Quarterly report January - March 2024 Ulrika Hallengren, CEO and Arvid Liepe, CFO 23 April 2024
Slide 2: Summary Q1 2024
• Summary Q1 2024 • Record new letting, again, and net letting positive • Demand continues for high quality in good locations • Quarterly revenue above SEK 1 billion for the first time • Higher financing costs but ICR at 2.5 times • Bond market recovering 2
Slide 3: Results March 2024
Results March 2024 • Rental income increased by 7% to SEK 1,040 million (971) • Operating surplus increased by 8% to SEK 718 million (667) • Income from property management amounted to SEK 424 million (457) • Result for the period amounted to SEK 348 million (255), corresponding to earnings per shar
Slide 4: Rental income development
Rental income development Rental income Jan-Mar 2023, SEKm 971 Aquisitions 2 Currency effect 1 Index 48 Early termination fees 20 Additional charges -7 Canteens -8 Completed projects, new leases and renegotiations etc. 13 Rental income Jan-Mar 2024 1,040 4
Slide 5: Net letting
Net letting Q1 Q1 SEKm 2024 2023 New leases 177 77 Terminations 148 72 Net letting 29 6 5
Slide 6: New leases Q4 – a selection
New leases Q4 — a selection O WYYMURR ss DACHSER . mA de ELEKTRONIK intelligent Logistics novo nordisk stay connected ©@ Envidan es ) Mareli Medical Bh | sevice pwe | Center’ gents. dealoroffsen SWEDENCARE VOYADO aye medical
Slide 7: Net letting quarterly
Net letting quarterly 150 100 50 0 -50 -100 -150 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 New leases Terminations Net 7
Slide 8: Solid customers
Solid 20% customers Revenues from City of Helsingborg top ten tenants City of Malmö 23% Danish Building and Property Agency Revenues from Lund University public tenants Malmö University Novo Nordisk SAAB Skåne Regional Council Swedish Social Insurance Agency Trygg Hansa Insurance 8
Slide 9: Rental growth
Rental growth Rental Rubrikgrowthupp entire property stock till 2 rader like-for-like* 01-04-2024 01-04-2023 01-04-2024 01-04-2023 SEK m SEK m Percent SEK m SEK m Percent Rental value 4,458 4,191 +6.4 Rental value 3,380 3,201 +5.6 Rental income 4,088 3,860 +5.9 Rental income 3,128 2,979 +5.0 *Exclud
Slide 10: Changes in market value properties
Changes in market value properties SEK m Carrying amount 1 January 2024 55,872 Acquisitions - Investments 470 Properties sold - Changes in value -59 Currency translations 467 Carrying amount 31 March 2024 56,750 10
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 2023 2024 Q1 11
Slide 12: Portfolio – the entire property stock
Portfolio – the entire property stock 1 April, 2024 Market value Op. Surplus* Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Total excl. 53,673 3,100 93 5.8 6.3 projects and land Total Wihlborgs 56,750 3,105 92 5.5 6.1 * Excluding property admin 12
Slide 13: Portfolio – Office properties
Portfolio – Office properties 1 April, 2024 Market value Op. Surplus* Occupancy rate, Running Rnning yield SEK m SEK m % yield, % fully let, % Malmö 19,029 1,043 96 5.5 5.8 Helsingborg 8,188 484 92 5.9 6.5 Lund 8,550 499 90 5.8 6.6 Copenhagen 10,715 596 94 5.6 6.1 Total 46,482 2,622 94 5.6 6.1 * Exc
Slide 14: Portfolio – Logistics/Production
Portfolio – Logistics/Production 1 April, 2024 Market value Op. Surplus* Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Malmö 2,147 142 94 6.6 7.1 Helsingborg 3,856 266 87 6.9 8.3 Lund 272 18 98 6.7 6.8 Copenhagen 916 51 97 5.6 5.8 Total 7,191 477 90 6.6 7.6 * Excluding pr
Slide 15: 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 5,8 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 2023 2024 Q1 Excl. project and land 15
Slide 16: Malmö Helsingborg Lund Copenhagen
Malmö Helsingborg Lund Copenhagen 40 % of property value 22 % of property value 16 % of property value 22 % of property value 633,000 m2 666,000 m2 273,000 m2 707,000 m2 102 properties 106 properties 34 properties 63 properties 22,318 SEK m property value 12,587 SEK m property value 9,233 SEK m prop
Slide 17: Different direction for development
Different direction for development • Fehmarn Belt tunnel turn things arround • Opens in 2029 • Railway and highway • Reduced travel time o 2,5 hours Copenhagen - Hamburg o 7 minutes ride through tunnel • Letbanen (railway) round Copenhagen plans to be completed in 2025 • Massive development for off
Slide 18: Financials
Financials 18
Slide 19: Income statement
Income statement SEK m Q1 2024 Q1 2023 Rental income 1,040 971 +7% Operating surplus 718 667 +8% Income property management 424 457 -7% Change in value of properties -59 -28 Change in value of derivatives 103 -99 Pre-tax profit 468 330 Profit for the period 348 255 19
Slide 20: Consolidated balance sheet
Consolidated balance sheet, SEK m 31-03-2024 31-03-2023 Investment properties 56,750 55,701 Right-of-use assets 135 145 Other fixed assets 454 394 Derivatives 389 604 Current receivables 425 406 Liquid assets 478 224 Total assets 58,631 57,474 Equity 22,770 23,642 Deferred tax liability 5,273 5,266
Slide 21: Key figures
Key figures 31-03-2024 31-03-2023 Equity/assets ratio, percent 38.8 41.1 Leverage properties, percent 50.5 48.5 Interest coverage ratio, multiple 2.5 3.4 Per share, SEK EPRA net disposal value 74.07 76.90 EPRA net reinstatement value 90.39 92.08 Earnings per share 1.13 0.83 EPRA EPS 1.24 1.40 21
Slide 22: EPRA NRV
EPRA NRV Average annual growth: 15 percent adjusted for dividend Per share 100 90 80 70 60 SEK 50 40 30 20 10 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 22
Slide 23: Stable financial position
Stable financial position Financial targets Equity/Assets % 45,0 • Max. loan-to-value 60% 40,0 • Min. equity/assets 30% 35,0 • Min. interest coverage 2.0 multiple 30,0 25,0 Interest cover ratio, rolling 12 months 8,0 7,0 Loan-to-value % 6,0 65,0 5,0 60,0 4,0 55,0 3,0 50,0 2,0 1,0 45,0 0,0 40,0 jul-1
Slide 24: Strong earnings relative to borrowings
Strong earnings relative to borrowings Net debt/EBITDA 12,0 10,0 8,0 Multiple 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 2023 2024 Q1 24
Slide 25: Current financing, Mar 2024
Current financing, Mar 2024 Total debt: SEK 28.7 bn 8% 51% 41% Bank loans Danish mortgage loans Bonds 25
Slide 26: Structure of interest and loan maturities
Structure of interest and loan maturities Interest maturity Loan maturity Loan amount Average Credit agreement Utilised Matures year SEK m interest rate % SEK m SEK m 2024 14,311 4.92 4,444 3,134 2025 1,788 1.56 4,338 3,838 2026 2,102 2.69 11,072 9,918 2027 2,279 3.65 1,115 1,115 2028 2,679 3.70 634
Slide 27: Interest rate sensitivity
Interest rate sensitivity % Average interest rate, % The underlying rate can increase by 2.5 percentage points 7,00 from the level end March and the ICR would still be at our 6,00 target level of 2.0 times. 5,00 4,00 3,00 2,00 The underlying rate can increase by 5.0 percentage points 1,00 from the l
Slide 28: 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 jun-19 dec-19 jun-20 dec-20 jun-21 dec-21 jun-22 dec-22 jun-23 dec-23 jun-19 dec-19 jun-20 dec-20 jun-21 dec-21 jun-22 dec-22 jun-23 dec-23 28
Slide 29: Available funds
Available funds Unutilized credit facilities plus liquid funds, SEK mn 4500 4000 3500 3000 2500 2000 1500 1000 500 0 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 29
Slide 30: Sustainability
Sustainability 30
Slide 31: Certified properties 2024
Certified properties 2024 Hamnen 22:188, Malmö Miljöbyggnad level Silver Kranen 14, Malmö Miljöbyggnad level Silver Stenyxan 20, Malmö Söderhavet 4, Malmö Miljöbyggnad In-Use level bronze Miljöbyggnad In-Use level Silver Sufflören 4, Malmö Studentkåren 2, Lund Miljöbyggnad In-Use level bronze Miljöb
Slide 32: Sustainability results Q1 2024
Sustainability results Q1 2024 • Certified properties 78% (59%) • Noll CO2 certifications in new office projects continues • Climate calculations for scope 3 in projects > 1 million SEK • Energy savings o Jannelösningen • Nya Vattentornet 4 (Cube) -27% • Skrovet 6, -31% o Heat pump installation Gryt
Slide 33: Sveriges bästa Arbetsplatser
Sveriges basta Arbetsplatser™ SVERIGE
Slide 34: Investments in progress
Investments in progress 34
Slide 35: Projects investments
Projects investments January-March 2024 SEK m Investments 470 Projects in progress 4,063 Invested by period end -1,352 Remains to invest 2,711 35
Slide 36: Bläckhornet 1 - VISTA
Bläckhornet 1 - VISTA Hyllie, Malmö Completion Q4 2024 / Q4 2025 15,000 m2 mobility hub SEK 884 m 16,600 m2 office 36
Slide 37: Börshuset 1
Börshuset 1 Malmö, City Completion Q4, 2025 6 000 m2 SEK 289 m 37
Slide 38: Posthornet 1, phase 2
Posthornet 1, phase 2 Lund, City Completion Q1, 2026 10,100 m2 SEK 448 m 38
Slide 39: Christianhusvej 11
Christianhusvej 11 Copenhagen, Hörsholm Completion Q4, 2025 NGG 11 600 m2 SEK 390 m 39
Slide 40: Tomaten 1
Tomaten 1 Lund Completion Q2, 2024 Inpac 6,400 m2 SEK 137 m 40
Slide 41: Rausgård 21
Rausgård 21 Helsingborg Completion Q3, 2024 Nederman 25,000 m2 SEK 420 m 41
Slide 42: Snårskogen 5
Snårskogen 5 Helsingborg Completion Q3, 2024 Rollco 3,600 m2 SEK 78 m 42
Slide 43: Sunnanå 12:54
Sunnanå 12:54 Malmö Completion Q3, 2025 17,000 m2 SEK 302 m 43
Slide 44: Bilrutan 1
Bilrutan 1 Landskrona Completion Q4, 2024 9,600 m2 SEK 159 m 44
Slide 45: Future projects
Future projects 45
Slide 46: Amphitrite
Amphitrite University of Malmö 46
Slide 47: Science Village, Spektra Ideontorget, Zenit Polisen 7
• Vetskapen 1 Science Village, Spektra Ideontorget, Zenit Polisen 7 Västerbro Lund Lund, Ideon Helsingborg Lund 4,700 m2 GFA 16,000 m2 GFA 6,000 m2 GFA 70,000 m2 GFA TBD TBD TBD TBD TBD TBD TBD TBD 47
Slide 48: Hamnen 16:xx- Smörkajen Kranen 15
• Hamnen 16:xx- Smörkajen Hamnen 16:xx- Smörkajen Kranen 15 Dockan Naboland 3 Malmö, Nyhamnen Malmö, Dockan Malmö, Dockan Malmö, Burlöv 13,000 m2 GFA TBD 13,000 m2 GFA 8,000 m2 GFA TBD TBD TBD TBD Miljöbyggnad Guld Miljöbyggnad Guld Miljöbyggnad Guld Miljöbyggnad Guld 48
Slide 49: Summary Q1 2024
• Summary Q1 2024 • Record new letting, again, and net letting positive • Demand continues for high quality in good locations • Quarterly revenue above SEK 1 billion for the first time • Higher financing costs but ICR at 2.5 times • Bond market recovering 49
Slide 50: UIAPAAR
UIAPAAR HAN aM
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