Cibus Real Estate Ab (publ) · OMXSTO:CIBUS
Cibus Real Estate Ab (publ) — Cibus Nordic Real Estate — Q1 2024 Earnings Presentation
30 slides from Cibus Real Estate Ab (publ)'s earnings presentation, Apr 23, 2024
Slide 1: Interim Report 1 January 2024 – 31 March 2024
Interim Report 1 January 2024 – 31 March 2024
Slide 2: Speakers
Speakers Christian Fredrixon Pia-Lena Olofsson Chief Executive Officer Chief Financial Officer 2
Slide 3: Summary of the period Q1 2024
Summary of the period Rental income amounted to EUR 30,519 thousand (29,667). Q1 2024 Net operating income totalled EUR 28,114 thousand (27,600). Profit from property management was EUR 12,229 thousand (11,791). Profit from property management, excluding exchange rate (compared effects, amounted to
Slide 4: The AGM decision regarding dividends
The AGM decision regarding dividends The 2024 Annual General Meeting decided in accordance with the board's proposal an unchanged dividend of EUR 0.90 (0.90) per share, divided between 12 monthly payment occasions. 4
Slide 5: Cibus – Converting food into yield
Cibus Converting food into yield
Slide 6: This is Cibus Nordic
This is Cibus Nordic — “Converting Food into Yield” — Real estate company focused purely on daily-goods properties. — Aim to create stable cash flows. — Listed since March 2018. Listed on Nasdaq Stockholm MidCap since June 2021. — Sole listed daily-goods real estate vehicle in the Nordics. — Grown f
Slide 7: Pan-Nordic expansion timeline
Pan-Nordic expansion timeline Q1 2024 Property value 1,764 MEUR Q1 2018 Property value 735 MEUR 2018 2019 2020 2021 2022 2023 2024 3/2018 Establishment 3/2020 Entry to 10/2021 Entry 4/2022 Entry and IPO Sweden to Norway to Denmark 7
Slide 8: Our properties Q1 2024
Our properties Q1 2024 451 1,764 Tenants share of NOI Properties MEUR property value 114,1 976 MEUR NOI Thousand SQM Current earnings capacity 8
Slide 9: What do we mean by stable cash flows?
What do we mean by stable cash flows? Stable cash flows: — Focused purely on daily-goods properties. — Non-cyclical daily-goods business. — 84% of rental income is from daily-goods tenants. — 97% of our 451 properties are anchored by daily-goods tenants. — 99% of rents linked to CPI-development. Sta
Slide 10: Earnings capacity in focus
Earnings capacity in focus — Cibus has historically delivered value to shareholders through dividend yields, EPS growth and total returns. Earnings capacity and Dividend per share — Historic operational stability and historic noticeable yield spread. — Main growth driver 2024 is increasing earnings
Slide 11: Cibus' bond market actions Q1 2024
Cibus’ bond market actions Q1 2024 24 JANUARY 2024 18 MARCH 2024 20 MARCH 2024 — Bond markets started to thaw for high — Cibus announces intention to issue senior Cibus issued senior unsecured green bonds: yield commercial real estate companies unsecured green notes and launches a — EUR 80 million,
Slide 12: Cibus share price performance
Cibus share price performance 31 March 2024: Average daily volume total SEK 53 million of which Nasdaq daily volume is SEK 24 million with about 2,300 transactions per day Share price SEK 140.30 12
Slide 13: Shareholders as of 31st of March 2024
Shareholders as of 31st of March 2024 Cibus Nordic Real Estate Name No. of shares Percentage Länsförsäkringar Fonder 4,256,223 7.4 Fjärde AP-fonden 3,545,689 6.2 Vanguard 2,439,943 4.3 Avanza Pension 2,286,707 4.0 Nordnet Pensionsförsäkring 1,850,921 3.2 31 March 2024: BlackRock 1,648,590 2.9 Cleara
Slide 14: Financial Overview
Slide 15: Significant events during the period
Significant events during the period On 24 January, it was announced that Cibus had issued senior The results of the repurchase offer were announced on 21 unsecured green bonds for a total EUR 50 million under its March. The Company has received repurchase instructions for a MTN programme. The new s
Slide 16: Q1 2024 in brief
Q1 2024 in brief EUR THOUSAND Q1 2024 Q1 2023 2023 Full-year Rental income 30,519 29,667 119,128 Net operating income 28,114 27,600 114,729 Net financial items -13,417 -13,614 -52,861 Profit from property 12,229 11,791 51,932 management 16
Slide 17: P&L Highlights Q1 2024
P&L Highlights Q1 2024 — The administration expenses entailing partially double CEO EUR, Thousands Q1 2024 Q1 2023 costs during the quarter. Christian Fredrixon stepped in as CEO on 15 January 2024. Former CEO Sverker Källgården Net Operating income 28,114 27,600 formally left the company on 29 Febr
Slide 18: Current earnings capacity
Current earnings capacity As of 1 April 2024, the earnings capacity regarding profit from property management excl non-cash items + expenses for hybrid bond per share for the ensuing 12 months was 0.96 EUR per share, an increased with 0.01 EUR per share since last quarter. 18
Slide 19: Net operating income in a comparable portfolio (Earnings capacity)
Net operating income in a comparable portfolio (Earnings capacity) The effect of indexation and other rent increases amounted to 4.8% annually. Indexation increases going forward will increase NOI and cash flow while financial expenses are 97% capped. 19
Slide 20: Segments Q1 2024
Segments Q1 2024 NOI Q1 2024 68% 14% 4% 14% 20
Slide 21: Cibus' strategy is to give its Shareholders strong dividends on a monthly basis
Cibus’ strategy is to give its Shareholders strong dividends on a monthly basis 7.4% Upcoming payments Dividend yield share price* * Based on 0.90 EUR per share and share price 140.30 SEK The 2024 Annual General Meeting decided that an unchanged dividend of EUR 0.90 (0.90) per share be paid, divided
Slide 22: Balance sheet (NRV & LTV)
Balance sheet (NRV & LTV) €’m Balance sheet (31 March 2024) (unless otherwise LTV, % stated) Property value 1,764 Secured debt (-) -886 50.3 Unsecured bond (-) (1) -189 Net LTV 58.7% Other net assets(+)/liabilities(-)(2) 21 Hybrid bond -30 EPRA NRV 680 EPRA NRV / Share (€) 11.9 1) As of 31 March 202
Slide 23: WAULT likely to be sustained around 5 years
WAULT likely to be sustained around 5 years — An even number of leases up for renewal each year — Typically leases renew at same terms for 5 years — WAULT likely to remain at around 5 years over time 23
Slide 24: Funding
Funding Bank loan Funding sources Of Cibus’s external funding sources, 80.2% comprise bank loans. As of 31 March 2024, the Group has bank loans of EUR 886,454 thousand (875,534) with a weighted average credit margin of 1.7% and an average weighted capital maturity of 1.7 years. Thanks to the interes
Slide 25: Funding: Interest rate sensitivity analysis and covenants
Funding Interest rate sensitivity analysis Based on reported earnings capacity and taking into account existing loans maturing at fixed interest, as well as other interest-rate hedges, the effect on profit when market interest rates rise by 1 percentage point is roughly EUR -450 thousand on an annua
Slide 26: Future
Slide 27: Outlook 2024
Outlook 2024 Earnings capacity started to grow in the second half of 2023 and Cibus’ strategy is to continue this development CPI 2024 outlook figures look to support increased rental income through indexation Stable development in underlying daily-goods business with sales growth larger than CPI Sw
Slide 28: Outlook 2024 ESG – Focus on "E" and "S"
Outlook 2024 ESG – Focus on ”E” and S” — Green framework and Sustainability linked framework in place under 2023. — Working towards CO2 neutral in 2030 target. — Energy efficiency in focus. — Net-leases – working side-by-side with our tenants. — Daily-goods real estate has important role to play in
Slide 29: Focus areas going forward
Focus areas going forward Stability and EPS ESG • Grow earnings capacity per share • Social infrastructure as part of a resilient society • Continued stable cash flows and dividend paying capacity • Daily-goods as a meeting place • CEPS accretive potential • Energy efficiency transactions • Climate
Slide 30: Primary reasons to invest in the Cibus share
Primary reasons to invest in the Cibus share 1 3 High and stable yield Monthly dividends Cibus strives to earn a high and stable yield for Since October 2020, Cibus pays dividends monthly shareholders. 2 4 Potential for favourable value growth A segment with long-term resilience and 99% of Cibus’ re
Cibus Nordic Real Estate — Q1 2024 Earnings Presentation on 6ix