Catena Ab · OMXSTO:CATE
Catena Ab — Q2 2020 Earnings Presentation
32 slides from Catena Ab's earnings presentation, 2020
Slide 1: The leading property company in logistics
The leading property company in logistics.
Slide 2: Q2 2020 Joining presentation
Q2 2020 Joining presentation Benny Thögersen CEO, Sofie Bennsten CFO, Anna Wallander Sustainability Manager, Peter Andersson Head of Treasury 2
Slide 3: Contents
Contents 1. Highlights 2. Results and balance overview 3. Operational review 4. Capitalization 5. Capital deployment 5. Focus on sustainability 6. Market and outlook Q&A 3
Slide 4: Highlights
Highlights Resilient second quarter on the back of a stabalized market sentiment • YTD Profit from property management1 of SEK 358,5 million, up 13 percent YoY. Total operations • EPRA NAV per share of 208, up 14 percent YoY. • Solid letting ratio at 96 percent with WALE of close to 5 years. • Lease
Slide 5: Covid-19
Covid-19 The impact from the Coronavirus has had limited effect on Catena so far. Still, the set-up program prepared for in the first quarter to cope with the situation is still in progress and of critical importance. So far: • Limited impact on first and second quarter outcome with 7 million of cre
Slide 6: Results and balance overview
Results and balance overview 2020, Q2 6
Slide 7: Income statement – Period (YTD)
Income statement – Period (YTD) 2020 Q2: SEK M 661 131 Surplus 9,51 8,58 kr/sqm kr/sqm ratio per per share 80% share 800 700 622,3 +10% 600 +13% 500 76,7 400 122 17 4,4 300 23,9 500,3 120,4 87,8 200 358,5 323,5 100 0 Rental Property NOI Central Other Financial Income Value Value Taxes Net income inc
Slide 8: Statement of financial position
Statement of financial position SEK M 2020 Q2 2019 Q2 Total assets Investment properties 17,222.5 15,570.4 Goodwill 503.0 503.0 Other assets 599.5 736.3 Opening cash and cash equivalents 472.7 266.9 Total assets 18,797.7 17,076.6 Total shareholders’ equity and liabilities Equity 6,395.8 NAV 208 SEK/
Slide 9: Operational review
Operational review CATENA
Slide 10: Rental growth, like-for-like
Rental growth, like-for-like Msek 700,0 622,3 585,0 10,7 14,0 11,0 7,0 600,0 5,5 2020 Q2 500,0 Like-for-like 1.9 % 400,0 Project developments 2.4 % 300,0 Acquisitions 1.8 % 200,0 Divestments -0,9 % 100,0 One-off effects 1,2 % 0,0 Total 6,4 % Income Acquisitions Divestments Projects like-for-like One
Slide 11: High share of income retained
High share of income retained Msek Profit 1 400 surplus 58 % 1 200 1 000 800 54 % 600 400 200 0 2015 2016 2017 2018 Q2 2019 2019 Q2 2020 Rental income Profit from property management 1 Profit from property management comprises profit adjusted for value changes (realized and unrealized) related to pr
Slide 12: Well reputed and diversified customer base
Well reputed and diversified customer base Logistics/transport Home/construction Food and beverage Healthcare /recycling >40% >23% /packaging >9% >4% 12
Slide 13: Property value and yield
Property value and yield EPRA NIY 5.9 % Msek EPRA NIY 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 2018 Q2 2019 2019 Q2 2020 Assets IFRS property value 13
Slide 14: Rental market
(Numbers indicate rental value per sqm) Rental market Region Stockholm 729 kr/sqm Stockholm 942 kr/sqm Örebro Msek 582 kr/sqm 1 400 720 1 200 700 1 000 680 800 Letting 660 Region Gothenburg 600 ratio 753 kr/sqm 640 400 96 % 200 620 0 600 Region Jönköping 2015 2016 2017 2018 Q2 2019 Q2 569 kr/sqm 201
Slide 15: Leasing activity and contract maturity
Leasing activity and contract maturity Net rental by contractual value Maturity Maturity- -Contractual Contractual 50,0 Msek annual annualrent rent 40,0 30,0 600 600 38,0% 38,0% 20,0 500 500 WALE 10,0 400 400 5y 0,0 300 300 -10,0 14,5% 14,9% 200 14,5%11,2% 14,9%10,7% -20,0 200 11,2% 10,7%9,9% 9,9% 1
Slide 16: Capitalization
Capitalization CATENA
Slide 17: Capitalization
Capitalization LTV & Cost of debt Capital structure 100% 4,0% 20 000 34,0% 18 000 32,8% 35,6% 3,5% 33,2% 80% 16 000 32,3% 3,0% 14 000 31,6% 60% 2,5% 12 000 2,0% 10 000 40% 8 000 35,7% 1,5% 6 000 1,0% 20% 4 000 0,5% 2 000 0% 0,0% 0 2015 2016 2017 2018 Q2 2019 Q2 2015 2016 2017 2018 Q2 2019 Q2 2019 20
Slide 18: Funding structure
Funding structure Year Debt maturity loans Interest maturity incl. derivatives Funding source msek Share% Interest rate Msek Share% Interest rate including including 1% 3% Margin% Margin% 11% 0-1 y 2,169.5 23 1.5 3,455.5 36 1.4 1-2 y 1,853.0 19 1.5 1,252.2 13 4.1 2-3 y 2,913.5 30 1.5 258.0 3 1.3 3-4
Slide 19: Capital deployment
Capital deployment CATENA
Slide 20: Transactions
Capital deployment YTD 307 Asset acquisitions Acquisitions/Divestments (MSEK) Transactions Property Transfer Letteble Region Property area (sqm) value (MSEK) Lokesvej 18 Q1 2020 4,176 Malmö (DK) 96.5 - Divestments Kometvej 15 Q1 2020 4,484 Malmö (DK) 79.7 Magasinet 3 Q1 2020 21,240 Stockholm 130.0 C
Slide 21: Development projects in progress
Development projects in progress Rosersberg 11:81, Sthlm Speed logistics Total investment: 65 MSEK Finalized: Q3 2020 Book value, MSEK 990 Plantehuset 3, Helsingborg Nowaste Total investment: 132 MSEK Remaining investments, Norra varalöv 31:11, Finalized: Q3 2020 MSEK >530 Ängelholm Boozt Total inve
Slide 22: Focus on sustainability
Focus on sustainability CATENA
Slide 23: Key sustainability figures, Q2 2020
Key sustainability figures, Q2 2020 Energy Energy consumption per sqm kWh/sqm Jan-may Jan- may Diff, % • Reduction of energy use per sq m with six percent compared to same 2020 2019 period last year Electricity 29 32 -10% Heating 22 23 -1% • 96 percent of Catena’s energy is fossil free Total energy
Slide 24: Miljöbyggnad / Environmental Building
Miljöbyggnad / Environmental Building Miljöbyggnad 3.0/3.1 Miljöbyggnad iDrift • One of Sweden’s most recognized environmental • New environmental certification standard for building certification standards buildings older than 3 years • A tool to create the best possible conditions for • Released i
Slide 25: Market and outlook
Market and outlook CATENA
Slide 26: E-commerce growth quotes
”During April e-commerce grew by 44 percent in comparison to last year” PostNord E-barometern ”The worlds largest Autostore installation is still the world´s largest. E-commerce continues to grow at a rapid rate. The flexibility, scalability and efficiency that characterize Autostore will give Boozt
Slide 27: Katrineholm Postnord
Katrineholm Postnord Total investment: 36 MSEK Yield: 6,5% Total sq m: 2,000 Contract duration: 10 years
Slide 28: Acquisition, Jönköping
Acquisition, Jönköping Acquisition of land (April -20) Land (sq m): 190,000 Building rights (sq m): 90,000 Development plan is ongoing 28
Slide 29: Investment Åstorp
Investment Åstorp Acqusition/Development project (May -20) Distribution facility Total investment: 147 MSEK Net yield: 6,1% Total lettable sqm: 10,800 Contract maturity: 12 years 29
Slide 30: Potential, future development projects
(The presented landlots represents a selection of our outstanding landbank) Potential, future development projects Landvetter Härryda Magneten 6 Sqm land: 210’ Umeå Investment land: Allocation lot Sqm land: 42’ Pending zoning plan Investment land: 37 MSEK Zoning plan activated Örebro (JV, 34%) Törsj
Slide 31: Q&A
Q&A Benny Thögersen CEO, Sofie Bennsten CFO, Anna Wallander Sustainability Manager, Peter Andersson Head of Treasury 31
Slide 32: The leading property company in logistics
The leading property company in logistics.