Platzer Fastigheter Holding Ab Class B · OMXSTO:PLAZ_B
Platzer Fastigheter Holding Ab Class B — Q2 2023 Earnings Presentation
26 slides from Platzer Fastigheter Holding Ab Class B's earnings presentation, Jul 5, 2023
Slide 1: Q2 1 January – 30 June 2023
Q2 1 January – 30 June 2023 CEO P-G Persson, CFO Fredrik Sjudin, 5 July 2023
Slide 2: Summary Q2 2023
Summary Q2 2023 • Investments and acquisition of three properties in Sörred Logistikpark drive growth • Affirmed BBB-investment grade credit rating with stable outlook • Sustainability-linked bank loans drive long-term sustainability measures combined with reduced financing costs • Office rental of
Slide 3: Summary January - June 2023
Summary January - June 2023 • Rental income increased to SEK 691 million (613) • Income from property management amounted to SEK 312 million (347) • Unrealised change in the value of properties amounted to SEK -620 million (2,539) • Result for the period of SEK -328 million (3,097*) • Value of prope
Slide 4: Economic activity in Gothenburg
Economic activity in Gothenburg 2023-07-05 Platzer | 4
Slide 5: Office market in Gothenburg
Office market in Gothenburg Rental market Property market • Vacancies on high level but stable • Prime yields slowly increasing, driven by • Prime rents up with CPI, no further increase sentiment and increasing policy rate rather than is estimated in 2023 implemented transactions, no major transacti
Slide 6: Industrial and logistics market in Gothenburg
Industrial and logistics market in Gothenburg Rental market Property market • No vacancies • Prime yields slowly increasing • Prime rents stable • More transactions on the Swedish market, still • Still demand from e-commerse/product few in Q1-Q2 2023 in Gothenburg development close to Volvo/VCC plan
Slide 7: Location of Platzer properties
Location of Platzer properties • 75 properties in selected focus locations where the city is growing • SEK 22.3 billion within business area offices • SEK 6.3 billion within business area industry/logistics • SEK 2.9 billion in associates Office Office projects Industrial/logistics Industrial/logist
Slide 8: Earnings capacity 30 June, 2023
Earnings capacity 30 June, 2023 Fair value Operating surplus SEK million % SEK million % Central Gothenburg 15,632 54 651 51 North/East Gothenburg 4,465 16 236 18 South/West Gothenburg 1,041 4 66 5 Industrial/Logistics 6,161 22 325 25 Investment properties 27,299 96 1,278 99 Project properties 1,275
Slide 9: Associates 30 June, 2023
Associates 30 June, 2023 Fair value (100 %) Operating surplus SEK million % SEK million % Investment properties Merkur (50 %) Bygg Göta Hoberg (50,3%) Sjöfolkets Fastighet Gårda Vesta (50%) Länsförsäkringar Gbg & Bohuslän Total investment properties 2,758 95 121 100 Project properties Sörred Logisti
Slide 10: Our value creation
Our value creation 2023-07-05 Platzer | 10
Slide 11: Changes in market value properties
Changes in market value properties 2023 Jan-Jun 2022 Jan-Jun Value of properties, opening balance 26,994 26,031 Investments in existing properties 738 724 Property acquisitions 1,462 - Property sales and reclassification - -2,339 Changes in value -620 2,539 Value of properties, closing balance 28,57
Slide 12: Continuous growth in market value
Continuous growth in market value Gullbergsvass 1:1 – Lilla Bommen 2023-07-05 Platzer | 12
Slide 13: Rental income
Rental income Q2 2023 SEKm Q2 2022 SEKm Change, % Comparable properties 679 545 24.6 Property development 10 12 Project properties 2 4 Property transactions - 52 Rental income 691 613 12.7 Economic occupancy rate 92% 92% 2023-07-05 Platzer | 13
Slide 14: Income statement
Income statement Q2 2023 SEKm Q2 2022 SEKm Q1-Q4 2022 SEKm Q3 2022-Q2 2023 SEKm Rental income 341 302 1,229 1,307 Operating surplus 272 233 939 1,010 Income property management (incl. assoc.) 151 174 668 633 Change in value of properties -620 1,602 2,562 -597 Change in value of financial instruments
Slide 15: Positive net letting Q2 2023
Positive net letting Q2 2023 Q1-Q2 2023 SEKm Q1-Q2 2022 SEKm Investment properties, lettings 100 39 Investment properties, terminations -85 -31 Project properties, lettings 14 49 Project properties, terminations - -4 Associations, lettings 2 63 Associations, terminations -1 0 Total net lettings 30 1
Slide 16: Key figures
Key figures Q1-Q2 2023 Q1-Q2 2022 Financial Debt/equity ratio (multiple) 1.0 0.8 Interest coverage ratio, rolling 12 months (multible) 2.7 4.1 Interest coverage ratio, isolated quarter (multible) 2.4 4.1 Loan-to-value ratio, % 48 42 Equity/assets ratio, % 43 48 Return on equity, % -0.9 28.2 Property
Slide 17: Decrease in EPRA NRV -5%
Decrease in EPRA NRV -5% million * * * * Reported share of profit of associates was adjusted downwards retroactively, see comment on pages 12 and 14 in the Interim Report. 2023-07-05 Platzer | 17
Slide 18: Net asset value 2013-2023 Q2
Net asset value 2013-2023 Q2 Share price vs EPRA NRV 160,00 140,00 120,00 100,00 80,00 60,00 40,00 20,00 0,00 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 201
Slide 19: Sustainability
Sustainability • Climate goals approved by Science Based Target Initiative (SBTi). • Carbon-neutral property management (scope 1 and scope 2) by 2025. • Reducing scope 3 emissions by significant proportion of reused and recycled materials • Installation of solar power 50% up compared with 2022. • In
Slide 20: 65% sustainable financing
65% sustainable financing 65% SUSTAINABLE FINANCING Kineum - Gårda 2023-07-05 Platzer | 20
Slide 21: Platzer's loan maturities within 2 years
Platzer’s loan maturities within 2 years 2 500 2 000 1 500 1 000 500 0 inom 3 m 3-6 m 6-9 m 9-12 m 12-15 m 15-18 m 18-21 m 21-24 m Capital market Bank 2023-07-05 Platzer | 21
Slide 22: Aria – Lilla Bommen School – Södra Änggården
Aria – Lilla Bommen School – Södra Änggården Merkur - Skeppsbron School – Södra Änggården 2023-07-05 Platzer | 22
Slide 23: Syrhåla 3:1, phase 1 - Torslanda Sörred 8:16, V4 - Arendal
Syrhåla 3:1, phase 1 -Torslanda Sörred 8:16, Arendals V4- Arendal Kulle -Torslanda Sörred Syrhåla 3:1, 8:12 phase - Torslanda 2 -Torslanda Syrhåla7:21 Sörred 2:3,Torslanda - Torslanda 2023-07-05 Platzer | 23
Slide 24: Acquisition from JV Sörreds Logistikpark
Acquisition from JV Sörreds Logistikpark • Three properties in prime logistic location • 90,927 sq. m. • Occupancy rate: 100% • WAULT 8.8 years • Market value: SEK 1,478 million • Operating surplus: SEK 66 million • Tenants: Volvo Trucks, VCC, Schenker Logistics, Sportshopen Syrhåla Sörred 3:1-Torsl
Slide 25: Invest in Platzer, invest in Gothenburg
Invest in Platzer, invest in Gothenburg 1 2 3 4 5 Specialists in Gothenburg is a Our clear model for Extensive development Increasingly green commercial property growth city value creation projects portfolio contribution to society 2023-07-05 Platzer | 25
Slide 26: We aim to make Gothenburg the best city in Europe to work in.
We aim to make Gothenburg the best city in Europe to work in. Platzer | 26
Platzer Fastigheter Holding — Q2 2023 Earnings Presentation on 6ix