Catena Ab · OMXSTO:CATE
Catena Ab — Q3 2020 Earnings Presentation
30 slides from Catena Ab's earnings presentation, 2020
Slide 1: The leading property company in logistics
The leading property company in logistics.
Slide 2: Q3 2020 Joining presentation
Q3 2020 Joining presentation Benny Thögersen CEO, Sofie Bennsten CFO 2
Slide 3: Contents
Contents 1. Highlights 2. Results and balance overview 3. Operational review 4. Capitalization 5. Capital deployment 6. Market and outlook Q&A 3
Slide 4: Highlights
Highlights Good set of outcome backed by critical supply chain transformation • YTD Profit from property management1 of SEK 542.5 million, up 13 percent YoY. Total operations • EPRA NAV per share of 223 up 15 percent YoY. • letting ratio at 96.1 percent with WALE of close to 5 years. • SEK 33 millio
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 three quarters with outcome of 6 million of cred
Slide 6: Results and balance overview
Results and balance overview 2020, Q3 6
Slide 7: Income statement – Period (YTD)
Income statement – Period (YTD) 660 131 NOI 2020 Q3: SEK M kr/sqm kr/sqm ratio 14,39 21,36 per share per share 80% 1200 480 937,5 1000 +10% 4,6 800 +13% 212,8 600 184,4 24 2,5 400 184,1 753,1 542,5 805,1 200 0 Rental Property NOI Central Other Financial Income Value Value Taxes Net income income exp
Slide 8: Statement of financial position
Statement of financial position SEK M 2020 Q3 2019 Q3 Total assets Investment properties 17,779.2 15,918.3 Goodwill 503.0 503.0 Other assets 596.4 703.2 Opening cash and cash equivalents 840,5 623,1 Total assets 19,719.1 17,747.6 Total shareholders’ equity and liabilities Equity 6,878.4 NAV 223 SEK/
Slide 9: Operational review
Operational review CATENA
Slide 10: Rental growth
Rental growth Msek 1200,0 937,5 1000,0 885,1 17,7 21,3 13,5 8,0 8,1 2020 Q3 800,0 Like-for-like 1.5 % 600,0 Project developments 2.4 % 400,0 Acquisitions 2.0 % Divestments -0,9 % 200,0 One-off effects 0.9 % Total 5.9 % 0,0 Income Acquisitions Divestments Projects like-for-like Oneoff Income 2019Q3 e
Slide 11: Strong and durable cashflow
Strong and durable cashflow Msek Profit 1 400 surplus 58 % 1 200 54 % 1 000 800 600 400 200 0 2015 2016 2017 2018 Q3 2019 2019 Q3 2020 Rental income Profit from property management 1 Profit from property management comprises profit adjusted for value changes (realized and unrealized) related to prop
Slide 12: Portfolio characteristics
Portfolio characteristics By value # of tenants per Tenant concentration Asset size breakdown Letteble space types, property by Contractual by area income 13% 8% 13% 7% 39% 47% 42% 20% 56% 56% 44% 42% 29% 7% 46% 18% 13% Gothenburg 1 tenant 10 biggest tenants < 10k sqm Terminals Helsingborg 2-5 tenan
Slide 13: Diversified customer base
Diversified customer base - formed by successful companies Logistics/transport Home/construction Food and beverage Healthcare /recycling >40% >23% /packaging >9% >4% 13
Slide 14: Property value and yield
Property value and yield EPRA NIY 5.7 % EPRA NIY Msek 6.0 % 20 000 18 000 16 000 14 000 12 000 10 000 8 000 6 000 4 000 2 000 0 2015 2016 2017 2018 Q3 2019 2019 Q3 2020 Assets IFRS property value 14
Slide 15: Rental market
(Numbers indicate rental value per sqm) Rental market Region Stockholm 731 kr/sqm Stockholm 940 kr/sqm Örebro 582 kr/sqm Msek 1 600 720 1 400 700 Region Gothenburg 1 200 752 kr/sqm 1 000 680 Letting 800 660 ratio 600 640 400 96 % Region Jönköping 200 620 565 kr/sqm 0 600 Region Helsingborg 2015 2016
Slide 16: Leasing activity and contract maturity
Leasing activity and contract maturity Net rental by contractual value Maturity - Contractual 50,0 annual rent Msek 40,0 30,0 600,0 39,0% 20,0 500,0 10,0 400,0 WALE 0,0 300,0 5y -10,0 200,0 12,6% 12,5% 14,1% 10,8% 10,9% -20,0 -30,0 100,0 0,1% -40,0 – 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020
Slide 17: Capitalization
Capitalization CATENA
Slide 18: Capitalization
Capitalization LTV & Cost of debt Capital structure 100% 4,0% 25 000 3,5% 34,9% 33,7% 35,6% 80% 20 000 33,2% 3,0% 32,3% 2,5% 31,6% 60% 15 000 2,0% 35,7% 40% 1,5% 10 000 1,0% 20% 5 000 0,5% 0% 0,0% 0 2015 2016 2017 2018 Q3 2019 Q3 2015 2016 2017 2018 Q3 2019 Q3 2019 2020 2019 2020 LTV, % (left) Avg.
Slide 19: Funding structure
Funding structure Funding source Year Debt maturity loans Interest maturity incl. derivatives msek Share% Interest rate Msek Share% Interest rate including including Margin% Margin% 3% 3% 0-1 y 1,775.3 18 1.4 4,430.9 45 1.9 11% 1-2 y 3,053.2 31 1.4 500.0 5 3.7 2-3 y 3,469.9 35 1.4 908.0 9 2.4 3-4 y
Slide 20: Capital deployment
Capital deployment CATENA
Slide 21: 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 22: Development projects in progress
Development projects in progress Rosersberg 11:81, Sthlm Speed logistics Total investment: 65 MSEK Finalized: Q3 2020 Book value, MSEK 1,125 Norra varalöv 31:11, Ängelholm Boozt Plantehuset 3, Helsingborg Total investment: 193 MSEK Nowaste Finalized: Q4 2020 Total investment: 132 MSEK COMPLETED Rema
Slide 23: Market and outlook
Market and outlook CATENA
Slide 24: Online shopping grew by 49% in second quarter
During the second quarter online shopping grew by 49% and for online groceries by 115%. In August the overall pace in growth was 25%. PostNord E-barometern, HUI research Amazon is on its way to establish operations in Sweden, Eskilstuna. Simply put, this adds pressure on existing companies in certai
Slide 25: Acquisition, Borås
Aqcuisition, Borås Total investment: 272 MSEK NOI: 16.5 MSEK Net yield: 6.0 % Total sqm: 38 000 Tenant: Nelly.com Lease: 15 years 25
Slide 26: Logistics Position Sunnanå, Malmö
Logistics Position Sunnanå, Malmö DHL FREIGHT DHL EXPRESS SVENSK CATER CHEFS CULINAR MULTI TENANT (Lekia, DHL, Padel Crew, Scandinavian Cosmetics, Rechon Life Science, DS Smith) Total investment: 1,001 MSEK Total Rental value: 73 MSEK Gross yield: 7.3% Total sqm: 80,500 Time of production: 2015-2020
Slide 27: Malmö Logistics position Sunnanå 2.0
Logistics Position Sunnanå, Malmö Malmö Logistics position Sunnanå 2.0 Land: 110 000 sqm Building rights: 50-55 Tsqm 27
Slide 28: Potential, future development projects
(The presented landlots represents a selection of our outstanding landbank) Potential, future development projects Örebro (JV, 34%) Törsjö Magneten 6 Sqm land: 920’ Umeå Pending zoning plan Sqm land: 42’ Zoning plan activated Landvetter Härryda Sqm land: 210’ Pending zoning plan Stockholm South Nykv
Slide 29: Q&A
Q&A Benny Thögersen CEO, Sofie Bennsten CFO 29
Slide 30: The leading property company in logistics
The leading property company in logistics.