Catena Ab · OMXSTO:CATE
Catena Ab — Q1 2022 Earnings Presentation
28 slides from Catena Ab's earnings presentation, April 2022
Slide 1: Q1 2022 Presentation
Q1 2022 Presentation Jörgen Eriksson CEO Sofie Bennsten CFO 1 Presentation April 2022
Slide 2: Agenda
Agenda Introduction to Catena Summary of latest quarter Business overview Business update Financial update Takeaway from today Q&A 2 Presentation April 2022
Slide 3: Catena
Catena 2.2 129 24.9 Million Number Billion • Leader within logistics properties in Sqm Of SEK Sweden Rental Space Properties Property Value • Modern portfolio located in key logistical hubs in Sweden • Recently expanded into Denmark • Large landbank of 5.2 million sqm 506 1,579 Number Million enable
Slide 4: Agenda
Agenda Introduction to Catena Summary of latest quarter Business overview Business update Financial update Takeaway from today Q&A 4 Presentation April 2022
Slide 5: Q1 2022 summary Partnership with WDP
Q1 2022 summary Partnership with WDP • Rental income increased mainly due to acquisitions, indexation and projects. • Major acquisition of two properties from Halmslätten • Property value of 1.5 SEK Bn • Tenant Martin & Servera is Swedens leading restaurant wholesale company • Construction of Positi
Slide 6: Agenda
Agenda Introduction to Catena Summary of latest quarter Business overview Business update Financial update Takeaway from today Q&A 6 Presentation April 2022
Slide 7: Business overview: Portfolio
Business overview Portfolio REGIONS # of Lettable area Fair Value Rental value Economic Contractual annual Surplus properties Tsqm SEK M SEK M letting ratio % rent, SEK M1 ratio %2 Gothenburg 19 297 3,459 214 98 209 83 Helsingborg 26 463 4,944 298 95 284 77 Jönköping 13 228 1,556 131 94 123 72 Malmö
Slide 8: Business overview: Customers
Business overview Customers Share of contractual Customer segments Customers value Logistics and DHL 12% transport Postnord 7% Food and beverage ICA 6% Rarely bought Boozt 3% goods Nowaste Logistics AB 3% Construction and 41% furnishing Martin & Servera AB 2% Other Dagab AB 2% Healthcare Intervare A
Slide 9: Agenda
Agenda Introduction to Catena Summary of latest quarter • Projects • Acquisitions Business overview • Leasing update Business update • WDP partnership • Additions to Financial update Management Team Takeaway from today • Sustainablilty Q&A 9 Presentation April 2022
Slide 10: Business update: Current development
Business update Current development Statorn 31, Norrköping Tenant: SGD Investment: 115 SEK M Sqm: 8,400 Planeraren 2, Borlänge Finalized: Q3 2023 Tenant: ICA Carrying value, SEK M 850 Investment: 90 SEK M Sqm: 3,570 Bungkagården Mellersta 1, Helsingborg Tenant: PostNord Investment: 132 SEK M Sqm: 16
Slide 11: Business update: Project update
Business update Project update Logistics Position Landvetter Project: Logistics position Landvetter, Göteborg Tenant: Menigo Foodservice AB Expected GLA (SQM): 42,250 Exp. Investment: 607 SEK M Certification: BREEAM Excellent Presentation April 2022 11
Slide 12: Business update: Future development
Business update Future development Örebro South Logistics position (JV, 34%) Landvetter Törsjö Härryda Sqm land: 920’ Landbank, Tsqm Sqm land: 110’ Pending zoning plan (includes JV agreements, and various 5 200 zoning plan approved conditional options and contracts) Stockholm South Nykvarn/Södertälj
Slide 13: Business update: Near-term pipeline
Business update Near-term pipeline Location Size of Potential Status Approx. Likely start land GLA Investments of SEK M* development Logistics position Landvetter, 110,000 42,000 Groundwork 350 2022 Gothenburg started Part of Stockholm South 100,000 40,000 Groundwork 340 2022 started Logistics posit
Slide 14: Business update: Acquisitions
Business update Acquisitions • Acquistion of two properties from Halmslätten Fastighets AB • Property value of 1.5 SEK Bn • Total rental space of 72,985 sqm • Located in Halmstad and Umeå, built 2009 and 2015 • Tenant Martin & Servera is Swedens leading restaurant wholesale company • Rental value of
Slide 15: Business update: Leasing update
Business update Leasing update Maturity profile – SEK M Net leasing contractual annual rent WALE development Letting ratio development 100% 250 8 600 99% 200 35,2% 7 150 98% 500 5,6 6 97% 100 50 400 5 96% 0 4 95% 95,2% 300 -50 15,4% 15,9% 94% -100 200 11,9% 11,0% 3 93% -150 8,0% 2 100 92% 2017 2018
Slide 16: Business update: WDP partnership
Business update WDP partnership • Warehouses De Pauw NV/SA (WDP.BR) is a Belgian logistics property company with presence in six European countries with a market leading position in Benelux and Romania. Their property portfolio totals 6 EUR Bn • Through a directed share issue of 2,138 SEK M, WDP bec
Slide 17: Additions to the Management Team
Business update Additions to the Management Team Annie Nyblom Johan Franzén Marketing and Head of Business and Communications Manager Property 17 Presentation April 2022
Slide 18: Sustainability targets, awards and ratings, EU Taxonomy
Sustainability targets Awards and ratings • Net-zero greenhouse gas emissions 2030 • Portfolio net-positive in terms of biodiversity 2030 • The Group’s lettable area must be environmentally certified 2030 • Certified as a Great Place to Work with the ambition of achieving a TrustIndex of 85 percent
Slide 19: Agenda
Agenda Introduction to Catena Summary of latest quarter Business overview Business update Financial update Takeaway from today Q&A 19 Presentation April 2022
Slide 20: Financial update: Income
Financial update Income Rental Income Net Operating Surplus Profit from Property Management SEK M SEK M SEK M 1 095,4 1 387,4 1 003,8 1 263,9 +14,6 % 824,1 1 182,9 902,8 +14,0 +14% % 718,6 +21% 1 090,7 827,6 626,8 892,0 671,2 571,3 440,1 329,4 377,0 258,7 295,0 227,0 187,8 2017 2018 2019 2020 2021 Q
Slide 21: Financial update: Rental development
Financial update Rental development • Strong like-for-like rental growth mainly driven by increased inflation • Continued positive effects from projects and acquisitions • One-off effect related to tentant relocation Q1 2022 YoY Like-for-like1 3.7 % Project development 3.5 % Acquisitions 5,5 % Dives
Slide 22: Capital and debt management
Financial update Capital and debt management Debt maturity Capital structure 5 000 30 000 65% 4 500 25 000 4 000 55% 3 500 20 000 3 000 45% 2 500 15 000 2 000 35% 1 500 10 000 1 000 25% 5 000 500 0 0-1 y 1-2 y 2-3 y 3-4 y 4-5 y 5- y 0 15% Bankloans CP 2017 2018 2019 2020 2021 Q1 2022 Secured bonds,
Slide 23: Capital and debt management: Loan to value & cost of debt
Financial update Capital and debt management Loan to value & Cost of debt 100% 4,0% 3,5% 80% 3,0% Strong financial position 2,5% 60% • Available credit facilities of ~1.8 SEK Bn 2,0% 40% 1,5% • Cash holdings of ~400 SEK M 1,0% • Low LTV of 41.5% provides flexibility and 20% 0,5% ability to act upon
Slide 24: Transactions: Capital deployment
Financial update Capital deployment 482 Acquisitions (SEK M) Msek Transactions 3 000 2 500 2 000 1 500 0 Divestments (SEK M) 1 000 500 0 -500 2017 2018 2019 2020 2021 Q1 2022 Acquisitions capex (net) Development capex Capex Development CAPEX 249 (SEK M) 24 Presentation April 2022
Slide 25: Property valuation
Financial update Property valuation EPRA SEK M NIY 4.8 % 30 000 7% 25 000 6% 5% 20 000 4% 15 000 3% 10 000 2% 5 000 1% 0 0% 2017 2018 2019 2020 2021 Q1 2022 Assets IFRS property value EPRA NIY 25 Presentation April 2022
Slide 26: Agenda
Agenda Introduction to Catena Summary of latest quarter Business overview Business update Financial update Takeaway from today Q&A 26 Presentation April 2022
Slide 27: What you should take away from today
What you should take away from today 1 Strong rental growth during the quarter driven by projects, acquistions and indexation 2 Significant leap forward through WDP partnership and Halmslättten acquisitions 3 Continue to execute on project pipeline for attractive growth 4 Strong financial position a
Slide 28: Q&A
Q&A Jörgen Eriksson CEO Sofie Bennsten CFO 28 Presentation April 2022