Stendoerren Fastigheter Ab Class B · OMXSTO:STEF_B
Stendoerren Fastigheter Ab Class B — Stendörren Fastigheter — Pareto Securities Nordic Corporate Bond Conference 2018
28 slides from Stendoerren Fastigheter Ab Class B's conference presentation, Mar 7, 2018
Slide 1: Pareto Securities Nordic Corporate Bond Conference
MARCH 7, 2018 PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE
Slide 2: Agenda
AGENDA PART 1 – COMPANY PRESENTATION & BUSINESS RATIONALE PART 2 – FINANCIAL REPORT FULL YEAR 2017 PART 3 – GROWTH CONTINUE 2 PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2018
Slide 3: Part 1: Company Presentation & Business Rationale
PART 1 COMPANY PRESENTATION & BUSINESS RATIONALE
Slide 4: Business Idea and Objectives
COMPANY PRESENTATION & BUSINESS RATIONALE BUSINESS IDEA AND OBJECTIVES OVERALL OBJECTIVES BUSINESS IDEA Stendörren Fastigheter Stendörren Fastigheter creates long-term growth and creates high risk-adjusted return for its shareholders FINANCIAL value creation by acquiring, developing and managing by
Slide 5: Snapshot of Stendörren
COMPANY PRESENTATION & BUSINESS RATIONALE SNAPSHOT OF STENDÖRREN • Founded in 1995 as the commercial property arm of Kvalitena UPPSALA BACKGROUND • Separated from Kvalitena in November 2014 and thereafter listed on Nasdaq First North Premier VÄSTERÅS ESKILSTUNA • In the process of changing listing v
Slide 6: Property Portfolio
UPPSALA 80% PROPERTY PORTFOLIO WITHIN THE GREATER STOCKHOLM REGION ENKÖPING VÄSTERÅS STORSTOCKHOLM ESKILSTUNA STOCKHOLM SÖDERTÄLJE FLEN 6 PARETO SECURITIES PRESENTATION REMIUM NORDIC | 15 NOVEMBER CORPORATE 2017 BOND CONFERENCE | MARCH 7, 2018
Slide 7: Organisation - Created for Growth
COMPANY PRESENTATION & BUSINESS RATIONALE ORGANISATION - CREATED FOR GROWTH ”HAVING STAFF IN-HOUSE 40 HELPS US CREATE LONG- BOARD TERM RELATIONSHIPS WITH OUR TENANTS AND ENSURES THE DELIVERY” CEO co-workers MANAGEMENT TEAM MARKETING AND LEASING DEPARTMENT PROPERTY DEPARTMENT FINANCE DEPARTMENT PROJE
Slide 8: Project Development
COMPANY PRESENTATION & BUSINESS RATIONALE PROJECT DEVELOPMENT - APPROX. 1 000 MSEK ”OUR PORTFOLIO OF CASH FLOW PROPERTY YIELDING PROPERTIES CAN SUP- DEVELOPMENT PORT A PROJECT PORTFOLIO OF MAX 15% OF BETWEEN 15% OF TOTAL BALANCE SHEET PORTFOLIO VALUE” CASH FLOW GENERATED MIN 85% OF BALANCE SHEET ADV
Slide 9: Why Focusing on Stockholm?
COMPANY PRESENTATION & BUSINESS RATIONALE POPULATION GROWTH 1995 - 2016 REGIONAL CITIES INCL. SURROUNDING MUNICIPALITIES 35,0% 100,0% WHY 90,0% 30,0% FOCUSING ON 80,0% STOCKHOLM? 25,0% 70,0% 60,0% 20,0% 50,0% 15,0% 40,0% 30,0% 10,0% 20,0% 5,0% 10,0% 0,0% 0,0% Stockholm Malmö Göteborg Halmstad Umeå Ö
Slide 10: Employment Growth in the Stockholm Region
COMPANY PRESENTATION & BUSINESS RATIONALE EMPLOYMENT GROWTH IN THE STOCKHOLM REGION 1995 - 2016 Service sector Total employment 210 190 170 Index 150 130 110 90 2000 2004 2006 2009 2005 2008 2002 2003 2007 2001 2010 2014 2016 1996 1999 2015 2012 2013 1995 1998 1997 2011 Year Source: Evidens 10 PARET
Slide 11: Logistics in the Greater Stockholm Region
COMPANY PRESENTATION & BUSINESS RATIONALE LOGISTICS IN THE GREATER STOCKHOLM REGION AVERAGE RENT INCREASE IN STENDÖRREN’S 16,0% Vacancy PORTFOLIO 15 % Yield 16,0% 11,0% Stibor 90 11,0% Tillgänglighet kollektivtrafik 30 min 6,0% 6,0% 1,0% Annual Annual rent, rent, mSEK mSEK 2010 2011 2012 2013 2014 2
Slide 12: Part 2: Financial Report Full Year 2017
PART 2 FINANCIAL REPORT FULL YEAR 2017
Slide 13: Full Year 2017 Key Figures
EQUITY RATIO: RENTAL VALUE: 453 MSEK LETTABLE AREA: 36% NET PROFIT: 603 000 M 2 396 MSEK PROPERTY VALUE: 6 494 MSEK LTV: NET OPERATING INCOME: 56% 316 MSEK 13 PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2018
Slide 14: 2014-2017 Overview
FINANCIAL REPORT FULL YEAR 2017 2014 - 2017 Q4 2017 Q4 2016 Q4 2015 Q4 2014 Market value, mSEK 6 494 5 817 4 889 1 962 No. properties 100 95 81 27 Lettable area, sq m 603 000 612 000 585 000 252 000 NOI running 12 m*, mSEK 329 316 302 - 307 135 Equity, mSEK 2 399 2 054 1 489 724 Senior debt, mSEK 2
Slide 15: Key Metrics
3,0 50 2,5 40 2,0 30 1,5 FINANCIAL REPORT FULL YEAR 2017 20 1,0 10 0,5 0,0 KEY METRICS 0 MÅLSÄTTNING FÖR RESPEKTIVE NYCKELTAL Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 EQUITY RATIO, % ICR, x ROE (AVERAGE), % 40 3,0 50 2,5 40 30 2,0 30 1,5 20 20 1
Slide 16: Income Build-up Q1-Q4 2017
FINANCIAL REPORT FULL YEAR 2017 INCOME BUILD-UP Q1 - Q4 2017 Rental value Vacancy Property expenses Central admin Financing costs Value changes Taxes Net income 600 500 400 498 45 362 126 300 NOI 316 138 200 51 396 100 Prop Mgmnt 161 104 16 PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH
Slide 17: Portfolio Build Up - Actuals
FINANCIAL REPORT FULL YEAR 2017 PORTFOLIO BUILD UP - ACTUALS 7 000 9,0% 6 494 6 039 6 000 5 817 5 880 8,0% 5 752 5 537 5 380 5 000 4826 7,0% 6,5% 6,5% 6,3% 6,2% 6,1% 6,0% 5,9% 6,0% 6,0% 5,9% 4 000 5,8% 6,0% 5,7% 5,6% 5,4% 5,4% 5,3% 3 000 5,0% 2 000 4,0% 994 1 000 814 3,0% 504 520 571 495 507 380 - 2
Slide 18: Key Metrics Over Time and Financial Ratios
FINANCIAL REPORT FULL YEAR 2017 KEY METRICS OVER TIME AND FINANCIAL RATIOS 75,0% 3,00 NOI Excess Ratio KEY FINANCIAL RATIOS JAN–DEC JAN–DEC 2,80 2017 2016 65,0% 2,60 LT V Excess Ratio (NOI/Rental income), % 70% 68% 2,40 55,0% LT V ( p roper t y leve 2,20 ROE (12m average), % 18% 35% l) 45,0% 2,00 Av
Slide 19: Key Metrics
FINANCIAL REPORT FULL YEAR 2017 KEY METRICS GROWING PROPERTY PORTFOLIO DEBT SERVICE CAPACITY SOLID BALANCE SHEET NOI LTM Equity Equity ratio Property value, mSEK Net operating income, mSEK Equity 6 494 NOI LTM 2) Equity Equity ratio 6 039 313 316 36% 36% 290 304 35% 5 752 278 33% 2 399 5 537 30% 2 2
Slide 20: Share Value and Key Equity Ratios
FINANCIAL REPORT FULL YEAR 2017 SHARE VALUE AND KEY EQUITY RATIOS 2 700 2 399 100,02 KEY EQUITY RATIOS JAN–DEC JAN–DEC 2017 2016 2 242 2 200 2 099 2 106 90,38 2 054 80,02 Share price, SEK 68,0 68,5 1 899 1 808 68,00 Equity per share, SEK 86,9 74,4 1 700 1 516 1 489 EPRA NNNAV per share, 60,02 SEK 90
Slide 21: Debt Funding Overview
FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING FINANCIAL REPORT FULL YEAR 2017 DEBT FUNDING OVERVIEW Senior debt, 78 % Bond, 21 % Seller notes, 1 % STÖRSTA HYRESGÄSTERNA DISTRIBUTION OF DEBT - 3 723 MSEK - FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING SENIOR DEBT - 2 914 MSEK - Swedbank, 69% Danske Ban
Slide 22: Debt Funding Overview and Maturities
1 400 1 200 1 000 800 600 400 FINANCIAL REPORT FULL YEAR 2017 200 0 DEBT FUNDING OVERVIEW 2018 2019 2020 2021 2022 >2022 Q4 2017 INCL POST Q4 EVENTS FINANSIERINGSSTRUKTUR - Incl Post Closi FINANSIERINGSSTRUKTUR - 31 DEC 2017 events AVERAGE INTEREST 2 000 2 500 AVERAGE INTEREST RATE RATE Q4 2017 INCL
Slide 23: Part 3: Growth Continue
PART 3 GROWTH CONTINUE
Slide 24: Our Property Portfolio Is Located Where Sweden Is Growing Most
GROWTH CONTINUE OUR PROPERTY PORTFOLIO IS LOCATED WHERE SWEDEN IS GROWING THE MOST UPPSALA VÄSTERÅS ESKILSTUNA ÖREBRO STOCKHOLM SÖDERTÄLJE UPPSALA ENKÖPING LINKÖPING VÄSTERÅS STORSTOCKHOLM GÖTEBORG JÖNKÖPING ESKILSTUNA STOCKHOLM SÖDERTÄLJE FLEN MALMÖ 24 PARETO SECURITIES NORDIC CORPORATE BOND CONFER
Slide 25: Where in Stockholm Region Do We Want to Grow?
THE REGION HAS SIGNIFICANTLY HIGHER GROWTH THAN THE REST OF GROWTH CONTINUE SWEDEN WHERE IN STOCKHOLM REGION DO WE WANT TO GROW? UPPSALA VÄSTERÅS ESKILSTUNA ÖREBRO STOCKHOLM SÖDERTÄLJE LINKÖPING GÖTEBORG JÖNKÖPING Existing portfolio Possible expansion MALMÖ 25 PARETO SECURITIES NORDIC CORPORATE BOND
Slide 26: Stendörren Towards Main Market
GROWTH CONTINUE STENDÖRREN TOWARDS MAIN MARKET Mid Cap Mid MidCap cap Broader Improved Significantly Improved Expected Improved investor access to improved attention improved processes base capital stock from financing and internal markets liquidity analysts terms control 26 PARETO SECURITIES NORDIC
Slide 27: Q&A
Q&A 27 PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2018
Slide 28: For Further Information Please Contact
FOR FURTHER INFORMATION PLEASE CONTACT: CALENDAR: Annual report 24 Apr, 2018 Q1 report 9 May, 2018 Q2 report 20 Jul, 2018 Q3 report 15 Nov, 2018 Q4 report 22 Feb, 2019 FREDRIK BRODIN, CEO MAGNUS SUNDELL, CFO fredrik.brodin@stendorren.se magnus.sundell@stendorren.se 08 - 518 331 01 08 - 518 331 02 28
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