Stendoerren Fastigheter Ab Class B · OMXSTO:STEF_B
Stendoerren Fastigheter Ab Class B — Stendörren Fastigheter — Pareto Securities' Nordic Corporate Bond Conference 2019
24 slides from Stendoerren Fastigheter Ab Class B's conference presentation, Mar 21, 2019
Slide 1: Pareto Securities' Nordic Corporate Bond Conference
21 MARCH 2019 PARETO SECURITIES’ NORDIC CORPORATE BOND CONFERENCE
Slide 2: Agenda
AGENDA PART 1 – COMPANY PRESENTATION & BUSINESS RATIONALE PART 2 – FINANCIAL REPORT JAN - DEC 2018 PART 3 – CONTINUED GROWTH 2 PRESENTATION STENDÖRREN | MARCH 21 2019
Slide 3: Part 1: Company Presentation & Business Rationale
PART 1 COMPANY PRESENTATION & BUSINESS RATIONALE
Slide 4: Business Idea Overall
COMPANY PRESENTATION & BUSINESS RATIONALE BUSINESS IDEA AND OBJECTIVES BUSINESS IDEA Stendörren creates long-term growth and value creation by acquiring, de- OVERALL veloping and managing properties within the greater Stockholm region, with focus on the segments warehou- OBJECTIVES FINANCIAL se and
Slide 5: History in Short
PROPERTY VALUE Q4 2018 8,4 BN PROPERTY VALUE 2017 121 PROPERTIES HISTORY IN SHORT PROPERTY VALUE 2016 6,5 BN SNAPSHOT OF STENDÖRREN 5,8 BN 100 PROPERTIES 95 PROPERTIES 10 BILLI ON S ARDS 2018 PROPERTY VALUE 2015 TOW 4,9 BN EQT acquires main sha- 81 reholder position and 2017 PROPERTIES launches publ
Slide 6: Organisation - Geared for Growth
COMPANY PRESENTATION & BUSINESS RATIONALE ORGANISATION - GEARED FOR GROWTH 51 CO-WORKERS ”Having staff in-house helps us create longterm relationships with our tenants” 6 PRESENTATION STENDÖRREN | MARCH 21 2019
Slide 7: 4 Good Reasons to Own a Stendörren Share
4 GOOD REASONS TO OWN A STENDÖRREN SHARE 1. STABLE CASH FLOW 2. SUSTAINABLE GROWTH Stendörrens property base is primarily Stendörren is actice in the strong growth made up by logistics-/warehouse pro- markets of Greater Stockholm and Mä- perties or multi-tenanted light industrial lardalen regions. S
Slide 8: 1 Stable Cash Flow
1 STABLE CASH FLOW 4 GOOD REASONS TO OWN A STENDÖRREN SHARE # OF TENANTS PER PROPERTY FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING LETTABLE SPACE GEOGRAPHICAL TYPES, BY AREA SPLIT, BY RENTAL INCOME TENANTS/PROPERTY 1 TENANT, 18 % FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING 2–5 TENANTS, 33 % FÖRDELN
Slide 9: 2 Good Growth
2 GOOD GROWTH UPPSALA 4 GOOD REASONS TO OWN A STENDÖRREN SHARE ENKÖPING 85% WITHIN GREATER STOCKHOLM REGION VÄSTERÅS STORSTOCKHOLM UPPSALA VÄSTERÅS ESKILSTUNA STOCKHOLM SÖDERTÄLJE KILSTUNA STOCKHOLM WHY STOCKHOLM? SÖDERTÄLJE • Stockholm continuously growing fast. • Forecasted population growth about
Slide 10: 3 Value Growth Through Project Development
3 VALUE GROWTH THROUGH PROJECT DEVELOPMENT 4 GOOD REASONS TO OWN A STENDÖRREN SHARE PROJECT PROPERTIES 15% CASH FLOW GENERATED BALANCE SHEET 85% ”OUR PORTFOLIO OF CASH FLOW YIELDING PROPERTIES CAN SUPPORT A PROJECT PORTFOLIO OF AT LEAST 15% OF THE TOTAL PROPERTY VALUE” BENEFITS • Having a project ma
Slide 11: 3 Value Growth in Project
3 VALUE GROWTH IN PROJECT 4 GOOD REASONS TO OWN A STENDÖRREN SHARE LARGE PROJECTS ARE BRANDED SICKLA SICKLA SICKLA SICKLA SICKLA SICKLA SICKLA SICKLA 11 PRESENTATION STENDÖRREN | MARCH 21 2019 P INT P INTNAC HANINGE
Slide 12: 4 High and Safe Return
4 HIGH AND SAFE RETURN UPPSALA 4 GOOD REASONS TO OWN A STENDÖRREN SHARE ENKÖPING 85% WITHIN GREATER STOCKHOLM REGION VÄSTERÅS STORSTOCKHOLM UPPSALA VÄSTERÅS ESKILSTUNA STOCKHOLM SÖDERTÄLJE KILSTUNA STOCKHOLM GREATER STOCKHOM OFFER SÖDERTÄLJE • Focus on Stockholm with the highest and most sustainable
Slide 13: Part 2: Financial Performance Jan-Dec 2018
PART 2 FINANCIAL PERFORMANCE JAN-DEC 2018
Slide 14: Financial Report Jan - Dec 2018
FINANCIAL REPORT JAN - DEC 2018 NET OPERATING INCOME: 355 MSEK KEY METRICS LTV: NET PROFIT: 57 % RENTAL VALUE: 419 MSEK PROPERTY VALUE: EQUITY RATIO: 537 MSEK 8 476 MSEK LETTABLE AREA: 32 % 718 000 M 2 14 PRESENTATION STENDÖRREN | MARCH 21 2019
Slide 15: Financial Report Jan - Dec 2018: Key Metrics
10 10 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 avkastning på eget kapital 2015 2016 2017 2018 % 50 50 FINANCIAL REPORT JAN - DEC 2018 40 Räntetäckningsgrad 40 ggr KEY METRICS 30 30 3,0 3,0 2,5 20 20 2,5 16 % 10 10 2,0 1,5 2,3 x 2,0 1,5 32 % 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 16: Fourth Quarter 2018: Net Income Walk
FOURTH QUARTER 2018 NET INCOME WALK SEKm Property Rental value Vacancy expenses Central admin Financing cost Value changes Tax Net Income 700 600 66 500 604 182 69 400 NOI 51 314 300 355 130 419 200 INCOME FROM 100 PROP. MGMNT. 174 0 RENTAL VACANCY PROPERTY CENTRAL FINANCING VALUE TAXES NET VALUE EX
Slide 17: Fourth Quarter 2018: Growing Property Portfolio
FORUTH QUARTER 2018 KEY METRICS GROWING PROPERTY PORTFOLIO PROPERTY VALUE LETTABLE AREA SEKm ’000 sq m 9 000 800 Q4 Q4 8 000 700 Q3 600 Q3 7 000 Q2 500 Q2 6 000 Q1 400 Q1 5 000 300 4 000 200 3 000 100 2 000 0 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 Q
Slide 18: Fourth Quarter 2018: Debt Service Capacity
50 50 40 40 30 30 20 20 FOURTH QUARTER 2018 10 10 KEY METRICS 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2015 2016 2017 2018 DEBT SERVICE CAPACITY NET OPERATING INCOME, MSEK Räntetäckningsgrad INTEREST COVERAGE RATIO SEKm ggr 100 400 3,0 3,0 Q4 350 75 2,5 300 Q3 2,5 2,0 250 Q2 2,0 200 50 Q1
Slide 19: Share Value and Key Equity Ratios
FOURTH QUARTER 2018 SHARE VALUE AND KEY EQUITY RATIOS SEKm SEK/SHARE 3 000 120 KEY EQUITY RATIOS JAN–DEC JAN–DEC Q4 2018 2017 2 500 100 SHARE PRICE, SEK 100,0 68,0 Q3 2 000 80 EQUITY PER SHARE, SEK 98,7 86,9 Q2 EPRA NNNAV PER SHARE, SEK 103,7 90,4 60 1 500 Q1 CASHFLOW PER SHARE, SEK 5,2 7,8 1 000 40
Slide 20: Debt Funding Overview
FINANCIAL REPORT JAN - DEC 2018 DEBT FUNDING OVERVIEW LOAN MATURITY STRUCTURE SHARE OF 181231 MKR 2019 2020 2021 2022 2023 2024 2025 >2025 SUM TOTAL Swedbank 358 612 365 295 636 67 - - 2 334 44% Danske Bank 600 - - 507 - - - - 1 107 21% Nordea - - - - 262 - - - 262 5% Sörmlands Sparbank - - - 194 32
Slide 21: Part 3: Continued Growth
PART 3 CONTINUED GROWTH
Slide 22: Continued Growth: Continued Focus
CONTINUED GROWTH CONTINUED FOCUS RATIONALE • Continued expansion in greater Stockholm and Mälardalen. • Continued focus on strong cash flow. • Development properties with focus on customer relations. • Strengthen our position as an im- portant actor in a growing region. • Create value by being profe
Slide 23: Future Green Logistics Center
CONTINUED GROWTH FUTURE GREEN LOGISTICS CENTER ON THE WAY TO FUTURE SUSTAINABLE LOGISTICS Operational facilities with opportunity for high techno- logy and automatizations Strategically placed with own rail connection Good public transport by bus and commuter train High transhipment capacity, high s
Slide 24: Contacts
CONTACTS: MIKAEL NICANDER, CEO MAGNUS SUNDELL, CFO mikael.nicander@stendorren.se magnus.sundell@stendorren.se 08 - 518 331 01 08 - 518 331 02
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