Catena Ab · OMXSTO:CATE
Catena Ab — Q2 2022 Earnings Presentation
26 slides from Catena Ab's earnings presentation, July 2022
Slide 1: The leading property company in logistics
Q2 2022 Presentation July 2022 The leading property company in logistics 1
Slide 2: Q2 2022 Presentation
Q2 2022 Presentation July 2022 Q2 2022 Presentation Jörgen Eriksson, CEO Sofie Bennsten, CFO David Silvesjö, Chief Treasury Officer 2
Slide 3: Agenda
Q2 2022 Presentation July 2022 Agenda 1. Summary of latest quarter 2. Business overview 3. Business update 4. Financial update 5. Takeaway from today 6. Q&A 3
Slide 4: Q2 2022 summary
Q2 2022 Presentation July 2022 Major project Q2 2022 summary announced • Rental income increased due to acquisitions, projects and indexation • Optimizing the portfolio • Acquisitions in Horsens, Denmark • Divestment in Växjö, Sweden • New projects announced • Signed pre-let with MM-sport in Landvet
Slide 5: Business overview
Q2 2022 Presentation July 2022 2. Business overview Sector-leading portfolio and prime customer base 5
Slide 6: Business overview: Portfolio
Q2 2022 Presentation July 2022 Business overview Portfolio Regions # of Lettable Fair Value Rental Economic Contractual Surplus properties area Tsqm SEK M value SEK letting ratio annual rent, ratio %2 M % SEK M1 Gothenburg 20 349 4,587 259 99 256 84 Helsingborg 26 463 5,077 300 97 291 79 Jönköping 1
Slide 7: Business overview: Customer base
Q2 2022 Presentation July 2022 Business overview Customer base Customer segments Customers Share of contractual value Logistics and DHL 11% 2% transport 2% Postnord 7% 7% Food and beverage 3% Martin & Servera 6% 4% ICA 6% Durable goods Boozt 4% 38% 4% Construction and Nowaste Logistics 3% furnishing
Slide 8: Business update
Q2 2022 Presentation July 2022 3 Business update Attractive growth enabled by our long-standing customer relationships, unique landbank and strong financial position 8
Slide 9: Business update: Current development
Q2 2022 Presentation July 2022 Business update Current development Statorn 31, Norrköping Tenant: SGD Investment: 115 SEK M Carrying Value, SEK M 667 Sqm: 8,400 Planeraren 2, Borlänge Finalized: Q3 2023 Tenant: ICA Investment: 90 SEK M Sqm: 3,570 Part of Dansered 1:64, Härryda Bungkagården Mellersta
Slide 10: Elgiganten in Jönköping
Q2 2022 Presentation July 2022 CASE Elgiganten in Jönköping Property: Hyltena 1:98 Tentant: Elgiganten Expected GLA (sqm): 86 600 sqm Exp. Investment: 813 SEK M Certification: WELL Core, BREEAM Excellent 10
Slide 11: Business update: Future development and landbank
Q2 2022 Presentation July 2022 Örebro South (JV, 34%) Business update Törsjö Sqm land: 920’ Pending zoning plan Future development Logistics position Järna Södertälje Sqm land: 1,000’ Pending zoning plan Landbank, Ksqm 5,000 Stockholm South Logistics position Sunnanå Nykvarn/Södertälje Malmö Sqm lan
Slide 12: Business update: Executing in a high pace
Q2 2022 Presentation July 2022 Business update Executing in a high pace Q1 2022 Q2 2022 Q2 2022 Near-term pipeline, Q2 2022 Invest Size of Potentia ments First customer Next phase at Hyltena Location Status Start land l GLA SEK at Landvetter Landvetter underway M(1) Part of Stockholm Groundwork Sign
Slide 13: Acquisitions and divestments
Q2 2022 Presentation July 2022 Business update Modern and sustainable property in great logistic position Acquisitions and divestments OPTIMIZING THE PORTFOLIO • Acquisitions • Vrangelsro 5:4 in Halmstad Tenant: Martin & Servera • Logistiken 3 in Umeå Large, older property with low development poten
Slide 14: Leasing update
Q2 2022 Presentation July 2022 Business update Leasing update Net leasing Maturity profile – contractual annual rent Letting ratio MSEK WALE development 250 45% 7 100% 200 40% 5,7 6 5,5 150 35% 5,3 5,1 99% 4,9 5 100 30% 5 98% 50 25% 0 4 97% 20% -50 96% 96% 15% 3 -100 -150 10% 95% 2 2017 2018 2019 20
Slide 15: Market trends
Q2 2022 Presentation July 2022 Business update Market trends ”Energy use is the biggest outlay for cold storage facilities - refrigeration is a major drain on resources, and frozen storage alone draws a lot of power,.“ ATTRACTIVE LONG-TERM FACTORS FAVO URS CATENA ”Alongside investor interest, specul
Slide 16: Sustainability: Going for WELL
Q2 2022 Presentation July 2022 Business update Sustainability Going for WELL SUSTAINABILI TY TARGETS • In Jönköping Catena will develop an 86,600 sqm facility for Elgiganten • The project will aim for a Well-certification and BREEAM Excellent • New initiatives for biodiversity and solar panels • Wit
Slide 17: Financial update
Q2 2022 Presentation July 2022 4. Financial update Strong cashflows and balance sheet provides flexibility and opportunity 17
Slide 18: Income
Q2 2022 Presentation July 2022 Financial update Income Rental Income Net Operating Surplus Profit from Property Management SEK M SEK M SEK M 1 095 1 387 1 004 824 1 264 1 183 +13 % 903 +12 % 719 +19 % 1 091 828 627 892 671 571 605 760 538 474 673 440 399 2017 2018 2019 2020 2021 H1 H1 2017 2018 2019
Slide 19: Rental development
Q2 2022 Presentation July 2022 Financial update Rental development • Continued strong like-for-like rental growth H1 2022 YoY • Halmslätten properties added to rental growth during the quarter Like-for-like1 3.5 % • One-off effect related to tentant relocation in Q1 2022 Project development 3.4 % Ac
Slide 20: Capital and debt management
Q2 2022 Presentation July 2022 Financial update Capital and debt management LTV & Cost of debt Capital structure 100% 4,0% 30 000 65% 3,5% 25 000 80% 55% 3,0% 2,5% 20 000 60% 45% 2,0% 15 000 40% 1,5% 35% 10 000 1,0% 20% 5 000 25% 0,5% 0% 0,0% 0 15% 2017 2018 2019 2020 2021 Q2 2022 2017 2018 2019 202
Slide 21: Capital and debt management: Debt maturity and financing split
Q2 2022 Presentation July 2022 Financial update Capital and debt management Debt Maturity Financing Split 5 000 1.2 Billion 4 500 SEK 13% Cash 4 000 Holdings 3 500 12% 3 000 Total 2 500 3% SEK 10.9 Bn 57% 2 000 2.4 Billion 1 500 15% SEK 1 000 Unutilised 500 Credit Facilities 0 0-1 y 1-2 y 2-3 y 3-4
Slide 22: Capital deployment
Q2 2022 Presentation July 2022 Financial update Capital deployment 1,937 Acquisitions (SEK M) Msek Transactions 3 000 2 500 2 000 1 500 505 Divestments (SEK M) 1 000 500 0 2017 2018 2019 2020 2021 Q2 2022 Capex Development CAPEX 663 Acquisitions capex (net) Development capex (SEK M) 22
Slide 23: Property valuation
Q2 2022 Presentation July 2022 Financial update Property valuation EPRA NIY Msek 4.7 % 30 000 7% 6% 25 000 5% 20 000 4% 15 000 3% 10 000 2% 5 000 1% 0 0% 2017 2018 2019 2020 2021 Q2 2022 Assets IFRS property value EPRA NIY 23
Slide 24: Takeaway from today
Q2 2022 Presentation July 2022 5. Takeaway from today 24
Slide 25: Takeaway from today
Q2 2022 Presentation July 2022 Takeaway 1. Attractive growth prospects and strong financial from today position 2. Major projects annonced for Hyltena and Landvetter 3. Breaking new ground within ESG with project in Jönköping 4. Continuing to optimize the portfolio 25
Slide 26: Q&A
Q2 2022 Presentation July 2022 Q&A Jörgen Eriksson, CEO Sofie Bennsten, CFO David Silvesjö, Chief Treasury Officer 26