Catena Ab · OMXSTO:CATE
Catena Ab — Q1 2019 Earnings Presentation
29 slides from Catena Ab's earnings presentation, 2019
Slide 1: The leading property company in logistics
The leading property company in logistics.
Slide 2: Contents
Contents 1. Highlights 2. Results & balance overview 3. Operational review 4. Capital deployment 5. Outlook and cases Q&A 2
Slide 3: Highlights
Highlights Market fundamentals remain favourable with the group delivering a strong Q1 performance • Profit from property management1 of 156 msek, up 15% vs. Q1 2018. Total operations • Earnings per share (EPS) of 6,52 kr, up 38% vs. Q1 2018. • Occupancy maintained high at 96% and WALE of 5 years. •
Slide 4: Results & balance overview
Results & balance overview 2019, Q1 - taking advantage of a tailwind 4
Slide 5: Income statement
Income statement 664 160 Surplus 4,14 6,52 sekM kr/sqm kr/sqm ratio per share per share RESULT OF 500 76% THE PERIOD 400 182,7 Q1 2019 294 +39% 300 +16% +15% 25,3 200 70,8 67,5 7,2 3,2 100 223,2 56,9 245,8 155,9 0 Rental Property NOI Central Other Financial net Income Value Value Taxes Net income in
Slide 6: Statement of financial position
Statement of financial position SEK M 2019 Q1 2018 Q1 Total assets Investment properties 15,075.7 8,388 SEK/sqm 13,424.2 7,972 SEK/sqm Goodwill 503.0 503.0 Other assets 700.7 412.2 Opening cash and cash equivalents 316.0 360.4 Total assets 16,595.4 14,699.8 Total shareholders’ equity and liabilities
Slide 7: Operational review
Operational review CATENA
Slide 8: Income development and profit from property management
Income development and profit from property management Msek Profit surplus Msek 1 400 53% 1 400 720 1 200 1 200 700 1 000 1 000 680 800 800 660 600 600 400 640 52% 53% 400 200 200 620 0 0 600 2015 2016 2017 201803 2018 201903 2015 2016 2017 201803 2018 201903 Rental income Profit from property manag
Slide 9: Portfolio characteristics (1)
Portfolio characteristics 1 (2) Regions # of Lettable area Fair Value Rental value Economic Contractual Surplus ratio properties tsqm Msek Msek letting ratio annual rent, % % SEK M Gothenburg 14 223.2 2,137.8 175.9 99 174.2 86 Helsingborg 23 380.7 2,644.0 219.4 95 207.5 73 Jönköping 12 209.6 1,138.3
Slide 10: Portfolio characteristics (2)
Portfolio characteristics 2 (2) By value # of tenants per Tenant concentration Asset size breakdown Letteble space types, property by income by area 8% 14% 12% 9% 39% 46% 45% 18% 55% 45% 56% 27% 47% 41% 8% 15% 15% Gothenburg 1 tenant Terminals 10 biggest tenants < 10k sqm Helsingborg 2-5 tenants 10k
Slide 11: Property value and yield
Property value and yield EPRA NIY Msek EPRA NIY 6,2% 18 000 6,2% 16 000 14 000 12 000 10 000 8 000 6 000 4 000 2 000 0 2015 2016 2017 201803 2018 201903 Assets IFRS property value 11
Slide 12: Rental market
Rental market Region Stockholm Economic letting ratio, % 717 kr/sqm 99 Stockholm 98 936 kr/sqm 96 95 Occupancy 96% 91 Region Gothenburg 788 kr/sqm Region Jönköping 555 kr/sqm Gothenburg Helsingborg Jönköping Malmö Stockholm Region Helsingborg 576 kr/sqm Region Malmö 833 kr/sqm (Numbers indicate rent
Slide 13: Leasing activity and contract maturity
Leasing activity and contract maturity Net rental by contractual value Maturity - Contractual 120 annual rent 100 500 80 450 36% 60 400 40 350 20 300 0 WALE 250 -20 16% 5y 200 -40 13% 13% 12% -60 150 9% -80 100 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 50 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 14: Funding structure
Funding structure Year Debt maturity loans Interest maturity incl. derivatives Funding source msek Share% Interest rate msek Share% Interest rate including including 10% Margin% Margin% 15% 0-1 y 3,314 39 1.43 3,370 40 1.11 1-2 y 3,516 42 1.38 561 7 0.95 2-3 y 1,569 19 0.77 761 9 4.90 3-4 y 0 0 0.00
Slide 15: Capitalisation
Capitalisation LTV & Cost of debt Capital structure 80,0% 4,0% 18 000 33,5% 33,2% 70,0% 3,5% 16 000 32,5% 32,3% 60,0% 3,0% 14 000 31,6% 12 000 50,0% 2,5% 10 000 40,0% 2,0% 8 000 35,7% 30,0% 1,5% 6 000 20,0% 1,0% 4 000 10,0% 0,5% 2 000 0,0% 0,0% 0 2015 2016 2017 201803 2018 201903 2015 2016 2017 2018
Slide 16: Share-related performance
Share-related performance PROFIT FR. PROPERTYMAN. DIVIDEND PER SHARE EPRA NAV per share PER SHARE 7,00 200,0 20 180,0 6,00 160,0 16 5,00 140,0 4,00 120,0 12 100,0 3,00 80,0 8 2,00 60,0 4 40,0 1,00 20,0 0 0,00 0,0 2015 2016 2017 201803 2018 201903 2014 2015 2016 2017 2018 201903 2015 2016 2017 201803
Slide 17: Capital deployment
Capital deployment Focus on development programme 17
Slide 18: Development projects in progress
Development projects in progress # of New Sothönan 3, Katrineholm projects construct. Postnord Tsqm Total investment: 36 MSEK Finalized: Q3 2020 15 89 Tahe 1:64, Jönköping Plantehuset 3, Helsingborg Procurator Invested, Investm. Nowaste Total investment: 107 MSEK MSEK rem. MSEK Total investment: 101
Slide 19: Investments in development projects
Investments in development projects Msek 1 300 1 200 1 100 1 000 900 800 700 600 500 671 400 300 200 100 135 145 0 2015 2016 2017 201803 2018 201903 Development capex Investments remaining 19
Slide 20: Outlook and cases
Outlook and cases We develop logistics positions 20
Slide 21: Sunnanå
Logistics position Sunnanå 21
Slide 22: Tostarp
Logistics position Tostarp 22
Slide 23: Tostarp: SEK 101 million high-bay warehouse
Logistics position Tostarp 5 November 2018: Catena invests SEK 101 million in new high-bay warehouse in Helsingborg 23
Slide 24: Tostarp: SEK 250 million investment, PostNord lease
Logistics position Tostarp 26 February 2019: Catena invests SEK 250 million in Helsingborg and signs lease with PostNord 24
Slide 25: Katrineholm: new PostNord facility
Logistics position Katrineholm 3 April 2019: Catena to construct new facility for PostNord in Katrineholm 25
Slide 26: Potential, future development projects
Magneten 6 Umeå Sqm: 42’ Investment land: 37 MSEK Potential, future development projects Örebro (JV, 34%) Törsjö Sqm: 700’ Investment land: 315 MSEK Ånsta 1.1 Stockholm Syd Potential Potential Sqm: 450’ Land-bank lettable investment Investment land: 315 MSEK tsqm area tsqm MSEK 2,800 1,000 8,000 Kär
Slide 27: Upcoming events
Upcoming events • LogistikTrender, Helsingborg • 9 May 2019 • Capital markets day, Båstad • 9-10 July 2019 27
Slide 28: Q&A
Q&A CATENA
Slide 29: The leading property company in logistics
The leading property company in logistics.