Samhallsbyggnadsbolaget I Norden Ab Class B · OMXSTO:SBB_B
Samhallsbyggnadsbolaget I Norden Ab Class B — Q3 2020 Earnings Presentation
15 slides from Samhallsbyggnadsbolaget I Norden Ab Class B's earnings presentation, Nov 3, 2020
Slide 1: Webcast Presentation: SBB, Q3 Report 2020
Q3 WEBCAST PRESENTATION: SBB, Q3 REPORT 2020 Gamlestaden 2:5, Göteborg November 2020
Slide 2: Financial Performance
FINANCIAL PERFORMANCE 2020 2019 2020 2019 2019 Q1-Q3 Q1-Q3 Q3 Q3 Jan-Dec Rental income, SEKm 3,868 1,400 1,204 507 1,996 Net operating income, SEKm 2,669 903 852 343 1,265 Surplus ratio, % 69 65 71 68 63 Interim profit, SEKm 5,734 1,337 3,139 404 2,624 Yield, % 4.5 4.7 4.5 4.7 4.8 Cash flow from cur
Slide 3: Strong Operating Profit Q3 – Rolling 12 Months
STRONG OPERATING PROFIT Q3 – ROLLING 12 MONTHS Current earnings capability for the Group for 12 months SEKm Surplus ratio: 73% 6 000 5 000 4 759 2.29 SEK per 4 000 ordinary Class 63 98 A and B share 1 292 150 3 000 85 655 2 000 3 467 2 822 2 908 1 000 0 Rental income Property costs NOI Central admin
Slide 4: 28 Percent Increase in WAULT Combined with High Organic Growth
28 PERCENT INCREASE IN WAULT COMBINED WITH HIGH ORGANIC GROWTH OPERATING PROFIT - ROLLING 12 MONTHS MARKET VALUE OF THE PROPERTIES SEKm SEKm 3 500 10 100 000 7,00% 3 000 9 80 000 6,00% 2 500 8 2 000 7 60 000 5,00% 1 500 6 40 000 4,00% 1 000 5 20 000 3,00% 500 4 0 3 0 2,00% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 5: SBB Pillars of Strategy
SBB PILLARS OF STRATEGY Key pillars to deliver attractive returns Portfolio has grown from SEK 21.1bn to SEK 81.2bn+ over 3.25 years… 81,2 GAV (SEKbn) 30,3 25,6 21,1 Unique and difficult to SEK 81.2bn and fastest replicate long-term growing low-risk Nordic relationships with social infrastructure pr
Slide 6: Strong Track Record of Delivery: Earnings per Share, Dividend and Balance Sheet
STRONG TRACK RECORD OF DELIVERY: EARNINGS PER SHARE, DIVIDEND AND STRONG BALANCE SHEET Delivery first Earnings per share (in SEK) ◼ Earnings per share increased by 315% since 2017 4,15 ◼ Dividend per A- and B class share increased by 900% since 2017 ◼ Strong increase in shareholder's equity per shar
Slide 7: BBB+ Rating in Focus
BBB+ RATING IN FOCUS Interest-bearing liabilities 47 984 Comments 50% of hybrid bonds 4 947 Leasing liabilities 460 ◼ LTV, in accordance with S&P’s definition, amounted to Cash and cash equivalents -6 065 49.7 percent Other receivables (sold properties) SBB’s pro forma net debt, adjusted for cash in
Slide 8: Long Term Reliable Partner for Municipalities Creates Stable Income
LONG TERM RELIABLE PARTNER FOR MUNICIPALITIES CREATES STABLE INCOME Income overview1) ▪ Long history of actively working with several History of acquiring municipalities in Sweden Classification Rental Income, SEKm % of Total Regulated rent residentials 773 16 from municipalities ▪ First transaction
Slide 9: SBB Has Assembled a Unique Portfolio Across Tier 1 Locations
SBB HAS ASSEMBLED A UNIQUE PORTFOLIO ACROSS TIER 1 LOCATIONS High quality property portfolio with attractive underlying exposures Geographical diversification Property value by property type 6% 73% 94% Community service 16% Residential of the property SEK Other 81,187m of the property portfolio port
Slide 10: Unique Model Beyond Traditional Property Management
UNIQUE MODEL BEYOND TRADITIONAL PROPERTY MANAGEMENT THROUGH ADDITIVE RECURRING VALUE CREATING ACTIVITIES The Social Infrastructure Champion in the Nordics Committed to additive recurring income streams Project and property Renovations Property transactions development ■ Entails developing building r
Slide 11: Project Development Potential
PROJECT DEVELOPMENT POTENTIAL Current development portfolio (30 Sept 2020) Example projects Planning phase GFA building rights (sq.m.) Book value (SEKm) per sq.m. Västerhaninge (Haninge) Zoning plan process Phase 1 – Project ideas 724,570 581 801 Västerhaninge centrum, Haninge Phase 2 – Pending plan
Slide 12: SBB: One of the Largest Property Developers in the Nordic Region
SBB: ONE OF THE LARGEST PROPERTY DEVELOPERS IN THE NORDIC REGION Top Nordic property developers by building rights on own balance sheet Develop-to-sell business model (no. of residential units, c. 75 sq.m. per apartment) Mixed business model 40 100 Develop-to-hold business model 29 000 25 500 22 300
Slide 13: Acquisition in Q3
STRONG TRACK RECORD OF OPERATIONAL PERFORMANCE DELIVERING SOCIAL INFRASTRUCTURE Acquisition in Q3 ✓ 35 year triple-net lease with Læringsverkstedet, Norway’s largest private kindergarten chain 2020 Norway ✓ No break clauses ✓ 100% indexed to CPI ✓ 50 year lease with Skellefteå Municipality (one of S
Slide 14: In Summary
IN SUMMARY “Profit after tax per ordinary share of class A and B increased to SEK 4.15 (1.41)” ▪ SBB’s 12-month rolling earning capacity from the management operations amounted to SEK 2,822 million (991) at the end of Q3 2020. Considering a theoretical cost because the company had a liquid position
Slide 15: Thank You!
THANK YOU! SBB Samhdllsbyggnadsbolaget {sBB) “
Samhällsbyggnadsbolaget i Norden AB (SBB) — Q3 2020 Earnings Presentation on 6ix