Catena Ab · OMXSTO:CATE
Catena Ab — Q1 2020 Earnings Presentation
31 slides from Catena Ab's earnings presentation, 2020
Slide 1: The leading property company in logistics
The leading property company in logistics.
Slide 2: Contents
Contents 1. Highlights 2. Results and balance overview 3. Operational review 4. Capitalization 5. Capital deployment 6. Market and outlook Q&A 2
Slide 3: Highlights
Highlights Strong outcome in Q1 with yet limited impact from ongoing virus pandemic • YTD Profit from property management1 of SEK 177.4 million, up 14 percent YoY. Total operations • EPRA NAV per share of 208, up 17 percent YoY. • Letting ratio maintains solid at 95 percent with WALE of close to 5 y
Slide 4: Covid-19
Covid-19 The worlds attention is on the novel virus Covid-19 and no one is left unruffled. Yet, business segments such as Travel and Hotels, Restaurants and parts of other retail that have been worse hit, Catena has limited exposure to. In regards to the challanges hit by our communities Catena has
Slide 5: Results and balance overview
Results and balance overview 2020, Q1 5
Slide 6: Income statement – Period (YTD)
Income statement – Period (YTD) 2020 Q1: SEK M 660 143 Surplus 4.71 3.81 kr/sqm kr/sqm ratio per per 500 79.1% share share 400 315.1 +12% 300 +14% 10.9 200 66 8.7 3.5 249.1 59.5 5.5 100 177.4 39 143.8 0 Rental Property NOI Central Other Financial net Income Value Value Taxes Net income income expens
Slide 7: Statement of financial position
Statement of financial position SEK M 2020 Q1 2019 Q1 Total assets Investment properties 16,867.8 15,075.7 Goodwill 503.0 503.0 Other assets 895.3 700.7 Opening cash and cash equivalents 169.0 316.0 Total assets 18,435.1 16,595.4 Total shareholders’ equity and liabilities Equity 6,475.3 NAV 208 SEK/
Slide 8: Operational review
Operational review CATENA
Slide 9: Rental growth, like-for-like
Rental growth, like-for-like Msek 350,0 315.1 294.0 2.8 6.5 5.1 9.5 300,0 2.8 2020 Q1 250,0 200,0 Like-for-like 1.7 % 150,0 Project developments 2.2 % 100,0 Acquisitions 1.0 % 50,0 Divestments -1.0 % 0,0 One-off effects 3.2 % Income Aquisitions Divestments Projects like-for-like Oneoff Income Total
Slide 10: Cash flow maintained at stable level
Cash flow maintained at stable level Msek Profit 1 400 surplus 56 % 1 200 1 000 800 600 400 53 % 200 0 2015 2016 2017 2018 Q1 2019 2019 Q1 2020 Rental income Profit from property management 1 Profit from property management comprises profit adjusted for value changes (realized and unrealized) relate
Slide 11: 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 15 231.8 2,305.4 174.9 97% 170.3 84% Helsingborg 23 391.7 3,159.7 230.9 95% 220.5 74% Jönköping 12 222.2 1,2
Slide 12: Portfolio characteristics (2)
Portfolio characteristics 2 (2) By value # of tenants per Tenant concentration Asset size breakdown Letteble space types, property by Contractual by area income 14% 11% 12% 7% 39% 47% 43% 19% 56% 53% 44% 47% 29% 7% 42% 13% 17% Gothenburg 1 tenant 10 biggest tenants Rest < 10k sqm Terminals Helsingbo
Slide 13: Property value and yield
Property value and yield EPRA NIY MSEK 5.9 % EPRA NIY 20 000 6.2 % 18 000 16 000 14 000 12 000 10 000 8 000 6 000 4 000 2 000 0 2015 2016 2017 2018 Q1 2019 2019 Q1 2020 Assets IFRS property value 13
Slide 14: Rental market
(Numbers indicate rental value per sqm) Rental market Region Stockholm 719 kr/sqm Stockholm 923 kr/sqm Örebro 560 kr/sqm Msek 1 400 720 1 200 700 1 000 680 Letting 800 Region Gothenburg 660 ratio 755 kr/sqm 600 400 640 95 % 200 620 0 600 Region Jönköping 2015 2016 2017 2018 Q1 2019 Q1 569 kr/sqm 201
Slide 15: Leasing activity and contract maturity
Leasing activity and contract maturity Msek Net rental by contractual value Maturity - Contractual 120 annual rent Msek 100 80 450 33.6% 60 400 350 WALE 40 20 300 5y 0 250 15.8% 15.3% -20 200 11.6% 11.3% 11.3% -40 150 -60 100 -80 50 1.1% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 20
Slide 16: Capitalization
Capitalization CATENA
Slide 17: Capitalization
Capitalization LTV & Cost of debt Capital structure 100% 4,0% 20 000 35.1% 18 000 33.5% 35.6% 3,5% 33.2% 80% 16 000 32.3% 3,0% 14 000 31.6% 60% 2,5% 12 000 2,0% 10 000 40% 8 000 35.7% 1,5% 6 000 1,0% 20% 4 000 0,5% 2 000 0% 0,0% 0 2015 2016 2017 2018 Q1 2019 Q1 2015 2016 2017 2018 Q1 2019 Q1 2019 20
Slide 18: Funding structure
Funding structure Year Debt maturity loans Interest maturity incl. derivatives Funding source msek Share% Interest rate Msek Share% Interest rate including including Margin% Margin% 18% 0-1 y 3,481.0 38 1.6 3,039.3 33 0.7 72% 1-2 y 854.8 9 1.5 781.5 9 4.4 7% 2-3 y 2,203.1 24 1.2 758.0 8 3.9 3-4 y 2,
Slide 19: Capital deployment
Capital deployment CATENA
Slide 20: Capital deployment YTD: Transactions
Capital deployment YTD Asset acquisitions Acquisitions/Divestments 307 (MSEK) Transactions Property Transfer Letteble Region Property area (sqm) value (MSEK) Lokesvej 18 Q1 2020 4,176 Malmö (DK) 96.5 - Divestments Kometvej 15 Q1 2020 4,484 Malmö (DK) 79.7 Magasinet 3 Q1 2020 21,240 Stockholm 130.0 C
Slide 21: Development projects in progress
Development projects in progress Rosersberg 11:81, Sthlm Speed logistics Sothönan 3, Katrineholm Postnord Total investment: 65 MSEK Finalized: Q2 2020 Book value, MSEK 790 Total investment: 36 MSEK Finalized: Q3 2020 Plantehuset 3, Helsingborg Nowaste Total investment: 132 MSEK Remaining investments
Slide 22: Market and Outlook
Market and Outlook CATENA
Slide 23: First quarter 2020 improved operating income, parcel deliveries accelerating
First quarter 2020 comes with improved operating income with parcel in-home deliveries accelerating offsetting somewhat slower pace to the retail sector. PostNord is confirming there bussiness to be a critical service sector. PostNord interim report ”Prime European logistics facilites will remain in
Slide 24: Logistics segment on a growth path
Logistics segment on a growth path MSEK Transaction volume, Sweden 250 200 150 100 16,3% 50 4,9% 9,6% 6,5% 15,1% 14,6% 0 2014 2015 2016 2017 2018 2019 Industrial and logistics Other property segments (Source: Cushman Wakefield) 24
Slide 25: Logistics Position Tostarp
NOWASTE EXTENSION, Logistics Position Logistikposition E-COMMERCE WAREHOUSE Tostarp Tostarp NOWASTE, E-COMMERCE WAREHOUSE FREJA, TERMINAL NOWASTE, AUTOMATED HIGH BAY POSTNORD, OMNICHANNEL TERMINAL Total investment: 753 MSEK Total Rental value: 55 MSEK Gross yield: 7,3% Total sqm: 82 400 Time of prod
Slide 26: Logistics position Järna
Logistics position Järna – Land acquisition November 2019 Total investment: 100 MSEK Sqm of land: 1 000 000 Järna E lettable sqm: 400 000 Detailed planning process ongoing Logistics position Järna – Property acquisition Februar 2020 Total investment: 130 MSEK Letteble area: 21 000 sqm Rental value:
Slide 27: Acquisition, Denmark
Acquisition, Denmark Acquisition Three distribution facilities Total investment: 235 MSEK Photo: TrueMarketValue Net yield: 5.4% Total lettable sqm: 12,700 Building rights (sqm): 20,000 Contract: 10 year 27
Slide 28: Potential, future development projects
(The presented landlots represents a selection of our outstanding landbank) Potential, future development projects Landvetter Härryda Magneten 6 Sqm land: 210’ Umeå Investment land: Allocation lot Sqm land: 42’ Pending zoning plan Investment land: 37 MSEK Zoning plan activated Örebro (JV, 34%) Törsj
Slide 29: Sockret, Malmö
Sockret Malmö Piece of land next to Malmö harbour Potential lettable sqm: 25,000 Photo: TrueMarketValue Land: 40,000 29
Slide 30: Q&A
Q&A CATENA
Slide 31: The leading property company in logistics
The leading property company in logistics.