Castellum Ab · OMXSTO:CAST
Castellum Ab — Q3 2023 Earnings Presentation
22 slides from Castellum Ab's earnings presentation, Oct 27, 2023
Slide 1: Interim report January-September 2023
Interim report January-September 2023
Slide 2: Summary January - September 2023
Summary January - September 2023 Income NOI Income from property management Changes in property values +9.7% +10.5% -7.1% -5.4% SEK 7,388 M SEK 4,939 M SEK 3,343 M SEK -8,230 M Net leasing January-September Total contract value Economic occupancy rate Property sales SEK -16 M Net leasing July-Septem
Slide 3: Castellum in brief
Castellum in brief Östersund ▪ One of the largest listed property companies in the Nordic region ▪ Property value SEK 168 Bn1 – of which 73% in metropolitan areas Helsinki area ▪ 5.6 million sq. m. lettable area Oslo incl. Drammen/Sandvika 1 ▪ 47% of sq. m. sustainability-certified Uppsala Västerås
Slide 4: Development of operating income
Development of operating income 2023 2022 Increase in NOI, SEK M Development of income, SEK M Jan-Sep Jan-Sep Change, % Like-for-like holdings 6,474 5,908 9.6 Like-for-like holdings 386 Development properties 560 308 Transactions 157 352 Coworking 197 164 Development properties 213 Total income 7,38
Slide 5: Castellum's tenants
Castellum’s tenants Contract value, Largest tenants SEK M S&P rating 1 A selection of tenants in our Contract value from public The Swedish Police Authority 193 AAA well-diversified customer sector tenants ABB 183 A- base AFRY Group 177 Not rated The Swedish National Courts Administration 169 AAA Ha
Slide 6: Increased rental income despite volatile net quarterly leasing
Increased rental income despite volatile net quarterly leasing Rental income 2018-Q3 2023, SEK M Net leasing 2018-Q3 2023 SEK M 10,000 120 9,000 100 8,000 80 7,000 60 6,000 40 5,000 20 4,000 0 3,000 -20 2,000 1,000 -40 0, -60 2018 2019 2020 2021 2022 2023 Rental income, rolling annual value Net leas
Slide 7: Changes in property values
Changes in property values SEK M Property portfolio on 1 January 2023 153,563 New constructions, extensions and reconstructions 2,321 Divestments -3,806 Unrealised value changes Changes in value - Cash flow -2,354 of SEK 15 Bn since Q3 2022 (corresponding Changes in value - Project gains/Building ri
Slide 8: Property values
Property values SEK Bn Per cent 55 9 50 8 45 7 40 6 35 5 30 4 25 3 20 2 15 1 10 0 5 -1 0 -2 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 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 2010 2011 2012 2013 2014 2015 2016 2017 201
Slide 9: Highlights – financing Q3 (Q4 2022)
Highlights – financing Q3 (Q4 2022) LTV ICR Average effective rate Credit rating 37.8% 3.0 2.9% Baa3 Stable (42.3) (3.9) (2.6) Outlook Average debt maturity Average fixed interest rate Hedge ratio (>1y) Share of unsecured assets 3.4 years 2.9 years 64% 48% (3.1) (2.7) (57) (52) 9 CASTELLUM 27/10/202
Slide 10: LTV walk
LTV walk Per cent LTV on 1 January 2023 42.3 Unrealised changes in property values 2.0 Investments in existing properties 0.7 Net property transactions -1.1 Dividend 0.5 Cash flow from operations -1.2 Rights issue -5.6 Other 0.2 LTV on 30 September 2023 37.8 10 CASTELLUM 27/10/2023 INTERIM REPORT JA
Slide 11: Financing
Financing Average cost of debt Bank exposure (incl. RCFs), % Instrument Amount, SEK M Average interest, % Bank loans 24,289 5.5 Bonds 40,524 2.8 Commercial paper 874 5.0 Interest rate swaps -1.31 Cross currency interest rate swaps 0.41 Outstanding debt 65,687 2.9 Unutilised credit facilities 24,108
Slide 12: Debt maturity structure
Debt maturity structure SEK 25.5 Bn in cash and 30 Sep 2023 unutilised SEK M credit 14,000 facilities 12,000 10,000 8,000 6,000 4,000 2,000 0, 2023 2024 2025 2026 2027 >2027 Bonds & Commercial Paper Bank loans 12 CASTELLUM 27/10/2023 INTERIM REPORT JANUARY-SEPTEMBER 2023
Slide 13: Largest ongoing projects
Largest ongoing projects Rental value, Econ. occ. Total inv., Property Category Location Completed Area, sq.m. SEK M rate % SEK M Backa 20:5 P Gothenburg Q4-25 9,000 40 100 490 Tusenskönan 2 P Mölndal Q4-24 10,600 29 100 443 Werket O Jönköping Q4-23 21,000 47 58 302 Hornsberg 10 O Stockholm Q4-23 8,
Slide 14: Value creation from completed projects
Backa, Gothenburg Value creation from completed projects Effekten 13, Västerås CASTELLUM
Slide 15: Persistent sustainability work
Persistent sustainability work No. of installed Installed power, kWh/sq. m. Solar PV systems MW 150 120 24 140 110 22 Target 100 20 130 90 18 120 80 16 110 70 14 100 60 12 90 50 10 80 40 8 30 6 70 20 4 60 10 2 50 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 0 Q3 2014
Slide 16: Key takeaways
Key takeaways ▪ Stable underlying business ▪ Continued value creation from projects ▪ Strong balance sheet after Rights Issue ▪ Continued focus on energy efficiency 16 CASTELLUM 27/10/2023 INTERIM REPORT JANUARY-SEPTEMBER 2023
Slide 17: Q&A
Q&A 17 CASTELLUM 27/10/2023 INTERIM REPORT JANUARY-SEPTEMBER 2023
Slide 18: Thank you!
Thank you! Contact: joacim.sjoberg(at)castellum.se jens.andersson(at)castellum.se
Slide 19: Appendix
Appendix
Slide 20: Condensed consolidated statement of comprehensive income
Condensed consolidated statement of comprehensive income 2023 2022 2023 2022 LTM 2022 SEK M Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct 2022-Sep 2023 Jan-Dec Rental income 2,145 1,990 6,481 5,897 8,387 7,803 Service income 227 286 710 671 999 960 Coworking income 63 56 197 164 266 233 Income 2,435 2,332 7,3
Slide 21: Condensed consolidated balance sheet
Condensed consolidated balance sheet SEK M 30 Sep 2023 30 Sep 2022 31 Dec 2022 ASSETS Investment properties 144,709 158,329 153,563 Goodwill 4,678 5,247 4,969 Leases right-of-use 1,424 1,746 1,591 Associated companies 11,210 13,298 13,286 Derivatives 4,223 3,414 3,215 Other fixed assets 249 288 312
Slide 22: Condensed consolidated balance sheet
Condensed consolidated balance sheet SEK M 30 Sep 2023 30 Sep 2022 31 Dec 2022 EQUITY AND LIABILITIES Equity 83,406 84,096 78,983 Deferred tax liability 16,461 18,677 17,754 Other provisions 16 28 28 Derivatives 185 419 468 Interest-bearing liabilities 65,687 76,637 76,849 Lease liability 1,424 1,74