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Company presentation, May 2018
Interim report January-June 2019
Company presentation, May 2018
➢ Acquisitions
➢ Ironmonger Lane, office property in London
➢ Gothenburg, SEK 800m, a portfolio of 19 assets
➢ Two JVs were ended➢ Första Långgatan Fastigheter i GBG HB
➢ Balder Skåne AB
➢ Green bond framework
➢ First green bond was issued, SEK 1,000m
➢ Establishment of EMTN programme
➢ The interest for tenant owned apartments has continued to improve
Company presentation, May 2018Profit from property
management
5.61 SEK/share
+26 %
NAV 300 SEK/share
+22 %
Net debt to total assets
50 %Like for like rental growth
2.9 %
Company presentation, May 2018
0,00
1,00
2,00
3,00
4,00
5,00
6,00
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
44% 20% 7% 29% 33% 19% 24% 23% 18% 30% 33% 17% 32% 26%
2016 2017 2018 2019
0
50
100
150
200
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300
350
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
88% 60% 59% 25% 23% 27% 19% 15% 14% 14% 23% 22% 22% 22%
2016 2017 2018 2019
Company presentation, May 2018
SEKm2019
30 June2018
30 JuneDeviation
SEKm %2018
31 Dec
Rental income 7,435 6,665 770 12 7,000
Property costs -1,940 -1,815 -125 7 -1,885
Net operating income 5,495 4,850 645 13 5,115
Management and administrative costs -640 -590 -50 8 -595
Profit from property management from associated companies 750 650 100 15 735
Operating profit 5,605 4,910 695 14 5,255
Net financial items, incl. ground rent -1,270 -1,120 -150 13 -1,125
Non-controlling interests -620 -555 -65 12 -565Profit from property management ParentCompany 3,715 3,235 480 15 3,565
Tax -775 -700 -75 -750
Profit after tax 2,940 2,535 405 2,815
Profit from property management per share, SEK 20.64 17.97 2.67 15 19.81
Company presentation, May 2018
SEKm2019
Jan-June2018
Jan-JuneDeviation
SEKm %
Rental income 3,663 3,217 446 14
Property costs -969 -915 -54 6
Net operating income 2,694 2,302 392 17
Management and administrative costs -324 -293 -31 11
Participation in the profits of associated companies 462 406 56 14
Other income/costs -5 -4 -1
Net financial items -606 -554 -52 9
- Of which leasing cost/ground rent -31 - -31
Non controlling interest -249 -278 29
Profit from property management, Parent Company 1,911 1,485 426 29
Changes in value
Changes in value properties, realised 14 35 -21
Changes in value properties, unrealised 1,589 2,967 -1,378
Changes in value derivatives -287 -57 -230
Changes in value total 1,316 2,946 -1,630
Profit before tax 3,536 4,803 -1,267 -26
Income tax -570 -448 -122
Net profit for the period 2,966 4,355 -1,389 -32
Profit from property management per share, SEK 10.61 8.25 2.36 29
Profit after tax per share, SEK 14.56 21.49 -6.93 -32
Company presentation, May 2018
SEKm2019
30 June2018
30 JuneAssetsInvestment properties 126,770 109,740Development properties 2,408 -Lease contract; Right-of-use assets 1,538 -Other fixed assets 154 113Participations in associated companies 6,990 6,350Other receivables 2,699 1,643Cash and cash equivalents and financial investments 1,624 1,133Total assets 142,184 118,978
Shareholders' equity and liabilitiesShareholders' equity 50,835 43,015Deferred tax liability 9,389 7,474Interest-bearing liabilities 75,003 64,717of which Hybrid capital 3,695 3,647Derivatives 1,472 1,052Lease contract 1,538 -Other liabilities 3,947 2,721Total equity and liabilities 142,184 118,978
Company presentation, May 2018
Helsinki 27%
Gothenburg21%
Stockholm19%
East 11%
Copenhagen11%
South 8%North 4%
Residentials59%
Office 18%
Other 15%
Retail 9%
Company presentation, May 2018
➢ Equity/assets ratio 35.8 % (Target 40 %)
➢ Net debt to total assets 50.3 % (Target 50 %)
➢ ICR 4.8 (Target 2.0)
➢ The fixed credit term 5.5 years
➢ Average fixed-rate period 3.0 years
0
2 000
4 000
6 000
8 000
10 000
Year SEKm
Interest
%
Proportion
%
Within one year 34,872 1.0 46
1-2 years 5,599 2.3 7
2-3 years 7,121 1.6 9
3-4 years 5,111 3.0 7
4-5 years 4,402 1.7 6
5-6 years 6,283 2.1 8
6-7 years 8,108 2.3 11
7-8 years - - -
8-9 years - - -
9-10 years 2,000 2.0 3
> 10 years 1,507 3.2 2
Total 75,003 1.6 100
Company presentation, May 2018
129 179
50,3%
40%
45%
50%
55%
60%
65%
70%
75%
80%
0
25 000
50 000
75 000
100 000
125 000
150 000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q2
Portfolio value (MSEK) Net debt to total assets, %
19%
36%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2012 2013 2014 2015 2016 2017 2018 2019 Q2
Secured debt/Total assets Secured debt/Total debt
Company presentation, May 2018
0
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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Share price Net asset valute (NAV) Profit from property management
0
5
10
15
20
25
30
35
0%
20%
40%
60%
80%
100%
120%
140%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Share price/Net asset value (NAV) Share price/Profit from property management
