Nivika Fastigheter

Interim / Quarterly Report • Oct 24, 2024

Interim report

1 SEPTEMBER 2023 – 31 AUGUST 2024 Nivika Fastigheter AB (publ)

INTERIM REPORT 1 SEP 2023 – 31 AUG 2024 Nivika Fastigheter AB (publ) 1

734 MSEK Lease value

4

Lettable area

Net Loan-to-Value

46 %

800

THE PERIOD IN BRIEF

Q4 June - August 2024	September 2023 - August 2024	MSEK	2023/24 12 mån Sep-Aug	2022/23 12 mån Sep-Aug
Figures in brackets refer to the same period last year	Figures in brackets refer to the same period last year
- Total rental income increased by 12 % to 176 MSEK (158)	- Total rental income increased by 10 % to 676 MSEK (612)	Key ratios
		Rental Income	676	612
- Net operation income increased by 10 % to 134 MSEK (122)	- Net operation income increased by 16 % to 481 MSEK (415)	Net operating income	481	415
		Profit from property management	193	134
- The profit from property management increased to 55 MSEK (55). Profit from property management excluding non-recurring costs 59 MSEK.	- The profit from property management increased to 193 MSEK (134)	Comprehensive income	132	-283
	- Change in value for investment properties amounted to	Property value	11 448	10 629
- Change in value for investment properties amounted to 11 MSEK (-210) whereof realised change in value	78 MSEK (-458) whereof realised change in value amounted	Lettable area sq m	612 847	559 418
	to 11 MSEK (38)	Economic occupancy rate residential, %	98	98
amounted to 0 MSEK (0)	- Comprehensive income increased to 132 MSEK (-283)	Economic occupancy rate commercial, %	95	97
- Comprehensive income increased to 1 MSEK (-158)		Number of properties, pcs	199	182
- Earnings per share 0.01 SEK (-2.45)**	- Earnings per share 1.45 SEK (-4.39)**	Number of apartments, pcs	2 797	2 458

• Property value amounted to 11.448 MSEK (10.629)

During the fourth quarter, the total rental income increased to SEK 176 MSEK (158) and the net operating income to 134 MSEK (122). The value of Nivika's property portfolio aggregates to SEK 11.4 billion at the end of the quarter. During the period, the portfolio has changed both via ongoing and completed constructions and via acquisitions. The construction of 82 apartments at Hisingstorp in Jönköping has been completed.

Management properties constitue 96 percent of the property portfolio, where two-thirds of the rental value comes from commercial properties and one-third from residential properties.

Equity 5 515 4 919 Cash and cash equivalents 119 66 Equity ratio, % 47 45 Net loan-to-value ratio*, % 46 50 Interest coverage ratio, times 1.8x 1.6x Long-term net asset value per share, SEK** 64.5 69.9 Earning per share, SEK** 1.5 -4.4

*) Bonds included in last years figures.

**) Right issue carried out in May and November 2023.

Property value per object type, MSEK Rent value per object type, MSEK

Property value and total income, MSEK 14 000

CEO CEO STATEMENT

Rising revenues and higher operating net

The operations and results continue to develop in a positive direction with increased revenues, higher net operating income, a clearly improved management result and stronger cash flow, which shows the strength of the portfolio.

At the extraordinary general meeting held on 20 August, it was decided that Nivika will change the financial year to calendar year. This means that Nivika will release a Q5 and a Q6 interim report to get in phase with the calendar year. It may seem like a small detail to change the financial year into calendar year, but for Nivika it is an important event. The company will now be comparable with its branch colleagues on the same report and the same quarter, which will make it easier for investors and analysts who follow real estate stocks and hopefully increase the visibility of Nivika even further.

Increased rental income and improved net operating income

Niclas Bergman, CEO Bn, VD The financial development for the fourth quarter shows financial stability and that the Company is gradually continuing to increase revenues and results. Profit from property management improved slightly despite the impact of the quarter of structural work that entailed one-off costs, such as cost of system changes, rescheduling of financial years and change of CEO. On a full-year basis the rental income rose by 10 percent to 676 MSEK (612) and the operating net increased by 16 percent to 481 MSEK (415). The increased operating net was mainly driven by increased income and good cost control. It is a statement of strength and proof that Nivika is doing the right things and that our business model works.

The property portfolio amounts to 11.4 billion SEK (10.6) as of August 31, 2024, where two-thirds of the rental value consists of commercial properties.

During the quarter, Nivika has signed an agreement to build and lease a property on the Bredasten industrial area in Värnamo to Rudhäll Industri AB, a supply chain company within the Bufab Group. Bredasten is a connection hub both east-west and south-north where Nivika is ready with land to welcome additional companies to the area.

Equipped for growth

In the last two years, Nivika has carried out a major restructuring where the Company has had a cost focus and optimized the balance sheet. This means that now when the interest rates are on the way down, the Company is well equipped for continued growth. There is room within the financial policy to increase the secured lending and the Company has very good cooperation with several Swedish banks that want to support the growth journey. Primarily, Nivika is looking for high-yielding properties within the Company's home markets and sees increasing activity and several interesting objects mainly in light industry. Nivika is also working on streamlining the portfolio, has completed disposals and remains open to selling properties that are not in line with Nivika's strategy. The goal of owning a portfolio with property values of 15 billion in 2028 with 2/3 commercial properties remains.

Continued focus on earnings per share and cash flow

The key interest rate cuts that the Riksbanken, Sweden's central bank, implemented and are expected to continue during the autumn will gradually contribute positively to Nivika's earning capacity, cash flow and earnings per share as the Company's fixed interest rate is relatively short. This, combined with profitable growth, will further strengthen the Company's key figures and position us even more as an attractive company to own and do business with.

I look forward to the end of the year and 2025 with confidence.

Sverker Källgården, CEO

decision-making process"

SIGNIFICANT EVENTS

Q4

Events in the fourth quarter, June to August 2024

• On June 1, Sverker Källgården took over as the new CEO of Nivika. Sverker most recently came from a role as CEO of the listed property company Cibus Nordic Real Estate AB. Before that, Sverker held leading positions at, among others, Hufvudstaden AB and Byggpartner i Dalarna AB.
• In July Nivika acquired two city center properties, Krokodilen 5 and Stenbocken 10, as well as a small industrial plot in Gislaved. Gislaved Municipality is the largest commercial tenant and also rents apartments. The properties have an annual rental value of 4.8 MSEK and a total lettable area of 3,400 sq. m. The properties are located in connection with the existing property portfolio.
• In July Nivika also, as agreed for a long time, aquired the Stormagärdet project. Stormagärdet is located in Habo and consists of zoned neighbourhood land of 84,000 sq. m for houring. The plan enables the construction and development of up to 300 homes. The Municipality of Habo is growing and has good communications to nearby cities such as Jönköping, which provides good conditions for future contructions.
• In July, Nivika acquired Berghem 1:24, a commercial property with motel operations at E4 in Ljungby. The porperty has an annual rent value of 7.9 MSEK and a total lettable area of 4,500 sq.m. The property is located in connection with the existing portfolio. Access is expected to take place in July 2024.
• In mid-August, Nivika held an Extraordinary General Meeting where the meeting mainly decided on a change in the company's articles of association involving a change of the financial year to calendar year, i.e. 1 January to 31 December. This means that the current financial year is extended to 2024-12-31 and thus becomes 16 months. Nivika will submit the first interim report in accordance with the new financial year as of 2024-09-30.

Q5FF

Events after 31 August 2024

• On October 9, Nivika signed an agreement to acquire Älgskytten 14, a commercial property, in the Ljungarum industrial area, along the E4, in Jönköping. The property has an annual rent value of 7.1 MSEK and a total lettable area 6,800 sq. m. Access is expected to take place 2024-10-28.
• On October 9, Nivika signed an agreement to acquire Överkanten 4, a commercial property, in the Solåsen industrial area, along the E4, in Jönköping The property has an annual rent value of 4.0 MSEK and a total lettable area 3,400 sq. m. Access is expected to take place 2025-01-07.

PROPERTY PORTFOLIO

As of 31 Augusti 2024, Nivika ownes 199 (182) properties with a total lettable area of approximately 613,000 sq. m. The property portfolio is mainly concentrated to central locations in the growing cities of Jönköping, Värnamo and Växjö and on the West Coast of Sweden. The total property value amounted to 11.4 billion SEK (10.6), The increase is mainly explained by ongoing construction projects, as well as disposals and acquisitions of properties.

Nivika's property portfolio is divided into the categories industrial/ storage, offices, retail, community/social, hospitality, residential and others. The category others contain the properties of the selfstorageoperation Mitt Lager.

Totalt, kSEK	31 Aug 2024	31 Aug 2023				Industrial/storage 27 %
Property value	1 448 140	10 628 500	3 17	Jönköping 31 %	3	Offices 9 %
Rental Income***	675 740	611 913	31	Värnamo 30 %	27	Retail 6 %
Occupation rate**, %	96	97	19	Växjö 19 %	39	CSP* 9 % Hostpitality 4 %
Number of properties	199	182		West Coast 17 %	9	Land 3 %
Area, sq. m	612 847	559 418	30	Other 3 %	9 6 3 4	Residential 39 % Other 3 %
Jönköping, kSEK	31 Aug 2024	31 Aug 2023				Industrial/storage 28 %
Property value	3 542 600	3 419 300		Jönköping		Offices 9 % Retail 5 %
Rental Income***	185 695	195 927				CSP* 3 %
Occupation rate**, %	94	97				Hospitality 4 %
Number of properties	37	41				Land 8% Residential 43 %
Area, sq. m	147 530	150 793
Värnamo, kSEK	31 Aug 2024	31 Aug 2023				Industrial/storage 31 %
Property value	3 471 850	3 091 000		Värnamo		Offices 9 %
Rental Income***	217 469	177 613				Retail 10 %
Occupation rate**, %	99	98				CSP* 12 % Hospitality 8 %
Number of properties	68	64				Land - %
Area, sq. m	212 488	178 297				Residential 30 %
Växjö, kSEK	31 Aug 2024	31 Aug 2023				Industrial/storage 19 %
Property value	2 179 300	2 143 100		Växjö		Offices 11 % Retail 3 %
Rental Income***	123 026	103 044				CSP* 22 %
Occupation rate**, %	92	93				Hospitality 1 %
Number of properties	35	35				Land 2% Residential 42 %
Area, sq. m	112 924	107 961
West Coast, kSEK	31 Aug 2024	31 Aug 2023				Industrial/storage 32 %
Property value	1 955 690	1 647 600		West Coast		Offices 9 %
Rental Income***	127 547	111 966				Retail 6 %
Occupation rate**, %	96	99				CSP* 1 % Hospitality 3 %
Number of properties	53	35				Land 1 %
Area, sq. m	119 466	98 963				Residential 48 %
Other*, kSEK	31 Aug 2024	31 Aug 2023		Other		Other 100 %
Property value	298 700	327 500
Rental Income***	22 003	23 364
Number of properties	6	7
Area, sq. m	20 439	23 404

*) Properties belonging to Mitt Lager outside the areas above. **) Economic occupancy rate. ***) Rental Income in the period.

11.4 billion SEK property portfolio whereof 96 % management properties

In the table below, information on ongoing construction and ongoing project development is based on assessments of the size, orientation and scope of the projects. Future project portfolio is fully owned, which means that Nivika completely control the timetables for future projects ourselves. The projects are usually procured as turnkey contracts to minimize the risk of unforeseen costs. The information is based on assessments of future project costs and rental value, which means uncertainty factors both regarding the implementation of the projects, project costs and future rental value. The information is reviewed regularly and assessments are adjusted as a result of ongoing projects being completed or conditions changing.

Property portfolio	Lettable area / potential area	Property value / potential value			Rental value / potential value	Book value
	sq. M	MSEK	SEK/sq. M	MSEK	SEK/ sq. M	MSEK
Management- and business property	612 947	10 955	17 873	766	1 250	10 955
Ongoing construction	16 192	591	36 500	35	2 137	64
Future project portfolio	332 770	8 631	25 937	549	1 649	78
Undeveloped land	-	-	-	-	-	351
Total	961 909	20 177	20 976	1 349	1 403	11 448

Management- and business property	Lettable area		Property value		Rental value	Contractual rent
	sq. M	MSEK	SEK/ sq. M	MSEK	SEK/ sq. M	MSEK
Commercial, management property	459 917	6 621	14 395	496	1 078	469
Commercial, business property	625	20	31 520	2	2 542	2
Resindential property	152 405	4 315	28 311	269	1 762	264
Total	612 947	10 955	17 873	766	1 250	734

Ongoing construction	Lettable area	Property value			Rental value	Investment (incl. land) MSEK
	sq. M		MSEK SEK/ sq. M	MSEK	SEK/ sq. M	Estimated	Book value
Commercial	12 440	444	35 691	26	2 122	339	12
Residential	3 752	147	39 179	8	2 186	138	66
Total ongoing construction	16 192	591	36 500	35	2 137	477	78

Future project portfolio, share of existing cashflow

Diversified property portfolio with focus on long rental agreements

Lease portfolio

Nivika's focus on long rental agreements and many different tenants, customer sizes and industries reduce the risk for vacancies and rental losses, which the Company considers to provide the conditions for stable cash flows, which in turn enables further expansion through acquisitions and new development. In terms of rental value, about 2/3 of Nivika's rents are linked to and increase alongside the consumer price index (CPI). As of 31 August 2024, the weighted remaining contract period was 5.5 years (4.8), excluding residential and parking, with good spread of maturity dates.

Lease maturity structure, MSEK

Leasing

The long-term targets are the economic occupancy rate for commercial properties shall amount to at least 90 percent and for residentials amount to not less than 95 percent over time. Nivika has a high occupancy rate throughout the property portfolio and as of 31 August 2024, the economic occupancy rate was 95 percent for the commercial properties and 98 percent for residentials.

Tenants

Nivika's income base is well diversified as it rests on 613 (653) commercial contracts and the tenants consist of both well-established multinational companies, small and medium sized companies, and public administration. As of 31 August 2024, the Group's ten largest rental agreements constituted 14 percent (16) of the Group's rental income, and the rental agreements were signed with differentiated terms mainly within the interval 5 to 15 years and had an average remaining term of 10.0 years (10.0).

Development Top 10 leases proportion of value, 31 August 2024

Top 10 leases, 31 August 2024

Leases, commercial	Proportion of value, %
Holmgrens Bil AB, Jönköping	4.5
DS Smith Packaging Sweden AB	1.3
Holmgrens Bil AB, Värnamo	1.2
1337 Logistics AB	1.2
Polismyndigheten	1.2
Racketcentrum Sports Business AB	1.2
Gobilind Fastighets AB	1.1
Rasta Sverige AB	0.9
Hedin Mölndal Bil AB	0.8
Växjö Kommun	0.8
Övriga	85.8

Number of apartments and lettable area, 31 August 2024

	Number of	Residentials,	Facilities,	Total lettable
City	apartments	sq. m	sq. m	sq. m
Jönköping	1 011	41 482	106 048	147 530
Värnamo	698	47 555	164 933	212 488
Växjö	503	26 034	86 890	112 924
West Coast	585	37 234	82 232	119 466
Other	-	-	20 439	20 439
Total	2 797	152 305	460 542	612 847

Distribution of lease value, 31 August 2024, % Distribution of lease value per geography, 31 August 2024, %

FINANCING

A well-balanced financing structure with a combination of equity, bank loans, and other financing reduces financial risk and enables profitable growth. The past year, Nivika has resolved bond financing, increased secured financing, and strengthened equity. This has resulted in a strong capital structure that allows profitable acquisitions contributing to continued growth.

Financial position and liquidity

Nivika's operations are financed through a combination of bank loans, other liabilities, and equity. The financing is conducted through secured mortgage loans, building credits and revolving credit facilities from around ten financial institutions, primarily three major Nordic banks, as well as local savings banks and SBAB.

Over the past year, Nivika has implemented several measures to reduce the financial risk and strengthen key figures. Through new bank financing and a rights issue, the outstanding bonds have been resolved and the company has increased liquidity to continue making profitable acquisitions of highyield properties in our core areas.

These measures demonstrate the strength of Nivika's operations, its property portfolio, and strong ownership. Combined with falling market interest rates, this has led to positive adjustments in the financial key figures. At the end of the period, the average interest rate in the loan portfolio, considering interest derivatives and excluding building credits, was 4.8 percent (5.3). The interest coverage ratio, measured over the last 12 months, was 1.8 (1.6). The average interest rate duration and loan-tomaturity stood at 1.9 (0.9) and 2.9 (2.5) years, respectively, as of August 31, 2024. The net loan-to-value ratio at the end of the period was 46 percent (50). The company's target for a maximum net loan-to-value ratio of 55 percent provides additional room for increased borrowing and value creation in our business areas.

The company actively manages interest rate risk through various types of interest rate derivatives. During the period, additional interest rate hedging has been implemented, and a total of 42 percent (30) of the loan portfolio is now hedged via derivatives.

As of the reporting date, long-term interest-bearing financial liabilities amounted to 5,304 million SEK (5,214), of which long-term bank financing accounted for 5,196 million SEK (4,520), bond loans 0 million SEK (650), and other interest-bearing liabilities 108 million SEK (42). The changes during the year are explained by new loans on existing assets, new loans for acquisitions and new constructions, repayment of loans in connection with divestments, and redemption of bond loans.

Bank financing is secured through mortgages on properties and group collateral. Some bank loans also include covenants related to the reporting of financial key figures and information obligations. All were fulfilled as of the reporting date. The share of green financing is increasing, with approximately 20 percent of the outstanding bank debt classified as green. Extensions are handled continuously, and nearly all loans with extensions during 2024 have been managed. Approved but unused financing as of the end of August 2024 amounted to approximately 406 million SEK for approved but undisbursed building credits, bank loans and overdraft facilities. Overall, the measures taken over the past year have resulted in a strong balance sheet that is well-prepared for growth.

Financing	31 Aug 2024	31 Aug 2023
Secured financing, MSEK	5 320	4 648
Bonds outstanding, MSEK	-	650
Average interest rate, excluding builing loans, %	4.8	5.1
Average debt maturity, year	2.9	2.5
Interest duration, years	1.9	0.9
Cash and cash equivalents, MSEK	119	66
Net loan-to-value ratio, %	46.4	49.6
Interest coverage ratio, times	1.8	1.6
Equity ratio, %	47.0	44.7

*) Including construction loan.

**) Including construction loan and interest rate swaps.

Kapitalstruktur förfall

Bankfinansiering Förlängt efter rapportdatum

Amount secured by interest, MSEK

Sadelmakaren 1, Värnamo

EARNINGS CAPACITY

The current earnings capacity for the coming 12 months is based on the property portfolio owned by Nivika as of balance sheet date.

The earnings capacity is not a forecast but a snapshot whose purpose is to present income and expenses on an annual basis given property holdings, financing costs, capital structure and organisation at a specific point in time. Earnings capacity does not include estimations for the forthcoming period regarding the development of rent, occupancy rate, property expenses, interest rates, changes in value or other items affecting earnings.

Based on the property portfolio and the current signed leases per balance sheet date, the rental income for the coming twelve-month period amounts to 734 MSEK. The property expenses are calculated based on the current operating margin, amounted to 199 MSEK, which generats an operating net of 535 MSEK. The surplus rate is estimated to approximately 72 percent based on property costs for a normal business year including property-related administration. Based on the current scope of organization and operations, the central administration costs are estimated to 40 MSEK. Profit from property management is therefore estimated to 240 MSEK.

Current earning capacity does not include future income from construction in progress. According to estimates, ongoing projects add rental income of 35 MSEK. Based on the assessed surplus rate, the projects add an operating net of approximately 31 MSEK.

Current earnings capaicty, MSEK	31 august 2024
Rental value	766
Vacancy	-32
Rental income	734
Property expenses	-199
Net operating income	535
Central administrative expenses	-40
Net financial items	-256
Profit from property management	240
Profit from property management, per share, SEK	2.50

The following information forms the basis for the estimated earnings capacity:

Rental income is based on actual signed leases on an annual basis (including service charges and potential rental discounts) as well as other property-related income per balance sheet date.

After maintenance-, and other maintenance-related supplements, property expenses were based on a normal operating year with maintenance for the current size of the property portfolio. Operating costs include property-related administration. Property tax is calculated based on the current tax values of the properties.

Central administration costs are calculated based on the current organisation, including project development, and the current size of the property portfolio. Non-recurring costs are not included.

Net financial items are based on interest rates at the end of the period, as well as the liabilities and available assets existing per balance sheet date.

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lägenheter

CONDENSED CONSOLIDATED STATEMANT OF COMPREHENSIVE INCOME

kSEK	2023/24 3 months June-Aug	2022/23 3 months June -Aug	2023/24 12 months Sep-Aug	2022/23 12 months Sep-Aug
Rental income	168 966	150 312	647 033	580 038
Service charges paid by tenants	7 496	7 442	28 707	31 875
Income	176 463	157 754	675 740	611 913
Operating costs	-34 350	-29 542	-163 078	-165 238
Maintenance expenses	-2 913	-1 892	-13 091	-13 342
Property tax	-4 711	-4 334	-18 182	-18 423
Total property costs	-41 974	-35 768	-194 351	-197 002
Net operating income	134 489	121 986	481 389	414 910
Central administrative expenses	-14 039*	-8 164	-52 776	-40 130
Net financial items	-65 470	-59 007	-235 728	-241 004
Profit from property management operations	54 980	54 815	192 886	133 777
Valuation gains/losses from investment properties, realised	-	-	11 362	37 832
Valuation gains/losses from investment properties, unrealised	10 614	-210 470	66 401	-496 017
Valuation gains/losses from derivative financial instruments, unrealised	-58 745	5 257	-110 050	7 693
	-48 131	-205 213	-32 286	-450 492
Profit before tax	6 849	-150 397	160 600	-316 714
Current income tax	-3 394	1 419	-12 045	-3 427
Deferred income tax	-2 574	-8 638	-16 353	37 531
Profit for the period	882	-157 615	132 202	-282 610
Comprehensive income for the period	882	-157 615	132 202	-282 610
Attributable to
Equity holders of the parent	882	-157 615	132 202	-282 610
Non-controlling interests
Average number of shares during the period	90 877 458	64 334 588	90 877 458	64 334 588
Earnings per share, SEK	0,01	-2,45	1,45	-4,39

*) The period includes non-recurring items of SEK 4 million relating to system changes, change of financial year and costs in connection with a change of CEO.

PERFORMANCE ANALYSIS

Income

For the fourth quarter, total revenue amounted to 176 MSEK (158), which is an increase of 12 percent compared with the same quarter last year. For the full period, they amounted to 676 MSEK, a growth of 10 percent compared with the corresponding period last year. Rental income accounted for 647 MSEK (580) of total income for the entire reporting period.

Revenues also consist of service revenues, which amounted to 29 MSEK (32) for the entire period. Service income consists mainly of recharging of heat, electricity, water and property tax.

The growth is mainly attributed to property acquisitions, indexation and that a number of large projects have been completed. The Company manages 199 properties as of August 31, 2024, with a total lettable area of approximately 613,000 sq. m compared to 559,000 sq. m in the corresponding period last year. The total rental value as of August 31, 2024, amounted to 766 MSEK (661) on an annual basis, corresponding to growth of 16 percent.

Operating costs and net operation income

Operating costs, including maintenance costs and property tax, amounted to -194 MSEK (-197) for the entire period. Net operating income for the fourth quarter amounted to 134 MSEK (122), corresponding to a surplus ratio of 80 percent (81). For the full period, September to August 2023/24, the operating surplus amounted to 481 MSEK (415), corresponding to a surplus ratio of 71 percent (68).

Profit from property management operations

Profit from property management, which is the operating profit after net financial items, amounted to 55 MSEK (55) for the fourth quarter. The increased costs are derived mainly from the one-off costs for replacing both financial and property systems. Also one-off costs in connection with refinancing, change of financial year and increase in customer losses compared to the previous year, has affected the cost increase during the past quarter. For the entire reporting period, the change was 44 percent compared with the corresponding period last year and amounte to 193 MSEK (134). Profit from property management was positively affected by an increased rental income, a reduced management costs and decrease in financing costs after the bond was fullt redeemed.

Changes in value

As in the previous quarters, the fourth quarter has been characterized by continued high market interest rates and thus higher financing costs. Higher yield requirements have to some extent been offset by improved cash flow, offset by CPI index adjustment and rent increases for 2024.

For the reporting period, the change in the value of properties amounted to 78 MSEK (-458), of which 11 MSEK (38) was realized and is attributable to the sale of Släggan 11, Vesslan 18-21, Apoteket 2, Bokhandeln 2, Stigamo 1:66 and part of Graniten 39. Unrealized changes in value amounted to 66 MSEK (-496).

Unrealized changes in the value of derivatives for the full period affected the result by -110 MSEK 85) and relay entirely to unrealized value changes driven by falling market interest rates.

Change in values on properties	2023/24	2022/23
MSEK	June - Aug	June - Aug
Cash flow	22	2
New construction, extension and reconstructions	-	90
Land and building rights	-2	-82
Changes in yield	-10	-231
Contracted sales	-	10
Unrealised changes in value	11 +0.1%	-210 -2.0%
Realised change in value	-	-
Total changes in value, properties	11 +0.1%	-210 -2.0%

Seasonal variations

The net operating income at Nivika varies over the year, depending on seasonal variations that occur in the real estate industry and in the Company's markets. During the winter months the result is affected by higher costs mainly from electricity and heating. The leasees are structured in such a way that the tenants are charged and evenly distributed preliminary fee on an ongoing basis during the year, while the expenditure for the actual consumption is expensed in line with the outcome. This results in a lower surplus rate in the winter months, correspondingly, it is at a higher level during the summer months.

Tax

Deferred tax liabilities and assets have been calculated at a tax rate in Sweden of 20.6 percent.

Employees

All employees at Nivika are employed by The Parent Company. At the end of the period, the number of employees amounted to 65 (62), of which 22 (23) are women and 43 (39) men.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

kSEK	31 aug 2024	31 Aug 2023
ASSETS
Intangible assets
Software, licences	1 541	650
Total intangible assets	1 541	650
Non-current assets
Investments properties	11 428 440	10 479 100
Operating properties	18 912	19 306
Equipment	63 384	64 844
Right-of-use assets	16 087	25 405
Derivative financial instruments	-	36 793
Other long-term securities holdings	11	11
Deferred tax receiable	33 323	27 113
Other non-current receivables	19 765	48 300
Total non-current assets	11 579 921	10 700 872
Current assets
Inventories	997	2 047
Rent receivables	11 918	16 285
Other receivables	2 903	55 992
Prepaid expenses and accrued income	25 812	16 723
Cash and cash equivalents	119 196	66 023
Total current assets	160 642	157 069
Assets for sale (properties)	-	140 000
TOTAL ASSETS	11 742 104	10 998 591

kSEK	31 Aug 2024	31 Aug 2023
EQUITY AND LIABILITIES
Equity
Issued share capital	47 943	38 954
Other contributed capital	3 553 887	3 098 809
Retained earnings incl. profit for the year	1 913 048	1 780 846
Total equity	5 514 878	4 918 609
Non-current liabilities
Deffered tax liability	577 454	560 482
Interest-bearing loans and borrowings	5 303 385	5 162 650
Lease liablitites, non-current portion	12 278	21 747
Derivative financial instruments	73 257	-
Total non-current liabilities	5 966 373	5 744 879
Current liabilities
Interest-bearing loans and borrowings	124 584	126 523
Lease liablitites, current portion	3 731	3 626
Trade and other payables	7 448	36 187
Other liabilities	38 340	41 459
Accrued expenses and deferred income	86 750	76 434
Total current liabilities	260 853	284 230
Liabilities connected to Assets for sale	-	50 874
TOTAL EQUITY AND LIABILITIES	11 742 104	10 998 591

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

			Retained earnings
kSEK	Issued capital	Other contributed capital	incl. profit for the year	Total equity
Opening balance 01/09/2022	29 085	2 379 932	2 063 457	4 472 474
Profit for the year			-282 610	-282 610
Total comprehensive income			-282 610	-282 610
Transactions with shareholders:
- Issue of share capital	9 868	740 132		750 000
- Cost of share issue		-21 255		-21 255
Closing balance 31/08/2023	38 954	3 098 809	1 780 846	4 918 609
Opening balance 01/09/2023	38 954	3 098 809	1 780 846	4 918 609
Profit for the year			132 202	132 202
Total comprehensive income			132 202	132 202
Transactions with shareholders:
- Right issue	8 989	501 601		510 591
- Right issue costs		-24 913		-24 913
- Share buyback		-21 610		-21 610
Closing balance 31/08/2024	47 943	3 553 887	1 913 048	5 514 878

CONSOLIDATED STATEMENT OF CASH FLOWS

	2023/24	2022/23	2023/24	2022/23
kSEK	3 mån June - Aug	3 mån June - Aug	12 mån Sep - Aug	12 mån Sep - Dec
Operating activities
Earnings before tax	6 850	-150 398	160 600	-316 714
Adjustment for:
Financial items	61 470	59 006	231 728	241 003
Changes in value, investment properties	-10 613	210 470	-77 763	458 185
Changes in value, interest-rate derivatives	58 745	-5 257	110 050	-7 693
Other items that are not included in the cash flow	9 602	4 821	22 550	38 728
Tax paid	-	-9 492	-	-9 492
Net cash flow from operating activities before changes in working capital	126 054	109 149	447 165	404 016
Net cash flow from changes in working capital
Change in operating receivables	15 263	40 699	48 818	61 715
Change in operating liabilities	18 083	-42 384	-3 422	-107 767
Net cash flow from operating activities	159 400	107 465	492 561	357 964
Investing activities
Purchase of investment properties	-277 619	-	-649 592	-84 000
Proceeds from disposals of investment properties	-	-	211 318	535 960
Investment in existing properties	-74 006	-197 740	-327 293	-842 901
Purchase of property, plant, and equipments	-218	3 261	-2 757	1 375
Purchase of financial instruments	-6 665	-8 971	22 325	97
Net cash flow from investing activities	-358 508	-185 508	-745 999	-389 469
Financial activities
New share issue	-	-1 226	510 591	750 000
Costs for new share issue	-	-	-31 377	-26 769
Share buyback	-18 812	-	-21 610	-
Proceeds from borrowings	639 823	278 171	3 019 474	1 292 294
Repayment of borrowings	-441 528	-200 372	-2 931 282	-1 865 126
Payment of interest	-78 580	-61 607	-234 506	-234 628
Payment of lease fees	-1 093	-1 685	-4 679	-4 993
Net cash flow from financing activities	99 810	13 282	306 611	145 407
Net increase (decrease) in cash and cash equivalents	-99 298	-64 761	53 173	-120 726
Cash and cash equivalent, opening balance	218 494	130 784	66 023	186 749
Cash and cash equivalents, closing balance	119 196	66 023	119 196	66 023

INFORMATION FROM NIVIKA FASTIGHETER

The information we send out to the market about our business must be open, clear, and correct and aim to create trust in our company and brand.

Important events, interim reports and year-end statements are published immediately via press release and are also available on our website; www.nivika.se

We provide ongoing information about our company, current events, and changes in the business by regularly meeting with analysts, investors and financiers as well as customers and partners.

At www.nivika.se it is also possible to subscribe to financial reports and press releases.

Financial calendar	Reports are usually published at 07:00 unless otherwise stated.
Interim report Q5 2023/2024, 2024-09-302024-11-21
Year-end report 2023/2024, 2024-12-31	2025-02-27
Annual report 2023/20242025-04-04

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VÄRNAMO / HEADOFFICE

Nivika Fastigheter AB (publ) Ringvägen 38 331 32 Värnamo

JÖNKÖPING

Nivika Fastigheter AB (publ) Österängsvägen 2A 554 63 Jönköping

VÄXJÖ

Nivika Fastigheter AB (publ) Smedjegatan 30 352 46 Växjö

Tfn. +46 (0)10-263 61 00 www.nivika.se varnamo@nivika.se

INTERIM REPORT 1 SEP 2023 – 31 AUG 2024 Nivika Fastigheter AB (publ) 16