Interim / Quarterly Report • Apr 28, 2016
Interim / Quarterly Report
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Platzer is one of the largest, as well as one of the leading, commercial property companies in Gothenburg, primarily in office property. The company owns and develops 58 properties with a total area of approximately 465,000 sq m. Platzer creates growth and profitability through letting and management, property projects and urban development, as well as acquisitions and disposals of properties. Platzer prioritizes good relationships with tenants and offers a service that focuses on close relationships and commitment. At the end of the period, Platzer had 59 employees.
Platzer creates value by owning and developing properties in the Gothenburg area.
Platzer is to be the leading property company in commercial premises in the Gothenburg area.
See key performance indicators, page 12, and key performance indicators per share, page 23, for outcome.
*) risk-free interest = interest rate for a 5-year Swedish government bond
• Grow and be the leading player in the Gothenburg area, focusing on selected segments.
• Develop long-term relationships on a commercial, sustainable and ethical basis by actively working with customers and suppliers.
• Conduct continuous improvements of the property portfolio through value generating property and project development.
• Debt financing of business based on the value of properties. Use existing cash for value-generating property investments.
Sustainability is about continually taking decisions that facilitate long-term, sustainable development. This is achieved by reaching a balance between several factors -a healthy financial position, satisfied employees, minimal environmental impact and a positive contribution to society. At Platzer, sustainability is an integral part of operating activities and applies to economic, ecological and social sustainability. The company takes a systematic approach to day-today environmental performance and Platzer has held ISO 14001 certification since 2009.
For further information, please visit platzer.se or contact P-G Persson, CEO, +46 (0)734 11 12 22 / Lennart Ekelund, CFO, +46 (0)703 98 47 87
Platzer's operating surplus increased by 12%, while income from property management was up by 14% compared with the same period in the previous year. The increase was due to a larger property portfolio, as well as the fact that some of our development projects currently underway are starting to have an impact on the income statement.
The net asset value per share increased by 17% compared with the same period in the previous year to just under SEK 40/share, which is the result of successful letting activity in our projects in the autumn and the fact that required yields continued to fall. Because of our strategy of increasing our property and project development business. We will continue to own properties in the future in which ongoing projects generate a lower cash flow during the construction phase, and we will also continue to own building rights that do not generate any cash flow at all.
With a project portfolio of more than 500,000 sq m, we are focusing our work on ensuring detailed development plans are drawn up for our development areas. In the first quarter of this year we were able to make important progress towards this goal. A detailed planning decision regarding Södra Änggården (northern Högsbo) meant the go-ahead for Phase 1, which comprises future building rights of 120,000 sq m, a large proportion of which will be housing. 600 flats in the area will form part of the City of Gothenburg's BoStad 2021 housing project to celebrate the city's 400th Anniversary, which means planning will be prioritised by the municipality. Planning is underway for an area totalling 50,000 sq m in Gårda and the Almedals fabriker area, and consultations regarding this project took place in the first quarter. In Backaplan and Gamlestaden we are working hard on the urban development project that is expected to result in finished detailed development plans. Very soon we will also begin construction of our high-profile property at Gamlestads torg.
Property prices in the Gothenburg area have continued to increase since the turn of the year and there is a lot of competition for the handful of properties that are being offered for sale. All in all, this has resulted in a low volume of transactions in the first quarter. Our strategy is
to acquire properties with potential adjacent to our prioritised markets, and to sell properties in locations where we are not able to create added value in the long term. In the first quarter we carried out a property transaction involving the sale of a small property in Gårda to Fastighets AB L E Lundberg.
Since the beginning of the year, Platzer has had a sustainability manager, and in January we carried out our largest single social sustainability effort to date by signing an agreement with the Berättarministeriet non-profit foundation. Their objective is to inspire school children in Years 2-5 in areas with high unemployment to rediscover creative writing in a fun way. Since starting operations in the Stockholm area in 2011, more than 20,000 children have participated in the activities organised by the foundation, and now Platzer is helping the foundation to establish operations in Gothenburg.
A lot is happening in the Gothenburg area. There is a strong drive to succeed in both industry and the service sector. The vacancy rates for office space are at a historically low level and there is a huge shortage of housing in the region. Municipalities are actively looking to boost construction of housing and office space. As a local player we have a presence in many of the most interesting development areas in and around Gothenburg. We are resolutely trying to initiate as many detailed development plans as possible, including building rights for both housing and office space, with the aim being to launch as many projects as possible to meet demand for office space. As far as the building rights for housing are concerned, we will either sell these or swap them for interesting commercial development or investment properties. In this way, Platzer is contributing to the development of Gothenburg and safeguarding the company's future growth.
P-G Persson CEO
Comparative values for income statement items refer to the corresponding period in the previous year and for balance sheet items as at 31/12/2015.
Income from property management for the period amounted to SEK 67 million (59), an improvement of 14%. The improvement in results was partly due to a larger property portfolio in the first quarter of 2016 compared with the same period in the previous year, and partly to the fact that completed development projects were occupied, while letting in existing properties increased. Changes in the value of properties in the first quarter of the year amounted to SEK 77 million (60), while changes in the value of financial instruments totalled SEK -128 million (-69). Profit after tax for the period amounted to SEK 15 million (39).
Rental income for the period increased by 13% and amounted to SEK 157 million (139). The increased income is primarily attributable to a larger property portfolio, new leases and completed development projects. Rental income from existing lease agreements was estimated to amount to SEK 664 million (547) on an annual basis as at 31 March 2016. The economic occupancy rate for the period amounted to 93% (92). Platzer has a number of large projects/ refurbishment projects underway, where lease agreements have been signed and occupancy is scheduled for the coming quarter. During the project phase the impact on both income, results and occupancy rate is negative.
In the first 3 months of the year, property costs amounted to SEK -45 m (-39). The increase was largely due to a larger property portfolio, the acquisition of the property Olskroken 18:7 in the second quarter of 2015, and a colder first quarter. Property operating and maintenance costs are subject to seasonal variations and the first quarter was weighed down by large costs compared with the remainder of the year.
The operating surplus for the period amounted to SEK 112 million (100), equivalent to an increase of 12%.
The surplus ratio was 71% (72), which was
lower than the rolling twelve-month surplus ratio of 74% because of seasonal variations. The investment yield for the properties was 4.6% (4.8). The decrease was primarily due to a large volume of projects, since several ongoing refurbishment projects resulted in loss of rental income, thus lowering the operating surplus, in addition to which the value of properties increases successively over the project phase whereas income is not generated until projects are completed and tenants move in. In addition, a declining yield requirement in the market, which, all else being equal, results in higher property values, means the investment yield goes down.
Central administration expenses for the quarter amounted to SEK -11 million (-8). The increase was primarily due to a larger workforce, up to 59 employees at the end of the period from 47 as at 31 March 2015, with the increase being prompted by the larger property portfolio and larger project portfolio. Furthermore, in the second quarter of 2015, the company launched a share incentive plan aimed at senior management, which weighed down results in the period by around SEK 0.6 m (-).
Net financial items for the period amounted to SEK -34 m (-33). Both interest margins and market rates were lower compared with the same period in 2015, and the higher financial cost is entirely due to the slightly larger property portfolio and thus increased borrowings. At the end of the period, the average interest rate, including the effects of signed derivative instruments, amounted to 2.38% (2.70).
Tax for the period amounted to SEK -1 m (-11). Property disposals, which give rise to realised capital gains/losses, are normally conducted as corporate divestments. This means the gains are exempt from tax, which also had an impact on tax for the period.
Net investments in property in the first quarter amounted to SEK 63 m (88). Investments in existing properties totalled SEK 105 million (88), while sales amounted to SEK 42 m (-). No acquisitions took place in the period (-). The investments were fully financed from the company's cash assets. Cash flow for the period was SEK -43 million (36). At the end of the period, cash and cash equivalents amounted to SEK 184 million (227). In addition to cash and cash equivalents, as at 31 March 2016 the company had unutilised loan commitments of SEK 213 million and an unutilised overdraft facility of SEK 50 million.
Properties were recognised at a fair value of SEK 9,924 million (9,784), which is based on an internal valuation as at 31 March 2016. The properties are valued internally at the end of each quarter, using a ten-year cash flow model for all properties. At each year-end, Platzer also carries out an external valuation of a selected number of properties that constitute a cross-section of the property portfolio, corresponding to around 30% of the total value of the property portfolio, in order to ensure the quality of the internal valuation. The investment properties are valued within level 3 in the IFRS 13 fair value hierarchy.
The internal property valuation for the period showed a change in the value of investment properties of SEK 77 million (60). The majority of the change in value in the period was due to lower yield requirements in the market. The average required yield based on the valuation as at 31 March 2016 was 5.5%, down from 5.7% at end-March in the previous year, when it was 5.7%.
The property Gårda 8:2 was disposed of in the first quarter through a corporate divestment. Investments in existing properties in the period amounted to SEK 105 million (88), with the largest individual investments being the new build project Hårddisken 1, Mölndal and the rebuilding project KvarterETT at Polhemsplatsen (Stampen 4:44).
Equity for the Group amounted to SEK 3,608 million (3,592) as at 31 March. The equity/ assets ratio amounted to 35% (35). Equity per share as at 31 March 2016 was SEK 37.20 (37.05), while the long-term net asset value, EPRA NAV, amounted to SEK 44.57 (43.16). The net asset value, which is one of Platzer's financial goals, totalled SEK 39.81 (38,62).
At end-March, non-current interest bearing liabilities amounted to SEK 5,659 million (5,690), which corresponded to a loan-to-value ratio of 57% (58). Debt financing primarily comprises bank loans secured by mortgages in property. In addition, Platzer is borrowing SEK 300 m through a Green Bond issue via Nya SFF. In the quarter, Platzer repaid loans in connection with the sale of the property Gårda 8:2. The average fixed interest term, including the effect of derivatives contracts, was 3.9 years as at 31 March 2016 (4.0). The average loan term was 1.7 years (1.9).
In order to achieve the desired fixed interest rate structure the company uses interest rate derivatives in the form of interest rate swaps, which are recognised at fair value in the balance sheet, while gains/losses are recognised in the income statement without applying hedge accounting. The market value as at 31 March was SEK -320 million, which corresponded to a change in value of SEK -128 million for the period. The changes in value do not affect cash flow. During the remaining term of the derivatives, the undervalue will be resolved and will reduce financial costs in the income statement by an equivalent amount.
The financial assets and liabilities that are measured at fair value in the Group comprise the derivative instruments and capital redemption policies described above. Both the derivative instruments and the capital
redemption policies are included in Level 2 in the IFRS 13 fair value hierarchy. The fair value of non-current, interest bearing liabilities is equivalent to their carrying value because the discounting effect is not significant when the interest rate on the loans is variable and in line with market rates.
The workforce increased by 5 people during the period and the company had 59 employees at the end of March. Following a restructuring of the organisation as of 1 January 2016, Platzer's property portfolio is now divided into two market segments instead of three. The market segments are Platzer's units with responsibility for daily operation, management and development of properties. The market segments are supported by two specialist units: Project development, which is responsible for project development and project management, and Letting, which supports the letting business. Platzer's Group and staff functions comprise the CEO, business development, finance, accounts, communication, sustainability and HR.
Platzer has concluded an agreement with the University of Gothenburg on acquisition of the leasehold for Lorensberg 62:1, better known as the Student Union Building. The agreed property value is SEK 50 million and completion will take place on 1 June. The University of Gothenburg has signed a lease for the entire building.
The parent company does not own any properties of its own, and instead manages certain Group-wide functions regarding management and financing. Parent company revenue is solely derived from invoicing services to Group companies.
Significant risks and uncertainty factors
The property business, as all businesses, is always exposed to risks. Good internal controls and checks performed by external auditors, well-functioning administrative systems and
policies, as well as proven procedures for property valuations are among the methods used by Platzer to manage and reduce risks. The main risks and uncertainty factors that affect Platzer have not changed over the year, and they are described in detail in the Annual Report for 2015 on pages 48-49, 53-54 and 68-69.
The company's ongoing transactions with related parties are described in the Annual Report for 2015, page 81. There are no significant transactions with related parties apart from these continuing agreements, and this situation did not change in the first quarter.
Platzer prepares its consolidated financial statements in accordance with IFRS (International Financial Reporting Standards) as adopted by the EU. The same accounting and valuation principles have been applied as in the most recent annual report. New or revised IFRS standards that have come into force in 2016 have not had any material effect on the Group's financial statements. The interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The parent company applies the Annual Accounts Act and RFR2.
This interim report has not been reviewed by the company's auditors.
Gothenburg, 28/04/2016
Platzer Fastigheter Holding AB (publ)
P-G Persson CEO
| SEK million | 2016 Jan-Mar |
2015 Jan-Mar |
2015 Jan-Dec |
2015/2016 Apr-Mar |
|---|---|---|---|---|
| Rental income | 157 | 139 | 589 | 607 |
| Property costs | -45 | -39 | -152 | -158 |
| Operating surplus | 112 | 100 | 437 | 449 |
| Central administration | -11 | -8 | -35 | -38 |
| Net financial items | -34 | -33 | -136 | -137 |
| Income from property management | 67 | 59 | 266 | 274 |
| Change in value, investment properties | 77 | 60 | 510 | 527 |
| Change in value, financial instruments | -128 | -69 | 64 | 5 |
| Profit before tax | 16 | 50 | 840 | 806 |
| Tax on profit for the period | -1 | -11 | -176 | -166 |
| Profit for the period 1) | 15 | 39 | 664 | 640 |
| Profit for the period attributable to: | ||||
| Parent company's shareholders | 14 | 39 | 653 | 628 |
| Non-controlling interests | 1 | - | 11 | 12 |
| Earnings per share 2) | 0.14 | 0.41 | 6.81 | 6.55 |
1) There is no other comprehensive income for the Group, and therefore the consolidated profit for the period is the same as the comprehensive income for the period.
2) There is no dilution effect because there are no potential shares. However, the number of outstanding shares will increase by 250,000 when the share saving scheme is completed.
| SEK million | 31/03/2016 | 31/03/2015 | 31/12/2015 |
|---|---|---|---|
| Assets | |||
| Investment properties | 9,924 | 8,491 | 9,784 |
| Other non-current assets | 5 | 6 | 5 |
| Non-current financial assets | 43 | 37 | 60 |
| Current assets | 102 | 62 | 63 |
| Cash and cash equivalents | 184 | 132 | 227 |
| Total assets | 10,258 | 8,728 | 10,139 |
| Equity and liabilities | |||
| Equity | 3,608 | 3,005 | 3,592 |
| Deferred tax liability | 392 | 251 | 399 |
| Non-current interest bearing liabilities | 5,659 | 4,900 | 5,690 |
| Other non-current liabilities | 334 | 361 | 224 |
| Current liabilities | 265 | 211 | 234 |
| Total equity and liabilities | 10,258 | 8,728 | 10,139 |
| Pledged assets | 5,767 | 5,035 | 5,798 |
| Contingent liabilities | 8 | 56 | 55 |
| 2016 | 2015 | 2015 | |
|---|---|---|---|
| SEK million | Jan-Mar | Jan-Mar | Jan-Dec |
| Equity attributable to parent company's shareholders | |||
| At the beginning of the period | 3,548 | 2,966 | 2,966 |
| New share issue | - | - | 0 |
| Share buy-back | - | - | 0 |
| Reversal, share saving scheme | 1 | - | 1 |
| Comprehensive income for the period | 14 | 39 | 653 |
| Dividend | - | - | -72 |
| At end of period | 3,563 | 3,005 | 3,548 |
| Equity attributable to non-controlling interests | |||
| At the beginning of the period | 44 | - | - |
| Consolidation of subsidiary | - | - | 33 |
| Comprehensive income for the period | 1 | - | 11 |
| At end of period | 45 | - | 44 |
| Total equity | 3,608 | 3,005 | 3,592 |
| SEK million | 2016 Jan-Mar |
2015 Jan-Mar |
2015 Jan-Dec |
|---|---|---|---|
| Value of properties, opening balance | 9,784 | 8,343 | 8,343 |
| Investments in existing properties | 105 | 88 | 359 |
| Property acquisitions | - | - | 745 |
| Property sales | -42 | - | -259 |
| Consolidation of subsidiary | - | - | 86 |
| 77 | 60 | 510 | |
| Value of properties, closing balance | 9,924 | 8,491 | 9,784 |
SUMMARY
| SEK million | 2016 Jan-March |
2015 Jan-Mar |
2015 Jan-Dec |
2015/2016 Apr-Mar |
|---|---|---|---|---|
| Operating activities | ||||
| Operating surplus | 112 | 100 | 437 | 449 |
| Central administration | -10 | -8 | -32 | -34 |
| Net financial items | -34 | -33 | -136 | -137 |
| Income tax | -12 | -4 | -14 | -22 |
| Cash flow from operating activities before changes in | ||||
| working capital | 56 | 55 | 255 | 256 |
| Change in current receivables | -8 | -10 | -30 | -28 |
| Change in current liabilities | 4 | 33 | 68 | 39 |
| Cash flow from operating activities | 52 | 78 | 293 | 267 |
| Investing activities | ||||
| Investments in existing investment properties | -105 | -88 | -359 | -376 |
| Acquisitions of investment properties | - | - | -745 | -745 |
| Sales of investment properties | 42 | - | 259 | 301 |
| Consolidation of subsidiary | - | - | -86 | -86 |
| Cash flow from investing activities | -63 | -88 | -931 | -906 |
| Financing activities | ||||
| Change in interest-bearing liabilities | -32 | 46 | 836 | 758 |
| Changes in non-current receivables | - | - | -33 | -33 |
| Changes in non-current liabilities | - | - | 5 | 5 |
| Dividend | - | - | -72 | -72 |
| Consolidation of subsidiary | - | - | 33 | 33 |
| Cash flow from financing activities | -32 | 46 | 769 | 691 |
| Cash flow for the period | -43 | 36 | 131 | 52 |
| Cash and cash equivalents at the beginning of the | ||||
| period | 227 | 96 | 96 | 132 |
| Cash and cash equivalents at end of period | 184 | 132 | 227 | 184 |
SUMMARY
| SEK million | 2016 Jan-Mar |
2015 Jan-Mar |
2015 Jan-Dec |
|---|---|---|---|
| Net sales | 3 | 3 | 12 |
| Operating expenses | -4 | -3 | -12 |
| Net financial items | -21 | -15 | -72 |
| Change in value, financial instruments | -128 | -24 | 18 |
| Profit before tax and appropriations | -150 | -39 | -54 |
| Appropriations | - | - | 153 |
| Tax | 33 | 9 | -19 |
| Profit for the period 1) | -117 | -30 | 80 |
1) The parent company has no other comprehensive income and total comprehensive income is therefore the same as the profit for the period.
S U M M A R Y
| SEK million | 31/03/2016 | 31/03/2015 | 31/12/2015 |
|---|---|---|---|
| Assets | |||
| Participations in Group companies | 1,053 | 1,020 | 1,053 |
| Other non-current financial assets | 2,222 | 1,624 | 2,203 |
| Receivables from Group companies | 1,045 | 1,085 | 1,072 |
| Other current assets | 23 | 8 | 17 |
| Cash and cash equivalents | 4 | 2 | 8 |
| Total assets | 4,347 | 3,739 | 4,353 |
| Equity and liabilities | |||
| Equity | 1,801 | 1,878 | 1,917 |
| Untaxed reserves | 50 | 42 | 50 |
| Non-current liabilities | 2,463 | 1,804 | 2,352 |
| Current liabilities | 33 | 15 | 34 |
| Total equity and liabilities | 4,347 | 3,739 | 4,353 |
| Pledged assets | 2,138 | 1,569 | 2,138 |
| Contingent liabilities | 3,117 | 3,290 | 3,149 |
| 2016 Jan-Mar |
2015 Jan-Mar |
2015 Jan-Dec |
2015/2016 Apr-Mar |
|
|---|---|---|---|---|
| Financial | ||||
| Debt/equity ratio (multiple) | 1.6 | 1.6 | 1.6 | 1.6 |
| Interest coverage ratio (multiple) | 2.9 | 2.7 | 3.0 | 3.0 |
| Loan-to-value ratio, % | 57 | 58 | 58 | 57 |
| Equity/assets ratio, % | 35 | 34 | 35 | 35 |
| Return on equity, % | 4.7 | 5.9 | 20.0 | 19.1 |
| Property-related | ||||
| Investment yield, % | 4.6 | 4.8 | 4.8 | 4.9 |
| Surplus ratio, % | 71 | 72 | 74 | 74 |
| Economic occupancy rate, % | 93 | 92 | 91 | 92 |
| Rental value, SEK/sq m | 1,501 | 1,486 | 1,532 | 1,477 |
| Lettable area, sq m (thousand) | 463 | 415 | 465 | 463 |
For definitions of Key Performance Indicators, please see page 24.
| Project Investment properties properties |
Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Central Gothenburg |
South/West Gothenburg |
North/East Gothenburg |
||||||||
| SEK million | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 |
| Rental income | 90 | 83 | 28 | 30 | 38 | 25 | 1 | 1 | 157 | 139 |
| Property costs | -22 | -21 | -10 | -11 | -12 | -6 | -1 | -1 | -45 | -39 |
| Operating surplus | 68 | 62 | 18 | 19 | 26 | 19 | 0 | 0 | 112 | 100 |
| Investment properties, fair | ||||||||||
| value | 6,376 | 5,682 | 1,260 | 1,362 | 2,104 | 1,270 | 184 | 177 | 9,924 | 8,491 |
In the Group's internal reporting, activities are divided into the segments shown above. The total operating surplus above is the same as the operating surplus reported in the income statement.
The difference between the operating surplus of SEK 112 million (100) and profit before tax of SEK 16 million (50) consists of central administration SEK -11 million (-8), net financial items SEK -34 million (-33) and changes in value of properties and derivatives SEK -51 million (-9).
The property Gårda 8:2, which was part of the Central Gothenburg segment, was sold in the accounting period.
| Interest | ||||
|---|---|---|---|---|
| maturity | ||||
| Loan | Average | |||
| amount, SEK | Share, | interest, | Loan amount, | Share, |
| % | ||||
| 2,419 | 43 | 1.22 | 1,364 | 24 |
| - | - | - | 1,948 | 34 |
| 120 | 2 | 3.41 | 1,455 | 26 |
| 200 | 3 | 3.20 | 892 | 16 |
| 300 | 5 | 4.14 | ||
| 670 | 12 | 2.96 | ||
| 550 | 10 | 3.48 | ||
| 100 | 2 | 3.48 | ||
| 1,000 | 18 | 3.25 | ||
| 300 | 5 | 2.49 | ||
| 5,659 | 100 | 2.38 | 5,659 | 100 |
| million | % | % | Loan maturity SEK million |
| 2016 | 2015 | 2015 | 2015 | 2015 | 2014 | 2014 | 2014 | |
|---|---|---|---|---|---|---|---|---|
| Ju | ||||||||
| Jan | Oct | Ju | Apr | Jan | Oct | ly | Apr | |
| SEK million | Mar | Dec | ly-Sept | June | Mar | Dec | Sept | June |
| Rental income | 157 | 160 | 146 | 144 | 139 | 131 | 133 | 131 |
| Property costs | -45 | -44 | -35 | -34 | -39 | -34 | -33 | -28 |
| Operating surplus | 112 | 116 | 111 | 110 | 100 | 97 | 100 | 103 |
| Central administration | -11 | -11 | -8 | -8 | -8 | -10 | -7 | -8 |
| Net financial items | -34 | -34 | -34 | -35 | -33 | -36 | -38 | -39 |
| Income from property management | 67 | 71 | 69 | 67 | 59 | 51 | 55 | 56 |
| Change in value, investment properties | 77 | 205 | 196 | 49 | 60 | 167 | 126 | 91 |
| Change in value, financial instruments | -128 | 63 | -74 | 144 | -69 | -76 | -47 | -56 |
| Profit before tax | 16 | 339 | 191 | 260 | 50 | 142 | 134 | 91 |
| Tax on profit for the period | -1 | -66 | -42 | -57 | -11 | -34 | -29 | -20 |
| Profit for the period | 15 | 273 | 149 | 203 | 39 | 108 | 105 | 71 |
| Investment properties | 9,924 | 9,784 | 9,491 | 9,192 | 8,491 | 8,343 | 7,363 | 7,195 |
| Investment yield, % | 4.6 | 4.8 | 4.8 | 5.0 | 4.8 | 4.9 | 5.5 | 5.8 |
| Surplus ratio, % | 71 | 73 | 76 | 76 | 72 | 74 | 75 | 79 |
| Economic occupancy rate, % | 93 | 92 | 91 | 90 | 92 | 97 | 92 | 93 |
| Return on equity, % | 4.7 | 12.3 | 9.7 | 11.7 | 5.9 | 7.9 | 8.3 | 7.4 |
| Equity per share. SEK | 37.20 | 37.05 | 34.32 | 32.76 | 31.39 | 30.98 | 29.85 | 28.75 |
| Net asset value per share, SEK | 39.81 | 38.62 | 36.40 | 34.24 | 34.04 | 33.07 | 31.32 | 29.84 |
| Share price, SEK | 44.50 | 38.00 | 34.70 | 34.20 | 39.00 | 33.50 | 30.00 | 30.10 |
| Earnings after tax per share, SEK | 0.14 | 2.74 | 1.56 | 2.12 | 0.41 | 1.13 | 1.10 | 0.74 |
| Cash flow from operating activities per | ||||||||
| share, SEK | 0.55 | 1.22 | 0.85 | 0.18 | 0.82 | 0.51 | 0.56 | 0.39 |
| Eco nomic |
Oper ating |
Sur | ||||||
|---|---|---|---|---|---|---|---|---|
| Lettable | Fair | Rental | occu | Rental | sur | plus | ||
| Number of | area, | value, | value, | pancy | income, | plus, | ratio, | |
| properties | sq m | SEK m | SEK m | rate, % | SEK m | SEK m | % | |
| INVESTMENT PROPERTIES | ||||||||
| Central Gothenburg | ||||||||
| Offices/Retail | 20 | 187,233 | 6,076 | 396 | 94 | 373 | 297 | 78 |
| Industrial/Warehouses/ | ||||||||
| Other | 2 | 23,925 | 300 | 17 | 82 | 14 | 11 | 79 |
| Total | 22 | 211,158 | 6,376 | 413 | 94 | 387 | 302 | 78 |
| South/West Gothenburg | ||||||||
| Offices/Retail | 9 | 56,647 | 625 | 68 | 85 | 58 | 38 | 66 |
| Industrial/Warehouses/ | ||||||||
| Other | 9 | 59,177 | 635 | 64 | 95 | 61 | 44 | 72 |
| Total | 18 | 115,824 | 1,260 | 132 | 90 | 119 | 82 | 69 |
| North/East Gothenburg | ||||||||
| Offices/Retail | 8 | 133,155 | 2,104 | 167 | 95 | 158 | 115 | 73 |
| Industrial/Warehouses/ | ||||||||
| Other | - | - | - | - | - | - | - | - |
| Total | 8 | 133,155 | 2,104 | 167 | 95 | 158 | 115 | 73 |
| TOTAL | ||||||||
| INVESTMENT PROPERTIES | 48 | 460,137 | 9,740 | 712 | 93 | 664 | 499 | 75 |
| PROJECT PROPERTIES | 10 | 3,475 | 184 | 1 | - | - | -1 | |
| TOTAL PLATZER | 58 | 463,612 | 9,924 | 713 | 93 | 664 | 498 | 75 |
The summary comprises the property portfolio as at 31 March 2016 and provides a snapshot of the company's earning capacity, and it does not constitute a forecast.
The profit-related columns include valid lease agreements, including for future occupancy over the next six months, if occupancy relates to existing properties. Lease agreements with a later occupancy date or for properties currently under construction are not included. As at this date, in addition to the above table, lease agreements have been signed for ongoing projects with a rental value of SEK 11 million (Hårddisken 1 and Brämaregården 35:4), for occupancy in the third quarter of 2016 onwards.
Rental value refers to rental income plus the estimated market rent of vacant premises in their existing condition. Rental income refers to contracted rental income including agreed supplements, such as payments for heating and property taxes, and excluding limited period discounts of approximately SEK 15 million.
The operating surplus indicates the properties' earning potential on an annual basis defined as contracted rental income as of 1 April 2016, minus the estimated property costs including property management for a rolling 12-month period.
Project properties in the table refer to income from existing properties before project start. This income will cease when the project commences.
The property market in Gothenburg remained very strong in the first few months of 2016. Yield requirements in the transaction market were low and levels are expected to continue to decline. This is a consequence of high demand in the Gothenburg property market, combined with current interest rate levels. Office properties that have recently suffered the sharpest drops in required yields are modern properties in prime locations with low vacancy rates and stable cash flows. Demand in the transaction market is expected to remain high, since property is generally considered to be a good investment asset, producing good returns at relatively low risk.
The office rental market has continued to see high demand, primarily in city centre locations. For instance, vacancy rates in areas such as Central Business District (CBD), City centre excl. CBD, and Norra Älvstranden are substantially lower than in other parts of the city. The low supply of vacant office space means that letting volume is relatively low, however, despite high demand. The large pressure on premises in central locations has also ensured that rents have shown good growth in recent years. Rents are expected to continue to rise, provided that demand remains high.
In a few years, a large volume of office space will come to market as a number of projects that are now at the planning stage are realised. In the long term this could result in more relocation and better matching of tenants' need for modern premises that make effective use of floor area with the office space property owners are able to supply.
| Area | Prime rents SEK/sq m/year |
Prime yield (required yield, high-quality asset), % |
|---|---|---|
| Central Business District (CBD) | 2,800 | 4.50 |
| City centre excl. CBD | 2,600 | 4.75 |
| Norra Älvstranden | 2,200 | 5.25 |
| Hisingen, other | 1,000 | 5.50 |
| Mölndal | 2,000 | 6.00 |
| West Gothenburg | 1,150 | 6.75 |
| East Gothenburg | 1,100 | 6.00 |
Total new production in Gothenburg, sq m Share of total office space, %
Source: JLL
Source: JLL & Platzer's estimates
Platzer owns and develops commercial properties in the Gothenburg area. The properties can be divided into three geographical areas: Central Gothenburg (Centre, Gårda, Krokslätt and Gullbergsvass), South/West Gothenburg (Högsbo, Långedrag and Mölndal) and North/ East Gothenburg (Backaplan, Gamlestaden and Mölnlycke). Platzer aims to be the leading player in all prioritised areas through profitable growth. Today, the company is the leading player in Gullbergsvass, Gårda, Gamlestaden and Högsbo.
As at 31 March 2016, the property portfolio comprised 58 properties, ten of which were project properties, with a fair value of SEK 9,924 million.
The total lettable area was 463,612 sq m, divided as follows: offices 68%, retail 4%, industrial/ warehouses 13% and other 15%.
The economic occupancy rate during the period was 93% (92).
Platzer has 689 lease agreements for non-residential premises. The largest tenants include DB Schenker, the Swedish Migration Board, Mölnlycke Health Care, Länsförsäkringar Göteborg & Bohuslän, Nordea Bank AB, Stampen, the Swedish National Courts Administration, the Swedish Social Insurance Agency, Cochlear and the Göteborg Region Association of Local Authorities.
The twenty largest lease agreements accounted for 33% of the rental value. The average remaining maturity was 45 months.
Platzer has also signed leases for new builds and refurbishment projects for occupancy in the period 2016 – 2018.
Apart from lease agreements for non-residential premises, there are parking agreements for indoor and outdoor parking and short-term parking, as well as agreements for advertising signs and masts with a total rental value of SEK 41 million.
| Number | Rental income, SEK million |
Share % |
|
|---|---|---|---|
| 2016 | 123 | 45 | 7 |
| 2017 | 210 | 96 | 16 |
| 2018 | 167 | 133 | 21 |
| 2019 | 115 | 124 | 20 |
| 2020 | 35 | 64 | 10 |
| 2021 | 24 | 112 | 18 |
| 2022- | 15 | 49 | 8 |
| 689 | 623 | 100 | |
| Multi-storey | |||
| car parks/ | 41 | ||
| other | |||
| Total | 664 |
1) Excluding lease agreements for projects with future occupancy.
No acquisitions took place in the period.
In the first quarter of this year, Platzer sold the property Gårda 8:2 to Fastighets AB L E Lundberg through a corporate divestment which valued the property at SEK 44 million. The deal gives Lundberg the opportunity to develop an entire block, to the benefit of the area and also Platzer.
Already at the beginning of January 2015, Platzer signed a contract for the sale of Gullbergsvass 703:53 to the City of Gothenburg, with vacation of the property conditional on various issues, such as whether the detailed development plan for the new Hisingsbro Bridge gains legal force. The property is expected to be vacated in 2016. In connection with the sale, Platzer secured the right to acquire future building rights of around 40,000 sq m when the new bridge is completed, probably in 2021.
| Sales | Lettable | |||||
|---|---|---|---|---|---|---|
| Agreed property | area, sq | |||||
| Quarter | Properties | Area | Segment | Vacated | value, SEK m | m |
| 1 | Gårda 8:2 | Gårda | North/East Gothenburg | 01/03/2016 | 44 | 1,960 |
| 44 | 1,960 |
After the end of the reporting period, Platzer has concluded an agreement with the University of Gothenburg on acquisition of the leasehold for Lorensberg 62:1, better known as the Student Union Building. The property, which has a floor area of around 4,500 sq m, was valued at around SEK 50 million in the deal, and completion will take place on 1 June. The University of Gothenburg has signed a lease for the entire building. Platzer will be cooperating with the University on redevelopment of the property, which will involve part of the property being demolished to make room for student accommodation.
Platzer has potential development projects comprising gross floor area (GFA) of around 500,000 sq m, and ongoing projects comprising around 60,000 sq m of lettable area. The projects mainly involve office properties with elements of service, and the mixed use development projects also include residential property. The total project investment is estimated to amount to approximately SEK 12 billion, of which ongoing major projects account for around SEK 800 million. Platzer's strategy is to develop detailed development plans for mixed use development, sell building rights for residential use and focus on developing commercial property.
The project portfolio is divided into two parts, property development and project development. Property development is the development of existing buildings by means of additions, extensions or conversion, and includes everything from minor adjustments for tenants to major projects. Project development involves new construction from the ground up or where previous buildings are demolished to make way for a new construction project.
The occupancy rate for current project development projects is shown in the table on the next page. Gårda 1:15 and Livered 1:329 are both being converted for the Swedish Migration Board, with estimated completion in summer and autumn 2016. Business activities are continuing to take place in the properties while the projects are being implemented. Construction of Hårddisken 1 for Armatec is continuing this year and the project is expected to be completed in the first quarter of 2017. In the second quarter of 2016, construction is expected to start on Gamlestaden 740:132, which is 10% let to Västtrafik.
In addition to the individual development projects listed above and in the table, Platzer is also involved in urban development of entire areas, where Platzer is participating in the development work. The primarily focus is on the areas Backaplan, Södra Änggården, Gamlestaden and Gårda.
With regard to the development of Backaplan, Platzer together with the City Planning Department and four other property owners have worked out a master plan for the area. Work is currently underway on the detailed development plan and it is hoped that the first steps towards redevelopment of the area will be taken in 2017.
As the largest property owner in northern Högsbo, Platzer is the driving force behind the redevelopment of the area into Södra Änggården: a vibrant city district with housing, businesses and small-scale commerce. In March, the Building Committee reached a positive detailed planning decision and commissioned a detailed development plan for mixed use urban development. Phase 1 will comprise 120,000 sq m, of which 75% will be housing, equivalent to around 1,200 flats. 600 of the flats have been allocated to the City of Gothenburg's 400th Anniversary project BoStad 2021, the objective of which is to produce 7,000 new housing units by 2021, in addition to normal housing output. The project is associated with the City's plans to turn the nearby Dag Hammarskjöldsleden highway into a city boulevard.
In the next 10 years, large changes will take place in Gamlestaden, where Platzer's project Gamlestads torg will form the entrance to the district. Construction will start in the second quarter of 2016, and occupancy is anticipated in summer 2018. Adjacent to this project lies Olskroken 18:7, better known as Gamlestadens Fabriker, where work on the detailed development plan is ongoing. In 2015, future building rights for residential use were sold to JM, which is now participating in future development of the area. At Bagaregården 17:26, architecture contest are being prepared for a revised detailed development plan.
| Converted | New area, | ||||||
|---|---|---|---|---|---|---|---|
| area, lettable | lettable | Total inv. | Of which | ||||
| Property | Type 1) | area, sq m |
area, sq m |
incl. land, SEK m |
outstanding inv, SEK m |
Occupancy | rate, % Completed |
| Stampen 4:44 | Proper | 14,000 | 60 | 20 | 95 | Q2 2016 | |
| ty Dev. | |||||||
| Gårda 1:15 | Proper | 10,000 | 1,200 | 110 | 25 | 100 | Q3 2016 |
| ty Dev. | |||||||
| Livered 1:329 | Proper | 14,000 | 65 | 35 | 100 | Q4 2016 | |
| ty Dev. | |||||||
| Hårddisken 1 | Project | 4,800 | 85 | 55 | 100 | Q1 2017 | |
| Dev. | |||||||
| Gamlestaden 740:132 | Project | 16,000 | 480 | 420 | 10 | Q2 2018 | |
| Dev. | |||||||
| Total | 38,000 | 22,000 | 800 | 555 |
The summary includes potential projects that have been identified for properties that the company owns or has agreed to acquire.
1) Type refers to property development (Property Dev.), which mean existing buildings are used as a base, or project development (Project Dev.), which involves new construction from ground up.
2) Possible construction start means when it is estimated the project could start, provided planning proceeds to plan and leasing has reached a satisfactory level.
| Property | Type 1) | Type of property |
New floor area (gross) sq m |
Project phase | Possible construc tion start 2) |
|---|---|---|---|---|---|
| Gårda 4:11 | Project Dev. | offices | 3,000 | detailed development plan available |
2016 |
| Gullbergsvass 5:10 | Property Dev. | offices | 4,000 | detailed development plan available |
2016 |
| Gårda 2:12 | Project Dev. | offices | 20-25,000 | detailed development plan in progress |
2017 |
| Gårda 16:17 | Project Dev. | offices | 15-20,000 | detailed development plan in progress |
2017 |
| Bagaregården 17:26 | Project Dev. | offices | 10-15,000 | revision of detailed development plan |
2017/2018 |
| Skår 57:14 | Project Dev. | offices | 15-20,000 | detailed development plan in progress |
2017/2018 |
| Olskroken 18:7 | Project Dev./ Property Dev. |
mixed use development |
70-80,000 | detailed development plan in progress |
2017/2018 |
| Backaplan (multiple properties) |
Project Dev. | mixed use development |
60-90,000 | detailed development plan in progress |
2017/2018 |
| Södra Änggården Phase 1(Högsbo, multiple properties) |
Project Dev./ Property Dev. |
mixed use development |
120,000 | detailed development plan in progress |
2017/2018 |
| Krokslätt 34:13 Property Dev./ | Project Dev. | mixed use development |
10-15,000 | detailed development plan to commence 2017 |
2018/2019 |
| Älvsborg 178:9 | Property Dev. | housing | 10-12,000 | detailed development plan to commence 2016 |
2020 |
| Södra Änggården Phase 2 (Högsbo, multiple properties) Total |
Project Dev./ Property Dev. |
mixed use development |
80-130,000 417,000-534,000 |
Aiming to apply for detailed planning decision in 2016/2017 |
2020/2021 |
| Lettable area, sq m | ||||||||
|---|---|---|---|---|---|---|---|---|
| Industrial/ ware- | ||||||||
| No. Investment property | Address | Year of construction |
Offices | Retail | house | Other | Total | |
| 1 | Backa 173:2 | Deltavägen 4 | 1979 | 151 | 5,380 | 420 | 5,951 | |
| 2 | Balltorp 1:135 | Taljegårdsgatan 11 | 1989 | 5,515 | 515 | 377 | 6,407 | |
| 3 | Bagaregården 17:26 | Gamlestadsvägen 3 / Byfogdegatan 1-3, 11 | 1941/2010 | 24,977 | 365 | 7,306 | 2,535 | 35,183 |
| 4 | Bosgården 1:71 | Södra Ågatan 4 | 1988 | 4,687 | 56 | 4,743 | ||
| 5 | Brämaregården 35:4 | Vågmästaregatan 1 | 1984/1991 | 12,377 | 222 | 855 | 13,454 | |
| 6 | Forsåker 1:196 | Kvarnbygatan 10-14 | 1955/2002 | 5,317 | 150 | 5,467 | ||
| 7 | Fänkålen 2 | Johannefredsgatan 4 | 1990 | 3,913 | 45 | 536 | 4,494 | |
| 8 | Gullbergsvass 1:1 | Lilla Bommen 3 | 1988 | 16,003 | 16,003 | |||
| 9 | Gullbergsvass 1:17 | Lilla Bommen 8 | 1993 | 5,400 | 5,400 | |||
| 10 | Gullbergsvass 5:10 | Kämpegatan 3-7 | 1988 | 11,736 | 336 | 463 | 12,535 | |
| 11 | Gullbergsvass 5:26 | Kilsgatan 4 | 2010 | 15,298 | 1,417 | 16,715 | ||
| 12 | Gullbergsvass 703:53 | Hamntorgsgatan | 1991 | 9,000 | 9,000 | |||
| 13 | Gårda 1:15 | Vestagatan 2 | 1971/1992 | 11,896 | 11,896 | |||
| 14 | Gårda 13:7 | Johan Willins gata 5 | 2003 | 14,925 | 14,925 | |||
| 15 | Gårda 16:17 | Drakegatan 6-10 | 1986 | 15,234 | 278 | 564 | 16,076 | |
| 16 | Gårda 3:12 | Anders Personsgatan 2-6 | 1956/2015 | 3,503 | 242 | 3,745 | ||
| 17 | Gårda 3:14 | Anders Personsgatan 8-10 | 2015 | 8,813 | 95 | 8,908 | ||
| 18 | Gårda 4:11 | Anders Personsgatan 14-16 | 1965/2002 | 7,468 | 481 | 7,949 | ||
| 19 | Högsbo 1:4 | Olof Asklunds gata 11-19 | 1980 | 1,638 | 1,444 | 3,082 | ||
| 20 | Högsbo 2:1 | Olof Asklunds gata 6-10 | 1991 | 6,300 | 6,300 | |||
| 21 | Högsbo 3:12 | Fältspatsgatan 2-4 | 1964 | 2,776 | 277 | 6,549 | 761 | 10,363 |
| 22 | Högsbo 3:11 | Fältspatsgatan 6 | 1964 | 1,802 | 6,421 | 20 | 8,243 | |
| 23 | Högsbo 3:6 | Fältspatsgatan 8-12 | 1964 | 1,038 | 5,497 | 6,535 | ||
| 24 | Högsbo 3:9 | Olof Asklunds gata 14 | 1971 | 2,123 | 2,210 | 4,333 | ||
| 25 | Högsbo 32:3 | J A Wettergrens gata 5 | 1974 | 6,381 | 1,053 | 570 | 8,004 | |
| 26 | Högsbo 34:13 | Gruvgatan 2 | 1981 | 493 | 1,287 | 1,780 | ||
| 27 | Högsbo 39:1 | Ingela Gathenhielms gata 4 | 1972 | 3,390 | 3,390 | |||
| 28 | Högsbo 4:1 | Fältspatsgatan 1 / A Odhners gata 8 / Olof Asklunds gata 24 |
1965/1972 | 1,310 | 510 | 2,823 | 4,643 | |
| 29 | Högsbo 4:4 | Fältspatsgatan 3 | 1962 | 2,670 | 3,718 | 6,388 | ||
| 30 | Högsbo 4:6 | A Odhners gata 14 | 1974 | 1,349 | 2,549 | 3,898 | ||
| 31 | Krokslätt 148:13 | Mölndalsvägen 40-42 | 1952 | 2,581 | 616 | 20 | 3,217 | |
| 32 | Krokslätt 149:10 | Mölndalsvägen 36-38 | 1952/98 | 6,928 | 6,928 | |||
| 33 | Krokslätt 34:13 | Mölndalsvägen 91-93 / Varbergsgatan 2 A-C | 1950/88 | 10,905 | 725 | 1,308 | 375 | 13,313 |
| 34 | Livered 1:329 | Streteredsvägen 100 | 1962 | 13,937 | 13,937 | |||
| 35 | Nordstaden 13:12 | Packhusplatsen 6 / N Hamngatan 2 | 1929/1993 | 5,070 | 5,070 | |||
| 36 | Nordstaden 14:1 | Postgatan 5 / Smedjegatan 2 | 1993/1995 | 8,607 | 8,607 | |||
| 37 | Nordstaden 20:5 | Packhusplatsen 3 / Kronhusgatan 1A / | 1943 | 2,554 | 231 | 2,785 | ||
| Postgatan 2 A | ||||||||
| 38 | Olskroken 18:7 | Gamlestadsvägen 2-4 | 1729/1960 | 41,653 | 102 | 6,842 | 13,273 | 61,870 |
| 39 | Skår 57:14 | Gamla Almedalsvägen 1-51 | 1929 | 8,286 | 119 | 8,405 | ||
| 40 | Solsten 1:110 | Företagsvägen 2 | 1991 | 1,658 | 1,089 | 356 | 3,103 | |
| 41 | Solsten 1:132 | Konstruktionsvägen 14 | 2002 | 4,953 | 4,953 | |||
| 42 | Stampen 4:42 | Odinsgatan 8-10 / Barnhusgatan 1 | 2009 | 5,769 | 2,847 | 8,616 | ||
| 43 | Stampen 4:44 | Polhemsplatsen 5-7 / Odinsgatan 2-4 / Burggrevegatan 9-11 |
1930 | 13,542 | 13,542 | |||
| 44 | Stigberget 34:12 | Masthuggstorget 3 | 1967/1999 | 4,457 | 2,801 | 264 | 253 | 7,775 |
| 45 | Stigberget 34:13 | Fjärde Långgatan 46-48 | 1969 | 7,246 | 120 | 2,382 | 9,748 | |
| 46 | Tingstadsvassen 3:8 | Krokegårdsgatan 5 | 1991 | 29 | 3,966 | 11 | 850 | 4,856 |
| 47 | Tingstadsvassen 4:3 | Motorgatan 2 | 1943/1986 | 517 | 3,268 | 3,785 | ||
| 48 | Älvsborg 178:9 | Redegatan 1 | 1993 | 9,659 | 296 | 3,862 | 13,817 | |
| Total investment properties | 314,582 | 18,130 | 57,057 | 70,368 | 460,137 |
| Project properties | Address | Year of construc tion |
Offices | Retail | Industrial/ warehouse |
Other | Total | |
|---|---|---|---|---|---|---|---|---|
| 49 | Gamlestaden 740:132 | Gamlestads torg | - | |||||
| 50 | Gårda 2:12 | Venusgatan 2-6 | 1959 | 1,785 | 1,340 | 3,125 | ||
| 51 | Hårddisken 1 | Betagatan, Jolen Södra | - | |||||
| 52 | Högsbo 2:2 | Gruvgatan 1 | 350 | 350 | ||||
| 53 | Högsbo 3:5 | Fältspatsgatan 14 | - | |||||
| 54 | Högsbo 3:13 | Fältspatsgatan 2 | - | |||||
| 55 | Högsbo 33:1 | Gruvgatan | - | |||||
| 56 | Högsbo 757:118 | Fältspatsgatan | - | |||||
| 57 | Högsbo 757:121 | Fältspatsgatan | - | |||||
| 58 | Högsbo 757:122 | Fältspatsgatan | - | |||||
| Total project properties | 1,785 | 1,340 | - | 350 | 3,475 | |||
| TOTAL | 316,367 | 19,470 | 57,057 | 70,718 | 463,612 | |||
Platzer Class B shares have been listed on the NASDAQ OMX Stockholm, Mid Cap, since 29 November 2013. In conjunction with the listing, the company carried out a new issue of shares priced at SEK 26.50 each, which raised SEK 651 million net of issue costs. The company's share price as at 31 March 2016 was SEK 44.50 per share, corresponding to a market capitalisation of SEK 4,261 million based on the number of outstanding shares. In the first quarter, a total of 7.1 million shares, worth a total of SEK 276 million, changed hands. Average daily turnover was around 116,000 shares.
Platzer's holding of own shares now consists of 250,000 Class B shares. As at 31 December 2016, Platzer's share capital amounted to SEK 9,599,743.40, which was distributed among 20,000,000 Class A shares with 10 votes per share, and 75,997,434 Class B shares carrying one vote per share. Each share has a quotient value of SEK 0.10. Platzer owns 250,000 Class B shares
The long-term policy is to pay a dividend of 50% of the income from property management after tax (22% flat-rate tax). The Board of Directors proposes to the Annual General Meeting on 28 April 2016 that a dividend of SEK 1.00 per share be paid (0.75), an increase of 33% compared with the previous year.
There were 3,924 shareholders as at 31 March 2016. Foreign ownership amounted to 7% of equity.
Platzer's Articles of Association include a pre-emptive rights clause, which states that a buyer of Class A shares, who did not previously own Class A shares, must offer other holders of Class A shares the right of first refusal, unless this acquisition was through an intra-Group transfer or equivalent within the respective current group of shareholders. If the holders of Class A shares do not take up this right of first refusal, the transferred shares will automatically be converted into B shares before the acquiring party is entered in the shareholders' register.
Platzer's primary information channel is platzer. se. All press releases and financial reports are published here. Press releases and reports can be obtained by email in connection with publication. The website also includes presentations, general information about the share, reports on corporate governance, financial data as well as information on insiders and insider transactions.
| Owners | Number of Class A shares |
Number of Class B shares |
Number of shares |
Voting rights, % |
Share of equity,% |
|---|---|---|---|---|---|
| Ernström & Co | 10,000,000 | 10,000,000 | 36.3 | 10.4 | |
| Länsförsäkringar Göteborg och Bohuslän | 5,000,000 | 11,162,490 | 16,162,490 | 22.2 | 16.9 |
| Backahill | 5,000,000 | 5,000,000 | 18.1 | 5.2 | |
| Family Hielte / Hobohm | 19,293,745 | 19,293,745 | 7.0 | 20.2 | |
| Länsförsäkringar fondförvaltning AB | 9,043,615 | 9,043,615 | 3.3 | 9.5 | |
| Fourth Swedish National Pension Fund | 6,064,699 | 6,064,699 | 2.2 | 6.3 | |
| Carnegie Fonder | 5,000,000 | 5,000,000 | 1.8 | 5.2 | |
| Lesley Invest (incl. private holdings) | 2,771,490 | 2,771,490 | 1.0 | 2.9 | |
| Svolder AB | 1,960,166 | 1,960,166 | 0.7 | 2.0 | |
| Nordea Investment Fund | 1,359,811 | 1,359,811 | 0.5 | 1.4 | |
| Other shareholders | 19,091,418 | 19,091,418 | 6.9 | 20.0 | |
| Total number of shares outstanding | 20,000,000 | 75,747,434 | 95,747,434 | 100.0 | 100.0 |
| Buyback of own shares | 250,000 | 250,000 | |||
| Total number of registered shares | 20,000,000 | 75,997,434 | 95,997,434 |
| 2016 Jan-Mar |
2015 Jan-Mar |
2015 Jan-Dec |
2015/2016 Apr-Mar |
|
|---|---|---|---|---|
| Equity, SEK | 37.20 | 31.39 | 37.05 | 37.20 |
| Long-term net asset value (EPRA NAV), SEK | 44.57 | 37.40 | 43.16 | 44.57 |
| Net asset value, SEK | 39.81 | 34.04 | 38.62 | 39.81 |
| Share price, SEK | 44.50 | 39.00 | 38.00 | 44.50 |
| Profit after tax, SEK 1) | 0.14 | 0.41 | 6.81 | 6.55 |
| Income from property management, SEK | 0.70 | 0.61 | 2.78 | 2.87 |
| Cash flow from operating activities, SEK | 0.55 | 0.82 | 3.07 | 2.79 |
| Number of shares as at end-March, thousand | 95,747 | 95,747 | 95,747 | 95,747 |
| Average number of shares, thousand | 95,747 | 95,747 | 95,747 | 95,747 |
For definitions of key performance indicators, please see page 24.
1) There is no dilution effect, as there are no potential shares..
However, the number of outstanding shares will increase by 250,000 when the share savings scheme is completed.
Interest-bearing liabilities divided by equity.
Profit after financial income divided by interest expenses.
Interest-bearing liabilities divided by the value of properties.
Equity divided by total assets.
Profit after tax as a percentage of average equity, translated into full-year value for interim periods. Attributable to parent company's shareholders.
Operating surplus as a percentage of the average value of the properties, translated into full-year value for interim periods.
Operating surplus as a percentage of rental income.
Rental income as a percentage of rental value, where rental income is defined as rents charged plus supplements for heating and property tax, and rental value is defined as rental income plus estimated market rent (excluding supplements) for vacant areas (in their 'as is' condition).
Rental value divided by lettable area, where rental value is defined as rental income plus estimated market rent (excluding supplements) for vacant areas (in their 'as is' condition). Translated into full-year value for interim periods.
Equity and net asset value are calculated in terms of the number of outstanding shares on the balance date; other key ratios are calculated in terms of the average number of outstanding shares.
Equity as per the balance sheet including reversals of interest rate derivatives and deferred taxes. Attributable to parent company's shareholders.
Equity as per the balance sheet including reversal of interest rate derivatives (after deduction of 22% tax). Attributable to parent company's shareholders.
Attributable to parent company's shareholders.
P l a t z e r F a s t i g h e t e r H o l d i n g A B ( p u b l ) , B o x 2 11 , S E - 4 0 1 2 3 G O T H E N B U R G Office Address: Anders Personsgatan 16 Tel. +46 (0)31 63 12 00, Fax +46 (0)31 63 12 01 [email protected] platzer.se Registered office of Board of Directors: Gothenburg Corp. ID No: 556746-6437
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