Interim / Quarterly Report • Nov 3, 2015
Interim / Quarterly Report
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Platzer Fastigheter Holding AB (publ), (Platzer) is one of the leading, as well as largest, commercial property companies in Gothenburg, primarily in office property. The company owns and develops 60 properties with a total area of approximately 465,000 sq m. Platzer delivers growth and profitability through property management, property, project and urban development, as well property transactions. Platzer gives priority to good relationships with tenants and providing service characterised by accessibility and commitment. At the end of the reporting period, Platzer had 52 employees.
Platzer creates value by owning and developing properties in the Gothenburg area.
Platzer shall be the leading property company for commercial premises in the Gothenburg area.
*) risk-free interest = interest rate for a 5-year Swedish government bond
Platzer's aim is always to take decisions that underpin long-term, sustainable development. This strengthens long-term competitiveness and value growth, which benefits customers, employees and shareholders.
Year end report 2015 11 February 2016 Interim report January - March 2016 28 April 2016 Annual General Meeting 2016 28 April 2016
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 is performing well. So well, in fact, that the third quarter was our best quarter ever. All value-creating areas – day-to-day administration, transactions and development – contributed to the positive result. The operating surplus in the first nine months increased by 8% and income from property management increased by 22%, despite the fact that we vacated some properties in anticipation of good solutions in the long term. Gains in property values increased by 30% compared with the same period last year, mostly due to lower market yields. In all, this corresponded to annual increase in our Net Asset Value (NAV) per share by over 15%.
Two years ago we actively changed our growth strategy: from growing through acquisitions towards generating the majority of our growth by actively running development projects. In hindsight, this was the correct strategic choice. The market is now characterised by falling yields, greater political involvement in urban development and large demand for new build premises, all of which are positive factors for a property company like ours, with significant project volumes. All of our larger projects have developed better than planned and our urban development projects in general are at a good stage for the preparation of new zoning plans. In many of our areas we are also able to prepare zoning plans with a large proportion of residential property, to complement our core business in commercial premises. One such area is Olskroken 18:7 in Gamlestaden, where 30-40% of the forthcoming zoning plan comprises housing. Through our cooperation with JM we have been able to get a skilled property developer on board at an early stage. The sale of the residential building rights releases capital that we can use to develop the commercial parts in parallel with JM focusing on the construction of housing, which will result in faster completion of the area.
Rising rents and falling yields have also resulted in increased property prices in the Gothenburg area, and it is becoming increasingly difficult to acquire property at preferred price
levels. At the same time, we have seen good competition between the players in the construction market, which has meant that it has been advantageous and very profitable to run a project and property development business. At the present level of development, the construction market is in balance in the near future, but as the volume of building projects starts to increase there is always the risk of overheating, resulting in rising construction costs. We are keeping a close eye on developments.
Platzer holds ISO 14001 environmental certification and the business is carbon neutral. Within five years of us acquiring a property it must be environmentally certified by Green Building, Sweden Green Building Council, BREEAM or LEED. This year we have certified 12 properties and 75% of our property portfolio is now certified. We are not done yet and plan to achieve 100% certification within a two-year period.
With a high rate of urbanisation in the Gothenburg area, where the population is set to increase by around 10,000 citizens per year,an all-time high shortage of housing and an alltime low vacancy rate in office property in central locations, I see no reason to change Platzer's strategic focus in the near term. As a local player we know our market and quickly recognise when changes are taking place. We have been growing at a rate of an annual increase in property values of just under SEK 1.5bn a year in the last four years. Our ambition is to maintain rate of growth through a combination of net acquisitions and development projects. Our focus is on expansion in city growth areas, with focus on central Gothenburg and around key locations outside the city.
P-G Persson CEO
The comparative values for income statement items refer to the corresponding period in the previous year and for balance sheet items 31/12/2014.
Income from property management in the first nine months of the year amounted to SEK 195 million (160), an increase of 22%. The improvement in earnings is mainly due to the growth strategy that Platzer follows, which resulted in a larger property portfolio in 2015 compared to 2014. Changes in the value of property for the reporting period totalled SEK 305 million (234), the change in the value of financial instruments amounted to SEK 1 million (-151), and profit after tax for the period amounted to SEK 391 million (190).
Rental income for the reporting period amounted to SEK 429 million (394), corresponding to an increase of 9%. The increase in income is mainly attributable to a larger property portfolio, as well as to new lettings. Rental income from existing lease agreements was estimated at SEK 633 million (538) on an annual basis at the balance sheet date. The economic occupancy rate for the period was 91% (93). The large development projects currently in progress had an adverse effect on the results and occupancy rate compared with the same period last year because some premises have had to be vacated to facilitate refurbishment, temporarily increasing the vacancy rate for these premises.
Property costs for the period amounted to SEK 108 million (97), an increase that was mainly due to the large number of properties wich was possessed between December 2014 and May 2015. The mild winter with little snow resulted in lower operating costs. Property operating and maintenance costs are subject to seasonal variations. Cold and snowy winters involve higher costs for, heating and snow clearance, for instance, while warm summers result in higher costs for cooling. The greater part of the utility costs, such as heating, electricity, cooling and sanitation services as well as property tax is passed on to the tenants, thus reducing the impact on Platzer's results.
The operating surplus was SEK 321 million (297), an increase of 8%. The surplus ratio remained at a high and stable level, amounting to 75% for the period (75). The property investment yield was 4.8% (5.5). The decrease is primarily due to the large volume of projects, partly because several ongoing refurbishment projects this year have resulted in loss of rental income, thus lowering the operating surplus, and partly because the properties gradually increase in value during the project phase but only start to generate income after project completion and occupancy. In addition, the lower yield requirements on the market, which, all else being equal, result in higher property values, result in a lower investment yield.
Central administration costs amounted to SEK -24 million (-22). The increase was due to an increase in the number of employees and the cost of a share savings scheme for the senior executive team, as per a resolution adopted by the AGM in April 2015. The estimated cost of the share savings scheme will be amortised over the 3-year term of the scheme and had an adverse effect on results of SEK 1 million as at 30 September.
Net financial items for the period amounted to SEK -102 million (-115), a decrease of SEK 13 million despite a larger volume of borrowings. The lower cost is due in the main to renegotiated interest rate margins and lower market rates. As at 30 September, the average interest rate, including the effects of derivative instruments, was 2.41% (3.16).
Tax for the reporting period amounted to SEK -110 million (-53) and consisted mostly of deferred tax. Sales of properties, which give rise to realised capital gains/losses, normally occur through company divestments, which means these earnings are tax free.
Net investments in property during the reporting period amounted to SEK 843 million (216), of which SEK 739 million (117) was attributable to acquisitions and SEK 178 million (-) to disposals. Investments in existing properties amounted to SEK 282 million (99). Investments were financed through new borrowings, and to some extent from cash assets. Cash flow for the period, after payment of dividends of SEK 72 million to shareholders, was SEK 48 million (-155). At the balance sheet date, cash and cash equivalents amounted to SEK 144 million (522). Aside from cash and cash equivalents, at the balance sheet date there was an unused loan commitment of SEK 220 million, of which SEK 210 million consists of unused construction loan agreements.
The properties are recognised at an estimated fair value of SEK 9,491 million (8,343), which is based on an internal valuation as at the balance date. The properties are valued internally by using a ten-year cash flow model for all properties. Once a year, Platzer commissions an external valuation of a selected number of properties that constitute a cross-section of the property portfolio, in order to assure 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 reporting period showed a gain in the value of the investment properties of SEK 305 million (234). Of the value change, around 15% was due solely to project and property development as well as additional lettings. The remainder, some 85%, is due to lower yield requirements in the market. The average yield requirement in the valuation as at 30 September was 5.5%, down from 5.7% as at 30 June.
The properties Olskroken 18:7 and Hårddisken 1 were acquired in the reporting period, while the properties Högsbo 11:3, Högsbo 11:5, Högsbo 14:3, Högsbo 13:6 and Högsbo 27:8 were sold. Investments in existing properties during the period amounted to SEK 282 million (99), where the largest single investment was the new build project Gårda 3:14, as well as two refurbishment projects for the Swedish Migration Board in Gårda 1:15 and Livered 1:329. Gårda 3:14 was completed in the third quarter and in September the tenant began moving in, a process that will carry on in October. The Swedish Migration Board will take possession of the areas gradually at the end of 2015 and is expected to have moved in completely during the second quarter of 2016.
Shareholders' equity for the Group amounted to SEK 3,286 million (2,966) as at 30 September. Equity per share on the balance sheet date amounted to SEK 34.32 (29.85) The long-term net asset value, EPRA NAV, on the same date amounted to SEK 40.51 (33.95), and the net asset value (NAV), which is one of Platzer's financial targets, was SEK 36.40 (31.32). The equity ratio was 34% (36).
At the balance sheet date, long-term, interest-bearing liabilities amounted to SEK 5,642 million (4,855), corresponding to a loan-to-value ratio of 59% (58). The debt financing is primarily through bank loans that are secured by mortgages on the property. The average fixed interest term, including the effect of derivatives contracts, was 4.2 years (4.7). The average maturity period was 1.5 years (1,8).
To achieve the desired interest rate structure, interest rate derivatives are used, primarily interest rate swaps, which are recognised at fair value in the balance sheet and with gains/losses recognised in the income statement without applying hedge accounting. The market value at 30 September was SEK -255 million, which corresponded to a gain of SEK 1 million for the reporting period. The changes in value do not affect the cash flow. During the remaining term of the derivatives, the undervalue will be resolved and reduce the 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 accordance with IFRS 13. 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 the market's.
There were 52 employees as at 30 September. Platzer's property portfolio is organised into three market areas. The market areas are Platzer's units with responsibility for the daily operations and management as well as the development of the properties. The market areas are supported by two specialist units: Project Development, which is responsible for project development and project management, and Lettings, which supports the lettings business. Platzer's Group and staff functions comprise the CEO, business development, finance, accounts, communication and sustainability.
Rental income in the third quarter amounted to SEK 146 million (133). The operating surplus increased by 11% to SEK 111 million (100) in the same quarter, and income from property management improve by 25% to SEK 69 million (55). Changes in the value of investment properties amounted to SEK 196 million (126) in the third quarter, while changes in the value of financial instruments totalled SEK -74 million (-47). Profit after tax for the quarter amounted to SEK 149 million (105).
Significant events during the third quarter:
The property Hårddisken 1 was possessed
The new construction project Gårda 3:14 was completed
An application was submitted for detailed planning decision on 250,000 sq m in Norra Högsbo
Lettings for the project Stampen 4:44 have increased to almost full occupancy
In October, Platzer concluded an agreement on the sale of part of the property Olskroken 18:7 to JM. The deal involves around 5,000 sq m of land and is estimated to include future building rights for housing of around 25,000 sq m. The deal takes the form of a corporate transaction, with the underlying property value amounting to SEK 150 million. The area will be vacated when detailed planning and parcelling of the property has been completed, which is expected to be no later than the first quarter of 2018.
The parent company does not own any properties of its own, instead is manages certain Group-wide functions regarding management and financing. The income in the parent company is solely derived from invoicing services to the Group companies. Similarly, other financial fixed assets primarily refer to non-current receivables from group companies.
The property business, as in all businesses, is always exposed to risks. The methods used by Platzer to manage and reduce the risks include good internal controls and external audits, well-working administrative systems and policies, as well as proven procedures for property valuations. The risks and uncertainty factors that affect Platzer in the first instance have not changed during the year and are described in the 2014 Annual Report on pages 43-45 and 62-63.
The transactions with related parties in the company are described in the 2014 Annual Report on page 75. Apart from these ongoing agreements, there are no significant transactions with related parties and this has not changed during the year.
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 came into force in 2015 have not had any material effect on the Group's financial statements with the exception of IFRIC 21 "Levies", which clarifies the recognition of an obligation to pay a tax or charge that is not income tax. For Platzer, this means that the property tax should be entered as a liability when the obligation arises, on 1 January every year. The new standard has an effect on the balance sheet throughout the year but no effect on the income statement. The interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The parent company applies the Annual Accounts Act and RFR2.
| SEK million | 2015 July-Sept |
2014 July-Sept |
2015 Jan-Sept |
2014 Jan-Sept |
2014 Jan-Dec |
2014/2015 Oct-Sept |
|---|---|---|---|---|---|---|
| Rental income | 146 | 133 | 429 | 394 | 525 | 560 |
| Property costs | - 35 | - 33 | - 108 | - 97 | - 131 | - 142 |
| Operating surplus | 111 | 100 | 321 | 297 | 394 | 418 |
| Central administration | - 8 | - 7 | - 24 | - 22 | - 32 | - 34 |
| Net financial items | - 34 | - 38 | - 102 | - 115 | - 151 | - 138 |
| Income from property management | 69 | 55 | 195 | 160 | 211 | 246 |
| Change in value, investment properties | 196 | 126 | 305 | 234 | 401 | 472 |
| Change in value, financial instruments | - 74 | - 47 | 1 | - 151 | - 227 | - 75 |
| Profit before tax | 191 | 134 | 501 | 243 | 385 | 643 |
| Taxes on the period's profit/loss | - 42 | - 29 | - 110 | - 53 | - 87 | - 144 |
| Profit for the period 1) | 149 | 105 | 391 | 190 | 298 | 499 |
| Profit per share 2) | 1.56 | 1.10 | 4.08 | 1.98 | 3.11 | 5.21 |
1) The Group has no other comprehensive income and the consolidated profit for the reporting period is therefore the same as the comprehensive income for the period.
The entire profit is attributable to parent company's shareholders.
2) There is no dilution effect, as there are no potential shares. However, the number of shares outstanding will increase by 250,000 on maturity of the share savings scheme.
| SEK million | 30 Sept | 30 Sept | 31 Dec |
|---|---|---|---|
| 2015 | 2014 | 2014 | |
| ASSETS | |||
| Investment properties | 9,491 | 7,363 | 8,343 |
| Other tangible fixed assets | 5 | 6 | 6 |
| Financial fixed assets | 30 | 12 | 36 |
| Current assets | 57 | 21 | 27 |
| Cash and cash equivalents | 144 | 522 | 96 |
| TOTAL ASSETS | 9,727 | 7,924 | 8,508 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' equity | 3,286 | 2,858 | 2,966 |
| Deferred tax liability | 338 | 213 | 244 |
| Non-current interest bearing liabilities | 5,642 | 4,515 | 4,855 |
| Other non-current liabilities | 284 | 191 | 292 |
| Current liabilities | 177 | 147 | 151 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 9,727 | 7,924 | 8,508 |
| Pledged assets | 5,714 | 4,677 | 5,000 |
| Contingent liabilities | 55 | 57 | 57 |
| 2015 | 2014 | 2015 | 2014 | 2014 | 2014/2015 | |
|---|---|---|---|---|---|---|
| SEK million | July-Sept | July-Sept | Jan-Sept | Jan-Sept | Jan-Dec | Oct-Sept |
| The current operations | ||||||
| Operating surplus | 111 | 100 | 321 | 297 | 394 | 418 |
| Central administration | -8 | -7 | -23 | -22 | -31 | -32 |
| Net financial items | -34 | -38 | -102 | -115 | -151 | -138 |
| Income tax | -4 | -7 | -19 | -13 | -16 | -22 |
| Cash flow from current operations before | ||||||
| changes in operating capital | 65 | 48 | 177 | 147 | 196 | 226 |
| Change in current receivables | - | - | -22 | 8 | 3 | -27 |
| Change in current liabilities | 16 | 6 | 21 | -11 | -7 | 25 |
| Cash flow from the current operations | 81 | 54 | 176 | 144 | 192 | 224 |
| Investment activities | ||||||
| Investment in existing investment properties | -92 | -43 | -282 | -99 | -166 | -349 |
| Acquisition of investment properties | -11 | 1 | -739 | -117 | -843 | -1,465 |
| Disposal of investment properties | - | - | 178 | - | - | 178 |
| Other investments | - | - | - | -1 | -1 | - |
| Cash flow from investment operations | -103 | -42 | -843 | -217 | -1,010 | -1,636 |
| Financing activities | ||||||
| Change in interest-bearing liabilities | 49 | -3 | 787 | -5 | 315 | 1,107 |
| Changes in non-current receivables | - | - | - | - | -1 | -1 |
| Dividend | - | - | -72 | -58 | -58 | -72 |
| Right issues | - | - | - | -19 | -19 | - |
| Cash flow from financing activities | 49 | -3 | 715 | -82 | 237 | 1,034 |
| Cash flow for the period | 27 | 9 | 48 | -155 | -581 | -378 |
| Cash and cash equivalents at the start of the | ||||||
| period | 117 | 513 | 96 | 677 | 677 | 522 |
| Cash and cash equivalents at the end of the | ||||||
| period | 144 | 522 | 144 | 522 | 96 | 144 |
| EQUITY | |||||
|---|---|---|---|---|---|
| SEK million | 2015 Jan-Sept |
2014 Jan-Sept |
2014 Jan-Dec |
||
| Equity attributable to the Parent Company's shareholders | |||||
| At the start of the period | 2,966 | 2,726 | 2,726 | ||
| Right issues | 0 | - | - | ||
| Reversal, share savings scheme | 1 | - | - | ||
| Comprehensive income for the period | 391 | 190 | 298 | ||
| Dividend | -72 | -58 | -58 | ||
| At the end of the period | 3,286 | 2,858 | 2,966 |
| 2015 | 2014 | 2014 | |
|---|---|---|---|
| SEK million | Jan-Sept | Jan-Sept | Jan-Dec |
| Net turnover | 9 | 7 | 10 |
| Operating expenses | - 9 | - 7 | - 10 |
| Net financial items | - 51 | - 33 | - 48 |
| Change in value, financial instruments | 9 | - 130 | - 179 |
| Profit before tax and appropriations | - 42 | - 163 | - 227 |
| Appropriations | - | - | 108 |
| Tax | 9 | 36 | 27 |
| Profit for the period 1) | - 33 | - 127 | - 92 |
1) The Parent Company has no other comprehensive income and the total comprehensive income is therefore the same as the profit for the reporting period.
| SEK million | 30 Sept 2015 | 30 Sept 2014 | 31 Dec 2014 |
|---|---|---|---|
| ASSETS | |||
| Participations in Group companies | 1,020 | 1,020 | 1,020 |
| Other financial fixed assets | 2,508 | 1,214 | 1,538 |
| Receivables with Group companies | 973 | 658 | 1,107 |
| Other current assets | 9 | 5 | 2 |
| Cash and cash equivalents | 1 | 337 | 4 |
| TOTAL ASSETS | 4,511 | 3,234 | 3,671 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' equity | 1,804 | 1,873 | 1,908 |
| Untaxed reserves | 42 | 22 | 42 |
| Non-current liabilities | 2,654 | 1,331 | 1,701 |
| Current liabilities | 11 | 8 | 20 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 4,511 | 3,234 | 3,671 |
| Pledged assets | 2,452 | 1,170 | 1,492 |
| Contingent liabilities | 3,150 | 3,324 | 3,323 |
| SEK million | 2015 Jan-Sept |
2014 Jan-Sept |
2014 Jan-Dec |
|---|---|---|---|
| The value of the properties, opening balance | 8,343 | 6,913 | 6,913 |
| Investments in existing properties | 282 | 99 | 166 |
| Property acquisitions | 739 | 117 | 863 |
| Property disposals | -178 | - | - |
| Value changes | 305 | 234 | 401 |
| The value of the properties, closing balance | 9,491 | 7,363 | 8,343 |
| 2015 Jan-Sept |
2014 Jan-Sept |
2014 Jan-Dec |
2014/2015 Oct-Sept |
|
|---|---|---|---|---|
| Financial | ||||
| Debt/equity ratio (multiple) | 1.7 | 1.6 | 1.6 | 1.7 |
| Interest coverage ratio (multiple) | 2.9 | 2.4 | 2.4 | 2.8 |
| Loan-to-value ratio, % | 59 | 61 | 58 | 59 |
| Equity ratio, % | 34 | 36 | 35 | 34 |
| Return on equity, % | 14.1 | 8.3 | 10.5 | 16.2 |
| Property-related | ||||
| Investment yield, % | 4.8 | 5.5 | 5.2 | 5.0 |
| Surplus ratio, % | 75 | 75 | 75 | 75 |
| Economic occupancy rate, % | 91 | 93 | 94 | 92 |
| Rental value, SEK/sq m | 1,520 | 1,517 | 1,490 | 1,512 |
| Lettable area, thousand sq m | 465 | 380 | 415 | 465 |
For definitions of Key Performance Indicators, see page 25.
| Project | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Investment properties | properties | Total | ||||||||
| Central Gothen | South/West | North/East | ||||||||
| burg | Gothenburg | Gothenburg | ||||||||
| SEK million | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 |
| Rental income | 244 | 223 | 84 | 93 | 100 | 78 | 1 | 0 | 429 | 394 |
| Property costs | -54 | -47 | -28 | -31 | -25 | -18 | -1 | -1 | -108 | -97 |
| Operating surplus | 190 | 176 | 56 | 62 | 75 | 60 | 0 | -1 | 321 | 297 |
In the Group's internal reporting, the activities are divided into the segments shown above. The division into geographical regions has changed against a background of changes in the property portfolio, which has resulted in the regions South/West Gothenburg and North/East Gothenburg replacing the previous division into West Gothenburg and Gothenburg Other respectively. South/West Gothenburg now includes Mölndal (previously Gothenburg Other).
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 321 million (297) and profit before tax of SEK 501 million (243) consists of central administration costs of SEK -24 million (-22), net financial items of SEK -102 million (-115) and changes in the value of properties and derivatives of SEK 306 million (83). The property Olskroken 18:7 was acquired in the reporting period and forms part of the North/East Gothenburg segment with effect from 1 May 2015. The properties Högsbo 11:3, Högsbo 11:5, Högsbo 13:6 and Högsbo 27:8 were sold and the properties formed part of the South/West Gothenburg segment until 1 April and 28 April respectively. Högsbo 14:3 was also sold and was part of the Project segment until 28 April. The acquisition of Hårddisken 1 took place on 22 July, but this does not affect the operating surplus because it is a project property.
| Interest maturity | ||||||
|---|---|---|---|---|---|---|
| Year | Loan amount, SEK million |
Share % |
Average interest % |
Loan amount, SEK million |
Share % |
|
| 2015 | 2,402 | 43 | 1.17 | 1,817 | 32 | |
| 2016 | - | - | - | 1,302 | 23 | |
| 2017 | - | - | - | 1,032 | 18 | |
| 2018 | 120 | 2 | 3.48 | 1,003 | 18 | |
| 2019 | 200 | 3 | 3.28 | 488 | 9 | |
| 2020 | 300 | 5 | 4.23 | |||
| 2021 | 670 | 12 | 3.04 | |||
| 2022 | 550 | 10 | 3.56 | |||
| 2023 | 100 | 2 | 3.56 | |||
| 2024 | 1,000 | 18 | 3.33 | |||
| 2025 | 300 | 5 | 2.57 | |||
| Total | 5,642 | 100 | 2.41 | 5,642 | 100 |
| 2015 | 2015 | 2015 | 2014 | 2014 | 2014 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|
| Ju | April | Jan | Oct | Ju | April | Jan | Oct | |
| SEK million | ly-Sept | June | Mar | Dec | ly-Sept | June | Mar | Dec |
| Rental income | 146 | 144 | 139 | 131 | 133 | 131 | 130 | 117 |
| Property costs | -35 | -34 | -39 | -34 | -33 | -28 | -36 | -33 |
| Operating surplus | 111 | 110 | 100 | 97 | 100 | 103 | 94 | 84 |
| Central administration | -8 | -8 | -8 | -10 | -7 | -8 | -7 | -9 |
| Net financial items | -34 | -35 | -33 | -36 | -38 | -39 | -38 | -38 |
| Income from property manage | ||||||||
| ment | 69 | 67 | 59 | 51 | 55 | 56 | 49 | 37 |
| Change in value, investment | ||||||||
| properties | 196 | 49 | 60 | 167 | 126 | 91 | 17 | 85 |
| Change in value, financial | ||||||||
| instruments | -74 | 144 | -69 | -76 | -47 | -56 | -48 | -6 |
| Profit before tax | 191 | 260 | 50 | 142 | 134 | 91 | 18 | 116 |
| Taxes on the period's profit/loss | -42 | -57 | -11 | -34 | -29 | -20 | -4 | -15 |
| Profit for the period | 149 | 203 | 39 | 108 | 105 | 71 | 14 | 101 |
| Investment properties, SEK million | 9,491 | 9,192 | 8,491 | 8,343 | 7,363 | 7,195 | 6,958 | 6,913 |
| Investment yield, % | 4.8 | 5.0 | 4.8 | 4.9 | 5.5 | 5.8 | 5.4 | 5.1 |
| Surplus ratio, % | 76 | 76 | 72 | 74 | 75 | 79 | 72 | 71 |
| Economic occupancy rate, % | 91 | 90 | 92 | 97 | 92 | 93 | 93 | 94 |
| Return on equity, % | 9.7 | 11.7 | 5.9 | 7.9 | 8.3 | 7.4 | 4.6 | 7.5 |
| Equity per share, SEK | 34.32 | 32.76 | 31.39 | 30.98 | 29.85 | 28.75 | 28.61 | 28.47 |
| Net asset value per share, SEK | 36.40 | 34.24 | 34.04 | 33.07 | 31.32 | 29.84 | 29.23 | 28.71 |
| Share price, SEK | 34.70 | 34.20 | 39.00 | 33.50 | 30.00 | 30.10 | 30.00 | 27.00 |
| Profit after tax per share, SEK | 1.56 | 2.12 | 0.41 | 1.13 | 1.10 | 0.74 | 0.14 | 1.32 |
| Cash flow from current operations | ||||||||
| per share, SEK | 0.85 | 0.18 | 0.82 | 0.51 | 0.56 | 0.39 | 0.35 | 0.39 |
| Eco | Oper ating |
|||||||
|---|---|---|---|---|---|---|---|---|
| Fair | Rental | nomic | Rental | sur | Sur | |||
| Leasable | value, | value, | occu | income, | plus, | plus | ||
| Number of | area, sq | SEK | SEK | pancy | SEK | SEK | ratio, | |
| properties | m | million | million | rate, % | million | million | % | |
| INVESTMENT PROPERTIES | ||||||||
| Central Gothenburg | ||||||||
| Offices/Retail | 21 | 184,130 | 5,688 | 381 | 91 | 348 | 268 | 77 |
| Industrial/Warehouses/ | ||||||||
| Other | 2 | 23,925 | 329 | 16 | 88 | 14 | 11 | 79 |
| Total | 23 | 208,055 | 6,017 | 397 | 91 | 362 | 279 | 77 |
| South/West Gothenburg | ||||||||
| Offices/Retail | 9 | 56,572 | 597 | 63 | 86 | 54 | 34 | 63 |
| Industrial/Warehouses/ | ||||||||
| Other | 10 | 64,014 | 668 | 58 | 93 | 54 | 35 | 65 |
| Total | 19 | 120,586 | 1,265 | 121 | 89 | 108 | 69 | 64 |
| North/East Gothenburg | ||||||||
| Offices/Retail | 8 | 133,308 | 2,068 | 170 | 95 | 162 | 130 | 80 |
| Industrial/Warehouses/ | ||||||||
| Other | - | - | - | - | - | - | - | - |
| Total | 8 | 133,308 | 2,068 | 170 | 95 | 162 | 130 | 80 |
| TOTAL | ||||||||
| INVESTMENT PROPERTIES | 50 | 461,949 | 9,350 | 688 | 92 | 632 | 478 | 76 |
| PROJECT PROPERTIES | 10 | 3,475 | 141 | 2 | - | 1 | -1 | - |
| TOTAL PLATZER | 60 | 465,424 | 9,491 | 690 | 92 | 633 | 477 | 75 |
The summary covers the property portfolio as at 30 September 2015 and provides a snapshot of the company's earning capacity, and it is therefore not a forecast.
The profit-related columns include applicable lease agreements, including future occupancies over the next six months, if the occupancies relate to existing properties. Lease agreements with occupancies later than this or for properties currently under construction are not included. At this date, in addition to the table above, lease agreements have been concluded in ongoing projects with a rental value of SEK 39 million (Hårddisken 1, Livered 1:329, Gårda 1:15 and Gamlestaden 740:132), with occupancy from the first quarter of 2016 onwards.
Rental value refers to the rental income plus the estimated market rent of vacant premises in their existing condition. Rental income refers to the contracted rental income including agreed supplements, such as payments for heating and property taxes, irrespective of limited period discounts of approximately SEK 14 million, SEK 7 million of which refers to the final quarter of 2015.
The operating surplus indicates the properties' earning potential on an annual basis defined as contracted rental income as of 1 October 2015, minus the estimated property costs including property administrative costs for a rolling 12-month period.
Project properties in the table refers to income from existing properties before project start. This income will cease at project start.
The property market in Gothenburg can be summed up as being very strong and in an upward phase. The vacancy rate for Gothenburg as a whole is substantially lower than in the Nordic capitals and the Malmö area. At the same time, rents have continued to climb, and in the Central Business District (CBD) the highest rent is now SEK 2,800/sq m, a level not previously recorded in the city. At the same time, there has been a persistent decline in market yields, particularly in the city's most attractive office locations.
In recent years, there has been high demand for efficient, flexible and centrally located office space but supply has been low, as shown by the low vacancy rate in CBD. This has prompted tenants to look outside the city centre for areas with good communications. This has led to higher demand and rising rents in these areas. A clear example of such an area is Gårda, where rent levels have risen and demand for premises has increased, at the same time as the area has become more closely connected to the city centre. The highest rent in the area is SEK 2,400/sq m. There are also plans for several large new build projects in Gårda, indicating strong demand for office space.
At the same time, the volume of transactions has been high, and many players are looking to invest in the city. However, there is a relatively small supply of properties on the market, which is considered to be one of the reasons for falling yields. A number of national players which have not previously owned significant amounts of property in Gothenburg are now turning their sights to Gothenburg. An example of this is Atrium Ljungberg's acquisition of Lindholmen. In the first six months of the year, registered property transactions amounted to SEK 6.8 billion.
| Segment | Highest rent SEK/sq m |
Vacancy rate % |
Required yield % |
|---|---|---|---|
| CBD (1) | 2,800 | 3.7 | 4.50 |
| Inner city, other (2) | 2,600 | 5.6 | 5.00 |
| Norra Älvstranden | 2,200 | 4.8 | 5.25 |
| Hisingen, other (3) | 1,000 | 8.2 | 7.00 |
| Mölndal (4) | 2,000 | 9.1 | 6.00 |
| West Gothenburg (5) | 1,150 | 11.8 | 7.00 |
| East Gothenburg (6) | 1,100 | 13.50 | 6.00 |
(1) Nordstaden, Lilla Bommen, Gullbergsvass (2) Gårda, Stampen, Almedal, Masthugget (3) Backaplan, Kville (4) Åbro, Forsåker (5) Högsbo (6) Gamlestaden
| Vacancy rate Q2 (total) | |||
|---|---|---|---|
| ------------------------- | -- | -- | -- |
| % |
|---|
| 6.5 |
| 9.0 |
| 8.8 |
| 10.1 |
| 8.0 |
| 11.3 |
Sources: JLL, CBRE
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. The company is currently the leading player in Gullbergsvass, Gårda, Gamlestaden and Norra Högsbo.
As at 30 September 2015, the property portfolio comprised a total of 60 properties, including ten project properties, with a fair value of SEK 9,491 million. The total lettable area amounted to 465,424 sq m, divided as follows: offices 68%, retail 4%, industrial/warehouses 13% and other 15%. The economic occupancy rate during the period was 91% (93).
Platzer has 684 lease agreements for non-residential premises. Among the largest tenants are DB Schenker, the Swedish Migration Board, Mölnlycke Health Care, Länsförsäkringar Göteborg & Bohuslän, Reinertsen, Stampen, the Swedish National Courts Administration, the Swedish Social Insurance Administration, Cochlear and the Gothenburg Region Association of Local Authorities.
The twenty largest lease agreements accounted for 30% of the rental value. The average remaining maturity was 39 months. In addition, Platzer has concluded lease agreements in new and refurbishment projects with occupancy in 2016 - 2018. Apart from lease agreements for non-residential premises, there are parking agreements for indoor and outdoor parking, short-term parking, agreements for advertising signs and masts with a total rental value of SEK 41 million.
| Number | Rental income, SEK million |
Share % |
|
|---|---|---|---|
| 2015 | 45 | 58 | 10 |
| 2016 | 200 | 101 | 17 |
| 2017 | 158 | 89 | 15 |
| 2018 | 158 | 127 | 21 |
| 2019 | 70 | 81 | 13 |
| 2020 | 31 | 53 | 9 |
| 2021- | 22 | 89 | 15 |
| Total | 684 | 598 | 100 |
| Multi-storey | |||
| car parks/ | 41 | ||
| other | |||
| Minority | -6 | ||
| Total | 633 |
1) Excl. lease agreements for projects with a future occupancy date.
During the second quarter, Platzer acquired the property Olskroken 18:7, better known as Gamlestadens Fabriker, from Aberdeen. The acquisition was implemented as a corporate acquisition and the underlying property value was SEK 750 million. The property consists of an approximately 60,000 sq m site and a leasable area of approximately 62,000 sq m in existing buildings. Work is underway at the property to develop a new zoning plan that is likely to facilitate new construction of some 70,000 - 80,000 sq m. Thanks to the acquisition, Platzer is now one of the leading property owners in the area since the company already owns the neighbouring property, Bagaregården 17:26, and is also due to start construction of Gamlestadens Torg in 2016.
In July, the company acquired the property Hårddisken 1 in Jolen in Mölndal from Mölndal municipality, in order to build a new head office and warehouse for Armatec AB. The acquisition involves a land area of around 8,200 sq m, with planned construction of 4,800 sq m.
Högsbo 11:3 was vacated on 1 April this year and the property was sold to a private property owner. The properties Högsbo 11:5, Högsbo 14:3, Högsbo 13:6 and Högsbo 27:8 were vacated on 28 April and these properties were sold to Kungsleden. All disposals took the form of corporate divestments.
At the beginning of January, Platzer signed a contract for the sale of Gullbergsvass 703:53 to Gothenburg City, with vacation conditional on, for instance, the zoning plan for the new Hisingsbro Bridge gaining legal force. Vacation is expected to take place in the first quarter of 2016. At the same time, Platzer obtained an option for future development rights on approximately 40,000 sq m, when the new bridge is erected.
| Leasable area, sq m | ||||||||
|---|---|---|---|---|---|---|---|---|
| Quar | Industrial/ | |||||||
| ter | Properties | Area | Segment | Offices | Retail | warehouses | Other | Total |
| 2 | Olskroken 18:7 | Gamlestaden | North/East Gothenburg | 41,653 | 102 | 6,836 | 13,273 | 61,864 |
| 3 | Hårddisken 1 | Mölndal | Project | - | ||||
| 41,653 | 102 | 6,836 | 13,273 | 61,864 |
| DISPOSALS | Leasable area, sq m | |||||||
|---|---|---|---|---|---|---|---|---|
| Indus trial/ |
||||||||
| Quar | ware | |||||||
| ter | Properties | Area | Segment | Offices | Retail | houses | Other | Total |
| 2 | Högsbo 11:3 | Högsbo | South/West Gothenburg | 400 | 1,257 | 1,657 | ||
| 2 | Högsbo 11:5 | Högsbo | South/West Gothenburg | 3,670 | 3,670 | |||
| 2 | Högsbo 13:6 | Högsbo | South/West Gothenburg | 6,196 | 1,658 | 7,854 | ||
| 2 | Högsbo 14:3 | Högsbo | Project | 3,255 | 277 | 3,532 | ||
| 2 | Högsbo 27:8 | Högsbo | South/West Gothenburg | 528 | 2,028 | 2,556 | ||
| 1) | Gullbergsvass 703:53 | Gullbergsvass | Central Gothenburg | 9,000 | 9,000 | |||
| 10,379 | - | 6,862 | 11,028 | 28,269 |
1) Vacation is conditional on the zoning plan gaining legal force and permission for water operations being granted. Vacation is expected to take place in the first quarter of 2016.
Platzer has potential development projects comprising gross floor area (GFA) of some 500,000 sq m and ongoing projects comprising around 60,000 sq m of lettable area. The projects are mainly for office properties with elements of service. The total project investment is estimated to amount to approximately SEK 10 billion, of which around SEK 800 million is accounted for by ongoing major projects. The project portfolio is divided into two parts, property development and project development. Property development concerns a development of existing buildings, whether it is a superstructure, extension or conversion, and this includes everything from minor adjustments for tenants to major projects. Project development involves new construction from the ground up where previous buildings are demolished for the new construction project.
The occupancy rate for current project development projects is shown in the table on the next page. In the third quarter we completed a project of around 12,000 sq m in Gårda, which has been fully let to the Swedish Social Insurance Administration and GR, the Gothenburg Region Association of Local Authorities. Gårda 1:15 and Livered 1:329 are being converted for the Swedish Migration Board, with estimated completion during first quarter of 2016. Hårddisken 1 is fully let to Armatec and Västtrafik is renting around 10% of Gamlestaden 740:132.
Aside from individual development projects as above and in the table, Platzer is also engaged in the urban development of entire areas, where Platzer is a part of the development process. One example of this is the development of Backaplan, where Platzer, as one of five property owners in partnership with the municipality, has developed a master plan for the area, which is now moving into the zoning scheme phase, with the goal of obtaining a living inner city environment and mixed urban area. These development areas comprise not only commercial building rights but also significant densification with housing and services. In northern Högsbo, Platzer, as the largest property owner, is taking the initiative in the transformation of the area into a living, mixed, urban area. To this can also be linked the city's plans to create a city boulevard from the neighbouring traffic route. In both Gårda and Gamlestaden, Platzer has several possible projects that, together, interact to give a continued development in both of these areas.
| Property | Type 1) | Refurbished area, lettable area, sq m |
New area, lettable area, sq m |
Total inv. incl. site, SEK million |
Outstanding inv. (out of total), SEK million |
Occupancy rate, % |
Completed |
|---|---|---|---|---|---|---|---|
| Gårda 1:15 | Property Dev | 10,000 | 1,200 | 110 | 50 | 100 | Q1 2016 |
| Livered 1:329 | Property Dev | 14,000 | 65 | 45 | 100 | Q1 2016 | |
| Stampen 4:44 | Property Dev | 14,000 | 60 | 55 | 95 | Q2 2016 | |
| Hårddisken 1 | Project Dev | 4,800 | 85 | 70 | 100 | Q2 2017 | |
| Gamlestaden 740:132 |
Project Dev | 16,000 | 480 | 430 | 10 | Q2 2018 | |
| Total | 38,000 | 22,000 | 800 | 650 |
| Gårda 3:12, 3:14 | Property Dev/ | 3,503 | 8,908 | 255 | 20 | 100 | Q3 2015 |
|---|---|---|---|---|---|---|---|
| Project Dev |
| Property | Type 1) | Type of property |
New area GFA sq m |
Project phase | Possible construction start 2) |
|---|---|---|---|---|---|
| Gårda 2:12 | Project Dev | offices | 15-25,000 | zoning plan in progress | 2016/2017 |
| Gårda 16:17 | Project Dev | offices | 15-20,000 | zoning plan in progress | 2016/2017 |
| Bagaregården 17:26 | Project Dev | offices | 10-15,000 | revision of zoning plan | 2017/2018 |
| Gullbergsvass 5:10 | Property Dev | offices | 10,000 | work on zoning plan to commence in 2016 |
2017/2018 |
| Skår 57:14 | Project Dev | offices | 15-20,000 | zoning plan started 2014 | 2017/2018 |
| Olskroken 18:7 | Property Dev/ Project Dev |
mixed use development |
70-80,000 | zoning plan in progress | 2017/2018 |
| Backaplan (several properties) |
Project Dev | mixed use development |
60-90,000 | zoning plan in progress | 2017/2018 |
| Norra Högsbo (several properties) |
Property Dev/ Project Dev |
mixed use development |
200-250,000 | detailed planning decision | 2017/2018 |
| Krokslätt 34:13 | Property Dev/ Project Dev |
mixed use development |
12-15,000 | work on zoning plan to commence in 2016 |
2018/2019 |
| Total | 407,000 - 525,000 |
The summary includes possible projects identified on properties owned or agreed for acquisition.
1) Type refers to property development (Property Dev), when existing buildings are used as a base or project development (Project Dev), new construction from ground up.
2) Possible construction start means when it is estimated the project can start, provided planning goes as expected and letting has reached a satisfactory level.
| Year of | Industrial/ | |||||||
|---|---|---|---|---|---|---|---|---|
| No. | Investment properties | Area | construction | Offices | Retail | warehouse | Other | Total |
| 1 | Backa 173:2 | Backaplan | 1979 | 151 | 5,330 | 420 | 5,901 | |
| 2 | Balltorp 1:135 | Åbro (Mölndal) | 1989 | 5,515 | 515 | 377 | 6,407 | |
| 3 | Bagaregården 17:26 | Gamlestaden | 1941/2010 | 24,977 | 365 | 7,515 | 2535 | 35,392 |
| 4 | Bosgården 1:71 | Mölndal | 1988 | 4,687 | 56 | 4,743 | ||
| 5 | Brämaregården 35:4 | Vågmästareplatsen | 1984/1991 | 12,377 | 222 | 855 | 13,454 | |
| 6 | Forsåker 1:196 | Kvarnbyn (Mölndal) | 1955/2002 | 5,242 | 150 | 5,392 | ||
| 7 | Fänkålen 2 | Mölndal | 1990 | 3,913 | 45 | 536 | 4,494 | |
| 8 | Gasklockan 2 | Åbro (Mölndal) | 1991 | 1,482 | 3,394 | 4,876 | ||
| 9 | Gullbergsvass 1:1 | Gullbergsvass | 1988 | 16,003 | 16,003 | |||
| 10 | Gullbergsvass 1:17 | Gullbergsvass | 1993 | 5,400 | 5,400 | |||
| 11 | Gullbergsvass 5:10 | Gullbergsvass | 1988 | 11,736 | 336 | 463 | 12,535 | |
| 12 | Gullbergsvass 5:26 | Gullbergsvass | 2010 | 15,298 | 0 | 0 | 1,417 | 16,715 |
| 13 | Gullbergsvass 703:53 | Gullbergsvass | 1991 | 9,000 | 9,000 | |||
| 14 | Gårda 1:15 | Gårda | 1971/1992 | 10,777 | 10,777 | |||
| 15 | Gårda 13:7 | Gårda | 2003 | 14,925 | 14,925 | |||
| 16 | Gårda 16:17 | Gårda | 1986 | 15,234 | 168 | 564 | 15,966 | |
| 17 | Gårda 3:12 | Gårda | 1956/2015 | 3,503 | 3,503 | |||
| 18 | Gårda 3:14 | Gårda | 2015 | 8,813 | 95 | 8,908 | ||
| 19 | Gårda 4:11 | Gårda | 1965/2002 | 7,464 | 433 | 7,897 | ||
| 20 | Gårda 8:2 | Gårda | 1940/2007 | 1,960 | 1,960 | |||
| 21 | Högsbo 1:4 | Högsbo | 1980 | 1,638 | 1,444 | 3,082 | ||
| 22 | Högsbo 2:1 | Högsbo | 1991 | 6,300 | 6,300 | |||
| 23 | Högsbo 3:12 | Högsbo | 1964 | 2,776 | 277 | 6,549 | 722 | 10,324 |
| 24 | Högsbo 3:11 | Högsbo | 1964 | 1,802 | 6,421 | 20 | 8,243 | |
| 25 | Högsbo 3:6 | Högsbo | 1964 | 1,038 | 5,497 | 6,535 | ||
| 26 | Högsbo 3:9 | Högsbo | 1971 | 2,123 | 2,210 | 4,333 | ||
| 27 | Högsbo 32:3 | Högsbo | 1974 | 6,381 | 1,053 | 570 | 8,004 | |
| 28 | Högsbo 34:13 | Högsbo | 1981 | 493 | 1,287 | 1,780 | ||
| 29 | Högsbo 39:1 | Högsbo | 1972 | 3,390 | 3,390 | |||
| 30 | Högsbo 4:1 | Högsbo | 1965/1972 | 1,310 | 510 | 2,823 | 4,643 | |
| 31 | Högsbo 4:4 | Högsbo | 1962 | 2,670 | 3,718 | 6,388 | ||
| 32 | Högsbo 4:6 | Högsbo | 1974 | 1,349 | 2,549 | 3,898 | ||
| 33 | Krokslätt 148:13 | Centre | 1952 | 2,581 | 616 | 20 | 3,217 | |
| 34 | Krokslätt 149:10 | Centre | 1952/98 | 6,928 | 1,000 | 7,928 | ||
| 35 | Krokslätt 34:13 | Centre | 1950/88 | 10,905 | 725 | 1,308 | 375 | 13,313 |
| 36 | Livered 1:329 | Kållered (Mölndal) | 1962 | 13,937 | 13,937 | |||
| 37 | Nordstaden 13:12 | Centre | 1929/1993 | 5,070 | 5,070 | |||
| 38 | Nordstaden 14:1 | Centre | 1993/1995 | 8,958 | 8,958 | |||
| 39 | Nordstaden 20:5 | Centre | 1943 | 2,554 | 231 | 2,785 | ||
| 40 | Olskroken 18:7 | Gamlestaden | 1729/1960 | 41,653 | 102 | 6,836 | 13273 | 61,864 |
| 41 | Skår 57:14 | Centre | 1929 | 8,286 | 119 | 8,405 | ||
| 42 | Solsten 1:110 | Mölnlycke | 1991 | 1,658 | 1,089 | 356 | 3,103 | |
| 43 | Solsten 1:132 | Mölnlycke | 2002 | 4,953 | 4,953 | |||
| 44 | Stampen 4:42 | Centre | 2009 | 5,769 | 2,847 | 8,616 | ||
| 45 | Stampen 4:44 | Centre | 1930 | 13,562 | 13,562 | |||
| 46 | Stigberget 34:12 | Centre | 1967/1999 | 4,457 | 2,801 | 264 | 253 | 7,775 |
| 47 | Stigberget 34:13 (our share 50.3%) Centre | 1969 | 2,738 | 66 | 2,033 | 4,837 | ||
| 48 | Tingstadsvassen 3:8 | Backaplan | 1991 | 29 | 3966 | 11 | 850 | 4,856 |
| 49 | Tingstadsvassen 4:3 | Backaplan | 1943/1986 | 517 | 3,268 | 3,785 | ||
| 50 | Älvsborg 178:2,9 | Långedrag | 1993 | 9,659 | 296 | 3,862 | 13,817 | |
| Total investment properties | 312,689 | 18,026 | 60,302 | 70,932 | 461,949 |
Leasable area, sq m
| Year of | |||||||
|---|---|---|---|---|---|---|---|
| Project properties | Area | construction | Offices | Retail | warehouse | Other | Total |
| Gamlestaden 740:132 | Centre | - | |||||
| Gårda 2:12 | Gårda | 1959 | 1,785 | 1,340 | 3,125 | ||
| Hårddisken 1 | Mölndal | - | |||||
| Högsbo 2:2 | Högsbo | 350 | 350 | ||||
| Högsbo 3:5 | Högsbo | - | |||||
| Högsbo 3:13 | Högsbo | - | |||||
| Högsbo 7:21 | Högsbo | - | |||||
| Högsbo 757:118 | Högsbo | - | |||||
| Högsbo 757:121 | Högsbo | - | |||||
| Högsbo 757:122 | Högsbo | - | |||||
| Total project properties | 1,785 | 1,340 | - | 350 | 3,475 | ||
| TOTAL | 314,474 | 19,366 | 60,302 | 71,282 | 465,424 | ||
| Industrial/ |
Platzer B shares were floated on the NASDAQ OMX Stockholm, Mid Cap, on 29 November 2013 at an initial price of SEK 26.50 per share In conjunction with the listing, there was a new issue that raised SEK 651 million net of issue costs. The company's share price was SEK 34.70 per share on 30 September, giving a market capitalisation of SEK 3,322 million based on the number of shares outstanding.
In September, Platzer carried out a private placement of 250,000 new C shares at a price of SEK 0.10 per share in accordance with the resolution by the AGM. The purpose of the new issue was to safeguard the company's ability to deliver shares for the share savings scheme approved by the same AGM. The shares were thereafter bought back by Platzer in October at the same price and converted into B shares. Platzer's holding of own shares therefore now consists of 250,000 B shares. Platzer's share capital amounts to, following the above measures, SEK 9,599,743.40, comprising 20,000,000 A shares with 10 voting rights each and 75,997,434 B shares with one vote per share. Each share has a quotient value of SEK 0.10.
The long-term policy is to pay a dividend of 50% of the income from property management after tax (22% flat-rate tax).
The number of shareholders as at 30 September stood at 3,407. Foreign ownership amounted to 5.4% of the share capital.
In Platzer's Articles of Association, there is a pre-emptive rights clause, which states that a buyer of A shares, who did not previously own A shares, must offer other A share holders 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 A shareholders do not take up this right of first refusal, the transferred shares will automatically become B shares before the acquiring party is entered into 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 shares, reports on corporate governance, financial data as well as information on insiders and insider trades.
| Owners | Number of A shares |
Number of B shares |
Number of shares |
Voting share, % |
Capital share, % |
|---|---|---|---|---|---|
| Ernström & Co | 10,000,000 | 0 | 10,000,000 | 36.2 | 10.4 |
| Länsförsäkringar Göteborg och Bohuslän | 5,000,000 | 11,162,490 | 16,162,490 | 22.2 | 16.9 |
| Backahill | 5,000,000 | 5,625,000 | 10,625,000 | 20.2 | 11.1 |
| Familjen Hielte / Hobohm | 0 | 19,293,745 | 19,293,745 | 7.0 | 20.2 |
| Länsförsäkringar fondförvaltning AB | 0 | 8,970,178 | 8,970,178 | 3.2 | 9.4 |
| Lesley Invest (incl. private holdings) | 0 | 2,771,490 | 2,771,490 | 1.0 | 2.9 |
| Svolder AB | 0 | 2,398,520 | 2,398,520 | 0.9 | 2.5 |
| Fourth Swedish National Pension Fund | 0 | 2,249,343 | 2,249,343 | 0.8 | 2.3 |
| M2 Capital Management | 0 | 2,105,630 | 2,105,630 | 0.8 | 2.2 |
| Danske Capital | 0 | 1,865,690 | 1,865,690 | 0.7 | 1.9 |
| Other owners | 0 | 19,305,348 | 19,305,348 | 7.0 | 20.2 |
| Total number of shares outstanding | 20,000,000 | 75,747,434 | 95,747,434 | 100.0 | 100.0 |
| Buyback of own shares | 0 | 250,000 | 250,000 | ||
| Total number of registered shares | 20,000,000 | 75,997,434 | 95,997,434 |
*) Ownership structure as at 30 September 2015 as well as known, major changes that have taken place since then, comprising Platzer's buyback of 250,000 new C shares and the subsequent conversion of these to B shares.
| 2015 Jan-Sept |
2014 Jan-Sept |
2014 Jan-Dec |
2014/2015 Oct-Sept |
|
|---|---|---|---|---|
| Shareholders' equity, SEK | 34.32 | 29.85 | 30.98 | 34.32 |
| Non-current net asset value (EPRA NAV), SEK | 40.51 | 33.95 | 36.20 | 40.51 |
| Net asset value, SEK | 36.40 | 31.32 | 33.07 | 36.40 |
| Share price, SEK | 34.70 | 30.00 | 33.50 | 34.70 |
| Profit after tax, SEK 1) | 4.08 | 1.98 | 3.11 | 5.21 |
| Income from property management, SEK | 2.03 | 1.67 | 2.21 | 2.57 |
| Cash flow from current operations, SEK | 1.84 | 1.51 | 2.00 | 2.34 |
| Number of shares outstanding as at the balance sheet | ||||
| date, thousand | 95,747 | 95,747 | 95,747 | 95,747 |
| Average number of shares outstanding, thousand | 95,747 | 95,747 | 95,747 | 95,747 |
For definitions of Key Performance Indicators, see page 25.
1) There is no dilution effect because there are no potential shares. However, the number of shares outstanding will increase by 250,000 on maturity of the share savings scheme.
The Board of Directors and the CEO hereby declare that, to the best of their knowledge, the interim report provides a true and fair representation of the business, financial position and results of the Parent Company and the Group, and describes the significant risks and uncertainty factors facing the Parent Company and the companies in the Group.
Gothenburg, 3 November 2015
Fabian Hielte Eva Persson Lena Apler Chairman of the Board Board member Board member
Anders Jarl Ricard Robbstål Cecilia Marlow Board member Board member Board member
P-G Persson CEO
We have reviewed the condensed interim financial information (interim report) for Platzer Fastigheter Holding AB (publ) as at 30 September 2015 and for the nine-month period then ended. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different objective and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, our conclusion based on a review does not offer the level of assurance that a conclusion based on an audit does.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared in accordance with IAS 34 and the Swedish Annual Accounts Act with regard to the Group, and in accordance with the Swedish Annual Accounts Act with regard to the Parent Company.
Gothenburg, 3 November 2015
Öhrlings PricewaterhouseCoopers AB
Bengt Kron Authorised Public Accountant
Interest-bearing liabilities divided by equity.
Profit after financial income divided by interest expenses.
Interest-bearing liabilities divided by the value of the properties.
Total shareholders' equity divided by total assets.
Profit after tax as a percentage of average equity, translated into full-year values for interim periods.
Operating surplus expressed as percentage of the properties' average value, translated into full-year values for interim periods.
Operating surplus expressed as percentage of rental income.
Rental income as a percentage of the rental value, where rental income is defined as rents charged as well as supplements such as payments for
heating and property tax, and rental value is defined as rental income plus the estimated market rent (excluding supplements) for estimated vacant areas (in their 'as is' condition).
Rental value divided by the leasable area where the 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 values for interim periods.
Equity and net asset value are calculated on the basis of the number of shares outstanding at the balance sheet date; others are calculated on the basis of the average number of shares outstanding.
Shareholders' equity on the balance date adjusted for interest rate derivatives and deferred taxes.
Equity as per the balance sheet following the reversal of interest rate derivatives (after deduction of tax of 22%).
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 , 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 The Board's registered office: Gothenburg Corp. ID No: 556746-6437
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