Interim / Quarterly Report • Nov 6, 2014
Interim / Quarterly Report
Open in ViewerOpens in native device viewer
Gårda Norra is one of Platzer's largest project areas in Gothenburg. The company is developing a modern office area that will smoothly blend into new residential developments in the area.
Year-end report 2014 18 February 2015, 08.00 Q1 report January - March 2015 28 April 2015, 08.00 Annual General Meeting 2015 28 April 2015 6-month report January - June 2015 7 July 2015 9-month report January - September 2015 3 November 2015
For more information, please go to platzer.se or contact P-G Persson, CEO, +46 (0)734 11 12 22 Lennart Ekelund, CFO, +46 (0)703 98 47 87
Cover photo: An artist's impression of Gårda Norra and the Gårda 3:14 property, which are planned for completion in the autumn of 2015.
Platzer continues to grow by improving its day-to-day management, property and project development, and by acquisitions. Our major redevelopment and new-build project in north Gårda, totalling 12,000 m², is proceeding as planned. During the period we signed lease agreements with the Swedish Migration Board for 23,500 m² of space and have already started development work at two of our properties on their behalf. In addition to these two major development projects, a number of lettings and lease renegotiations at a number of properties helped make the third quarter one of our most successful periods in terms of lease signings and renegotiations. This increased activity in the third quarter will gradually boost rental income in 2015 and 2016, but will also increase property values in this quarter. We aim is to continue to step up the pace when it comes to lettings and property and project developments to be able to meet market demands for modern premises with good communication links.
The growth of our business is reflected in our earnings in the first nine months of the year. Operating surplus increased by 16%, while profit from property management grew by 24% compared with the same period last year. Property values continued to increase, mostly through acquisitions and appreciation. The increase in property value is related to our property and project development work and a slight downward adjustment of direct yields in central Gothenburg. Net asset value per share, adjusted for changes in financial instruments, has increased by more than 11% since the start of the year, even though we have cash reserves that will enable us to grow by a further SEK 1.5 billion through acquisitions and investments in property and project development. This increase in net asset value per share indicates that our equity per share target of at least SEK 40 by the end of 2017 is definitely achievable.
As a city, Gothenburg is in a phase of intense development and as one of the leading companies in the development field, we are involved in many of the areas that are starting to take shape on the drawing board. We have had positive discussions with the Property Management Department in Lilla Bommen about selling our property that needs to be demolished to build the new Hisingsbron Bridge and receiving options for the development rights on 40,000 m² that will be available when the new bridge is completed. We expect to reach agreement in the final quarter of this year. At Backaplan, we have produced a blueprint for the future development of the area in partnership with the other property companies and the City of Gothenburg. This proposes possible development of 750,000 m², of which 75% would be residential and 25% commercial space. More detailed development planning is now in progress.
After the end of the period we signed an agreement to acquire five properties from Wallenstam, taking possession on 1 December this year. Four of the properties are a joint property portfolio with a lettable area of 36,000 m², with future development rights along Mölndalsvägen, close to Kallebäcksmotet. The fifth property is a smaller site in north Högsbo, where we have identified synergies with our current properties in the area and possible future development. This deal, worth SEK 700 million, supplements our current portfolio, and gives us a foothold in one of fastest growing areas in Gothenburg. The transaction amounts to half of our cash reserves for acquisitions, which is in line with our strategy to targeting growth in prioritised locations in Gothenburg.
P-G Persson CEO
Platzer Fastigheter Holding AB (publ.), (Platzer) is one of the leading commercial property companies and one of the largest in Gothenburg, primarily offering office space . The company owns, manages and is developing 54 properties with a total area of around 380,000 m². Platzer delivers growth and profitability through longterm property development and management. We aim to forge good relationships with our tenants based on accessibility and excellent service. At the end of the period, Platzer had 43 employees.
Platzer aims to be the leading property company within commercial premises in the Gothenburg area. The natural first choice.
By leveraging its leading position, Platzer will develop and manage commercial properties in the Gothenburg area in an efficient, environment friendly and professional way for the mutual benefit of tenants, employees and shareholders.
• Gradually improve KPIs in all business and project development areas.
• Platzer refines its property portfolio via active management and rental activities, value-generating property development and new production, together with the acquisition and sale of properties.
Platzer's three core values provide support for different choices, while enabling scope for personal responsibility in day-to-day contact with tenants, suppliers, shareholders and fellow employees
I dare to invest for success. I show pride in my work and take responsibility for my work. My skills and personal development are my responsibility. I ask for help when I need it.
I actively seek out opportunities for value-generating growth. I contribute to the sustainable development of our properties, areas and city. I build long-term relationships. I aim for constant improvement.
I am open to innovation and change. I question things when I am not satisfied. I share my experiences. I maintain an open and business-like dialogue.
Comparative figures for income statement items are from the corresponding period in the previous year and 31 December 2013 for balance sheet items.
The total profit for the first nine months of the year amounted to SEK 160 million (129), an increase of 24%. This improvement is due to Platzer's growth strategy, which has meant a larger property portfolio in 2014 compared to 2013; and to development activities and rentals in its existing properties. Property values appreciated to SEK 234 million (32); financial instruments fell in value to SEK -151 million (88); while profit for the period was SEK 190 million (193).
Rental income for the period amounted to SEK 394 million (346), an increase of 14%. This increase is mostly due to a larger property portfolio plus new rentals and completed redevelopments. Rental income from current lease agreements is assessed as SEK 538 million on an annual basis on balance day. The occupancy rate for the period was 93% (92).
Property costs in this period increased to SEK 97 million (89), mostly due to a larger property portfolio. The warmer than usual weather had a positive effect on these costs. In most cases, tenants are responsible for utility costs, such as heating, electricity, cooling and sanitation services, plus property tax.
The operating surplus amounted to SEK 297 million (257), an increase of 16%. The surplus ratio remained at a high and stable level, amounting to 75% (74).
Net financial items for the period amounted to SEK -115 million (-111). The increase in interest costs is attributable to debt financing for property acquisitions, which affected income by SEK -9 million compared to last year. The market rate to date in 2014 has been lower than for the corresponding period last year, but this was partly offset by higher bank margins. On 30 September the average interest rate, including the effects of derivative instruments, was 3.16% (3.42).
Tax for the period amounted to SEK -53 million (-56) and consisted mostly of deferred tax. The sale of properties, which results in realised capital gains/losses, normally occurs via company sales, so such earnings are tax free. There are also tax systems currently in place that allow for tax write-offs as well as the direct deduction of repairs in some cases, which
reduces the tax payable.
Net investment in properties during the period amounted to SEK 216 million (271), including property acquisitions of SEK 117 million (176). Investments in existing properties amounted to SEK 99 million (95). Investments have been entirely financed using the company's cash reserves in order to optimise the use of cash and cash equivalents from last year's rights issue. Cash flow for the period was SEK -155 million (45). Cash and cash equivalents on balance day were SEK 522 million (677). Combined with the current equity ratio of 36%, this liquidity means that reserves of approximately SEK 1.5 billion are available for future property investments.
Properties are recognised at their estimated fair value of SEK 7,363 (6,913), which is based on an internal valuation on balance day. Properties are valued in relation to the annual financial statements using a ten-year cash flow model on all properties. These valuations are reviewed and updated as part of the quarterly financial accounts, and factor in any changes that impact market yield, rent levels and occupancy rates for the properties, as well as any realised capital gains/losses and investments in the properties. Platzer commissions an annual external valuation of a cross section of its property portfolio in order to compare the quality of its internal valuations.
The internal property valuation showed a gain of SEK 234 million (32) in property values between January and September. Approximately 70% of these gains are from property development and related leasing, while the remaining 25% is from reduced direct yields.
In this period the acquisition of the property Backa 173:2 was completed on 16 May. No property sales occurred during the period. Investments in current properties amounted to SEK 99 million (95) in this period, with the largest individual investment being the new-build project Gårda Norra and the Gårda 3:12/3:14 properties. The project is planned for completion in the third quarter of 2015, when tenants are also expected to take possession.
Shareholders' equity for the Group amounted to SEK 2,858 million (2,726) as of 30 September. Equity per share amounted to SEK 29.85 (28.47) on balance day. Long-term net asset value,
EPRA NAV, amounted to SEK 33.95 (30.58) on balance day. Equity ratio was 36% (36).
On balance day, long-term interest-bearing liabilities were SEK 4,515 million (4,520), corresponding to a LTV (Loan to Value Ratio) of 61% (65). Debt financing is exclusively through bank loans that are secured by mortgages on the property. The average rate on balance day increased to 3.16% (3.42). The average fixed interest period, including the effects of derivative contracts, was 3.7 years (2.8). The average maturity period was 1.7 years (2.3). To achieve the desired interest rate structure, interest derivatives are used, primarily interest rate swaps that are recognised at their fair value in the balance sheet and with gains/ losses recognised in the income statement without applying hedge accounting. As market rates fell during the period, the undervalue of Platzer's interest rate derivatives during the period increased to SEK -180 million, which resulted in a change of value of SEK -151 million. These gains/losses do not affect cash flow. The undervalue is determined for the remaining term of derivatives and financial costs reduced in the income statement .
The financial assets and liabilities that are valued at fair value in the Group comprise the aforementioned derivatives and capital redemption policies. Both the derivatives and the capital redemption policies are included in Level 2 in accordance with IFRS 13. The fair value of long-term interest-bearing liabilities corresponds to their carrying value because the discounting effect is not significant when the interest rate on the loan is variable and in line with markets.
The number of employees increased to 43 at the end of the report period. Platzer's property management portfolio is structured into three market areas. Each market area has a property director, administrators, facilities managers and property managers. Two specialist units support these market areas: Project responsible for project development and project management and Leasing that supports the leasing of premises. Platzer's Group and staff functions are CEO, business development, finance, accounts, communications and sustainability.
Rental income for the quarter amounted to SEK 133 million (115), an increase of 16%. The operational surplus increased in the same quarter to SEK 100 million (88), while income from property management rose by 22% to SEK 55 million (45). The value of properties under management for the quarter appreciated to SEK 126 million (10) while there was a SEK -47 (7) loss in the value of financial instruments. Profit after tax for the quarter amounted to SEK 105 million (48).
In October agreements were signed to acquire five properties for SEK 700 million from Wallenstam. This acquisition mostly consists of office premises in the Almedals fabriker area and Mölndalsvägen. It also includes future development rights in Almedals fabriker and norra Högsbo. The total acquisition covers 36,000 m² of lettable space in existing buildings and future development rights of approximately 25,000 m². The company will take possession of the properties on 1 December 2014.
The parent company provides group wide management and financial services rather than having own any properties in its own name. Parent company revenues solely derive from the invoicing of services to group companies.
The property business is always exposed to risks. Good internal controls and external audits, effective management systems and policies and proven practices for property valuations are all methods employed by Platzer to manage and reduce risks. For the main risks and uncertainties faced by Platzer, please see pages 36-38 and 57-58 in the 2013 Annual Report.
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 in the most recent annual report. New or revised IFRS standards that came into force in 2014 have not had any material effect on the Group's financial statements. This interim report is prepared in accordance with IAS 34 Interim Financial Reporting. The parent company applies the Annual Accounts Act and RFR2.
| SEK million | 2014 Jul-Sep |
2013 Jul-Sep |
2014 Jan-Sep |
2013 Jan-Sep |
2013 Jan-Dec |
2013/2014 Oct-Sep |
|---|---|---|---|---|---|---|
| Rental income | 133 | 115 | 394 | 346 | 464 | 512 |
| Property costs | -33 | -27 | -97 | -89 | -123 | -131 |
| Operating surplus | 100 | 88 | 297 | 257 | 341 | 381 |
| Central administration | -7 | -5 | -22 | -17 | -26 | -31 |
| Net financial items | -38 | -38 | -115 | -111 | -149 | -153 |
| Profit from property management | 55 | 45 | 160 | 129 | 166 | 197 |
| Change in value, investment properties | 126 | 10 | 234 | 32 | 117 | 319 |
| Change in value, financial derivatives | -47 | 7 | -151 | 88 | 82 | -157 |
| Profit before tax | 134 | 62 | 243 | 249 | 365 | 359 |
| Profit for the period | -29 | -14 | -53 | -56 | -71 | -68 |
| Profit for the period 1) | 105 | 48 | 190 | 193 | 294 | 291 |
| Profit per share 2) | 1.10 | 0.68 | 1.98 | 2.74 | 3.82 | 3.22 |
1) There is no other comprehensive income for the Group, as the profit for the Group for the period is the same as the comprehensive income for the period. The entire profit is attributable to parent company shareholders.
2) There is no dilution effect, as there are no potential shares.
| SEK million | 30 Sep 2014 | 30 Sep 2013 | 31 Dec 2013 |
|---|---|---|---|
| ASSETS | |||
| Investment properties | 7,363 | 6,314 | 6,913 |
| Other non-current assets | 6 | 3 | 6 |
| Financial non-current assets | 12 | 23 | 22 |
| Current assets | 21 | 17 | 29 |
| Cash and cash equivalents | 522 | 163 | 677 |
| TOTAL ASSETS | 7,924 | 6,520 | 7,647 |
| EQUITY AND LIABILITIES | |||
| Equity | 2,858 | 1,974 | 2,726 |
| Deferred tax liability | 213 | 177 | 172 |
| Long-term interest-bearing liabilities | 4,515 | 4,187 | 4,520 |
| Other long-term liabilities | 191 | 45 | 47 |
| Current liabilities | 147 | 137 | 182 |
| TOTAL EQUITY AND LIABILITIES | 7,924 | 6,520 | 7,647 |
| Pledged assets | 4,677 | 4,218 | 4,670 |
| Contingent liabilities | 57 | 56 | 57 |
| SEK million | 2014 Jul-Sep |
2013 Jul-Sep |
2014 Jan-Sep |
2013 Jan-Sep |
2013 Jan-Dec |
2013/2014 Oct-Sep |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Operating surplus | 100 | 88 | 297 | 257 | 341 | 381 |
| Central administration | -7 | -5 | -22 | -17 | -25 | -30 |
| Net financial items | -38 | -38 | -115 | -111 | -149 | -153 |
| Income tax | -7 | - | -13 | - | -6 | -19 |
| Cash flow from operating activities before | ||||||
| changes in working capital | 48 | 45 | 147 | 129 | 161 | 179 |
| Change in current receivables | - | 0 | 8 | 0 | -9 | -1 |
| Change in current liabilities | 6 | 1 | -11 | -1 | 5 | -5 |
| Cash flow from operating activities | 54 | 46 | 144 | 128 | 157 | 173 |
| Investment activities | ||||||
| Investment in current properties under mana | ||||||
| gement | -43 | -20 | -99 | -95 | -114 | -118 |
| Acquisition of properties under management | 1 | - | -117 | -176 | -931 | -872 |
| Properties under management sold | - | - | - | 80 | 340 | 260 |
| Other investments | - | 0 | -1 | 0 | -3 | -4 |
| Cash flow from investment activities | -42 | -20 | -217 | -191 | -708 | -734 |
| Financing activities | ||||||
| Amortisation of interest-bearing liabilities | -3 | -41 | -5 | - | -282 | -287 |
| New borrowing of interest-bearing liabilities | - | - | - | 143 | 757 | 614 |
| Dividend | - | - | -58 | -35 | -35 | -58 |
| New issue | - | - | -19 | - | 670 | 651 |
| Cash flow from financing activities | -3 | -41 | -82 | 108 | 1 110 | 920 |
| Cash flow for the period | 9 | -15 | -155 | 45 | 559 | 359 |
| Cash and cash equivalent at start of the period | 513 | 178 | 677 | 118 | 118 | 163 |
| Cash and cash equivalents at end of the period | 522 | 163 | 522 | 163 | 677 | 522 |
| 2014 | 2013 | 2013 | |
|---|---|---|---|
| SEK million | Jan-Sep | Jan-Sep | Jan-Dec |
| Equity attributable to the parent company's shareholders | |||
| At the start of the period | 2,726 | 1,816 | 1,816 |
| New issue | - | - | 651 |
| Profit for the period | 190 | 193 | 294 |
| Dividend | -58 | -35 | -35 |
| At the end of the period | 2,858 | 1,974 | 2,726 |
| 2014 | 2013 | 2013 | |
|---|---|---|---|
| SEK million | Jan-Sep | Jan-Sep | Jan-Dec |
| Net sales | 7 | 5 | 7 |
| Operating costs | -7 | -6 | -8 |
| Net financial items | -33 | -26 | 62 |
| Change in the value of financial instruments | -130 | 85 | 79 |
| Profit before tax and appropriations | -163 | 58 | 140 |
| Appropriations | - | - | -9 |
| Tax | 36 | -19 | -29 |
| Profit for the period 1) | -127 | 39 | 102 |
1) There is no other comprehensive income for the Parent Company, as the profit for the period is the same as the comprehensive income for the period.
| SEK million | 30 Sep 2014 | 30 Sep 2013 | 31 Dec 2013 |
|---|---|---|---|
| ASSETS | |||
| Shares in group companies | 1,020 | 815 | 1,020 |
| Other financial assets | 1,214 | 1,146 | 1,192 |
| Receivables from group companies | 658 | 562 | 666 |
| Other current assets | 5 | 2 | 2 |
| Cash and cash equivalents assets | 337 | 2 | 446 |
| TOTAL ASSETS | 3,234 | 2,527 | 3,326 |
| EQUITY AND LIABILITIES | |||
| Equity | 1,873 | 1,344 | 2,057 |
| Untaxed reserves | 22 | 12 | 22 |
| Long-term liabilities | 1,331 | 1,166 | 1,212 |
| Current liabilities | 8 | 5 | 35 |
| TOTAL EQUITY AND LIABILITIES | 3,234 | 2,527 | 3,326 |
| Pledged assets | 1,170 | 1,170 | 1,170 |
| Contingent liabilities | 3,324 | 2,973 | 3,329 |
| Interest maturity | Loan maturity | ||||
|---|---|---|---|---|---|
| Year | Loan amount, SEK million |
Share % | Average interest % |
Loan amount, SEK million |
Share % |
| 2014 | % | 42 | 2.01 | 1,000 | 22 |
| 2015 | - | - | - | 1,170 | 26 |
| 2016 | 200 | 4 | 3.89 | 1,313 | 29 |
| 2017 | 400 | 9 | 3.80 | 1,032 | 23 |
| 2018 | 100 | 2 | 4.20 | ||
| 2019 | 200 | 4 | 3.60 | ||
| 2020 | 300 | 7 | 4.54 | ||
| 2021 | 370 | 8 | 3.98 | ||
| 2022 | 550 | 13 | 3.88 | ||
| 2023 | 100 | 2 | 3.88 | ||
| 2024 | 400 | 9 | 4.17 | ||
| Total | 4,515 | 100 | 3.16 | 4,515 | 100 |
| 2014 Jan-Sep |
2013 Jan-Sep |
2013 Jan-Dec |
2013/2014 Oct-Sep |
|
|---|---|---|---|---|
| Financial | ||||
| Debt/equity ratio (multiple) | 1.6 | 2.1 | 1.7 | 1.6 |
| Interest coverage ratio (multiple) | 2.4 | 2.1 | 2.1 | 2.3 |
| Loan-to-value ratio (LTV), % | 61 | 66 | 65 | 61 |
| Equity ratio, % | 36 | 30 | 36 | 36 |
| Return on equity, % | 8.3 | 12.0 | 12.9 | 12.1 |
| Property-related | ||||
| Dividend yield, % | 5.5 | 5.5 | 5.3 | 5.6 |
| Surplus ratio, % | 75 | 74 | 74 | 74 |
| Economic occupancy rate, % | 93 | 92 | 93 | 93 |
| Rental value, SEK, m² | 1,517 | 1,273 | 1,363 | 1,474 |
| Leasable area, m² thousands | 380 | 400 | 374 | 380 |
| Management properties | Project properties |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Central Gothenburg | West Gothenburg | Other Gotehburg | ||||||||
| SEK million | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 |
| Rental income | 223 | 189 | 57 | 54 | 114 | 100 | 0 | 3 | 394 | 346 |
| Property costs | -47 | -42 | -22 | -19 | -27 | -24 | -1 | -4 | -97 | -89 |
| Operating surplus | 176 | 147 | 35 | 35 | 87 | 76 | -1 | -1 | 297 | 257 |
The segment information in this interim report is presented in accordance with IFRS 8 Operating Segments. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating executive, who is responsible for allocating resources and assessing the results of the operating segment. In this Group, this function has been identified as the CEO.
For the Group's internal reporting, the 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 297 million (257) and profit before tax of SEK 243 million (249) comprises central administration SEK -22 million (-17), net financial items SEK -115 million (-111) and capital gains/losses in property and derivatives SEK 83 million (120).
| 2014 | 2013 | 2013 | ||
|---|---|---|---|---|
| SEK million | Jan-Sep | Jan-Sep | Jan-Dec | |
| Property value, opening balance | 6,913 | 6,091 | 6,091 | |
| Investments in existing properties | 99 | 95 | 114 | |
| Property acquisitions | 117 | 176 | 931 | |
| Property sales | - | -80 | -340 | |
| Gain/loss in value | 234 | 32 | 117 | |
| Property value, closing balance | 7,363 | 6,314 | 6,913 |
| Number of properties |
Leasable area, m² |
Fair value, SEK million |
Rental value, SEK million |
Econo mic oc cupancy rate, % |
Rental income, SEK million |
Opera ting sur plus, SEK million |
Sur plus ratio, % |
|
|---|---|---|---|---|---|---|---|---|
| MANAGEMENT PROPERTIES | ||||||||
| Central Gothenburg | ||||||||
| Offices/Retail | 16 | 142,133 | 4,268 | 313 | 94 | 293 | 232 | 79 |
| Industry/Warehouse/Other | 2 | 23,925 | 278 | 21 | 72 | 15 | 12 | 80 |
| Total | 18 | 166,058 | 4,546 | 334 | 92 | 308 | 244 | 79 |
| West Gothenburg | ||||||||
| Offices/Retail | 6 | 43,389 | 461 | 47 | 83 | 39 | 23 | 58 |
| Industry/Warehouse/Other | 9 | 53,066 | 362 | 39 | 87 | 34 | 19 | 56 |
| Total | 15 | 96,455 | 823 | 86 | 85 | 73 | 42 | 57 |
| Other Gothenburg | ||||||||
| Offices/Retail | 11 | 92,100 | 1,484 | 137 | 96 | 131 | 100 | 76 |
| Industry/Warehouse/Other | 2 | 18,813 | 297 | 26 | 100 | 26 | 21 | 81 |
| Total | 13 | 110,913 | 1,781 | 163 | 96 | 157 | 121 | 77 |
| TOTAL MANAGEMENT | ||||||||
| PROPERTIES | 46 | 373,426 | 7,150 | 583 | 92 | 538 | 407 | 75 |
| PROJECT PROPERTIES | 8 | 6,657 | 213 | 4 | 0 | 0 | -1 | - |
| TOTAL PLATZER | 54 | 380,083 | 7,363 | 587 | 92 | 538 | 406 | 75 |
This summary covers the property portfolio as at 30 September 2014.
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; recent agreements with the Swedish Migration Board and agreements for the new production in Gårda Norra are not included either.
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 heat and property taxes, irrespective of limited period discounts of approximately SEK 11 million as of 1 October 2014.
Operating surplus indicates the properties' earning potential on an annual basis defined as contracted rental income as of 1 October 2014, minus the estimated property costs including property administration for a rolling 12-month period.
Platzer owns, manages and develops commercial properties in the Gothenburg area. These properties can be divided into three geographic regions: Central Gothenburg (Centre, Gårda and Gullbergsvass), West Gothenburg (Högsbo and Långedrag) and Gothenburg Other (Backaplan, Gamlestaden, Mölndal and Mölnlycke). Platzer seeks to be the leading company in all priority areas by generating profitable growth. The company is currently the market leader in Lilla Bommen, Gårda and Högsbo.
As of 30 September 2014, the property portfolio comprised a total of 54 properties, including eight development projects, with a fair value of SEK 7,363 million.
The total lettable area amounted to 380,083 m², divided as follows: 64% offices, 5% retail, 16% industry/warehouse, and 15% other.
The economic occupancy rate during the period was 93% (92).
Platzer has 542 lease agreements for non-residential premises. Principal tenants include DB Schenker, the Swedish Migration Board, Mölnlycke Health Care, Länsförsäkringar Göteborg & Bohuslän, Flexlink, Stampen, the Swedish National Courts Administration, AcadeMedia, Cochlear and Reinertsen.
The 20 largest leases accounted for 34% of the
rental value.
The average remaining maturity was 43 months.
In addition, Platzer has signed lease agreements for new-build projects, with occupancy scheduled for 2015/2016.
In addition to lease agreements for non-residential premises, there are parking leases for indoor and outdoor car parks, short-term parking facilities, and contracts for advertising signs and masts with a total rental value of SEK 35 million.
| Number | Rental | ||
|---|---|---|---|
| of | income Share % | ||
| 2014 | 30 | 12 | 2 |
| 2015 | 191 | 117 | 23 |
| 2016 | 118 | 102 | 20 |
| 2017 | 111 | 75 | 15 |
| 2018 | 49 | 53 | 10 |
| 2019 | 17 | 53 | 10 |
| 2020- | 26 | 98 | 19 |
| Total | 542 | 510 | 100 |
| Multi-storey car parks/other |
35 | ||
| Minority | -7 | ||
| Total | 538 |
1) Excluding lease agreements for new-build projects.
In the second quarter, Platzer acquired a retail property, Backa 173:2, at Backaplan in Gothenburg. Backaplan is one of the largest retail sites in Sweden and is set to undergo an exciting transformation. The company took possession of the 6,000 m² property on 16 May where the principal tenants are Rusta and Mekonomen. Platzer owns three other properties in the area.
| Lettable area, m² | ||||||||
|---|---|---|---|---|---|---|---|---|
| Quarter | Properties Area |
Offices | Retail | Industry/ warehouse |
Other | Total | ||
| Acquisitions | ||||||||
| 2 | Backa 173:2 | Backaplan | 151 | 5 330 | 420 | 5,901 | ||
| 5,901 |
In October, an agreement was signed for the acquisition of five properties from Wallenstam. This acquisition was effected via company acquisitions and the property value is SEK 700 million. Four of these properties consist of offices in the Almedal fabriker area and along the Möndalsån valley, just south of central Gothenburg. These four properties have approximately 36,000 m² of lettable space. They also include future developments on approximately 25,000 m² in the Almedals fabriker area and at a property in norra Högsbo that is adjacent to another Platzer property.
Platzer will take possession of the properties on 1 December 2014 and they will be included in the accounts from this date.
| Industry/ ware |
||||||||
|---|---|---|---|---|---|---|---|---|
| Quarter | Properties | Area | Segment | Offices | Retail | house | Other | Total |
| Acquisitions | ||||||||
| 4 | Krokslätt 148:13 | Krokslätt | Gothenburg Other | 2,581 | 616 | 20 | 3,217 | |
| 4 | Krokslätt 149:10 | Krokslätt | Gothenburg Other | 6,580 | 348 | 1,000 | 7,928 | |
| 4 | Krokslätt 34:13 | Krokslätt | Gothenburg Other | 10,855 | 700 | 851 | 3,557 | 15,963 |
| 4 | Skår 57:14 | Krokslätt | Gothenburg Other | 7,897 | 739 | 8,636 | ||
| 4 | Högsbo 2:2 | Högsbo | West Gothenburg | 350 | 350 | |||
| 27,913 | 1,048 | 2,206 | 4,927 | 36,094 |
Krokslätt 34:13, Mölndalsvägen 91-93/Varbergsgatan 2 A-C
Krokslätt 148:13, Mölndalsvägen 40-42
Krokslätt 149:10, Mölndalsvägen 36-38 Skår 57:14, Gamla Almedalsvägen 1-51
| Leasable area, m² | ||||||||
|---|---|---|---|---|---|---|---|---|
| Industry/ | ||||||||
| ware | ||||||||
| No | Property | Area | Year built | Offices | Retail | house | Other | Total |
| Management properties | ||||||||
| 1 | Backa 173:2 | Backaplan | 1979 | 151 | 5,330 | 420 | 5,901 | |
| 2 | Balltorp 1:135 | Mölndal | 1989 | 5,515 | 515 | 377 | 6,407 | |
| 3 4 |
Bagaregården 17:26 Bosgården 1:71 |
Gamlestaden Mölndal |
1941/2010 1988 |
24,977 4,687 |
365 56 |
6,975 | 2,535 | 34,852 4,743 |
| 5 | Brämaregården 35:4 | Backaplan | 1984/1991 | 12,377 | 222 | 855 | 13,454 | |
| 6 | Forsåker 1:196 | Mölndal | 1955/2002 | 5,242 | 150 | 5,392 | ||
| 7 | Fänkålen 2 | Mölndal | 1990 | 3,913 | 45 | 536 | 4,494 | |
| 8 | Gasklockan 2 | Mölndal | 1991/2010 | 1,482 | 3,394 | 4,876 | ||
| 9 | Gullbergsvass 1:1 | Gullbergsvass | 1988/2013 | 16,003 | 16,003 | |||
| 10 | Gullbergsvass 1:17 | Gullbergsvass | 1993/2011 | 5,400 | 5,400 | |||
| 11 | Gullbergsvass 5:10 | Gullbergsvass | 1988 | 11,736 | 252 | 547 | 12,535 | |
| 12 | Gullbergsvass 5:26 | Gullbergsvass | 2001/2013 | 15,298 | 1,447 | 16,745 | ||
| 13 | Gullbergsvass 703:53 | Gullbergsvass | 1991 | 9,000 | 9,000 | |||
| 14 | Gårda 1:15 | Gårda | 1971/1992 | 9,672 | 9,672 | |||
| 15 | Gårda 13:7 | Gårda | 2003 | 14,925 | 14,925 | |||
| 16 | Gårda 16:17 | Gårda | 1986 | 15,101 | 168 | 564 | 15,833 | |
| 17 | Gårda 3:12 | Gårda | 1956/1998 | 3,503 | 3,503 | |||
| 18 | Gårda 4:11 | Gårda | 1965/2002 | 7,464 | 433 | 7,897 | ||
| 19 | Gårda 8:2 | Gårda | 1940/2007 | 1,960 | 1,960 | |||
| 20 | Högsbo 1:4 | Högsbo | 1980 | 1,638 | 1,444 | 3,082 | ||
| 21 | Högsbo 11:3 | Högsbo | 1960 | 400 | 1,257 | 1,657 | ||
| 22 | Högsbo 11:5 | Högsbo | 1959 | 3,670 | 3,670 | |||
| 23 | Högsbo 13:6 | Högsbo | 1992/1999/2013 | 6,196 | 1,658 | 7,854 | ||
| 24 | Högsbo 2:1 | Högsbo | 1991/2009 | 6,300 | 6,300 | |||
| 25 | Högsbo 27:8 | Högsbo | 1971/2009/2013 | 528 | 2,028 | 2,556 | ||
| 26 | Högsbo 3:6 | Högsbo | 1964 | 4,831 | 19,588 | 722 | 25,141 | |
| 27 | Högsbo 3:9 | Högsbo | 1971 | 2,123 | 2,210 | 4,333 | ||
| 28 | Högsbo 32:3 | Högsbo | 1974/2011 | 6,381 | 1,053 | 570 | 8,004 | |
| 29 | Högsbo 34:13 | Högsbo | 1981 | 493 | 1,287 | 1,780 | ||
| 30 | Högsbo 39:1 | Högsbo | 1972 | 3,390 | 3,390 | |||
| 31 | Högsbo 4:1 | Högsbo | 1965/1972 | 1,310 | 510 | 2,823 | 4,643 | |
| 32 | Högsbo 4:4 | Högsbo | 1962 | 2,670 | 3,718 | 6,388 | ||
| 33 | Högsbo 4:6 | Högsbo | 1974 | 1,349 | 2,549 | 3,898 | ||
| 34 | Livered 1:329 | Mölndal | 1962 | 13,937 | 13,937 | |||
| 35 | Nordstaden 13:12 | Centre | 1929/1993 | 5,070 | 5,070 | |||
| 36 | Nordstaden 14:1 | Centre | 1890/1993/2012 | 8,958 | 8,958 | |||
| 37 | Nordstaden 20:5 | Centre | 1943 | 2,554 | 231 | 2,785 | ||
| 38 | Solsten 1:110 | Mölnlycke | 1991 | 1,658 | 1,089 | 356 | 3,103 | |
| 39 | Solsten 1:132 | Mölnlycke | 2002 | 4,953 | 4,953 | |||
| 40 | Stampen 4:42 | Centre | 2009 | 5,769 | 2,847 | 8,616 | ||
| 41 | Stampen 4:44 | Centre | 1930/1994 | 14,681 | 14,681 | |||
| 42 | Stigberget 34:12 | Centre | 1967/1999/2013 | 4,433 | 2,801 | 264 | 253 | 7,751 |
| 43 | Stigberget 34:13 (50,3%) | Centre | 1969/2011 | 2,738 | 66 | 2,033 | 4,837 | |
| 44 | Tingstadsvassen 3:8 | Backaplan | 1991 | 29 | 3,966 | 850 | 4,845 | |
| 45 | Tingstadsvassen 4:3 | Backaplan | 1943/1986/2011 | 517 | 3,268 | 54 | 3,785 | |
| 46 | Älvsborg 178:9 | Långedrag | 1993 | 9,659 | 296 | 3,862 | 13,817 | |
| Total properties under management | 239,719 | 16,922 | 58,494 | 58,291 | 373,426 | |||
| Project properties | ||||||||
| 47 | Gårda 2:12 | Gårda | 1959 | 1,785 | 1,340 | 3,125 | ||
| 48 | Gårda 3:14 | Gårda | 0 | |||||
| 49 | Högsbo 3:5 | Högsbo | 0 | |||||
| 50 | Högsbo 7:21 | Högsbo | 0 | |||||
| 51 | Högsbo 14:3 | Högsbo | 1967 | 3,255 | 277 | 3,532 | ||
| 52 | Högsbo 757:118 | Högsbo | 0 | |||||
| 53 | Högsbo 757:121 | Högsbo | 0 | |||||
| 54 | Högsbo 757:122 | Högsbo | 0 | |||||
| Total project properties | 5,040 | 1,340 | 277 | 6,657 | ||||
| TOTAL | 244,759 | 18,262 | 58,771 | 58,291 | 380,083 |
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 share price was SEK 30.00 per share on 30 September 2014 giving a market capitalisation of SEK 2,872 million.
On balance day, the share capital in Platzer was distributed among 20,000,000 A shares with 10 votes per share, and 75,747,434 B shares carrying one (1) 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 income from property management after tax (22% flat-rate tax).
There were 3,065 shareholders at the end of the period. Foreign ownership amounted to 6% of the share capital and 2% of the votes.
Platzer Fastigheter Holding AB (publ) was formed on 1 January 2008 by Ernström & Co, Brinova Fastigheter (acquired by Backahill AB in 2012) and Länsförsäkringar Göteborg and
Bohuslän. The same group still constitutes Platzer's A shareholders.
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 a transfer to a legal entity that includes the company Länsförsäkringar. 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 sent by email or SMS when published. The website also includes presentations from general meetings and meetings with analysts, general information about the shares, reports on corporate governance, financial data and information on insiders and insider trades.
| Owners | Number of A shares |
Number of B shares |
Number of shares |
Number of votes |
Capital share |
|---|---|---|---|---|---|
| Ernström & C:o | 10,000,000 | 0 | 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 | 9,125,000 | 14,125,000 | 21.4 % | 14.8 % |
| Familjen Hielte / Hobohm | 0 | 19,293,745 | 19,293,745 | 7.0 % | 20.2 % |
| Länsförsäkringar fondförvaltning AB | 0 | 9,323,699 | 9,323,699 | 3.4 % | 9.7 % |
| Lannebo fonder | 0 | 3,397,934 | 3,397,934 | 1.2 % | 3.5 % |
| Lesley Invest (incl. private holdings) | 0 | 2,771,490 | 2,771,490 | 1.0 % | 2.9 % |
| Svolder AB | 0 | 2,568,684 | 2,568,684 | 0.9 % | 2.7 % |
| Nordea Investment Funds | 0 | 1,300,089 | 1,300,089 | 0.5 % | 1.4 % |
| Prior & Nilsson Fond- och Kapitalförvaltning AB | 0 | 1,279,502 | 1,279,502 | 0.5 % | 1.3 % |
| Other owners | 0 | 15,524,801 | 15,524,801 | 5.6 % | 16.2 % |
| Total (3,065 owners) | 20,000,000 | 75,747,434 | 95,747,434 | 100 % | 100 % |
| 2014 Jan-Sep |
2013 Jan-Sep |
2013 Jan-Dec |
2013/2014 Oct-Sep |
|
|---|---|---|---|---|
| Equity, SEK | 29.85 | 28.02 | 28.47 | 29.85 |
| Long-term net asset value (EPRA NAV), SEK | 33.95 | 30.85 | 30.58 | 33.95 |
| Market value, SEK | 30.00 | - | 27.00 | 30.00 |
| Profit after tax, SEK 1) | 1.98 | 2.74 | 3.82 | 3.22 |
| Profit from property management, SEK | 1.67 | 1.83 | 2.16 | 2.17 |
| Cash flow from operating activities, SEK | 1.51 | 1.82 | 2.04 | 1.91 |
| Number of shares as at balance day, thousands | 95,747 | 70,447 | 95,747 | 95,747 |
| Average number of shares, thousands | 95,747 | 70,447 | 76,772 | 90,752 |
1) There is no dilution effect, as there are no potential shares.
The Board of Directors and the Managing Director hereby certify that, to the best of their knowledge, this interim report provides a true and fair presentation of the business, financial position and results of the Parent Company and the Group, and describes significant risks and uncertainty factors that the Parent Company and the companies in the Group face.
Gothenburg, 6 November 2014
Fabian Hielte Eva Persson Chair of the board member
Anders Jarl Ingemar Larsson member member
Lena Apler P-G Persson member CEO
We have reviewed the summary interim financial information (interim report) of Platzer Fastigheter Holding AB (publ) as at 30 September 2014 and the nine-month period ended on this date. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim financial information in accordance with IAS 34 and the 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 the International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of people responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the ISA and generally accepted auditing practices. The procedures performed consequently do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review nothing has come to our attention that causes us to believe that the interim report has not been prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
Gothenburg, 6 November 2014
Öhrlings PricewaterhouseCoopers AB
Håkan Jarkvist 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 as a percentage of the average value of the properties, translated into full-year values for interim periods.
Operating surplus as a 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 lettable area where the rental value is defined as rental income plus estimated market rent (excluding supplements) for vacant areas (in their 'as is' condition).
Equity and net asset value calculated in terms of the number of shares on balance day; others are calculated in terms of the average number of shares.
Shareholders' equity on balance day adjusted fro interest rate derivatives and deferred taxes.
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 , S w e d e n Address: Anders Personsgatan 16 Tel. +46 (0)31 63 12 00, Fax +46 (0)31 63 12 01 [email protected] platzer.se Head office: Gothenburg Company number: 556746-6437
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.