Annual / Quarterly Financial Statement • Feb 18, 2014
Annual / Quarterly Financial Statement
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P-G Persson, CEO, rings the bell for Platzer at NASDAQ OMX Stockholm, Mid Cap on 29 November 2013.
Annual report, 2013 Week 13, 2014 Interim report, January-March 2014 24 april 2014 AGM 24 april 2014, 3 p.m. Interim report, January-June 2014 8 July 2014 Interim report, January-September 2014 6 November 2014
For further information, please go to www.platzer.se or contact P-G Persson, CEO, tel. (+46) 0734 111 222 Lennart Ekelund, CFO, tel. (+46) 0703-984 787
Platzer was listed on NASDAQ OMX Stockholm, Mid Cap, on 29 November 2013 and this is the first financial statement since the listing, which in many ways is special, with more owners, increased interest from the world at large, and dilutive and balance-sheet effects arising from the new issue in the company. At the same time, these are end-of-year and quarterly accounts for a Platzer with the same strategy and sense of direction as prior to its admission to the stock exchange. Listing the company on the Stockholm Stock Exchange was considerably more far-reaching than many of us had realized before we embarked on the process and it feels great to be operating as normal again. Platzer's value generation is based on active work in the day-to-day management and development of its properties, successful transactions and profitable property and project development. In order to succeed in this, we need knowledge of the market, skilled staff and access to financing. The company has all these ingredients and is prepared for continued growth in every way.
Profit-wise 2013, as a whole, turned out to be a good year for Platzer. The real estate value continued to increase as a result of acquiring new properties, but also from investing in property development in existing properties. Changes in value improved the bottom line by SEK 117 million. The profit from property management increased by 28 %. The breakdown value per share increased by more than 10 %, despite dilution to coincide with the new issue in connection with the stock exchange listing, but was helped by positive changes in the value of derivative instruments during the year. Both the day-to-day management, property transactions and property development contributed to the improvement in the result, which shows that Platzer continues to deliver profitable growth in accordance with the longterm plan that exists to make the company the number-one commercial property company in the Gothenburg area.
The market for commercial office premises in the Gothenburg area, roughly 80 % of Platzer's property portfolio, continued to develop positively in the central parts of Gothenburg,
where the bulk of Platzer's property assets are to be found. Above all, the driving force behind the demand for premises is the number of people moving to the Gothenburg area, the low proportion of newbuilds being constructed and a trend of more tenants looking for locations with good all-round communications. Our newbuild project in north Gårda was let to the Swedish Social Insurance Agency and the Gothenburg Region's Association of Local Authorities (GR) during the final quarter. These rentals include some 10,500 sq.m for two stable tenants and thus more than 90 % of the lettable area in the project has been let. The project has begun and occupation will take place in autumn 2015. The rental market for office space outside of central Gothenburg has not enjoyed the same positive development during the year. By contrast, there is still good demand for warehousing and industrial premises in those locations.
During the year we sold five properties and purchased four, together making property business worth SEK 1.3 billion and net growth of some SEK 600 million. The properties acquired were all located in high-priority areas and properties neighbouring our existing stock. The largest sale was our property at Skår 40:17, consisting of a disused factory directly adjacent to Liseberg. The buyer was Liseberg AB — a logical and sound deal for both parties. Our goal is to carry on growing by acquiring properties in attractive locations and overseeing property and project development. Our new issue, combined with good opportunities to raise loans from some of our lenders – the four large Swedish banks – gives us acquired space worth approximately SEK 1.5 billion. We shall be actively looking for property transactions and operating development projects that will improve the company's business ratios. That growth has not happened, nor will it happen going forward; to the detriment of Platzer's profitability.
P-G Persson CEO
Platzer Fastigheter Holding AB (publ), (Platzer) is one of Gothenburg's largest and foremost property companies in commercial property; primarily offices. The company owns, manages and develops 53 properties with a total floorage of some 375,000 square metres. By means of long-term property development and management, Platzer creates growth and profitability in its properties. Platzer prioritizes good relations with its tenants and offering a service characterized by proximity and commitment.At the end of the period Platzer had 41 employees.
Platzer is set to become the leading property company in commercial premises in the Gothenburg area — the obvious solution of first resort.
From a leading position, with consideration for the environment and high quality, Platzer will effectively develop and manage commercial properties in the Gothenburg area to the benefit of clients, staff and owners.
To continue growing in the Gothenburg market and consolidating our position as one of the leading players in the market.
• Finance operations through existing proprietary capital, new proprietary capital by issuing class-B shares, as well as loan financing.
• With all business and project development, the aspiration is to improve the company's key ratios over time.
Platzer's three core values pervade the entire concern. These core values provide support in the run-up to various choices and create space for personal responsibility in the day-to-day contact with clients, suppliers, owners and colleagues.
I dare to gamble in order to succeed. I display pride in my work and am accountable for the part I play. I take responsibility for my skillsets and personal development. I accept help when needed.
I actively seek opportunities for value-generating growth. I contribute to the sustainable development of our properties, areas, towns and cities. I build long-term relationships. I seek constant improvement.
I am open to innovative thinking and change. I dare to raise issues when displeased. I share the benefit of my experience. I conduct an open and businesslike dialogue.
Comparative profit/loss items refer to the corresponding period the previous year, and for balance-sheet items to 31/12/2012.
The profit for the year from property management amounted to SEK 166 million (130m), an improvement of 28 %. For the most part, the improved result is down to a larger property holding in accordance with the growth strategy under which Platzer operates. Profit for the year amounted to SEK 294 million (157m), an improvement of SEK 137 million or 87 %. Changes in the value of investment properties also contributed to this improvement by injecting SEK 117 million (108m), as did changes in the value of financial instruments, having boosted the result by SEK 82 million (-55m).
Rental income for the year totalled SEK 464 million (384m), an increase of 21 %. The increase in income is chiefly attributable to a larger property portfolio and to a lesser extent rent increases and property development. As at the accounting date, the rental income from existing rent contracts is estimated to be SEK 531 million (453m). The financial occupancy ratio, as reported for the property stock as a whole, stood at 93 % (91) for the period.
Property costs for the year totalled SEK 123 million (104m), an increase due mostly to the expanded property stock. Costs have also been adversely affected by a considerably colder quarter than normal. Utility costs such as heating, cooling, electricity and cleaning are predominantly passed on to the tenants, together with property tax.
Operating surplus amounted to SEK 341 million (280m), an increase of 22 %. The net profit ratio for the property stock as a whole continued at a stable, high level, amounting to 74 % (73) for the period.
Net financial income/expenditure for the year was SEK -149 million (-127m). The increased interest costs refer mainly to the loan financing of property acquisitions, subjecting the result to a net charge of approximately SEK -23 million compared to the previous year. The market interest rate this year has been somewhat lower than the previous year but this has largely been countered by a higher marginal cost for bank financing.
Income tax on the result for the year amounted to SEK 71 million (26m) and is largely made up of deferred tax, with current tax totalling SEK 6 million (11m). The sale of properties is generally effected through company sales, which are exempt from taxes. In addition there is scope for greater depreciation for income tax and, in a number of cases, also direct deduction of conversion and rebuilding costs, which lowers the current tax.
Net investments in properties during 2013 amounted to SEK 705 million (1,480m), including property acquisitions of SEK 931 million (1,500m). In net terms, property investments were affected by property sales, which amounted to SEK 340 million (171m) during the period. In addition, investments for the year in existing properties amounted to SEK 114 million (151m). These investments have been financed partly by loans worth a net SEK 475 million (1,114m) and partly through the cashflow generated by ongoing operations, which totalled SEK 157 million (145m). Furthermore, during December a new issue without preferential rights was implemented in parallel with the floating of Platzer's B-share on the NASDAQ OMX Stockholm. The cashflow for the year, after yielding a dividend to the shareholders of SEK 35 million (27m), amounted to a total of SEK 559 million (79m). At the turn of the year liquid funds stood at SEK 677 million (118m).
Properties are reported at their estimated real value of SEK 6,913 million (6,091m), which is based on an internal valuation on the accounting date. Properties are valued internally every year to coincide with the end-of-year accounts date using a ten-year cashflow model for all properties. Once a year Platzer conducts an external valuation of a selection of the property stock with a view to quality-assuring the internal valuation. This year the external valuation was carried out on 30 September and, to mark the creation of a prospectus leading up to the stock exchange listing of Platzer's B-share, included all properties in the portfolio. The property valuation for the year flagged a change in the value of the investment properties of SEK 117 million (108m). During the year four properties were acquired at a cost of SEK 931 million (1,500m), at the same time as five properties were sold for SEK 340 million (171m). Investments in existing properties amounted to SEK 114 million (151m) during the period.
Group equity at the turn of the year stood at SEK 2,726 million (1,816m). During the second quarter a dividend of SEK 35 million (SEK 0.50 per share) was paid out to the shareholders. During December, a new issue was conducted without preferential rights for a total of 25.3 million shares at a price of SEK 26.50/ share.
After allowing for issuing costs of SEK 19 million, the fully subscribed share raised a net SEK 651 million. As at the accounting date, equity per share stood at SEK 28.47 (SEK 25.77) and that same day the long-term breakdown value per share was SEK 30.58 (29.10).
At the same time, solvency was 36 % (29), allowing scope for property investments worth just under SEK 1.5 billion, at a solvency ratio of 30 %
As at 31 December, long-term interest-bearing debts amounted to SEK 4,520 million (4,045m), equivalent to a loan-to-value ratio of 65 % (66). Loan financing is done exclusively through bank loans, which are secured through mortgages on property. The average period during wich capital is tied up to 2.3 (1.2) years. The average interest rate as at the accounting date was 3.42 % (3.55). The average fixed-rate period, including the effects of derivatives contracts entered into, was concurrently 2.8 (3.4) years. During January 2014, the average fixed-rate period was extended by signing two interest rate swaps with an average term of 9 years. In order to achieve the desired interest lock-in structure, interest derivative instruments are used, chiefly interest swaps. These are posted at their true value in the balance-sheet, showing changes in value in the profit and loss account without applying hedge accounting. As a result of increased market interest rates during 2013 the undervalue in Platzer's interest derivative during the year has been reduced to SEK -29 million, leading to a positive change in value of SEK 82 million for the closing period. The change in value does not affect the cashflow. When the term of the derivative expires, the value is always zero.
The financial assets and liabilities assessed at their fair value within the group are made up of the derivative instruments and endowment assurances described above. Both the derivative instruments and the endowment assurances can be found at level 2 according to IFRS 13, Fair value measurement. At the turn of the year the fair value of the derivative instruments amounted to SEK -29 million divided between other long-term debts of SEK 51 million and financial fixed assets of SEK 22 million. The fair value of long-term interest-bearing debts is equivalent to their reported value since the discounting effect is not essential, given that interest on the loan is variable and adjusted to the market.
No major events occurred after 31 December 2013.
The parent company has no properties of its own but does handle certain group-wide functions involving management and financing. Income in the parent company relates to invoicing of services to inter-group companies.
In the property business, as in all business, there is
always exposure to risk. Good internal control and external control by auditors, smooth-functioning administrative systems and policies as well as tried and tested property valuation routines are methods which Platzer uses to handle and reduce such risks. Platzer's income is affected primarily by rental and occupancy rates, and by losing clients. In order to diminish the operative risks, Platzer is consciously working to increase the average contractual period, reduce its dependence on individual tenants and carry out credit appraisals when letting to new clients. Platzer is endeavouring to write rental agreements under which a more substantial share of the running costs and property tax is passed on to the tenants, thereby limiting the risks associated with any change in these costs for Platzer. Unforeseen maintenance costs can end up having a negative impact on the bottom line. The properties' value is affected partly by Platzer's own work on the properties and partly by external factors, such as investors' yield requirements. In addition, there are also operational risks that may arise as a result of faulty routines and environmental risks. Platzer is actively working to limit this type of risk. The financial risks primarily impacting on Platzer are described on pages 35-36 of the annual report for 2012. In addition to the risk factors specified in the "Invitation to subscribe for shares" from 18 November 2013.
Platzer compiles its consolidated financial statement in accordance with IFRS (International Financial Reporting Standards), as endorsed by the EU. The same accounting and valuation principles have been applied as to the annual report most recently submitted. In addition, IFRS 8, Operating segment, has been applied in the interim report drawn up. The new IFRS 13 standard, Fair value measurement, which applies from 1 January 2013, primarily entails stricter disclosure requirements in the annual report. Investment properties are valued in accordance with level 3 in the fair value hierarchy and derivative instruments in accordance with level 2. The introduction of IFRS 13 is not deemed to have any effect on Platzer's valuation methods or result. Other new or revised IFRS standards which came into force in 2013 have not had any major impact on the group's financial reports. The interim report has been drawn up in accordance with IAS 34, Interim financial reporting. The parent company applies the Swedish Annual Accounts Act and RFR2 (produced by the Swedish Financial Reporting Board, RFR).
The Board will propose that the annual general meeting adopt a dividend of SEK 0.60 (0.50) per share.
Gothenburg, 18 February 2014 Platzer Fastigheter Holding AB (publ)
P-G Persson CEO
| SEK million | 2013 Oct-Dec |
2012 Oct-Dec |
2013 Jan-Dec |
2012 Jan-Dec |
|---|---|---|---|---|
| Rental income | 117 | 111 | 464 | 384 |
| Property costs | -33 | -35 | -123 | -104 |
| Operating surplus | 84 | 76 | 341 | 280 |
| Central administration | -9 | -7 | -26 | -22 |
| Net financial income/expenditure | -38 | -37 | -149 | -127 |
| Profit from property management | 37 | 32 | 166 | 130 |
| Change in value, investment properties | 85 | 42 | 117 | 108 |
| Change in value, financial instruments | -6 | -13 | 82 | -55 |
| Profit/loss before tax | 116 | 61 | 365 | 184 |
| Tax on profit/loss for the period | -15 | 9 | -71 | -26 |
| Profit/loss for the period 1) | 101 | 70 | 294 | 157 |
| Result per share 2) | 1.32 | 1.10 | 3.82 | 2.47 |
1) There is no total result in general for the group, hence the aggregate total result for the group tallies with the profit/loss for the period. The whole of the result is allocable to the parent company's shareholders.
2) There is no dilutive effect as there are no potential shares.
| SEK million | 31/12/2013 | 31/12/2012 |
|---|---|---|
| ASSETS | ||
| Investment properties | 6,913 | 6,091 |
| Other fixed assets | 5 | 3 |
| Financial fixed assets | 22 | 4 |
| Current assets | 35 | 20 |
| Liquid assets | 677 | 118 |
| TOTAL ASSETS | 7,652 | 6,235 |
| EQUITY AND DEBT | ||
| Equity | 2,726 | 1,816 |
| Deferred tax liability | 172 | 125 |
| Long-term interest-bearing debts | 4,520 | 4,045 |
| Other long-term debt | 51 | 114 |
| Short-term debt | 183 | 136 |
| TOTAL EQUITY AND DEBT | 7,652 | 6,235 |
| Pledged assets | 4,670 | 4,090 |
| Contingent liabilities | 10 | 10 |
| 2013 | 2012 | 2013 | 2012 | |
|---|---|---|---|---|
| SEK million | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Ongoing operations | ||||
| Operating surplus | 84 | 76 | 341 | 280 |
| Central administration | -8 | -7 | -25 | -22 |
| Net financial income/expenditure | -38 | -37 | -149 | -127 |
| Income tax | -6 | -11 | -6 | -11 |
| Cashflow from ongoing operations prior to change in working capital | 32 | 21 | 161 | 120 |
| Change in current receivables | -15 | -3 | -15 | 14 |
| Change in current liabilities | 12 | 14 | 11 | 11 |
| Cashflow from ongoing operations | 29 | 32 | 157 | 145 |
| Investment activities | ||||
| Investment in existing investment properties | -20 | -46 | -114 | -151 |
| Acquisition of investment properties | -755 | - | -931 | -1 500 |
| Investment properties sold | 260 | -1 | 340 | 171 |
| Other investment | -3 | 0 | -3 | 0 |
| Cashflow from investment activities | -518 | -47 | -708 | -1,480 |
| Financing activities | ||||
| Change in interest-bearing debts | 333 | -47 | 475 | 1 114 |
| Dividend | - | - | -35 | -27 |
| New issue | 670 | - | 670 | 327 |
| Cashflow from financing activities | 1,003 | -47 | 1,110 | 1,414 |
| Cashflow for the period | 514 | -62 | 559 | 79 |
| Liquid assets at start of period | 163 | 180 | 118 | 39 |
| Liquid assets at end of period | 677 | 118 | 677 | 118 |
| SEK million | |||||||
|---|---|---|---|---|---|---|---|
| Equity attributable to the parent company's shareholders |
At start of period |
New issue | Total result for period |
Dividend | At end of period |
||
| Jan-Dec 2013 | 1,816 | 651 | 294 | -35 | 2,726 | ||
| Jan-Dec 2012 | 1,359 | 327 | 157 | -27 | 1,816 |
| 2013 | 2012 | |
|---|---|---|
| SEK million | Jan-Dec | Jan-Dec |
| Income | 7 | 7 |
| Costs | -8 | -6 |
| Net financial income/expenditure | 62 | 128 |
| Change in value, financial instruments | 79 | -55 |
| Profit/loss before tax | 140 | 74 |
| Balance sheet allocations | -9 | -9 |
| Tax on profit/loss for the period | -29 | 3 |
| Profit/loss for the period 1) | 102 | 68 |
1) There is no other total result in the parent company, for which reason the aggregate total result for the parent company tallies with the profit/ loss for the period.
| SEK million | 31/12/2013 | 31/12/2012 |
|---|---|---|
| ASSETS | ||
| Participation in group companies | 1,020 | 815 |
| Other financial fixed assets | 1,194 | 1,126 |
| Receivables from inter-group companies | 666 | 630 |
| Other current assets | 2 | 24 |
| Liquid assets | 446 | 0 |
| TOTAL ASSETS | 3,328 | 2,595 |
| EQUITY AND DEBT | ||
| Equity | 2,057 | 1,339 |
| Untaxed reserves | 22 | 12 |
| Long-term liabilities | 1,214 | 1,235 |
| Short-term liabilities | 35 | 9 |
| TOTAL EQUITY AND DEBT | 3,328 | 2,595 |
| Pledged assets | 1,170 | 1,126 |
| Contingent liabilities | 3,329 | 2,830 |
| Interest maturity date | Loan maturity date | ||||
|---|---|---|---|---|---|
| Year | Loan amount SEKm |
Share % |
Average rate % |
Loan sum SEKm |
Share % |
| 2014 | 2,250 | 50 | 2,75 | 1,005 | 22 |
| 2015 | 300 | 7 | 4,56 | 1,170 | 26 |
| 2016 | 300 | 7 | 4,18 | 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 | 200 | 4 | 3,80 | - | - |
| 2023 | 100 | 2 | 3,88 | - | - |
| Totalt | 4,520 | 100 | 3,42 | 4,520 | 100 |
| 2013 Jan-Dec |
2012 Jan-Dec |
|
|---|---|---|
| Financial | ||
| Debt/equity ratio, times | 1.7 | 2.2 |
| Interest coverage ratio, times | 2.1 | 2.0 |
| Loan-to-value ratio, % | 65 | 66 |
| Solvency, % | 36 | 29 |
| Return on equity, % | 12.9 | 9.9 |
| Property-related | ||
| Dividend yield, % | 5.3 | 5.4 |
| Net profit ratio, % | 74 | 73 |
| Financial occupancy rate, % | 93 | 91 |
| Letting value, SEK/sq.m | 1,363 | 1,078 |
| Lettable floorage, thousand sq.m | 374 | 402 |
| Investment properties | Project properties |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Central Gothenburg | West Gothenburg | Gothenburg Other | ||||||||
| SEK million | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 |
| Rental income | 253 | 213 | 72 | 72 | 134 | 92 | 4 | 8 | 463 | 384 |
| Property costs | -57 | -50 | -27 | -28 | -33 | -20 | -5 | -6 | -122 | -104 |
| Operating surplus | 196 | 163 | 45 | 44 | 101 | 72 | -1 | 1 | 341 | 280 |
The segment information is presented in the summary financial statement drawn up in accordance with IFRS 8, Operating segment. An operating segment is reported so as to tally with the internal reporting submitted to the chief executive decision-maker, which is the function responsible for allocating resources and assessing the operating segment's result. In the group this function has been identified as the CEO.
In the group's internal reporting, the company is divided into the above segments. According to the above, the total operating surplus tallies with the operating surplus posted in the profit and loss account. The difference between the operating surplus of SEK 341m (280m) and pre-tax result of SEK 365m (184m) comprises central administration of SEK 26m (-22m), net financial income/expenditure of SEK -149m (-127m), and changes in the value of properties and derivatives of SEK 199m (53m).
| SEK million | |
|---|---|
| Value of properties as at 01/01/2013 | 6,091 |
| Investments in existing properties | 114 |
| Property acquisition | 931 |
| Property sales | -340 |
| Change in value | 117 |
| Value of properties as at 31/12/2013 | 6,913 |
| No. of proper ties |
Lettable floorage, sq.m |
Fair value, SEKm |
Letting value, SEKm |
Finan cial oc cupancy rate, % |
Rental income, SEKm |
Opera ting sur plus, SEKm |
Net profit ratio, % |
|
|---|---|---|---|---|---|---|---|---|
| INVESTMENT PROPERTIES | ||||||||
| Central Gothenburg | ||||||||
| Offices/Shops | 16 | 142,133 | 4,090 | 310 | 94 | 291 | 228 | 78 |
| Industrial/Warehousing/Other | 2 | 23,925 | 263 | 21 | 70 | 15 | 12 | 79 |
| Total | 18 | 166,058 | 4,353 | 331 | 93 | 306 | 240 | 78 |
| West Gothenburg | ||||||||
| Offices/Shops | 6 | 43,389 | 480 | 49 | 84 | 41 | 25 | 61 |
| Industrial/Warehousing/Other | 9 | 53,066 | 369 | 39 | 95 | 37 | 23 | 62 |
| Total | 15 | 96,455 | 849 | 88 | 89 | 78 | 48 | 62 |
| Gothenburg Other | ||||||||
| Offices/Shops | 10 | 86,405 | 1,363 | 124 | 97 | 121 | 90 | 74 |
| Industrial/Warehousing/Other | 2 | 18,813 | 233 | 26 | 96 | 25 | 18 | 74 |
| Total | 12 | 105,218 | 1,596 | 150 | 97 | 146 | 108 | 74 |
| TOTAL | ||||||||
| INVESTMENT PROPERTIES | ||||||||
| 45 | 367,731 | 6,798 | 569 | 93 | 530 | 396 | 75 | |
| PROJECT PROPERTIES | 8 | 6,657 | 115 | 4 | 25 | 1 | 0 | - |
| TOTAL PLATZER | 53 | 374,388 | 6,913 | 573 | 93 | 531 | 396 | 74 |
The schedule includes the property portfolio as at 31 December 2013.
Letting value refers to rental income plus assessed market rent for let areas in existing condition.
Rental income refers to rental income contracted for, including extra charges agreed and irrespective of fixed-term rebates of approx. SEK 8 million as at 1 January 2014.
The operating surplus shows the properties' earning capacity on an annual basis defined as rental income contracted as at 1 January 2014, less assessed property costs including property administration on a rolling 12-month basis.
Platzer owns, manages and develops commercial properties in the Gothenburg area. The properties can be divided into three areas geographically: Central Gothenburg (Centre, Gårda and Gullbergsvass), West Gothenburg (Högsbo and Långedrag) and Gothenburg Other (Backaplan, Gamlestaden [Old Town], Mölndal and Mölnlycke). Through profitable growth, Platzer is endeavouring to be the leading player in all of its priority areas. The business is currently the top player in Lilla Bommen, Gårda and Högsbo.
The property portfolio as at 31 December 2013 included a total of 53 properties, eight of which were project properties, with a fair value of SEK 6,913 million.
The total lettable floorage amounted to 374,388 sq.m, which was divided between offices 66 %, shops 2 %, industry/warehousing 16 % and other 16 %.
The financial occupancy rate during the period was 93 % (91).
Platzer has 536 rental contracts on premises. Its largest tenants include DB Schenker, the Swedish Migration Board, Mölnlycke Health Care, Gothenburg & Bohuslän County Insurance, Flexlink, Stampen, the National Courts Administration, AcadeMedia, Cochlear and Reinertsen.
The twenty biggest rental contracts accounted for 36 % of the letting value.
The average term remaining was 46 months. In addition, Platzer has signed a rental contract on a newbuild project scheduled for occupation in autumn 2015.
Apart from rental contracts on premises, there were parking agreements for garage and parking spaces, short-term parking facilities, and an agreement for advertising signs and masts with a total letting value of SEK 34 million.
| No. | Rental income |
Share % | |
|---|---|---|---|
| 2014 | 157 | 46 | 9 |
| 2015 | 132 | 113 | 23 |
| 2016 | 109 | 103 | 21 |
| 2017 | 84 | 83 | 16 |
| 2018 | 27 | 51 | 10 |
| 2019 | 8 | 31 | 6 |
| 2020- | 19 | 75 | 15 |
| Total | 536 | 502 | 100 |
| Multistorey carpark/other |
34 | ||
| Minority | -5 | ||
| Total | 531 |
1) Excl. rental contract for newbuild project.
The year saw Platzer complete four property acquisitions totalling 32,641 sq.m, acquiring two properties during the first quarter: the office property Gullbergsvass 5:11, with lettable floorage of 6,455 sq.m, and 45 garage spaces from Stena Properties. Since being acquired, the property has been amalgamated by means of being merged with the previously owned property Gullbergsvass 5:10; the second was Högsbo 4:1, including 4,643 sq.m lettable floorage, acquired by Harry Sjögren. During the final quarter, two acquisitions were completed: the property Gullbergsvass 5:26, a new development including 16,735 sq.m premise space, acquired from Skanska Fastigheter Göteborg; and Tingstadsvassen 3:8, aka Centrumhuset in Backaplan, which included 4,808 sq.m and was acquired from AxFast.
During the year Platzer sold five properties totalling a combined 55,397 sq.m: all of Platzer's properties in Kärra, totalling 8,400 sq.m, and the property Skår 40:17 including 47,000 sq.m, which was sold to Liseberg in November.
| Indu strial/ ware hou |
||||||||
|---|---|---|---|---|---|---|---|---|
| Quarter | Properties | Area | Segment | Offices | Shops | sing | Other | Total |
| Acquisitions | ||||||||
| 1 | Gullbergsvass 5:11 | Gullbergsvass | Central Gothenburg | 6,089 | 252 | 114 | 6455 | |
| 1 | Högsbo 4:1 | Högsbo | West Gothenburg | 1,310 | 510 | 2,823 | 4,643 | |
| 4 | Gullbergsvass 5:26 | Gullbergsvass | Central Gothenburg | 14,989 | 1 746 | 16,735 | ||
| 4 | Tingstadsvassen 3:8 | Backaplan | Gothenburg Other | 3,966 | 842 | 4,808 | ||
| 32,641 | ||||||||
| Sales | ||||||||
| 2 | Kärra 78:12 | Kärra | Gothenburg Other | 1,825 | 1,825 | |||
| 2 | Kärra 78:13 | Kärra | Gothenburg Other | 440 | 1,825 | 2,265 | ||
| 2 | Kärra 78:8 | Kärra | Gothenburg Other | 250 | 666 | 1,893 | 2,809 | |
| 2 | Kärra 80:6 | Kärra | Gothenburg Other | 225 | 1,273 | 1,498 | ||
| 4 | Skår 40:17 | Centre | Central Gothenburg | 8,890 | 38,110 | 47,000 |
Gullbergsvass 5:11, Kämpegatan 7, Gothenburg.
Tingstadsvassen 3:8, Krokegårdsgatan 5, Backaplan, aka Centrumhuset.
Högsbo 4:1, A Odhners gata 8/Olof Asklunds gata 24/Fältspatsgatan 1, Gothenburg.
Kärra 80:6, Trankärrsgatan 16, Göteborg, one of four properties sold to Eklandia Fastighets AB.
55,397
Gullbergsvass 5:26, "Tennet", Kilsgatan 4, Gothenburg.
Skår 40:17, Nellickevägen 2, Gothenburg, better known as Saab's gearbox factory.
| Indu strial/ ware |
||||||||
|---|---|---|---|---|---|---|---|---|
| No. | Property | Area | Year built | Offices | Shops | housing | Other | Total |
| Investment property | ||||||||
| 1 | Balltorp 1:135 | Mölndal | 1989 | 5,515 | 515 | 377 | 6,407 | |
| 2 | Bagaregården 17:26 | Gamlestaden | 1941/2010 | 24,977 | 365 | 6,975 | 2,535 | 34,852 |
| 3 | Bosgården 1:71 | Mölndal | 1988 | 4,687 | 56 | 4,743 | ||
| 4 | Brämaregården 35:4 | Backaplan | 1984/1991 | 12,377 | 222 | 855 | 13,454 | |
| 5 | Forsåker 1:196 | Mölndal | 1955/2002 | 5,242 | 150 | 5,392 | ||
| 6 | Fänkålen 2 | Mölndal | 1990 | 3,913 | 45 | 536 | 4,494 | |
| 7 | Gasklockan 2 | Mölndal | 1991/2010 | 1,482 | 3,394 | 4,876 | ||
| 8 | Gullbergsvass 1:1 | Gullbergsvass | 1988/2013 | 15,996 | 15,996 | |||
| 9 | Gullbergsvass 1:17 | Gullbergsvass | 1993/2011 | 5,400 | 5,400 | |||
| 10 | Gullbergsvass 5:10 | Gullbergsvass | 1988 | 11,736 | 252 | 547 | 12,535 | |
| 11 | Gullbergsvass 5:26 | Gullbergsvass | 2001/2013 | 14,989 | 1,746 | 16,735 | ||
| 12 | Gullbergsvass 703:53 | Gullbergsvass | 1991 | 9,000 | 9,000 | |||
| 13 | Gårda 1:15 | Gårda | 1971/1992 | 9,672 | 9,672 | |||
| 14 | Gårda 13:7 | Gårda | 2003 | 14,925 | 14,925 | |||
| 15 | Gårda 16:17 | Gårda | 1986 | 15,101 | 168 | 564 | 15,833 | |
| 16 | Gårda 3:12 | Gårda | 1956/1998 | 3,503 | 3,503 | |||
| 17 | Gårda 4:11 | Gårda | 1965/2002 | 7,464 | 433 | 7,897 | ||
| 18 19 |
Gårda 8:2 Högsbo 1:4 |
Gårda Högsbo |
1940/2007 1980 |
1,960 1,638 |
1,444 | 1,960 3,082 |
||
| 20 | Högsbo 11:3 | Högsbo | 1960 | 400 | 1,257 | 1,657 | ||
| 21 | Högsbo 11:5 | Högsbo | 1959 | 3,655 | 3,655 | |||
| 22 | Högsbo 13:6 | Högsbo | 1992/1999/2013 | 6,196 | 1,657 | 7,853 | ||
| 23 | Högsbo 2:1 | Högsbo | 1991/2009 | 6,300 | 6,300 | |||
| 24 | Högsbo 27:8 | Högsbo | 1971/2009/2013 | 528 | 1,986 | 2,514 | ||
| 25 | Högsbo 3:6 | Högsbo | 1964 | 4,831 | 19,588 | 722 | 25,141 | |
| 26 | Högsbo 3:9 | Högsbo | 1971 | 2,123 | 2,210 | 4,333 | ||
| 27 | Högsbo 32:3 | Högsbo | 1974/2011 | 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 | Livered 1:329 | Kållered (Mölndal) | 1962 | 13,937 | 13,937 | |||
| 34 | Nordstaden 13:12 | Centre | 1929/1993 | 5,070 | 5,070 | |||
| 35 | Nordstaden 14:1 | Centre | 1890/1993/2012 | 8,958 | 8,958 | |||
| 36 | Nordstaden 20:5 | Centre | 1943 | 2,553 | 231 | 2,784 | ||
| 37 | Solsten 1:110 | Mölnlycke | 1991 | 1,658 | 1,089 | 356 | 3,103 | |
| 38 | Solsten 1:132 | Mölnlycke | 2002 | 4,953 | 4,953 | |||
| 39 | Stampen 4:42 | Centre | 2009 | 5,766 | 2,847 | 8,613 | ||
| 40 | Stampen 4:44 | Centre | 1930/1994 | 14,681 | 14,681 | |||
| 41 | Stigberget 34:12 | Centre | 1967/1999/2013 | 4,433 | 2,801 | 264 | 253 | 7,751 |
| 42 | Stigberget 34:13 (50,3%) | Centre | 1969/2011 | 2,646 | 66 | 2,033 | 4,745 | |
| 43 | Tingstadsvassen 3:8 | Backaplan | 1991 | 3,966 | 842 | 4,808 | ||
| 44 | Tingstadsvassen 4:3 | Backaplan | 1943/1986/2011 | 517 | 3,628 | 54 | 4,199 | |
| 45 | Älvsborg 178:9 | Långedrag | 1993 | 9,659 | 296 | 3,862 | 13,817 | |
| Total investment properties | 243,093 | 7,986 | 58,112 | 58,540 | 367,731 | |||
| Project property | ||||||||
| 46 | Gårda 2:12 | Gårda | 1959 | 1,785 | 1,340 | 3,125 | ||
| 47 | Gårda 3:14 | Gårda | 0 | |||||
| 48 | Högsbo 3:5 | Högsbo | 0 | |||||
| 49 | Högsbo 7:21 | Högsbo | 0 | |||||
| 50 | Högsbo 14:3 | Högsbo | 1967 | 3,255 | 277 | 3,532 | ||
| 51 | Högsbo 757:118 | Högsbo | 0 | |||||
| 52 | Högsbo 757:121 | Högsbo | 0 | |||||
| 53 | Högsbo 757:122 | Högsbo | 0 | |||||
| Total project properties | 5,040 | 1,340 | 277 | - | 6,657 | |||
| TOTAL | 248,133 | 9,326 | 58,389 | 58,540 | 374,388 |
| No. of A-class | No. of B-class | Propor tion of |
Propor tion of |
||
|---|---|---|---|---|---|
| Sharehoulder | shares | shares | No. of shares | votes | capital |
| Ernström & C:o | 10,000,000 | 10,000,000 | 36.3 % | 10.4 % | |
| Länsförsäkringar Göteborg och Bohuslän | 5,000,000 | 11,162,490 | 16,162,490 | 22.2 % | 16.9 % |
| Backahill | 5,000,000 | 9,125,000 | 14,125,000 | 21.4 % | 14.8 % |
| Familjen Hielte / Hobohm | 19,293,745 | 19,293,745 | 7.0 % | 20.1 % | |
| Länsförsäkringar fondförvaltning AB | 5,508,099 | 5,508,099 | 2.0 % | 5.8 % | |
| Lesley Invest AB (inkl privat innehav) | 2,771,490 | 2,771,490 | 1.0 % | 2.9 % | |
| Lannebo fonder | 2,350,535 | 2,350,535 | 0.9 % | 2.4 % | |
| CGML IPB Client SK AC Sweden Treaty | 2,000,000 | 2,000,000 | 0.7 % | 2.1 % | |
| Catella Fondförvaltning | 1,598,500 | 1,598,500 | 0.6 % | 1.7 % | |
| Svolder AB | 1,470,870 | 1,470,870 | 0.5 % | 1.5 % | |
| Other owners | 20,466,705 | 20,466,705 | 7.4 % | 21.4 % | |
| Total (3,341 owners) | 20,000,000 | 75,747,434 | 95,747,434 | 100 % | 100 % |
| 2013 Jan-Dec | 2012 Jan-Dec | |
|---|---|---|
| Equity, SEK | 28,47 | 25,77 |
| Long-term breakdown value (EPRA NAV), SEK | 30,58 | 29,10 |
| SE quotation price, SEK | 27,00 | - |
| Profit/loss after tax, SEK 1) | 3,82 | 2,47 |
| Profit from property management, SEK | 2,16 | 2,05 |
| Cashflow from ongoing operations, SEK | 2,04 | 2,27 |
| Dividend, SEK 2) | 0,60 | 0,50 |
| No. of shares as at accounting date, thousands | 95,747 | 70,447 |
| Average no. of shares, thousands | 76,772 | 63,724 |
1) There is no dilutive effect as there are no potential shares. 2) Dividend proposed for 2013.
Platzer Fastigheter Holding AB (publ) was founded on 1 January 2008 by Ernström & C:o, Brinova Properties and Länsförsäkringar Göteborg and Bohuslän. The owners then formulated an owners' vision whereby "Platzer intends, through profitable growth, to attain a property holding of some SEK 10 billion and to offer an attractive investment alternative as well as achieve stock exchange listing". Since then Platzer has enjoyed seeing its property portfolio grow, partly financed through new issues: In 2011 Platzer had an infusion of SEK 150 million and during 2012 two issues were completed for a combined SEK 330 million. During 2013 Platzer took a step closer to its ownership vision as a result of the B-share having been listed on the NASDAQ OMX Stockholm, Mid Cap, since 29 November. In conjunction with this listing, ownership diversification was achieved through a new
issue totalling 25.3 million shares, providing the company with SEK 670 million before allowing for emissions costs of SEK 23 million. The number of shares at the turn of the year amounted to 20 million A-class shares (10 votes per share ) and 75.7 million B-class shares (one vote per share). Each share has a quota value of SEK 0.10. The number of shareholders at the turn of the year was 3,341. At the same time, the proportion of shares owned by shareholders registered outside of Sweden was 7 %.
2008 and 2009 was reported in accordance with IFRS
Debt-equity ratio (leverage) Interest-bearing debts divided by equity.
Interest coverage ratio Profit/loss after financial income divided by interest costs.
Solvency Equity divided by balance-sheet total.
Return on equity Profit/loss after tax as percentage of average equity.
Operating surplus as percentage of the properties' average value, converted to full-year value for interim period.
Operating surplus as percentage of rental income.
Rental income as percentage of letting value, where rental income is defined as rents charged together with extras, such as reimbursement for heating and property tax. Letting value is defined as rental income plus assessed open-market rent (rent excl. heating) for unlet spaces (in existing state).
Letting value divided by lettable floorage, where letting value is defined as rental income plus assessed open-market rent (rent excl. heating) for unlet spaces (in existing state).
Equity and breakdown value are calculated on number of shares as at the accounting date, others on average number of shares.
Equity posted according to balance-sheet with addback of interest derivative and deferred tax.
Platzer has signed a six-year rental agreement with the Swedish Social Insurance Agency relating to 7,300 sq.m, and a five-year agreement with the Gothenburg Region's Association of Local Authorities (GR) relating to 3,200 sq.m in the properties Gårda 3:12/Gårda 3:14 in Anders Personsgatan 2-8 in north Gårda. Including these lettings, 92 % of the premises area in the project has now been rented out, leaving 890 sq.m at ground-floor lobby level well suited to service, commercial and catering establishments.
Platzer Fastigheter Holding AB (publ) PO Box 211, SE-401 23 GOTHENBURG, SWEDEN Calling address: Anders Personsgatan 16 Tel. (+46)031-631 200, Fax (+46)031-631 201 E-mail [email protected], www.platzer.se Th e r e g i s t e r e d o f f i c e o f t h e B o a r d o f D i r e c t o r s : G o t h e n b u r g Organisation no: 556746-6437
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