Interim / Quarterly Report • Jul 7, 2015
Interim / Quarterly Report
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Gamlestaden 740:132, Gamlestads Torg, Gothenburg
Interim report January - September 2015 3 November 2015 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 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 image: The property Stampen 4:44, Polhemsplatsen 5-7, Gothenburg Illustration: Okidoki.
Platzer's property value has grown by SEK 2 billion or 28% as at 30 June 2015 compared to the same date last year. The growth has been by means of the net acquisition of properties as well as property and project development. The proportion of ongoing projects and possible development rights continues to rise. One conscious strategy is for the development project to stand for an increasing proportion of our future growth, which will gradually become clear in our quarterly reports. During the second quarter, we took possession of the property Olskroken 18:7, Gamlestadens Fabriker, where we see, around the central point of Gamlestads Torg, great potential to create together with Gothenburg municipality, the Swedish Transport Administration and Västtrafik one of Gothenburg's most attractive areas to live and run business. We have also signed an agreement with Armatec to develop jointly their new head office and warehouse of 4,800 m² on the recently acquired property Hårddisken 1 in Jolen, Mölndal.
An important precondition for us to be able to grow by means of property and project development is for the municipalities planning offices and the political committees to prioritise and allocate resources to work with urban development and zoning plans in those areas where we have our prope rties. Our ambition is to take a very active role in the urban development around our properties along with the municipalities and, in this way, create the conditions for developing the individual properties. To do this, we want to increase in size and, for this reason, we are aiming to be the leading player in every such sub-area. This also means that we sometimes sell properties in areas where we are not sufficiently large. During the second quarter, we vacated five properties in southern Högsbo in order to focus fully on northern Högsbo. The five areas where we are involved and assisting in the urban development are in Backaplan, the Central Area, Gamlestaden, Gårda, Krokslätt as well as Northern Högsbo. In all six areas, work is underway in Gothenburg municipality's City Planning Office to produce zoning plans.
Our major ongoing projects are proceeding according to plan and they will have a positive cash effect from the end of 2015 and forwards. Lease agreements concluded in project development amount to just over SEK 60 million in annual rental value. At the same time, the projects mean that the profit as well as the key performance indicators for Platzer as at 30 June 2015 are affected negatively, since premises and properties are emptied in some cases during rebuilding, while the changes in value, which are solely positive in our ongoing projects, are successively included in the income statement and the balance sheet. Nevertheless, for the period our operating surplus increased by 7% compared to the previous year and the income from property management is up 20%, mainly because of the property deals we have concluded since the same period in the previous year. Long-term rates went up during the second quarter, which give a positive impact on earnings from changes in values of financial instruments.
To sum up, a six-month period for Platzer with plenty of transactions in the form of both acquisitions and sales as well as good headway in property, project and urban development. We see a continuing downward pressure on yields in property deals and we are witnessing a very advantageous situation for property and project development thanks to the high demand for newly built premises, falling yields and good opportunities for financing. An interesting autumn - where we are looking forwards to being involved and assisting in the development of Gothenburg.
P-G Persson CEO
Platzer is one of the leading commercial property companies and one of the largest in Gothenburg, primarily for office space. The company owns and develops 59 properties with a total area of approximately 460,000 sq m. By means of property management, property and project development as well as property transactions, Platzer creates growth and profitability. Platzer gives priority to good relationships with tenants and providing service characterised by accessibility and commitment. At the end of the period, Platzer had 51 employees.
Platzer shall be the leading property company for commercial premises in the Gothenburg area. The natural first choice.
Each employee has a personal far-reaching responsibility and thus, also great freedom to meet the needs of tenants promptly. Thus, the foundations are laid for the long-term development of properties, business and relationships.
Everybody works in accordance with the core values:
*) risk-free interest = interest rate for a 5-year Swedish government bond
Platzer is working actively to attain an equal distribution between men and women, among employees as well as on the Board and in the management. In the Allbright Foundation's equality report 2015, which measures equality in the management groups of Swedish quoted companies, Platzer came in on the "white list".
Platzer's business is based on taking a long-term approach. Sustainability is about constantly taking decisions that provide the conditions for long-term sustainable development. This is achieved by a balance between several factors: healthy finances, employees who are satisfied, minimal environmental impact and a positive contribution to society.
This year, Platzer has so far conducted eight new environmental certifications and 65% of the total property portfolio is now environmentally certified. The goal is for all of the properties to be environmentally certified, in accordance with one of the approved systems, by no later than five years after they have been acquired and all newly constructed properties are environmentally certified.
As part of the ambition to grow and become even stronger in the Gothenburg area, Platzer is active in the urban development of the entire region. At Backaplan, the company is one of five property owners who, together with Gothenburg municipality , want to create a living inner city environment and mixed urban area. In northern Högsbo, Platzer, as the largest property owner, is taking the initiative in the transformation from an industrial area into a mixed, urban area. In both Gårda and Gamlestaden, Platzer has several projects that are helping to give a continued development in both of these areas.
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 operations for the first six months amounted to SEK 126 million (105), which is an increase of 20%. 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. The value changes on properties for the period amounted to SEK 109 million (108), value changes on financial instruments amounted to SEK 75 million (-104) and the period's profit after tax was SEK 242 million (85).
The rental income for the first six months amounted to SEK 283 million (261), which is an increase of 8%. The increase in income is mainly attributable to a larger property portfolio as well as to new rentals. The rental income from existing lease agreements is assessed as SEK 604 million (541) on an annual basis on the balance date. The economic occupancy rate for the period amounted to 91% (93). The large development projects that are underway mean, for the first six months, a comparatively negative effect on the profit and the occupancy rate since premises, in some cases, have been emptied to enable conversion.
During the period, the property costs were SEK 73 million (64), an increase that is mainly due to the large property portfolio that was taken into possession in December 2014 and April 2015. 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.
The operating surplus amounted to SEK 210 million (197), which is an increase of 7%. The surplus ratio continues to be at a high and stable level and for the first six months amounted to 74% (75).
The net financial items for the period amounted to SEK -68 million (-77), a reduction of SEK 9 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 June, the average interest rate, including the effects of signed derivative instruments, amounted to 2.45% (3.38).
Income tax on the profit for the period amounted to SEK -68 million (-24) 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.
In addition to this, with the current tax system there are possibilities for tax write-offs and, under some
conditions, even direct deduction for repairs, which lowers the tax payable.
Net investment in properties during the first six months amounted to SEK 740 million (174), of which SEK 728 million (118) concerns acquisitions and SEK 178 million (-) concerns sales. Investments in existing properties amounted to SEK 190 million (56). The investments have been financed by new borrowing and to some extent cash in hand. The cash flow for the period, after a dividend to shareholders of SEK 72 million, amounted to a total of SEK 21 million (-581). On the balance date, the cash and cash equivalents amounted to SEK 117 million (96). Apart from cash and cash equivalents, there was an unused loan commitment on the closing date of SEK 273 million, of which SEK 143 million consists of unused construction loan agreements.
The properties are recognised at an estimated fair value of SEK 9,192 million (8,343), which is based on in internal valuation as at the balance date. The properties are valued internally in connection with the annual accounts using a ten-year cash flow model for all properties. For the quarterly financial statement, these valuations are reviewed and updated, taking into consideration whether there have been any changes in factors such as the market's required yield, rent level and utilisation grade in the properties, any realised capital gains/losses as well as investments in properties. Once a year, Platzer commissions an external valuation of a selected number of properties that constitute a cross-section of the property portfolio, with the aim of quality assuring the internal valuation. The internal property valuation for the period has meant a change in the value of the investment properties of SEK 109 million (108). Of the changes in value, approximately 30% come from project and property development and associated leasing and the remaining part is from the market's lower required yield.
During the period, the property Olskroken 18:7 has been acquired and the properties Högsbo 11:3, Högsbo 11:5, Högsbo 14:3, Högsbo 13:6 and Högsbo 27:8 have been sold. Investments in existing properties during the period amounted to SEK 190 million (56), where the largest investments are the new construction project Gårda 3:14 as well as two conversion projects for the Swedish Migration Board in Gårda 1:15 and Livered 1:329. Gårda 3:14 is estimated to be ready for occupation during the third quarter of 2015. It is estimated that the Swedish Migration Board will have full occupation during the first half of 2016.
The Group's shareholder equity at the end of the first six months, after provision of a dividend of SEK 0.75
per share, amounted to SEK 3,136 million (2,966). Shareholder's equity per share as at 30 June amounted to SEK 32.76 (30.98). The long-term net asset value, EPRA NAV, on the same date amounted to SEK 37.79 (36.20), and the net asset value, which is one of Platzer's financial targets, amounted to SEK 34,24 (33,07). The equity ratio amounted to 33% (35).
At the end of the first six months, the long-term interest bearing liabilities amounted to SEK 5,593 million (4,855), which corresponded to a loan to value ratio of 61% (58). The debt financing is primarily through bank loans that are secured by mortgages on the property. At the same time, the average fixed interest period, including the effects of derivative contracts concluded, amounted to 4.4 years (4.7). The average maturity period amounted to 1.7 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. Due to increased market rates during the first half of the year, the undervalue in Platzer's interest rate derivatives decreased to SEK -181 million, which, for the period, means a positive change in value of SEK 75 million. The changes in value do not affect the cash flow. During the remaining term, 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 51 employees as at 30 June. Platzer's property portfolio is organised into three market areas. The market areas are Platzer's units with responsibility for the daily operations and property management as well as the development of the properties. To support the market areas, there are 2 specialist units: project management and leasing. Platzer's Group and staff functions comprise the CEO, business development, finance, accounts, communication and sustainability.
Rental income for the second quarter amounted to SEK 144 million (131). The operating surplus for the second quarter increased by 7% to SEK 110 million (103) and the income from property management during the same period improved by 20% to SEK 67 million (56). In addition to this, there are value changes in investment properties for the quarter of SEK 49 million (91) and value changes for financial instruments of SEK 144 million (-56). The profit after tax for the quarter amounted to SEK 203 million (71).
An agreement was concluded in May for the acquisition of the property Hårddisken 1 in Jolen, Mölndal by Mölndal municipality. The completion is conditional on a decision of Mölndal's council, which was taken on 17 June, and possession of the property is estimated to the middle of July 2015. The property is included in the financial statements from taking possession.
The parent company does not own any properties of its own, instead it 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.
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 they 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 running agreements, there are no significant transactions with related parties.
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 I FRS 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.
This interim report has not been reviewed by the company's auditors.
Gothenburg, 07/07/2015 Platzer Fastigheter Holding AB (publ)
P-G Persson CEO
| SEK million | 2015 April-June |
2014 April-June |
2015 Jan-June |
2014 Jan-June |
2014 Jan-Dec |
2014/2015 July-June |
|---|---|---|---|---|---|---|
| Rental income | 144 | 131 | 283 | 261 | 525 | 547 |
| Property costs | -34 | -28 | -73 | -64 | -131 | -140 |
| Operating surplus | 110 | 103 | 210 | 197 | 394 | 407 |
| Central administration | -8 | -8 | -16 | -15 | -32 | -33 |
| Net financial items | -35 | -39 | -68 | -77 | -151 | -142 |
| Income from property management | 67 | 56 | 126 | 105 | 211 | 232 |
| Change in value, investment properties | 49 | 91 | 109 | 108 | 401 | 402 |
| Change in value, financial instruments | 144 | -56 | 75 | -104 | -227 | -48 |
| Profit before tax | 260 | 91 | 310 | 109 | 385 | 586 |
| Taxes on the period's profit/loss | -57 | -20 | -68 | -24 | -87 | -131 |
| Profit for the period 1) | 203 | 71 | 242 | 85 | 298 | 455 |
| Profit per share 2) | 2.12 | 0.74 | 2.53 | 0.88 | 3.11 | 4.76 |
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's shareholders.
2) There is no dilution effect, as there are no potential shares.
| SEK million | 30/06/2015 | 30/06/2014 | 31/12/2014 |
|---|---|---|---|
| ASSETS | |||
| Investment properties | 9,192 | 7,195 | 8,343 |
| Other tangible fixed assets | 5 | 7 | 6 |
| Financial fixed assets | 49 | 12 | 36 |
| Current assets | 67 | 21 | 27 |
| Cash and cash equivalents | 117 | 513 | 96 |
| TOTAL ASSETS | 9,430 | 7,748 | 8,508 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' equity | 3,136 | 2,753 | 2,966 |
| Deferred tax liability | 300 | 186 | 244 |
| Non-current interest bearing liabilities | 5,593 | 4,518 | 4,855 |
| Other non-current liabilities | 230 | 144 | 292 |
| Current liabilities | 171 | 147 | 151 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 9,430 | 7,748 | 8,508 |
| Pledged assets | 5,598 | 4,677 | 5,000 |
| Contingent liabilities | 54 | 56 | 57 |
| 2014 | 2014/2015 | |||||
|---|---|---|---|---|---|---|
| SEK million | April-June | 2015 April 2015 2014 2014 June Jan-June Jan-June Jan-Dec 110 103 210 197 394 -7 -8 -15 -15 -31 -35 -39 -68 -77 -151 -11 -2 -15 -6 -16 57 54 112 99 196 -12 5 -22 8 3 -28 -22 5 -36 -7 17 37 95 71 192 -102 -28 -190 -56 -166 -728 -118 -728 -118 -843 178 - 178 - - - 1 - -1 -1 -652 -145 -740 -175 -1,010 692 -2 738 -2 315 - - - - -1 -72 -58 -72 -58 -58 - - - - -19 620 -60 666 -60 237 |
July-June | |||
| The current operations | ||||||
| Operating surplus | 407 | |||||
| Central administration | -31 | |||||
| Net financial items | -142 | |||||
| Income tax | -25 | |||||
| Cash flow from current operations before | ||||||
| changes in operating capital | 209 | |||||
| Change in current receivables | -27 | |||||
| Change in current liabilities | 34 | |||||
| Cash flow from the current operations | 216 | |||||
| Investment activities | ||||||
| Investment in existing investment properties | -300 | |||||
| Acquisition of investment properties | -1,453 | |||||
| Investment properties sold | 178 | |||||
| Other investments | - | |||||
| Cash flow from investment operations | -1,575 | |||||
| Financing activities | ||||||
| Change in interest-bearing liabilities | 1,055 | |||||
| Changes in non-current receivables | -1 | |||||
| Dividend | -72 | |||||
| Rights issues | -19 | |||||
| Cash flow from financing activities | 963 | |||||
| Cash flow for the period | -15 | -168 | 21 | -164 | -581 | -396 |
| Cash and cash equivalents at the start of the | ||||||
| period | 132 | 681 | 96 | 677 | 677 | 513 |
| Cash and cash equivalents at the end of the | ||||||
| period | 117 | 513 | 117 | 513 | 96 | 117 |
| 2015 | 2014 | 2014 | |
|---|---|---|---|
| SEK million | Jan-June | Jan-June | Jan-Dec |
| Shareholder's equity attributable to the Parent Company's shareholder | |||
| At the start of the period | 2,966 | 2,726 | 2,726 |
| Comprehensive income for the period | 242 | 85 | 298 |
| Dividend | -72 | -58 | -58 |
| At the end of the period | 3,136 | 2,753 | 2,966 |
| SEK million | 2015 Jan-June |
2014 Jan-June |
2014 Jan-Dec |
|---|---|---|---|
| Net turnover | 6 | 5 | 10 |
| Operating expenses | -5 | -5 | -10 |
| Net financial items | -32 | -21 | -48 |
| Change in value, financial instruments | 36 | -94 | -179 |
| Profit before tax and appropriations | 5 | -115 | -227 |
| Appropriations | - | - | 108 |
| Tax | -1 | 25 | 27 |
| Profit for the period 1) | 4 | -90 | -92 |
1) There is no other comprehensive income for the parent company, as the total profit is the same as the profit for the period.
| SEK million | 30/06/2015 | 30/06/2014 | 31/12/2014 |
|---|---|---|---|
| ASSETS | |||
| Participations in Group companies | 1,020 | 1,020 | 1,020 |
| Other financial fixed assets | 2,453 | 1,198 | 1,538 |
| Receivables with Group companies | 994 | 747 | 1,107 |
| Other current assets | 8 | 8 | 2 |
| Cash and cash equivalents | 1 | 261 | 4 |
| TOTAL ASSETS | 4,476 | 3,234 | 3,671 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' equity | 1,840 | 1,910 | 1,908 |
| Untaxed reserves | 42 | 22 | 42 |
| Non-current liabilities | 2,581 | 1,294 | 1,701 |
| Current liabilities | 13 | 8 | 20 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 4,476 | 3,234 | 3,671 |
| Pledged assets | 2,402 | 1,170 | 1,492 |
| Contingent liabilities | 3,151 | 3,327 | 3,323 |
| Interest maturity | Loan maturity | ||||
|---|---|---|---|---|---|
| Year | Loan amount, SEK million |
Share % |
Average interest % |
Loan amount, SEK million |
Share % |
| 2015 | 2,353 | 42 | 1.22 | 1,818 | 33 |
| 2016 | - | - | - | 1,302 | 23 |
| 2017 | - | - | - | 1,032 | 18 |
| 2018 | 120 | 2 | 3.49 | 953 | 17 |
| 2019 | 200 | 4 | 3.29 | 488 | 9 |
| 2020 | 300 | 5 | 4.23 | ||
| 2021 | 670 | 12 | 3.05 | ||
| 2022 | 550 | 10 | 3.57 | ||
| 2023 | 100 | 2 | 3.57 | ||
| 2024 | 1,000 | 18 | 3.34 | ||
| 2025 | 300 | 5 | 2.58 | ||
| Total | 5,593 | 100 | 2.45 | 5,593 | 100 |
| 2015 Jan-June |
2014 Jan-June |
2014 Jan-Dec |
2014/2015 July-June |
|
|---|---|---|---|---|
| Financial | ||||
| Debt/equity ratio (multiple) | 1.8 | 1.6 | 1.6 | 1.8 |
| Interest coverage ratio (multiple) | 2.9 | 2.3 | 2.4 | 2.6 |
| Loan-to-value ratio, % | 61 | 63 | 58 | 61 |
| Equity ratio, % | 33 | 36 | 35 | 33 |
| Return on equity, % | 11.2 | 6.0 | 10.5 | 15.5 |
| Property-related | ||||
| Investment yield, % | 4.8 | 5.6 | 5.2 | 5.0 |
| Surplus ratio, % | 74 | 75 | 75 | 74 |
| Economic occupancy rate, % | 91 | 93 | 94 | 93 |
| Rental value, SEK/sq m | 1,524 | 1,507 | 1,490 | 1,509 |
| Lettable area, thousand sq m | 458 | 380 | 415 | 458 |
| Investment properties | Project properties |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Central Gothen burg |
South/West Gothenburg |
North/East Gothenburg |
||||||||
| SEK million | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 |
| Rental income | 164 | 148 | 58 | 61 | 60 | 51 | 1 | 1 | 283 | 261 |
| Property costs | -37 | -31 | -20 | -21 | -15 | -11 | -1 | -1 | -73 | -64 |
| Operating surplus | 127 | 117 | 38 | 40 | 45 | 40 | 0 | 0 | 210 | 197 |
In the Group's internal reporting, the activities are divided into the segments shown above, which is described on page 14. 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 210 million (197) and profit before tax of SEK 310 million (109) consists of central administration SEK -16 million (-15), net financial items SEK -68 million (-77) and changes in value for properties and derivatives SEK 184 million (4). Regarding the redistribution segment, see page 13.
| SEK million | 2015 Jan-June |
2014 Jan-June |
2014 Jan-Dec |
|---|---|---|---|
| The value of the properties, opening balance | 8,343 | 6,913 | 6,913 |
| Investments in existing properties | 190 | 56 | 166 |
| Property acquisitions | 728 | 118 | 863 |
| Property sales | -178 | - | - |
| Value changes | 109 | 108 | 401 |
| The value of the properties, closing balance | 9,192 | 7,195 | 8,343 |
| Number of properties |
Leasable area, sq m |
Fair value, SEK million |
Rental value, SEK million |
Eco nomic occu pancy rate, % |
Rental income, SEK million |
Oper ating sur plus, SEK million |
Sur plus ratio, % |
|
|---|---|---|---|---|---|---|---|---|
| INVESTMENT PROPERTIES | ||||||||
| Central Gothenburg | ||||||||
| Offices/Retail | 20 | 176,341 | 5,235 | 352 | 90 | 317 | 242 | 76 |
| Industrial/Warehouses/ | ||||||||
| Other | 2 | 23,925 | 329 | 18 | 78 | 14 | 11 | 76 |
| Total | 22 | 200,266 | 5,564 | 370 | 89 | 331 | 253 | 76 |
| South/West Gothenburg | ||||||||
| Offices/Retail | 9 | 56,572 | 592 | 64 | 84 | 54 | 33 | 61 |
| Industrial/Warehouses/ | ||||||||
| Other | 10 | 64,014 | 656 | 57 | 93 | 53 | 34 | 64 |
| Total | 19 | 120,586 | 1,248 | 121 | 88 | 107 | 67 | 63 |
| North/East Gothenburg | ||||||||
| Offices/Retail | 8 | 133,308 | 2,019 | 174 | 95 | 165 | 137 | 83 |
| Industrial/Warehouses/ | ||||||||
| Other | - | - | - | - | - | - | - | - |
| Total | 8 | 133,308 | 2,019 | 174 | 95 | 165 | 137 | 83 |
| TOTAL INVESTMENT PROPER | ||||||||
| TIES | 49 | 454,160 | 8,831 | 665 | 91 | 603 | 457 | 76 |
| PROJECT PROPERTIES | 10 | 3,475 | 361 | 2 | - | 1 | -1 | - |
| TOTAL PLATZER | 59 | 457,635 | 9,192 | 667 | 91 | 604 | 456 | 75 |
The summary covers the property portfolio as at 30 June 2015.
The geographical division of the areas has changed against the background of changes in the property portfolio, which means the area South/West Gothenburg and North/East Gothenburg replace the previous division West Gothenburg and Other Gothenburg respectively. Mölndal (previously Other Gothenburg) is referred to as South/West Gothenburg.
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. Per this date, and in addition to the table above, there are signed leasing agreements for ongoing projects with a rental value of SEK 62 million with occupations ranging from the fourth quarter 2015 and 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 heat and property taxes, irrespective of limited period discounts of approximately SEK 10 million as at 1 July 2015.
The operating surplus indicates the properties' earning potential on an annual basis defined as contracted rental income as at 1 July 2015, minus the estimated property costs including property management for a rolling 12-month period.
Project properties in the table above refer to incomes from existing properties before the start of the project. These will cease by the start of the project.
Platzer owns and develops commercial properties in the Gothenburg area. The properties can be divided into three geographical areas: Central Gothenburg (Centre, Gårda, Krokslätt and Gullbergsvass), South/ West Gothenburg (Högsbo, Långedrag and Mölndal) and North/East Gothenburg (Backaplan, Gamlestaden and Mölnlycke). Platzer aims to be the leading player in all prioritised areas through profitable growth. Today, the company is the leading player in Gullbergsvass, Gårda, Gamlestaden and Högsbo.
As at 30 June 2015, the property portfolio comprised a total of 59 properties, including ten project properties, with a fair value of SEK 9,192 million.
The total leasable area amounted to 457,635 sq m, divided as follows; offices 67%, retail 4%, industrial/ warehouses 13% and other 16%.
The economic occupancy rate during the period amounted to 91% (93).
Platzer has 691 leasing contracts for non-residential premises. From among the largest tenants can be named DB Schenker, the Swedish Migration Board, Mölnlycke Health Care, Länsförsäkringar Göteborg & Bohuslän, Flexlink, Stampen, the Swedish National Courts Administration, AcadeMedia, Cochlear and Reinertsen.
The twenty largest lease agreements accounted for 29% of the rental value.
The average remaining maturity was 38 months.
In addition, Platzer has concluded lease agreements in new and conversion projects with occupancy in 2015 - 2017.
Apart from leasing contracts 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 of | Rental | income Share % | |
|---|---|---|---|
| 2015 | 116 | 67 | 12 |
| 2016 | 190 | 113 | 20 |
| 2017 | 150 | 87 | 15 |
| 2018 | 153 | 132 | 23 |
| 2019 | 42 | 70 | 12 |
| 2020 | 25 | 39 | 7 |
| -/2021 | 15 | 61 | 11 |
| Total | 691 | 569 | 100 |
| Multi-storey | |||
| car parks/ | 41 | ||
| other | |||
| Minority | -6 | ||
| Total | 604 |
1) Excluding lease agreements for projects with future occupancy.
During the second quarter, Platzer acquired the property Olskroken 18:7, better known as Gamlestadens Fabriker, from Aberdeen. The acquisition was conducted as a corporate acquisition and the underlying property value is SEK 750 million. The property consists of an approximately 60,000 sq m site and a lettable area of approximately 62,000 sq m in existing buildings. With the acquisition, Platzer is a leading property owner in the area since the company already owns the neighbouring property, Bagaregården 17:26, and will also start the construction of Gamlestaden Torg at the end of the year.
An agreement was concluded in May for the acquisition of the property Hårddisken 1 in Jolen, Mölndal by the Mölndal municipality for the new construction of a head office and warehouse for Armatec AB. The land acquisition concerns approximately 8,200 sq m with planned construction of 4,800 sq m. The completion is conditional on a decision of Mölndal's council, which was taken on 17 June, and possession of the property is estimated to the middle of July. The property is included in the financial statements from taking possession.
| Area | Segment | Leasable area, sq m | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Quar ter |
Properties | Offices | Retail | Industri al/ ware house |
Other | Total | |||
| Acquisition | |||||||||
| 2 | Olskroken 18:7 | Gamlestaden | North/East Gothen burg |
41,653 | 102 | 6,836 | 13,273 | 61,864 | |
| 3 | Hårddisken 1 | Mölndal | Project | 0 | |||||
| 41,653 | 102 | 6,836 | 13,273 | 61,864 |
1 April, Högsbo 11:3 was vacated and sold to another private property owner and on 28 April the properties Högsbo 11:5, Högsbo 14:3, Högsbo 13:6 and Högsbo 27:8 were vacated and these properties were sold to Kungs leden. All sales were carried out as company divestments.
At the start of January, Platzer signed a contract for the sale of Gullbergsvass 703:53 to Gothenburg City with conditional vacation, this includes a requirement that the zoning plan for new Hisingsbro Bridge gains legal force. It is estimated that vacation will occur during the second half of 2015. 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 ter |
Properties | Area | Segment | Offices | Re tail |
Indus trial/ ware house |
Other | Total | |
| Sales | |||||||||
| 2 | Högsbo 11:3 | Högsbo | South/West Gothen burg |
400 | 1,257 | 1,657 | |||
| 2 | Högsbo 11:5 | Högsbo | South/West Gothen burg |
3,670 | 3,670 | ||||
| 2 | Högsbo 13:6 | Högsbo | South/West Gothen burg |
6,196 | 1,658 | 7,854 | |||
| 2 | Högsbo 14:3 | Högsbo | Project | 3,255 | 277 | 3,532 | |||
| 2 | Högsbo 27:8 | Högsbo | South/West Gothen burg |
528 | 2,028 | 2,556 | |||
| 3 1) | Gullbergsvass 703:53 | Gullbergsvass | Central Gothenburg | 9,000 | 9,000 | ||||
| 10,379 | - | 6,862 | 11,028 | 28,269 |
1) The withdrawal is conditional on the zoning plan gaining legal force and that a license is given for the water activities.
Platzer presently has possible development projects covering more than 400,000 sq m GFA (Gross Floor Area) in new construction, of which ongoing projects cover approximately 70,000 sq m. The total project investment is estimated to amount to approximately SEK 10 billion, of which ongoing major projects account for approximately SEK 1 billion. The project portfolio includes a considerable element of mixed urban, which normally includes residential properties. As Platzer does not own nor manage housing, they plan to carry out these projects in co-operation with different partners. 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 in ongoing major projects is set out in the table below. Försäkringskassan and GR Göteborgsregionens kommunalförbund are estimated to move into Gårda 3:12, 3:14 during the third quarter of this year. 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 leased to Armatec and Västtrafik rents approximately 10% of Gamlestaden 740:132.
Apart from individual development projects, 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 Gothenburg municipality, has developed a master plan for the area, which is now moving into the zoning p lan scheme phase, with the goal of obtaining a living inner city environment and mixed urban area. 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.
| Converted area | New area LOA (sq | ||||
|---|---|---|---|---|---|
| Property | Type 1) | LOA (sq m) | m) | Occupancy rate | Completed |
| Project Dev/ | |||||
| Gårda 3:12, 3:14 | Property Dev | 3,500 | 8,500 | 100% | Q3 2015 |
| Gårda 1:15 | Property Dev | 10,000 | 1,200 | 100% | Q1 2016 |
| Livered 1:329 | Property Dev | 14,000 | 100% | Q1 2016 | |
| Stampen 4:44 | Property Dev | 14,000 | 70% | Q2 2016 | |
| Hårddisken 1 3) | Project Dev | 5,000 | 100% | Q2 2017 | |
| Gamlestaden 740:132 | Project Dev | 16,000 | 10% | Q2 2018 | |
| Total | 41,500 | 30,700 |
| Property | Type 1) | Type of property | New area BTA (sq m) |
Project phase | Possible construc tion start 2) |
|
|---|---|---|---|---|---|---|
| Högsbo 7:21 | Project Dev | offices/warehouses | 5,000 | zoning plan completed | 2015 | |
| Gårda 2:12 | Project Dev | offices | 15 - 25,000 | zoning plan underway | 2016/2017 | |
| Gårda 16:17 | Project Dev | offices | 15 - 20,000 | zoning plan underway | 2016/2017 | |
| Bagaregården 17:26 | Project Dev | offices | 10-15,000 | start over zoning plan | 2017/2018 | |
| Gullbergsvass 5:10 | Property Dev | offices | 10,000 | zoning plan starts 2016 | 2017/2018 | |
| Skår 57:14 | Project Dev | offices | 15 - 20,000 | zoning plan started 2014 |
2017/2018 | |
| Olskroken 18:7 | Project Dev/ Property Dev |
mixed urban area | 70 - 80,000 | zoning plan underway | 2017/2018 | |
| Backaplan (several properties) |
Project Dev | mixed urban area | 60-90,000 | zoning plan underway | 2017/2018 | |
| Northern Högsbo | Project Dev/ | mixed urban area | 200-250,000 | plan answer | 2017/2018 | |
| (several properties) | Property Dev | consultation | ||||
| Totalt | 400,000 - 515,000 |
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 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 the planning goes as expected and leasing has reached a satisfactory level.
3) Property still not taken into possession, completion during July 2015.
| Leasable area, sq m | ||||||||
|---|---|---|---|---|---|---|---|---|
| No. | Investment properties | Area | Year of construction |
Offices | Retail | Industrial/ warehouse |
Other | Total |
| 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 | 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 | 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 | 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 | 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 | 1956/1998 | 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 2:1 | Högsbo | 1991 | 6,300 | 6,300 | |||
| 22 | Högsbo 3:12 | Högsbo | 1964 | 2,776 | 6,549 | 722 | 10,324 | |
| 23 | Högsbo 3:11 | Högsbo | 1964 | 1,802 | 6,421 | 20 | 8,243 | |
| 24 | Högsbo 3:6 | Högsbo | 1964 | 1,038 | 5,497 | 6,535 | ||
| 25 | Högsbo 3:9 | Högsbo | 1971 | 2,123 | 2,210 | 4,333 | ||
| 26 | Högsbo 32:3 | Högsbo | 1974 | 6,381 | 1,053 | 570 | 8,004 | |
| 27 | Högsbo 34:13 | Högsbo | 1981 | 493 | 1,287 | 1,780 | ||
| 28 | Högsbo 39:1 | Högsbo | 1972 | 3,390 | 3,390 | |||
| 29 | Högsbo 4:1 | Högsbo | 1965/1972 | 1,310 | 510 | 2,823 | 4,643 | |
| 30 | Högsbo 4:4 | Högsbo | 1962 | 2,670 | 3,718 | 6,388 | ||
| 31 | Högsbo 4:6 | Högsbo | 1974 | 1,349 | 2,549 | 3,898 | ||
| 32 | Krokslätt 148:13 | Krokslätt | 1952 | 2,581 | 616 | 20 | 3,217 | |
| 33 | Krokslätt 149:10 | Krokslätt | 1952/98 | 6,928 | 1,000 | 7,928 | ||
| 34 | Krokslätt 34:13 | Krokslätt | 1950/88 | 10,905 | 725 | 1,308 | 375 | 13,313 |
| 35 | Livered 1:329 | Mölndal | 1962 | 13,937 | 13,937 | |||
| 36 | Nordstaden 13:12 | Centre | 1929/1993 | 5,070 | 5,070 | |||
| 37 | Nordstaden 14:1 | Centre | 1993/1995 | 8,958 | 8,958 | |||
| 38 | Nordstaden 20:5 | Centre | 1943 | 2,554 | 231 | 2,785 | ||
| 39 | Olskroken 18:7 | Gamlestaden | 1729/1960 | 41,653 | 102 | 6,836 | 13,273 | 61,864 |
| 40 | Skår 57:14 | Krokslätt | 1929 | 8,286 | 119 | 8,405 | ||
| 41 | Solsten 1:110 | Mölnlycke | 1991 | 1,658 | 1,089 | 356 | 3,103 | |
| 42 | Solsten 1:132 | Mölnlycke | 2002 | 4,953 | 4,953 | |||
| 43 | Stampen 4:42 | Centre | 2009 | 5,769 | 2,847 | 8,616 | ||
| 44 | Stampen 4:44 | Centre | 1930 | 14,681 | 14,681 | |||
| 45 | Stigberget 34:12 | Centre | 1967/1999 | 4,457 | 2,801 | 264 | 253 | 7,775 |
| 46 | Stigberget 34:13 (50.3% share) | Centre | 1969 | 2,738 | 66 | 2,033 | 4,837 | |
| 47 | Tingstadsvassen 3:8 | Backaplan | 1991 | 29 | 3,966 | 11 | 850 | 4,856 |
| 48 | ||||||||
| 49 | Tingstadsvassen 4:3 Älvsborg 178:9 |
Backaplan Långedrag |
1943/1986 1993 |
517 9,659 |
3,268 | 296 | 3,862 | 3,785 13,817 |
| Total investment properties | 304,995 | 18,026 | 60,302 | 70,837 | 454,160 |
| Project properties | Area | Year of construction |
Offices | Retail | Industrial/ warehouse |
Other | Total | |
|---|---|---|---|---|---|---|---|---|
| 50 | Gamlestaden 740:132 | Gamlestaden | 0 | |||||
| 51 | Gårda 2:12 | Gårda | 1959 | 1,785 | 1,340 | 3,125 | ||
| 52 | Gårda 3:14 | Gårda | 0 | |||||
| 53 | Högsbo 2:2 | Högsbo | 350 | 350 | ||||
| 54 | Högsbo 3:5 | Högsbo | 0 | |||||
| 55 | Högsbo 3:13 | Högsbo | 0 | |||||
| 56 | Högsbo 7:21 | Högsbo | 0 | |||||
| 57 | Högsbo 757:118 | Högsbo | 0 | |||||
| 58 | Högsbo 757:121 | Högsbo | 0 | |||||
| 59 | Högsbo 757:122 | Högsbo | 0 | |||||
| Total project properties | 1,785 | 1,340 | - | 350 | 3,475 | |||
| TOTAL | 306,780 | 19,366 | 60,302 | 71,187 | 457,635 |
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 34.20 per share on 30 June, giving a market capitalisation of SEK 3,275 million.
On the balance date, 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 the income from property management operations after tax (22% flat-rate tax).
The number of shareholders as at 31 May was 3,428. 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 och 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 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 | 36.3% | 10.4% |
| Länsförsäkringar Göteborg och Bohuslän | 5,000,000 | 11,162,490 | 16,162,490 | 22.2% | 16.9% |
| Backahill | 5,000,000 | 5,625,000 | 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 | 9,750,798 | 9,750,798 | 3.5% | 10.2% |
| Lesley Invest (incl. private holdings) | 0 | 2,771,490 | 2,771,490 | 1.0% | 2.9% |
| Danske Capital | 0 | 2,174,828 | 2,174,828 | 0.8% | 2.3% |
| M2 Capital Management | 0 | 2,105,630 | 2,105,630 | 0.8% | 2.2% |
| Svolder AB | 0 | 2,098,546 | 2,098,546 | 0.8% | 2.2% |
| Fourth Swedish National Pension Fund | 0 | 2,019,363 | 2,019,363 | 0.7% | 2.1% |
| Other owners | 0 | 18,745,544 | 18,745,544 | 6.7% | 19.5% |
| Total (3,428 shareholders) | 20,000,000 | 75,747,434 | 95,747,434 | 100% | 100% |
| 2015 Jan-June |
2014 Jan-June |
2014 Jan-Dec |
2014/2015 July-June |
|
|---|---|---|---|---|
| Shareholders' equity, SEK | 32.76 | 28.75 | 30.98 | 32.76 |
| Long-term net asset value (EPRA NAV), SEK | 37.79 | 32.09 | 36.20 | 37.79 |
| Net asset value, SEK | 34.24 | 29.84 | 33.07 | 34.24 |
| Share price, SEK | 34.20 | 30.10 | 33.50 | 34.20 |
| Profit after tax, SEK 1) | 2.53 | 0.88 | 3.11 | 4.76 |
| Income from property management, SEK | 1.32 | 1.09 | 2.21 | 2.44 |
| Cash flow from current operations, SEK | 1.00 | 0.73 | 2.00 | 2.26 |
| Number of share as of balance date, thousands | 95,747 | 95,747 | 95,747 | 95,747 |
| Average number of shares, thousands | 95,747 | 95,747 | 95,747 | 95,747 |
1) There is no dilution effect, as there are no potential shares.
Interest-bearing liabilities divided by shareholder's 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 shareholders' 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 premises (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 premises (in their 'as is' condition). Translated into full-year values for interim periods.
Shareholders' equity and net asset value calculated in terms of the number of shares on the balance date; others are calculated in terms of the average number of shares.
Shareholders' equity on the balance date adjusted for interest rate derivatives and deferred taxes.
Shareholders' equity on the balance date with restoration of interest rate derivatives (after deduction for 22 percent tax).
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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