Quarterly Report • Feb 16, 2023
Quarterly Report
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Year-end Report January-December
| Oct-Dec 2022 |
Oct-Dec 2021 |
Jan-Dec 2022 |
Jan-Dec 2021 |
|
|---|---|---|---|---|
| 3 months | 3 months 12 months 12 months | |||
| Investment properties, SEK m | 8,133 | 6,498 | 8,133 | 6,498 |
| Rental income, SEK m | 110 | 78 | 411 | 268 |
| Net operating income, SEK m | 87 | 60 | 327 | 212 |
| Profit from property management, SEK m | 52 | 29 | 197 | 131 |
| Profit for the period, SEK m | 49 | 226 | 419 | 752 |
| Earnings per share after dilution, SEK | 0.3 | 1.5 | 2.4 | 5.3 |
| Net asset value (NAV) per share after dilution, SEK | 22.0 | 18.3 | 22.0 | 18.3 |
| Growth in net asset value (NAV) per share after dilution, % | 2 | 18 | 21 | 65 |
| Profit from property management per share after dilution, SEK | 0.3 | 0.2 | 1.1 | 0.9 |
| Excluding listing expenses | - | 0.2 | 1.3 | 1.0 |
| Growth in profit from property management per share after dilution, % | 46 | 43 | 22 | 126 |
| Excluding listing expenses | 14 | 83 | 29 | 140 |
| Loan-to-value ratio, % | 49.6 | 55.1 | 49.6 | 55.1 |
| Interest coverage ratio, multiple | 3.0 | 3.1 | 3.6 | 3.8 |
| Excluding listing expenses | - | 3.7 | 3.9 | 4.0 |
For definitions of key performance indicators and alternative key performance indicators, see Reconciliation tables and definitions.
2022 has been a year of change, such as the company's listing on the Stockholm stock exchange, economic uncertainty and the war in Ukraine. I am proud that during this time we have managed to continue to develop the company and generate profit that exceeds our set goals.
As we close the accounts for 2022, we can look back on a year characterized by uncertainty on many different levels. The financial market was impacted by negative news while the real economy showed more stability. At SLP, we focused on secure financing solely from secured bank loans. This creates opportunities for us to acquire and develop our properties and to help our tenants so that their operations also run optimally. We aim to develop our properties with our own staff and in collaboration with our tenants. We do this, for example, by adapting premises to our tenants' operations and investing in energy-saving measures.
SLP's business model has not changed. We shall continue to acquire, develop and manage logistics properties with a focus on sustainability. Our results for 2022 demonstrate that we are good at this and that we have delivered in line with our strategy and goals. One important aspect is that we actively track developments and take a long-term approach to investment so as to create sustainable property holdings. Consequently, we are able to secure green financing, which means we can reduce our margin by between 5 and 10 basis points a year compared with traditional bank loans. The proportion of green bank loans at the end of the year was just over 40 percent.
So far we have significantly increased the environmentally certified area, and we have a clear plan which includes continuing to install solar cells, improving the energy efficiency of lighting and optimizing net operating income for the benefit of our tenants. We are currently reviewing our sustainability goals and opportunities to increase our level of ambition in this area.
Long-term relationships with our tenants are a cornerstone of SLP's stable foundation. Our tenants operate in several different sectors and we can see that they like being in our premises. It is a seal of approval that they extend their rental agreements with us. The remaining tenancy period is unchanged since the first quarter of 2022 and was 6.2 years at year-end.
Net rental income during the year amounted to SEK 11.7 m and the financial letting ratio at the end of the year was 95 percent. Leases representing 52 percent of the contractual annual rent expire after 2027. During these times of high inflation, it is also reassuring that 98 percent of the rental agreements are protected against inflation.
In 2022, we acquired 17 properties with a total lettable area of over 120,000 square metres and divested one retail property with an area of 11,000 square metres. At present, three major investment projects are in progress relating to new construction with a total area of 14,000 square metres. All ongoing new construction projects will be environmentally certified.
In an unstable market, we have continued to create value in our properties. Even though we also raised our return requirement during the fourth quarter by 20 points, to 5.6 percent in our valuation, we continue to see positive value changes during the quarter. This is due to strong net rental income, investments made, extended lease periods, and a reduced vacancy rate.
Profit from property management for the whole year amounted to SEK 222 m excluding non-recurring costs related to the IPO. This corresponds to an increase of 59 percent compared with 2021. Growth in net asset value (NAV) per share during the year was 21 percent, which exceeds the average yearly target of a minimum of 15 percent.
SLP is in a position to be an active operator in the Swedish market for logistics properties. We have a strong balance sheet with a loan-to-value ratio of less than 50 percent, which gives us scope to grow our portfolio further in 2023. During the year we demonstrated that we could handle uncertainties wisely during the pandemic and financial uncertainty. Our employees have the necessary expertise and drive. This, coupled with a continued strong demand for logistics areas, will enable us to create a good return for SLP's shareholders, in both the short and long term.
Peter Strand, CEO
SLP – Swedish Logistic Property – is a Swedish property company that acquires, develops and manages logistics properties at a fast pace and with a clear growth ambition.
SLP shall acquire, develop and manage logistics properties with a focus on sustainability.
To generate average annual growth in NAV per share of at least 15 percent and annual average growth in profit from property management per share of at least 15 percent.
In order to reach its overarching goals the company works with its own staff in five strategic areas: acquisitions, property development, property management, financing and sustainability.
Property development: Properties are developed through new construction, extensions and conversions, and by optimizing net operating income for the properties. Net operating income is optimized by letting vacant premises, renegotiating and extending rental agreements, and through increased energy efficiency.
Property management: SLP's property management is characterized by active customer dialogue, short decision paths and a long-term view.
SLP shall continue to grow and reinvest in its operations with the aim of generating further growth through property acquisitions and investments in new construction, conversions and extensions. This means that dividends will be low or zero over the coming years.
SLP strives to ensure sustainable working methods and to contribute to improving the environment and society, today and for future generations. We view our sustainability work as an integral part of our operations, business model and daily work.
SLP's sustainability efforts are underpinned by our business concept, Codes of Conduct, other governing documents and our sustainability goals, which are aimed at guiding our operations towards long-term sustainability. SLP has an ambitious approach to sustainability and environmental and social responsibility.
1Based on purchase price for major suppliers.
2 Regards properties with installed solar panels/charging infrastructure and properties with installation in progress.
Environmentally certified area and area with solar panels and electric car charging infrastructure, respectively, %
Sustainable operations enable green financing
As a result of energy-saving investments in our properties, sometimes in combination with environmental certification, we had green loans in place with all of our banks at the end of the period.
SLP extends rental agreement and invests in energy-saving measures
Hus för hus – Swedish property companies join forces in a joint energy-saving initiative
At the end of the period, the property holdings comprised 86 properties with a total lettable area of 740,000 square metres, including ongoing new construction projects.
In order to present differences in the nature of the property holdings in accordance with SLP's business concept of acquiring, developing and managing properties, the company classifies its holdings as property management, property development, ongoing projects and building rights.
The property management category includes properties that are essentially fully developed and thereby generate stable cash flows. The property development category is characterized by value-creating potential. This may include substantial vacancies, rental potential and the opportunity for cost reductions.
The following table presents the distribution of the property holdings according to this categorization and the current earnings ability as of 1 January 2023.
The following table presents projects with a value over SEK 25 m. At present, three major investment projects are in progress relating to new constructions and extensions over a total area of 14,000 square metres. The ongoing project in Södertälje was acquired in the period along with building rights. During the period, tenants moved in to properties representing approximately 33,000 square metres in completed projects in Malmö, Helsingborg, Jönköping, Halmstad and Huddinge, for example.
All new construction projects will have Sweden Green Building Council Silver level certification or equivalent.
In addition to the projects in the table below, several smaller rent-generating, cost-reducing or energy-saving projects are ongoing.
| No. of properties |
Lettable area m2 (000) |
Property value | Rental value | Letting ratio, % |
Rental income Property costs incl. | property admin. | Net operating income |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK m | SEK/m2 | SEK m | SEK/m2 | SEK m SEK/m2 | SEK m | SEK/m2 SEK m SEK/m2 | |||||||
| Property management |
48 | 376 | 4,370 | 11,621 | 271 | 721 | 99.4% | 269 | 721 | 35 | 94 | 234 | 623 |
| Property development |
36 | 350 | 3,527 | 10,071 | 264 | 755 | 90.5% | 239 | 795 | 59 | 167 | 181 | 516 |
| Total | 84 | 726 | 7,897 | 10,874 | 535 | 737 | 95.0% | 509 | 754 | 94 | 129 | 415 | 571 |
| Ongoing projects | 2 | 14 | 167 | 12,697 | |||||||||
| Building rights | 69 | ||||||||||||
| Total | 86 | 740 | 8,133 | 10,988 |
The summary relates to properties owned by SLP at the end of the period. Rental values relate to contractual rent plus annualized vacancies. Net operating income relates to contractual rent less normalized property costs including property administration. Rental income SEK/m2 is based on the area let in each category. The judgements and assumptions that form the basis for the information contained in this table imply uncertainties and the information should not be viewed as a forecast.
| Major ongoing projects > SEK 25 m | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Property | Municipality | Type of investment |
Planned completion date |
Lettable area 2 m (000) |
Rental value, SEK m |
Net operating income, SEK m |
Letting ratio, % |
Investment, SEK m | Estimated Cumulative | Carrying amount, SEK m |
| Tveta-Valsta 4:9 | Södertälje | New construction Q1 2023 | 6.5 | 6.8 | 6.6 | 100 | 130 | 118 | 118 | |
| Kronan 4 | Landskrona | New construction Q1 2023 | 5.5 | 4.0 | 3.8 | 67 | 59 | 40 | 41 | |
| Grimskaftet 1 | Malmö | Extension | Q4 2023 | 1.9 | 2.2 | 2.0 | 28 | 31 | 5 | 9 |
| Total | 14.0 | 13.0 | 12.4 | 74 | 220 | 162 | 167 |
Information about projects in the report are based on estimates regarding size and scope, and expected completion dates. Furthermore, the information is based on estimates relating to future project costs and rental values. The judgements and assumptions should not be viewed as a forecast. Judgements and assumptions imply uncertainty in terms of project completion, structure and scale, time plan, project costs and future rental value and net operating income, based on normalized property costs. Information about ongoing construction and planned projects is evaluated regularly, and judgements and assumptions are adjusted in line with ongoing construction projects being completed or started, and changing conditions generally.
The company aims to ensure long and evenly spaced tenancy periods in order to reduce the risk caused by individual tenant actions. At the end of the period, the remaining tenancy period was 6.2 years (6.4). Contracts representing 52 percent of the contractual annual rent expire after 2027.
Contractual annual rent was divided over 275 contracts (259) at the end of the period.
Contractual annual rent plus estimated market rent for vacant premises, the rental value, amounted to SEK 535 m (390) at the end of the period. This corresponds to a rental value of SEK 737/m2 (648).
Contractual annual rent of SEK 509 m was impacted by rental discounts of SEK 12 m annually. Rental discounts are usually offered at the start of the lease and progressively phased out.
The company's rental agreements are essentially exclusively linked to CPI, alternatively fixed indexation, see table Agreement structure – indexation.
At the end of the period, the financial letting ratio was 95.0 percent (92.1). Net rental income amounted to SEK 11.7 m (25.8) in the period.
We are delighted that STILL has chosen to extend its rental agreement. By extending our agreements with existing tenants we can build relationships and invest in the properties in a way that favours both parties while also increasing our remaining tenancy period."
Peter Strand, VD SLP
| Expires in |
No. of rental agreements |
Area, 2 m (000) |
Annual rent, SEK m |
Share of annual rent, % |
|---|---|---|---|---|
| 2023 | 66 | 42 | 26 | 5 |
| 2024 | 65 | 87 | 75 | 15 |
| 2025 | 39 | 71 | 43 | 9 |
| 2026 | 37 | 87 | 81 | 16 |
| 2027 | 14 | 18 | 21 | 4 |
| 2028 | 12 | 59 | 41 | 8 |
| >2028 | 42 | 310 | 221 | 44 |
| Total | 275 | 675 | 509 | 100 |
| Type of index/increase | Index share |
Share of annual rent |
|---|---|---|
| CPI-indexed agreements | 99% | 85% |
| CPI-indexed agreements with min. (2.0-3.0%) increase |
99% | 9% |
| Fixed increase (1.9-3.0%) | N/A | 3% |
| No index/increase | N/A | 2% |
Dagab Inköp & Logistik AB, Hillerstorp trä AB, Carlsberg Supply Company Sverige AB, Emotion Logistics AB, Klimat Transport & Logistik AB, Brenderup AB, TURA Scandinavia AB, Packsize Technologies AB, S-Invest Trading AB and TBN'S Åkeri AB.
Share of annual rent: 26.6% Remaining tenancy period: 9.9 years
Share of annual rent: 73.4% Remaining tenancy period: 4.5 years
| Current earnings ability excl. major ongoing projects | |||||||
|---|---|---|---|---|---|---|---|
| SEK m | 01/01/2023 | 01/01/2022 | 31/12/2020 | 31/12/2019 | |||
| Rental income | 509 | 359 | 214 | 60 | |||
| Property costs | -89 | -66 | -44 | -15 | |||
| Property administration | -5 | -4 | -1 | -1 | |||
| Net operating income | 415 | 289 | 169 | 44 | |||
| Central administration costs | -22 | -19 | -16 | -13 | |||
| Net financial income/expense | -129 | -57 | -30 | -4 | |||
| Ground rent | -2 | -3 | -2 | 0 | |||
| Profit from property management | 262 | 211 | 122 | 26 | |||
| Tax for the period | -54 | -43 | -25 | -5 | |||
| Profit for the period | 208 | 167 | 97 | 21 |
The table reflects the company's earnings ability on a 12 month basis as of 1 January 2023 based on properties where SLP had taken possession as of the balance sheet date. Because this summary does not represent a forecast, and aims to reflect a normal year, actual outcomes may vary due to decisions and unexpected events.
Earnings ability does not include estimated changes in rental, vacancy or interest rates. Neither does the earnings ability presented take into account value changes or changes to the property holdings or derivatives.
Net operating income is based on contractual annual rent as of 1 January 2023 and property costs based on a normal year for the current holdings excluding major ongoing projects.
Rental income is impacted by rental discounts of SEK 12 m annually. Rental discounts are usually offered at the start of the lease and progressively phased out.
Net financial items are based on the company's average interest rate including costs of interest rate derivatives for interest-bearing liabilities at the end of the period. From time to time, financing is temporarily more expensive in connection with acquisitions and new construction, this has been normalized in the calculation of net financial items.
Tax has been calculated at a standard rate on the basis of the applicable tax rate at each point in time.
The Kolven 4 property in Helsingborg.
Profit and cashflow items relate to the period January to December 2022. Comparison items relate to the corresponding period of the previous year.
| Statement of comprehensive income | ||||
|---|---|---|---|---|
| SEK m | Oct-Dec 2022 |
Oct-Dec 2021 |
Jan-Dec 2022 |
Jan-Dec 2021 |
| Rental income | 110 | 78 | 411 | 268 |
| Property costs | -21 | -17 | -77 | -53 |
| Property administration | -2 | -1 | -7 | -2 |
| Net operating income | 87 | 60 | 327 | 212 |
| Central administration costs | -7 | -17 | -50 | -31 |
| Financial income | 0 | 0 | 0 | 0 |
| Financial expenses | -26 | -14 | -77 | -47 |
| Ground rent | -1 | -1 | -3 | -3 |
| Profit from property management | 52 | 29 | 197 | 131 |
| Value changes Investment properties |
16 | 251 | 217 | 801 |
| Derivatives | 3 | 7 | 115 | 15 |
| Profit/loss before tax | 71 | 286 | 530 | 947 |
| Tax | -22 | -60 | -111 | -195 |
| Profit for the period | 49 | 226 | 419 | 752 |
| Comprehensive income for the period | 49 | 226 | 419 | 752 |
| Comprehensive income for the period attributable to Parent | 49 | 226 | 419 | 752 |
| Company shareholders | ||||
| Key performance indicators | ||||
| Earnings per share before dilution, SEK | 0.3 | 1.6 | 2.4 | 5.4 |
| Earnings per share after dilution, SEK | 0.3 | 1.5 | 2.4 | 5.3 |
| Average number of shares after dilution, m | 183.0 | 147.0 | 175.2 | 142.0 |
Rental income amounted to SEK 411 m (268). The substantial increase compared to the previous year primarily related to a larger property holding as a result of a high rate of acquisitions, but also to tenants moving into new construction projects and lettings of previously vacant spaces.
The financial letting ratio was 95.0 percent (92.1).
Property costs amounted to SEK –77 m (-53). The yearon-year increase in property costs was related to a larger property holding as a result of a high acquisition rate.
Property costs include operating, utilities, and
maintenance costs, and property tax and insurance.
Most of the costs associated with utilities and property tax are invoiced to tenants.
Property administration amounted to SEK -7 m (-2) and relates to staff costs for property management and letting. The increased cost relates to a significantly larger property holding.
Net operating income for the period amounted to SEK 327 m (212).
Profit from property management excl. Non-recurring costs for the IPO, SEK m.
Central administration costs amounted to SEK -50 m (-31). The increased costs compared to the previous year were due to non-recurring costs for the IPO completed in the period, which impacted central administration costs by SEK -25 m (-8), and to the ongoing costs associated with running a listed company. Central administration costs include personnel costs, group-wide costs and marketing costs.
Net financial income/expense for the period amounted to SEK -77 m (-47). The higher year-on-year financial expenses primarily related to new borrowing as a result of the increased property holding and a higher 3-month STIBOR interest rate.
The interest coverage ratio was 3.6 (3.8), compared to the financial risk threshold of a minimum multiple of 2.5. Adjusted for the aforementioned non-recurring costs of SEK -25 m, the interest coverage ratio was a multiple of 3.9 (4.0).
Ground rent for the period amounted to SEK -3 m (-3).
Profit from property management for the period amounted to SEK 197 m (131).
All properties were subject to an external valuation by Newsec at the end of the period.
The value change for the properties amounted to SEK 217 m (801) and comprised realized profit of SEK 24 m related to the sale of a retail property in Malmö and unrealized value changes of SEK 193 m.
Unrealized value changes were positively affected by new lettings, off-market acquisitions, deferred tax deductions in connection with acquisitions and increased CPI adjustments to 2023 rents, while a higher required rate of return had a negative effect. The valuation included the actual CPI adjustment to rent levels from January 2023 of 10.9 percent, compared with the 7 percent forecast at the end of the third quarter and 2 percent forecast at the end of the 2021 financial year. 98 percent of the company's rents are indexed.
The average direct return requirement in the valuations was 5.6 percent, which is 0.2 percentage points higher than the previous quarter and 0.4 percentage points higher than at the start of the year.
Unrealized value changes in derivatives amounted to SEK 115 m (15). The positive effect was due to increased market rents.
The tax cost for the period amounted to SEK -111 m (-195) and was primarily due to deferred tax on unrealized value changes on investment properties, tax depreciation, derivatives and carry-forwards of tax losses and current tax of SEK 3 m. The sale of the retail property did not generate a tax cost. The sale had a positive impact on deferred tax of approximately SEK 5 m.
Profit for the period amounted to SEK 419 m (752), corresponding to earnings per share after dilution of SEK 2.4 (5.3).
The Stigamo 1:47 property in Jönköping.
Balance sheet items relate to the position at the end of the period. Comparison items relate to closing balances for the corresponding period of the previous year.
| Statement of financial position in summary | ||
|---|---|---|
| SEK m | 31/12/2022 | 31/12/2021 |
| ASSETS | ||
| Non-current assets | ||
| Investment properties | 8,133 | 6,498 |
| Leasing agreements, right of use | 86 | 96 |
| Derivatives | 129 | 13 |
| Other non-current assets | 4 | 0 |
| Deferred tax assets | 0 | 3 |
| Total non-current assets | 8,352 | 6,611 |
| Current assets | ||
| Other current assets | 53 | 42 |
| Cash and cash equivalents | 70 | 41 |
| Total current assets | 122 | 83 |
| TOTAL ASSETS | 8,474 | 6,694 |
| EQUITY AND LIABILITIES | ||
| Equity | 3,702 | 2,479 |
| Non-current liabilities | ||
| Deferred tax liability | 460 | 354 |
| Non-current lease liability, right of use | 86 | 96 |
| Non-current interest-bearing liabilities | 3,325 | 3,438 |
| Total non-current liabilities | 3,871 | 3,888 |
| Current liabilities | ||
| Current interest-bearing liabilities | 777 | 182 |
| Other current liabilities | 124 | 146 |
| Total current liabilities | 901 | 328 |
| TOTAL EQUITY AND LIABILITIES | 8,474 | 6,694 |
| SEK m | Share capital | Other capital | Retained earnings incl. profit for the |
Total equity |
|---|---|---|---|---|
| year | ||||
| Opening equity as of 1 Jan 2021 | 1 | 719 | 625 | 1,345 |
| Profit/loss for the year | - | - | 752 | 752 |
| Total comprehensive income | 0 | 0 | 752 | 752 |
| Capital raisings | 0 | 382 | 0 | 382 |
| Transaction costs and tax | 0 | 0 | 0 | 0 |
| Total capital raisings | 0 | 382 | 0 | 382 |
| Closing equity as of 31 Dec 2021 | 1 | 1,101 | 1,377 | 2,479 |
| SEK m | Share capital | Other capital | Retained earnings incl. profit for the year |
Total equity |
|---|---|---|---|---|
| Opening equity as of 1 Jan 2022 Profit/loss for the year |
1 | 1,101 | 1,377 419 |
2,479 419 |
| Total comprehensive income | 0 | 0 | 419 | 419 |
| Capital raisings Transaction costs net after tax |
0 0 |
808 -4 |
0 0 |
808 -4 |
| Total capital raisings | 0 | 804 | 0 | 804 |
| Closing equity as of 31 Dec 2022 | 1 | 1,905 | 1,796 | 3,702 |
At the end of the period, the property holding encompassed 86 properties with a total lettable area of 740,000 square metres, including major ongoing projects.
The carrying amount for all properties amounted to SEK 8,133 m (6,498) at the end of the period, including SEK 167 m (253) relating to major ongoing projects and SEK 69 m (37) relating to building rights.
The properties are recognized at fair value in accordance with IFRS 13 Level 3. The company's policy is that all of the property holdings are valued externally on a quarterly basis. The main method used in the valuation is cash flow calculations, which determine the present value of net operating income, investments and residual value. The calculation period is adjusted for the remaining term of the existing rental agreements, and varies between 5 and 20 years. The valuation includes a CPI adjustment of 10.9 percent for 2023. 98 percent of the company's rents are indexed.
All properties were subject to an external valuation by Newsec at the end of the period. The average direct return requirement in the valuations was 5.6 percent, which is 0.4 percentage points higher than at the start of the year.
2019-12 2020-12 2021-12 2022-12
Net Asset Value (NAV) per share after dilution, SEK
During the period, SLP carried out 13 transactions. 17 properties were acquired with a total lettable area of approximately 121,000 square metres. One of the acquisitions relates to desirable land in Landskrona where an environmentally certified new production project of approximately 5,500 square metres will be built. A ten-year lease agreement for approximately 3,600 square metres with an annual rent of SEK 2.5 million was signed with a planned move-in in March 2023.
During the period, a property with a total area of approximately 11,000 square metres was sold and vacated.
During the period, a total of SEK 346 m (210) was invested in existing property holdings, in both new construction and extensions as well as other investments. Other investments mainly related to tenant adaptations and projects aimed at reducing the properties' energy consumption.
| Change in investment properties | SEK m |
|---|---|
| Opening value as of 1 Jan 2022 | 6,498 |
| + Property acquisitions | 1,213 |
| +Investments | 346 |
| -Divestments | -117 |
| +/-Value changes | 193 |
| Closing value as of 31 Dec 2022 | 8,133 |
Parts of the property holding include right-of-use agreements that generate right-of-use assets and lease liabilities. The lower right-of-use asset and lease liability are attributable to the sale of the retail property.
The Hoven 1 property in Malmö.
Group equity amounted to SEK 3,702 m (2,479), corresponding to an equity/assets ratio of 43.7 percent (37.0) compared to the risk threshold minimum of 35 percent. Equity was positively impacted by profit for the period of SEK 419 m and capital raised in relation to the listing on Nasdaq Stockholm of SEK 750 m, less transaction costs after tax relating to the IPO of SEK -4 m.
Payments in connection with two of the acquisitions in the period were partly in the form of share-based consideration. The share-based consideration consisted of convertible debentures totalling SEK 24 m which were converted to Class B shares. The number of shares was based on the company's volume-weighted average share price the week before taking possession of the property. The acquired properties were measured at fair value, implying an increase in equity of SEK 34 m.
The new share issue of SEK 145 m registered in the period was recognized within equity in 2021 in relation to the conversion of debentures.
The Group's interest-bearing liabilities amounted to SEK 4,102 m (3,619), corresponding to a loan-to-value ratio of 49.6 percent (55.1) compared to the long-term risk threshold of a maximum of 60 percent. All liabilities are comprised of secured bank financing with Nordic banks.
Capital tied up, years
Average interest, %
| Credit agreement |
Approved | SEK m Of which utilized | Proportion of utilized amount, % |
Maturity date | SEK m | Average interest, % |
|---|---|---|---|---|---|---|
| 0-1 years | 1,012 | 722 | 18 | 0-1 years | 2,080 | |
| 1-2 years | 1,944 | 1,944 | 47 | 1-2 years | 812 | |
| 2-3 years | 1,201 | 1,201 | 29 | 2-3 years | 215 | |
| 3-4 years | 234 | 234 | 6 | 3-4 years | 515 | |
| 4-5 years | 0 | 0 | 0 | 4-5 years | 115 | |
| >5 years | 0 | 0 | 0 | >5 years | 365 | |
| Total | 4,391 | 4,102 | 100 | Total | 4,102 | 3.2 |
The change in interest-bearing liabilities is linked to the financing of acquisitions and increased credit in connection with the refinancing of existing liabilities. At the end of the period, the average interest rate including cost of derivatives was 3.2 percent (1.7). The higher interest rate is primarily a result of a higher 3-month STIBOR interest rate.
The average period for capital tied up was 1.9 years (2.5) and the fixed interest period 1.8 years (1.8). The average credit margin was 1.54 percent (1.54).
The proportion of loans with interest rate hedging via derivatives was 60 percent.
Approximately SEK 1,700 m of the existing loan portfolio was renegotiated into so-called green secured bank loans during the year, of which SEK 300 m in the fourth quarter. The financing agreements are based on those parts of SLP's property portfolio that are environmentally certified according to certain standards, or have low energy consumption. These green bank loans contain a margin discount of between 5-10 basis points per year compared to current loans.
Cash and cash equivalents amounted to SEK 70 m (41) at the end of the period. In addition to cash and cash equivalents, the company has access to available funds in the form of unutilized acquisition credits totalling SEK 327 m and an unutilized overdraft facility of SEK 53 m. Due to the strong financial position, acquisition credits and credit facilities have been reduced by a total of SEK 200 m in the period.
| Interest rate hedging via interest rate swaps | ||||||
|---|---|---|---|---|---|---|
| Maturity | SEK m Fixed interest, % |
Contractual interest rate, % |
||||
| 0-1 years | 455 | 0.1% | -2.6% | |||
| 1-2 years | 812 | 0.9% | -1.8% | |||
| 2-3 years | 215 | 0.8% | -1.9% | |||
| 3-4 years | 515 | 0.9% | -1.8% | |||
| 4-5 years | 115 | 0.9% | -1.8% | |||
| >5 years | 365 | 2.3% | -0.4% | |||
| Total | 2,476 |
* Contractual interest rate comprises the differences between fixed interest and the 3-month STIBOR rate as of 30 December 2022.
| Maturity date | SEK m | Average interest, % |
|---|---|---|
| Statement of cash flow | ||
|---|---|---|
| SEK m | Jan-Dec 2022 |
Jan-Dec 2021 |
| Operating activities | ||
| Operating profit before financial items | 277 | 181 |
| Adjustment for depreciation/amortization | 1 | 0 |
| Adjustment for other items not affecting cash flow | 25 | 0 |
| Interest received | 0 | 0 |
| Interest paid | -80 | -51 |
| Tax paid | -10 | -5 |
| Cash flow from operating activities before change in working capital | 214 | 126 |
| Cash flow from change in working capital | ||
| Change in current receivables | 4 | -14 |
| Change in current liabilities | -72 | 44 |
| Cash flow from operating activities | 147 | 156 |
| Investing activities | ||
| Investments in existing properties and projects | -346 | -210 |
| Investments in other non-current assets | -4 | 0 |
| Investments in investment properties | -1,113 | -1,674 |
| Sales of investment properties | 143 | 36 |
| Cash flow from investment activities | -1,320 | -1,848 |
| Financing activities | ||
| New share issue, net | 720 | 110 |
| Borrowing | 621 | 3,275 |
| Amortization of loans | -140 | -1,725 |
| Cash flow from financing activities | 1,202 | 1,661 |
| Cash flow for the period | 28 | -31 |
| Opening cash and cash equivalents | 41 | 72 |
| Closing cash and cash equivalents | 70 | 41 |
The Ackumulatorn 1 property in Helsingborg.
| Key performance indicators | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | Jan-Dec | Nov 2018 - |
|---|---|---|---|---|---|---|
| 2022 3 |
2021 3 |
2022 12 |
2021 12 |
2020 12 |
Dec 2019 14 |
|
| Property-related key performance indicators | months | months | months | months | months | months |
| Rental income, SEK m | 110 | 78 | 411 | 268 | 96 | 19 |
| Net operating income, SEK m | 87 | 60 | 327 | 212 | 78 | 13 |
| Financial letting ratio, %1 | 95.0 | 92.1 | 95.0 | 92.1 | 91.3 | 86.4 |
| Remaining tenancy period, years1 | 6.2 | 6.4 | 6.2 | 6.4 | 7.1 | 3.7 |
| Net rental income, SEK m1 | 2.3 | 6.0 | 11.7 | 25.8 | 5.3 | 13.6 |
| Rental value, SEK m1 | 535 | 390 | 535 | 390 | 217 | 51 |
| Rental value, SEK/m2 1 | 737 | 648 | 737 | 648 | 528 | 359 |
| Investment properties, SEK m | 8,133 | 6,498 | 8,133 | 6,498 | 3,352 | 774 |
| Investment properties, SEK/m2 | 10,988 | 10,353 | 10,988 | 10,353 | 8,146 | 5,429 |
| No. of properties | 86 | 70 | 86 | 70 | 45 | 11 |
| Lettable area, m2 (000) |
740 | 628 | 740 | 628 | 411 | 142 |
| Direct return requirement valuation, % | 5.6 | 5.2 | 5.6 | 5.2 | 5.6 | 6.4 |
| Financial key performance indicators | ||||||
| Profit from property management, SEK m | 52 | 29 | 197 | 131 | 48 | 4 |
| Excluding listing expenses, SEK m | - | 37 | 222 | 139 | - | - |
| Profit for the period, SEK m | 49 | 226 | 419 | 752 | 416 | 208 |
| Equity/assets ratio, % | 43.7 | 37.0 | 43.7 | 37.0 | 38.1 | 55.8 |
| Loan-to-value ratio, %2 | 49.6 | 55.1 | 49.6 | 55.1 | 53.9 | 27.0 |
| Interest coverage ratio, multiple2 | 3.0 | 3.1 | 3.6 | 3.8 | 4.9 | 3.0 |
| Excluding listing expenses, multiple | - | 3.7 | 3.9 | 4.0 | - | - |
| Average interest, % | 3.2 | 1.7 | 3.2 | 1.7 | 2.2 | 1.8 |
| Fixed interest period, years | 1.8 | 1.8 | 1.8 | 1.8 | 2.1 | 0.3 |
| Capital tied up, years | 1.9 | 2.5 | 1.9 | 2.5 | 2.4 | 1.8 |
| Return on equity, % | 1.3 | 10.1 | 13.5 | 39.1 | 45.3 | 86.5 |
| Equity, SEK m | 3,702 | 2,479 | 3,702 | 2,479 | 1,345 | 477 |
| Equity after dilution, SEK m | 3,714 | 2,491 | 3,714 | 2,491 | 1,357 | 481 |
| Share-related key performance indicators3 | ||||||
| Profit before dilution, SEK | 0.3 | 1.6 | 2.4 | 5.4 | 3.6 | 4.0 |
| Profit after dilution, SEK | 0.3 | 1.5 | 2.4 | 5.3 | 3.6 | 4.0 |
| Net asset value (NAV) after dilution, SEK | 22.0 | 18.3 | 22.0 | 18.3 | 11.1 | 5.6 |
| Growth in net asset value (NAV) after dilution, % | 2 | 18 | 21 | 65 | 97 | - |
| Profit from property management after dilution, SEK | 0.3 | 0.2 | 1.1 | 0.9 | 0.4 | 0.1 |
| Excluding listing expenses, SEK Growth in profit from property management per share |
- | 0.2 | 1.3 | 1.0 | - | - |
| after dilution, % | 46 | 43 | 22 | 126 | 906 | - |
| Excluding listing expenses, % | 14 | 83 | 29 | 140 | - | - |
| Cash flow after dilution, SEK2 | - | - | 1.2 | 0.9 | 0.4 | 0.0 |
| No. of outstanding shares before dilution, m | 181.5 | 145.0 | 181.5 | 145.0 | 135.0 | 95.4 |
| No. of outstanding shares after dilution, m | 183.5 | 147.0 | 183.5 | 147.0 | 137.0 | 96.6 |
| Average no. of shares before dilution, m | 181.5 | 145.0 | 173.7 | 140.0 | 115.2 | 51.5 |
| Average no. of shares after dilution, m | 183.0 | 147.0 | 175.2 | 142.0 | 116.8 | 52.7 |
| Share price at the end of the period, SEK | 24.4 | - | 24.4 | - | - | - |
| No. of shares including exercised convertibles | - | 154.9 | - | 154.9 | - | - |
1Figures are affected by new definitions of key performance indicators from 2021 onwards
2Historical figures have been adjusted to correspond to new definitions. For definitions, see section Reconciliation tables and definitions
3Historical figures have been adjusted for the completed share splits
| Parent Company income statement in summary | ||||||||
|---|---|---|---|---|---|---|---|---|
| Jan-Dec 2021 |
||||||||
| 15 | ||||||||
| -39 | ||||||||
| -24 | ||||||||
| 0 | ||||||||
| -25 | ||||||||
| 25 | ||||||||
| 0 | ||||||||
| 0 | ||||||||
| 0 | ||||||||
| 0 | ||||||||
| Parent Company balance sheet in summary | ||
|---|---|---|
| SEK m | 31/12/2022 | 31/12/2021 |
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 4 | 1 |
| Financial non-current assets | 4,312 | 2,739 |
| Total non-current assets | 4,316 | 2,739 |
| Current assets | ||
| Current receivables | 2 | 5 |
| Cash and cash equivalents | 0 | 12 |
| Total current assets | 2 | 16 |
| TOTAL ASSETS | 4,318 | 2,755 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Restricted equity | 1 | 1 |
| Non-restricted equity | 1,609 | 819 |
| Total equity | 1,610 | 820 |
| Liabilities | ||
| Non-current liabilities | 2,655 | 1,903 |
| Current liabilities | 53 | 33 |
| TOTAL EQUITY AND LIABILITIES | 4,318 | 2,755 |
SLP has two share classes, Class A shares and Class B shares. Class A shares confer the right to 5 votes per share, and Class B shares to 1 vote per share.
On 8 March 2022, at the Annual General Meeting, it was resolved to execute a share split. Each share was split into 5 new shares. The share split is reflected in all disclosures in this report.
SLP's Class B shares (ticker SLP B) are listed on Nasdaq Stockholm, Mid Cap since 23 March 2022. At the end of the period, SLP had a total of 181,541,235 shares outstanding before dilution.
Several new share issues were completed in the period. Due to the conversion of debentures to equity in relation to the 2021 acquisitions, the number of Class B shares increased by 7,931,730 (post the subsequent 5:1 share split). The new share issue increased share capital by SEK 52,878.
In connection with the public offering to subscribe to Class B shares ahead of the listing on Nasdaq Stockholm, the number of Class B shares increased by 27,777,778 shares through the new issue, which increased share capital by SEK 185,185.
In connection with two of the acquisitions in the period, payment was made both in cash and in the form of share-based consideration. The share-based consideration consisted of convertible debentures totalling SEK 24 m which were converted to 831,727 Class B shares which increased share capital by SEK 5,545.
SLP has four warrant programmes for employees. In total, employees hold warrants with subscription rights corresponding to 455,000 Class A shares and 1,495,000 Class B shares. The programmes have varying expiry dates between Q1 2023 and Q4 2023 with a strike price of SEK 3.3, SEK 3.7 and SEK 10.8 per share respectively.
| Marketplace | Nasdaq Stockholm |
|---|---|
| Name of share | Swedish Logistic Property B |
| Ticker | SLP B |
| ISIN code | SE0017565476 |
| Segment | Real Estate |
| Total shares outstanding | 181,541,235 |
| Total listed Class B shares | 126,063,270 |
| Closing rate, SEK | 24.4 |
| Total market value, SEK m* | 4,430 |
Information as of 30 December 2022.
*Market value of all shares in the company, based on the last price paid for a Class B share on 30 December 2022.
| Shareholders as of 31 December 2022 |
No. of shares | Proportion of | |||
|---|---|---|---|---|---|
| Class A | Class B | Total | Share capital | Voting rights | |
| Agartha AB | 12,085,125 | 15,904,510 | 27,989,635 | 15.4% | 18.9% |
| Fridam Fastigheter AB | 12,085,125 | 15,887,885 | 27,973,010 | 15.4% | 18.9% |
| Skandrenting AB | 12,030,535 | 15,892,780 | 27,923,315 | 15.4% | 18.8% |
| HME Investment AB | 11,756,500 | 10,013,260 | 21,769,760 | 12.0% | 17.1% |
| Bergendahl Invest AB | 6,223,825 | 10,713,230 | 16,937,055 | 9.3% | 10.4% |
| Nordnet Pensionsförsäkring | 0 | 11,960,612 | 11,960,612 | 6.6% | 3.0% |
| Jacob Karlsson | 1,296,855 | 4,475,587 | 5,772,442 | 3.2% | 2.7% |
| Capital Group | 0 | 4,739,069 | 4,739,069 | 2.6% | 1.2% |
| Länsförsäkringar fastighetsfond | 0 | 3,469,205 | 3,469,205 | 1.9% | 0.9% |
| ODIN Fonder | 0 | 3,075,400 | 3,075,400 | 1.7% | 0.8% |
| SEB Fonder | 0 | 2,484,621 | 2,484,621 | 1.4% | 0.6% |
| Tosito AB | 0 | 2,298,465 | 2,298,465 | 1.3% | 0.6% |
| Employees | 0 | 1,762,629 | 1,762,629 | 1.0% | 0.4% |
| Other | 0 | 23,386,017 | 23,386,017 | 12.9% | 5.8% |
| Source: Euroclear Sweden. Total |
55,477,965 | 126,063,270 | 181,541,235 | 100.0% | 100.0% |
The company had 13 employees at the end of the period. The company has its own staff in acquisitions, property management, projects, sustainability, letting and finance. Property caretakers and technicians are hired locally by partners close to where our properties are located to ensure all tenants have the best possible service.
During the period, rental income was invoiced to EKOgruppen Hässleholm AB in accordance with a current rental agreement.
The parent company provided property administration services to subsidiaries with a total value of SEK 22 m.
All transactions with related parties have been priced on market terms.
The Group's operations, financial position and profit can be positively and negatively affected by risks and external factors. The estimated risks are mapped, evaluated and managed on an ongoing basis. For more information about risks and uncertainties, see the 2021 Annual Report.
An analysis and risk assessment of our operations and our tenants' operations was carried out regarding the war in Ukraine. We cannot see that any of our tenants' operations have any direct exposure to Russia. However, the operations, depending on which industry they operate in, could potentially be impacted indirectly due to inflation or new potential sanctions. Furthermore, we have not noted any significant direct impact on SLP's operations in terms of cost increases, project delays or increased credit margins. However, the proportion of SLP's loans that do not have interest hedging via derivatives is impacted by the increased 3-month STIBOR interest rate. In the current circumstances, we assess the total impact as low.
The Annual General Meeting for 2023 will be held in Malmö on 26 April 2023. Shareholders wishing to have a matter addressed at the Annual General Meeting can submit a written request by email to: [email protected] or by post to: Swedish Logistic Property AB, Strömgatan 2, SE-212 25 Malmö, Sweden. The request must be received at least seven weeks before the Annual General Meeting in order to be included in the notice and agenda of the meeting.
In order to prepare the company's financial statements in accordance with accepted accounting practice, the management and Board make judgements and assumptions that affect the recognition of assets and liabilities, and income and expenses, as well as other information presented in the Year-end Report. Actual outcomes may differ from these estimates. Reporting is especially sensitive to judgements and assumptions that form the basis for the valuation of investment properties. For a sensitivity analysis, see the 2021 Annual Report.
This summary Interim Report has been prepared in accordance with International Accounting Standards (IAS) 34 Interim Reporting. In the Report, IFRS refers to the application of the International Financial Reporting Standards (IFRS) adopted by the EU and the interpretations of the International Reporting Interpretations Committee (IFRIC).
Investment properties are recognized at fair value in accordance with Level 3 in the fair value hierarchy.
The Parent Company applies the Annual Accounts Act and RFR 2 Accounting for Legal Entities.
The Group consists of a single segment, Investment properties.
The Report has not been subject to a summary review.
The Board and CEO hereby offer their assurance that the Report presents a fair view of the company's and Group's operations, financial position and profit, and that it describes the material risks and uncertainties the company and the companies included in the Group face.
Malmö, Sweden, 16 February 2023
CHAIRMAN Erik Selin DEPUTY CHAIRMAN Greg Dingizian CEO Peter Strand
DIRECTOR Sophia Bergendahl DIRECTOR Jacob Karlsson
DIRECTOR Sofia Ljungdahl DIRECTOR Unni Sollbe
This information is such that Swedish Logistic Property AB (publ) is obliged to disclose in accordance with the EU's Market Abuse Regulation. The information was submitted for publication at 08.45am CET on 16 February 2023.
The year-end report is published in Swedish and English. The Swedish version is the original version and takes precedence over the English if it differ from the original.
SLP applies the guidelines for alternative key performance indicators issued by the European Securities and Market Authority (ESMA). Alternative key performance indicators refer to financial measures in addition to historical or future profit performance, financial position, financial profit or cash flows that are not defined or indicated in the applicable rules for financial reporting according to IFRS. The starting point is that alternative key performance indicators are used by the company management to evaluate financial performance and thereby provide shareholders and other stakeholders with valuable information.
| Key performance indicators | Definition | Purpose |
|---|---|---|
| Property-related key performance indicators |
||
| Rental income, SEK m | Rental income according to the income statement, SEK m | Illustrates Group income from property letting. |
| Net operating income, SEK m | Net operating income according to the income statement, SEK m | Illustrates the Group's surplus from property letting after deductions for property costs and property |
| Financial letting ratio, % | Contractual annual rent for rental agreements at the end of the period as a percentage of rental value. |
administration. Illustrates the financial degree of utilization of SLP's properties. |
| Net rental income, SEK m | Net amount of annual rent excluding discounts, additional charges and property tax for newly signed, terminated and renegotiated contracts. No consideration is given to the contract term. |
Illustrates the Group's income potential. |
| Contractual annual rent, SEK m | Rent per year in accordance with contracts including discounts, additional charges and property tax. |
Illustrates the Group's income potential. |
| Rental value, SEK m | Contractual annual rent plus estimated market rent for vacant premises. | Illustrates the Group's income potential. |
| Rental value, SEK/m2 | Contractual annual rent plus estimated market rent for vacant spaces in relation to lettable area, excluding ongoing projects. |
Illustrates the Group's income potential. |
| Investment properties, SEK m | Investment properties according to the statement of financial position, SEK m. |
Illustrates the market value of the Group's investment properties at the end of the period. |
| Investment properties, SEK/m2 | Investment properties, SEK m in relation to lettable area. | Illustrates value growth for the Group's investment properties in relation to area. |
| Lettable area, m2 | Lettable area at the end of the period including major ongoing projects. | Illustrates SLP's ability to achieve its overarching targets. |
| Direct return requirement valuation, % | Average direct return requirement based on external valuation at the end of the period. |
Illustrates the properties' financial return based on an external valuation. |
| Financial key performance indicators | ||
| Profit from property management, SEK m | Profit from property management according to the income statement, SEK m |
Illustrates the profitability of property management. |
| Excluding listing expenses | Profit from property management according to the income statement, excluding listing expenses, SEK m |
Illustrates the profitability of property management. |
| Profit for the period, SEK m | Profit for the period according to the income statement, SEK m | Illustrates the Group's profit for the period. |
| Equity/assets ratio, % | Equity as a percentage of total assets (total equity and liabilities). | Illustrates the Group's financial risk. |
| Loan-to-value ratio, % | Interest-bearing liabilities less cash and cash equivalents as a percentage of investment properties at the end of the period. |
Illustrates the Group's financial risk. |
| Interest coverage ratio, multiple | Profit from property management plus financial expenses in relation to financial expenses. |
Illustrates the Group's financial risk. |
| Excluding listing expenses | Profit from property management, excluding listing expenses, plus financial expenses in relation to financial expenses. |
Illustrates the Group's financial risk. |
| Average interest, % | Average interest rate on the loan portfolio including derivatives on the balance sheet date. |
Illustrates the Group's interest rate risk relating to interest-bearing liabilities. |
| Fixed interest period, years | Average remaining fixed interest period on the loan portfolio including derivatives. |
Illustrates the interest rate risk for the Group's interest-bearing liabilities. |
| Capital tied up, years | Average remaining period for capital tied up in the loan portfolio. | Illustrates the (re)financing risk for the Group's interest-bearing liabilities. |
| Return on equity, % | Profit for the period as a percentage of average equity after dilution. | Illustrates the return on capital in the period. |
| Equity, SEK m | Equity according to the statement of financial position, SEK m. | Illustrates Group equity at the end of the period. |
| Equity after dilution, SEK m | Equity according to the statement of financial position including outstanding warrants. |
Illustrates the Group's equity at the end of the period including outstanding warrants. |
| Share-related key performance indicators | ||
| Profit before dilution, SEK | Profit for the period in relation to average number of shares before dilution. |
IFRS key performance indicator |
| Profit after dilution, SEK | Profit for the period in relation to the average number of shares after dilution resulting from outstanding warrants. |
IFRS key performance indicator |
| Net asset value (NAV) after dilution, SEK | Equity including outstanding warrants plus reversal of deferred tax and derivatives according to the statement of financial position in relation to the number of outstanding shares at the end of the period after dilution. |
Established measure of Group NAV which enables analysis and comparison between property companies. Also illustrates SLP's ability to achieve overarching |
| Growth in net asset value (NAV) after dilution, % |
NAV per share after dilution for the current period in relation to the previous period expressed as a percentage. |
targets. Illustrates SLP's ability to achieve its overarching targets. |
| Profit from property management after dilution, SEK |
Profit from property management in relation to average number of shares after dilution. |
Illustrates SLP's profit from property management per share after dilution in a consistent manner for listed companies. |
| Excluding listing expenses | Profit from property management excluding listing expenses, in relation to average number of shares after dilution. |
Illustrates SLP's profit from property management per share after dilution in a consistent manner for listed companies. |
| Growth in profit from property management per share after dilution, % |
Profit from property management per share after dilution for the current period in relation to the preceding period expressed as a percentage. |
Illustrates SLP's ability to achieve its overarching targets. |
| Excluding listing expenses | Profit from property management ,excluding listing expenses, per share after dilution for the current period in relation to the preceding period expressed as a percentage. |
Illustrates SLP's ability to achieve its overarching targets. |
| Cash flow after dilution, SEK | Cash flow from operating activities before change in working capital in relation to the average number of outstanding shares after dilution. |
Illustrates the company's ability to generate cash flow from operating activities before change in working capital. |
| No. of outstanding shares before dilution, m | Number of outstanding shares at the end of the period excluding outstanding warrants. |
|
| No. of outstanding shares after dilution, m | Number of outstanding shares at the end of the period including outstanding warrants. |
|
| Average no. of shares before dilution, m | Average number of shares for the period excluding outstanding warrants. |
|
| Average no. of shares after dilution, m 21 |
Average number of shares in the period including outstanding warrants. Year-end report January - December 2022 – Swedish Logistic Property AB (publ) |
|
Share price at the end of the period, SEK Share price at the end of the period.
| Key performance indicators | Oct-Dec 2022 |
Oct-Dec 2021 |
Jan-Dec 2022 |
Jan-Dec 2021 |
Jan-Dec 2020 |
|---|---|---|---|---|---|
| Financial letting ratio, % | |||||
| A. Contractual annual rent at the end of the period, SEK m | 509 | 359 | 509 | 359 | 198 |
| B. Rental value at the end of the period, SEK m | 535 | 390 | 535 | 390 | 217 |
| A / B Financial letting ratio, % | 95.0 | 92.1 | 95.0 | 92.1 | 91.3 |
| Net rental income, SEK m | |||||
| A. Annual rental value of lettings for the period, SEK m | 6.9 | 18.0 | 65.8 | 59.6 | 18.4 |
| B. Annual rental value of terminated tenancies in the period, SEK m |
4.5 | 11.9 | 54.1 | 33.8 | 13.1 |
| A-B Net rental income, SEK m | 2.3 | 6.0 | 11.7 | 25.8 | 5.3 |
| Rental value, SEK m | |||||
| A. Contractual annual rent at the end of the period, SEK m | 509 | 359 | 509 | 359 | 198 |
| B. Estimated market rent for vacant premises, SEK m | 26 | 31 | 26 | 31 | 19 |
| A+B Rental value, SEK m | 535 | 390 | 535 | 390 | 217 |
| Rental value, SEK/m2 | |||||
| A. Contractual annual rent at the end of the period, SEK m | 509 | 359 | 509 | 359 | 198 |
| B. Estimated market rent for vacant premises, SEK m | 26 | 31 | 26 | 31 | 19 |
| C. Lettable area excl. ongoing projects, m2 / 1000 | 0.726 | 0.602 | 0.726 | 0.602 | 0.411 |
| (A+B) / C Rental value, SEK/m2 | 737 | 648 | 737 | 648 | 528 |
| Investment properties SEK/m2 | |||||
| A. Investment properties, SEK m | 8,133 | 6,498 | 8,133 | 6,498 | 3,352 |
| B. Lettable area, m2/1,000 | 0.740 | 0.628 | 0.740 | 0.628 | 0.411 |
| A/B Investment properties SEK/m2 | 10,988 | 10,353 | 10,988 | 10,353 | 8,146 |
| Key performance indicators | Oct-Dec 2022 |
Oct-Dec 2021 |
Jan-Dec 2022 |
Jan-Dec 2021 |
Jan-Dec 2020 |
|---|---|---|---|---|---|
| Profit from property management excluding listing expenses, SEK m |
|||||
| A. Profit from property management according to the income statement, SEK m |
52 | 29 | 197 | 131 | 48 |
| B. Listing expenses, SEK m | 0 | 8 | 25 | 8 | 0 |
| A+B Profit from property management excluding listing expenses, SEK m |
52 | 37 | 222 | 139 | 48 |
| Loan-to-value ratio, % | |||||
| A. Interest-bearing liabilities according to balance sheet, SEK m |
4,102 | 3,620 | 4,102 | 3,620 | 1,878 |
| B. Cash and cash equivalents according to balance sheet, SEK m |
70 | 41 | 70 | 41 | 72 |
| C. Investment properties according to balance sheet, SEK m |
8,133 | 6,498 | 8,133 | 6,498 | 3,352 |
| (A–B) / C Loan-to-value ratio, % | 49.6 | 55.1 | 49.6 | 55.1 | 53.9 |
| Return on equity, % | |||||
| A. Profit for the period according to the income statement, SEK m |
49 | 226 | 419 | 752 | 416 |
| B. Equity after dilution at the end of the period, SEK m | 3,714 | 2,491 | 3,714 | 2,491 | 1,357 |
| C. Equity after dilution at the start of the period, SEK m | 3,665 | 1,993 | 2,491 | 1,357 | 481 |
| A / ((B+C)/2) Return on equity, % | 1.3 | 10.1 | 13.5 | 39.1 | 45.3 |
| Equity after dilution, SEK m | |||||
| A. Equity according to the balance sheet, SEK m | 3,702 | 2,479 | 3,702 | 2,479 | 1,345 |
| B. Equity from outstanding warrants, SEK m | 12 | 12 | 12 | 12 | 12 |
| A+B Equity after dilution, SEK m | 3,714 | 2,491 | 3,714 | 2,491 | 1,357 |
22 Year-end report January - December 2022 – Swedish Logistic Property AB (publ)
| Key performance indicators | Oct-Dec 2022 |
Oct-Dec 2021 |
Jan-Dec 2022 |
Jan-Dec 2021 |
Jan-Dec 2020 |
|---|---|---|---|---|---|
| Interest coverage ratio excluding listing expenses, multiple |
|||||
| A. Profit from property management according to the income statement, SEK m |
52 | 29 | 197 | 131 | 48 |
| B. Financial expenses according to the income statement, SEK m |
26 | 14 | 77 | 47 | 12 |
| C. Listing expenses, SEK m | 0 | 8 | 25 | 8 | 0 |
| (A+B+C) / B Interest coverage ratio excluding listing expenses, multiple |
3.0 | 3.7 | 3.9 | 4.0 | 4.9 |
| Key performance indicators | Oct-Dec 2022 |
Oct-Dec 2021 |
Jan-Dec 2022 |
Jan-Dec 2021 |
Jan-Dec 2020 |
|---|---|---|---|---|---|
| Net asset value (NAV) per share after dilution, SEK | |||||
| A. Equity after dilution, SEK m | 3,714 | 2,491 | 3,714 | 2,491 | 1,357 |
| B. Deferred tax according to the balance sheet, SEK m | 460 | 354 | 460 | 354 | 161 |
| C. Derivatives according to the balance sheet, SEK m | -129 | -13 | -129 | -13 | 2 |
| No. of outstanding shares after dilution, m | 183.5 | 154.91 | 183.5 | 154.91 | 137.0 |
| (A+B+C) / D Net asset value (NAV) per share after dilution, SEK |
22.0 | 18.3 | 22.0 | 18.3 | 11.1 |
| Growth in net asset value (NAV) after dilution, % | |||||
| A. Net asset value (NAV) per share after dilution, current period | 22.0 | 18.3 | 22.0 | 18.3 | 11.1 |
| B. Net asset value (NAV) per share after dilution, previous period | 21.6 | 15.5 | 18.3 | 11.1 | 5.6 |
| A–B / B Growth in net asset value (NAV) after dilution, % | 2 | 18 | 21 | 65 | 97 |
| Profit from property management per share after dilution, SEK |
|||||
| A. Profit from property management, SEK m | 52 | 29 | 197 | 131 | 48 |
| B. Average number of shares after dilution, m | 183.0 | 147.0 | 175.2 | 142.0 | 116.8 |
| A / B Profit from property management per share after dilution, SEK |
0.3 | 0.2 | 1.1 | 0.9 | 0.4 |
| Profit from property management, excluding listing expenses, per share after dilution, SEK |
|||||
| A. Profit from property management, SEK m | 52 | 29 | 197 | 131 | 48 |
| B. Listing expenses | 0 | 8 | 25 | 8 | 0 |
| C. Average number of shares after dilution, m | 183.0 | 147.0 | 175.2 | 142.0 | 116.8 |
| A+B / C Profit from property management, excluding listing expenses, per share after dilution, SEK |
0.3 | 0.2 | 1.3 | 1.0 | 0.4 |
| Growth in profit from property management per share after dilution, % |
|||||
| A. Profit from property management per share after dilution, current period |
0.3 | 0.2 | 1.1 | 0.9 | 0.4 |
| B. Profit from property management per share after dilution, preceding period |
0.2 | 0.1 | 0.9 | 0.4 | 0.0 |
| A–B / B Growth in profit from property management after dilution, % |
46 | 43 | 22 | 126 | 906 |
| Growth in profit from property management, excluding listing expenses, after dilution, % |
|||||
| A. Profit from property management excluding listing expenses, per share after dilution, current period |
0.3 | 0.2 | 1.3 | 1.0 | 0.4 |
| B. Profit from property management excluding listing expenses, per share after dilution, previous period |
0.2 | 0.1 | 1.0 | 0.4 | 0.0 |
| A–B / B Growth in profit from property management, excluding listing expenses, after dilution, % |
14 | 83 | 29 | 140 | 906 |
| Cash flow per share after dilution, SEK | |||||
| A. Cash flow from operating activities before change in working capital, SEK m |
- | - | 214 | 126 | 44 |
| B. Average number of shares after dilution, m | - | - | 175.2 | 142.0 | 116.8 |
| A / B Cash flow per share after dilution, SEK | - | - | 1.2 | 0.9 | 0.4 |
1 Number of shares outstanding after dilution in relation to converted debentures which amounted to 7,931,730 after the share split.
| Calendar | |
|---|---|
| Annual Report 2022 | 4 April 2023 |
| 2023 Annual General Meeting | 26 April 2023 |
| Interim Report Jan-Mar 2023 | 26 April 2023 |
| Interim Report Jan-Jun 2023 | 13 July 2023 |
| Interim Report Jan-Sep 2023 | 26 October 2023 |
Swedish Logistic Property AB (publ) Corp. ID no.: 559179–2873 Strömgatan 2, SE-212 25 Malmö, Sweden www.slproperty.se
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