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Logistea AB (publ) has today published its Interim report for the second quarter of 2023.
Increased income and rising profit from property management
Summary January – June 2023
· Income increased by 78 per cent and amounted to SEK 189 million (106).
· Net operating income increased by 93 per cent to SEK 138 million (72).
· Profit from property management increased to SEK 52 million (31).
· Profit before tax amounted to SEK 20 million (347), as changes in the value of properties affected earnings by SEK -44 million (314).
· Earnings per share amounted to SEK 0.1 (2.6).
· Net asset value per share increased to SEK 16.5 (16.3).
· Two properties in Gothenburg were acquired in January, with 18.000 square metres of lettable area and an annual rental income excluding surcharges of SEK 19 million, at a property value of SEK 292 million.
· A new cooperation agreement was signed with FREYR Battery regarding the development of the detailed plan and planning process for the potential battery factory in Svenljunga municipality.
Summary April – June 2023
· Income increased by 67 per cent and amounted to SEK 94 million (56).
· Net operating income increased by 86 per cent to SEK 72 million (39).
· Profit from property management increased to SEK 28 million (18).
· Profit before tax amounted to SEK 16 million (155), as changes in the value of properties affected earnings by SEK -30 million (135).
· Earnings per share amounted to SEK 0.1 (1.1).
· During the quarter, an additional SEK 30 million was repurchased, totaling SEK 116.3 million, has been repurchased in the own issued unsecured bond with a nominal amount of SEK 500 million.
· In June, Slättö became the largest shareholder in Logistea when Ilija Batljan divested all his shares.
· In the end of June, Logistea signed new green leases with Globen Lightning and Camfil Power Systems for a total of 4,200 square metres. The average lease maturity was 7.3 years and the total rental value amounted to SEK 35 million.
Significant events after the end of the balance sheet date
· On July 14, Logistea decided to carry out a fully guaranteed rights issue of preliminary SEK 400 million. The share issue is expected to be completed during the third quarter of 2023.
Logistea reports increasing income, net operating income and profit from property management, both for the period but also for the quarter. We continue to have a strong predictability in our cash flow even in a changing financing climate. Our average borrowing rate decreased by 0.1 percentage points in the quarter following completed repurchases in our own bond loan. Furthermore, we will strengthen our financial position further through the right issue Logistea’s Board resolved upon today, and we can continue with repurchases of bond loans, acquire more properties in line with our growth ambition and focus on value-adding investments in our current property portfolio, says CFO Philip Löfgren.
A presentation of the report is available on Logistea’s website (link)
Listen to CEO Niklas Zuckerman commenting on the results in the podcast Kvartalet, available from 8.00 today on Logistea’s website (link).