Logistea AB (publ) has today published its year-end report for 2022.
Summary January – December 2022
- Rental income increased by 177 percent and amounted to SEK 257 million (93).
- Net operating income increased by 186 percent to SEK 186 million (65).
- Profit from property management increased to SEK 73 million (18).
- Profit before tax amounted to SEK 420 million (396), as changes in the value of properties had a positive impact on earnings of SEK 339 million (378).
- Earnings per share amounted to SEK 2.9 (3.7).
- 27 properties acquired, with 218,528 sqm of lettable area at a total property value of SEK 1,495 million.
- A total of 22,500 sqm of new construction completed and accessed by the tenants, of which 13,500 sqm in Vaggeryd Logistikpark during the first quarter and 9,000 sqm in Borås during the second quarter. The properties contribute with an annual net operating income of SEK 14.5 million.
- A total of 24,764,885 shares issued, of which 19,428,133 through a preferential rights issue of SEK 350 million before issue costs and 5,336,752 shares in directed issues to finance property acquisitions.
- The Board of Directors has decided to not propose any dividend to the upcoming Annual General Meeting in May 2023.
Summary October – December 2022
- Rental income increased by 143 percent and amounted to SEK 80 million (33).
- Net operating income increased by 187 percent to SEK 60 million (21).
- Profit from property management increased to SEK 21 million (10).
- Profit before tax amounted to SEK 6 million (272), as changes in the value of properties affected the profit by SEK -12 million (262).
- Earnings per share amounted to SEK -0.1 (2.4).
- Net asset value per share increased to SEK 16.9 (11.8).
- New interest rate derivatives have been entered, resulting in an increased fixed interest period to 2.1 years and in a lowered average interest rate.
- A property in Alingsås was acquired in December, with 19,100 sqm of lettable area and an annual rental income of SEK 20.9 million, at a total property value of SEK 275 million.
- Nordika Fastigheter will become a new major shareholder in Logistea following an agreed acquisition, with associated share issue, of two properties in Gothenburg with 18,000 sqm of lettable area and an annual rental income of SEK 18.7 million, at a total property value of SEK 292 million. The transaction was completed on 31 January 2023 and the shares were issued in Q1 2023.
Significant events after the end of the balance sheet date
- In January 2023, the property Borås Vindan 1 was certified according to BREEAM In-Use Very Good.
- In January 2023, Logistea repurchased bond loans in its own issued bond corresponding to an amount of SEK 23.8 million, which reduces the interest cost by almost SEK 2 million on an annual basis given the current interest rate level.
“Logistea reports increased revenue and net operating income for both the last quarter and the full year. We prove that the business model lasts even in a changing business climate. In addition to a high occupancy rate of 98% and long-term leases with an average maturity of 7.8 years, we extended the fixed interest rate period from 0.7 to 2.1 years during the quarter, which provides additional predictability in our cash flows.” says CEO Niklas Zuckerman.
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).