Positive net lettings and lower average interest rate
Summary the year January – December 2023
- Income increased by 44 percent and amounted to SEK 371 million (257).
- Net operating income increased by 48 percent to SEK 276 million (186).
- Profit from property management increased by 47 percent to SEK 107 million (73).
- Profit before tax amounted to SEK 8 million (420), where changes in the value of properties affected profit by SEK -63 million (339).
- Earnings per share amounted to SEK 0.0 (2.6).
- Net asset value per share decreased to SEK 13.2 (16.9), mainly as a result of the rights issue.
- In January, Logistea closed a transaction of two properties in Gothenburg at a total property value of SEK 292 million.
- During the third quarter, a fully guaranteed rights issue of a total of SEK 436 million was completed. Part of the proceeds was used to repurchase bonds of a nominal value of SEK 303.8 million in early October.
- In August, Logistea signed a new 20-year lease agreement with NKT HV Cables AB in Alingsås regarding the construction of a new production and test facility.
Summary the quarter October – December 2023
- Income increased by 16 percent and amounted to SEK 93 million (80).
- Net operating income increased by 10 percent to SEK 66 million (60).
- Profit from property management increased by 19 percent to SEK 25 million (21).
- Profit before tax amounted to SEK -106 million (6), where changes in the value of properties affected profit by SEK -83 million (-12).
- Earnings per share amounted to SEK -0.5 (-0.1).
- In October, Logistea repurchased bonds corresponding to a nominal amount of SEK 303.75 million.
- In October, it was announced that an international logistics company had signed a lease agreement for leasing in the property Grundstenen 7 in Trollhättan.
- In December, Logistea closed a transaction of the Kalmar Sigillet 1 property, with a lettable area of 35,300 square meters and an annual rental income of SEK 25.2 million. The property value amounted to SEK 340 million.
- In December, the company announced that it had entered into an agreement to acquire two properties in Karlstad and Nybro at a property value of SEK 189 million.
The Board of Directors has decided to propose to the upcoming Annual General Meeting in May 2024 that no dividend shall be paid for the financial year 2023.
Significant events after the balance sheet date
- At the Extraordinary General Meeting on 25 January 2024, the acquisition of the two properties in Karlstad and Nybro was approved. Closing of the properties was on 30 January 2024.
We sum up 2023 with an increase in revenue of 44 percent and an increase in profit from property management of 47 percent. For the like-for-like portfolio, the net operating income increased by more than 11 percent and profit from property management per share increased by more than 10 percent, despite the fact that 33 percent more shares were issued in the rights issue in September. Through buybacks in our own bond and work on our derivatives portfolio, we have lowered our average interest rate to 4.7 percent, compared with 4.8 percent at the beginning of the year and 5.2 percent at the end of the previous quarter. The loan-to-value ratio is stable at just over 45 percent, which creates room for continued expansion in 2024,” says CFO Philip Löfgren.
At 10:00 today, Friday 16 February, there is a possibility to watch a presentation of the year-end report. The report will be presented by Logistea’s CEO Niklas Zuckerman and CFO Philip Löfgren in Swedish, where the presentation material is in English. The presentation will be webcasted live and to watch the webcast, follow this link. A recording will be available afterwards on Logistea’s website.
If you wish to participate via teleconference, please register via the link here. After registration, you will receive phone numbers and a conference ID to access the conference. It will be possible to ask questions verbally via the teleconference.