Year-end Report 2021
October – December 2021
- Rental income increased and amounted to MSEK 33 (9).
- Net operating income increased to MSEK 21 (7).
- Profit from property management increased to MSEK 10 (2).
- Profit for continuing operations (real estate) amounted to MSEK 222 (38), where changes in the value of properties had a positive impact on earnings by MSEK 262 (47).
- Earnings per share amounted to SEK 2.40 (0.63).
- In order to support the company’s growth targets, the Board of Directors intends to propose to the AGM that no dividend be paid for 2021 (0).
- Closing of properties with a property value of MSEK 724.
- Directed new issues totalling 8,578,913 shares, converted for bonus issue and reverse split, have been carried out in order to finance property acquisitions.
- LOI signed a lease agreement with an international battery cell manufacturer for 380,000 sqm of new production and signed an associated exclusive land reservation agreement with Svenljunga municipality for one million sqm of land area.
- Distribution of all shares in We aRe Spin Dye AB.
- Established green financial framework and issued unsecured green bonds with a nominal amount of MSEK 500.
- Bonus issue, directed share issue and reverse share split completed. The B-share, a new class of shares, was admitted to trading on Nasdaq Stockholm on November 22 and bond loans were listed on Nasdaq Stockholm on November 26.
January – December 2021
- Rental income increased and amounted to MSEK 93 (18).
- Net operating income increased to MSEK 65 (14).
- Profit from property management increased to MSEK 18 (4).
- Profit for continuing operations (real estate) increased to MSEK 317 (53), where changes in the value of properties had a positive impact on earnings by MSEK 378 (65).
- Earnings per share amounted to SEK 3.73 (1.12).
- Access of 26 properties in Sweden, corresponding to 226,741 sqm of lettable area and 79,500 sqm of building rights with a total property value of MSEK 1,231.
- Directed new issues totalling 16,422,145 shares, converted for a bonus issue and reverse split, have been carried out in order to finance property acquisitions.
- Sale of fashion business to We Are Spin Dye (WRSD) and distribution of all received shares in WRSD.
- The Extraordinary General Meeting on October 22 resolved on; change the company name to Logistea AB, change business items, distribution of all shares in WRSD to the company’s owner, new issue, introduction of Class B shares, bonus issue, reverse share split, incentive program 2021/2025 and new election of Bengt Kjell as board member.
- New management with CEO, deputy CEO/Head of Transactions, CFO and COO, all with solid experience in transactions and real estate. During Q1 2022 a newly recruited Head of Property Management and Head of Sustainability & IR will join the management team.
Significant events after the balance sheet date
- Framework for vision, targets, strategy and dividend policy was updated to support significant growth and long-term value creation in real estate for warehouse, logistics and light industry.
- Closing of warehouse and logistics property in Värnamo to a value of MSEK 25, acquisition and closing of logistics property in Kalmar and logistics property in Lockryd, Svenljunga with a combined value of MSEK 107. Signing of LOI for acquisition of a property in Enköping with a property value of MSEK 300.
CEO, Niklas Zuckerman comments on Q4 and FY 2021:
Property portfolio in attractive logistics locations worth MSEK 2,607 at the end of 2021
Logistea’s growth has been strong since the first property was acquired at the end of 2019 and the company’s project portfolio consists at the end of 2021 of 345,145 square meters of lettable area with a property value of MSEK 2,607. During Q4, properties worth MSEK 724 were accessed.
Quadrupled rental income, strong earnings growth and doubled net asset value
Volym growth in investment properties shows its clarity in annual comparison. Net asset value has doubled during the year and earning capacity has increased sharply and amounted to MSEK 158 (42) at the end of 2021. The company’s actual rental income has quadrupled and amounted to MSEK 93 (18) for the full year, while net operating income increased to MSEK 65 (14). Full-year profit before tax for continuing operations, the real estate business, amounted to MSEK 317 (53), where unrealized changes in the value of properties have had a positive impact on earnings by MSEK 378 (65) and non-recurring costs charged to profit by approximately MSEK 5.
Growth target of BSEK 15 in property value at the end of 2024
Logistea’s overall growth target is to achieve BSEK 15 in property value within three years, at the end of 2024. The company intends to grow both through acquisitions of properties and land, as well as through new production and investments in its existing own portfolio. The target going forward is to complete at least 25,000 square meters of new lettable space annually and we see great opportunities to grow with our current and future tenants.
Strong demand for premises in warehouses, logistics and light industry
Demand for warehouse and logistics premises is significant and we see a future increasing need. Furthermore, the pandemic that took place in both 2020 and 2021 has accelerated the change in trading patterns with an increased share of e-commerce. Warehouse and logistics properties in attractive locations are considered to be a stable investment in the long term. Likely with rent increases in the most attractive locations.
Strong value-creating platform
Logistea today has an experienced organization and an active ownership base, and it is my opinion that the company with a revised strategic framework and business plan has the best conditions for delivering modern and sustainable premises to our tenants and a good return to our shareholders over time.
Logistea invites you to a webcast presentation of the Year-end Report for 2021 on February 18, 2022 at 10:00 CET.
Phone number: SE: +46 8 505 583 69 | UK: +44 333 300 9265
Please call in five minutes before the start.
For additional information, please contact:
Niklas Zuckerman, CEO Logistea
Philip Löfgren, CFO Logistea
About Logistea AB (publ)
Logistea is a Swedish real estate company focusing on warehousing, logistic and light industrial properties. The company’s shares are listed on Nasdaq Stockholm with the short names LOGI A and LOGI B. For more information: www.logistea.se
This information is information that Logistea is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2022-02-18 07:30 CET.