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Logistea Interim Report Q3 2023
Kurs & Likviditet
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | Mid Cap Stockholm |
| Sektor | Fastigheter |
| Industri | Förvaltning |
Logistea AB (publ) has today published its Interim report for the first three quarters of 2023.
Share issue has created great opportunities
Summary of the period January – September 2023
· Income increased by 57 per cent and amounted to SEK 278 million (177).
· Net operating income increased by 67 percent to SEK 210 million (126).
· Profit from property management increased to SEK 82 million (52).
· Profit before tax amounted to SEK 114 million (414), as changes in the value of properties affected earnings by SEK 20 million (351).
· Earnings per share amounted to SEK 0.6 (2.7).
· Net asset value per share decreased to SEK 13.5 (16.9).
· In January, Logistea acquired two properties in Gothenburg at a total property value of SEK 292 million.
· In September, FREYR Battery A/S announced that they had decided to terminate the cooperation agreement regarding the project to establish a new battery factory in Svenljunga Municipality.
Summary of the quarter July – September 2023
· Income increased by 27 per cent and amounted to SEK 89 million (70).
· Net operating income increased by 33 percent to SEK 72 million (54).
· Profit from property management increased to SEK 30 million (22).
· Profit before tax amounted to SEK 94 million (67), as changes in the value of properties affected earnings by SEK 64 million (37).
· Earnings per share amounted to SEK 0.4 (0.4).
· During the third quarter, a fully guaranteed rights issue of a total of SEK 436 million was completed.
· In August, Logistea signed a new 20-year lease agreement with NKT HV Cables AB in Alingsås, for the construction of a new production and test facility.
· Later in August, Logistea signed a new 7-year lease agreement with 3P Logistic AB for of a 11,100 sqm premises in Karlskoga.
Significant events after the balance sheet date
· On 2 October, Logistea announced that holders of bonds corresponding to SEK 303.75 million have accepted Logistea's tender offer to repurchase bonds at a price corresponding to 101 percent of the nominal amount. The settlement date for the repurchase was 5 October. In the interim report, the repurchase amount is classified as a non-current liability.
· On 26 October, it was announced that an international logistics company had signed a lease agreement for the property Grundstenen 7 in Trollhättan.
After the completed oversubscribed and fully guaranteed rights issue, Logistea reports very strong balance sheet ratios and increased earnings. Income for the period amounted to SEK 278 million, an extensive 57% higher than the compared period. Profit from property management, which has increased every quarter of this year, is up 58% for the period. Rent indexation and efficient property management have contributed to an increase in net operating income for the like-for-like portfolio by as much as 13% between the periods. The loan-to-value ratio is at a record low of 42.7% and Logistea's balance sheet stands stronger than ever, says CFO Philip Löfgren.
At 10:00 today, Friday 27 October, there is a possibility to watch a presentation of the Interim 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.