Interim report January–June 2022: SLP’s financial situation creates room for continued sustainable growth
Logistics and logistic properties are key factors to a strong and growing economy. The uncertainty we are currently experiencing in different parts of the economy causes us to prepare for several different scenarios. For SLP, the current market situation enables opportunities to strengthen the company’s position and to improve our relationships with key stakeholders.
- Rental income increased by 66%, amounting to SEK 200 million (121).
- Profit from property management, excluding listing expenses increased by 74% and amounted to SEK 110 million (63).
- Profit for the period was impacted by none-recurring costs of SEK 25 million (0) related to the IPO.
- Earnings per share after dilution amounted to SEK 1.8 (2.1).
- Net asset value (NAV) per share after dilution increased by 17% in the period and amounted to SEK 21.3.
- Net rental income in the period amounted to SEK 4.9 million (11.1).
- Seven properties and an area of land were acquired and taken into possession with a total lettable area of approximately 63,200 sqm and a property value of SEK 567 million (660).
- Acquisition of an ongoing new production project in Halmstad of approximately 5,900 square meters with planned access to the property on 30 September.
- Retail property in Malmö sold with an agreed property value of SEK 144 m, which was more than 20 percent above the latest external market valuation.
- Substantially oversubscribed public offering of new Class B shares worth valued at SEK 750 million.
- On 23 March, trading of the company’s Class B shares on Nasdaq Stockholm commenced.
- A new share issue of SEK 169 m was registered, which related to five SLP acquisitions which were partly paid with shares.
- Viktoria Wöhl was recruited as head of environmental sustainability, a new role within the company to coordinate and lead the company’s environmental initiatives.
- SLP has renegotiated approximately SEK 700 million of the existing loan portfolio into so-called green loans.
“We are closely following the development of the financial markets, and in the current circumstances I am reassured that SLP’s financial situation is strong. The combination of only secured bank financing with a loan-to-value ratio of 45 percent and a desirable property portfolio with CPI indexed rental agreements, generates stable cash flows which in turn enables sustainable growth in the future,” comments Peter Strand, CEO of SLP.
This disclosure contains information that Swedish Logistic Property is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 14 July 2022, 08:45 CEST.
The interim report will be presented via a recorded audiocast today at 10:00 a.m. CEST. Peter Strand, CEO, and Tommy Åstrand, CFO, will comment on the results and operations. The presentation material (images+audio) will be available at: https://slproperty.se/en/ir/reports-and-presentations/ and https://tv.streamfabriken.com/slp-q2-rapport-2022
For further information, please contact:
Peter Strand, CEO of SLP, telephone: +46 705 881 661
About SLP – Swedish Logistic Property
SLP – Swedish Logistic Property – is a Swedish real estate company with a focus on logistics properties. Since its inception, the company has maintained a high pace and in a short time has completed several high-profile acquisitions. SLP has a high ambition regarding sustainability and works responsibly from environmental perspectives. The company’s property portfolio comprises a lettable area of approximately 690,000 square meters. SLP’s share of series B is listed on Nasdaq Stockholm. For further information: slproperty.se
This disclosure contains information that Swedish Logistic Property is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 14-07-2022 08:45 CET.
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