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Interim report January-June 2023: Continued expansion and a strong financial position

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Despite ongoing challenging conditions in the wider world, it is pleasing to report positive financial and operational development during the second quarter. Net rental income remained positive during the second quarter, largely because we are growing with our existing customer base, which is very gratifying. The loan-to-value ratio fell to 47 percent on 30 June and our interest coverage ratio was 3.

  • Rental income increased by 40%, amounting to SEK 280 m (200).
  • Net operating income increased by 48%, amounting to SEK 232 m (157).
  • Profit from property management increased by 32%, amounting to SEK 145 m (110).
  • Earnings per share after dilution amounted to SEK 0.65 (1.84).
  • Net asset value (NAV) per share after dilution increased by 5% in the period and amounted to SEK 23.11. This is despite an increase in the average direct return requirement of 30 basis points.
  • Sustainable financing increased by SEK 1,466 m and amounted to SEK 2,166 m (700) at the end of the period, which corresponds to 45% (20) of the loan portfolio.
  • The output from installed solar cell systems increased by 4.9 MW and totalled 7.4 MW (2.5) at the end of the period.
  • Six properties and an area of land were acquired and taken into possession with a total lettable area of 117,300 square metres and a property value of SEK 1,003 m (567).
  • The former CFO Tommy Åstrand has been appointed the new CEO of SLP and started his new role after the AGM on 26 April. Former CEO Peter Strand is now Head of Transactions and Deputy Chairman. At the same time, Matilda Olsson, the former Finance Director, took over as CFO.
  • The company has carried out a directed new share issue of Class B shares for SEK 550 m.
  • All permanent employees have acquired warrants corresponding to 1.8 million shares, which contributed SEK 7.1 m to the company.
  • The property Fyllinge 20:434 was the first logistics property in Sweden to receive net zero climate impact certification.
  • An agreement has been signed to acquire a property with an area of 280,000 square metres in Hallsberg. A 15-year rental agreement has been signed with Ahlsell Sverige regarding an environmentally certified new construction with an area of just over 60,000 square metres. The estimated transaction value is just over SEK 800 m, which would equate to an annual rent of approximately SEK 50 m. Access to the property is expected to take place during the third quarter.

“Over the past year, we gradually increased our return requirement from 5.2 percent to 5.9 percent, despite that we delivered positive value changes in each quarter. This is a sign that our day-to-day property management is producing results and our business model is delivering,” comments Tommy Åstrand, CEO of SLP.

The interim report will be presented via a recorded audiocast today at 10:00 a.m. CEST. Tommy Åstrand, CEO, and Matilda Olsson, CFO, will comment on the results and operations. The presentation material (images+audio) will be available at:
https://slproperty.se/ir/rapporter-och-presentationer/ och
https://ir.financialhearings.com/slp-q2-2023

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 13 July 2023, 08:45 CEST.

For further information, please contact:
Tommy Åstrand, CEO of SLP, telephone: +46 705 455 997

About SLP – Swedish Logistic Property
Swedish Logistic Property - SLP – is a Swedish property company that acquires, develops, and manages logistic properties with sustainability in focus. Value growth is created through development of the properties which are located in Sweden’s most important logistic hubs. The property portfolio comprises a lettable area of approx. 860,000 sqm. SLP is a partner that takes responsibility and through this creates value for both tenants as well as for the company and its shareholders. SLP’s share of series B is listed at Nasdaq Stockholm Mid Cap. For further information about SLP: 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 13-07-2023 08:45 CET.

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Despite ongoing challenging conditions in the wider world, it is pleasing to report positive financial and operational development during the second quarter. Net rental income remained positive during the second quarter, largely because we are growing with our existing customer base, which is very gratifying. The loan-to-value ratio fell to 47 percent on 30 June and our interest coverage ratio was 3.
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Over the past year, we gradually increased our return requirement from 5.2 percent to 5.9 percent, despite that we delivered positive value changes in each quarter. This is a sign that our day-to-day property management is producing results and our business model is delivering.
Tommy Åstrand, CEO of SLP