D. CARNEGIE & CO. Stockholm October 23, Owns, manages and develops residential property

Transcription

1 D. CARNEGIE & CO Stockholm October 23, 2014 Owns, manages and develops residential property

2 AGENDA AGENDA 1. D. Carnegie & Co in brief 2. Events since listing in April Key figures and earnings capacity as of September 30, 2014

3 D. CARNEGIE & CO IN BRIEF BUSINESS CONCEPT D. Carnegie & Co is a property company with focus on housing in the Greater Stockholm area and other growth areas. The business concept is to own and manage property with a gradual renovation, associated with the natural turnover of tenants.

4 D. CARNEGIE & CO IN BRIEF STRATEGY acquisitions and value growth Effective and cost efficient property management Constant improvement of the portfolio creating increasing cash flows and value growth by using the effective refurbishment method Bosystem Develop building rights in existing properties Continue acquisition of similar properties on favourable terms in target areas

5 AGENDA AGENDA 1. D. Carnegie & Co in brief 2. Events since listing in April Key figures and earnings capacity as of September 30, 2014

6 EVENTS SINCE LISTING ACQUISITION Hyresbostäder i Sverige II AB Closing: 4 July 2014 Property value: SEK 6,558 m Location: Eskilstuna, Strängnäs, Södertälje, Huddinge, Haninge, Bro, Märsta, Uppsala och Göteborg Lettable area: 700,000 sqm of residential area Financing: 26 million B-shares in D. Carnegie & Co SEK 1,020 million by three convertible bonds (340m each) Vendor s note of SEK 200 million SEK 1,322 million in cash Other: Included 100 people strong property management company Graflunds, which was established in the 1960s. Graflunds has, per Oct. 1, assumed responsibility for management of D. Carnegie & Co:s whole property portfolio.

7 EVENTS SINCE LISTING ACQUISITION Sollentuna Closing: 30 September 2014 Property value: SEK 450 m Location: Sollentuna Lettable area: approximately 450 apartments, with a total area of 33,500 m2, and 7,900 sqm commercial premises Seller: Wallenstam Financing: Bank debt SEK 315m, Vendor s note SEK113 m Other: Wallenstam simultaneously acquired building rights in Tyresö for SEK 113m for new construction of approximately 200 apartments conditioned on final decision by the Tyresö municipality. The Vendor s note is due when the conditions are met.

8 EVENTS SINCE LISTING ACQUISITION Norrköping (Not included in the September 30 earnings capacity) Closing: Expected October 31 or latest November 30, 2014 Property value: SEK 1,000 million Location: Norrköping Lettable area: 1,900 apartments Seller: Sörmlandsporten AB (owned 50% by Kvalitena and 50% by Fondex AB) Financing: Bank debt SEK 650m, Vendor s note SEK150 m Other: Graflunds is already taking care of administration and the properties are managed by former Graflunds staff, employed in the property owning company; Östgötaporten

9 EVENTS SINCE LISTING D. CARNEGIE & CO as per 30 September Residential properties of approximately 1,030,000 sqm Market value of more than SEK 10.1 billion Rental income of approximately SEK 1,021 million/year No vacancies - except ongoing refurbishment Renovation rate of: approximately 250 apartments during 2014 targeting approximately 750 apartments 2015 Property management totally in-house through Graflunds from October 1

10 AGENDA AGENDA 1. D. Carnegie & Co in brief 2. Events since listing in April Key figures and earnings capacity as of September 30, 2014

11 KEY FIGURES AND EARNINGS KEY FIGURES per September 30 Total property value of approx m 10,127,000 SEK Where approx m 7,200,000 SEK has been acquired post IPO Loans of approx m 5,795,000 SEK Average maturity of loans is 2,1 years Average interest rate on loans is 3,6 percent LTV of 57 percent 70,768,876 shares outstanding in D. Carnegie & Co

12 KEY FIGURES AND EARNINGS EARNINGS CAPACITY * Amounts in SEK m Sep 30, 2013 Sep 30, 2014 pro forma Rental income 1,021,721 Other income 7,423 Operating costs -409,818 Maintenance costs -95,089 Property tax -20,679 Rent for leasehold site -12,020 Net operating income 491,538 Central administration -41,150 Financial net Interest convertible bonds Income from property management 196,108 *Does not include the acquisition in Norrköping dated Oct 1, 2014

13 KEY FIGURES AND EARNINGS SHAREHOLDERS October 22, 2014 Holdings, A- Sharholders shares Holdings, B-shares Capital, % Votes, % Kvalitena AB ,7 39,4 Svensk Bolig Holding AB ,7 28,2 Frasdale International B. V ,7 10,6 SEB (nominee) ,3 2,7 Lannebo Sverige ,9 1,5 Länsförsäkringar Fastighetsfond ,8 1,4 Nordea Småbolagsfond Sverige ,5 1,1 SEB-Stiftelsen Pensionsstiftelse ,4 1,1 Svenska Handelsbanken (nominee) ,4 1,1 Lannebo Sverige 130/ ,2 1,0 Government of Norway ,1 0,8 Other ,3 11,2 Total ,0 100,0 Possible dilution upon conversion of convertible notes issued to Svensk Bolig Holding AB B-shares Votes capital % votes % ,65% 6,14% ,91% 4,74% ,37% 4,31%

14 Thank you D. Carnegie & Co AB Strandvägen 5A Stockholm