January-
- Rental income amounted to
SEK 185.7m (141.8), an increase of 31%. -
Net operating income amounted to
SEK 132.3m (104.2), an increase of 27%. -
Income from property management increased 62% to
SEK 56.3m (34.8), of which income from property management attributable to shareholders wasSEK 31.1m (11.0), corresponding toSEK 0.74 (0.28) per share. -
Net income after tax amounted to
SEK 342.5m (263.8), corresponding toSEK 7.06 (6.06) per share. -
Long-term net asset value attributable to shareholders increased 42% to
SEK 3,649.5m (2,563.0), corresponding toSEK 86.94 (64.76) per share.
April-
- Rental income amounted to
SEK 92.1m (78.2), an increase of 18%. -
Net operating income amounted to
SEK 68.8m (58.7), an increase of 17%. -
Income from property management increased 9% to
SEK 25.4m (23.2), of which income from property management attributable to shareholders wasSEK 11.9m (9.9), corresponding toSEK 0.28 (0.25) per share. -
Net income after tax amounted to
SEK 175.5m (160.4), corresponding toSEK 3.87 (3.71) per share.
Events during the second quarter
- In April,
Genova andGreen Group extended their collaboration with the acquisition of two properties in the Södra Veddesta development area in Järfälla, at an underlying property value of approximatelySEK 115m . The lettable area is approximately 4,000 sqm with a lot size of about 13,000 sqm, and the annual rental value amounts to approximatelySEK 8m . -
In April, additional green hybrid bonds of
SEK 100m were issued under the green finance framework ofSEK 1,250m . The green hybrid bonds carry a perpetual tenor and the issue price was 100.25% of nominal value, equal to 3 months STIBOR plus 668 basis points. -
In April, new financing agreements totalling
SEK 3,200m were concluded, including a revolving credit facility ofSEK 350m attributable toGenova's existing investment property portfolio comprising 43 properties. The refinancing also strengthened liquidity by almostSEK 170m . The financing agreements will mature inMay 2027 , with an average maturity of approximately four years. -
In May, a newly developed and environmentally certified property was acquired in Järfälla at an underlying property value of
SEK 94.5m . The property has a lettable area of 4,200 sqm and is fully let. The annual rental value amounts toSEK 5.5m with estimated annual net operating income of approximatelySEK 5.3m and a remaining duration of nine years. -
In June, two properties were accessed in Norrtälje at an underlying property value of approximately
SEK 153m before deductions for deferred tax, and with a lettable area of approximately 10,800 sqm, where 96% of the area has been let. The annual rental value amounts to approximatelySEK 10.5m with estimated net operating income of approximatelySEK 7.2m and a remaining average duration of 4.3 years.Genova thereby owns adjacent properties in Norrtälje covering an area of approximately 30,000 sqm, in an area that is expected to be developed with residential units over time. -
In June, available liquidity was increased by approximately
SEK 500m when SBAB granted approximatelySEK 400m in additional construction credit, and Nordea granted a revolving credit facility ofSEK 100m .
Events after the end of the period
- Edvard Schéele has announced that he is leaving his position as CFO for a new position outside the company. Edvard will continue his position until the turn of the year and the recruitment process to appoint a new CFO has started immediately.
CEO'S STATEMENT
The period was characterised by a turbulent business environment and tougher market conditions. In this environment,
Continued growth
During the period,
Changed business environment
In the second quarter, we experienced continued macroeconomic instability with rising inflation, higher interest rates and general market turmoil. As I mentioned in the first quarter report, this trend obviously holds challenges for
Long-term financing
During the period, we focused on securing our long-term financing and liquidity and during the quarter, we signed new financing agreements for approximately 3.2 billion for our existing investment property portfolio, and were granted additional construction credit of approximately
Occupancy in Norrtälje
In the third quarter, we will complete the first stage of our largest ongoing project, Handelsmannen in Norrtälje, with the occupancy of a retirement home, preschool and 66 rental apartments in the Tryckeriet quarter. We acquired the property six years ago, and several buildings have now been completed in what will be a new Nordic Swan Ecolabelled district with green courtyards, and a central location with good transport links. In total, the project comprises 408 rental apartments, 80 retirement home apartments and a preschool, with a lettable area of approximately 30,000 sqm. It is obviously gratifying to see the results of a long process where we have worked closely with the municipality to create safe and functional neighbourhoods that are in line with the development of Norrtälje. The intense interest in our residential units in Norrtälje shows that we have made the right decision, and we are taking this with us into our upcoming projects where a new district in Brunna in Upplands-Bro outside
In the prevailing market environment, we must exercise great caution when evaluating business opportunities. We will safeguard cash flow and liquidity, while continuing to create long-term growth by developing attractive residential units and community service properties in growth areas.
Michael Moschewitz, CEO
For further information, please contact:
CEO,
About
This information is such information that
https://news.cision.com/genova-property-group-ab--publ-/r/genova-property-group-interim-report-january-june-2022,c3615012
https://mb.cision.com/Main/13559/3615012/1615401.pdf
https://mb.cision.com/Public/13559/3615012/b3392ac71d7d0f20.pdf
(c) 2022 Cision. All rights reserved., source