Highlights (figures in brackets: previous quarter):
- The residential operating environment remains strong. Like-for-like rental growth increased to 5.6% (4.2%) and real economic occupancy increased to 98.4% (98.1%)
- The NOI margin grew to 66.0% when compared to 61.8% a year ago and the FY NOI margin was 67.4% (66.4%)
-
Investment properties was valued at
SEK 321 billion (339) and comprised 161,553 homes (163,157) -
Fair value change before currency effects was -1.6% (-1.4%) primarily driven by continued yield expansion in
Sweden andGermany , while valuations were stabilising in most other markets Heimstaden Bostad continued to obtain asset-backed financing amounting toSEK 33 billion during 2023. Outstanding senior unsecured obligations were reduced bySEK 17 billion in the same period- Fitch lowered standalone rating to BB (Rating Watch negative)
- Net LTV of 58.9% (57.9%) and ICR of 1.8x (1.9x)
Heimstaden Bostad increased hedge ratio to 86% at the end of 2023 taking advantage of the reduced rates by late Q4 to improve predictability of the ICR-
The privatisation plan
Heimstaden Bostad announced in Q3 has showed initial strong results with sold units ofSEK 1.2 billion in 2023, realising a 32% gross premium and is ramping up according to plan - The Board has proposed that no dividend shall be paid to any of the Share Classes
Heimstaden Bostad's ESG targets on track with reduced absolute greenhouse gas emissions by 10% (ref 1), reduction in weather corrected energy intensity by 8%, and signed 4,767 inclusive housing contracts-
Morningstar Sustainalytics ESG Risk Rating upgraded
Heimstaden Bostad to 'Negligible Risk' ('Low Risk')
Deferral of Interest Payments on SEK Hybrid Bonds
In 2019,
No Dividend proposed on any share classes
The Board proposes to the AGM that no dividend on the ordinary shares or the preference shares are paid.
CEO
"2023 was another year with stellar operational performance and robust residential fundamentals across
Deputy CEO
"We endorse
The unprecedented focus on our Group during 2023, driven by external factors, has put pressure on the trading levels of our capital market instruments. These levels misrepresent the risk profile compared to our robust balance sheet. To demonstrate our commitment to supporting our capital structure and prioritising long-term liability management, the Board has decided to defer interest payments on the SEK hybrid bonds and recommend to the AGM the suspension of dividend payments."
1. Covering Scope 1-3 (downstream leased assets (base year recalculated).
Contacts:
+47 907 24 999, media@heimstaden.com
Malin Lethenström, IR
+44 7748 055821, ir@heimstaden.com
Certified Adviser is
This information is such information that
https://news.cision.com/heimstaden/r/heimstaden--2023-annual--governance--and-sustainability-report--sek-hybrid-bond-interest-payments-de,c3935529
https://mb.cision.com/Main/11054/3935529/2629258.pdf
https://mb.cision.com/Public/11054/3935529/b42a6d31a8ba4186.pdf
https://news.cision.com/heimstaden/i/christian-fladeland-co-ceo,c3271555
https://news.cision.com/heimstaden/i/helge-krogsbol-ceo,c3271556
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