JANUARY–JUNE 2022
- Income amounted to MSEK 1,505 (1,154), up 30 percent.
- Profit from property management amounted to MSEK 1,204 (959), up 26 percent and corresponding to
SEK 6.20 per share (5.18). - Profit from property management excluding changes in value and tax in joint ventures amounted to MSEK 763 (587), up 30 percent and
SEK 3.89 per share (3.17). - Distributable cash flow amounted to MSEK 838 (653), up 28 percent and
SEK 4.39 per share (3.52). - Profit after tax amounted to MSEK 2,305 (1,350), up 71 percent and
SEK 11.93 per share after dilution (7.28).
APRIL–JUNE 2022
- Income amounted to MSEK 791 (583), up 36 percent.
- Profit from property management amounted to MSEK 637 (539), up 18 percent and corresponding to
SEK 3.28 per share (2.90). - Profit from property management excluding changes in value and tax in joint ventures amounted to MSEK 403 (300), up 34 percent and
SEK 2.06 per share (1.61). - Distributable cash flow amounted to MSEK 582 (441), up 32 percent and
SEK 3.05 per share (2.37). - Profit after tax amounted to MSEK 981 (711), up 38 percent and
SEK 5.07 per share after dilution (3.82).
SIGNIFICANT EVENTS DURING AND AFTER THE QUARTER
- In April, 43 properties, including offices, retail, schools and healthcare, were accessed in
Finland , with a focus on theHelsinki region,Turku and Jyväskylä, for MSEK 2,109. - In April, 17 properties with mainly light industry and warehouse in the
Helsinki region,Tampere and several major cities inFinland were acquired and accessed, for MSEK 1,415. - In June, 13 properties in Småland and Östergötland were divested for MSEK 947.
- In June, a property in Solna was sold to the
Swedish Fortifications Agency for MSEK 400. - In July, eight properties with warehouse and light industry in Kalmar were acquired for MSEK 340 before a deduction for deferred tax of MSEK 20.
COMMENTS FROM THE CEO
Our focus is, as always, on building up stable cash flows from a high-yielding property portfolio that is diverse in terms of geography, property categories and tenants. These cash flows provide stability and security for the business in a time when financing and the trend in property values are more uncertain.
Transactions
During the quarter, we remained active in the transaction market, such as in
The positive change in value of 1.1 percent for the quarter was primarily an effect of new and renegotiated leases. We have never generated higher profit from our property management and see no slowdown in demand for our premises. In addition to stable earnings in the existing portfolio, the acquisitions in
Financing and capital structure
The vast majority of Nyfosa’s financing is bank loans, 93 percent, and the remainder is bonds. In the second quarter, we refinanced parts of our loan portfolio, which included all loans maturing in 2022 and the majority of loans maturing in 2023. This means that Nyfosa’s next bond maturity of MSEK 1,100 is in
Inflation and rising interest rates affect cash flow – inflation has a positive effect due to mainly inflation-hedged rental income, and higher interest rates have a negative impact.
Stina Lindh Hök, CEO
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