a really good quarter - amasten fastighets …€¦ · a really good quarter. ... proftit for the...

Presentation of the interim report for the third quarter of 2016

David Dahlgren, CEO Amasten

A REALLY GOOD QUARTER

BUSINESS CONCEPT:

• Residential in prime locations

• Mid-sized cities close by regional capitals

• Three regions provide risk diversification

GOALS

• SEK 4 Bn within 3 years

• Nasdaq main market 2017

AMASTEN SNAPSHOT

Helsingborg

OlofströmOsby

Ronneby

KarlskogaSträngnäs

Sala

JärnaFinspång

33%

44%

23%TimråHärnösand

Larger citiesRegional citiesAmasten cities

COMMERCIALLY

RESIDENTIALS

62%

38%

THE QUARTER IN SUMMARY

• Acquisition in Ronneby (186 MSEK)

• 175 MSEK Unsecured bond

• First North Premier listning

EVENTS POST QUARTER

• Acquisition in Härnösand (12 MSEK)

• PROPERTY VALUE 2,46 Bn

• NOI YIELD 6,0 %

• SHARE OF RESIDENTIAL 62 %

• OCCUPANCY 93 %

• NO. OF APARTMENTS 2918

• LTV 65 %

• EPRA NAV/SHARE 4,50 kr

CURRENT PORTFOLIO

1 228 1 653

2 461

-

500

1 000

1 500

2 000

2 500

3 000

Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2 Q3

PROPERTY VALUE, MSEK

6,0%

3,0%

0,0%1,5%3,0%4,5%6,0%7,5%

Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2 Q3

YIELD & INTEREST

Direktavkastning RäntekostnadInterestYield

• INCOME FROM PROPERTY

MANAGEMENT PER SHARE

– Increased 32 % from Q3 2015

• PROFIT FOR THE PERIOD PER SHARE

– Increased 290 % from Q3 2015

STEADILY IMPROVING PROFITABILITY

0,04

0,05

0

0,01

0,02

0,03

0,04

0,05

0,06

Q12015

Q2 Q3 Q4 Q12016

Q2 Q3

INCOME FROM PROPERTY MANAGEMENT PER SHARE, SEK

8 714

11 920

0

5 000

10 000

15 000

Q12015

Q2 Q3 Q4 Q12016

Q2 Q3

INCOME FROM PROPERTY MANAGEMENT, TSEK

0,08

0,31

0,00

0,10

0,20

0,30

0,40

Q12015

Q2 Q3 Q4 Q12016

Q2 Q3

PROFTIT FOR THE PERIOD PER SHARE, SEK

• 4,50 SEK/SHARE

– Increased 7,3 % from Q2, 19% from Q3 2015

• CHANGE IN VALUE OF 3,3 %

– Compared to 0,4 % last quarter

NET ASSET VALUE STEADILY INCREASES

1,0%

7,0%

0

0,02

0,04

0,06

0,08

Q12015

Q2 Q3 Q4 Q12016

Q2 Q3

GROWTH EPRA NAV PER SHARE, Q/Q, %

0,6%

2,0%

0,00

0,01

0,01

0,02

0,02

0,03

Q12015

Q2 Q3 Q4 Q12016

Q2 Q3

GROTWH PROPERTY VALUE, Q/Q, %

4,50

4,02

2,00

3,00

4,00

5,00

Q12015

Q2 Q3 Q4 Q12016

Q2 Q3

EPRA NAV & SHARE PRICE

Substansvärde AktiekursShare priceEPRA NAV

• COST AND ADMIN EFFICIENCY

• INCREASED REFURBISHMENT RATE

• CASHFLOW AND VALUE CREATION

PROPERTY MANAGEMENT

398 351 348

0

100

200

300

400

500

600

Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2 Q3

OPERATING COST PER SQM, ANNUAL BASIS

34

52

0

10

20

30

40

50

60

Q12015

Q2 Q3 Q4 Q12016

Q2 Q3

REFURBISHED APARTMENTS

53 58

0

10

20

30

40

50

60

70

Q12015

Q2 Q3 Q4 Q12016

Q2 Q3

OPERATING SURPLUS, %

•THREE-YEAR TAP ISSUE BOND

–175 MSEK in September

–Floting rate of Stibor 3m + 6 %

–Shows credit market confidence

•FURTHER ACQUISITION CAPACITY

•STRONG INTEREST COVERAGE DESPITE

HIGHER LTV

GOOD FUNDING OPPORTUNITIES

270

203

30,0

40,0

50,0

60,0

70,0

0

100

200

300

Q12015

Q2 Q3 Q4 Q12016

Q2 Q3

INTEREST COVERAGE, %

Räntetäckningsgrad, % Belåningsgrad, %

6,0%

3,0%

0,0%1,5%3,0%4,5%6,0%7,5%

Q12014

Q2 Q3 Q4 Q12015

Q2 Q3 Q4 Q12016

Q2 Q3

YIELD & INTEREST, %

Direktavkastning RäntekostnadYield Interest

Interest coverage LTV

COSTS

A CASH-FLOW POSITIVE BUSINESS MODEL

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

110%

120%

130%

140%

150%

23 %

Rental income Residential Commercially Total

Negative cash flow as measured by rentalincome

Investments

Dividend

Net financial

Administration

Operation & maintenance

21 % 22 %

Income/+ cash

Amasten

Included Real Estate firm’s:

Amasten, D. Carnegie & Co, Victoria Park, Balder, HEBA, Kungsleden, Corem Property Group, Atrium Ljungberg, NP3, Klövern, Catena Fastigheter, Stendörren,

Hufvudstaden, Castellum, Fabege, Sagax, Hemfosa, Wihlborgs, Fast Partner, Diös, Platzer

(”CASH-ON-CASH”) - RETURNInvestment-multiple: Value growth divided by capitalized investments

PROFITABLE TO INVEST IN EXISTING PORTFOLIO

RESIDENTIALS

2,5

COMMERCIALL

3,3TOTAL

3,1

AMASTEN

5,4

Included Real Estate firm’s:

Amasten, D. Carnegie & Co, Victoria Park, Balder, HEBA, Kungsleden, Corem Property Group, Atrium Ljungberg, NP3, Klövern, Catena Fastigheter, Stendörren,

Hufvudstaden, Castellum, Fabege, Sagax, Hemfosa, Wihlborgs, Fast Partner, Diös, Platzer

GOOD ACQUISITION OPPORTUNITIES AHEAD

• STRENGTHENED ACQUISITION CAPACITY BY BOND ISSUE

• A NATURAL COUNTERPART FOR LOCAL SELLERS

• MORE DISCUSSIONS ”OFF-MARKET”

• DISPOSALS IN MUNICIPAL HOUSING WILL INCREASE GOING FORWARD

• PROVEN ACQUISITION MODEL FACILITATES FINANCING

FAVORABLE OUTLOOK FOR AMASTEN

FURTHER EXPANSION

• Low rates going forward

• Local market trust

• Acquisition capacity

• Sustained business modell

• Purify the portfolio

• Nasdaq Stockholm 2017

• Strong market and acquisition outlook

Follow us www.amasten.se

www.facebook.com/amastenholdingab

www.instagram.com/amastenholdingab

QUESTIONS?

APPENDIX

KEY RATIOS IN SELECTIONJUL - SEP

2016JUL - SEP

2015JAN – SEP

2016JAN - SEP

2015

Yield, % 6,0 5,9 5,6 5,4

EPRA NAV per share, SEK 4,50 3,80 4,50 3,80

Equity per share, SEK 4,16 3,59 4,16 3,59

Property value, MSEK 2 461 1 653 2 461 1 653

Result for the period per share, SEK 0,31 0,09 0,50 0,31

Outstanding shares 149 459 005 123 262 620 149 459 005 123 262 620

Number of properties, q 196 94 196 94

THE REPORT IN SHORTAGE

STRUCTURAL LACK OF RENTAL APARTMENTS

- Deficit

- Balance

- Surplus

Municipalities’ view on residential requirements, 2016

FAVORABLE INTEREST RATE OUTLOOK

SWEDISH CENTRAL BANK (RIKSBANK) POLICY RATE: ACTUAL AND FORECASTS SINCE 2010, %

0,54

-1,0

0,0

1,0

2,0

3,0

4,0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Riksbank’s ForecastRepo Rate, Actual Riksbank’s Latest Forecast

MEMBERS OF THE BOARD

• EDUCATION Master of Science in Civil Engineering

• MISCELLANEOUS Rickard possesses long experience in the construction and real estate sector. He is currently CEO of Cityhold Properties AB and Senior Advisor of MSCI-IPD. He is also Chairman and advisor in the real estate company NP3 and CEO of Grön Bostad AB.

• EDUCATION University studies in law and economics

• MISCELLANEOUS Long experience in the construction and real estate sector including CEO of Newsec Corporate Finance. Currently Executive Chairman of property AB Centur, Alnova Balcony AB brewery. He is also a board member of NP3 AB.

Rickard Backlund Christian Hahne

Elisabeth Norman

Ulf Nilsson

• EDUCATION BA University of Uppsala

• MISCELLANEOUS Part of a number of boards among which listed NP3. Other positions include governmental venture capital fund Inlandsinnovations portfolio. Previously property manager at TV4 and partner / CEO of RSD & Shopping Centre Development.

• EDUCATION Master in law from Uppsala Universitet

• MISCELLANEOUS Ulf Nilsson has over 25 years of experience from financeand the real estate industry. He is CEO at D.Carnegie and board member ofStockholms Brandkontor, Hyresbostäder i Sverige II AB and HolmiensisBostäder AB. Previous experience includes EY and Handelsbanken.

CHAIRMAN SINCE 2014

BORN 1950

MAIN OCCUPATIONCEO at Cityhold Property AB

MEMBER OF THE BOARD SINCE 2015

BORN 1961

MAIN OCCUPATIONEntrepreneur within real estate


BORN1945

MAIN OCCUPATIONVice VD i Erik Selin Fastigheter AB


BORN 1958

MAIN OCCUPATIONCEO at D. Carnegie & CO AB

Veronica Sjödin

• EDUCATION Upper secondary economics, education in teaching, Fastighetsägarna Syd

• MISCELLANEOUS Private Property Owner and Property Manager between 1995-2007. Boardmember HSB Northwest Skåne. Member of the rent tribunal 2005-2010. Boardmember Fastighetsägarna Syd 2004-2008.


BORN1960

MAIN OCCUPATIONManagement officer

Elias Georgladis


BORN 1978

MAIN OCCUPATIONEntrepreneur within real estate and construction

• EDUCATION Secondary education

• MISCELLANEOUS Extensive experience within construction an CEO of Sterner stenhus which is among the largest facade construction companies in Sweden. Experience from real estate, property management, development of own properties.

MANAGEMENT

• EDUCATION Economics Degree at University of Stockholm, Economics and Finance

• BACKGROUND Prior to Amasten David was Nordic CEO at Tavistock group. The property portfolio at Tavistock included at most 211 properties in Scandinavia with a property value of sek 6,5 billion and consisted of office, industrial and retail properties. Parts of the stock was listed on the London Stock Exchange. Prior to that, David worked as an Investment Manager at Aberdeen Property Investors for more than three years. He began his career in the financial industry in 1998.

• EDUCATION Master of Business Administration at the Stockholm School of Economics, law studies at Stockholm University

• BACKGROUND Most recently from his own consultancy firm and has been the CEO and CFO for the Nordic operations of CBRE Global Investors whose property investments in the Nordic region comprised a property value of approximatelySEK10 billion. Martin has an extensive career in real estate and finance, and has previously also worked at SEB, Leimdörfer, Sveafastigheter and Aareal Bank.

David Dahlgren Martin Sersé

Olof Pergament Per Jönsson

• EDUCATION KTH M.Sc. Construction and Real Estate

• BACKGROUND Most recently AFA properties where he was the property manager for the residential portfolio. Before that he worked at ByggVesta and Aberdeen Asset Management.

• EDUCATION Economist from Kristianstad University and Lund University

• BACKGROUND Previously worked as en economist in the SEM SYSTEM group in Helsingborg. Before that Per was the CFO at S&H Technology AB.

CEO

EMPLOYEED SINCE 2014

BORN 1973

Head of Property Management

EMPLOYEED SINCE 1 sep 2014

BORN1981

CFO


BORN 1972

Accountant Officer


BORN 1978

a really good quarter - amasten fastighets …€¦ · a really good quarter. ... proftit for the...

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