Interim report January – June 2020

JANUARY – JUNE 2020

  • Income MSEK 923 (656)
  • Profit after tax, MSEK 908 (470)
  • Profit after tax per share, SEK 5.07 (2.80)

APRIL – JUNE 2020

  • Income MSEK 493 (333)
  • Profit after tax, MSEK 249 (309)
  • Profit after tax per share, SEK 1.35 (1.84)

SIGNIFICANT EVENTS DURING AND AFTER THE QUARTER

  • Acquisition of a property portfolio for a value of SEK 4.9 billion in June, 79 percent of the rental income from which is tax funded, and divestment of a project property in Gothenburg at a value of MSEK 400.
  • Divestment of a retail property in central Linköping for a value of MSEK 139.
  • Signed letter of intent with Blackstone to divest logistics portfolio for approximately SEK 2.1 billion.

COMMENTS FROM THE CEO

Nyfosa is continuing to grow and differentiate its portfolio. With the SEK 4.9 billion acquisition finalized in July, we are adding strong and stable tenants, mainly tax-funded operations in growth locations where we already have a presence, and an increase in earnings capacity of more than    MSEK 200. This acquisition is an ideal fit for us and we are pleased to be able to realize it in the current market. Nyfosa’s focus is to build up cash flows, which means that we are also prepared to sell when the right opportunity presents itself. As we recently announced, we are negotiating the divestment of logistics properties for slightly more than SEK 2 billion to pave the way for new transactions that will strengthen cash flows.

The quarter was marked by the corona pandemic. At the same time, we can see that the transaction market has come to life and that our valuations are stable. We have continued to work closely with our tenants, who have largely managed well in the current situation, and our own business has operated without any disruptions. There is still much uncertainty about the future but we can see tendencies of a general recovery and future business opportunities may arise that fit Nyfosa well.

Jens Engwall, CEO