Nyfosa Interim report January-September 2021

JANUARY-SEPTEMBER 2021

  • Income amounted to MSEK 1,788 (1,477), up 21 percent.
  • Profit from property management amounted to MSEK 1,372 (969), up 42 percent.
  • Profit from property management excluding changes in value and tax in joint ventures amounted to MSEK 957 (870), up 10 percent.
  • Distributable cash flow per share amounted to SEK 5.35 (5.66), down 5 percent.
  • Profit after tax amounted to MSEK 2,051 (1,728).
  • Profit after tax per share was SEK 10.94 (9.55).

JULY-SEPTEMBER 2021

  • Income amounted to MSEK 634 (554), up 14 percent.
  • Profit from property management amounted to MSEK 414 (377), up 10 percent.
  • Profit from property management excluding changes in value and tax in joint ventures amounted to MSEK 371 (344), up 8 percent.
  • Distributable cash flow per share amounted to SEK 1.83 (1.61), up 14 percent.
  • Profit after tax amounted to MSEK 701 (819).
  • Profit after tax per share was SEK 3.66 (4.44).

SIGNIFICANT EVENTS DURING AND AFTER THE QUARTER

  • A total of 19 properties were acquired in Finland in July for a value of almost SEK 2.5 billion. The properties are situated in the regional cities of Jyväskylä, Tampere and Oulu.
  • After the end of the quarter, it was announced that the Board of Torslanda Property Investment (TPI), a subsidiary of Nyfosa’s joint venture Söderport, proposes a voluntary redemption offer at NAV for every fifth share, at a maximum of MSEK 337 of which MSEK 264 pertains to Söderport’s share. An Extraordinary General Meeting of TPI on November 18, 2021 will resolve on this proposal.

COMMENTS FROM THE CEO

In April this year, when we decided to enter the Finnish market, we set a target for Nyfosa to achieve SEK 7 billion within five years. At the end of the third quarter we have reached just over SEK 2.5 billion. It is positive that we have been able to make acquisitions so quickly, particularly with good properties in regional cities. This is only the beginning, we are now looking ahead to build up a strong and diversified cash flow portfolio in Finland. We see many opportunities for expanding in these cities and in other growing Finnish towns. We are currently working on a number of possible business deals that we hope to complete during the year.

We are continuing to see a positive trend in property management with stable demand for premises and we could report positive net leasing again this quarter. Work on enhancing the energy efficiency of the property portfolio is continuing with a clear focus – reducing carbon emissions while raising profitability through lower energy consumption. We analyze every unique property to identify the right measures.

I am pleased with our performance in the quarter and the strong key figures that we can report. We increased property value to almost SEK 35 billion, profit from property management and cash flow per share increased and we have a stable financial position. We have noted increasing concern about inflation and interest rates, which we are closely monitoring, but we believe that the basic conditions of the property market remain stable, which creates a basis for further growth.

Stina Lindh Hök, CEO