Logistea AB (publ)

Thank you for that and welcome to Logistea's presentation of the second quarter and the first half of the year, 2024. Niklas Uckeman, CEO of the company and next to me as I said was Filip Lövgren who is CFO. We can state that it is with both joy and pride that we can present the first half of the year and the relationship with KMC Properties. Vi har haft högt ställda tillväxtmål som kanske har varit ifrågasatta av vissa och det är klart att det nu är väldigt roligt att kunna konstatera att vi har tagit ett stort steg i den tillväxten. Vi kommer börja att presentera samgåendet med KMC på de första sidorna och sen så kommer vi på de efterföljande sidorna prata om det första halvåret för det gamla Logisteet. The new company in short, we will be a warehouse logistics industry company with a clear focus on the Nordic market. We will own 145 properties, high availability rate, 97%. We will have properties worth 12 billion SEK. The rent value is 945 million SEK, a combined net of almost 900 million SEK, and an initial drop of 6.9%. As you can see in the picture on the right, the majority of our properties are located in Sweden and Norway, and then in falling order with Denmark, Finland and some properties in Northern Europe. A business that we are very happy about, as we said when we presented the business, a part in the form of K&C Properties that we have discussed earlier and longer and a perfect match. And in the future we will prove that this business will be more than 1 plus 1. On the next page, we have a summary of the income capacity to the left, where we have put together the two income capacities that are presented here this morning. And then we can see that we will have a management result of 424 million SEK for the two companies, which corresponds, or for the new company, which corresponds to a management result per share of 90 SEK. Till höger, återigen så har vi slagit ihop i det nya bolaget, värt att lyfta fram, som sagt, en hög utredningsgrad, 97,4%. Vi har återstående löptid på närmare tio år, vilket är definitivt längst i klassen. Vi kommer ha ett EPRA NRV på 6,6 miljarder ungefär. Vi kommer ha en net reward that well exceeds 50% and an average interest rate of 5.9% and comes back a little around the upside in the financing portfolio. There are many Många skäl och argument till varför det här samgåendet är så positivt. Ett utav dem är helt enkelt att vi blir ett betydligt mycket större bolag och vi har varit tydliga med egentligen sedan vi startade Logistea att ett noterat fastighetsbolag som befinner sig på huvudlistan bör ligga i fastighetsvärde plus 10 miljarder. Och nu når vi alltså 13 miljarder. Och det har varit enligt anledning till varför vi vill växa. Vi får bättre... The cost distribution, the central administration per square meter, is much better. We can attract more investors, both Swedish and institutional institutions. We have high hopes of joining the EPRA index, as you can see on the right, which is extremely important if you want to attract international capital. We get more tenants, we get more bank relationships and so on and so forth. So size is important and one of the many driving forces to why we think this business is so positive and good. As we said, the new stock value is about 6.5 billion, which takes us from a company to be one of the smaller classes to being a medium-sized company. Here we present both, there are both short synergies and savings in the long run. What we have found and found is that we have, in relation to day one, we have savings of 14 million kronor. It is, as we have listed there, A smaller management compared to the two standalone companies. Of course, we get one board, we get lower listing or notations and revisions. And that savings, as I said, goes up to 14 million. Then in the long run, and in our case in the long run, it can happen in as soon as six to twelve months, we have significant potential besparingar i form av att vi är ett större bolag och kan få bättre villkor på finansieringsmarknaden. Vi har en säkerställd obligation som är kostsam. Vi har en mindre del icke-säkerställd obligation som är kostsam. Allt annat lika, ett större bolag får both in the obligation market and hopefully also in the bank market. So we are looking forward to a large and relatively quick job to take hold of our financial portfolio and hopefully find large savings opportunities there. Om vi går in på det första halvåret för Logistea, det gamla Logistea för sammanslagningen som skedde igår, så kan vi konstatera att intäkter i driftnetton upp kraftigt, 17-20% i den storleksordningen. Förvaltningsresultatet upp hela 48%. De 77 miljonerna är rensat för transaktionskostnader som vi har i samband med samgåendet. And if you subtract the transaction costs, then the management budget is 67 million kronor. Still, high valuation, low reward rate, but as I said, this will be less relevant, rather than looking at the figures that we just presented in the combined company. It's the same thing here. This is old data and does not apply to the future. It may be worth noting that the economic outlook is slightly upward, which is positive. In general, the property value is up to almost 6.3 billion. We have continue to rent per square meter in the size of 600 kronor, which is low and good. New on the tenant side is the property acquired in Åmål, where we have Dana, who will be our fifth largest tenant. 4% of the rent value in the old Logistea and 2% in the new Logistea. If you look at net rent, we have under the quarter a positive net rent of 3 million kronor. We have a rolling 12 months, a positive net rent of 13 million kronor. These are the two ringed figures. Of course, there is still a high percentage of indexing and we have 97% that is indexed in accordance with KPI. A few words about the market being large and the logistics market being more specific. We can state that the volume of transactions in general in Sweden is up. If you look at our segment, it is up with 145% Q2 over Q2. As we have been talking about earlier, it is driven by the fact that both Swedish and international capital like low-cost logistics. It is relatively high-cost, long rental payments, good rental payers. You get a positive yield gap in relation to what borrowed capital costs today. So we see a good breadth and we have actually seen that throughout the cycle. But it is interesting to note that in principle in every business it is either a foreign actor on either the buy or sell side, which is positive and proves the breadth in the market. And in the extension with many actors and a large width in the offer, it should indicate that the drop-off levels will rather creep down than up over time. If you look at the vacancies, it is still relatively high vacancies in områden framförallt norra Stockholm och Mälardalen. Lägen där vi inte äger fastigheter och till väldigt stor del drivet av spekulationsbyggen som inte än har blivit uthyrda. Lite kort om två affärer som är skrivna under det andra kvartalet. The first is a property that we acquired in Åmål. Fourteen and a half years in a lease agreement with Dana Sweden, TripleNet. Initial discount of 8% and that property was added here in June. The second property was added when it was completed under Q4. It is a property that is produced at Samhall in Borås via Rädd. 4,200 square meters and an initial discount of 7.5%. In that property we will also install solar cells, storage batteries and charging infrastructure for the tenant. Övriga tredje är fastigheter som vi skrev i det första kvartalet så jag tror faktiskt att vi inte går in mer i detalj med dem men kännetecknande är ju de första två moderna logistikbyggnader uthyrda på långa avtal till bra hyresgäster och den till höger är fastigheten som vi köpte i Falun med NKT som hyresgäst 13 år trippelnättavtal med dem på en avkastningsnivå som överstiger 8 %. I kvartalet har vi externt värderat 28 % av beståndet och resterande delar internt värderat. Inga värdeförändringar under kvartalet. Värderingsgilden ligger på 6,6 %. and has been around 6.5-6.6% for about a year now. Our belief is that it is not unlikely that we will see some lower drop-off levels here during the fall. And of course driven by a good investor attitude and lower drop-off levels in transactions. But quarter by quarter, as you can see, Ingen justering utan våra fastighetsvärden. Då lämnar jag över till Filip för mer siffror. Tack.

Innan jag går in och berättar mer om kvartalet siffror så ska jag förklara lite vad som har hänt i transaktionen. Logistea has previously done... There are two different types of transactions. There is access acquisition and then there is movement acquisition. Logistea has previously only done access acquisition. The acquisition in connection with KMC will be classified as a movement acquisition. Another example of movement acquisition is Castellum's acquisition of Kungsleden or Kåremsförvärv av Klövern. Alltså en större transaktion där personal och annat ingår. Det är en verksamhet som förändras. Skillnaden mot ett tillgångsförvärv är att redovisningsmässigt hanteras det lite annorlunda. Bland annat har vi transaktionskostnader som i ett rörelseförvärv inte syns i resultaträkningen, men i ett rörelseförvärv så har vi då transaktionskostnader. Tittar vi på stapeln längst bort till höger i förvaltningsresultatet, en brun markerad, så ser ni kvartalets transaktionskostnader relaterat till samgåendet med KMC som uppgår till 10 miljoner kronor. Men innan jag går dit, intäkter, Vi har delat upp staplarna i olika färger för att kunna följa de olika delarna i de totala intäkterna. Där ser vi att hyresintäkterna har ökat under kvartalet, främst drivet av förvärv, men även uthyrningar bland annat till Fortifikationsverket under det andra kvartalet. We have a slightly lower rent, which is due to the fact that it is a warmer quarter. We do not have as much media costs that will be debited to our tenants. The total revenues are up 17% both for the quarter and for the half of 2024 compared to the comparison period. Driftnetto has increased with 22% to 88 million and during the quarter we have taken investments in our sustainability work and also done some reclassification when it comes to where we provide costs for the administration organization. The accounting result, exclusively these transaction costs of 10 million SEK, is up 50% for the quarter to 42 million SEK. This is also an increase of 20% from the previous quarter. The accounting result for the stock is up 15% from the previous quarter. It is also noteworthy that the financial network is largely unchanged compared to the comparison period, which has to do with the fact that we have amortized more for financing and that we at the same time have interest rates on our liquid funds. If we go into the key figures, we continue, as Niklas was saying, to maintain a low rate of reward. We have not chosen to find or insure more loans, but the insurance rate has then dropped below 70% compared to 84% that we had at the change of year. And this is in line with that we will enjoy upcoming interest rates during the year. The loan structure consists of 96% bank loans. We have a smaller share of obligation debt. secured at 75 million kronor, which fell in October. Even if we see attractive coupons and emissions on the capital market today, we are not actively looking at it right now. The EPA has a substance value of 14 kronor blank, which is compared to 13 and 20 that we had at the change of year. Income capacity. If we look at the operating net and upwards, it has been affected by the increase in annual income, despite the increase in the quarter, as well as a slightly better degree of vacancy. Also down to the financial net, it is a little smaller compared to the previous quarter, and that has and the fact that we have a slightly lower average income on the total stock loan portfolio, as well as that we have amortized a more expensive debt and share. The list to the right will look different today compared to what it did now on the report day. But what has happened during the period is that we in March We had a targeted mission in the form of an ABB, where we took in new owners. We mainly targeted institutional owners. We welcomed, among other things, county insurance funds and also our existing shareholders in the form of AP4, Carnegie Fund, M2, Sletter, Tecknade, Sina Dela. Under kvartalet har vi gjort en emission i samband med tillträdet av fastigheten i Åmål.

Det finns inga fler frågor just nu så jag lämnar över ordet till talarna för eventuella skriftliga frågor eller avslutande kommentarer.

Vi har fått en här via chatten, eller två egentligen. Vad blir substansvärdet per aktie efter sammanslagningen? And the business with KMC said that we make it substance against substance, so it will be unchanged substance value after the transaction. And the other question, when will we see higher market value? Yes, 10,000 SEK question, but I think our view is this, the probability of Lägre avkastningsnivåer under hösten är nog större än att vi får se det omvända, det vill säga sannolikheten för högre fastighetsvärden under hösten är nog större än att vi får se lägre fastighetsvärden under hösten. Under hösten och i vilken utsträckning återstår väl att se, men om man tittar på historiken så är det så att Transaction markets need to get started. That's what it has done for our type of properties. It has actually worked throughout the cycle, but now we can see a clear improvement. That's the first step. That means that there are more actors, more competition, and that is partly driven, of course, by lower market rates. But with increased competition, as well as everything else, there is a tendency to push up market values. Det tror vi att vi kommer att få se under hösten. Det gäller framförallt för vår typ av fastighetslag. Det betyder ett mycket bättre djup i investerarbasen.

Det var det vi hade.

Det kanske är en indikation på att sommaren står för dörren. Vi tar gärna emot frågor via e-post eller telefon om det är någonting. Annars kommer vi vara aktiva här under andra delen av augusti och september med att presentera och marknadsföra det nya Logistea efter samgåendet. Hoppas vi får se många utav er då. Och tills dess så önskar vi en trevlig sommar.

Trevlig sommar. Tack så mycket.