Anders Jarl, CEO Arvid Liepe, CFO 12 Feb., 2015€¦ · Jan-Dec 2014 Jan-Dec 2013 Rental income 1,856 1,704 +9 % Operating surplus* 1,357 1,235 +10 % Income property management* 839

Bild 1

Wihlborgs Fastigheter ABYear-end Report 2014

Anders Jarl, CEOArvid Liepe, CFO12 Feb., 2015

Summary 2014

Positive net letting 28 quarters in a row

Rental income increased by 9 percentto 1,856 SEKm (1,704)

Operating surplus* increased by 10 percent to 1,357 SEKm (1,235)

Income from property management* increased by 12 percent to 839 SEKm (746)

* Excluding payments for early lease termination

2

Oct-Dec 2014 Oct-Dec 2013

Rental income 468 453 +3 %Operating surplus 332 316 +5 %Income property management 200 185 +8 %Change in value of properties 469 43Change in value of derivatives -390 -10Pre-tax profit 279 218Profit for the period 205 171

3

SEKmSummary October-December

Jan-Dec 2014 Jan-Dec 2013

Rental income 1,856 1,704 +9 %Operating surplus* 1,357 1,235 +10 %Income property management* 839 746 +12 %Change in value of properties 642 167Change in value of derivatives -1,038 449Pre-tax profit 492 1,365Profit for the period 395 1,063

4

SEKmSummary 2014

* Excluding payments for early lease termination.

Increasing income from property management

0100200300400500600700800900

1 000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

5

SEKm

0123456789

101112

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

6

SEKIncome from property management, per share

Business model, outcome 2014

182 Mkr182 Mkr

888 Mkr888 Mkr

Project investments

Property management

7

Business model, outcome 2005-2014

1,8 billion1,8 billion

5,7 billion5,7 billion

Project investments

Property management

Dividend 2,7 billion

8

Q4, 2014 Q4, 2013Jan-Dec

2014Jan-Dec

2013New leases 52 41 213 160Terminations 48 38 194 139Net leasing 4 3 19 21

Positive net lettingSEKm

9

-60

-40

-20

0

20

40

60

80

100

-60

-40

-20

0

20

40

60

80

100

2008 2009 2010 2011 2012 2013 2014

New leasesTerminationsNet

10

SEKmPositive net leasing, 28 quarters in a row

City of HelsingborgCity of MalmöCustoms ServiceMalmö UniversityNordic Choice HotelsQlikTechSAAB KockumsSkåne Regional CouncilTeliaSoneraÅF

of rental income20%20%

19%19%Governmental tenants

11

Solid customers

01-01-2015SEKm

01-01-2014SEKm Percent

Rental value 2,058 2,012 +2.3Rental income 1,863 1,826 +2.0

Rental growth for the entire property stock

12

01-01-2015SEKm

01-01-2014SEKm Percent

Rental value 1,393 1,387 +0.4Rental income 1,295 1,278 +1.3

Rental growth for like for like offices, Sweden

13

Rental valueSEK/m2

14

Average annual growth 4.9%

CityMarket value,

SEKmOp. surplus,

SEKm¹Yield,

%¹Occupancy

rate, %

Malmö 9,608 554 5.8 93Helsingborg 3,128 202 6.5 95Lund 4,549 263 5.8 91Copenhagen 1,502 84 5.6 87Total 18,787 1,103 5.9 93

¹ excluding property management

15

Wihlborgs’ portfolio 1 January 2015Office properties

CityMarket value,

SEKmOp. surplus,

SEKm¹Yield,

%¹Occupancy

rate, %

Malmö 1,715 136 7.9 89Helsingborg 2,062 162 7.9 84Lund 119 11 9.4 96Copenhagen 120 8 6.3 100Total 4,016 317 7.9 86

¹ excluding property management

16

Wihlborgs’ portfolio 1 January 2015Industrial/Warehousing

Market value,SEKm

Op. surplus, SEKm¹

Yield, %¹

Occupancyrate, %

Total exclProjects & Land 22,804 1,420 6.2 91

Total Wihlborgs 24,299 1,430 5.9 91

¹ excluding property management

17

Wihlborgs’ portfolio 1 January 2015The entire property stock

666 000 m2

512 000 m2

205 000 m2

168 000 m2

Percent of the market value

18

50

23

207

A focused portfolio in a growing region

In progress m2

Skanska, KKH 10,000A

Skanska, Studio 10,000B

B

Akademiska Hus, kv NiagaraMalmö Högskola* 18,000

DD

Jernhusen, Glasvasen 6,000C

CA

Total 44,000* Including education facilities

New office space – Malmö, city centre

19

In progress m2

Total 35,000

Skanska, Klipporna 18,000

C

CNCC, EXlnt 7,000B

Midroc, Hermod 5,000A

Otto Magnusson, Isblocket 5,000

Ikea, Hubhult 18,000

D

DA

B

New office space – Malmö, Hyllie

E

E

20

*

Average 2008-2014: 24,000 m²

* Including IKEA 18,000 m²

Malmö, new office space

21

Year Number ofemployed

Change compared to previous year

2009 148,931 -1.5 %2010 154,446 3.7 %2011 158,262 2.5 %2012 161,172 1.8 %2013 162,941 1.1 %

Malmö, working day population 16+ years

22

SEKmCarrying amount 1 January 2014 22,584Reclassification1 51Acquisitions 489Investments 802Properties sold2 -376Changes in value 642Currency translations 107Carrying amount 31 Dec 2014 24,299

Changes in carrying amountJanuary-December 2014

23

1 includes properties and property values that have arisen due to reclassifaction of collaborative arrangemants.2 includes preliminary insurance compensation for total damage property.

Increased value in the portfolio

0

4 000

8 000

12 000

16 000

20 000

24 000

28 000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

SEKm

24

25

Price: 250 DKKmArea: 37,700 m2

Acquisition Q1, four properties in Ballerup

26

Acquisition Q2, Spettet 11 in Lund

Price: 42 SEKmArea: 1,500 m2

27

Acquisition Q2, Terminalen 3 in Helsingborg

Price: 86 SEKmArea: 3,700 m2

28

Acquisition Q2, Armborstet 6 in Helsingborg

Price: 27 SEKmArea: 4,300 m2

29

Acquisition Q2, Söderhavet 4 in Malmö

Price: 27 SEKmArea: 2,600 m2

SEKm

Investments 802Projects in progress 928Invested by period end -660Remains to invest 268

Project investments2014

30

Employees 113Properties 269Lettable area, m2 1,552,000Rental value, SEKm 2,058Property value, SEKm 24,299Rental income, SEKm 1,863Economic occupancy rate, %* 91

* Excluding Projects & Land

Wihlborgs in brief31 December 2014

31

Number ofshares, 000 Proportion, %

Erik Paulsson 7,769 10.1SEB Funds 3,362 4.4Länsförsäkringar Funds 3,072 4.0Handelsbanken Funds 2,969 3.9Qviberg family 2,162 2.8Robur Funds 1,800 2.3Skandia Funds 1,333 1.7Lannebo Funds 1,209 1.6Tibia Konsult 1,113 1.4DnB Carlson Funds 735 1.0Other shareholders reg. in Sweden 24,075 31.3Other shareholders reg. abroad 27,258 35.5Total outstanding shares 76,857 100.0

32

Largest shareholders 31 Dec 201435.5 % shareholders

reg. abroad

Jan – Dec 2014

Jan – Dec2013

Rental income 1,856 1,704Other revenues 49 3Operating costs -499 -469Operating surplus 1,406 1,238Central administration -41 -37Net interest -477 -452Income from property management 888 749Changes in value of properties 642 167Changes in value of derivatives -1,038 449Pre-tax profit 492 1,365Current tax -5 -4Deferred tax -92 -298Profit for the period 395 1,063

Consolidated income statement, SEKm

33

2014 2013

Income tax 5 4Property tax 87 82Non-deductible VAT 30 8Stamp duty 12 33Energy tax 20 19

154 146

Percentage tax paid 15 % 17 %

Tax paid, SEKm

34

31 December2014

31 December2013

Managed properties 24,299 22,584Other fixed assets 197 359Derivatives 0 110Current receivables 111 126Liquid assets 71 11Total assets 24,678 23,190Equity 6,967 6,894Deferred tax liability 1,627 1,598Borrowings 14,148 13,740Derivatives 1,148 220Other long-term liabilities 53 67Current liabilities 735 671Total equity and liabilities 24,678 23,190

Consolidated balance sheet, SEKm

35

Jan – Dec2014

Jan – Dec2013

Equity/assets ratio, percent 28.2 29.7Leverage properties, percent 58.2 60.8Interest coverage ratio, multiple 2.8 2.6Surplus ratio, percent 73 73

Per share, SEKEquity 22 percent tax 90.65 89.70Equity 0 percent tax 111.82 110.49EPRA net asset value 126.76 111.92Earnings 5.14 13.83Income from property management 11.55 9.75

Key figures

36

EPRA net asset valuePer share

37

Growth in EPRA net asset valueAdjusted for dividend

38

Average: 15.2 percent

Structure of interest and loan maturities31 December 2014

Interest maturity Loan maturityMatures, year Loan amount, SEKm Av. interest rate, % Cred agreement SEKm Utilised, SEKm

2015 4,238 1.48 1,350 1,3502016 0 0 5,340 4,7152017 0 0 6,390 5,5512018 0 0 0 02019 1,000 3.24 906 906>2019 8,910 3.92 1,626 1,626Total 14,148 3.14 15,612 14,148

Average fixed interest period: 6.0 years (5.0) Average loan maturity: 4.1 years (4.0)

39

Current financing, December 2014

Swedish banks70 %

Danish banks13 %

Bonds 17 %

40

Derivatives 31 December 2014

Amount, SEKm Interest , % Can be closed End date

500 2.63 quarterly 2026

500 2.52 ” 2026500 2.33 ” 2026

500 2.58 ” 2027

1,000 1.96 ” 2021

2,000 2.70 2021

1,000 2.04 2022

1,000 2.01 2022

1,000 3,40 2024500 3.32 2024

1,000 3.07 Threshold 4.75 2021

Cancellable swaps

Interest-rate swaps

Threshold swap

41

Cancellable swaps -327Threshold swap -140Fixed rate swaps -681Sum -1 148Deficit 31-12-2013 -110

Net 2014 -1 038

Deficit in interest rate derivatives portfolio31 December 2014, SEKm

42

Investments in progress

43

44

Floretten 4, Helsingborg

Area: 4,800 m2

Completed: Q2, 2015Investment: 104 SEKm

45

Terminalen 1 (Knutpunkten), Helsingborg

Area: 8,000 m2

Completed: Q1, 2016Investment: 315 SEKm

Lautrupvang 1, Copenhagen

Area: 14,000 m2

Completed: Q1, 2015Investment: 116 SEKm

46

MaxLab IV, Lund

47

Investments in pipeline

48

Area: 4,000 + 8,000 m2

Possible start: 2015

Polisen 1, Helsingborg

49

Postterminalen, Lund

Area: 8,000 + 5,000 m2

Possible start: 2015

50

Area: 13,000 m2

Start: 2015

Gängtappen 1, Malmö

51

Area: 8,000 m2

Possible start: 2015

52

Dockan, Malmö

Area: 6,000 m2

Start: 2015/2016

Sirius, Malmö

53

Continued positive net leasing

Increased income from property management

Profit from property managementSEK 11.55/share and developmentSEK 2.37/share

The business will continue to grow

Summary of the year 2014

54

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