FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2024
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Q3 2024
Interim report January-September
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About NP3
NP3’s business concept is to, with tenants in focus, acquire, own and manage
high-yielding commercial properties, primarily in northern Sweden. NP3 owns
and manages properties in the industrial, logistics, retail, office and other
categories. The property portfolio is spread across eight business areas:
Sundsvall, Gävle, Dalarna, Östersund, Umeå, Luleå and Middle Sweden. The
company has its domicile and head office in Sundsvall.
Major events in the third quarter
• In July 2024, NP3 acquired a 49 percent of the shares in With You Sweden
AB, for a joint venture ownership in this company. The With You group
owns ten properties primarily for industrial and commercial purposes with a
property value of MSEK 420. The majority of the property portfolio is located
in Sundsvall, Umeå and Timrå.
• In mid-September, the company carried out a directed new issue of
4,000,000 common shares at a price of SEK 250 per share, leading to that
the company received proceeds of MSEK 1,000 after transaction costs.
• In mid-September, the company entered into an agreement to acquire
properties in Frösön in Östersund for an agreed property value of MSEK
755. As the acquisition constitutes a so-called related-party transaction, the
transaction is subject to an approval by an extraordinary general meeting to
be held on 31 October.
• In addition to the above the company entered into an agreement in mid-
September to acquire 29.6 percent of the shares in Cibola Holding AB, the
parent company of a hotel property group in which NP3 already owns 31.6
percent of the shares. The agreed purchase price for 29.6 percent of the
shares amounts to MSEK 68. After the acquisition, NP3 will own 61.2 percent
of the shares in Cibola, making it to a subsidiary of NP3.
• At the end of September, under its existing MTN programme, the company
issued senior unsecured green bonds for MSEK 300 with a tenor of 3.25
years and a variable interest rate of 3M Stibor + 245 basis points. In
connection with the share issue, the company nominally repurchased MSEK
92 of bonds with maturity in September 2025 and April 2026.
Events after the end of the period
• In early October, the company accessed a property in Östersund for MSEK
65. The property has a lettable area of 13,100 sqm and an annual rental value
of MSEK 8.1.
• As part of the bond issue in September, the company has announced
the redemption of all bonds maturing in September 2025 at a price
corresponding to 101.95 percent of the nominal amount. Redemption will
occur on 21 October 2024. The nominal amount for the early redemption
amounts to MSEK 317.
• The company has convened an extraordinary general meeting (EGM) on
31 October to decide on the Board’s proposal to acquire all shares in Frösö
Park Fastighets AB and to acquire 29.6 percent of the shares in Cibola
Holding AB. In addition, the EGM will decide on a new issue of 4,000,000
preference shares that form part of the payment for the acquisition of Frösö
Park and Cibola. Provided that a decision by the authorities is obtained and
that the EGM resolves the acquisitions, closing is expected to occur in early
November 2024.
Forecast for 2024
For 2024, profit from property management, i.e. profit before changes in value
and tax expense, based on the current property portfolio and announced
acquisitions and divestments of properties, is estimated at MSEK 850. The
previously disclosed forecast was MSEK 830 and was communicated in the
company's interim report for January-June 2024.
Roundings in the report can result in
columns and rows do not foot.
This Interim Report is an in-house
translation of NP3s Swedish Interim
Report. In the event of discrepancies,
the Swedish original will supersede
the translation.
Profit from property
management per
common share
SEK 9.88
+9 %
Rental income was
MSEK 1,469
+10 %
2
Acquisitions
acceessed
The net operating
income amounted to
MSEK 1,105
189 MSEK
+10 %
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NP3 Fastigheter AB (publ) Interim report - Q3 2024
3
Key ratios 2024
Jul-Sep
2023
Jul-Sep
2024
Jan-Sep
2023
Jan-Sep
2023
Jan-Dec
Result, MSEK
Rental income 491 444 1,469 1,333 1,797
Net operating income 404 365 1,105 1,007 1,353
Surplus ratio, % 82 82 75 76 75
Profit from property management 253 206 629 569 745
Change in value of properties 45 -165 202 -406 -372
Net profit 110 39 549 78 -61
Market value of properties 21,127 19,985 21,127 19,985 20,276
Yield , % 7.1 6.6 7.1 6.6 6.8
Properties accessed - 19 189 317 408
Result, SEK/common share
Profit after tax 1.54 0.33 8.49 0.31 -2.43
Profit from property management 4.00 3.25 9.88 9.06 11.76
Long-term net asset value 149.71 132.02 149.71 132.02 135.58
January - September
• Rental income increased by 10% to MSEK 1,469
(1,333).
• The net operating income increased by 10% to MSEK
1,105 (1,007).
• The profit from property management increased by 11%
to MSEK 629 (569). Profit from property management
per common share increased by 9% to SEK 9.88 (9.06).
• Changes in the value of properties amounted to MSEK
202 (-406).
• Net profit after tax for the period amounted to MSEK
549 (78), equivalent to SEK 8.49 per common share
(0.31).
• Net investments for the period amounted to MSEK 718
(568), of which MSEK 189 (317) related to acquisitions
of properties, MSEK -33 (0) related to divested
properties and MSEK 70 (-19) related to investments in
associated companies and joint ventures. Investments
in existing properties and new construction for the
period amounted to MSEK 492 (270).
July - September
• Rental income increased by 10% to MSEK 491 (444).
• The net operating income increased by 11% to MSEK
404 (365).
• The profit from property management increased
by 23% to MSEK 253 (206). Profit from property
management per common share increased by 23% to
SEK 4.00 (3.25).
• Changes in the value of properties amounted to MSEK
45 (-165).
• Net profit after tax for the period amounted to MSEK
110 (39), equivalent to SEK 1.54/common share (0.33).
• Net investments for the quarter amounted to MSEK
265 (106), of which MSEK 0 (19) related to acquisitions
of properties and MSEK 56 (-2) to investments in
associated companies and joint ventures. Investments
in existing properties and new construction during the
quarter totalled MSEK 210 (89).
Interim report January - September 2024
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NP3 Fastigheter AB (publ) Interim report - Q3 2024
4
Financial targets and dividend targets
Below are the company's financial targets and outcome, 30 September 2024, LTM, for the last five years set out. The exception is
the dividend target which are shown per full calender year.
Growth in profit from property management per common share
The growth in profit from property management per
common share shall amount to at least 12 percent per year
over a five-year period.
Interest coverage ratio
The interest coverage ratio shall be no less than 2 times.
Loan-to-value ratio
The long-term loan-to-value ratio shall amount to
55-65 percent.
Dividend
The company aims to pay dividends of around 50 percent
of the profit from property management after current tax
to holders of common and preference shares.
Proportion of preference share dividend
The preference share dividend shall be less than 20
percent of the profit from property management after
current tax.
Return on equity before tax
Return on equity before tax shall amount to at least 15 percent
annually over a five-year period.
T arget at least
2 times
T arget 55-65%
T arget approx. 50%
2019 2020 2021 2022 2023
%
60
50
40
30
20
10
0
54% 53% 50% 50% 58%
Max 20%
%
25
20
15
10
5
0
11% 15% 12% 10% 11%
x
1) Part of the common share dividend decided at the Annual General Meeting in May relates to the distribution of Class B shares in Emilshus.
For more information, see page 22.
1)
Q3 -20 Q3 -21 Q3 -22 Q3 -23 Q3 -24 Q3 -20 Q3 -21 Q3 -22 Q3 -23 Q3 -24
%
70
60
50
40
30
20
10
0
58% 54% 57% 55% 49%
4
3
2
1
0
3.3 3.3 3.2 2.2 2.2
2019 2020 2021 2022 2023
Profit from property
management per
common share, SEK
Average annual
growth, 5 years, %
T arget 12%
SEK
14
12
10
8
6
4
2
0
%
Q3 -20 Q3 -21 Q3 -22 Q3 -23 Q3 -24
20
18
16
14
12
10
8
6
4
2
00%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0
2
4
6
8
10
12
14
Q3-20 Q3-21 Q3-22 Q3-23 Q3-24
Tillväxt
Serie1 Serie2
Return on equity
before tax, %
Average return on
equity before tax,
5 years, %
Target 15%
Q3 -20 Q3 -21 Q3 -22 Q3 -23 Q3 -24
%
50
40
30
20
10
00
10
20
30
40
50
Q3-20 Q3-21 Q3-22 Q3-23 Q3-24
Avkastning på eget kapital
Serie1 Serie2
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NP3 Fastigheter AB (publ) Interim report - Q3 2024
5
Comments by the CEO
Comparisons in brackets relate to the corresponding period of the previous year.
Profit from property management for the quarter amounted to MSEK 253 (206) and for the period
to MSEK 629 (569), an increase of 23 and 11 percent, respectively, compared with the previous
year. The increase is attributable to a higher net operating income from our property portfolio and
lower financial costs. Profit from property management per average number of common shares
for the period amounted to SEK 9.88 (9.06), an increase of 9 percent. For the quarter, profit from
property management per common share increased by 23 percent to SEK 4.00 (3.25).
Our forecast for profit from property management in 2024
amounts to MSEK 850, up from MSEK 830 in the previous
quarter.
New share issue
At the end of the third quarter, NP3 carried out a directed new
issue of 4 million common shares, raising MSEK 1,000. The
share issue was carried out for three main reasons:
1. Financing the acquisition of a property portfolio in
Östersund for MSEK 755.
2 Creating the conditions to be able to act on acquisition
opportunities.
3. Strengthening the company's key financial ratios and
broadening the shareholder base.
The acquisition, which requires a resolution by an
extraordinary general meeting, means that we will complete
the purchase of a large property portfolio in Frösön in
Östersund in November. The properties previously housed
"F4", air flotilla of the Swedish Air Force and is directly adjacent
to Östersund Åre Airport. This provides the conditions for
continued positive development of the property, as interest
in national security and defence have increased significantly.
After the access of the properties, the Swedish Fortifications
Agency will become NP3's single largest tenant.
The share issue provides the conditions to make further
investments, and we see solid opportunities to be able to act
in the transaction market in the near future. The risk-adjusted
return is considered attractive on new acquisitions, as price
expectations from sellers have softened and current interest
rates mean that the yield gap has increased to 250–350 bps,
depending on the debt maturity.
The share issue will strengthen NP3's key financial ratios and
broaden the shareholder base, improving the liquidity of the
share which will benefit our shareholders in the long term. The
key financial ratios at the reporting date are affected by the
fact that the acquisition of the property portfolio has not yet
been completed, meaning lower net debt. At the same time, for
example, the interest coverage ratio will continue to strengthen
as our financial costs decrease and income strengthens.
Overall, the share issue will create the conditions to increase
earnings per common share with a lower financial risk, which
is in line with our overall long-term objective.
Business and the economy
There are concerns about the economy in general and
specifically regarding the so-called "green investments". In this
respect, I can safely say that the diversification that has been
a key focus for NP3 since its inception mitigates the extent to
which the company can be affected by developments in any
one tenant, industry or location.
During the third quarter, we were involved in three
restructurings of tenants to NP3. Although these have resulted
in tenant losses and negative net letting, they do not affect the
overall net letting of NP3. Net letting amounted to MSEK 14 for
the quarter, which includes a negative impact from the above-
mentioned restructurings of more than MSEK 5. We read about
failing ventures in northern Sweden, but as the trend in terms
of net lettings shows, this does not affect NP3 significantly.
The primary reason for this is that NP3 started its operations
before any of these initiatives were even considered.
The company is therefore not built on the basis of these
investments, which can only be linked to a small proportion of
our leases. However, I would like to emphasise that my view
is that northern Sweden will continue to benefit from a strong
access to green energy. Green energy will be an important
component in the transition to a more sustainable society. As
to whether the green energy will be used for battery, hydrogen
or steel production or something else entirely, I naturally
cannot say, nor do I know when this will happen. But I am
confident about the long-term trend for northern Sweden,
and NP3 will continue to focus its efforts on the development
of a more sustainable society from an economic, social and
environmental perspective.
The occupancy rate is 93%, which is in line with previous
periods. The occupancy rate remains stable despite the fact
that the vacancy has increased due to some larger acquisitions
that we made in 2021, knowing that they would become
vacant.
We continue to see strong demand for commercial premises in
our regions. Our project volume continues to increase slightly
and we do not see any major slowdown in the near term. But
the economic cycle is challenging, which means that things
can take a turn very quickly, for the better or the worse.
In closing
The valuation yield was 7.14 percent. The property value
increased by MSEK 255 in the quarter and amounted to a total
of MSEK 21,127, which is equivalent to SEK 10,392 per square
metre.
I do not foresee any dramatic near-term change in valuation
yields. Our tenants' ability to pay rent remains in line with
historical figures with regards to the proportion of rents that
are paid on time no later than their due date.
We will continue to steer in the direction we have set out; to
boost our profit from property management per common
share while maintaining or reducing operational and financial
risks. We will continue to focus on diversifying our risks across
tenants, locations, business categories and properties. Those
of you who follow NP3 have probably read it before, and you
will most likely read it again: NP3 will quite simply continue to
do more of what we've been doing for a long time.
Andreas Wahlén
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NP3 Fastigheter AB (publ) Interim report - Q3 2024
6
Consolidated statement of comprehensive income
Summary report, MSEK
2024
Jul-Sep
2023
Jul-Sep
2024
Jan-Sep
2023
Jan-Sep
2023
Jan-Dec
Sep 2024
LTM
Rental income 491 444 1,469 1,333 1,797 1,933
Property costs -74 -68 -328 -291 -397 -434
Property tax -12 -12 -36 -35 -46 -48
Net operating income 404 365 1,105 1,007 1,353 1,451
Central administration -15 -15 -53 -49 -74 -77
Result from associated companies and joint ventures 8 10 9 -11 -20 0
- of which profit from property management 9 18 25 60 76 41
- of which changes in value of properties 2 -6 -4 -66 -93 -31
- of which changes in value of financial instruments - 2 - -3 -3 -
- of which tax -3 -4 -12 -2 0 -10
Financial income 3 1 8 3 6 10
Financial expenses -148 -163 -456 -451 -617 -621
Profit/loss after financial items 252 198 613 498 648 763
- of which profit from property management 253 206 629 569 745 804
Change in value of properties 45 -165 202 -406 -372 236
Changes in value of financial instruments -158 15 -126 6 -279 -411
Profit before tax 139 48 689 98 -3 589
Current tax -20 -24 -50 -40 -68 -78
Deferred tax -9 14 -90 20 9 -101
Net profit 110 39 549 78 -61 410
Other comprehensive income - - - - - -
Comprehensive income for the period 110 39 549 78 -61 410
Comprehensive income relating to the parent company’s
shareholders 109 38 548 75 -62 412
Comprehensive income relating to non-controlling interest 1 1 1 3 1 -2
Earnings per common share, SEK 1.54 0.33 8.49 0.31 -2.43 5.76
Number of common shares at the end of the period, thousands 61,562 57,497 61,562 57,497 57,497 61,562
Weighted average number of common shares, thousands 58,562 57,428 57,923 56,575 56,864 58,323
Rental income, MSEK Profit from property management, MSEK
* LTM
2,000
1,600
1,200
800
400
0 2020 2021 2022 2023 2024 Q3* 2020 2021 2022 2023 2024 Q3* 2020 2021 2022 2023 2024 Q3*
1,000
800
600
400
200
0
Net operating income, MSEK
1,500
1,200
900
600
300
0
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NP3 Fastigheter AB (publ) Interim report - Q3 2024
7
Income, expenses and result
January - September
Earnings
The profit from property management increased by 11 percent
compared to the previous year and amounted to MSEK 629
(569). The increase in profit from property management
was due to higher rental income via indexation, lettings
and acquisitions. The profit from property management per
common share was equivalent to SEK 9.88 (9.06). The net
operating income for the period amounted to MSEK 1,105
(1,007), which corresponds to a surplus ratio of 75 percent (76).
Changes in value of properties affected the result by MSEK
202 (-406), of which MSEK 201 (-406) related to unrealised
changes in value and MSEK 1 (0) related to realised changes in
value. Changes in the value of financial instruments amounted
to MSEK -126 (6). Net profit after tax relating to the parent
company’s shareholders amounted to MSEK 548 (75), which
was equivalent to SEK 8.49 per common share (0.31). Holders’
of preference shares preferential right to dividend for the
period amounted to MSEK 57 (57).
Income and expenses
Rental income increased by 10 percent to MSEK 1,469 (1,333).
Income has increased mainly as a result of indexation,
property acquisitions, lettings and completed investments.
In the comparable portfolio, revenue increased by 9 percent.
Revenue consisted of rental income of MSEK 1,340 (1,226) and
service revenue of MSEK 128 (107). Service revenue consisted
primarily of costs passed on for heating, electricity and water
as well as snow.
Property costs for the period amounted to MSEK -328 (-291).
The costs were distributed between operating expenses MSEK
-290 (-253), repairs and maintenance MSEK -29 (-32) as well
as anticipated and confirmed rental losses of MSEK -9 (-6).
The increase in operating expenses is largely attributable to
winter-related costs. Property tax amounted to MSEK -36
(-35). Central administration costs amounted to MSEK -53
(-49) and consisted mainly of group-wide costs.
NP3’s investments in associated companies and joint ventures
contributed positively to the company’s profit from property
management with MSEK 25 (60). The total share of profit for
the period amounted to MSEK 9 (-11). Since December 2023,
Emilshus is no longer classified as an associated company of
NP3, resulting in a lower profit from property management
compared to the comparative period. For more information on
the company's investments in associated companies and joint
ventures, see page 15.
Financial income amounted to MSEK 8 (3). Financial expenses
increased to MSEK -456 (-451) due to a higher average
interest-bearing debt during the period. Apart from interest
expenses, financial expenses also included MSEK -18 (-19) in
accrued borrowing expenses. For more information regarding
the company’s funding, see pages 16 and 17.
Seasonal variations
The surplus ratio varies during the year depending on seasonal
variations. During the winter months, profit is affected mainly
by costs relating to electricity, heating and snow being high.
The lease contract structure is designed so that tenants are
charged an evenly distributed preliminary fee continuously
throughout the year, while the fee for consumption is expensed
in step with the outcome which yields a lower surplus ratio
during the winter months and higher level during the summer
months.
Tax
Current tax amounted to MSEK -50 (-40) and was calculated
based on the period’s taxable profit. The taxable profit for
real estate companies is usually lower than the profit from
property management as the taxable profit is reduced by tax
depreciation, provisions to the tax allocation reserve and other
adjustments for tax purposes.
Deferred tax amounted to MSEK -90 (20) and consisted mainly
of changes in temporary differences between market value
and tax base on properties and changes in market value of
financial instruments.
July - September
Profit from property management for the third quarter
amounted to MSEK 253 (206). The net operating income
amounted to MSEK 404 (365), which corresponds to a surplus
ratio of 82 percent (82). Rental income was MSEK 491 (444).
Revenue consisted of rental income of MSEK 452 (410) and
service revenue of MSEK 38 (34). Property costs amounted
to MSEK -74 (-68), property tax MSEK -12 (-12) and central
administration MSEK -15 (-15). NP3's share of associated
companies' profit from property management amounted
to MSEK 9 (18) for the quarter and the total share of profit
amounted to MSEK 8 (10). The financial costs decreased to
MSEK -148 (-163) as a result of a lower interest rate during
the quarter. Profit before tax amounted to MSEK 139 (48) and
was affected by unrealised changes in the value of properties
of MSEK 45 (-165) and unrealised changes in the value of
financial instruments amounting to MSEK -158 (15). Current
tax affected profit for the quarter with MSEK -20 (-24) and
deferred tax with MSEK -9 (14).
Comparisons in brackets refer to the corresponding period of the previous year for income statement items and the previous year-end for balance sheet items.
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NP3 Fastigheter AB (publ) Interim report - Q3 2024
8
Current earnings capacity
Definition of earnings capacity
Current earnings capacity is not a forecast but to be
regarded only as a snapshot, the aim of which is to present
revenue and costs on an annual basis, given the property
portfolio, interest expenses and organisation at a particular
point in time, being the end of the accounting period. Earning
capacity is based on the coming 12-month period, on the
basis of the property portfolio the company owned as of
30 September 2024. The earning capacity is based on an
contracted annual rent and shows what profit the company
would generate under the terms and conditions stated in this
section.
The earnings capacity does not include an assessment of
the development of rents, vacancy rate, property expenses,
interest, changes in value or other factors affecting income.
The estimated earning capacity is based on the following
information.
• Property costs consist of an estimate of the operating
expenses and repair and maintenance measures during
a normal year. Operating expenses include property
management.
• Financial income and expenses have been calculated
based on the company's closing average interest rate level
and debt portfolio as of 30 September 2024, and have
not been adjusted for effects relating to the accrual of
borrowing expenses amounting to MSEK 19.
Comment on earning capacity
Compared to the current rental value of MSEK 2,108, the
forward-looking adjusted rental value amounted to MSEK
2,095. The major adjustment items were primarily discounts
of MSEK -13. Since the beginning of the year, the company’s
net operating income in the earning capacity has increased
by 2 percent to MSEK 1,456. The yield in earnings capacity
was 6.9 percent (7.0) based on the properties’ market value
of MSEK 21,127. Profit from property management and
profit from property management per common share in the
earning capacity both increased by 13 percent and 7 percent,
respectively, compared to the beginning of the year.
Acquisitions and divestments
Contracted acquisition not accessed of as of 30 September
relates to a property in Östersund. The annual rental value
amounts to just over MSEK 8 and the annual profit from
property management is just under MSEK 3. There were no
contracted divestment not completed as of 30 September.
The acquisitions of Frösö Park and Cibola are subject to
decisions by the company's Extraordinary General Meeting
on 31 October 2024, for details see transactions on page 14.
Profit from property management
according to earning capacity, MSEK
900
800
700
600
500
400
300
200
100
0
2016 2017 2018 2019 2020 2021 2022 2023 2024
Q 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3
5 year, CAGR 12%
Current earnings capacity,
MSEK
1 Oct
2024
1 Jan
2024
1 Oct
2023 9 months
Adjusted rental value 2,095 2,043 1,927
Vacancy -156 -137 -133
Rental income 1,938 1,906 1,794 2%
Property costs -436 -433 -402
Property tax -47 -46 -46
Net operating income 1,456 1,426 1,347 2%
Central administration -71 -68 -65
Net financial income -531 -608 -619
Profit from property management
from associated companies and
joint ventures 44 42 76
Profit from property
management 899 792 739 13%
Profit from property
management after
preference share
dividend 823 716 663 15%
Profit from property
management,
SEK/common share 13.36 12.48 11.56 7%
Change
===== SIDA 9 =====
For more details on the company's sustainability work and sustainability reporting, please refer to the sustainability report included in NP3's annual report.
9
Sustainability
For NP3, sustainability and long-term financial
performance go hand in hand. As a long-
term player in property management and
development, the company has a responsibility,
for our future and that of future generations,
to do this in an environmentally sustainable
way. From the company's perspective, pleasant
and safe workplaces are just as important for
NP3's tenants and suppliers as they are for the
company's employees, just as it goes without
saying that all people are treated equally
regardless of gender and ethnicity.
However, the area where NP3 as a company can
make the biggest difference is by integrating
environmental issues into its daily work and
running the business in a resource-efficient way.
The company does this mainly by continuously
improving the energy efficiency of its property
portfolio and limiting emissions. The interim
report provides follow-up of energy performance
financing improvements and growth within the
green framework. Other prioritised sustainability
targets are reported on an annual basis.
Status CSRD
During the quarter, NP3 initiated a preliminary
review of the company’s double materiality
assessment and performed a GAP analysis in
comparison with ESRS data points. During the
remainder of the year, the company will continue
to add to its sustainability work by closing
identified GAPs, finalising the preliminary review
simultaneously as continuing stakeholder
dialogues are conducted.
Property value green portfolio
In 2023, the company updated its green
framework to align with the EU taxonomy.
The green financing framework has thereby
changed its focus from energy classes to
primary energy values and to primarily cover
the "top 15" properties.
NP3 has an annual target of increasing the
green property portfolio by 25 percent. In
2024, the green property portfolio increased
its property value of MSEK 4,286 from the
beginning of the year to MSEK 5,520 at the end
of the quarter, which is equal to 29 percent.
ENERGY
NP3’s total energy
consumption shall be
reduced by 20% by the
year 2025 compared to
2017.
CLIMATE-
IMPACT
Net-zero by 2045.
By 2030*, reduce scope
1 and 2 GHG emissions
by 42%, and scope 3
emissions by 25%
IMPROVED
ENERGY
PERFORMANCE
Upgrade the energy
class from E/F/G of at
least ten properties per
year until 2030
Examples of energy projects
Vivstamon 1:27, Timrå
Ongoing project involving the replacement of
the building's heating system by conversion
from pellet and electric boiler to geothermal
heat pumps. With new heating and related
optimisation, the energy performance of the
building is improved. Expected upgrade of the
property energy class G -> C.
Investment cost is TSEK 2,500.
2022 2023 2024 Q3 2024 Target
3,413
4,286
5,520 5,3596,000
5,000
4,000
3,000
2,000
1,000
0
Prioritised
sustainability goals
GREEN
PORTFOLIO
NP3’s green
property portfolio
shall grow by
25% per year
Improved energy performance
Increasing the number of energy-efficient and sustainable properties is one of NP3's overall goals,
and in 2023 the company intensified this work by adding an additional environmental goal, to
improve and upgrade the company's properties with the lowest energy-efficiency. The company's
goal is to improve ten of the properties with the lowest energy-efficiency every year. In 2024, seven
buildings have so far received an improved energy class following the implementation of measures,
where all buildings have been upgraded from the previous energy class E, F or G.
Property/building Location
Energy class
31/12/2023
Energy class
30/09/2024
New primary
energy rating
Hemlingby 20:16 Gävle E C 70
Näringen 5:15 Gävle E C 86
Fältjägaren 11 Östersund E C 73
Lugnet 7 By 34 Östersund E D 111
Lugnet 11 Östersund E B 66
Huggormen 1 Umeå E C 70
Hyttberget 3 Falun E C 62/68
NP3 Fastigheter AB (publ) Interim report - Q2 2024
*Base year 2022. Targets are validated by SBTi.
===== SIDA 10 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
10
Property portfolio
At the end of the period, NP3 owned 515 (507) properties with
a total lettable area of 2,033,000 square metres (1,998,000)
spread across eight geographic business areas. Of the eight
business areas, the majority of the property portfolio is in the
Sundsvall business area, with 21 percent (21) of the market
value and 21 percent (20) of the rental value.
The market value of the properties on the balance sheet date
amounted to MSEK 21,127 (20,276). NP3's property portfolio
is divided into the categories industrial, retail, offices, logistics
and other. The category other includes properties for public
use such as schools. At the end of the period, industrial was
the largest property category, accounting for 51 percent (51) of
rental value. Retail was the second largest property category
with 23 percent (23) of the rental value, including the two
subcategories B2C and B2B. B2C includes properties leased
to, for example, discount chains such as Dollar-Store, ÖoB and
Rusta. B2B includes large tenants such as Mekonomen, Ahlsell
and Swedol.
Risk diversification
NP3 works continuously to diversify risks through diversi-
fication of both the property category and the tenants industry
affiliation. The company's total property portfolio is well
diversified in terms of both property category and industry
exposure.
Property category shows the nature of the property, while
industry exposure shows which industry the company’s rental
income is allocated to. The difference is that tenants in a
certain industry can rent premises in a number of different
categories. This is exemplified by state and municipality, which
together accounted for 10 percent (10) of rental income; state
and municipality administration premises are rented in the
categories office, other and industrial.
A big difference can also be seen in the grocery store industry,
which in the categorisation amounted to 1.1 percent (1.1) of
total rental value and to 4 percent (4) with regard to industry
exposure of the total rental income. This difference is explained
by grocery store companies also renting in the category
logistics and industrial. The exposure of the rental income is
distributed between several industries, with manufacturing
and light industrial being the largest one.
Rental agreement structure
On the balance sheet date, NP3 had 2,500 rental agreements
(2,450). The average remaining lease term for all rental
agreements was 3.9 years (3.9). The ten largest tenants in
relation to rental value were distributed across 85 agreements
with a remaining term of 4.7 years (5.4) and accounting
for 11 percent (11) of the rental value. The number of rental
agreements and their duration mean that NP3’s exposure
to individual tenants is limited. The largest rental agreement
corresponds to 0.7 percent of the rental value.
Rental value amounted to MSEK 2,108 (2,065) and the
contracted annual rent was MSEK 1,951 (1,929) at the end
of the period. This corresponded to a occupancy rate of 93
percent (93).
Properties
Distribution within the retail category, %
Rental value by property category, % Industry exposure, %
Industrial 51 (51)
Retail 23 (23)
Offices 11 (11)
Logistics 6 (6)
Other 9 (9)
Business-to-consumer 60 (60)
Business-to-business (B2B) 25 (26)
Vehicle dealerships, workshops and
inspection facilities 10 (9)
Grocery store 5 (5)
Manufacturing and light industrial 16 (16)
Industrial and construction supplies 12 (12)
Consumer discretionary goods 10 (11)
State and municipality 10 (10)
Construction and production 10 (10)
Real estate and finance 9 (9)
Vehicles and workshops 9 (9)
Food and leisure 7 (7)
Grocery store 4 (4)
Other 13 (12)
Comparisons within brackets relate to the beginning of the year.
Property value per business area, %
Property value per property category, %
Rental value per business area, (%)
Industrial 47 (46)
Retail 24 (25)
Offices 10 (10)
Logistics 9 (9)
Other 10 (10)
Sundsvall 21 (21)
Gävle 14 (14)
Dalarna 13 (13)
Luleå 12 (12)
Skellefteå 12 (12)
Umeå 10 (11)
Östersund 10 (10)
Middle Sweden 8 (7)
Sundsvall 21 (20)
Dalarna 13 (14)
Gävle 13 (13)
Luleå 13 (13)
Skellefteå 11 (11)
Umeå 11 (11)
Östersund 10 (10)
Middle Sweden 8 (8)
===== SIDA 11 =====
11NP3 Fastigheter AB (publ) Interim report - Q2 2024
Properties
NP3's largest tenants by rental value
As of 30 Sep 2024 Number of rental agreements
Postnord Sverige AB 9
Dagab Inköp & Logistik AB (Axfood) 6
Ahlberg-Dollarstore AB 7
Plantagen Sverige AB 5
Assemblin El AB 12
Swedol AB 9
Granngården AB 13
The Swedish Fortifications Agency 12
LEAX Falun AB 5
Swedish Police Authority 7
Total 85
Total rental value of the ten largest tenants MSEK 226
Average remaining lease term for the ten largest tenants 4.7 years
Average remaining lease term for the total contract
portfolio 3.9 years
Vacating year terminated rental
agreements Number
Rental value,
MSEK
2024 53 38
2025 58 21
2026- 21 7
Total 132 67
Value of vacancies per business area as of 30 Sep 2024
Business area
Rental
value,
MSEK
Value of
vacancies,
MSEK
Financial
occupancy
rate, %
Sundsvall 436 51 12
Dalarna 287 18 6
Gävle 277 20 7
Luleå 267 11 4
Skellefteå 241 17 7
Umeå 233 15 6
Östersund 204 7 4
Middle Sweden 162 17 10
Total 2,108 156 7
Vacancy
At the end of the third quarter, the value of vacancies
compared to the beginning of the year increased as a result
of the net change in tenants moving in and out of MSEK 17
and acquired vacancies amounting to MSEK 3. The financial
occupancy rate amounted to 93 percent (93).
As of 30 September, there were rental agreements, not yet
accessed, with a rental value of MSEK 60. The rental value for
terminated rental agreements not yet vacated amounted to
MSEK 67, of which MSEK 38 take place during 2024.
Net letting, MSEK
2024
Jan-Sep
2023
Jan-Sep
2023
Jan-Dec
Signed rental agreements 143 175 244
Terminated rental agreements incl.
bankruptcies -115 -145 -210
Net 28 30 34
Change in the value of vacancies,
MSEK
2024
Jan-Sep
2023
Jan-Sep
2023
Full year
Opening value of vacancies 1 Jan 137 122 122
Net change in moving in/out 17 9 13
Value of vacancies, acquired
properties 3 2 2
Value of vacancies, divested
properties - - -
Closing value of vacancies 156 133 137
Occupancy rate, % 93 93 93
Net letting
The value of signed rental agreements for the period amounted to
MSEK 143 and included all newly signed rental agreements and
existing agreements that have been renegotiated. The value of
terminated rental agreements including bankruptcies amounted to
MSEK -115 for the period. The amount includes all agreements that
were terminated for vacating premises during the period, those
agreements that were terminated as a result of bankruptcies and
those rental agreements that were renegotiated during the current
period of contracts where the new agreement is recorded under
“signed rental agreements”. Net letting for the period amounted
to MSEK 28 (30), of which MSEK 2 related to renegotiations. Net
letting for the third quarter amounted to MSEK 14 (1).
Maturity structure rental agreements
Rental value future changes to
agreements, MSEK
2024
Jan-Sep
2023
Jan-Sep
2023
Full year
Terminated agreements not
vacated 67 80 88
-of which acquired - - -
New rentals agreements
not accessed -60 -71 -73
Number of rental agreementsRental value
Number of rental agreements
Rental value, MSEK
800
700
600
500
400
300
200
100
0
450
400
350
300
250
200
150
100
50
0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034-
0
100
200
300
400
500
600
700
800
0
50
100
150
200
250
300
350
400
450
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034-
Antal Hyreskontrakt
Hyresvärde mkr
Förfallostruktur hyresavtal
Hyresvärde Antal kontrakt
===== SIDA 12 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
12
Properties
Property valuation
The company’s properties are valued at an assessed market
value every quarter. The valuation policy states that at least
90 percent of the total property portfolio be valued externally
during the second and fourth quarters and that other
properties are valued internally. In the third quarter of 2024,
21 percent of the property portfolio was valued externally. The
remaining 79 percent of the property portfolio has been valued
internally. The weighted valuation yield has been adjusted
upwards to 7.14 percent (7.12) during the period.
Method
Assessment of fair value is done using a combination of
local price comparison method and yield-based method in
form of discounting future estimated cash flows. The cash
flow is based on actual rents and normalised operating and
maintenance cost, on the basis of an assessment in line
with market conditions. At the end of the lease term of the
respective contract, rents that deviate from the assessed
market rent are adjusted to correspond to market levels. The
net operating income is calculated at present value together
with the residual value to calculate the property’s market
value. The market value, which shall reflect an estimated price
when selling on the open property market, is compared with
prices of known and comparable transactions. Cost of capital
and valuation yield, for calculating the present value of the
cashflow and calculating the property’s residual value, shall
reflect the property’s location and market development.
Outcome
The total market value of the company's property portfolio on the
balance sheet date was MSEK 21,127. The change in value during
the period was MSEK 202, of which MSEK 1 related to realised
changes in value. Of the unrealised changes in value of MSEK
201 in total, MSEK 219 related to cash flow-related changes,
while assumptions regarding changes to valuation yields
negatively affected the valuations by MSEK -17. The valuation
yield used on the balance sheet date ranged from 5.60 to 9.25
percent. The weighted valuation yield amounted to 7.14 percent
(7.12) and the weighted discount rate was 9.28 percent (9.27).
Change in the property portfolio
During the period, NP3 accessed 11 acquired properties for MSEK
189. In addition, MSEK 492 were invested in existing properties
and new construction projects. Of these, MSEK 406 consisted of
investments in existing properties in form of tenant adaptations
and MSEK 86 investments in new construction projects. During
the period, two properties were divested of and sale completed
for MSEK 33. The market value of the properties per square
metre increased from the beginning of the year from SEK 10,148
to SEK 10,392 at the end of the period.
Sensitivity analysis
Change +/-
Impact on earnings
before tax, MSEK
Market value of properties 5% +/-1,056
Valuation yield 0.25% -739/+795
Rental income SEK 80/sqm +/-163
Property costs SEK 20/sqm -/+41
Vacancy rate 1% -/+21
Breakdown of the property portfolio as of 30 Sep 2024
Business area
Number of
properties
Area
tsqm
Rental
value,
MSEK
Property
value,
MSEK
Sundsvall 127 428 436 4,395
Dalarna 68 342 287 2,729
Gävle 73 276 277 2,917
Luleå 51 222 267 2,565
Skellefteå 53 238 241 2,542
Umeå 46 217 233 2,232
Östersund 42 164 204 2,064
Middle Sweden 55 147 162 1,683
Total 515 2,033 2,108 21,127
Properties, change in value
MSEK
2024
Jan-Sep
2023
Jan-Sep
2023
Full year
Opening value 20,276 19,805 19,805
Acquisitions of properties 189 317 408
Investments in existing properties 406 213 330
Investments in new construction
projects 86 56 121
Divestments of properties -33 - -15
Realised changes in value 1 - 5
Unrealised changes in value 201 -406 -376
Closing value 21,127 19,985 20,276
Acquired not accessed properties 65 - -
Comparisons within brackets relate to the beginning of the year.
===== SIDA 13 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
13
Properties
Comparisons within brackets relate to the beginning of the year.
Ongoing projects (>MSEK 10)
Property Location Category Completion time Project budget, MSEK Lettable area, sqm
Ingarvsmon 4 Falun Industrial Q4 -24 45 3,100
Högom 3:179 Sundsvall Industrial Q4 -24 32 1,930
Sörby Urfjäll 29:4 Gävle Logistics Q4 -24 26 6,680
Räfsan 4 Luleå Industrial Q4 -24 19 2,040
Räfsan 4 Luleå Industrial Q4 -24 11 10,110
Transistorn 6 Skellefteå Industrial Q1 -25 39 1,750
Banvakten 1 Borlänge Industrial Q1 -25 33 2,140
Öjebyn 3:497 Piteå Industrial Q2 -25 35 2,990
Skogvaktaren 3 Östersund Industrial Q4-25 140 4,780
Fiskja 15:2 Kramfors Industrial Q4-25 17 8,120
Merkurius 5 Skellefteå Other Q4 -26 88 4,100
Total 485 47,740
Additional annual rental value for the above projects amounts to MSEK 40.
• Ingarvsmon 4, new construction of industrial premises.
• Högom 3:179, new construction of industrial premises.
• Sörby Urfjäll 29:4, extension of logistics premises for existing
tenant.
• Räfsan 4, conversion of office premises for existing tenants
and conversion of a warehouse into complete premises for
machine rental.
• Transistorn 6, new construction of industrial premises for
machine rental.
• Banvakten 1, extension of industrial and warehouse
premises.
• Öjebyn 3:497, conversion of a padel centre to a car
dealership.
• Skogvaktaren 3, new construction of heavy vehicles
workshop.
• Fiskja 15:2, conversion of industrial premises.
• Merkurius 5, conversion of office space.
Projects
NP3's project activities include new construction using the
company's building rights as well as developing and adding
value to existing properties to optimise space for tenants'
activities. In addition, environmental and energy improvement
measures are carried out. The aim of the project activity is
to increase profitability and generate growth by reducing
vacancy rates, increasing rental levels, streamlining property
costs and creating additional lettable space. The risk related
to new construction is mitigated by awaiting signed rental
agreements before commencing construction.
In light of stabilising real estate and capital market conditions,
increased demand for new construction and falling
construction costs, the company has resumed the project
scope that has been limited since mid-2022 in favour of
tenant adaptations. At the end of the period, NP3 had ongoing
projects with a total project budget of MSEK 823 (430). The
remaining investment amounted to MSEK 432 (184).
===== SIDA 14 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
1414
Transactions
Transactions
In light of a stabilising real estate and capital market situation,
the company has resumed its acquisition agenda, which has
been limited since mid-2022.
During the third quarter, two transactions at a property value
of MSEK 1,375 were signed. The transactions comprise a total
of 16 properties which are located in Skellefteå, Östersund,
Berg, Mora and Leksand and have an annual rental value of
MSEK 121 and a lettable area of 103,000 square metres. The
first transaction concerns Frösö Park Fastighets AB with three
properties on Frösön outside Östersund with an annual rental
value of MSEK 69 and a lettable area of 66,000 sqm.
The second transaction concerns the acquisition of 29.6
percent of the shares in NP3’s associated company Cibola
Holding AB with 13 properties and an annual rental value of
MSEK 52 and a lettable area of 37,000 sqm. After accessing
the properties, NP3 will own 61.2 percent of the shares and
Cibola will be a subsidiary of NP3 and consolidated in the
company’s consolidated accounts.
The acquisition of Frösö Park constitutes a so-called related
party transaction and is therefore subject to approval at
an extraordinary general meeting on 31 October 2024. The
acquisition of Frösö Park and Cibola is expected to take place
in early November, provided regulatory approval and approval
of the general meeting.
During the third quarter, no properties were acquired or
divested.
Property Municipality Category Area, sqm Rental value, MSEK Occupancy rate *, %
Total acquisitions accessed in Q3 - -
Total acquisitions accessed in Q2 28,203 18.5
Total acquisitions accessed in Q1 0 0.3
Total acquisitions accessed in 2024 28,203 18.8
Properties to be accessed in Q4 2024
Sprinten 4 Östersund Industrial 13,112 8.1 91
Kungsgården 5:3, Glasätt 1:7
and Kungsgården 5:6 Östersund Industrial 66,028 68.6 89
Kungsgården 5:9 Östersund Other 9,895 16.0 91
Tällberg 4:13 + 4:26 Leksand Other 6,920 11.5 100
Klövsjö 1:55, 1:56, 1:187, 1:230, 6:318,
1:306, 1:305, 1:304, 1:303, 1:282, 13:24,
5:457 & 5:458 Berg Other 6,122 7.9 100
Stranden 37:3 Mora Other 8,779 10.1 97
Rondellen 1 Skellefteå Other 3,654 5.2 100
Klövsjö 5:647 Berg Other 1,698 1.7 100
Total 116,208 129.1
Total divestments completed in Q3 - - -
Total divestments completed in Q2 - - -
Total divestments completed in Q1 1,877 2.5
Total divestments completed in 2024 1,877 2.5
*On transaction day
Properties
===== SIDA 15 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
15
Associated companies and joint ventures
Comparisons in brackets relate to the corresponding period of the previous year.
For the period January to September, NP3's associated
companies and joint ventures contributed MSEK 25 (60) to
NP3's profit from property management, and the share of
profit for the period was MSEK 9 (-11).
Fastighetsaktiebolaget Ess-Sierra
NP3 owns 50 percent of Fastighetsaktiebolaget Ess-Sierra,
the remaining 50 percent are owned by AB Sagax. Ess-
Sierra's business consists of owning and managing real estate
consisting of warehouses and building materials stores. The
lettable area amounts to 184,000 sqm. More than 40 percent of
the market value of the properties is in locations where NP3 is
already established today. The purpose of the joint venture is,
among other things, to be able to offer tenants local service.
Rental income for the period January to September amounted
to MSEK 74 (72) and the market value of the properties as of
30 September amounted to MSEK 1,486 (1,528). For the period
January to September, Ess-Sierra contributed MSEK 17 (23) to
NP3’s profit from property management and the total share in
profits for the year amounted to MSEK 16 (-14).
Cibola Holding AB
NP3 owns 31.6 percent of the hotel property company Cibola
Holding AB. Cibola owns five hotel and spa facilities. The
properties are located in northern Sweden.
As of 30 September, NP3’s equity share amounted to MSEK
93 (101) and for the period January to September Cibola
contributed MSEK 4 (6) to NP3’s profit from property
management, the total share in profits amounted to MSEK -11
(2). NP3's share in profits from Cibola is recorded with a lag of
one quarter.
In September, NP3 entered into an agreement to acquire an
additional 29.6 percent stake in Cibola. The acquisition is
subject to approval at an extraordinary general meeting to
be held on October 31. Subject to approval by the EGM, NP3
will own 61.2 percent of the shares and Cibola will become a
subsidiary of NP3. Acquisition of the shares is expected to be
completed in early November.
Fastighets AB Jämtjägaren
NP3 Fastigheter AB and Jämtkraft AB have carried out a
joint development project, which includes the construction
of a head office and operations centre for Jämtkraft. The
project has been carried out in the jointly owned company
Fastighets AB Jämtjägaren in which the parties each own 50
percent of the company. The project represents an investment
of approximately MSEK 400 and rental agreements have
been signed for 15 and 20 years. The project, including the
operations centre, has been completed in its entirety and
has been in operation since 15 March of this year. The total
rental value of the included properties amounts to MSEK 26.
As of 30 September, NP3’s proportion of equity amounted
to MSEK 94 (73). For the period January to September,
Jämtjägarna contributed MSEK 2 (2) to NP3’s profit from
property management and the total share in profits for the year
amounted to MSEK 2.
With You Sweden AB
In July 2024, NP3 acquired 49 percent of the shares in With
You Sweden AB. The With You Sweden group owns ten
properties primarily for industrial and commercial purposes.
The majority of the property portfolio is located in Sundsvall,
Umeå and Timrå. The total rental value of the portfolio
amounts to MSEK 37. As of 30 September, NP3‘s proportion
of equity amounted to MSEK 51 and for the period January to
September the With You group contributed MSEK 2 to NP3’s
profit from property management. The share in profits was
MSEK 2.
Significant holdings in joint ventures
NP3’s share of the profit from associated companies and
JV, MSEK
Total associated companies and
joint ventures
Fastighetsaktiebolaget
Ess-Sierra
2024
Jan-Sep
2023
Jan-Sep
2023
Jan-Dec
2024
Jan-Sep
2023
Jan-Sep
2023
Jan-Dec
NP3’s share capital, % 50.0 50.0 50.0
NP3's share of voting power, % 50.0 50.0 50.0
Proportion of equity 537 1,0211) 4681) 290 300 284
Profit from property management 25 60 76 17 23 31
Change in value of properties -4 -66 -93 6 -41 -68
Change in value of financial instruments - -3 -3 - - -
Tax -12 -2 0 -6 4 8
Total share in profits 9 -11 -20 16 -14 -29
1) Fastighetsbolaget Emilshus AB was previously an associated company of NP3, but at the end of 2023 NP3 disposed all preference shares in Emilshus
and the company was therefore no longer an associated company. Therefore, in December 2023, NP3's proportion of equity was reclassified as listed
shares.
===== SIDA 16 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
16
Funding
Comparisons within brackets relate to the beginning of the year.
Overall financing structure
The company's funding consists of a combination of debt to credit
institutions, other interest-bearing liabilities and deferred tax
liabilities and equity. NP3's creditors are mainly the major Nordic
banks through bank loans including revolving credit facilities.
Bonds are an additional source of funding and supplement the
above funding. NP3 has a long-term credit rating of ”BB” with a
negative outlook from Nordic Credit Rating as of 17 November
2023. The aim is that the rating will help to increase transparency
and understanding of NP3's operations and creditworthiness.
Interest-bearing liabilities
A summary of the company's interest-bearing liabilities as of 30
September 2024 and 31 December 2023 is presented below.
Secured loans made up 82 percent (85) and unsecured bonds,
commercial paper and promissory note 18 percent (15) of total
interest-bearing liabilities. The change in the company’s debt
portfolio between 1 January and 30 September 2024 mainly
relates to amortisation of the company’s secured credit facilities
with capital of BSEK 1 from the company’s share issue at the end
of the third quarter. Since June 2022, the company has had an
MTN programme with a framework of BSEK 5 under which bonds
can be issued on the capital market in Swedish kronor or euros
with a term of at least one year. During the first half of the year,
the company issued MSEK 450 in bonds under this programme
on two occasions, while MSEK 506 was repurchased or repaid on
existing bonds maturing in 2024 and 2025.
At the end of September 2024, the company carried out an
additional bond issue under the MTN programme amounting to
MSEK 300 with a tenor of 3.25 years and a variable interest rate
of 3 months Stibor plus 245 basis points. As part of the share
issue, the company's bond loan maturing in September 2025 will
be repurchased and repaid in full and MSEK 49 of the bond loan
maturing in April 2026. The settlement date for the above share
issue with related repurchases and repayments will take place in
October 2024.
Loan-to-value ratio and loan maturity structure
Over time, the company aims to have a loan-to-value ratio at the lower
end of the range of 55 to 65 percent, where the sources of funding are
a balance of bank, commercial paper and bonds. The loan-to-value
ratio, calculated as net debt MSEK 10,707, in relation to the market
value of properties of MSEK 21,127 and investments in associated
companies of MSEK 537, totalling MSEK 21,664, amounted to 49.4
percent (56.6) as of 30 September. Available liquidity, consisting of
liquid assets and unutilised credit facilities, amounted to MSEK 1,449
on 30 September. The net debt to EBITDA ratio, net debt in relation to
forward-looking adjusted net operating income, was 7.7 x (8.6) on the
balance sheet date. The main explanation for the improvement in the
above key ratios is the company's new issue of common shares of
BSEK 1 completed in September 2024.
Interest-bearing liabilities maturing within twelve months amounted
to MSEK 1,693 (1,408), consisting of bank loans of MSEK 1,043,
bonds of MSEK 361, commercial paper of MSEK 280 and other
liabilities of MSEK 9. Of the current bank loans of MSEK 1,043, a
majority, MSEK 853, was due in the third quarter of 2025. At the
end of the period, the average loan maturity period amounted to 2.1
years (2.2) with maturities distributed as shown in the table below.
Average interest rate and interest maturity structure
Average interest rate for the company’s interest-bearing liabilities
amounted to 4.72 percent (5.07). The main explanation for the
decrease in the average interest rate is a lower STIBOR 3-month
rate between the interim financial periods . The graph on the
following page shows changes in the various components that
make up the company’s average interest rate, including the effects
of the company's interest rate derivatives portfolio. The average
fixed interest period was 2.6 years (2.1) and 55 percent (42) of
the loan portfolio was interest-hedged with a maturity structure
between one and ten years as shown in the table below.
To limit interest rate risk, interest rate derivatives are preferentially
used in the form of interest rate swaps. At the end of the period, the
company's portfolio of interest rate derivatives amounted to MSEK
8,425. The derivative portfolio includes interest rate derivatives of
MSEK 2,250, which are not included in the company's interest rate
hedging portfolio and thus not in the calculation of the company's
interest rate hedging ratio and average fixed interest period. These
categories of interest rate derivatives either have a limitation on
the upward protection of interest rates or all callable early by the
counterparty and constitute a complement to the interest rate
hedging portfolio in order to reduce the company's interest expenses
in a volatile market.
Summary - net debt
2024
30 Sept.
2023
31 Dec.
MSEK
Bank loans 9,177 10,140
Secured interest-bearing liabilities 9,177 10,140
Bond 1,711 1,768
Commercial paper 280 60
Other interest-bearing liabilities 15 15
Unsecured interest-bearing liabilities 2,006 1,842
Accrued borrowing expenses -34 -39
Total interest-bearing liabilities 11,149 11,943
Cash and cash equivalents, including current
investments -442 -192
Net debt 10,707 11,751
Loan maturity profile and fixed interest rate (bank, commercial paper and bond loans) as of 30 Sep 2024
Loan maturity profile Fixed interest period
Maturity Amount, MSEK Proportion, % Amount, MSEK
Average
interest rate, % Proportion %
-12 months 1,684 15 5,193 8,44 47
1-2 years 3,769 34 750 1.50 7
2-3 years 4,314 39 400 0.42 4
3-4 years 514 5 975 2.12 9
4-5 years 852 7.6 300 1.26 3
5-10 years 35 0.3 3,550 1.47 32
Total/average 11,168 100 11,168 4.72 100
===== SIDA 17 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
17
-3
-2
-1
0
1
2
3
4
5
6
7
8
4,725,07
Funding
Comparisons within brackets relate to the beginning of the year.
Listed bonds as of 30 Sep 2024
Term
Financial
framework,
MSEK
Amount
outstanding,
MSEK Interest, %
Interest rate
terms, %
Interest
rate floor
Maturity
date
Green
bonds
2022/2025 1) MTN programme 361 9.73 Stibor 3M + 6.50 No 23/09/2025 Yes
2023/2026 MTN programme 500 9.23 Stibor 3M + 5.50 No 12/04/2026 Yes
2023/2026 MTN programme 400 8.51 Stibor 3M + 5.25 No 14/12/2026 Yes
2024/2027 MTN programme 450 6.99 Stibor 3M + 3.75 2) No 21/08/2027 Yes
1) Repaid via repurchase in connection with the issue of a new bond on 3 October and the remainder via redemption on 21 October 2024.
2) Of which MSEK 150 issued at a price of 101.461%, corresponding to a variable interest rate of Stibor (3 months) plus 3.25 percentage points at the first possible
redemption date.
The table below shows a summary of the company's interest rate derivatives
portfolio.
NP3's interest rate derivatives portfolio amounted to MSEK 8,425, of which
MSEK 6,175 related to interest rate hedging. Swap contracts (derivatives) are
measured at fair value and are classified in level 2 in accordance with IFRS 13.
Fair value is determined by using market interest rates for the respective term
and are based on discounting of future cash flows. If the agreed interest rate
differs from the market interest rate, this gives rise to an excess or deficit in
value and the change in value is accounted over the income statement. Upon
maturity, a derivative’s market value has been dissolved and the changes
in value over time do not affect equity. The total market value of derivatives
amounted to MSEK -128 (43) on the balance sheet date. Variations in the
change in value of derivatives between quarters are mainly reflected by changes
in differences between expectations of future interest rate levels and the fixed
interest rate of the derivatives at the end of the quarters with the associated
contract length. The net effect of changes in value for the period amounted to
MSEK -172. The average net interest rate for the company's derivative portfolio,
including its Stibor effect, was -1.66 percent (-2.50) as of 30 September, with a
fixed interest rate for the interest rate hedging portfolio of 4.5 years.
Funding
2024
30 Sept.
2023
31 Dec.
Bank loans, MSEK 9,177 10,140
Commercial paper, MSEK 280 60
Bonds, MSEK 1,711 1,767
Interest coverage ratio, x 2.3 2.1
Interest coverage ratio, rolling 12, x 2.2 2.1
Average interest rate, % 4.72 5.07
Cash and cash equivalents, MSEK 287 183
Loan-to-value ratio, % 49.4 56.6
Equity/assets ratio, % 40.0 35.9
Average loan maturity period, years 2.1 2.2
Average fixed interest period, years 2.6 2.1
Proportion of interest-hedged loan
portfolio,% 55.3 41.6
Net debt to EBITDA ratio, x 7.7 8.6
Average interest rate level
800
700
600
500
400
300
200
100
0
-100
-200
-300
BPS
30 Sep 2024 30 Sep 202431 Dec 202331 Dec 2023
472507
308405
130
405
-228
349
-256
243 249
Overview - interest rate derivatives portfolio
MSEK
Nominal
amount
Remaining
term, years
Average fixed
interest rate, %
Market
value
Interest hedging portfolio 1) 6,175 4.5 1.46 -30
Callable interest rate
derivatives2) 1,500 9.2 2.17 -36
Performance swaps 3) 750 4.0 3.07 -62
Total derivative portfolio 8,425 5.3 1.73 -128
1) Includes a forward-started swap of BSEK 1 with term from March 2025 until 2030 at
an interest rate of 2.99%, not taken into account in the average fixed interest rate as of
30 September 2024.
2) Callable swaps for the counterparty starting in the period 8 August to 5 December.
2024 and thereafter on quarterly closing in the period from 8 November 2033 to 5
March 2034. The remaining term above reflects the maximum term if no call option is
exercised by the counterparty.
3) The average knock-in level is 4.43%. If this level is met or exceeded for Stibor 3M,
the swap will mature without any flows, i.e. the net effect is SEK 0.
Capital structure, %
Equity 40 (36)
Loans from credit institutes 41 (46)
Commercial papers 1 (0)
Bond loans 7 (8)
Deferred tax 6 (6)
Other liabilities 5 (4)
87
Closing Stibor 3M, end
of period
Interest rate derivatives’
Stibor effect
Interest rate derivatives’
portfolio - fixed interest
rate
Stibor effect of the loans
Loan margin
===== SIDA 18 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
18
Summary report, MSEK 30/09/2024 30/09/2023 31/12/2023
Assets
Investment properties 21,127 19,985 20,276
Leasehold rights 145 132 150
Participations in associated companies and joint ventures 537 1,021 468
Derivatives - 390 43
Other fixed assets 53 79 54
Total fixed assets 21,861 21,606 20,991
Other current assets excluding cash and cash equivalents 329 102 711
Cash and cash equivalents 287 190 183
Total current assets 616 292 894
Total assets 22,477 21,899 21,885
Equity and liabilities
Equity 8,990 7,994 7,849
Deferred tax 1,329 1,229 1,240
Long-term interest-bearing liabilities 9,244 9,855 10,319
Long-term interest-bearing lease liabilities 145 132 150
Derivatives 128 - -
Total long-term liabilities and provisions 10,846 11,216 11,709
Current interest-bearing liabilities 1,906 1,983 1,624
Other current liabilities 736 706 704
Total current liabilities 2,641 2,689 2,328
Total equity and liabilities 22,477 21,899 21,885
Consolidated statement of financial position
Consolidated changes in equity
Summary report, MSEK
Share
capital
Other
contributed
capital
Retained
earnings,
incl. profit
for the year
Total equity
attributable
to parent
company’s
shareholders
Non-controlling
interest
Total
equity
Opening equity 01/01/2023 324 2,339 4,954 7,617 46 7,663
Comprehensive income for the year Jan-Dec 2023 - - -62 -62 1 -61
Dividends paid - - -363 -363 -4 -367
New issue of common shares 10 607 - 617 - 617
Incentive plan - 3 - 3 - 3
Issue of common shares, incentive plan 0 0 - 0 - 0
Transactions with non-controlling interest - - 4 4 -9 -5
Total transactions with shareholders 10 610 -359 261 -13 247
Closing equity 31/12/2023 334 2,949 4,533 7,816 33 7,849
Comprehensive income for the period Jan-Sep 2024 - - 548 548 1 549
Dividend - - -395 -395 - -395
New issue of common shares 14 971 - 985 - 985
Issue of common shares, incentive plan 0 - - 0 - 0
Incentive plan - 3 - 3 - 3
Total transactions with shareholders 14 974 -395 593 - 593
Closing equity 30/09/2024 348 3,923 4,686 8,956 34 8,990
NP3’s share capital consists of 61,562,403 common shares and 38,000,000 preference shares.
===== SIDA 19 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
19
Summary report, MSEK
2024
3 months
Jul-Sep
2023
3 months
Jul-Sep
2024
9 months
Jan-Sep
2023
9 months
Jan-Sep
2023
12 months
Jan-Dec
Operating activities
Profit from property management 253 206 629 569 745
Profit from property management from associated companies and joint ventures -9 -18 -25 -60 -76
Dividend from associated companies and joint ventures - 2 10 13 15
Other non-cash items 10 -7 -1 -4 -17
Tax paid 0 1 -28 -28 -50
Cash flow from operating activities before changes in working capital 254 184 585 490 617
Increase (+)/Decrease (-) in operating receivables 1 26 25 57 -37
Increase (+)/Decrease (-) in operating liabilities 2 18 127 -72 -17
Cash flow from operating activities 257 228 738 475 563
Investment activities
Acquisitions of properties - -19 -186 -304 -395
Divested properties - - 31 - 15
Investments in existing properties and other fixed assets -147 -88 -407 -217 -334
Investments in new construction projects -64 -5 -86 -56 -121
Investments in financial assets -68 - -89 -7 -7
Divestment of financial assets 1 -35 298 81 210
Cash flow from investment activities -278 -147 -440 -504 -632
Financing activities
New issue 987 3 987 620 620
Borrowings 402 462 1,166 2,481 4,371
Amortisation of borrowings -1,300 -518 -1,960 -2,881 -4,667
Dividend paid -48 -93 -158 -205 -276
Distribution in kind provided - - -229 - -
Cash flow from financing activities 41 -146 -194 15 48
Cash flow for the period 20 -64 104 -13 -21
Cash and cash equivalents at the beginning of the period 267 254 183 204 204
Cash and cash equivalents at the end of the period 287 190 287 190 183
Financial position and cash flow
Comparisons in brackets refer to balance sheet items at the beginning of the
year. For cash flow items, the comparative figures refer to the corresponding
period of the previous year.
The market value of the properties at the end of the period
was MSEK 21,127 (20,276), an increase of MSEK 851 since
the beginning of the year, which is explained by project
investments, property acquisitions, changes in value and
property sales. Closing cash and cash equivalents were
MSEK 287 (183). Equity has been affected by new share issue,
net profit for the period and dividends paid, and amounted to
MSEK 8,990 (7,849).
Accrued borrowing expenses have reduced interest-bearing
liabilities in the balance sheet by MSEK 34. Long-term interest-
bearing liabilities after adjustment for accrued borrowing
expenses amounted to MSEK 9,244 (10,319). Interest-bearing
current liabilities after adjustment for accrued borrowing
expenses amounted to MSEK 1,906 (1,624), MSEK 1,256 related
to maturity and repayment of bank loans within 12 months,
MSEK 361 bonds, MSEK 280 commercial papers and MSEK 9
for repayment of promissory notes. On the balance sheet date,
the company's interest rate derivatives had a negative value
of MSEK -128 (43). For more information on the company's
interest-bearing liabilities, see pages 16 and 17. The loan-to-
value ratio amounted to 49 percent (57) and the equity/assets
ratio to 40 percent (36). The company’s net debt to EBITDA
ratio on the balance sheet date was 7.7 x (8.6).
Cash flow from operating activities amounted to MSEK 738
(475). Acquisitions of properties affected cash flow by MSEK
-186 (-304), and divestments of properties contributed MSEK
31 (-). Investments in existing properties and new construction
amounted to MSEK -493 (-273). The net change in financial
assets contributed MSEK 209 (74) and includes, among other
things, the sale of shares in Fastighetsbolaget Emilshus.
Cash flow from financing activities amounted to MSEK -194
(15) and consists of net borrowing, dividend paid in cash and
distribution paid in kind. Overall, cash and cash equivalents
changed by MSEK 104 (-13) during the year.
Consolidated statement of cash flows
===== SIDA 20 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
20
Income statement - parent company, MSEK
2024
3 months
Jul-Sep
2023
3 months
Jul-Sep
2024
9 months
Jan-Sep
2023
9 months
Jan-Sep
2023
12 months
Jan-Dec
Net sales 45 1 45 1 64
Operating expenses -25 -24 -78 -73 -104
Operating profit/loss 20 -23 -33 -72 -40
Net financial income 51 32 255 82 92
Profit/loss after financial items 71 9 222 10 52
Appropriations - - - - 39
Profit before tax 71 9 222 10 91
Tax on profit for the period -4 -2 -12 -2 -
Net profit 67 7 210 8 91
Balance sheet - parent company, MSEK 30/09/2024 30/09/2023 31/12/2023
Intangible assets 6 6 6
Participations in group companies 677 667 677
Non-current receivables group companies 5,139 5,200 5,465
Participations in associated companies and joint ventures - 333 -
Other financial assets 9 38 8
Total fixed assets 5,831 6,244 6,156
Current receivables group companies 3,247 2,701 2,566
Other current receivables 90 26 261
Cash and cash equivalents 243 151 157
Total current assets 3,580 2,877 2,984
Total assets 9,411 9,122 9,141
Restricted equity 348 334 334
Unrestricted equity 2,562 1,566 1,649
Total equity 2,910 1,900 1,983
Untaxed reserves 20 20 20
Long-term interest-bearing liabilities 5,522 6,540 6,319
Total long-term liabilities and provisions 5,542 6,560 6,339
Current interest-bearing liabilities 760 448 647
Other liabilities 199 214 173
Total current liabilities 959 662 820
Total equity and liabilities 9,411 9,122 9,141
Comment on the parent company
The parent company’s revenue consists mainly of costs passed on to subsidiaries and financial revenue in the form of dividends
and interest income. Costs consist of central administration costs and financial costs such as interest and accrued borrowing
expenses. The parent company’s balance sheet consists mainly of participations in wholly-owned subsidiaries and receivables
from those, as well as equity and interest-bearing liabilities.
The parent company ´s reports
===== SIDA 21 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
2121
Segment reporting
MSEK Sundsvall Gävle Dalarna Östersund Umeå Skellefteå Luleå Middle
Sweden
Not
distributed
costs
Total
group
Jan-Sep 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Rental income
and other
revenue 327 298 205 191 212 198 151 141 180 161 179 162 200 182 120 99 -3 -2 1,571 1,430
Vacancy -29 -25 -10 -11 -14 -12 -6 -4 -12 -9 -10 -13 -9 -11 -13 -12 - - -103 -98
Repairs and
maintenance -7 -10 -3 -4 -5 -5 -3 -2 -4 -3 -2 -2 -3 -4 -2 -2 0 0 -29 -32
Operating
expenses -61 -53 -29 -27 -43 -39 -29 -26 -36 -37 -38 -29 -35 -32 -19 -13 0 3 -290 -253
Property tax -6 -6 -5 -5 -4 -4 -4 -4 -5 -5 -4 -4 -5 -5 -4 -3 - - -36 -35
Tenant
losses -2 -1 0 0 -1 -1 0 0 -1 -1 -2 -2 -1 0 -1 -1 0 1 -9 -6
Net
operating
income 221 204 158 143 146 137 109 105 122 106 124 111 147 130 82 68 -3 3 1,105 1,007
Surplus
ratio, % 74 75 81 80 73 74 75 77 73 70 73 75 77 76 76 78 75 76
Number of
properties 127 123 73 72 68 67 42 41 46 45 53 53 51 50 55 53 515 504
Lettable
area, sqm 428 409 276 265 342 339 164 159 217 213 238 235 222 220 147 142 2,033 1,982
Rental value 436 402 277 249 287 265 204 192 233 214 241 219 267 246 162 146 2,108 1,933
Occupancy
rate, 1)% 88 91 93 93 94 94 96 96 94 94 93 94 96 94 90 90 93 93
Investment
properties 4,395 4,184 2,917 2,709 2,729 2,575 2,064 1,948 2,232 2,158 2,542 2,428 2,565 2,410 1,683 1,575 21,127 19,985
1) Calculated on current rental value on the balance sheet date.
Overall, the surplus ratio is at the same level as last year. The
effect of higher winter-related and public utility costs have been
offset by the indexation of rents effective from 1 January 2024.
The Sundsvall business area is the company's largest area
with continued stable demand for premises. The value of
vacancies for the area is high in relation to other business areas,
which nevertheless creates opportunities given the industrial
investments that are expected to take place in the business
area. During the quarter, a significant vacancy occurred as a
property acquired in 2022, as anticipated by the company at the
time of acquisition, became vacant.
Gävle and Dalarna are the company's second largest areas
after Sundsvall and have a positive letting trend that follows
the market development that has taken place in these areas in
recent years.
Östersund has the highest average rental value, which is
because the business area has the highest share of office
premises within the company. The business area has the
company's lowest vacancy rate and a continued strong rental
market. Slightly higher winter costs for the period compared to
the previous year affect the net operating income.
Despite a slightly lower occupancy rate, Umeå is a stable market
with good demand. As for the winter 2022/2023, the large
amount of precipitation resulted in a higher than normal share of
winter costs, which affected the surplus ratio.
The business sector's investments in Skellefteå mean that
the rental market remains strong, particularly for industrial
premises. Winter-related costs in the first half of 2024 have
negatively affected the surplus ratio.
Major industrial investments are underway in the Luleå business
area, which has resulted in increased demand for premises.
The Middle Sweden business area comprises properties mainly
around Karlstad, Örebro and Västerås. Properties in these
cities account for 81% of the rental value. The area has the
company's second-highest vacancy rate, primarily related to
few large properties, although the economic occupancy rate has
increased slightly compared with the previous year. In this area,
Västerås was affected to a higher degree by winter-related costs
compared to previous years.
Segment reporting in summary
===== SIDA 22 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
22
NP3 has two classes of shares, common shares and
preference shares, which are listed on Nasdaq Stockholm
Large Cap. In September 2024, NP3’s Board of Directors, has
based on the authorisation granted by the Annual general
meeting on 7 May 2024, decided and resolved on a directed
issue of 4,000,000 common shares at a subscription price of
SEK 250 per common share, receive proceeds of MSEK 1,000
before transaction costs. In addition, warrants were exercised
and 65,629 common shares were issued. This happened as
a result of the decision on a three-year incentive programme
taken at the company's Annual General Meeting in May 2021.
The total number of shares outstanding at the end of the period
after the completed issue of common shares amounted to
99,562,403 shares, of which 61,562,403 were common shares
and 38,000,000 preference shares. The number of shareholders
at the end of the period was 10,674 (10,922), of which 91 percent
were Swedish investors, private individuals and institutional
owners. The remaining 9 percent was related to foreign investors.
The share price for common shares amounted to SEK 266.00
(153.46) on the balance sheet date, which is equivalent to
a market capitalisation value of MSEK 16,376 (9,096). In
addition, there are preference shares with a share price
of SEK 31.40 (24.50) at year-end, which is equivalent to a
market capitalisation value of MSEK 1,193 (931). Total market
capitalisation value as of 30 September amounted to MSEK
17,569 (10,027). For the period 1 October 2023 to 30 September
2024, the highest price paid for the common share was SEK
287.50 and occured on 15 July. The lowest price paid for the
twelve-month period occured on 25 October and amounted to
SEK 137.72. The volume-weighted average price for the period
was SEK 222.83 (198.82).
Long-term net asset value reflecting long-term net asset
value reduced by preference capital and holdings without
controlling influence amounted to MSEK 7,796 (7,591), which is
equivalent to SEK 149.71 per common share (132.02). The share
price at the end of the period was 211 percent (135) of equity
per common share and 178 percent (120) of the long-term net
asset value per common share.
Shares and owners
Comparisons in brackets relate to the corresponding period of the previous year.
Distribution of profit from property management after current tax
NP3 volume 1000s/month (trading Nasdaq)
NP3 closing price/total return OMX Stockholm GI OMX Real Estate GI
NP3’s total return compared to Nasdaq Stockholm’s total
return index1)
Volume 1000s Volume 1000sClosing price,
SEK
Closing price,
SEK
30/06/202431/07/202431/08/202430/09/202431/05/202430/04/202430/09/202331/10/202330/11/202331/12/202331/01/202429/02/202431/03/2024 30/06/202431/07/202431/08/202430/09/202431/05/202430/04/202430/09/202331/10/202330/11/202331/12/202331/01/202429/02/202431/03/2024
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
NP3 volume 1000s/month (trading Nasdaq)
NP3 closing price Carnegie Fastighetsindex
NP3's price development compared to Carnegie Real Estate Index 1)
Stock price/profit from property management per common share
Closing price common share
Stock price/profit from property management per common share, L TM
Jan-Dec, MSEK 2023 2022 2021 2020 2019
Profit from property management 745 785 661 558 487
Current tax -68 -55 -44 -49 -38
Profit from property
management after current tax 677 730 617 509 449
Dividend 3911) 363 310 270 241
Distribution in percent of profit
from property management
after current tax 58% 50% 50% 53% 54%
The company aims to pay dividends of around 50 percent of the profit from property
management after current tax to holders of common and preference shares.
300
250
200
150
100
50
0
300
250
200
150
100
50
0
SEK x
400
350
300
250
200
150
100
50
0
35
30
25
20
15
10
5
0
2021 Q4
2022 Q1
2022 Q2
2022 Q3
2022 Q4
2023 Q1
2023 Q2
2023 Q3
2023 Q4
2024 Q1
2024 Q2
2024 Q3
2016 Q1
2015 Q4
2016 Q2
2016 Q3
2016 Q4
2017 Q1
2017 Q2
2018 Q2
2019 Q2
2020 Q2
2020 Q3
2020 Q4
2021 Q1
2021 Q2
2021 Q3
2017 Q3
2018 Q3
2019 Q3
2017 Q4
2018 Q4
2019 Q4
2018 Q1
2019 Q1
2020 Q1
1) Includes a distribution in kind of Class B shares in Fastighetsbolaget Emilshus AB
(publ), where eight common shares in NP3 gave one Class B share in Emilshus. The
stock price of the Emilshus Class B share on 31 December 2023 was SEK 31.80. The
value of the distribution in kind has been based on this stock price. In addition to the
distribution in kind, a cash dividend of SEK 1.50 per common share and a cash dividend
of SEK 2.00 per preference share will be distributed.
1) Source: Compiled and processed data from Monitor by Modular Finance AB.
0,00
50,00
100,00
150,00
200,00
250,00
300,00
0,00
200,00
400,00
600,00
800,00
1000,00
1200,00
1400,00
1600,00
1800,00
2000,00
2023-09-30 2023-10-31 2023-11-30 2023-12-31 2024-01-31 2024-02-29 2024-03-31 2024-04-30 2024-05-31 2024-06-30 2024-07-31 2024-08-31 2024-09-30
NP3 stängningskurs vs
Carnegie Fastighetsindex
NP3 volym / 1000 NP3 stängningskurs Carnegie Fastighetsindex
0,00
50,00
100,00
150,00
200,00
250,00
300,00
0,00
200,00
400,00
600,00
800,00
1000,00
1200,00
1400,00
1600,00
1800,00
2000,00
2023-09-30 2023-10-31 2023-11-30 2023-12-31 2024-01-31 2024-02-29 2024-03-31 2024-04-30 2024-05-31 2024-06-30 2024-07-31 2024-08-31 2024-09-30
NP3 stängningskurs/totalavkastning vs
OMX Stockholm GI & OMX Real Estate GI1)
NP3 volym / 1000 NP3 stängningskurs/totalavkastning OMX Stockholm GI OMX Real Estate GI
0
5
10
15
20
25
30
35
0
50
100
150
200
250
300
350
400
ggrkr
===== SIDA 23 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
23
The NP3-share
Shareholder structure as of 30 Sep 2024 1)
Size of holdings Number of shareholders Votes per share, %
1 – 500 7,478 0.7
501 – 1,000 1,011 0.5
1,001 – 2,000 757 0.6
2,001 – 5,000 668 0.8
5,001 – 10,000 343 1.0
10,001 – 50,000 311 3.3
50,001 – 106 90.5
Unknown size of holdings 2.6
Total 10,674 100
Shareholders as of 30 Sep 20241)
Number of
common shares
Number of
preference shares
Participating
interest, %
Votes per
share, %
AB Sagax (Satrap Kapitalförvaltning AB) 12,783,806 2,583,697 15.4 (15.8) 20.0 (21.2)
Bäckarvet Holding AB 7,429,863 570,437 8.0 (-) 11.4 (-)
Inga Albertina Holding AB 7,429,863 570,437 8.0 (-) 11.4 (-)
Länsförsäkringar Fondförvaltning AB 4,441,395 - 4.5 (4.8) 6.8 (7.5)
Fourth AP fund 1,953,694 2,255,030 4.2 (4.9) 3.3 (4.3)
PPB Holding AB - 4,166,666 4.2 (2.3) 0.6 (0.4)
Försäkringsaktiebolaget Avanza Pension 702,463 2,576,180 3.3 (3.1) 1.5 (0.9)
Lannebo Fonder 3,133,968 - 3.2 (2.9) 4.8 (4.5)
Danske Invest 1,251,337 1,712,004 3.1 (3.3) 2.3 (2.5)
SEB Fonder 1,936,745 - 2.0 (2.1) 3.0 (3.3)
Handelsbanken Liv Försäkring AB 648,857 847,247 1.5 (1.6) 1.1 (1.2)
J.A. Göthes AB 1,041,600 416,640 1.5 (1.5) 1.7 (1.8)
Handelsbanken Fonder 1,456,301 - 1.5 (1.3) 2.2 (2.1)
Vanguard 1,184,863 - 1.3 (1.3) 2.0 (2.0)
Erik Selin - 1,180,000 1.2 (1.2) 0.2 (0.2)
Bonnier Treasury S.A.R.L - 1,000,000 1.0 (3.1) 0.2 (0.5)
Ulf Jönsson - 1,000,000 1 . 0 (1.1) 0.2 (0.2)
Third AP fund 947,065 - 1.0 (0.1) 1.4 (0.2)
Futur Pension Försäkringsaktiebolag 56,740 762,483 0.8 (1.0) 0.2 (0.4)
Odin Fonder 656,575 - 0.7 (0.7) 1.0 (1.1)
Total 20 largest shareholders 47,055,135 19,640,820 67.2 (69.8) 75.3 (78.9)
Other shareholders 14,507,268 18,359,180 32.8 (30.2) 24.7 (21.1)
Total number of shares 61,562,403 38,000,000 100.0 100.0
Figures in brackets relate to holdings and votes at the beginning of 2024.
Trading of the share at Nasdaq Stockholm
Closing price, SEK
Average number of
transactions per trading day Turnover rate, %
Average trading volume
per trading day, MSEK
30 Sep 2024 30 Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Sep 2024 Jan-Sep 2023
common share 266.00 153.46 364 358 20 18 10.8 7.5
Preference share 31.40 24.50 101 84 27 15 1.2 0.6
Swedish institutional owners 24 (23)
Swedish private individuals 22 (22)
Foreign institutional owners 9 (10)
Unknown owner type 3 (2)
Others 42 (43)
Sweden 88 (88)
USA 3 (4)
Denmark 3 (3)
Norway 2 (2)
Others 4 (3)
Owner categories 1), % Breakdown by country 1), %
1) Source: Monitor by Modular Finance AB.
===== SIDA 24 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
24
Income statement, MSEK
2024
3rd quarter
Jul-Sep
2024
2nd quarter
Apr-Jun
2024
1st quarter
Jan-Mar
2023
4th quarter
Oct-Dec
2023
3rd quarter
Jul-Sep
2023
2nd quarter
Apr-Jun
2023
1st quarter
Jan-Mar
2022
4th quarter
Oct-Dec
2022
3rd quarter
Jul-Sep
Rental income 491 486 492 464 444 443 445 408 397
Property costs -74 -101 -152 -106 -68 -93 -130 -91 -73
Property tax -12 -12 -12 -12 -12 -12 -11 -12 -10
Net operating income 404 373 328 346 365 338 304 306 315
Central administration -15 -20 -18 -25 -15 -17 -17 -21 -15
Result from associated companies and joint
ventures 8 -8 8 -9 10 -11 -10 14 35
Net financial income -145 -153 -151 -162 -162 -149 -138 -119 -101
Profit/loss after financial items 252 193 168 150 198 161 139 180 234
- of which Profit from property management 253 209 168 175 206 195 169 184 220
Change in value of properties 45 155 2 34 -165 -176 -66 -84 5
Changes in value of financial instruments -158 -100 132 -285 15 60 -69 -8 53
Profit before tax 139 248 303 -101 48 46 4 88 293
Current tax -20 -13 -17 -28 -24 -5 -11 -8 -26
Deferred tax -9 -36 -45 -12 14 -4 10 -27 -38
Net profit1) 110 198 241 -140 39 36 3 53 228
Comprehensive income relating to the parent
company’s shareholders 109 198 241 -138 38 35 2 44 219
Comprehensive income relating to
non-controlling interest 1 0 0 -3 1 1 1 9 9
1) Net profit is consistent with the comprehensive net profit.
Financial position, MSEK
2024
30 Sept.
2024
30 June
2024
31 March
2023
31 Dec.
2023
30 Sept.
2023
30 June
2023
31 March
2022
31 Dec.
2022
30 Sept.
Investment properties 21,127 20,872 20,382 20,276 19,985 20,041 19,844 19,805 19,651
Leasehold rights 145 144 149 150 132 130 118 118 106
Participations in associated companies and
joint ventures 537 473 467 468 1,021 1,015 1,052 1,064 1,020
Derivatives - 71 131 43 390 362 310 376 383
Other fixed assets 53 54 54 54 79 36 131 131 171
Other current assets excl. cash and cash equivalents 329 286 773 711 102 127 153 156 198
Cash and cash equivalents 287 267 198 183 190 254 110 204 143
Total assets 22,477 22,165 22,153 21,885 21,899 21,966 21,719 21,854 21,673
Equity 8,990 7,897 8,089 7,848 7,994 7,954 8,282 7,663 7,610
Deferred tax 1,329 1,320 1,284 1,241 1,229 1,243 1,238 1,248 1,221
Interest-bearing liabilities 11,149 12,047 11,988 11,943 11,838 11,894 11,535 12,235 12,000
Lease liabilities 145 144 149 150 132 130 118 118 106
Derivatives 128 - - - - - - - -
Non-interest bearing liabilities 736 757 642 704 706 744 545 590 736
Total equity and liabilities 22,477 22,165 22,153 21,885 21,899 21,966 21,719 21,854 21,673
Quarterly summary
Rental income by quarter Net operating income by quarter Profit from property management by quarter
Profit from property
management
Profit from property
management, % of
rental income
1 2 3 4 1 2 3 1 2 3 4 1 2 3 4 Q 1 2 3 4
2020 2021 2023 20242022
%
300
250
200
150
100
50
0
70
60
50
40
30
20
10
0
MSEK
1 2 3 4 1 2 31 2 3 4 1 2 3 4 Q 1 2 3 4
2020 2021 2023 20242022
500
400
300
200
100
0
MSEK
0
100
200
300
400
500
Q1
20
Q2
20
Q3
20
Q4
20
Q1
21
Q2
21
Q3
21
Q4
21
Q1
22
Q2
22
Q3
22
Q4
22
Q1
23
Q2
23
Q3
23
Q4
23
Q1
24
Q2
24
Q3
24
mkr
Hyresintäkter per kvartal
Net operating
income
Surplus ratio, %
450
400
350
300
250
200
150
100
50
0
MSEK %
90
80
70
60
50
40
30
20
10
0
1 2 3 4 1 2 31 2 3 4 1 2 3 4 Q 1 2 3 4
2020 2021 2023 20242022
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0
50
100
150
200
250
300
350
400
450
Q1
20
Q2
20
Q3
20
Q4
20
Q1
21
Q2
21
Q3
21
Q4
21
Q1
22
Q2
22
Q3
22
Q4
22
Q1
23
Q2
23
Q3
23
Q4
23
Q1
24
Q2
24
Q3
24
mkr
Driftsöverskott per kvartal
Driftsöverskott Överskottsgrad %
0%
10%
20%
30%
40%
50%
60%
70%
0
50
100
150
200
250
300
Q1
20
Q2
20
Q3
20
Q4
20
Q1
21
Q2
21
Q3
21
Q4
21
Q1
22
Q2
22
Q3
22
Q4
22
Q1
23
Q2
23
Q3
23
Q4
23
Q1
24
Q2
24
Q3
24
mkr
Förvaltningsresultat Förvaltningsresultat %
===== SIDA 25 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
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Key ratios
2024
3 months
Jul-Sep
2023
3 months
Jul-Sep
2024
9 months
Jan-Sep
2023
9 months
Jan-Sep
2023
Full year
Jan-Dec
Property-related key ratios
Number of properties at the end of the period 515 504 515 504 507
The properties’ lettable area, tsqm 2,033 1,982 2,033 1,982 1,998
Investment properties, MSEK 21,127 19,985 21,127 19,985 20,276
Property value, SEK/sqm 10,392 10,083 10,392 10,083 10,148
Rental value, MSEK 2,108 1,933 2,108 1,933 2,065
Financial occupancy rate, % 93 93 93 93 93
Surplus ratio, % 82 82 75 76 75
Yield , % 7.1 6.6 7.1 6.6 6.8
Financial key ratios
Return on equity, common share, % 4.8 0.6 4.8 0.6 -2.1
Return on equity, % 5.0 1.7 5.0 1.7 -0.8
Return on equity, before tax, % 7.2 2.3 7.2 2.3 0
Return on equity from the profit from property management, % 9.9 9.5 9.9 9.5 9.4
Debt/equity ratio, x 1.2 1.5 1.2 1.5 1.5
Net debt to EBITDA ratio, x 7.7 8.9 7.7 8.9 8.6
Interest coverage ratio, x 2.6 2.2 2.3 2.2 2.1
Interest coverage ratio, LTM, x 2.2 2.2 2.2 2.2 2.1
Loan-to-value ratio, % 49.4 55.4 49.4 55.4 56.6
Equity/assets ratio, % 40.0 36.5 40.0 36.5 35.9
Average interest rate, % 4.72 5.19 4.72 5.19 5.07
Average loan maturity period, years 2.1 2.2 2.1 2.2 2.2
Average fixed interest period, years 2.6 2.2 2.6 2.2 2.1
Proportion of interest-hedged loan portfolio,% 55.3 41.9 55.3 41.9 41.6
Key ratios per common share
Number of shares at the end of the period, thousands 61,562 57,497 61,562 57,497 57,497
Weighted average number of shares, thousands 59,562 57,428 57,923 56,575 56,864
Equity, SEK 126.04 117.42 126.04 117.42 114.78
Long-term net asset value, SEK 149.71 132.02 149.71 132.02 135.58
Profit from property management, SEK 4.00 3.25 9.88 9.06 11.76
Profit after tax, SEK 1.54 0.33 8.49 0.31 -2.43
Dividend, SEK - - - - 5,475
Share price at the end of the period, SEK 266.00 158.20 266.00 158.20 229.20
Key ratios per preference share
Number of shares at the end of the period,
thousands 38,000 38,000 38,000 38,000 38,000
Equity, SEK 31.50 31.50 31.50 31.50 32.00
Earnings, SEK 0.50 0.50 1.50 1.50 2.00
Dividend, SEK - - - - 2.00
Share price at the end of the period, SEK 31.40 24.50 31.40 24.50 27.20
For reconciliation of key ratios and definitions, see pages 26-27.
===== SIDA 26 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
26
MSEK
2024
Jan-Sep
2023
Jan-Sep
2023
Jan-Dec
Net debt 10,707 11,642 11,751
Net operating income, forward-looking
12 months acc. to earnings capacity 1,456 1,347 1,426
Central administration costs, LTM -77 -70 -74
Dividends from associated companies and
joint ventures, LTM 12 29 15
Adjusted net operating income 1,391 1,306 1,367
Net debt to EBITDA ratio, x 7.7 8.9 8.6
Profit from property management 629 569 745
Add-back of profit from property management
from associated companies and joint ventures -25 -60 -76
Dividends from associated companies and
joint ventures 10 13 15
Financial expenses 456 451 617
Adjusted profit from property management 1,070 974 1,301
Interest coverage ratio, x 2.3 2.2 2.1
Net debt 10,707 11,642 11,751
Market value of properties 21,127 19,985 20,276
Participations in associated companies and
joint ventures 537 1,021 468
Loan-to-value ratio, % 49.4 55.4 56.6
Equity according to financial position 8,990 7,994 7,849
Balance sheet total 22,477 21,899 21,885
Equity/assets ratio, % 40.0 36.5 35.9
Equity according to financial position 8,990 7,994 7,849
Deduction preference capital -1,197 -1,197 -1,216
Deduction non-controlling interest -34 -46 -33
Number of shares at the end of the period,
thousands 61,562 57,497 57,497
Equity, SEK/common share 126.04 117.42 114.78
Equity according to financial position 8,990 7,994 7,849
Deduction preference capital -1,197 -1,197 -1,216
Deduction non-controlling interest -34 -46 -33
Add-back derivatives 128 -390 -43
Add-back deferred tax 1,329 1,229 1,240
Number of shares at the end of the period,
thousands 61,562 57,497 57,497
Long-term net asset value, SEK/common share 149.71 132.02 135.58
Profit from property management 629 569 745
Deduction holders of preference shares’
preferential right to dividend -57 -57 -76
Average number of common shares, thousands 57,923 56,575 56,864
Profit from property management,
SEK/common share 9.88 9.06 11.76
Reconciliation of key ratios
MSEK
2024
Jan-Sep
2023
Jan-Sep
2023
Jan-Dec
Interest-bearing liabilities 11,149 11,838 11,943
Current investments -155 -6 -9
Cash and cash equivalents -287 -190 -183
Net debt 10,707 11,642 11,751
Profit after tax, relating to the parent
company’s shareholders 548 75 -62
Deduction holders of preference shares’
preferential right to dividend -57 -57 -76
Profit after tax reduced by holders of
preference shares’ right to dividend 491 18 -138
Average number of common shares,
thousands 57,923 56,575 56,864
Profit after tax, SEK/common share 8.49 0.31 -2.43
Rental income 1,469 1,333 1,797
Net operating income 1,105 1,007 1,353
Surplus ratio, % 75 76 75
Net operating income, LTM 1,451 1,312 1,353
Average market value of properties 20,528 19,865 19,990
Yield , % 7.1 6.6 6.8
Profit after tax, relating to the parent
company’s shareholders, LTM 412 119 -62
Deduction holders of preference shares’
preferential right to dividend -76 -76 -76
Average equity after deducting preference
capital and non-controlling interest 6,923 6,652 6,696
Return on equity, common share, % 4.8 0.6 -2.1
Profit after tax, LTM 410 131 -61
Average total equity 8,164 7,900 7,948
Return on equity, % 5.0 1.7 -0.8
Profit before tax, LTM 589 186 -3
Average total equity 8,164 7,900 7,948
Return on equity, before tax, % 7.2 2.3 0
Profit from property management, LTM 804 753 745
Average total equity 8,164 7,900 7,948
Return on equity from the profit from
property management, % 9.9 9.5 9.4
Net debt 10,707 11,642 11,751
Equity according to financial position 8,990 7,994 7,849
Debt/equity ratio, x 1.2 1.5 1.5
NP3 applies the guidelines for alternative performance measures issued by ESMA. Alternative performance measures refer to financial
measurements that are not defined or stated in the rules applicable to financial reporting, i.e. IFRS. The company reports certain financial
measurements in the report that are not defined in accordance with IFRS. The alternative key ratios which NP3 presents are used by company
management to assess the company’s financial development. Accordingly, they are also assessed to provide other stakeholders, such as analysts
and investors, valuable information. As not all companies calculate financial measurements in the same way, and these financial measurements
shall therefore not be seen as a replacement for measurements defined according to IFRS. Below a reconciliation of the alternative financial key
ratios that are presented in this report. Definitions of the key ratios can be found on page 27.
===== SIDA 27 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
27
Definitions
Return on equity
Profit after tax for a LTM period, in percent of average equity.
Return on equity, before tax
Profit before tax for a LTM period, in percent of average equity.
Return on equity, common share
Profit after tax for a LTM period, reduced by the preference
shares’ preferential right to dividend for the period and share in
profits for non-controlling interest, in percent of average equity
after settlement of preference capital and non-controlling
interest.
Return on equity from the profit from property management
Profit from property management for a LTM period, in percent
of average equity.
Loan-to-value ratio
Net debt in percent of the properties’ recorded value and
investments in associated companies and joint ventures.
CAGR
(Compounded Annual Growth Rate) Average annual growth
expressed as a percentage.
Yield
Net operating income for a LTM period as a percentage of
the average market value of the properties. The key ratio
shows the return from the operating activities in relation to the
properties’ market value.
Net operating income
Rental income for the period less property costs.
Equity, SEK/common share
Equity relating to the parent company’s shareholders after
deduction of preference capital in relation to the number of
common shares at the end of the period.
Equity, SEK/preference share
Equity per preference share corresponds to the share’s
redemption price upon liquidation plus accrued dividend.
Financial occupancy rate
Rental income in percentage of rental value.
Investment property
Investment property refers to a property that is held in order to
generate rental income and/or increase in value. All of NP3’s
properties are assessed as constituting investment properties,
so the term is thus consistently “property” in reports.
LTM
Last twelve months (LTM) refers to the timeframe of the
immediately preceding 12 months.
Profit from property management
Net profit before tax and changes in value and tax in both
group and associated companies as well as joint ventures.
Profit from property management, SEK/common share
Net profit before tax and changes in value reduced by the
preference shares’ preferential right to dividend, in relation to
the weighted average number of common shares.
Average interest rate
Weighted interest on interest-bearing liabilities (excluding
liabilities rights of use) taking into account interest rate
derivatives on the balance sheet date.
Average remaining lease term
The weighted average remaining term for the rental
agreements.
Rental income
Invoiced and recognised rents and extra charges less rent
discounts.
Rental value
Rental income on current agreements with addition for
assessed market rent for unlet areas 12 months ahead from the
balance sheet date.
Long-term net asset value, SEK/common share
Recorded equity, after taking into account the preference
capital and non-controlling interest, with add-back of
derivatives and deferred tax, in relation to the number of
common shares at the end of the period. The key ratio shows
the net assets’ fair value from a long-term perspective. Assets
and liabilities not assessed as falling due, such as fair value on
derivatives and deferred taxes, are thus excluded.
Net investments
The sum of acquired properties, as well as investments
in projects and associated companies and joint ventures
with deduction for sales price on properties that have been
disposed of, directly and via companies, as well as with
deduction for divested participations in associated companies
and joint ventures.
Net debt
Interest-bearing liabilities, excluding liability rights of use, with
deduction for liquid assets and current investments.
Preference capital
Number of preference shares multiplied by equity per
preference share.
Profit after tax, SEK/common share
Net profit after tax relating to the parent company’s
shareholders, reduced by the holders of preference shares’
preferential right to dividend for the period, in relation to the
weighted average number of common shares.
Interest coverage ratio
Profit from property management, excluding administration
result from associated companies and joint ventures but
including dividends from associated companies and joint
ventures, after adding back financial expenses in relation to
financial expenses.
Net debt to EBITDA ratio
Net debt on the balance sheet date in relation to twelve
months’ forward-looking net operating income less central
administration expenses plus dividends received from
associated companies and joint venture LTM.
Debt/equity ratio
Net debt in relation to equity on the balance sheet date.
Equity/assets ratio
Adjusted equity as a percentage of the balance sheet total.
Properties accessed
Agreed property value reduced by tax rebate for properties
accessed of the during the period.
Occupancy rate
Let area as a percentage of lettable area.
Surplus ratio
Net operating income for the period as a percentage of rental
income for the period. The key ratio is a measurement of
effectivity comparable over time.
===== SIDA 28 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
28
Risks and uncertainties
NP3 works actively to identify and minimise the significant
risks that can affect the company’s financial position and
performance. Significant risks for the company include
property-related risks, financial risks and risks arising from
events and changes in the world around us. For a detailed
description of the company’s structured risk work, see pages
72-76 of the company’s annual report for 2023.
Property-related risks
NP3 works continuously to minimise its property-related risks.
The company has good diversification in terms of both property
categories and industry exposure. Rental income is distributed
over a large number of rental agreements, with major tenants
accounting for only a small proportion of the rental value.
There is a risk that the valuation of properties may be affected
by the assessments and assumptions made by management.
In addition, the limited transaction volume may result in a
higher risk for the property valuation. To minimise this risk,
the market value of the company’s properties is assessed
every quarter, where the company's valuation policy states
that at least 90 percent of the total property portfolio is valued
externally in quarters two and four and that other properties
are valued internally.
Market risk is another risk to consider, where high inflation
has led to higher interest rates, which in turn leads to a higher
required return with a risk of falling property values. During
the current year, however, the rate of inflation has slowed
down, which has also led to falling market interest rates. The
risk is also mitigated by the company working continuously on
maintaining or increasing the market value of the company's
properties by letting vacant premises and adding value to and
further developing existing properties. The risk of a strong
negative effect due to declining property values in a specific
location is reduced thanks to the properties’ geographical
diversification.
Financial risks
Financing costs are the single largest cost item for NP3
and the uncertain market conditions and uncertainty in our
operating environment have led to an increased refinancing
risk and financing costs. However, this year we have seen
falling interest rates following a decrease in inflation. NP3
uses interest rate hedging in order to limit interest rate risk
and increase the predictability of the profit from property
management. The company also works continuously to
secure NP3's financial position and to maintain good
relationships with banks and the capital markets in order to
reduce financial risks. NP3 has also worked on and reduced
refinancing risks that can be linked to the company's bond
maturities.
Risk of conflict of interest
A risk of conflict of interest can arise when board members,
persons in the strategic and operational management and
other employees in the company take on certain board
assignments, invest in companies in which NP3 has invested,
invest in companies that are competitors to NP3, mortgage
their shareholdings in NP3 or acquire or dispose of shares
in NP3. The company has well-developed procedures and
policies to manage risks relating to conflict of interest. Key
policies include the company's code of conduct and insider
policy. Matters regarding conflict of interest are discussed
continuously in the company’s board meetings and in the
company’s management group. For employees the company
has a procedure for documentation and approval of sideline
jobs.
Other risks
The uncertain and volatile market climate, combined with
wars and conflicts in the world around us, is affecting the
global economy, including Sweden and NP3 as a company.
In 2024, however, we have seen a reduced rate of inflation.
Increased costs for raw materials and energy have affected
the company and its tenants, but where the cost increases
for NP3 are largely offset by the company's rental agreement
structure. NP3 is monitoring the continued development and
continuously evaluating how the company's operations are
affected.
Other information
Accounting policies and judgements
This interim report for the group has been prepared in
accordance with the IAS 34 Interim Financial Reporting and
applicable parts of the Swedish Annual Accounts Act. Other
disclosures in accordance with IAS 34 16A are provided
elsewhere than in the notes in the interim report. The group
and parent company apply the same accounting principles
and valuation methods as in the annual report for 2023. Other
amended and new IFRS accounting standards having become
effective during the year or becoming effective in future
periods are not expected to have a material impact on the
group's financial reports.
The parent company’s reports have been prepared in
accordance with the Swedish Annual Accounts Act (ÅRL) and
by applying the Sustainability- and Financial Reporting Board’s
recommendation RFR 2, Accounting for Legal Entities.
Staff and organisation
The company has eight business areas: Sundsvall, Gävle,
Dalarna, Östersund, Umeå, Luleå and Middle Sweden.
The head office is located in Sundsvall, where most of the
company's employees are based. In addition, there are
employees in all the company’s eight business areas. At the
end of the period the number of staff totalled 60.
===== SIDA 29 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2024
29
Business idea
With our tenants in focus, to acquire,
own and manage high-yielding
commercial properties, primarily in
northern Sweden.
Financial targets
NP3’s objective is that the growth in profit from
property management per common share shall
amount to at least 12 percent per year over a
five-year period. Return on equity before tax
shall amount to at least 15 percent over a five-
year period. The interest coverage ratio should
be at least two times and the long-term loan-
to-value ratio should be 55-65 percent.
Vision
Leveraging good business acumen
and satisfied tenants, investors and
stakeholders, to create Sweden’s
long-term most profitable real estate
company.
Management
Andreas Wahlén, CEO
Tel: +46 60 777 03 01
andreas@np3fastigheter.se
Håkan Wallin, CFO
Tel: +46 60 777 03 07
hakan.wallin@np3fastigheter.se
Mattias Lyxell, COO
Tel: +46 60 777 03 17
mattias.lyxell@np3fastigheter.se
Board of directors
Chairman of the Board
Nils Styf
Tel: +46 73 350 60 39
Members of the Board
of Directors
Anders Nilsson
Anders Palmgren
Hans-Olov Blom
Mia Bäckvall Juhlin
Åsa Bergström
Press releases in the third quarter
12/7 Interim report January - June 2024
27/8 Change in ownership of NP3 Properties
16/9 NP3 has entered into conditional acquisitions of properties
with agreed value of MSEK 755 and 29.6 percent of
Cibola and intends to carry out a targeted new issue of
approximately 3.5 million common shares
16/9 NP3 completes a targeted new issue of 4.0 million
common shares and thereby raises MSEK 1,000
23/9 Notice of Extraordinary General Meeting of NP3
24/9 NP3 is considering issuing green SEK bonds and announces
a voluntary repurchase offer of certain outstanding bonds
25/9 NP3 announces conditional early redemption of outstanding
bonds 2022/2025
26/9 NP3 issues MSEK 300 of unsecured green bonds
27/9 NP3 releases the results of the voluntary buy-back
offering of certain outstanding bonds
30/9 Change in number of shares and votes
All press releases are available on the company's website:
www.np3fastigheter.se
Calendar
Interim reports
Year-end report 2024: 7 February 2025
Q1 January - March: 7 May 2025
Q2 January - June: 11 July 2025
Q3 January - September: 17 October 2025
Annual report
Annual report 2024 11 April 2025
Annual general meeting and general meeting
Extraordinary general meeting 31 October 2025
Annual general meeting 7 May 2025
Record days for dividend on preference shares
31 October 2024
31 January 2025
30 April 2025
Proposed record days for dividend on common shares
31 October 2024
31 January 2025
Review report
To the Board of Directors of NP3 Fastigheter AB
Corp. id. 556749-1963
Introduction
We have reviewed the condensed interim financial information
(interim report) of NP3 Fastigheter AB as of 30 September 2024
and the nine-month period then ended. The Board of Directors
and the Managing Director are responsible for the preparation
and presentation of this interim report in accordance with IAS 34
and the Annual Accounts Act. Our responsibility is to express a
conclusion on this interim report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements ISRE 2410 Review of Interim
Financial Information Performed by the Independent Auditor of
the Entity. A review of interim financial information consists of
making inquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than
an audit conducted in accordance with International Standards
on Auditing and other generally accepted auditing practices
and consequently does not enable us to obtain assurance that
we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the interim report is not prepared, in
all material respects, for the Group in accordance with IAS 34
and the Annual Accounts Act, and for the Parent Company in
accordance with the Annual Accounts Act.
Stockholm 18 October 2024
KPMG AB
Peter Dahllöf
Authorized Public Accountant
===== SIDA 30 =====
www.np3fastigheter.se
Head office
NP3 Fastigheter AB (publ)
Corp. ID no. 556749-1963
info@np3fastigheter.se
Telephone switchboard +46 60 777 03 00
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