FULLTEXT DEL 1 AV 1
Kvartalsrapport Q4 2024
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Q4 2024
Year-end report
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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 during the fourth quarter
• In October, all outstanding bonds maturing in 2025 were early redeemed at
a nominal amount of SEK 317 million.
• A extraordinary general meeting at the end of October, resolved 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 meeting resolved on a new
issue of four million preference shares, that constituted portion of the
payment for the acquisition of Frösö Park and Cibola.
• Frösö Park, with an underlying property value of MSEK 755, was accessed
at the beginning of November. The properties are located on Frösön outside
of Östersund and have a lettable area of 66,000 square meters and an
annual rental value of MSEK 69.
• The acquisition of shares in Cibola was completed in early November,
the price for the shares was based on an underlying property value of MSEK
620. Cibola owns five hotel facilities consisting of 21 properties in northern
Sweden with a lettable area of 37,000 square meters and an annual rental
value of MSEK 52. Prior to the transaction, NP3 owned 31.6 percent of the
shares in Cibola. After the acquisition, NP3 owns 61.2 percent of the shares
in the company, which thus constitutes a subsidiary of NP3.
• During the fourth quarter, in addition to the acquisitions of Frösö Park and
Cibola, NP3 accessed 15 properties with an underlying property value of
MSEK 504. The lettable area amounts to 58,100 square meters and an
annual rental value of MSEK 54.
• During the fourth quarter, the company entered into agreements to
acquire five properties with an underlying property value of MSEK 65 to be
accessed during the first quarter of 2025. The properties have a lettable
area of 7,700 square meters and an annual rental value of MSEK 7.
• In December, NP3 entered into an agreement to sell three properties with
an underlying property value of MSEK 76. The properties have a lettable
area of 10,800 square meters and an annual rental value of MSEK 8. The
sale will be completed in the first quarter of 2025.
Events after the end of the year
• The company has no significant events to report after the end of the year.
Forecast for 2025
For 2025, profit from property management, i.e. profit before changes in value
and tax, with the current property portfolio and announced acquisitions and
divestments of properties, is estimated to be MSEK 1,030.
Roundings in the report can result in
columns and rows not adding up.
Profit from property
management per
common share
SEK 13.57
+15 %
Rental income
was MSEK 1,992
+11 %
2
Acquisitions
accessed
Net operating
income amounted
to MSEK 1,503
MSEK
2,087
+11 %
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NP3 Fastigheter AB (publ) Year-end report - Q4 2024
3
Key ratios 2024
Jan-Dec
2023
Jan-Dec
2024
Oct-Dec
2023
Oct-Dec
Result, MSEK
Rental income 1,992 1,797 523 464
Net operating income 1,503 1,353 398 346
Surplus ratio, % 75 75 76 75
Profit from property management 879 745 250 175
Change in value of properties 323 -372 121 34
Net profit 914 -61 364 -140
Market value of properties 23,384 20,276 23,384 20,276
Yield , % 7.1 6.8 7.1 6.8
Acquired and accessed properties 2,087 408 1,897 91
Result, SEK per common share
Profit after tax 14.17 -2.43 5.63 2.71
Profit from property management 13.57 11.76 3.75 2.72
Long-term net asset value 154.64 135.58 154.64 135.58
January - December
• Rental income increased by 11% to MSEK 1,992 (1,797).
• The net operating income increased by 11% to
MSEK 1,503 (1,353).
• The profit from property management increased
by 18% to MSEK 879 (745). Profit from property
management per common share increased by 15%
to SEK 13.57 (11.76).
• Changes in the value of properties amounted to
MSEK 323 (-372).
• Net profit after tax for the year amounted to MSEK
914 (-61), which is equivalent to SEK 14.17 per common
share (-2.43).
• Net investments for the year totalled MSEK 2,806 (715),
of which MSEK 2,087 (408) related to acquisitions
of properties, MSEK -33 (-15) related to divested
properties and MSEK 21 (-128) related to investments in
associated companies and joint ventures. Investments
in existing properties and new construction during the
year amounted to MSEK 731 (451).
• The board of directors proposes a dividend of SEK
5,20 per common share (5.48)* to be paid on four
occasions at SEK 1.30 each and a dividend of SEK 2.00
per preference share to be paid on four occasions at
SEK 0.50 each. The total proposed dividend amounts
to MSEK 405 (399)*, which is an increase of 1% and in
accordance with the dividend policy.
October - December
• Rental income increased by 13% to MSEK 523 (464).
• The net operating income increased by 15% to
MSEK 398 (346).
• The profit from property management increased
by 42% to MSEK 250 (175). Profit from property
management per common share increased by 38%
to SEK 3.75 (2.72).
• Changes in the value of properties amounted to
MSEK 121 (34).
• Net profit after tax amounted to MSEK 364 (-140),
equivalent to SEK 5.63 per common share (-2.71).
• Net investments for the quarter totalled MSEK
2,088 (147), of which MSEK 1,897 (91) related to
acquisitions of properties, MSEK 0 (-15) related to
divested properties and MSEK -49 (-110) related
to investments in associated companies and joint
ventures. Investments in existing properties and new
construction during the quarter amounted to MSEK
240 (181).
Year-end report January - December 2024
* Includes a dividend in kind and additional dividend of MSEK 8 on newly issued common and preference shares. For more information, see table on page 22.
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NP3 Fastigheter AB (publ) Year-end report - Q4 2024
4
Financial targets and dividend targets
Below are the company's financial targets and results, the last five years.
1) Includes a dividend in kind and additional dividend of MSEK 8 on newly issued common and preference shares. For more information, see table on page 22.
2) Dividend proposed by the board.
Dividend
The company aims to pay
dividends of around 50
percent of the profit from
property management after
current tax to holders of
ordinary and preference
shares.
The key ratio shows the company’s overall growth
target. The profit from property management per
common share increased by 15 percent compared
to the previous year. Average growth over the
five-year period was 11 percent.
The target shows the yield on the company’s
equity over a five-year period. The target is a
measure of the company’s ability to create return
on equity. Return on equity before tax for the year
was 14 percent. The average return on equity
over the five-year period was 20 percent.
The interest coverage ratio shows the company’s
ability to cover its interest expenses. Interest
coverage ratio is a measurement that indicates
how many times the company manages to pay its
interest with the profit from the operating activities.
The interest coverage ratio as of 31 December was
2.4 times.
The loan-to-value ratio shows the proportion of
the property value that is financed by liabilities.
The ambition over time is to remain in the lower
end of the range, at a level of approximately 55
percent. As of 31 December, the loan-to-value
ratio was 52 percent.
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.
Return on equity
Return on equity before
tax shall amount to at least
15 percent 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.
Proportion of preference
share dividend
Preference share dividend
is limited to max 20 percent
of the profit from property
management after current
tax.
The key ratio that the preference share dividend
is limited to max 20 percent of the profit from
property management after tax aims to ensure a
good balance between the interests of holders of
common and preference shares. The proposed
dividend for the year is equivalent to 11 percent.
Objective Explanation and result
%
60
50
40
30
20
10
0
T arget approx. 50%
53% 50% 54% 59% 50%
2020 2021 2022 2023 2024
25
20
15
10
5
0
% 5% 12% 10% 11% 11%
2020 2021 2022 2023 2024
Max 20%
2)
2)
1)
Outcome
x
4
3
2
1
0
T arget 2x
3.4 3.4 2.9 2.1 2.4
%
70
60
50
40
30
20
10
0
T arget 55-65%
57% 56% 58% 57% 52%
The dividend target is set based on the company’s
cashflows and levels of return. The board
proposes a dividend for 2024 of SEK 5,20 per
common share and a dividend of SEK 2.00 per
preference share. The total proposed dividend
amounts to MSEK 4052), equivalent to an increase
of 1 percent and 50 percent of the profit from
property management after current tax.
Profit from property
management per
common share, SEK
Average annual
growth, 5 years, %
T arget 12%
2020 2021 2022 2023 2024
SEK
16
14
12
10
8
6
4
2
0
%
20
16
12
8
4
0
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0
2
4
6
8
10
12
14
16
Q4-20 Q4-21 Q4-22 Q4-23 Q4-24
Tillväxt
Serie1 Serie2
2020 2021 2022 2023 2024
2020 2021 2022 2023 2024
2020 2021 2022 2023 2024
Return on equity
before tax, %
Average return
on equity before
tax, 5 years, %
Target 15%
50
40
30
20
10
0
%
0
10
20
30
40
50
Q4-20 Q4-21 Q4-22 Q4-23 Q4-24
Avkastning på eget kapital
Serie1 Serie2
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NP3 Fastigheter AB (publ) Year-end report - Q4 2024
5
Comments by the CEO
Comparisons in brackets relate to the corresponding period of the previous year.
Profit from property management in 2024 amounted to SEK 879 million (745) and for the fourth quarter to SEK 250 million
(175). This represents an increase of 18 and 42 percent, respectively, compared with the previous year. The increase is due
to increased rental income, a larger property portfolio through acquisitions and lower financial costs. Profit from property
management per average common share for the year amounted to SEK 13.57 (11.76), equivalent to an increase of 15 percent.
The net operating income increased by 11 percent for the year
and is explained by an 11 percent increase in rental income.
Rental income in the comparable portfolio increased by 8
percent, attributable to indexation and investments in tenant
adaptations. In addition, revenue increased through acquisi -
tions of properties accessed during the fourth quarter with a
value of SEK 1.9 billion, with an annual rental income of SEK
162 million. In addition to the improved net operating income,
the 18 percent growth in profit from property management is
due to improved net financial costs. The change in financial
costs is due to lower interest expenses, which were a result of:
- A lower loan-to-value ratio via our new issue of common
shares,
- lower base interest rate for a large portion of our debt
portfolio, and
- lower credit margins.
The Board of Directors proposes a dividend of SEK 5.20 per
common share and SEK 2 per preference share to be paid on
four occasions. The total dividend corresponds to SEK 405
million, which corresponds to 50 percent of the profit from
property management after current tax, in accordance with
NP3's dividend policy.
Economic environment
At a global level, the international institutions and the rules
to which we have become accustomed are being called into
question. It is a fact that we live in a world of instability and dis-
order. The consequences of war, conflicts, and climate change
affect us all. To this we can add the exponential development
that is taking place within AI and which today is difficult to
know where it will lead us.
In NP3’s immediate vicinity, the uncertainty in the econom -
ic cycle and, above all, concerns about investments in the
green transition can be noticed. However, we do not see any
noticeable drop in either rent payments from our customers or
tenant demand for premises in our markets, despite some ap-
prehension about this. This is true even if you look in isolation
at our business area Skellefteå, which many have referred to
as “Klondike” in the green transition. Since the start of 2020,
net lettings in the Skellefteå business area amounts to SEK 33
million. For 2024, net letting amounted to SEK 8 million and for
the most recent quarter to SEK 2 million. I would like to point
out that NP3’s investments in Skellefteå are not directly linked
to the green transition, even though its effects have generally
affected us positively.
NP3 owns properties that are valued on average at just over
SEK 10,000 per square metre. We have a large diversification
in terms of customers, property categories and business in -
dustries. Any risk assessment regarding NP3’s business areas
should be made taking into account these basic conditions.
For each investment, the assessment of an alternative use of
the property and the cost of that is the most important factor.
This starting point should also guide our future investments.
Total net letting is positive with SEK two million for the fourth
quarter and SEK 30 million for the full year, of which SEK four
million relates to renegotiations. Net letting is not an accurate
measure of tenant demand as it often includes compensation
for investments related to tenant adaptations, but a positive
net letting trend indicates that there is continued good de -
mand in our market.
The three reconstructions I mentioned last quarter have led to
re- and new lettings, which has meant that NP3 has incurred
only limited and short-term damage in these cases.
2025
A year ago, I wrote that we evaluated transactions with the
goal to resume our strategy as a long-term growth company.
As we sum up 2024, I can conclude that the goal of returning
to growth has been met, and even more importantly, that we
have met our goal of increasing our profit from property man-
agement per share at a maintained or lower operational and
financial risk level.
Looking into 2025, it is my wish that you all will recognize your-
selves. Our overall goal of strengthening profit from property
management per share while maintaining or lowering oper-
ational and financial risk levels remains – and we will simply
continue to do more of the same.
The forecast for 2025’s profit from property management, with
the property portfolio now announced, amounts to SEK 1,030
million, which represents an increase of 18 percent compared
to the outcome for 2024.
In conclusion, I would like to take this opportunity to thank all
our staff who are committed to working every day to continue
the course set. I would like to thank all stakeholders, especially
shareholders and investors. Let us continue the journey,
together!
Andreas Wahlén
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NP3 Fastigheter AB (publ) Year-end report - Q4 2024
6
Consolidated statement of comprehensive income
Summary report, MSEK
2024
Jan-Dec
2023
Jan-Dec
2024
Oct-Dec
2023
Oct-Dec
Rental income 1,992 1,797 523 464
Property costs -440 -397 -113 -106
Property tax -48 -46 -12 -12
Net operating income 1,503 1,353 398 346
Central administration -78 -74 -25 -25
Result from associated companies and joint ventures 13 -20 5 -9
- of which profit from property management 37 76 12 16
- of which changes in value of properties -10 -93 -5 -27
- of which changes in value of financial instruments - -3 - -
- of which tax -14 0 -2 2
Financial income 15 6 8 3
Financial expenses -599 -617 -144 -165
Profit/loss after financial items 854 648 242 150
- of which profit from property management 879 745 250 175
Change in value of properties 323 -372 121 34
Changes in value of financial instruments 13 -279 139 -285
Profit before tax 1,191 -3 502 -101
Current tax -75 -68 -25 -28
Deferred tax -202 9 -112 -11
Net profit 914 -61 364 -140
Other comprehensive income - - - -
Comprehensive income for the period 914 -61 364 -140
Comprehensive income relating to the parent company’s shareholders 914 -62 365 -137
Comprehensive income relating to non-controlling interest 0 1 -1 -3
Earnings per common share, SEK 14.17 -2.43 5.63 2.71
Number of common shares at the end of the period, thousands 61,562 57,497 61,562 57,497
Weighted average number of common shares, thousands 59,136 56,864 61,562 57,497
Rental income, MSEK Profit from property management, MSEK
2,000
1,600
1,200
800
400
0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
1,000
800
600
400
200
0
Net operating income, MSEK
1,600
1,200
800
400
0
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NP3 Fastigheter AB (publ) Year-end report - Q4 2024
7
Income, expenses and result
January - December
Earnings
The profit from property management increased by 18 percent
compared to the previous year and amounted to MSEK 879
(745). The increase in profit from property management
was due to increased rental income via indexation, lettings,
acquisitions and lower financing costs, primarily as a result of
lower base interest rate. Profit from property management per
common share was equivalent to SEK 13.57 (11.76). The net
operating income for the year amounted to MSEK 1,503 (1,353),
which corresponds to a surplus ratio of 75 percent (75).
Changes in value of properties affected the result by
MSEK 323 (-372), of which MSEK 322 (-376) related to un-
realised changes in value and MSEK 1 (5) related to realised
changes in value. Changes in the value of financial instruments
amounted to MSEK 13 (-279).
Net profit attributable to the parent company’s shareholders
amounted to MSEK 914 (-62), which was equivalent to SEK
14.17 per common share (-2.43).
Income and expenses
Rental income increased by 11 percent to MSEK 1,992
(1,797). Income increased as a result of indexation, property
acquisitions, and through lettings and completed projects.
In the comparable portfolios, income increased by 8 percent.
Revenue consisted of rental income of MSEK1,813 (1,649) and
service revenue of MSEK 179 (148). Service revenue consisted
primarily of costs passed on for heating, electricity and water
as well as snow clearing.
Property costs for the year amounted to MSEK -440 (-397).
The costs were distributed between operating expenses MSEK
-385 (-346), repairs and maintenance MSEK -43 (-44), as well
as anticipated and confirmed customer losses of MSEK -12
(-7), of which MSEK -2 related to reconstructions. The increase
in operating expenses are attributable to price adjustments in
public utility costs and acquisitions. Property tax amounted
to MSEK -48 (-46). Central administration costs amounted to
MSEK -78 (-74) 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 37 (76). The total share in profits for
the year amounted to 13 MSEK (-20). 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 15 (6), of which MSEK 9
relates to non-recurring income. Financial costs decreased to
MSEK -599 (-617) as a result of a lower average interest rate
level during the year. Apart from interest expenses, financial
expenses also included MSEK -27 (-27) 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 clearing being
high. The contract structure is designed so that tenants are
charged an evenly distributed preliminary fee continuously
throughout the year, while the fee for consumption is ex-
pensed 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 -75 (-68) and was calculated
based on the year’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 deprecia-
tion, provisions to the tax allocation reserve and other adjust-
ments for tax purposes.
Deferred tax amounted to MSEK -202 (9) and consisted mainly
of changes in temporary differences between market value
and tax base on properties and changes in market value of
financial instruments.
October - December
Profit from property management for the fourth quarter
amounted to MSEK 250 (175). Net operating income amounted
to MSEK 398 (346), which corresponds to a surplus ratio of
76 percent (75). Rental income was MSEK 523 (464). Revenue
consisted of rental income of MSEK 473 (423) and service rev-
enue of MSEK 51 (40). Property costs amounted to MSEK -113
(-106), property tax MSEK -12 (-12) and central administration
MSEK -25 (-25). NP3's share of associated companies' profit
from property management totalled MSEK 12 (16) for the quar-
ter and the total share in profits was MSEK 5 (-9). Financial
expenses decreased to MSEK -144 (-165) as a result of a lower
interest rate level during the quarter.
Profit before tax amounted to MSEK 502 (-101) and was affect-
ed by unrealised changes in value of properties of MSEK 121
(29), realised changes in value of properties of MSEK 0 (5)
and unrealised changes in the value of financial instruments
amounting to MSEK 139 (-285). Current tax affected profit for
the quarter with MSEK -25 (-28) and deferred tax with MSEK
-112 (11).
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) Year-end report - Q4 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. Earnings ca-
pacity is based on the coming 12-month period, based on the
property holdings the company owned as of 31 December
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.
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 maintenance and repair measures during a
normal year. Operating costs include property management.
• Financial income and expenses have been calculated
based on the company's closing average interest rate level
and credit portfolio as of 31 December 2024, and have
not been adjusted for effects relating to the accrual of
borrowing costs amounting to MSEK 22.
Comment on earning capacity
Compared to the current rental value of MSEK 2,326, the fu-
ture-oriented adjusted rental value amounted to MSEK 2,314.
The major adjustment items were primarily discounts of
MSEK -12. Since the beginning of the year, the company’s net
operating income in the earning capacity has increased by
12 percent to MSEK 1,602. The yield in the earnings capacity
was 6.9 percent (7.0) in relation to the properties’ market
value of MSEK 23,384. Profit from property management and
profit from property management per common share in the
earning capacity increased by 28 percent and 21 percent,
respectively, compared to the beginning of the year.
Acquisitions and divestments
Agreed acquisitions, not yet accessed, as of 31 December
relate to two properties in Umeå, and one property each
in Karlstad, Sundsvall and Piteå. Divested properties to be
completed as of 31 December relate to a total of three prop-
erties in Sandviken, Sundsvall and Timrå. The net effect of
the change in profit from property management amounts to
just over MSEK 1.
Profit from property management according to earning capacity, MSEK
1,200
1,000
800
600
400
200
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 4
5 years, CAGR 14%
Current earnings capacity, MSEK
1 Jan
2025
1 Jan
2024 12 months
Adjusted rental value 2,314 2,043
Vacancy -172 -137
Rental income 2,142 1,906 12%
Property costs -490 -433
Property tax -50 -46
Net operating income 1,602 1,426 12%
Central administration -71 -68
Net financial income -557 -608
Profit from property management
from associated companies and
joint ventures 41 42
Profit from property management 1,016 792 28%
Profit from property
management after
preference share dividend 931 716 30%
Profit from property
management, SEK per
common share 15.12 12.48 21%
Change
===== SIDA 9 =====
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.
Sustainability
For NP3, sustainability and long-term financial
performance go hand in hand. As a long-term
player in property management and develop-
ment, 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 ten-
ants 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. This year-end
report provides follow-up of energy performance
improvements and growth within the green
framework. Other prioritized sustainability goals
are reported in the company's annual report.
CSRD
NP3 continued its work with CSRD during the
fourth quarter. The company's most important
sustainability issues from the perspective of
double materiality have been reviewed by the
company's auditors and established through
stakeholder dialogues.
Property value green portfolio
In 2023, the company updated its green framework to align with the
EU taxonomy. The green framework has thereby changed its focus
from energy classes to primary energy ratings and to mainly cover
the “top 15” properties.
NP3 has an annual target of increasing the green property portfolio
by 25 percent. During 2024, the green property portfolio increased
from a property value of MSEK 4,286 to MSEK 5,862 at the end of
the year. This corresponds to an increase of 37 percent, of which 7
percent are acquisitions. Assets in the company's green portfolio
form the basis for green bonds and green bank financing.
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*, GHG
emissions in scope
1 and 2 will be reduced
by 42% and scope 3
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
Öjebyn 33:222, Piteå
Ongoing project to replace the property's heating
system by converting from direct-acting electricity
to district heating. With new heating the energy
performance of the building is improved. Expected
upgrade of the property's energy class G -> C or D.
Investment TSEK 1,000.
2022 2023 2024 2024
Target
3,413
4,286
5,862
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 annu-
ally upgrade the energy class of at least ten of the properties with the lowest energy-efficiency. In
2024, fourteen buildings have so far received an improved energy class following the implemen-
tation of measures, with all buildings improving from the previous energy class E, F or G.
Property/building Location
Energy
class
31/12/2024
Energy
class
31/12/2023
Primary energy
rating
31/12/2024
Primary energy
rating
31/12/2023
Hemlingby 20:16 Gävle C E 70 106
Näringen 5:15 Gävle C E 86 109
Fältjägaren 11 Östersund C E 73 121
Lugnet 7 By 34 Östersund D E 111 118
Lugnet 11 Östersund B E 66 118
Huggormen 1 Umeå C E 70 137
Hyttberget 3 Falun C E 62/68 134/142
Vivstamon 1:27 Timrå C G 73 262
Sköns Prästbord 1:14 Sundsvall B E 58 157
Dingersjö 3:58 Sundsvall C E 86/90 121
Sköns Prästbord 1:53 (1:58) Sundsvall D F 115 204
Vivstamon 1:63 Timrå B F 63 147
Ilanda 1:37 Karlstad E G 115 207
Ilanda 1:54 Karlstad F G 159 288
Weighted average 84 160
NP3 Fastigheter AB (publ) Year-end report - Q4 2024
*With base year 2022. Targets are validated by SBTi.
===== SIDA 10 =====
NP3 Fastigheter AB (publ) Year-end report - Q4 2024
10
Property portfolio
At the end of the year, NP3 owned 554 (507) properties with
a total lettable area of 2,201,000 square meters (1,998,000)
spread across eight geographic business areas. Of the eight
business areas, the majority of the property portfolio are in
the Sundsvall business area, with 19 percent (21) of the market
value and 19 percent (20) of the rental value.
The market value of the properties on the balance sheet date
totalled MSEK 23,384 (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 year, industrial was the largest property
category, accounting for 51 percent (51) of rental value. Retail
was the second largest property category with 21 percent (23)
of the rental value. In retail, B2C and B2B are the two largest
subcategories. B2C includes properties leased to, for example,
discount chains such as Dollar-Store, ÖoB and Rusta. B2B in-
cludes large tenants such as Mekonomen, Ahlsell and Swedol.
Risk diversification
NP3 works continuously to diversify risks through diversifi-
cation of both the property category and the tenants' indus -
try affiliation. The company's total property portfolio is well
diversified in terms of both property categories and industry
exposure.
Property category shows the nature of the property, while sec -
tor exposure shows which sector the company’s rental income
is allocated to. The difference is that tenants in a certain sector
can rent premises in a number of different categories.
This is exemplified by state and municipality, which together
accounted for 11 percent (10) of rental income; state and mu-
nicipality 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 1.0 percent (1.1) of to-
tal rental value and to 4 percent (4) with regard to sector expo-
sure 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 distribut-
ed between several industries, with manufacturing and light
industry being the biggest one.
Rental agreement structure
On the balance sheet date, NP3 had 2,700 rental agreements
(2,450). The average remaining lease term for all rental agree-
ments was 4.0 years (3.9). The ten largest tenants in relation
to rental value were distributed across 119 agreements with a
remaining term of 4.1 years (5.4) and they accounted for 11 per-
cent (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 makes up
0.7 percent of the rental value.
Rental value amounted to MSEK 2,326 (2,065) and the con-
tracted annual rent was MSEK 2,154 (1,929) at the end of the
year. This corresponded to a financial occupancy rate of
93 percent (93).
Properties
Distribution within the retail category, %
Rental value by property category, % Industry exposure, %
Industrial 51 (51)
Retail 21 (23)
Offices 10 (11)
Logistics 6 (6)
Other 12 (9)
Business-to-consumer (B2C) 59 (60)
Business-to-business (B2B) 24 (26)
Vehicle dealerships, workshops and
inspection facilities 12 (9)
Grocery store 5 (5)
Manufacturing and light industry
15 (16)
Industrial and construction supplies
11 (12)
State and municipality 11 (10)
Consumer discretionary goods 10 (11)
Construction and production 10 (10)
Vehicles and workshops 10 (9)
Real estate and finance 9 (9)
Food and leisure 9 (7)
Grocery stores 4 (4)
Other 11 (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 49 (46)
Retail 22 (25)
Offices 9 (10)
Logistics 8 (9)
Other 12 (10)
Sundsvall 19 (21)
Östersund 14 (10)
Dalarna 13 (13)
Gävle 12 (14)
Luleå 12 (12)
Skellefteå 11 (12)
Umeå 10 (11)
Middle Sweden 9 (7)
Sundsvall 19 (20)
Dalarna 14 (14)
Östersund 13 (10)
Gävle 12 (13)
Luleå 12 (13)
Skellefteå 11 (11)
Umeå 10 (11)
Middle Sweden 9 (8)
===== SIDA 11 =====
11NP3 Fastigheter AB (publ) Year-end report - Q4 2024
Properties
NP3's largest tenants by rental value
As of 31 Dec 2024 Number of rental agreements
The Swedish Fortifications Agency 36
Postnord Sverige AB 9
Dagab Inköp & Logistik AB (Axfood) 6
Swedish Police Authority 18
Ahlberg-Dollarstore AB 7
Assemblin El AB 12
Granngården AB 13
Swedol AB 9
Plantagen Sverige AB 4
LEAX Falun AB 5
Total 119
Total rental value of the ten largest tenants MSEK 266
Average remaining lease term for the ten
largest tenants 4.1 years
Average remaining lease term for the total
contract portfolio 4.0 years
Vacating year terminated rental
agreements Number
Rental value,
MSEK
2025 98 44
2026 15 7
2027- 18 5
Total 131 55
Value of vacancies per business area as of 31 Dec 2024
Business area
Rental value,
MSEK
Value of
vacancies,
MSEK
Financial
vacancy rate, %
Sundsvall 443 53 12
Dalarna 319 25 8
Östersund 308 13 4
Luleå 285 9 3
Gävle 282 20 7
Skellefteå 249 23 9
Umeå 242 15 6
Middle Sweden 198 14 7
Total 2,326 172 7
Vacancy
At the end of the year, the value of vacancies compared to the
beginning of the year increased as a result of the net change
from tenants moving in and out of MSEK 26 and acquired
vacancies amounting to MSEK 9. The financial occupancy rate
amounted to 93 percent (93).
As of 31 December, there were rental agreements, not yet
accessed, with a rental value of MSEK 51. The rental value for
terminated rental agreements not yet vacated amounted to
MSEK 55, of which MSEK 44 take place during 2025.
Net letting, MSEK
2024
Jan-Dec
2023
Jan-Dec
Signed rental agreements 195 244
Terminated rental agreements incl. Bankrupt -
cies -164 -210
Net 30 34
Change in the value of vacancies, MSEK
2024
Full year
2023
Full year
Opening value of vacancies 1 Jan 137 122
Net change in moving in/out 26 13
Value of vacancies, acquired properties 9 2
Value of vacancies, divested properties 0 -
Closing value of vacancies 172 137
Occupancy rate, % 93 93
Net letting
The value of signed rental agreements during the year
amounted to MSEK 195 and included all newly signed rental
agreements and existing agreements that have been renego-
tiated. The value of a terminated rental agreements including
bankruptcies amounted to MSEK -164. 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 rene-
gotiated during the current period of contracts where the new
agreement is recorded under “signed rental agreements”. Net
letting for the year amounted to MSEK 30 (34), of which MSEK
4 related to renegotiations. Net letting for the fourth quarter
amounted to MSEK 2 (4).
Maturity structure rental agreements
Rental value future changes to
agreements, MSEK
2024
Full year
2023
Full year
Terminated agreements not vacated 55 88
-of which acquired - -
New rentals, not moved into -51 -73
Number of rental agreementsRental value
Number of rental agreements
Rental value, MSEK
900
800
700
600
500
400
300
200
100
0
500
450
400
350
300
250
200
150
100
50
0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035-
0
100
200
300
400
500
600
700
800
900
0
50
100
150
200
250
300
350
400
450
500
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035-
Antal Hyreskontrakt
Hyresvärde mkr
Förfallostruktur hyresavtal
Hyresvärde Antal kontrakt
===== SIDA 12 =====
NP3 Fastigheter AB (publ) Year-end report - Q4 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 valuated
externally during the second and fourth quarters and that
other properties are valued internally. During the fourth quarter
of 2024, 99 percent of the property portfolio was valuated
externally. The remaining 1 percent of the property portfolio
has been valued internally. The weighted valuation yield was
adjusted to 7.10 percent (7.12) during the year.
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,
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 23,384. The change in value
during the year was MSEK 323, of which MSEK 1 related to
realised changes in value. Of the unrealised changes in value
of MSEK 322 in total, MSEK 251 related to cash flow-related
changes, while assumptions regarding changes to valuation
yields positively affected the valuations with MSEK 72. The
valuation yield used in valuation on the balance sheet date
varied from 5.50 to 9.00 percent and the inflation assumption
was 1 percent in 2025 and 2 percent in subsequent years.
The weighted valuation yield amounted to 7.10 percent (7.12)
and the weighted discount rate was 9.13 percent (9.27).
Change in the property portfolio
During the year, NP3 accessed of 50 properties for MSEK
2,087. In addition, MSEK 731 were invested in existing
properties and new construction projects. Of these, MSEK
569 consisted of investments in existing properties in form of
tenant adaptations and extension projects and
MSEK 162 of investments in new construction projects. During
the year, two properties were divested of and sale completed
for MSEK 33. The market value of the properties per square
metre increased from SEK 10,148 at the beginning of the year
to SEK 10,624 at the end of the year.
Sensitivity analysis
Change +/-
Impact on earnings
before tax, MSEK
Market value of properties 5% +/-1,169
Valuation yield 0.25% -823/+885
Rental income 80 SEK/sqm +/-176
Property costs 20 SEK/sqm -/+44
Vacancy rate 1% -/+23
Breakdown of the property portfolio as of 31 Dec 2024
Business area
Number of
properties
Area
tsqm
Rental
value,
MSEK
Property
value,
MSEK
Sundsvall 128 430 443 4,398
Dalarna 71 360 319 2,994
Östersund 64 262 308 3,367
Luleå 54 233 285 2,758
Gävle 73 276 282 2,946
Skellefteå 54 242 249 2,607
Umeå 47 219 242 2,302
Middle Sweden 63 179 198 2,011
Total 554 2,201 2,326 23,384
Comparisons within brackets relate to the beginning of the year.
Properties, change in value
MSEK
2024
full year
2023
full year
Opening value 20,276 19,805
Acquisitions of properties 2,087 408
Investments in existing properties 569 330
Investments in new construction projects 162 121
Divestments of properties -33 -15
Realised changes in value 1 5
Unrealised changes in value 322 -376
Closing value 23,384 20,276
Acquired properties to be accessed 65 -
Divested properties, sale to be completed -76 -
===== SIDA 13 =====
NP3 Fastigheter AB (publ) Year-end report - Q4 2024
13
Properties
Comparisons within brackets relate to the beginning of the year.
Ongoing projects (>10 MSEK)
Property Location Category Completion time Project budget, MSEK Lettable area, sqm
Ingarvsmon 4 Falun Industrial Q1 -25 54 3,100
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 34 2,990
Skogvaktaren 3 Östersund Industrial Q4-25 140 4,780
Fiskja 15:2 Kramfors Industrial Q4-25 17 8,120
Sköns Prästbord 1:100 Sundsvall Industrial Q2 -26 52 2,200
Merkurius 5 Skellefteå Office Q4 -26 88 4,100
Total 457 29,180
Additional annual rental value for the above projects amounts to MSEK 38.
• Ingarvsmon 4, new construction of industrial premises.
• 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.
• Sköns Prästbord 1:100, new construction of heavy vehicles
workshop.
• Merkurius 5, conversion of office space.
Projects
NP3's project activities include new construction on the
company's development 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.
Project activity gradually increased during the year against the
backdrop of falling construction costs and increased demand
for new construction, major tenant adaptations, and extension
projects. At the end of the year, NP3 had ongoing projects
with a total project budget of MSEK 746 (430). The remaining
investment totalled MSEK 353 (184).
===== SIDA 14 =====
NP3 Fastigheter AB (publ) Year-end report - Q4 2024
1414
Transactions
During the fourth quarter, the company accessed of 39
properties through ten transactions for a total investment
of MSEK 1,897.
The acquisition of Frösö Park Fastighets AB at an
underlying property value of MSEK 755 was accessed in
early November. The properties are located on Frösön
outside of Östersund and have a lettable area of 66,000
square meters and an annual rental value of MSEK 69.
The acquisition of shares in Cibola Holding AB were
completed in early November, the price of the shares
was based on an underlying property value of MSEK
620. Cibola owns five hotel facilities consisting of
21 properties and has a total lettable area of 37,000
square meters and an annual rental value of MSEK
52. The largest property, accounting for 31 percent of
the rental value in Cibola, is located in Östersund on
Frösön, directly adjacent to the properties in Frösö
Park. Following the acquisition, the ownership in
Cibola Holding AB increased from 31.6 percent to 61.2
percent, making the company a subsidiary of NP3 and is
consolidated in the company's group accounts.
During the fourth quarter, in addition to the above
transactions, NP3 accessed 15 properties at an
underlying property value of MSEK 504. The properties
are located in Karlstad, Eskilstuna, Västerås, Sundsvall,
Östersund, Umeå, Piteå, Luleå and Kalix. The lettable
area amounts to 58,100 square meters and the annual
rental value amounts to MSEK 54.
In addition, during the fourth quarter, the company
entered into agreements to acquire five properties at an
underlying property value of MSEK 65 to be accessed
in the first quarter of 2025. The properties are located in
Karlstad, Sundsvall, Umeå and Piteå and have a lettable
area of 7,700 square meters and an annual rental value of
MSEK 7.
The company has also entered into agreements to divest
three properties in Sandviken, Sundsvall and Timrå at an
underlying property value of MSEK 76 to be completed
during the first quarter of 2025. The properties have a
lettable area of 10,800 square meters and an annual
rental value of MSEK 8.
Properties to be accessed in Q4 2024
Kungsgården 5:3,
Glasätt 1:7 and
Kungsgården 5:6 Östersund Industrial 66,028 68.6 89
Sprinten 4 Östersund Industrial 13,112 8.1 91
Slakteriet 3 Västerås Industrial 12,065 15.0 87
Kungsgården 5:9 Östersund Other 9,895 16.0 91
Stranden 37:3 Mora Other 8,779 10.1 97
Tällberg 4:13 + 4:26 Leksand Other 6,920 11.5 100
Klövsjö 1:55 and others Berg Other 6,122 7.9 100
Vattenormen 9 Luleå Retail 5,408 5.6 100
Hammaren 2 and 23 Karlstad Industrial 5,392 4.7 100
Lien 2 Eskilstuna Industrial 4,976 3,0 95
Blocket 7 Eskilstuna Industrial 3,855 3.3 100
Rondellen 1 Skellefteå Other 3,654 5.2 100
Rolfs 4:180 Kalix Retail 2,969 3.1 98
Stadsön 8:48 Piteå Retail 2,551 2.6 100
Nollplanet 7 Eskilstuna Industrial 2,149 1.6 100
Instrumentet 2 Eskilstuna Industrial 2,011 2.1 100
Torshälla 6:20 Eskilstuna Industrial 1,973 2.3 100
Klövsjö 5:647 Berg Other 1,698 1.7 100
Matrisen 5 Umeå Industrial 1,672 2.5 92
Skogvaktaren 3 Östersund Land 0 0.0 0
Bergsåker 5:8 Sundsvall Land 0 0.0 0
Total acquisitions accessed in Q4 161,229 174.8
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 189,432 193.7
Total divestments completed in Q2 - Q4 - -
Total divestments completed in Q1 1,877 2.5
Total divestments completed in 2024 1,877 2.5
Acquired properties to be accessed in Q1 2025
Singeln 25 and 26 Umeå Industrial 3,879 4.8 100
Öjebyn 110:3 Piteå Industrial 2,006 1.0 97
Regnvinden 10 Karlstad Industrial 1,143 1.0 100
Linjeförmannen 8 Sundsvall Other 700 0.2 0
Total 7,728 7.1
Divested properties to be completed in Q1 2025
Vivstamon 1:19 Timrå Industrial 5,240 2.6 0
Tuna 3:1 Sandviken Other 3,711 4.5 100
Slagan 10 Sundsvall Industry 1,800 1.1 0
Total 10,751 8.2
*On transaction day
Properties
Transactions
Property
Munici-
pality Category
Area,
sqm
Rental
value,
MSEK
Occu-
pancy
rate*,
%
===== SIDA 15 =====
NP3 Fastigheter AB (publ) Year-end report - Q4 2024
15
Associated companies and joint ventures
Comparisons in brackets relate to the corresponding period of the previous year.
For the full year 2024, NP3's associated companies and
joint ventures contributed MSEK 37 (76) to NP3's profit from
property management and the share in profits for the year
amounted to MSEK 13 (-20).
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. Just over 40 percent
of the properties' market value is located in NP3's existing
market. The purpose of the joint venture is, among other
things, to be able to offer tenants local service.
Rental income for the year amounted to MSEK 99 (96) and the
property value as of 31 December amounted to MSEK 1,484
(1,475). For the period January to December, Ess-Sierra
contributed MSEK 24 (31) to NP3’s profit from property
management and the share in profits amounted to MSEK 22 (-29).
Cibola Holding AB
Until 31 October, NP3 owned 31.6 percent of the hotel property
company Cibola Holding AB. Cibola owns five hotel and spa
facilities located in northern Sweden. On 1 November, NP3
acquired an additional 29.6 percent of the shares in Cibola,
and after the acquisition NP3 owns 61.2 percent of the
shares in the company.
For the period January to October, Cibola contributed
MSEK 6 (8) to NP3’s profit from property management and
the total share in profits for the year amounted to MSEK -14
(5). As from 1 November, Cibola is a subsidiary of NP3 and is
consolidated in the company's accounts.
Fastighets AB Jämtjägaren
NP3 Fastigheter AB and Jämtkraft AB have carried out a joint
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
400 MSEK million and rental agreements have been signed for
15 and 20 years. The project, including the operations centre,
is completed and was put into service in March 2024. The total
rental value of the included properties amounts to 26 MSEK.
As of 31 December, NP3’s proportion of equity amounted
to MSEK 94 (73). For the period January to December,
Jämtjägaren contributed MSEK 3 to NP3’s profit from property
management and the 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. With You Sweden owns ten properties
primarily for industrial and retail purposes. The majority of the
property portfolio is located in Sundsvall, Umeå and Timrå.
The total rental value of the portfolio amounts to 37 MSEK.
As of 31 December, NP3's proportion of equity amounted
to MSEK 94 and for the period July to December, With You
Sweden contributed MSEK 4 to NP3's profit from property
management and the share in profits amounted to MSEK 3.
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-Dec
2023
Jan-Dec
2024
Jan-Dec
2023
Jan-Dec
NP3’s share capital, % 50.0 50.0
NP3's share of voting power, % 50.0 50.0
Proportion of equity 479 468 284 284
Profit from property management 37 76 24 31
Change in value of properties -10 -93 5 -68
Change in value of financial instruments - -3 - -
Tax -14 0 -7 8
Total share in profits 13 -20 22 -29
===== SIDA 16 =====
NP3 Fastigheter AB (publ) Year-end report - Q4 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 facilities. Bonds
are an additional source of funding and supplement the above
funding. During the quarter, the company terminated its credit
rating with Nordic Credit Rating as the company, based on NP3's
position today as a more established and recognised company,
concluded that there was no longer a need for a rating.
Interest-bearing liabilities
A summary of the company's interest-bearing liabilities as of
31 December 2024 and 31 December 2023 is presented below.
Secured loans made up 80 percent (85) and unsecured bonds,
commercial paper loans and promissory note loans 20 percent (15)
of total interest-bearing liabilities. The increase in the company's
interest-bearing liabilities between 1 January and 31 December
2024 amounted to MSEK 644. The increase mainly results
from funding of acquisitions and investments of MSEK 1,216,
amortisation of the company's bank loans of MSEK -234, the net
effect of lower utilization of credit facilities and an increase in
commercial paper loans of MSEK -171, as well as a decrease in
outstanding bonds of MSEK -167.
During the first half of the year, the company issued MSEK 450
in bonds on two occasions, while MSEK 506 was repurchased
or repaid in existing bonds with maturities in in 2024 and 2025.
At the end of September 2024, the company carried out an
additional bond issue 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 issue, the company's bonds with
remaining maturities in September 2025 of MSEK 361 and MSEK
49 with maturities in April 2026 were repurchased or repaid.
Loan-to-value ratio and loan maturity structure
The loan-to-value ratio, calculated as net debt MSEK 12,341, in
relation to the market value of properties of MSEK 23,384 and
investments in associated companies of MSEK 479, totalling MSEK
23,863, amounted to 51.8 percent (56.6) on 31 December. The
decrease in the loan-to-value ratio of approximately 5 percentage
points is mainly explained by the company's issue of common
shares of BSEK 1 in September 2024. The issue was partly aimed
at reducing the risk profile and vulnerability in the operations to
improve the ability to act in the event of unforeseen changes in
the macro environment. Over time, the company's ambition is for
the loan-to-value ratio to be around 55 percent in relation to the
current target range of 55 to 65 percent.
Available liquidity, consisting of liquid assets and unutilised
credit facilities, amounted to MSEK 480 on 31 December. The
net debt to EBITDA ratio, net debt in relation to forward-looking
adjusted net operating income, was 8.0 x (8.6) on the balance
sheet date. Interest-bearing liabilities maturing within twelve
months amounted to MSEK 1,684 (1,408), consisting of bank loans
of MSEK 1,403, commercial paper loans of MSEK 275 and other
liabilities of MSEK 6. Of the current bank debts of MSEK 1,403, the
company had received credit decisions for extension of a majority
maturities, amounting to MSEK 1,198 on the reporting date. At the
end of the year, the average loan maturity period amounted to 2.3
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 4.38 percent (5.07). The main explanation for the
decrease in the average interest rate is a lower interest rate level for
Stibor 3 months. 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 2.1 years (2.1) and 49
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 year,
the company's portfolio of interest rate derivatives amounted
to MSEK 8,425 The derivative portfolio includes interest rate
derivatives of 2,250 MSEK, 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
Summary - net debt
2024
31 Dec.
2023
31 Dec.
MSEK
Bank loans 10,145 10,140
Secured interest-bearing liabilities 10,145 10,140
Bonds 1,601 1,768
Commercial paper loans 875 60
Other interest-bearing liabilities 9 15
Unsecured interest-bearing liabilities 2,485 1,842
Accrued borrowing expenses -44 -39
Total interest-bearing liabilities 12,587 11,943
Current investments -148 -9
Cash and cash equivalents -97 -183
Net debt 12,341 11,751
Loan maturity profile and fixed interest rate (bank, commercial paper and bonds) as of 31 Dec 2024
Loan maturity profile Fixed interest period
Maturity Amount, MSEK Proportion, % Amount, MSEK
Average
interest rate, % Proportion %
-12 months 1,678 13 6,896 6.85 55
1-2 years 5,086 1) 40 500 0.58 4
2-3 years 2,050 16 400 0.42 3
3-4 years 2,423 19 1,075 1.95 9
4-5 years 1,346 10.7 1,000 1.93 8
5-10 years 38 0.3 2,750 1.32 22
Total/average 12,621 100 12,621 4.38 100
1) Proportion of bank debt of maturity amounts to MSEK 4,234, with a majority of the maturity of MSEK 2,430 occurring in Q4 2026.
===== SIDA 17 =====
NP3 Fastigheter AB (publ) Year-end report - Q4 2024
17
-3
-2
-1
0
1
2
3
4
5
6
7
8
4,385,07
Funding
Comparisons within brackets relate to the beginning of the year.
Listed bonds as of 31 Dec 2024
Term Programme1)
Amount
outstanding,
MSEK Interest, %
Interest rate
terms, %
Interest
rate floor
Maturity
date
Green
bonds
2023/2026 MTN programme 451 8.55 Stibor 3M + 5.50 No 12/04/2026 Yes
2023/2026 MTN programme 400 7.80 Stibor 3M + 5.25 No 14/12/2026 Yes
2024/2027 MTN programme 450 6.24 Stibor 3M + 3.75 2) No 21/08/2027 Yes
2024/2028 MTN programme 300 5.54 Stibor 3M + 2.45 No 03/01/2028 Yes
1) Framework amount of BSEK 5.
2) Of which MSEK 150 issued at a rate of 101.461%, corresponding to a floating rate of Stibor (3 months) plus 3.25 percentage points to the first possible redemption date
at par.
of interest rates or are callable by the counterparty and constitute thus a
complement to the interest rate hedging portfolio in order to reduce the
company's interest expenses in a volatile market.
The table below shows a summary of the company's interest rate derivatives
portfolio.
NP3's interest rate derivatives portfolio amounted to 8,425 MSEK, of which
6,175 MSEK 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 19 (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
year amounted to MSEK -24. The average net interest rate for the company's
derivative portfolio, including its Stibor effect, was -0.98 percent (-2.50) as
of 31 December, with a average fixed interest period for the interest rate
hedging portfolio of 4.3 years.
Funding
2024
31 Dec
2023
31 Dec
Bank loans, MSEK 10,145 10,140
Commercial paper, MSEK 875 60
Bonds, MSEK 1,601 1,767
Interest coverage ratio, multiple 2.4 2.1
Interest coverage ratio, rolling 12,
multiple 2.4 2.1
Average interest rate, % 4.38 5.07
Cash and cash equivalents, MSEK 97 183
Loan-to-value ratio, % 51.8 56.6
Equity/assets ratio, % 38.9 35.9
Average loan maturity period, years 2.3 2.2
Average fixed interest period, years 2.1 2.1
Proportion of interest-hedged loan
portfolio,% 48.9 41.6
Net debt to EBITDA ratio, multiple 8.0 8.6
Average interest rate level
800
700
600
500
400
300
200
100
0
-100
-200
-300
BPS
31 Dec 2024 31 Dec 202431 Dec 202331 Dec 2023
438507
254
405
115
405
-228
280
-181
243 223
Overview - interest rate derivatives portfolio
MSEK
Nominal
amount
Remaining
term, years
Average fixed
interest rate, %
Market
value
Interest hedging portfolio 1) 6,175 4.3 1.46 59
Callable interest rate
derivatives2) 750 3.7 3.07 -23
Performance swaps 3) 1,500 9.0 2.17 -18
Total derivative portfolio 8,425 5.1 1.73 19
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
31 December 2024.
2) Callable swaps for the counterparty starting in the period 8 August to 5 December.
2024 and thereafter on a quartely basis in the period from 8 November 2033 to 5 March
2034. The remaining term above reflects the maximum term assuming that 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 0 SEK.
Capital structure, %
Equity 39 (36)
Loans from credit institutes 41 (46)
Commercial papers 4 (0)
Bonds 6 (8)
Deferred tax 6 (6)
Other liabilities 4 (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) Year-end report - Q4 2024
18
Summary report, MSEK 31/12/2024 31/12/2023
Assets
Investment properties 23,384 20,276
Leasehold rights 147 150
Participations in associated companies and joint ventures 479 468
Derivatives 19 43
Other fixed assets 84 54
Total fixed assets 24,113 20,991
Assets held for sale 32 -
Other current assets excluding cash and cash equivalents 361 711
Cash and cash equivalents 97 183
Total current assets 490 894
Total assets 24,604 21,885
Equity and liabilities
Equity 9,568 7,849
Deferred tax 1,453 1,240
Long-term interest-bearing liabilities 10,676 10,319
Long-term interest-bearing lease liabilities 147 150
Total long-term liabilities and provisions 12,275 11,709
Current interest-bearing liabilities 1,911 1,624
Liabilities attributable to assets held for sale 32 -
Other current liabilities 817 704
Total current liabilities 2,761 2,328
Total equity and liabilities 24,604 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 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
Warrants redeemed by staff 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 year 2024 - - 914 914 0 914
Dividend - - -399 -399 -1 -400
New issue of common and preference shares 29 1,084 - 1,113 - 1,113
Incentive plan - 3 - 3 - 3
Warrants redeemed by staff 0 - - 0 - 0
Transactions with non-controlling interest - - -6 -6 96 90
Total transactions with shareholders 29 1,087 -405 711 94 805
Closing equity 31/12/2024 363 4,036 5,042 9,440 128 9,568
As of 31 December 2024, NP3's share capital consists of 61,562,403 common shares and 42,300,000 preference shares.
===== SIDA 19 =====
NP3 Fastigheter AB (publ) Year-end report - Q4 2024
19
Summary report, MSEK
2024
12 months
Jan-Dec
2023
12 months
Jan-Dec
2024
3 months
Oct-Dec
2023
3 months
Oct-Dec
Operating activities
Profit from property management 879 745 250 175
Profit from property management from associated companies and joint ventures -37 -76 -12 -16
Received dividend from associated companies and joint ventures 23 15 13 2
Distribution in kind provided, non-cash item -229 - - -
Other non-cash items 1 -17 1 -13
Tax paid -29 -50 -1 -21
Cash flow from operating activities before changes in working capital 607 617 251 127
Increase (+)/Decrease (-) in operating receivables 128 -37 103 -94
Increase (+)/Decrease (-) in operating liabilities 129 -17 2 74
Cash flow from operating activities 864 563 355 107
Investment activities
Acquisitions of properties -2,027 -395 -1,841 -91
Divested properties 30 15 - 15
Investments in existing properties and other fixed assets -570 -334 -163 -116
Investments in new construction projects -162 -121 -76 -65
Investments in financial assets -152 -7 -64 -
Divestment of financial assets 381 210 83 128
Cash flow from investment activities -2,501 -632 -2,061 -129
Financing activities
New issue 1,115 620 128 -
Borrowings 1,980 4,371 815 1,890
Amortisation of borrowings -1,337 -4,667 623 -1,785
Dividend paid -208 -276 -50 -91
Cash flow from financing activities 1,551 48 1,516 14
Cash flow for the period -86 -21 -190 -8
Cash and cash equivalents at the beginning of the period 183 204 287 190
Cash and cash equivalents at the end of the period 97 183 97 183
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 year
was MSEK 23,384 (20,276), an increase of MSEK 3,108 since
the beginning of the year, which is explained by project
investments, property acquisitions, changes in value and
property sales.
Three of the hotel properties that were included in the
acquisition of the shares in Cibola Holding AB are operated
under own management and the acquisition has therefore
resulted in NP3 also owning 61.2 percent of a hotel operator
company. The hotel company operator of Cibola is not
consolidated in the company's accounts as NP3 intends to
divest this company. The business activity is recorded, in the
company's balance sheet, as an asset held for sale.
Closing cash and cash equivalents were MSEK 97 (183).
Equity has been affected by new issues, net profit for the year
and dividends paid, and amounted to MSEK 9,568 (7,849).
Accrued borrowing expenses have reduced interest-bearing
liabilities in the balance sheet by MSEK 44. Long-term interest-
bearing liabilities after adjustment for accrued borrowing
expenses amounted to MSEK 10,676 (10,319). Interest-bearing
current liabilities amounted to MSEK 1,911 (1,624), MSEK
1,631 related to maturity amortisation on bank loans within
twelve months, MSEK 275 commercial papers and MSEK 6 to
repayment of promissory note liabilities.
On the balance sheet date, the company’s interest rate
derivatives had a positive value of MSEK 19 (43). For more
information on the company's interest-bearing liabilities,
see pages 16 and 17. The loan-to-value ratio amounted to
52 percent (57) and the equity/assets ratio to 39 percent (36).
The company’s net debt to EBITDA ratio on the balance sheet
date was 8.0x (8.6).
Cash flow from operating activities amounted to MSEK
864 (563). Acquisitions of properties affected cash flow by
MSEK -2,027 (-395), and divestments of properties contributed
MSEK 30 (15). Investments in existing properties and new
construction totalled MSEK -731 (-455). The net change in
financial assets contributed MSEK 228 (203) and includes,
among other things, the sale of shares in Fastighetsbolaget
Emilshus. Cash flow from financing activities amounted to
MSEK -1,551 (48) and consists of new issue, net borrowing and
dividend paid. Overall, cash and cash equivalents changed by
MSEK -86 (-21) during the year.
Consolidated statement of cash flows
===== SIDA 20 =====
NP3 Fastigheter AB (publ) Year-end report - Q4 2024
20
Income statement - summary report, MSEK
2024
12 months
Jan-Dec
2023
12 months
Jan-Dec
2024
3 months
Oct-Dec
2023
3 months
Oct-Dec
Net sales 71 64 25 63
Operating expenses -114 -104 -35 -31
Operating profit/loss -43 -40 -10 32
Net financial income 348 92 93 10
Profit/loss after financial items 305 52 83 42
Appropriations 58 39 58 39
Profit before tax 364 91 141 81
Tax on profit for the period - - - 2
Net profit 364 91 141 83
Balance sheet - parent company, MSEK 31/12/2024 31/12/2023
Intangible assets 6 6
Participations in group companies 684 677
Non-current receivables group companies 5,948 5,465
Other financial assets 21 8
Total fixed assets 6,659 6,156
Current receivables group companies 3,964 2,566
Other current receivables 85 261
Cash and cash equivalents 41 157
Total current assets 4,090 2,984
Total assets 10,749 9,141
Restricted equity 363 334
Unrestricted equity 2,824 1,649
Total equity 3,187 1,983
Untaxed reserves 20 20
Long-term interest-bearing liabilities 6,303 6,319
Total long-term liabilities and provisions 6,323 6,339
Current interest-bearing liabilities 1,122 647
Other liabilities 117 173
Total current liabilities 1,239 820
Total equity and liabilities 10,749 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) Year-end report - Q4 2024
2121
Segment reporting
MSEK Sundsvall Gävle Dalarna Östersund Umeå Skellefteå Luleå Middle
Sweden
Not
distributed
costs
Total
group
Jan-Dec 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 436 404 276 259 287 270 226 189 240 217 240 214 269 244 163 136 -1 -3 2,137 1,929
Vacancy -43 -34 -15 -16 -19 -17 -10 -6 -15 -13 -15 -17 -12 -14 -17 -16 - - -144 -133
Repairs and
maintenance -11 -13 -4 -5 -7 -7 -5 -4 -7 -5 -3 -3 -5 -6 -3 -2 - 0 -43 -44
Operating
expenses -81 -72 -38 -37 -57 -53 -41 -36 -47 -47 -49 -41 -47 -44 -24 -18 -1 1 -385 -346
Property tax -8 -8 -6 -6 -5 -5 -5 -5 -6 -6 -6 -5 -7 -7 -5 -4 - - -48 -46
Customer
losses -2 -1 -1 0 -4 -1 0 0 -1 -1 -2 -2 -1 0 -1 -1 0 1 -12 -7
Net operat-
ing income 292 276 211 195 196 187 165 138 164 145 166 146 198 172 113 95 -2 -1 1,503 1,353
Surplus
ratio, % 74 75 81 80 73 74 76 75 73 71 74 74 77 75 77 79 75 75
Number of
properties 128 122 73 73 71 68 64 41 47 46 54 53 54 50 63 54 554 507
Lettable
area, sqm 430 409 276 272 360 341 262 159 219 217 242 237 233 220 179 142 2,201 1,998
Rental value 443 423 282 271 319 282 308 202 242 231 249 238 285 262 198 155 2,326 2,065
Occupancy
rate, 1)% 88 90 93 94 92 94 96 96 94 94 91 95 97 96 93 90 93 93
Investment
properties 4,398 4,213 2,946 2,793 2,994 2,624 3,367 1,963 2,302 2,175 2,607 2,483 2,758 2,434 2,011 1,590 23,384 20,276
1) Calculated on current rental value on the balance sheet date.
The company's surplus ratio is stable and at the same level as
the previous year. Higher winter-related and public utility costs
have been offset by indexation of rents.
The Sundsvall business area is the company's largest area
and has continued stable demand for premises, even though
the value of vacancies for the area is high in relation to other
business areas. During 2024, a significant vacancy occurred as
a property acquired in 2022 with the knowledge that the tenant
would move out in 2024.
Even though vacancies have increased slightly in Gävle and
Dalarna, it is a good market situation that follows the develop-
ment that has occurred in these areas in recent years.
In Östersund, the properties from the acquisition of Frösö Park
and Cibola were accessed during the fourth quarter, which
increased the business area's property value and rental value to
the second and third highest in the company, respectively. The
business area has a low vacancy rate and a continued strong
rental market. The acquisitions during the fourth quarter led to
that the surplus ratio is higher than the previous year.
Umeå is a stable market with good demand. Similar to the
winter of 2022/2023, the large amount of precipitation at the
beginning of the year resulted in higher winter costs, which
affected the surplus ratio.
Despite the uncertainty in green investments, Skellefteå con -
tinues to have a strong rental market, especially for industrial
premises. The occupancy rate has temporarily decreased since
the previous year due to ongoing projects. New agreements
have been signed for 35 percent of the value of vacancies, with
15 percent to be accessed during the first quarter of 2025 and
20 percent to be accessed at the end of 2026.
Major industrial investments are underway in the Luleå busi-
ness area, which has resulted in increased demand for premis-
es. Luleå has the highest average rental value in the portfolio.
The Middle Sweden business area previously comprised prop -
erties mainly around Karlstad, Örebro and Västerås. During the
fourth quarter, six properties were also acquired in Eskilstuna.
Agreements have been signed for the largest vacancy in the
business area, amounting to 18 percent of the value of vacan-
cies, with access in the second quarter of 2025. 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) Year-end report - Q4 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, with the support of the issue
authorization received at the annual general meeting on 7 May
2024, resolved on a directed issue of 4,000,000 common shares.
The issue was carried out at a subscription price of SEK 250
per generating proceeds MSEK 1,000 before transaction costs.
A extraordinary general meeting in October, resolved directed
of 4,000,000 preference shares. The issue was carried out
at a subscription price of SEK 30.05 per share and the issue
proceeds of MSEK 120 constituted a partial payment in a
property acquisition. In November, a directed issue of 300,000
preference shares was carried out at a subscription price of SEK
30.50 per share. This issue also constituted a partial payment
in a property acquisition. In addition, warrants were exercised
and 65,629 common shares were issued. This took place as a
result of a three-year incentive programme decided on at the
company's annual general meeting in May 2021.
The total number of shares outstanding at the end of the year
after completed issues of common shares and preference
shares amounted to 103,862,403 shares, divided into
61,562,403 common shares and 42,300,000 preference shares.
The number of shareholders at the end of the year amounted
to 10,922 (10,868).
The share price for common share was SEK 250.00 (233.00)
on the balance sheet date, which was equivalent to a market
value of MSEK 15,391 (13,397). In addition, there are preference
shares with a share price of SEK 29.90 (24.50) at year-end,
which was equivalent to a market value of MSEK 1,265 (1,034).
Total market value as of 31 December amounted to MSEK
16,656 (14,431). The year’s highest price paid for the common
share was SEK 284.00 and was recorded on 12 July. The
lowest price paid this year was recorded on 28 February and
amounted to SEK 178.74. The volume-weighted average price of
the common share during the full year was SEK 241.57 (196.74).
Long-term net assets value reflecting long-term net asset
value reduced by preference capital and holdings without
non-controlling interest amounted to MSEK 9,520 (7,796),
which is equivalent to SEK 154.64 per common share (135.58).
The share price at the end of the year was 190 percent (203)
of equity per common share and 162 percent (169) of the long-
term net assets 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
30/06/202431/07/202431/08/202430/09/202431/10/202430/11/202431/12/202431/05/202430/04/202431/12/202331/01/202429/02/202431/03/2024 30/06/202431/07/202431/08/202430/09/202431/10/202430/11/202431/12/202431/05/202430/04/202431/12/202331/01/202429/02/202431/03/2024
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
2,400
2,200
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, rolling 12 months
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
2024 Q4
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) Source: Compiled and processed data from Monitor by Modular Finance AB.
Jan-Dec, MSEK 2024 2023 2022 2021 2020
Profit from property
management 879 744 785 661 558
Current tax -75 -68 -55 -44 -49
Profit from property
management after current tax 804 676 730 617 509
Dividend 4051) 3992.3) 363 310 270
Distribution in percent of profit
from property management
after current tax 50% 59% 50% 50% 53%
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
2023-12-31 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 2024-10-31 2024-11-30
NP3 stängningskurs/totalavkastning vs
OMX Stockholm GI & OMX Real Estate GI1)
NP3 volym / 1000 NP3 stängningskurs/totalavkastning OMX Stockholm GI OMX Real Estate GI
0,00
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
2200,00
2400,00
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 2024-10-31 2024-11-30 2024-12-31
NP3 stängningskurs vs
Carnegie Fastighetsindex
NP3 volym / 1000 NP3 stängningskurs Carnegie Fastighetsindex
1) Constitutes the board’s proposal, dividend of SEK 5.20 per common share (5.48), and
dividend of SEK 2.00 per preference share.
2) Included a distribution in kind of Class B shares in Fastighetsbolaget Emilshus AB
(publ). The market value of the Emilshus Class B share on 31/12/2023 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 were paid.
3) Of the amount recorded, MSEK 8 relate to additional dividends on newly issued
common and preference shares.
0
5
10
15
20
25
30
35
0
50
100
150
200
250
300
350
400
ggrkr
===== SIDA 23 =====
NP3 Fastigheter AB (publ) Year-end report - Q4 2024
23
The NP3-share
Shareholder structure as of 31 Dec 2024 1)
Size of holdings Number of shareholders Votes, %
1 – 500 7,615 0.7
501 – 1,000 1,034 0.4
1,001 – 2,000 809 0.6
2,001 – 5,000 691 0.9
5,001 – 10,000 348 1.0
10,001 – 50,000 318 3.6
50,001 – 108 91.3
Unknown size of holdings 1.5
Total 10,922 100
Shareholders as of 31 Dec 20241)
Number of
common shares
Number of
preference shares
Share
capital, % Votes, %
AB Sagax (Satrap Kapitalförvaltning AB) 13,200,000 2,600,000 15.2 (15.8) 20.5 (21.2)
Bäckarvet Holding AB 7,429,863 570,437 7.7 (-) 11.4 (-)
Inga Albertina Holding AB 7,429,863 570,437 7.7 (-) 11.4 (-)
Länsförsäkringar Fondförvaltning AB 4,615,475 - 4.4 (4.8) 7.0 (7.5)
PPB Holding AB - 4,166,666 4.0 (2.3) 0.6 (0.4)
Poularde AB - 4,000,000 3.9 (16.0) 0.6 (23.3)
Fourth AP fund 1,669,599 2,175,904 3.7 (4.9) 2.9 (4.3)
Danske Invest 1,251,965 1,712,004 3.1 (3.2) 2.3 (2.4)
Försäkringsaktiebolaget Avanza Pension 418,348 2,667,067 3.0 (3.1) 1.0 (0.9)
Lannebo Fonder 3,025,468 - 2.9 (2.9) 4.6 (4.5)
SEB Fonder 1,944,958 - 1.9 (2.1) 3.0 (3.3)
Handelsbanken Fonder 1,500,236 - 1.4 (1.3) 2.3 (2.1)
Handelsbanken Liv Försäkring AB 648,749 849,707 1.4 (1.6) 1.1 (1.2)
J.A. Göthes AB 1,041,600 416,640 1.4 (1.5) 1.6 (1.8)
Vanguard 1,388,597 - 1.3 (1.3) 2.1 (2.0)
Erik Selin - 1,141,183 1.1 (1.2) 0.2 (0.2)
Ulf Jönsson - 1,000,000 1 . 0 (1.1) 0.2 (0.2)
Bonnier Treasury S.A.R.L - 897,448 0.9 (3.1) 0.1 (0.5)
Futur Pension Försäkringsaktiebolag 56,740 737,933 0.8 (1.0) 0.2 (0.4)
Swedbank Försäkring 17,732 617,987 0.6 (0.8) 0.1 (0.2)
Total 20 largest shareholders 45,639,193 24,123,412 67.4 (68.1) 73.2 (76.2)
Other shareholders 15,923,210 18,176,588 32.6 (31.9) 26.8 (23.8)
Total number of shares 61,562,403 42,300,000 100.0 100.0
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
31 Dec 2024 31 Dec 2023 Full year 2024 Full year 2023 Full year 2024 Full year 2023 Full year 2024 Full year 2023
common share 250.00 233.00 423 347 23 19 12.8 7.9
Preference share 29.90 27.20 112 86 25 18 1.1 0.7
Swedish institutional owners 22 (23)
Swedish private individuals 22 (22)
Foreign institutional owners 9 (10)
Unknown owner type 2 (2)
Others 45 (43)
Sweden 88 (88)
Denmark 3 (3)
USA 3 (4)
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) Year-end report - Q4 2024
24
Income statement, MSEK
2024
4th
quarter
Oct-Dec
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
Rental income 523 491 486 492 464 444 443 445 408
Property costs -113 -74 -101 -152 -106 -68 -93 -130 -91
Property tax -12 -12 -12 -12 -12 -12 -12 -11 -12
Net operating income 398 404 373 328 346 365 338 304 306
Central administration -25 -15 -20 -18 -25 -15 -17 -17 -21
Result from associated companies and joint
ventures 5 8 -8 8 -9 10 -11 -10 14
Net financial income -136 -145 -153 -151 -162 -162 -149 -138 -119
Profit/loss after financial items 242 252 193 168 150 198 161 139 180
- of which Profit from property management 250 253 209 168 175 206 195 169 184
Change in value of properties 121 45 155 2 34 -165 -176 -66 -84
Changes in value of financial instruments 139 -158 -100 132 -285 15 60 -69 -8
Profit before tax 502 139 248 303 -101 48 46 4 88
Current tax -25 -20 -13 -17 -28 -24 -5 -11 -8
Deferred tax -112 -9 -36 -45 -11 14 -4 10 -27
Net profit1) 364 110 198 241 -140 39 36 3 53
Comprehensive income relating to the parent
company’s shareholders 365 109 198 241 -137 38 35 2 44
Comprehensive income relating to
non-controlling interest -1 1 0 0 -3 1 1 1 9
1) Net profit is consistent with the comprehensive net profit.
Financial position, MSEK
2024
31 Dec
2024
30 Sept
2024
30 June
2024
31 March
2023
31 Dec
2023
30 Sept
2023
30 June
2023
31 March
2022
31 Dec
Investment properties 23,384 21,127 20,872 20,382 20,276 19,985 20,041 19,844 19,805
Leasehold rights 147 145 144 149 150 132 130 118 118
Participations in associated companies and
joint ventures 479 537 473 467 468 1,021 1,015 1,052 1,064
Derivatives 19 - 71 131 43 390 362 310 376
Other fixed assets 84 53 54 54 54 79 36 131 131
Other current assets excl. cash and cash
equivalents 393 329 286 773 711 102 127 153 156
Cash and cash equivalents 97 287 267 198 183 190 254 110 204
Total assets 24,604 22,477 22,165 22,153 21,885 21,899 21,966 21,719 21,854
Equity 9,568 8,990 7,897 8,089 7,849 7,994 7,954 8,282 7,663
Deferred tax 1,453 1,329 1,320 1,284 1,240 1,229 1,243 1,238 1,248
Interest-bearing liabilities 12,587 11,149 12,047 11,988 11,943 11,838 11,894 11,535 12,235
Lease liabilities 147 145 144 149 150 132 130 118 118
Derivatives - 128 - - - - - - -
Non-interest bearing liabilities 849 736 757 642 704 706 744 545 590
Total equity and liabilities 24,604 22,477 22,165 22,153 21,885 21,899 21,966 21,719 21,854
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 4 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 3 41 2 3 4 1 2 3 4 Q 1 2 3 4
2020 2021 2023 20242022
600
500
400
300
200
100
0
MSEK
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 3 41 2 3 4 1 2 3 4 Q 1 2 3 4
2020 2021 2023 20242022
0
100
200
300
400
500
600
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
Q4
24
mkr
Hyresintäkter per kvartal
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
Q1
25
Q1
26
Q1
27
mkr
Driftsöverskott per kvartal
Driftsöverskott Överskottsgrad %
0%
10%
20%
30%
40%
50%
60%
70%
0
50
100
150
200
250
300
Q1
20
Q1
21
Q1
22
Q1
23
Q1
24
Q1
25
Q1
26
Q1
27
Q1
28
Q1
29
Q1
30
Q1
31
Q1
32
Q1
33
Q1
34
Q1
35
Q1
36
Q1
37
Q1
38
Q1
39
Q1
40
Q1
41
Q3
24
Q4
24
mkr
Förvaltningsresultat Förvaltningsresultat %
===== SIDA 25 =====
NP3 Fastigheter AB (publ) Year-end report - Q4 2024
25
Key ratios
2024
Full
year
Jan-Dec
2023
Full
year
Jan-Dec
2024
4th
quarter
Oct-Dec
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
Property-related he ratios
Number of properties at the end of
the period 554 507 554 515 516 506 507 504 503 488
The properties’ lettable area, tsqm 2,201 1,998 2,201 2,033 2,029 1,999 1,998 1,982 1,978 1,957
Investment properties, MSEK 23,384 20,276 23,384 21,127 20,872 20,382 20,276 19,985 20,041 19,844
Property value, SEK/sqm 10,624 10,148 10,624 10,392 10,287 10,196 10,148 10,083 10,132 10,140
Rental value, MSEK 2,326 2,065 2,326 2,108 2,097 2,069 2,065 1,933 1,924 1,894
Financial occupancy rate, % 93 93 93 93 93 93 93 93 93 94
Surplus ratio, % 75 75 76 82 77 67 75 82 76 68
Yield , % 7.1 6.8 7.1 7.1 7.0 6.8 6.8 6.6 6.4 6.3
Financial key ratios
Return on equity, common share, % 11.7 -2.1 11.7 4.8 3.9 1.5 -2.1 0.6 3.4 11.2
Return on equity, % 10.8 -0.8 10.8 5.0 4.3 2.2 -0.8 1.7 4.1 10.6
Return on equity, before tax, % 14.0 0 14.0 7.2 6.3 3.7 0 2.3 5.5 13.7
Return on equity from the profit from
property management, % 10.4 9.4 10.4 9.9 9.5 9.3 9.4 9.5 9.9 10.2
Debt/equity ratio, multiple 1.3 1.5 1.3 1.2 1.5 1.5 1.5 1.5 1.5 1.4
Net debt to EBITDA ratio, multiple 8.0 8.6 8.0 7.7 8.4 8.5 8.6 8.9 8.9 8.9
Interest coverage ratio, multiple 2.4 2.1 2.7 2.6 2.3 2.1 2.0 2.2 2.2 2.1
Interest coverage ratio, LTM, multiple 2.4 2.1 2.4 2.2 2.1 2.1 2.1 2.2 2.4 2.7
Loan-to-value ratio, % 51.8 56.6 51.8 49.4 55.1 56.5 56.6 55.4 55.2 54.6
Equity/assets ratio, % 38.9 35.9 38.9 40.0 35.6 36.5 35.9 36.5 36.2 38.1
Average interest rate, % 4.38 5.07 4.38 4.72 4.91 4.97 5.07 5.19 4.94 4.53
Average loan maturity period, years 2.3 2.2 2.3 2.1 2.0 2.1 2.2 2.2 2.4 2.2
Average fixed interest period, years 2.1 2.1 2.1 2.6 2.3 2.2 2.1 2.2 1.9 2.0
Proportion of interest-hedged loan
portfolio,% 48.9 41.6 48.9 55.3 47.4 45.2 41.6 41.9 39.6 41.0
Key ratios per common share
Number of shares at the end of the
period, thousands 61,562 57,497 61,562 61,562 57,562 57,497 57,497 57,497 57,358 57,358
Weighted average number of shares,
thousands 59,136 56,864 61,562 59,562 57,530 57,497 57,497 57,428 57,358 55,983
Equity, SEK 131.34 114.78 131.34 126.04 116.14 118.63 114.78 117.42 117.33 122.06
Long-term net asset value, SEK 154.64 135.58 154.64 149.71 137.85 138.69 135.58 132.02 132.69 138.25
Profit from property management, SEK 13.57 11.76 3.75 4.00 3.30 2.58 2.72 3.25 3.06 2.68
Profit after tax, SEK 14.17 -2.43 5.63 1.54 3.12 3.86 2.71 0.33 0.28 0.31
Dividend, SEK 5,201) 5,48 - - - - - - - -
Share price at the end of the period, SEK 250.00 233,00 250.00 266.00 257.00 221.00 233,00 158.20 162.90 187.00
Key ratios per preference share
Number of shares at the end of the
period, thousands 42,300 38,000 42,300 38,000 38,000 38,000 38,000 38,000 38,000 38,000
Equity, SEK 32.00 32.00 32.00 31.50 31.00 32.50 32.00 31.50 31.00 32.50
Earnings, SEK 2.00 2.00 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50
Dividend, SEK 2.00 1) 2.00 - - - - - - - -
Share price at the end of the period, SEK 29.90 27.20 29.90 31.40 28.40 28.20 27.20 24.50 24.95 26.30
For reconciliation of key ratios and definitions, see pages 26-27.
1) Dividend proposed by the board.
===== SIDA 26 =====
NP3 Fastigheter AB (publ) Year-end report - Q4 2024
26
MSEK
2024
Jan-Dec
2023
Jan-Dec
Net debt 12,341 11,751
Net operating income, forward-looking 12 months
acc. to earnings capacity 1,602 1,426
Central administration costs, LTM -78 -74
Dividends from associated companies and joint
ventures, LTM 23 15
Adjusted net operating income 1,547 1,367
Net debt to EBITDA ratio, multiple 8.0 8.6
Profit from property management 879 745
Add-back of profit from property management from
associated companies and joint ventures -37 -76
Dividends from associated companies and joint ventures 23 15
Financial expenses 599 617
Adjusted profit from property management 1,464 1,301
Interest coverage ratio, multiple 2.4 2.1
Net debt 12,341 11,751
Market value of properties 23,384 20,276
Participations in associated companies and joint ventures 479 468
Loan-to-value ratio, % 51.8 56.6
Equity according to financial position 9,568 7,849
Balance sheet total 24,604 21,885
Equity/assets ratio, % 38.9 35.9
Equity according to financial position 9,568 7,849
Deduction preference capital -1,354 -1,216
Deduction non-controlling interest -128 -33
Number of shares at year-end, thousands 61,562 57,497
Equity, SEK per common share 131.34 114.78
Equity according to financial position 9,568 7,849
Deduction preference capital -1,354 -1,216
Deduction non-controlling interest -128 -33
Add-back derivatives -19 -43
Add-back deferred tax 1,453 1,240
Number of shares at year-end, thousands 61,562 57,497
Long-term net asset value, SEK per common share 154.64 135.58
Profit from property management 879 745
Deduction holders of preference shares’ preferential
right to dividend, paid during the year -76 -76
Average number of common shares, thousands 59,136 56,864
Profit from property management, SEK per common
share 13.57 11.76
Reconciliation of key ratios
MSEK
2024
Jan-Dec
2023
Jan-Dec
Interest-bearing liabilities 12,587 11,943
Current investments -148 -9
Cash and cash equivalents -97 -183
Net debt 12,341 11,751
Profit after tax, relating to shareholders in the parent
company 914 -62
Deduction holders of preference shares’ preferential
right to dividend, paid during the year -76 -76
Profit after tax reduced by holders of preference
shares’ right to dividend 838 -138
Average number of common shares, thousands 59,136 56,864
Profit after tax, SEK per common share 14.17 -2.43
Rental income 1,992 1,797
Net operating income 1,503 1,353
Surplus ratio, % 75 75
Net operating income, LTM 1,503 1,353
Average market value of properties 21,208 19,990
Yield , % 7.1 6.8
Profit after tax, relating to shareholders in the parent
company, LTM 914 -62
Deduction holders of preference shares’ preferential
right to dividend, paid during the year -76 -76
Average equity after settlement of preference capital
and non-controlling interest 7,190 6,696
Return on equity, common share, % 11.7 -2.1
Profit after tax, LTM 914 -61
Average total equity 8,479 7,948
Return on equity, % 10.8 -0.8
Profit before tax, LTM 1,191 -3
Average total equity 8,479 7,948
Return on equity, before tax, % 14.0 0
Profit from property management, LTM 879 745
Average total equity 8,479 7,948
Return on equity from the profit from property
management, % 10.4 9.4
Net debt 12,341 11,751
Equity according to financial position 9,568 7,849
Debt/equity ratio, multiple 1.3 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 as giving other stakeholders, such as analysts
and investors, valuable information. But 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 you’ll find 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) Year-end report - Q4 2024
27
Definitions
Return on equity
Profit after tax LTM, in percent of average equity.
Return on equity, before tax
Profit before tax LTM, in percent of average equity.
Return on equity, common share
Net profit LTM, reduced by the preference shares preferential
right to dividend for the period (paid during the year) and share
in profits of non-controlling interest, in percent of average
equity after settlement of prefernce capital and non-controlling
interest.
Return on equity from the profit from property management
Profit from property management LTM, 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 LTM 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 per common share
Equity relating to the parent company’s shareholders after
settlement of preference capital in relation to the number of
common shares at the end of the period.
Equity, SEK per preference share
Equity per preference share corresponds to the share’s
redemption price upon liquidation plus accrued dividend.
Economic 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 and
reports.
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 per common share
Net profit before tax and changes in value reduced by the
preference shares’ preferential right to dividend, paid during
the year, in relation to the weighted average number of
common shares.
Average interest rate
Weighted interest on interest-bearing liabilities (excluding
lease liabilities) 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 per 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 lease liabilities, with
deduction for liquid assets and current investments.
Preference capital
Number of preference shares multiplied by equity per
preference share.
Profit after tax, SEK per common share
Net profit after tax relating to the mother company’s
shareholders, reduced by the holders of preference shares’
preferential right to dividend for the period, paid during the
year, in relation to the weighted average number of common
shares.
Interest coverage ratio
Profit from property management, excluding profit from
property management in 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 relative to twelve
months’ forward-looking net operating income less central
administration expenses plus dividends received from
associated companies and joint ventures 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 accessed
properties 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) Year-end report - Q4 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, environmental risks and
risks arising from events and changes in the outside world.
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 spread
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 investment properties may
be affected by the assessments and assumptions made by
management. In addition, a limited transaction volume may
entail an increased risk for property valuation. To minimise this
risk, the market value of the company's properties is assessed
every quarter, where the company's valuation policy means
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, which has also led
to falling market interest rates. The risk is also counteracted 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 spread.
Financial risks
Costs related to funding are the single largest cost item for
NP3 and the uncertain market conditions and uncertainty
in our operating environment have resulted in an higher
refinancing risk and financing costs. However, over the past
year we have seen falling interest rates and reduced 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 market 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.
Environmental risks
Climate risks, which consist of both physical risks and risks
linked to adapting to a changing climate, have been assessed
as a less significant risk for NP3. The assessment is, however,
that the risk has increased over time and may pose a higher
future risk to the company. Climate change means a risk of
damage to property caused by change in weather conditions,
especially with regard to higher levels of precipitation, but also
other changes in the climate that can affect the properties or
the property management. In addition, environmental risks
associated with contamination in the ground of existing and/
or acquired properties is assessed as a significant risk that can
have an impact on the company. Eco-political decisions may
also have future effects on the company’s costs.
Routines for preventing risks in extreme weather conditions
have been further developed. All investments and acquisitions
are examined from a climate perspective in order to assess
the properties’ sensitivity to climate change. In addition, the
company is well aware which properties have or has had
businesses that require a permit and always controls previous
activities when acquiring properties. Environmental aspects
are prioritised in all parts of the operations and the company
follows the development with regard to legal regulations.
Risk of conflicts 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 conflicts of interest. Key policies include
the company's code of conduct and insider policy. Matters
regarding conflicts 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 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 reporting 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 Swedish Corporate 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 year the number of staff totalled 71.
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NP3 Fastigheter AB (publ) Year-end report - Q4 2024
29
Nils Styf
Chairman of the board
Anders Nilsson
Member of the Board of
Directors
Anders Palmgren
Member of the Board of
Directors
Hans-Olov Blom
Member of the Board of
Directors
Mia Bäckvall Juhlin
Member of the Board of
Directors
Åsa Bergström
Member of the Board of
Directors
Andreas Wahlén
CEO
The financial statement has not been subject to review by
the company's auditors. The Board of Directors and the
CEO certify that the report provides a true and fair view of
the parent company's and the group's operations, financial
position and performance, and describes the significant
risks and uncertainties faced by the parent company and
the companies included in the group.
Sundsvall, 7 February 2025
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 fourth quarter
3/10 The condition regarding early redemption of outstanding
bonds 2022/2025 has been met
4/10 Nominating Committee ahead of NP3 Fastigheter's Annual
general meeting 2025
9/10 NP3 postpones date for implementation of extraordinary
Annual general meeting until 31 October 2024
9/10 Notice of Extraordinary General Meeting of NP3
18/10 Interim report January - September 2024
31/10 Decisions made at NP3's Extraordinary general meeting
31 October 2024
1/11 NP3 finalises and takes possession of acquisition at Frösön
15/11 NP3 acquires properties for MSEK 271
25/11 NP3 carries out a private placement of preference shares
29/11 Change in number of shares and votes in NP3
17/12 NP3 terminates its credit rating
19/12 NP3 acquires properties for MSEK 219
All press releases are available on the company's website:
www.np3fastigheter.se
Calendar
Interim reports
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
Annual general meeting 7 May 2025
Record days for dividend on preference shares
30 April 2025
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www.np3fastigheter.se
Head office
NP3 Fastigheter AB (publ)
Corp. ID no. 556749-1963
info@np3fastigheter.se
Telephone switchboard +46 60 777 03 00
Gärdevägen 5A, 856 50 Sundsvall
Postal address
Box 12, 851 02 Sundsvall
Branch offices
Falun
Främbyvägen 6, 791 52 Falun
Gävle
Snäppvägen 18, 803 09 Gävle
Karlstad
Tynäsgatan 10. 652 16 Karlstad
Luleå
Ödlegatan 1B, 973 34 Luleå
Piteå
Kunskapsallén 14, 941 63 Piteå
Skellefteå
Gymnasievägen 14, 931 57 Skellefteå
Sollefteå
Hågesta 7, 881 41 Sollefteå
Stockholm
Birger Jarlsgatan 34, 114 29 Stockholm
Umeå
Björnvägen 15E, 906 40 Umeå
Västerås
Ånghammargatan 6-8, 721 33 Västerås
Örnsköldsvik
Örnsköldsvik 41A, 891 41 Örnsköldsvik
Östersund
Infanterigatan 21, 831 32 Östersund