FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2024
===== SIDA 1 =====
• Rental income increases by 15%
• Operating surplus increases by 18%
• Positive net lettings of SEK 3 million
• 15,000 sq. m. let to Volvo Cars in Sörred Logistikpark
• Green MTN of SEK 350 million issued
• Rental income increased to SEK 404 million (350)
• Income from property management increased to SEK 169
million (161)
• Profit for the period increased to SEK 230 million (27)
• Value of property portfolio amounted to SEK 28,415 million
(28,250)
• Earnings per share increased to SEK 1.92 (0.23)
Key Performance Indicators Q1 2024 Q1 2023
Long-term net asset value (EPRA NRV) per
share 120.87 129.31
Interest coverage ratio (times) 2.1 2.6
Loan-to-value ratio, % 50 45
Yield, % 4.4 3.9
Surplus ratio, % 77 76
Economic occupancy rate, % 93 92
Our strategic investments
in industrial and logistics
Interim Report 1 January – 31 March 2024Q1
===== SIDA 2 =====
2
Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024CEO’s comment
Our strategic investments in industrial
and logistics are bearing fruit
Gothenburg gets highest
rating from workforce
and talents of the future.
Source: Talent City Index 2023
The first quarter of the year tends to be more subdued in the rental market
and this was the case again this year. Furthermore, the economic situation
remains subdued and Gothenburg has proved to be more resilient than the
rest of Sweden. The economic situation has impacted some of our tenants,
while others are reporting strong performance. I am therefore appreciative
of our good performance. Our focus on customers and cash flow continues
to be our priority and I am pleased to see that we increased our rental
income by a total of 15% and that the dedicated work of our organisation is
also showing in our financial performance.
We continued to report positive net lettings of SEK 3 million, thanks
to a strong contribution from Industrial/Logistics. We also recorded an
increase in operating surplus of 18%. We achieved this increase despite
the termination of a major lease by AB Volvo/Sveafjord, which was in line
with what was communicated in connection with the acquisition of the
properties from Volvo in 2016.
Our investments in the industry and export capital of
Sweden
The strong performance is primarily due to our newly produced logistics
properties on Hisingen. We are reaping the rewards of new and previous
investments, which contributed both revenue and positive net lettings. Net
lettings in industrial and logistics amounted to SEK 11 million. In the first
quarter we signed leases for 22,000 sq. m. in this segment, of which 15,000
sq. m. was let to Volvo Cars in Sörred Logistikpark.
I can see that our strategic investments in industrial and logistics are
making a positive contribution to the entire business, thanks to quick gains
from project development and a market logic that is self-evident in the
industrial and export capital of Sweden. The segment contributes to 60% of
the increase in operating surplus for the first quarter in our total portfolio.
The Industrial/Logistics business area currently accounts for 44% of the
total lettable area in our portfolio and this share is rising in step with new
projects coming on stream.
Office vacancies starting to fall in central locations
Office vacancies are rising in several large cities but in Gothenburg the trend
is the opposite and office vacancies are falling. The underlying reason is the
growth of the city. It is important to remember where Gothenburg is coming
from and for many years far too few new offices were being built, meaning
that office space was insufficient to meet job growth of 11,000 new jobs per
year. This was one of the reasons why for a long time we had the lowest
vacancy rates in the Nordic region. Then, in the space of a couple of years,
a large volume of modern office space in central locations came on stream,
causing the vacancy rate to rise.
Now this trend appears to be reversing. Vacancy rates in Central Business
District (CBD) have stopped rising and in the city centre excluding CBD,
where most of the new production took place, vacancy rates are falling.
At the same time, thousands of new jobs are being created every year in
Gothenburg, and there are fewer new, ongoing office projects in the pipeline.
Analyses show that there is even a real risk of a shortage of office space
again over a ten-year perspective.
A good start to the year with continued increase in our rental income and operating
surplus, as well as positive net lettings. Our business area Industrial/Logistics made a
significant contribution with new lettings of 22,000 sq. m.
===== SIDA 3 =====
3
Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024CEO’s comment
Good opportunities for expansion
There is still a general shortage of land suitable for industrial and logistics
construction in Gothenburg and the vacancy rate is under 3%. Against
this background, it is of course pleasing that we have additional building
rights of 100,000 sq. m. in Arendal at our disposal. The proximity to the
largest port in Scandinavia, the Volvo companies, the battery plant and an
internationally leading cluster for the green transition and electrification of
the transport sector contributes to the attractiveness of the location.
In the quarter, we carried out a division of our largest property (area of 1.6
million sq. m.) in Arendal. This adds value and enables us to better adapt the
portfolio to the changing needs of different customers. In the first quarter,
we took further steps towards realizing three adjacent projects in a location
close to the quays after having received the go-ahead from the County
Administrative Board.
Brighter outlook in the capital market
In the quarter, short-term interest rates were relatively unchanged, while
long-term interest rates rose by more than 30 basis points.
The capital market is back on track and demand for investments has
expanded from A- to also include the BBB segment. We took advantage of
this trend to issue a green bond of SEK 350 million at the beginning of the
year within the framework of our MTN programme, which is the first issue
since October 2021. This is positive because we see the capital market as a good
complement to our financing structure, 80% of which comprises bank financing.
In the past year, the market has focused on loan-to-value ratio, interest
coverage ratio, debt-to-equity ratio and unrealised changes in value in the
property sector. Our key metrics remain in line with our long-term goals.
In the first quarter we continued to report negative value changes for
properties of SEK -38 million, which was offset by our project gains of SEK
102 million. The average yield in our entire portfolio is 5.1%.
Three clear priorities
As I mentioned earlier, at times like these, it is an obvious priority to
focus on strengthening our cash flows. Despite rising interest expenses,
the improvement in operating surplus meant income from property
management increased to SEK 169 million, compared with SEK 161 million
in the first quarter in the previous year.
Our rental income rose by 15% compared with the corresponding
period in the previous year. At the same time, property costs rose
by a more restrained 8%. Our second priority is customer focus. By
being able to satisfy the changing needs of our customers, we were
able to renegotiate leases with a rental value of SEK 39 million in the
quarter. Several of these leases have maturities of up towards ten years,
contributing to reducing our risk and extending our average remaining
lease term to 54 months (51).
Our third priority is sustainability, with the industry currently
accounting for 20% of CO 2e. We are actively working to reduce our impact
and were able to take several measures within reuse in the quarter. Among
other things, the reuse hub Rebygg began operations. This is an initiative
launched by Platzer and other industry operators, aimed at creating a
system for reuse. For example, work began on reclaiming the brick facade on
an older property in Gamlestadens Fabriker. Reuse has long been a topic of
conversation in the industry. Now we are putting our words into action.
Gothenburg in a unique position
Finally, I must reiterate the strong position enjoyed by the Gothenburg
region as a knowledge-intensive industrial city and Sweden’s strongest
logistics hub. We are also the city attracting the largest number of young
talent in Sweden and the region accounts for 34% of R&D investments by
Swedish industry, a large proportion of which is devoted to electrification
and green transition. I cannot stress enough what this means from a
long-term growth perspective and for future demand for office space and
logistics and industrial facilities.
I am convinced that, combined with increasingly positive signals
concerning the economy, this will lead to interesting opportunities.
According to the Riksbank, interest rates are likely to start to come down,
and we are seeing more and more positive signals from both companies and
households. The retail sector too is starting to recover a few tough years. I
take this to mean that households and companies are no longer in the grip
of the deepest pessimism.
There are likely to be some twists and turns ahead before the upturn
starts in earnest, but there are rays of hope. Of course, nothing will happen
spontaneously. I and my team are happy to get stuck in and are very
determined to make Gothenburg the best city in Europe to work in.
Johanna Hult Rentsch, CEO
Lease term, months
Q1/2023
51
Q1/2024
54
0
10 0
200
300
400
500
202420232022202120202019
SEK, million
Rental income, Jan-Mar
Office Industrial/logistics
===== SIDA 4 =====
4
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Our sustainability work
Energy and climate efficiency
Energy efficiency is part of our daily work. The goal
for 2024 is for energy performance not to exceed 73
kWh/sq. m. of area heated to a minimum of 10 °C.
Currently, the outcome over a rolling 12-month
period is 78 kWh/sq. m. of area heated to a minimum
of 10 °C. However, we saw an increase in the first
quarter of 2.6% compared with the corresponding
period in the previous year, which was due to
increased use of district heating.
In the previous year we significantly increased our
installed solar panel capacity. By the end of 2023, the
total installed capacity of our 20 solar power plants
amounted to just over 3,800 kW. During the quarter,
one more solar power plant came on stream.
We are continuing to monitor carbon savings
from reused materials in our construction projects.
In the first quarter, the reuse hub REbygg, which
is operated by Kålltorps Bygg, came on stream.
Together with Castellum and Vasakronan we are using
reclaimed building materials.
One new building was granted sustainable
building certification in the first quarter. At the same
time, the property Arendal 764:720 was split into
13 separate properties. The increased number of
investment properties meant that the proportion of
properties with sustainability certification declined
to 75% in the quarter (92).
Financing and green leases
Our green financing amounted to 66% (67%) at the
end of the first quarter. We also signed new leases
with green annexes, which raised the proportion of
green leases to 64% (54%).
Platzer in the community
Expectations from stakeholders and stricter
regulatory requirements are prompting us and other
companies to assume greater responsibility for
indirect impacts of our operations. One effect of this
is that we are reviewing potential risks in the supply
chain, introducing new requirements for suppliers
and reviewing our processes for monitoring
compliance.
In the first quarter, we concluded a framework
agreement with two new suppliers who will
be responsible for our outdoor environment.
This procurement involved strict sustainability
requirements and dialogue with the suppliers to
establish their approach to reducing their climate
impact, ensuring correct training of employees and
maintaining a safe and secure work environment.
We actively contribute to positive community development by having a carbon
footprint that is as small as possible. In the first quarter the reuse hub REbygg began
operations. More services came on stream in Lilla Bommen and at Medicinareberget,
property owners and life sciences operators increased their collaboration.
Sustainability
Platzer’s sustainability reporting
In our quarterly reports we account for the outcome of a few prioritised sustainability issues and sustainability goals,
and provide information on current events linked to our sustainability work during the quarter. An overall picture of
our sustainability work is published once a year in our sustainability report, which is prepared in accordance with the
Swedish Annual Accounts Act, GRI Standards and EPRA Sustainability Best Practice Recommendations (sBPR).
The Sustainability report for 2023 is available on our website integrated into our 2023 Annual Report.
Sustainability metrics measured on a quarterly basis
Unit
2024
Jan–Mar
2023
Jan–Mar
Change,
%
2023
jan-dec
Rolling
12 months
Energy consumption in comparable property, kWh/sq. m. of area heated to
minimum of 10 °C 30.3 29.6 2.6 77.2 78.1
Total energy (electricity consumption in our buildings,
district heating and district cooling) MWh 27,480 26,785 2.6 70,010 70,755
Carbon dioxide emissions (Scope 1** and Scope 2***) tonnes CO2e 134 120 11.7 279 N/A
Carbon dioxide emissions (Scope 1** and Scope 2***) per lettable area kg CO2e/sq. m. 0.16 0.14 12.7 0.31 N/A
Green leases percentage of lettable area 64.0 53.7 19.2 61.4 N/A
Properties with sustainable building certification percentage of investment properties 75.4 91.7 –19.1 80.4 N/A
Green finance % 66 67 –1.5 65 N/A
* Refers to properties owned by us throughout 2023 and 2024.
**Scope 1 carbon dioxide emissions from pooled cars and refrigerant leaks.
**Scope 2 carbon dioxide emissions from district heating, from 2023 only emissions from incineration are included in Scope 2.
Emissions from district heating related to production and transport are included in Scope 3, which are reported on an annual basis.
We strive to be an active participant in the
development of the areas in which we operate, both
through our own properties and in collaboration
with others. District development is a key part of our
strategy. At Medicinareberget, we and other property
owners have formed a committee to jointly develop
the area and strengthen the existing life sciences
cluster. In Lilla Bommen, an unmanned self-service
local grocery store that is open 24/7 opened its doors
in January. The shop, which opened in response
to requests made by customers in the area, has
contributed to the development of the area.
In our work on the development of the Södra
Änggården mixed urban area, we are building a
new secondary school for Internationella Engelska
Skolan. The school playground will be decorated
with cast bronze statues of children, created by
artist Christian Verginer. The statues will be in
place before the autumn term, when the school will
receive its first students. They will be part of the first
public art project in Södra Änggården.
===== SIDA 5 =====
5
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Our total property portfolio as at 31 March 2024
comprised 88 properties, 21 of which are project
properties. The total property portfolio included five
jointly owned properties, which are accounted for
as associates. The number of properties increased
by eleven in the quarter as a result of the division of
Arendal 764:720, which became legally binding. Total
lettable area, including associates, was 960,000 sq.
m. and was unchanged in the quarter. The fair value
of the properties was SEK 28,415 million excluding
associates.
The economic occupancy rate during the period
was 93% (92).
Net lettings and renegotiated leases
Our net lettings for the first quarter amounted to SEK
3 million, boosted by the continued good demand in
the logistics market. Demand in the office market
in Gothenburg remains stable, despite the weak
economic situation.
The average remaining lease term increased
compared with the first quarter in 2023 and was 54
months (51). This was due to the fact that many large
leases were extended. The number of commercial
leases was 700 (692), generating total rental income
of SEK 1,647 million (1,397) on an annual basis.
Revenue from car parks and parking contracts
amounted to SEK 60 million (58). The 20 largest
leases accounted for 34% (37) of rental value. In the
period, leases with a total rental value of SEK 39
million were renegotiated, resulting in longer lease
terms.
Letting and property management
Net lettings Offices Industrial/logistics Total
SEK m Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023
Investment properties – lettings 10 44 4 3 14 47
Investment properties – lease terminations –23 –21 –12 –6 –35 –27
Project properties – lettings — — — — — —
Project properties – lease terminations — — — — — —
Associates – lettings 5 2 19 — 24 2
Associates – lease terminations — –1 — — — –1
Total net lettings –8 24 11 –3 3 21
-60
-50
-40
-30
-20
-10
0
10
20
30
40
50
60
70
80
Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
Net lettings, by quarter
SEK, million
Investment properties,
terminated
Investment properties,
lettings
2019 2020 2021 2022 2023 2024
Terminated projectNew project
Net per quarter
0
20
40
60
80
100
120
Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
Renegotiated leases and rent increases, by quarter
SEK, million
Rental increases (%) Volume of rent
2019 2020 2021 2022 2023 2024
%
0
10
20
30
40
50
Renegotiated
leases Offices
Industrial/
logistics Total
Q1
2024
Q1
2023
Q1
2024
Q1
2023
Q1
2024
Q1
2023
Investment property
Rental value after
renegotiation, SEK m 20 12 19 32 39 44
Investment property
Change in rent, % 1 9 0 12 0 11
Associates
Rental value after
renegotiation, SEK m — — — — — —
Associates
Change in rent, % — — — — — —
Continued good demand in the logistics market and stable demand
in the office market in Gothenburg, despite the weak economic
situation. Longer remaining average lease term.
Operations
===== SIDA 6 =====
6
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Industrial and logistics
We are the leading player in Arendal in industrial and logistics. Major
clients include DFDS, DHL, NTEX, Plasman, Polestar, Schenker, SSAB
and Sveafjord (AB Volvo). In total, we had 64 (59) commercial leases
in industrial and logistics, generating total rental income of SEK 405
million (283) on an annual basis. The increase in rental income was due
to lettings in our own investment properties, index-linked increases,
newly developed projects and acquisitions.
Offices
In the offices segment we are the leading player in Lilla Bommen,
Gårda and Gamlestaden. Major clients include ESS Group, the City of
Gothenburg, the University of Gothenburg, the Swedish Migration
Agency, Nordea and Region Västra Götaland. In total, we have 636 (617)
commercial leases for offices, generating total rental income of SEK
1,242 million (1,114) on an annual basis. The increase in rental income
was due to lettings in our own investment properties, index-linked
increases and newly developed projects.
Area distribution per category
Office
Industrial/logistics
50%
37%
2%
Care
Retail
Project
Other
Restaurant
Hotel
6%
1%1%
3%
Property value per segment
Office
Central
Gothenburg
Office
North East
Gothenburg
53%
4%
15%
23%
5%
Industrial/
logistics
Project
Office
South West
Gothenburg
Major clients Share1)
Sveafjord (AB Volvo) 5%
ESS Group AB 5%
Region Västra Götaland 4%
Swedish Migration Agency 4%
City of Gothenburg 3%
DFDS Logistics Contracts AB 3%
University of Gothenburg 3%
Mölnlycke Health Care AB 2%
NTEX AB 2%
Nordea Bank Abp, Sweden branch 2%
Total 33%
1) Share of contracted rental income
Operations
AREA: ALMEDAL
PROPERTY: ALMEDALS FABRIKER
33%
21%
Rental income from 10% largest
customers
Rental income from public sector0
50
100
150
200
250
300
350
400
450
500
2029 -2028 2027202620252024
Maturity structure leases, per business area
SEK, million
Rental income,
business area Office
Number of contracts,
business area Office
Number of contracts,
business area Industrial/logistics
Rental income,
business area Industrial/logistics
70
35
105
140
175
0
Number
===== SIDA 7 =====
7
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Number of
properties
Lettable area,
sq. m.
Fair value,
SEK m
Rental value,
SEK m
Economic
occupancy rate, %
Rental income,
SEK m
Operating
surplus, SEK
m
Surplus ratio,
%
Central Business District (CBD) 8 73,963 4,381 260 91 236 189 80
City centre excl. CBD 18 225,135 10,684 658 95 627 499 80
Central Gothenburg 26 299,098 15,065 918 94 863 688 80
East Gothenburg 7 119,588 2,947 230 96 220 170 77
Norra Älvstranden/Backaplan 4 38,706 1,440 102 96 98 77 79
North/East Gothenburg 11 158,294 4,387 332 96 318 247 78
West Gothenburg 4 22,079 275 30 83 25 17 68
Mölndal 4 28,794 775 63 97 61 48 80
South/West Gothenburg 8 50,873 1,050 93 92 86 65 76
Total investment properties, offices 45 508,265 20,502 1,343 94 1,266 1,000 79
Project properties, offices 16 1,860 1,246 31 97 30 28 93
Total offices excl. associates 61 510,125 21,748 1,374 94 1,296 1,028 79
Investment properties, industrial/logistics 19 402,374 6,433 421 94 396 329 83
Project properties, industrial/logistics 3 — 234 15 100 15 14 93
Total industrial/logistics excl. associates 22 402,374 6,667 436 94 411 343 83
Total Platzer excl.
associates 83 912,499 28,415 1,810 94 1,707 1,371 80
Associates offices 100% 3 47,454 2,906 158 97 154 125 —
Associates industrial/logistics 100% 2 — 325 — — — –1 —
Rental income, SEK m
Leases agreed for occupancy as of 1 October
2024: Offices
Industrial/
logistics
Platzer
total
Current and future new build projects, including
associates — 19 19
Investment properties, including associates 6 — 6
Rental income, SEK m
Terminated leases with vacation as of 1 April
2024: Offices
Industrial/
logistics Platzer total
Current and future new build projects, including
associates — — —
Investment properties, including associates 39 13 52
The summary is based on the property portfolio as at 31 March 2024 and is
based on completed lease agreements. It provides a snapshot of our earning
capacity for 2024 but it is not a forecast. The table is not an assessment of
any changes in leases.
The breakdown of office property is in line with the general geographical
breakdown used by the property industry in Gothenburg with the exception
of our property at Backaplan, which we account for as Norra Älvstranden.
We report our industrial/logistics properties and project properties
separately. Project properties include all our properties in Södra Änggården,
for example. Below the line Total Platzer excl. associates we report the
figures for our associates at 100% of the value, irrespective of our holding,
which is usually 50%.
Leases that have been concluded for future occupancy in six months or
later and future vacancies from terminated leases are reported in a separate
table.
By rental value we mean rental income plus the estimated market rent
for vacant premises in their existing condition. The results-related columns
include current leases in existing properties, including for future occupancy
in the next six months. Leases for later occupancy or in properties currently
under construction are not included.
Rental income refers to contracted rental income, including agreed
supplements such as payments for heating and property taxes, and
excluding limited period discounts of approximately SEK 65 million. For
project properties where the project has not yet started or where projects
are underway, the information relating to rental value, rental income and
operating surplus refers to existing leases and costs in the property. For
project properties where occupancy is due to take place in the next six
months, the figures include rental value, rental income and operating
surplus attributable to these leases.
The operating surplus shows the properties’ earning potential on an
annual basis, defined as contracted rental income as at 1 April 2024.
Deductions are made for estimated property costs, including property
administration, for a normal year.
The table for earning capacity shows a surplus ratio of 80% excluding
terminated leases, which are presented below the table. The surplus ratio
for 2023 was 78% and for the first quarter of 2024 it was 77%.
Earning capacity as at 31 March 2024
Operations
===== SIDA 8 =====
8
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Property transactions
Acquisitions
No acquisitions were carried out or agreed in the period.
Disposals
No disposals were carried out or agreed in the period.
Acquisitions
Agreement signed
Year/quarter Property designation Area Segment Type of property
Lettable
area, sq.
m.
Prel. completion
date
Agreed property
value, SEK million
2021/Q3 Kungsfisken 7 (MIMO) Mölndal Offices Inv. property 32,000 2024/Q4* 1,800 (prel)
Acquisitions, total 32,000 1,800
Disposals
Agreement signed
Year/quarter Property designation Area Segment Type of property
Lettable
area, sq.
m.
Prel. completion
date
Agreed property
value, SEK million
2017/Q4 Högsbo 55:9 Södra Änggården Residential property Project property 17,600 2025/Q2 185
2017/Q3 Högsbo 3:12 Södra Änggården Residential property Project property 13,950 2024/Q4 190
2017/Q4 Högsbo 3:11 Södra Änggården Residential property Project property 15,350 2025/Q2 161
Disposals, total 46,900 536
The table shows property transactions completed in the period as well as agreed but not yet completed transactions.
* Conditional 80% occupancy rate etc.
Operations
AREA: TORSLANDA
PROPERTY: SÖRRED LOGISTIKPARK (SÖRRED 8:16)
TENANT: VOLVO CARS
===== SIDA 9 =====
9
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Lilla Bommen
Lilla Bommen is currently undergoing rapid expansion, involving
development of the central area and expansion of the city towards the
water. The new Hisingsbro bridge is creating opportunities for more activity
and additional services in the area. In this area we have converted Aria
(Gullbergsvass 1:1) into a modern office building incorporating a restaurant
and other public amenities and services on the ground floor.
In the first quarter, the self-service local grocery store Lilla Landet, which
is open 24/7, opened its doors, which boosted the number of services in the
area. Ragn-Sells decided to lease office space in Aria, having previously leased
space in Mindpark in the same building. Later this spring, Capio Sverige will
move in.
Directly adjoining the new Hisingsbron bridge, we have an option to acquire
two building rights for a total of 43,000 sq. m. GFA, covered by a valid detailed
development plan.
Masthugget
Masthugget is one of the oldest districts in Gothenburg and is currently
undergoing rapid transformation. We are collaborating with other property
owners to improve safety in area, among other things. On 1 August 2024, the
Designgymnasiet upper secondary school, which specialises in design, will
open its doors in our premises at Stigberget.
City centre
The area around Skeppsbron is one of the most attractive areas in
Gothenburg. In Q4 we completed our work on the older part of the Merkur
building (Inom Vallgraven 49:1) in this area, which we own jointly with
Bygg-Göta. In the first quarter we entered into a lease for a restaurant at
street level.
Gårda
We have completed several large projects in Gårda in recent years – most
recently the construction of Kineum, including the destination hotel Jacy’z.
Together with other property owners we are driving efforts to make the
area more accessible by public transport. In 2023 we also began work on
developing the amenities offered at Gårdatorget, for example, by signing a
lease with the gym chain Nordic Wellness.
In line with our ambition to create a vibrant city with active ground floors,
in the first quarter we entered into a lease with the Din Veterinär veterinary
clinic, which will take occupancy in October. After the summer, the vocational
school Medieinstitutet will also move into new premises. The school will take
occupancy already in June, but the school term starts in August.
Södra Änggården
Södra Änggården is a completely new district. We have previously sold
residential building rights to residential property developers and completion
of the sales is currently underway, with the last sale due to be completed
in 2027. At the same time, we are continuing our work on the school building
where Internationella Engelska Skolan (IES) will move in in autumn 2024.
Work on non-structural elements is currently underway. Together with the
artist Christian Verginer, we are also creating the first public artwork in Södra
Änggården. This will be installed in the new school playground in the summer.
Gamlestaden
Gamlestaden is one of the most exciting districts undergoing development
in Gothenburg. In Gamlestadens Fabriker (Olskroken 18:7, etc.) we are
managing an urban development project comprising offices, retail, housing,
car parks, etc. Development of our building rights and letting is currently
underway, together with preparatory work on infrastructure.
Project and district development
We currently manage major projects comprising a total lettable area of 75,000 sq. m., including joint
ventures and associates. In addition to these, we have potential development projects of 340,000
sq. m. gross floor area (GFA), of which residential building rights of around 80,000 sq. m. in Södra
Änggården have been sold. The portfolio comprises projects in all stages, from detailed development
plan to buildings ready for occupancy.
Operations
In the first quarter, we also began work on modifying the facade of one of
the buildings prior to the reinforcement and elevation of the quay along the
Säveån river that will take place in 2025. In Gamlestadens Fabriker we also
began work on Regissören, Gothenburg’s new events venue, and welcomed
the distillery Ego and the Dubbelhakan pizzeria. We also started early
preparations for the development of Turitzhuset building, on the other side
of the street. In the past, the building was the head office of NK and Epa.
Almedal
Almedals Fabriker (Skår 57:14) is a former industrial district located
alongside the Mölndalsån river, just south of Liseberg, where we are
continuing our work on a detailed development plan to develop office space
and other commercial space that will complement existing businesses.
Mölndal
The centre of Mölndal has undergone complete transformation in recent
years. Here, NCC is currently erecting the office building Mimo, where
letting is in full swing. The building is so far around 60% let. We will take
occupancy in the fourth quarter of 2024 at the earliest.
Arendal–Torslanda
Arendal and Torslanda are the most attractive industrial and logistics
locations in Sweden with their close proximity to the largest port in the
Nordic region, the Volvo companies and the Novo battery plant that is
currently under construction. Together with Catena (previously Bockasjö)
we are developing Sörred Logistikpark. In the first quarter, we signed a lease
for 14,850 sq. m. with Volvo Cars in building V4 (Sörred 8:16), leaving one
building right for 30,000 sq. m. to be developed.
Letting of the last premises in the project Låssby 3:142 which totals 22,000
sq.m. is in progress. The project at Syrhåla 2:3 of 14,000 sq. m. is fully let and
will be completed in the second quarter of 2024.
We have embarked on a major district development project in our
property portfolio at Arendal, where we, together with others, including
Stena Line (which will establish a ferry service in the area in 2028), are
creating the prerequisites for continued development of one of the best
industrial and logistics locations in Sweden. The split of our large property
into several smaller properties was part of this development. In the first
quarter, we also signed a lease with ABB for 5,000 sq. m. in Arendal.
The area has the potential for further development of 70,000 sq. m. of
modern logistics facilities in the immediate vicinity of the port.
===== SIDA 10 =====
10
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Property Segment
Redeveloped
area,
lettable area,
sq. m.
New area,
lettable
area,
sq. m.
Total
investment
incl. land,
SEK m 1
Remaining
investment,
SEK m
Fair
value,
SEK m
Rental
value,
SEK m
Economic
occupancy
rate, % Completed
Gullbergsvass 1:1, Aria
Offices/Central
Business District
(CBD) 15,294 — 1,254 117 904 61 70 Q2 2024
Högsbo 55:13, School
Södra Änggården
Offices/South-
West Gothenburg — 8,964 468 66 498 29 100 Q3 2024
Total 15,294 8,964 1,722 183 1,402 90
Jointly owned properties accounted for as associates
Property Segment
Converted
area, lettable
area, sq. m.
New area,
lettable area,
sq. m.
Total
investment
incl. land,
SEK m 1
Remaining
investment,
SEK m
Fair
value,
SEK m
Rental
value,
SEK m
Economic
occupancy
rate, %
Com-
pleted
Sörred 8:16, Building V4,
Sörred Logistikpark
Industrial/
Logistics — 14,850 273 49 224 19 100 Q3 2024
Total — 14,850 273 49 224 19
1 The total investment including land value also includes the value on acquisition of existing building and planned investment.
2 Possible construction start is the estimated start date of the project, provided planning work proceeds as expected and pre-letting has reached a
satisfactory level.
3 Platzer does not currently own the land but has an option to acquire the land together with building right at the market rate.
Major projects underway
Property Segment Type of property
New area
GFA sq. m. Project phase
Possible
construction
start 2
Högsbo 55:11, Södra Änggården Offices/West Gothenburg
mixed
urban area 17,000
detailed development
plan adopted 2024
Olskroken 18:13, Gamlestadens Fabriker Offices/East Gothenburg offices/retail 19,900
detailed development
plan adopted 2024
Olskroken 18:14, Gamlestadens Fabriker Offices/East Gothenburg offices 10,200
detailed development
plan adopted 2024
Olskroken 18:7, Gamlestadens Fabriker Offices/East Gothenburg offices 2,300
detailed development
plan adopted 2024
Bagaregården 17:26 Offices/East Gothenburg
mixed
urban area 60,000
detailed development
plan in progress 2025
Gullbergsvass / Lilla Bommen 3
Offices/Central Business
District (CBD) offices 43,000
detailed development
plan adopted 2025
Högsbo 2:2, Södra Änggården Offices/West Gothenburg
mixed
urban area 6,850
detailed development
plan adopted 2025
Högsbo 34:13, Södra Änggården Offices/West Gothenburg
mixed
urban area 7,150
detailed development
plan adopted 2025
Högsbo 55:10, Södra Änggården Offices/West Gothenburg preschool 1,800
detailed development
plan adopted 2025
Olskroken 18:10, Gamlestadens Fabriker Offices/East Gothenburg offices 29,000
detailed development
plan adopted 2025
Skår 57:14, Almedals Fabriker
Offices/City centre excl.
CBD offices 25,000
detailed development
plan in progress 2025
Solsten 1:110 Offices/East Gothenburg offices 3,000
detailed development
plan adopted 2025
Olskroken 18:11, Gamlestadens Fabriker Offices/East Gothenburg offices 9,000
detailed development
plan adopted 2026
Olskroken 18:12, Gamlestadens Fabriker Offices/East Gothenburg offices 6,000
detailed development
plan adopted 2027
Total Business area Offices 240,200
Potential development projects
Business area Offices Business area Industrial and logistics
Major projects underway
Property Segment
Redeveloped
area, lettable
area, sq. m.
New area,
lettable area,
sq. m.
Total
investment
incl. land,
SEK m 1
Remaining
investment,
SEK m
Fair
value,
SEK m
Rental
value,
SEK m
Economic
occupancy
rate, %
Com-
pleted
Låssby 3:142 (formerly
Syrhåla 3:1, phase 2)
Industrial/
Logistics — 22,000 300 21 271 18 56 Q2 2024
Syrhåla 2:3
Industrial/
Logistics — 13,700 210 48 172 14 100 Q2 2024
Total — 35,700 510 69 443 32
Property Segment Type of property
New area
GFA sq. m. Project phase
Possible construction
start 2
Arendal 1:21 (formerly Arendal
764:720, building right A) Industrial/Logistics industrial/logistics 15,000
detailed development
plan adopted 2024
Arendal 1:29 (formerly Arendal
764:720, building right B) Industrial/Logistics industrial/logistics 10,000
detailed development
plan adopted 2024
Arendal 1:31 (formerly Arendal
764:720 Arendals udde) Industrial/Logistics industrial/logistics 45,000
detailed development
plan adopted 2024
Total, Industrial/logistics
business area 70,000
Potential development projects
Jointly owned properties accounted for as associates
Property Segment Type of property
New area
GFA sq. m. Project phase
Possible construction
start 2
Sörred 8:15, Sörred
Logistikpark, building right V3 Industrial/Logistics industrial/logistics 30,000
detailed development
plan adopted 2024
Total 30,000
Operations
===== SIDA 11 =====
11
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
CONSOLIDATED
Results and comments on results
SEK m
2024
Jan-Mar
2023
Jan-Mar
2023
Jan-Dec
2023/2024
Apr-Mar
Rental income 404 350 1,453 1,507
Property costs –91 –84 –321 –328
Operating surplus 313 266 1,132 1,179
Central administration –15 –15 –59 –59
Share of profit of joint ventures and associates 49 –36 –75 10
– of which income from property management 10 7 30 33
– of which changes in value 65 –40 –70 34
– of which tax –13 8 –13 –8
– of which sundry expenses –11 –11 –48 –49
Net financial income/expense 1 –139 –97 –494 –536
Profit including share of profit of joint ventures and associates 208 118 504 594
- of which income from property management2 169 161 609 617
Change in value, investment properties –38 0 –1,277 –1,315
Change in value, financial instruments 109 –87 –380 –184
Profit/loss before tax 279 31 –1,153 –905
Tax on profit/loss for the period –49 –4 210 165
Profit/loss for the period 3 230 27 –943 –740
Comprehensive income for the period
Parent company’s shareholders 230 27 –943 –740
Earnings per share 4 1.92 0.23 –7.87 –6.18
1 Net financial income/expense includes ground lease costs totalling SEK 0.2 million (0.2) for the period.
2 Refers to income from property management excluding changes in value, tax and sundry expenses in joint ventures and associates.
3 The Group has no other comprehensive income and therefore the consolidated profit for the period is the same as comprehensive income for the
period.
4 There is no dilution effect because there are no potential shares.
Results
Income from property management for the period
amounted to SEK 169 million (161), of which SEK
10 million (7) was attributable to joint ventures
and associates. In spite of rising interest expenses,
income from property management was on a
par with the previous year, thanks an improved
operating surplus.
Profit for the period amounted to SEK 230
million (27). Changes in the value of wholly-owned
properties had a negative effect on profits of SEK –38
million (0) and revaluations of financial instruments
impacted results by SEK 109 million (–87).
Rental income
Rental income in the period increased to SEK 404
million (350), an increase of 15%. Rental income was
boosted by the acquisitions of Sörred 7:21, Sörred
8:12 and Sörred 8:14, as well as by Låssby 3:142 and
Låssby 3:143, where occupancy took place in Q4 2023.
Rental income was also boosted by Kineum (Gårda
16:17), where tenants took occupancy throughout
2023, and by index-linked increases of SEK 17
million. Annualised rental income from existing leases
(as at 31 March 2024) is estimated at SEK 1,707 million
(1,455), see earning capacity on page 7. The economic
occupancy rate during the period was 93% (92).
Property costs
Property costs for the period amounted to SEK –91
million (–84).
The increase of SEK 7 million was partly due to our
acquisitions of Sörred 8:12, 8:14 and 7:21, and partly to
the properties Låssby 3:142 and Låssby 3:143. Utility
costs in the period showed a net decrease as a result
of lower consumption and lower electricity prices. At
the same time, the cold first quarter resulted in higher
heating costs and snow removal and anti-icing costs.
Q1 2024
SEK m
Q1 2023
SEK m Change, %
Comparable properties 77 74 4
Property development 3 2
Project development 9 8
Property transactions 2 —
Property costs 91 84 8
Operating surplus
The operating surplus in the period increased by 18%
(14) to SEK 313 million (266). The operating surplus for
comparable properties rose by 7% (19), primarily as a
result of new leases and index-linked increases. The
surplus ratio was 77% (76). The yield for all wholly-
owned properties was 4.4% (3.9).
For comments on individual quarters, see page 18.
Q1 2024
SEK m
Q1 2023
SEK m Change, %
Comparable properties 333 313 6.4
Property development 7 5
Project development 46 32
Property transactions 18 —
Rental income 404 350 15.4
Results & Financial position
===== SIDA 12 =====
12
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
CONSOLIDATED
Central administration and staff
Central administration costs for the period
amounted to SEK –15 million (–15). The number of
employees at the end of the period was 85 (86).
Share of profit of joint ventures and
associates
Share of profit of joint ventures and associates for the
period was SEK 49 million (–36), most of which was
attributable to changes in the value of properties. See
page 56 of the 2023 Annual Report for a description of
investments in associates and joint ventures.
Net financial income/expense
Net financial income/expense for the period
amounted to SEK –139 million (–97). Net financial
items were adversely affected by higher interest
rates and larger debt.
Borrowings were up on the corresponding period
in the previous year by an average of just over SEK
2,000 million. The increase was the net effect of
financing of completed acquisitions and project
investments as well as current cash flows.
Average interest rate for the period, including the
effects of derivative instruments, was 4.2% (3.4).
Changes in value
Changes in the value of wholly-owned properties in
the period amounted to SEK –38 million (0). See page
13 for more information.
Changes in the value of financial instruments
totalled SEK 109 million (–87).
Tax
Tax for the period amounted to SEK –49 million (–4),
of which –15 million (11) comprised current tax and
SEK –34 million (7) net was deferred tax. Deferred tax
was primarily impacted by changes in the value of
properties and financial instruments.
Segment reporting
We report our operations in three geographical office
segments as well as industrial/logistics:
• Offices Central Gothenburg (Almedal, City
Centre, Gårda, Lilla Bommen, Masthugget and
Medicinareberget).
• Offices North/East Gothenburg (Backaplan,
Gamlestaden, Lindholmen and Mölnlycke).
• Offices South/West Gothenburg (Högsbo and
Mölndal)
• Industrial and Logistics (Arendal and Torslanda)
Project properties are included in the segment to
which they belong. The total operating surplus in
segment reporting for wholly-owned properties
corresponds to the operating surplus reported in the
income statement and the total value of property
and investments, etc., corresponds to the balance
sheet. The properties we own through associates are
accounted for in a separate segment table.
Segment reporting, associates
Offices
Industrial/
Logistics Total
Period refers to Q1
Central
Gothenburg
South/West
Gothenburg
North/East
Gothenburg
SEK m 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Rental income 37 33 — — — — — 1 37 34
Property costs –7 –7 — — — — — 0 –7 –7
Operating surplus 30 26 – – – – – 1 30 27
Fair value, properties 2,906 2,734 — — — — 325 1,230 3,231 3,964
Investments/acquisitions/disposals/
changes in value over the year 126 3 — — — — 34 44 160 47
0
50
100
150
200
20242023202220212020
Income from property management, Jan-Mar
SEK, million
Segment reporting, wholly-owned properties
Offices
Industrial/
Logistics Total
Period refers to Q1
Central
Gothenburg
South/West
Gothenburg
North/East
Gothenburg
SEK m 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Rental income 204 185 23 22 78 74 99 69 404 350
Property costs –46 –44 –7 –7 –20 –19 –18 –14 –91 –84
Operating surplus 158 141 16 15 58 55 81 55 313 266
Fair value, properties 15,080 15,937 2,199 2,249 4,436 4,555 6,700 4,646 28,415 27,387
Investments/acquisitions/disposals/
changes in value over the year –32 96 114 80 –67 75 150 142 165 393
Results & Financial position
===== SIDA 13 =====
13
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
CONSOLIDATED
Value of properties and property valuation
The properties were recognised at fair value of
SEK 28,415 million (28,250), which was based on an
internal valuation as at the balance sheet date.
All properties are valued internally on a quarterly
basis in our valuation model based on 10-year cash
flows in accordance with an established model.
External valuations are commissioned on a regular
basis during the financial year and these provide
guidance and quality assurance for the internal
valuation. At year-end we also carry out an external
valuation of a few sample properties that form a
cross-section of the property portfolio. Our goal is
for the external valuation to be carried out for at
least 30% of the value of the property portfolio at
year-end. In the year-end valuation commissioned
for 2023, external valuations were carried out of
properties corresponding to 43% of the value of
the total property portfolio. Our internal year-end
valuation in 2023 was 3.1% higher than the external
valuation, which is well within the confidence
interval for market valuations. The investment
properties are valued within level 3 in the IFRS 13
fair value hierarchy.
The internal property valuation for the period
showed a change in the value of wholly-owned
investment properties of SEK –38 million (0). Change
in value for the period was positively impacted by
SEK 102 million from urban development, project
development and property development. It was
negatively impacted by SEK –40 million as a result
of changes in required yields in the portfolio and by
SEK –100 million due to adjusted rent from vacant
Financial position
Balance sheet, condensed
SEK m 31 Mar 2024 31 Mar 2023 31 Dec 2023
Assets
Investment properties 28,415 27,387 28,250
Right of use assets, leasehold 30 30 30
Other non-current assets 25 27 24
Financial assets 1,069 1,369 927
Current assets 453 376 375
Cash and cash equivalents 45 275 167
Total assets 30,037 29,464 29,773
Equity and liabilities
Equity 12,471 13,450 12,480
Deferred tax liability 2,351 2,568 2,270
Non-current interest-bearing liabilities 10,573 9,407 9,988
Lease liability 30 30 30
Other non-current liabilities 149 226 150
Current interest-bearing liabilities 3,717 2,962 3,964
Other current liabilities 746 821 891
Total equity and liabilities 30,037 29,464 29,773
Pledged assets as at 31 March 2024 amounted to SEK 13,482 million (SEK 11,275), while contingent liabilities amounted to SEK 1,175 million (1,572).
SEK m
2024
Jan-Dec
2023
Jan–Mar
2023
Jan-Dec
Value of properties, opening balance 28,250 26,994 26,994
Investments in existing properties 203 376 1,323
Property acquisitions — 17 1,463
Property sales — — –253
Changes in value –38 0 –1,277
Value of properties, closing balance 28,415 27,387 28,250
Changes in the value of properties
Results & Financial position
Platzer’s financial position is stable. Our ongoing projects are proceeding according to plan,
with financing agreed and a high occupancy rate.
===== SIDA 14 =====
14
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
CONSOLIDATED
SEK m
2024
Jan–Mar
2023
Jan–Mar
2023
Jan–Dec
Equity attributable to the Parent Company's shareholders
At the beginning of the year 12,480 13,698 13,698
Comprehensive income for the period 230 –329 –943
Dividend –240 –275 –275
At year-end 12,471 13,094 12,480
Total equity 12,471 13,094 12,480
Changes in equity, condensed
properties. Each property is valued individually and
therefore any portfolio premiums have not been
taken into account. The average yield requirement
in the valuation as at the balance sheet date was
5.08%, on a par with 31 December 2023. As a result of
the changing market situation, yield requirements
for offices and industrial/logistics properties in
our portfolio were unchanged in the first quarter,
and the property split had a positive effect. Our
assumption of inflation for 2024 onwards is 2%
per year, which is in line with the assumptions of
external valuation experts.
Transactions and investments
No transactions were carried out in the first quarter
of the year. Investments in existing properties in the
period amounted to SEK 203 million (376), with the
largest investments comprising a new build project
at properties in Torslanda and the school in Södra
Änggården.
Financial assets
The increase in financial assets in the quarter
was attributable to increases in both the value of
properties owned by associates and the value of the
derivatives portfolio.
Equity
The Group’s equity amounted to SEK 12,471 million
(12,480) as at 31 March 2024. The equity/assets
ratio on the same date was 42% (42), well above the
financial target of 30%.
Equity per share as at 31 March stood at SEK 104.08
(104.16), while the long-term net asset value, EPRA
NRV, was SEK 120.87 (121.19) per share.
Results & Financial position
AREA: GAMLESTADEN
PROPERTY: GAMLESTADENS FABRIKER
PROJECT: REGISSÖREN
===== SIDA 15 =====
15
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Interest-bearing liabilities
As at 31 March 2024, interest-bearing liabilities
amounted to SEK 14,290 million (13,952), which
corresponds to a loan-to-value ratio of 50% (49). The
average loan maturity was 2.1 years (2.0). Current
interest-bearing liabilities on the balance sheet refer
to loans that should be renegotiated within the next
twelve months and repayments according to plan.
Interest-bearing liabilities primarily comprised
bank loans of SEK 10,601 million (10,803), secured
through property mortgage deeds. Platzer is
also borrowing SEK 1,344 million (1,344) in
the form of secured green bonds via Svensk
FastighetsFinansiering (SFF). In order to obtain direct
financing in the capital market, Platzer has launched
an MTN programme and associated green debt
framework for unsecured bonds of SEK 5 billion, as
well as a SEK 2 billion commercial paper programme.
Outstanding unsecured green bonds amounted
to SEK 1,650 million (1,300) and commercial paper
amounted to SEK 695 million (505). The first maturity
of an unsecured bond is in November 2024.
Interest-bearing liabilities increased by SEK 338
million in the quarter. Secured bank loans of SEK
–527 million matured or were renegotiated, while
the company obtained new secured bank loans or
extended existing ones of SEK 347 million. We issued
an unsecured MTN of SEK 350 million. The volume
of commercial paper increased by SEK 190 million.
Loan repayments and other payments by instalments
amounted to SEK –22 million.
Pledged assets
Unsecured financing accounted for 16% (13) of
interest-bearing liabilities. Of interest-bearing
liabilities, SEK 11,924 million (12,147) were secured
against mortgage deeds, corresponding to 42% (43) of
the property value.
Fixed interest and derivatives
The average fixed-rate period, including the effect of
interest derivatives, was 2.8 years (2.8) as at 31 March.
As at 31 March, the average interest rate, including
derivative instruments, was 4.08% (4.04), excluding
unused credit commitments, and 4.20% (4.15)
including unused credit commitments. The average
interest rate was 0.05 percentage points higher
compared with 31 December 2023, primarily as a
result of a higher margin on the new MTN and partly
due to larger borrowings. The interest coverage ratio
for the period was 2.1 (2.2).
The total volume of derivatives as at 31 March
was SEK 8,420 million (8,270). In the period, Platzer
entered into new interest rate swaps of SEK 400
million, while SEK 250 million were terminated
or matured. Callable swaps account for SEK 500
million of total volume. Interest rate swaps are
used as interest rate hedges for loans at variable
rates and to achieve the desired term structure of
interest rates. The market value of the derivatives
portfolio as at 31 March 2024 was SEK 340 million
(230) and the unrealised change in value was SEK 109
million. Only realised changes in value affect cash
flow and the market value will be resolved through
changes in value during the remaining maturity of
the derivatives.
Credit rating
The company has a BBB- credit rating with negative
outlook, awarded by the credit rating institution Nordic
Credit Rating. The rating was reaffirmed while the
outlook was lowered in October 2023.
Interest-bearing liabilities
Green MTN, SEK 1,650 million
Green bank loans, SEK 5,421 million
Green bonds SFF, SEK 1,344 million
Bank loans, SEK 4,160 million
Sustainability-linked bank loans, SEK 1,020 million
38%
9%12%
7%
29%
5%
66%
SUSTAINABLE
FINANCING
Commercial paper, SEK 695 million
Interest maturity Loan maturity
Year
Interest-
bearing
volume,
SEK m
Average
interest
rate, %
Credit
agree-
ments,
SEK m
Used
SEK m
of which
bank,
SEK m
of which
MTN/CP,
SEK m
0–1 years 7,140 6.65 4,762 4,412 2,569 1,843
1–2 years 250 0.82 4,535 4,185 3,235 950
2–3 years 400 0.94 4,862 3,382 2,486 896
3–4 years 1,780 1.42 860 700 700 —
4–5 years 1,250 1.47 625 625 625 —
5–6 years 1,100 1.39 500 500 500 —
6–7 years 1,050 1.34 486 486 486 —
7–8 years 520 1.79 — — — —
8–9 years 800 2.62 — — — —
9–10 years — — — — — —
Total 14,290 4.08 16,630 14,290 10,601 3,689
Target/
mandate
Outcome
31/03/2024
Equity/assets ratio > 30% 42%
Loans with one bank > 35% 27%
Percentage of loans maturing within one year* > 35% 26%
Average loan maturity > 2 years 2.1 years
Average fixed-rate period 2–5 years 2.8 years
Fixed-rate period due to mature within 12 months, proportion 20–60% 50%
* excl. commercial paper
Financing
Financing policy
Financing & Share
0
0,5
1
1,5
2
2,5
3
3,5
4
4,5
5
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024
2022-06-
30
2022-09-
30
2022-12-
31
2023-03-
31
2023-06-
30
2023-09-
30
2023-12-
31
2024-03-
31
Diagramrubrik
%
0.00
1.00
2.00
3.00
4.00
5.00
2022 2023 2024
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Average interest rate at end of period
1) Net volume of interest-bearing loans and derivatives results in a high average interest rate.
Average interest rate loans excluding derivatives 5.57%.
===== SIDA 16 =====
16
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
The Platzer share
The company’s share price at 31 March 2024 was SEK 92.00 per share
(84.20), corresponding to a market capitalisation of SEK 11,023 million
(10,088) based on the number of outstanding shares. A total of 8.4
million (4.4) shares, worth a total of SEK 681 million (390), changed
hands in the quarter. Average daily turnover was 132,800 (68,000)
shares. As at 31 March, the company had 6,222 (6,296) shareholders.
Foreign ownership amounted to 14.8% (14.0) of share capital.
Dividend policy and dividend
The aim is to pay a dividend over time of 50% of adjusted income
from property management after tax. Adjusted income from property
management means that income from property management from
associates is included and is attributable to the Parent Company’s
shareholders.
The Annual General Meeting on 20 March approved a dividend of SEK 2.00
per share (2.30), to be paid in two instalments of SEK 1.00 each. The record
dates are 22 March and 27 September. The dividend corresponds to a dividend
yield of 2.2% (2.9) based on the share price at the end of the period.
Share capital
At 31 March 2024, the share capital in Platzer was distributed among 20
million Class A shares with 10 votes per share, and 99,934,292 Class B
shares carrying one (1) vote per share. Platzer owns 118,429 of its Class
B-shares (118,429). Each share has a quotient value of SEK 0.10.
The long-term net asset value, EPRA NRV, was SEK 120.87 (129.31) per
share at the end of the period.
The Platzer share is listed on Nasdaq Stockholm, in
the Mid Cap segment. In the last 12-month period,
the total return on the share, including dividend, was
a positive 17%.
The Platzer share
Name
Number of Class A
shares
Number of Class
B shares
Number of
shares
Share of votes,
%
Share of equity,
%
Neudi & C:o (formerly Ernström) 11,000,000 7,000,000 18,000,000 39.0 15.0
Länsförsäkringar Göteborg och Bohuslän 5,000,000 11,375,112 16,375,112 20.5 13.7
Länsförsäkringar Skaraborg 4,000,000 2,468,000 6,468,000 14.2 5.4
Family Hielte/Hobohm 18,055,993 18,055,993 6.0 15.1
Länsförsäkringar fondförvaltning AB 8,612,479 8,612,479 2.9 7.2
Handelsbanken funds 6,628,874 6,628,874 2.2 5.5
State Street Bank and Trust Co 4,548,792 4,548,792 1.5 3.8
SEB Investment Management 4,441,424 4,441,424 1.5 3.7
Fourth Swedish National Pension Fund 4,429,489 4,429,489 1.5 3.7
Lesley Invest (incl. private holdings) 4,095,562 4,095,562 1.4 3.4
Other shareholders 28,160,138 28,160,138 9.4 23.5
Total number of shares outstanding 20,000,000 99,815,863 119,815,863 100.0 100.0
Buyback of own shares 118,429 118,429
Total number of registered shares 20,000,000 99,934,292 119,934,292
Major shareholders in Platzer Fastigheter Holding AB (publ) as at 31 March 2024
2024
Jan–Mar
2023
Jan–Mar
2023
Jan–Dec
2023/2024
Jan–Mar
Share price at the end of the period 92.00 80.40 84.20 92.00
Net reinstatement value (EPRA NRV) 120.87 129.31 121.19 120.87
Net tangible assets (EPRA NTA) 116.35 124.42 116.64 116.35
Net disposal value (EPRA NDV) 104.08 112.26 104.16 104.08
Income from property management less nominal tax (EPRA EPS) 1.18 1.17 4.51 4.53
EPRA Loan-to-Value ratio property, % (EPRA LTV) 49 44 49 47
Profit/loss after tax 1 1.92 0.23 –7.87 –6.17
Adjusted income from property management after tax 2 1.02 1.00 4.04 3.75
Cash flow from operating activities –1.14 0.53 5.04 3.37
Dividend — — 2.00 —
Number of shares as at the balance sheet date, thousand 119,816 119,816 119,816 119,816
Average number of shares, thousand 119,816 119,816 119,816 119,816
For definitions and calculations of key metrics, see platzer.se
1 There is no dilution effect because there are no potential shares. Refers to result attributable to Parent Company’s shareholders.
2) Calculated in accordance with dividend policy
Per share metrics, SEK
Financing & Share
===== SIDA 17 =====
17
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
CONSOLIDATED
Cash flow statement
SEK million
2024
Jan–Mar
2023
Jan–Mar
2023
Jan–Dec
2023/2024
Apr–Mar
Operating activities
Operating surplus 313 266 1,132 1,179
Central administration –14 –15 –55 –54
Net financial income/expense –139 –97 –494 –536
Tax paid –19 –14 –25 –30
Cash flow from operating activities before changes in
working capital 141 140 558 559
Change in current receivables –74 35 40 –69
Change in current liabilities –203 –111 6 –86
Cash flow from operating activities –136 64 604 404
Investing activities
Investments in existing investment properties –203 –376 –1,393 –1,220
Acquisitions of investment properties — –17 –1,463 –1,446
Disposals of investment properties — — 253 253
Acquisition/disposal of shares in associates — — 125 125
Other investments –1 –9 –10 –2
Cash flow from investing activities –204 –402 –2,488 –2,290
Financing activities
Change in interest–bearing liabilities 338 545 2,129 1,584
Change in non–current liabilities 0 –11 –20 329
Dividend –120 –138 –275 –257
Cash flow from financing activities 218 396 1,834 1,656
Cash flow for the period –122 58 –50 –230
Cash and cash equivalents at the beginning of the period 167 217 217 275
Cash and cash equivalents at the end of the period 45 275 167 45
Operating activities
Cash flow from operating activities for the period
amounted to SEK –136 million (64). Changes in working
capital impacted cash flow by SEK –277 million (–76).
See page 11 for further comments on operating
activities.
Investing activities
Investments in existing properties in the period
amounted to SEK 203 million (376). No acquisitions or
disposals were carried out in the period. Cash flow
from investing activities amounted to SEK –204 million
(–402).
Financing activities
Cash flow from financing activities amounted to SEK
218 million (396), of which SEK 887 million comprised
new borrowing. Cash and cash equivalents decreased
by SEK –122 million (58) in the period and totalled SEK
45 million (275) as at the balance sheet date.
Unused overdraft facilities amounted to SEK 100 million (100) and unused credit facilities amounted to SEK 2,340 million (2,250). Comparative
amounts for unused credit refer to 31 December 2023.
Cash flow statement, condensed
Financing & Share
AREA: SÖDRA ÄNGGÅRDEN
PROPERTY: HÖGSBO 55:13
TENANT: INTERN ATIONAL ENGLIS H SCHOOL
===== SIDA 18 =====
18
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
CONSOLIDATED
Quarterly Summary
2024 2023 2022
SEK m Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
Rental income 404 389 373 341 350 308 308 302
Property costs –91 –71 –97 –69 –84 –78 –66 –69
Operating surplus 313 318 276 272 266 230 242 233
Central administration –15 –18 –12 –14 –15 –19 –9 –15
Share of profit of associates 49 –6 –22 –11 –36 –97 –40 110
Net financial income/expense –139 –142 –142 –113 –97 –78 –60 –54
Profit including share of profit of joint ventures
and associates 208 152 100 134 118 36 133 274
– of which income from property management 169 163 134 151 161 139 184 174
Change in value, investment properties –38 –154 –503 –620 0 –230 253 1,602
Change in value, financial instruments 109 –399 62 44 –87 –24 107 248248
Change in value, financing arrangements — — — — — –146 –94 17
Profit before tax 279 –401 –341 –442 31 –364 399 2,141
Tax on profit/loss for the period –49 69 59 87 –4 17 –123 –417
Profit/loss for the period 230 –332 –282 –355 27 –347 276 1,724
Investment properties 28,415 28,250 28,350 28,574 27,387 26,994 27,002 26,955
Yield, % 4.4 4.5 4.0 3.9 3.9 3.4 3.6 3.5
Surplus ratio, % 77 82 74 80 76 75 79 77
Economic occupancy rate, % 93 93 93 91 92 92 91 92
Return on equity, % 5.7 0.3 –0.3 –0.2 3.4 –1.6 5.1 19.7
EPRA Loan-to-Value ratio property, % (EPRA LTV) 49 49 47 47 44 43 41 40
Net reinstatement value per share, SEK (EPRA NRV) 120.87 121.19 121.50 125.10 129.31 130.12 133.48 131.72
Net tangible assets per share, SEK (EPRA NTA) 116.35 116.64 117.05 120.46 124.42 125.24 128.50 126.45
Net disposal value per share, SEK (EPRA NDV) 104.08 104.16 106.93 109.30 112.26 114.33 117.21 114.93
Income from property management less nominal tax per
share, SEK (EPRA EPS) 1.18 1.31 0.98 1.07 1.17 1.01 1.32 1.22
Share price, SEK 92.00 84.20 67.20 79.90 80.40 82.30 67.00 66.20
Earnings after tax per share, SEK 1.92 –2.77 –2.35 –2.96 0.23 –2.90 2.30 14.39
Operating cash flow per share, SEK –1.14 1.27 0.94 2.30 0.53 1.79 0.95 0.43
For definitions and calculations of key metrics, see Financial data on our website, platzer.se
https://investors.platzer.se/sv/berakning–av–nyckeltal
Key Performance Indicators
2024
Jan–Mar
2023
Jan–Mar
2023
Jan–Dec
2023/2024
Apr–Mar
Financial
Debt/equity ratio (multiple) 1.2 0.9 1.2 1.1
Interest coverage ratio (times) 2.1 2.6 2.2 2.1
Loan–to–value ratio, % 50 45 49 50
Equity/assets ratio, % 42 46 42 42
Return on equity, % 5.7 0.2 –7.2 –5.7
Property–related
Yield, % 4.4 3.9 4.1 4.2
Surplus ratio, % 77 76 78 78
Economic occupancy rate, % 93 92 92 92
Rental value, offices, SEK/sq. m. 2,585 2,327 2,438 2,439
Rental value, industrial/logistics, SEH/sq. m. 1,060 1,090 1,018 1,021
Rental value, total, SEK/sq. m. 1,913 1,910 1,882 1,859
Lettable area, sq. m. (thousand) * 912 797 912 855
* Lettable area including associates 960,000 sq. m.
Financing & Share
Comments on results in Q1 2024 compared with results in Q4 2023 in quarterly summary
• Rental income increased by SEK 15 million, primarily as a result of index-linked increases. Our acquired properties in Sörred
Logistikpark and our completed projects in the properties Låssby 3:142 and Låssby 3:143 also contributed positively. Further
deviations were due to the net effects of tenants taking occupancy or vacating premises.
• Property costs increased by SEK 20 million, which was due to adjustments carried out in the fourth quarter of 2023 as a result of too
high costs recognised in Q3 2023, primarily in respect of the acquisition of properties in Sörred Logistikpark. Further deviations were
attributable to our completed projects in the properties Låssby 3:142 and Låssby 3:143.
• The surplus ratio in the first quarter was 77%, which is in line with the adjusted surplus ratio of 77% in the fourth quarter of 2023.
• The economic occupancy rate was unchanged compared with the previous quarter at 93%.
===== SIDA 19 =====
19
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
PARENT COMPANY
The Parent Company does not own any properties of its own, but instead manages certain groupwide
functions relating to management, strategy and financing. Parent Company revenue consists entirely of
invoicing for services to Group companies.
Parent Company
SEK m
2024
Jan–Mar
2023
Jan–Mar
2023
Jan–Dec
Net sales 4 4 17
Operating expenses –3 –5 –17
Net financial income/expense 78 28 624
Change in value, financial instruments 110 –87 –380
Profit/loss before tax and appropriations 188 –60 244
Appropriations –217 –287 28
Tax 22 82 73
Profit/loss for the year 1 –6 –265 345
SEK m 31 Mar 2024 31 Mar 2023 31 Dec 2023
Assets
Participations in Group companies 1,965 1,962 1,965
Other non-current financial assets (primarily financing of Group companies) 4,413 4,599 4,320
Receivables from Group companies 7,859 7,440 7,817
Other current assets 56 52 52
Cash and cash equivalents 4 13 5
Total assets 14,297 14,066 14,159
Equity and liabilities
Equity 4,625 4,268 4,879
Non-current liabilities 6,706 5,517 5,477
Liabilities to Group companies 2,360 3,096 2,503
Current liabilities 606 1,185 1,300
Total equity and liabilities 14,297 14,066 14,159
Parent Company, Balance sheet, condensed
1 The Parent Company has no items of other comprehensive income and total comprehensive income is therefore the same as profit for the year.
Financing & Share
Parent Company, Income statement, condensed
Together with artist Christian Verginer we are creating Södra Änggården´s first public art project, which will take
place in the new school yard this summer.
===== SIDA 20 =====
20
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
MARKET OUTLOOK
Waiting for the Riksbank
50
60
70
80
90
100
110
120
2023/Q420222021202020192018201720162015201420132012201120102009200820072006
Financial crisis
Trade and industry economic indicator in the Gothenburg region Source: National Institute of Economic Research
/Business Region Gothenburg (BRG)
Saab Automobile
bankruptcy
Covid-19
Pandemic
62.7
Economic peak
Economic peak
93.1
In February, the IMF predicted that the global economy would grow by 3.1%
in 2024 and 3.2% in 2025. Inflation was predicted to be 5.8% in 2024 and 4.4%
in 2025. The outlook for both growth and inflation had improved since the
IMF’s previous forecast in October.
The Swedish economy is expected to grow, albeit at a low rate, in 2024. A
growing number of analysts also believe the policy rate will be reduced in June,
or maybe even as early as May.
At the end of March, the Swedish National Institute of Economic Research
(NIER) forecast that the Swedish economy will grow by 0.8% in 2024 and by
2.5% in 2025. This is on a par with the forecast made in December. NIER also
predicts that the labour market will weaken in future and that unemployment
will rise to 8.3% this year. Inflation (Consumer price index with fixed interest
rate, CPIF) was 2.5% in February, compared with 3.3% in January, and is
predicted to fall to less than one per cent by the end of the year.
The Purchasing Manager Index (PMI) in March gave an indication that the
economy is no longer in the grips of pessimism. The Purchasing Manager Index
(PMI) for the manufacturing industry stood at 50.0, compared with 48.7 in
December. The index rose for the fourth quarter in a row and the manufacturing
industry therefore moved into the growth zone. At the same time, the index for
the service sector rose to 53.9 from 50.3 in December. The March reading was
the highest in more than two years.
Gothenburg economy
The Gothenburg region is in what Business Region Göteborg (BRG) refers to
as a normal-weak economic situation with the economic tendency indicator
standing at 93.1 (88.2 in the previous quarter).
The indicator reading has been around 90 in the past year. The economic
situation in the manufacturing industry has deteriorated slightly, while the
situation in commerce has improved.
The economic resilience of West Sweden is boosted by the fact that the
region accounts for 34% of the collective R&D investments of Swedish
industry and commerce. The fact that the manufacturing industry is at the
forefront of the green transition, as well as other future issues, contributed
to the continued demand for skilled labour.
In 2024, growth in Gothenburg’s 10 largest export markets is expected
to amount to 1.5% (2023: 1.5%), according to BRG, which is on a par with
previous forecasts.
Container handling at the Port of Gothenburg reached record levels in
2023, primarily thanks to the strong economic trend in the manufacturing
industry, but also due to rising market shares. The weak Swedish krona
had a negative impact on imports, although it recovered in the second half
of the year. In the first quarter, plans to deepen the fairway at the Port of
Gothenburg were given the green light, which will further strengthen the
competitiveness of the port and the city of Gothenburg. At the same time,
attacks on ships in the Red Sea are a source of uncertainty for the global
shipping industry.
Unemployment in the Gothenburg region in January was 5.8% (5.7% in
December), which remained well below the national unemployment rate
of 6.8% and also lower than the 6.6% reported in the Stockholm region.
However, there is a significant imbalance between supply and demand in
different job categories, which means there is a significant lack of skills in
certain sectors. Job growth has been more subdued in the past year and is
predicted to fall further in 2024.
According to BRG, employment is still growing in the hotel and restaurant
sector, information and communication, trade and cultural and private
services. In addition, a number of major investments are underway in the
region which together are expected to create up to 10,000 new jobs.
The largest of these investments is Northvolt’s and Volvo Car’s battery
plant and an R&D centre worth SEK 30 billion.
According to Statistics Sweden and the Swedish Agency for
Economic and Regional Growth, the number of hotel nights in
Gothenburg rose by 6% in February, compared with the same month
in the previous year. The picture is supported by statistics from
Göteborg & Co which also showed an increase in hotel nights over the
Easter week at the end of March.
Global economy
Source: IMF World Economic Outlook
% 2023 2024 2025
GNP growth 3.1 3.1 3.2
Inflation 6.8 5.8 4.4
% 2023 2024 2025 2026
GNP growth –0.2 0.8 2.5 2.9
Employment 1.4 –0.4 0.8 1.2
Unemployment 7.7 8.3 8.2 7.9
CPIF (Consumer price index with fixed interest rate) 6.0 1.9 1.3 2.0
Source: Swedish National Institute of Economic Research (NIER)
Swedish economy
Market & Platzer
===== SIDA 21 =====
21
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
MARKET OUTLOOK
Industrial/Logistics
RENTAL MARKET
The logistics rental market is still more subdued than before, but
demand remains strong in attractive locations. Rent levels are
estimated to be unchanged at approx. SEK 900 per sq. m. for new
production in the best locations adjacent to the Port of Gothenburg.
E-commerce has started to grow again – albeit at a slow pace. At
the same time, there are significant variations between different
e-commerce segments. Pharmacy sales showed the biggest increase, but
fashion and footwear also performed well in 2023. Every other purchase
made by young people is now done online.
In the quarter, Gothenburg was once again voted the best logistics
location in Sweden by the logistics magazine Intelligent Logistik.
The best locations are on Hisingen, adjacent to the Volvo companies’
plants, the planned battery plant and the port, which is the largest port
in Scandinavia. Other important logistics locations include the area
around Landvetter airport and Viared outside Borås.
Our lettings were the largest leases agreed in the Gothenburg area in the
first quarter. Other than this, there are no official records of any new major
contracts. Since most of the new production is built to order for tenants,
and there is a shortage of land suitable for construction, the vacancy rate
in the segment is low with regard to modern logistics premises.
PROPERTY MARKET
The number of transactions in industrial and logistics fell slightly
compared with the previous quarter. At the beginning of 2024,
industrial/logistics was the second largest segment in the transaction
market after offices. It is worth noting that the proportion of foreign
investors increased slightly.
In the first quarter, Corem sold a small logistics property in Backa,
while Wilundia acquired a number of smaller properties in Kungälv. The
largest transaction on a national level was the acquisition by Catena of
a 40,000 sq. m. property in Helsingborg.
At the close of the year, the construction of a 14,300 sq. m. logistics
facility in Landvetter by Panattoni was underway. In addition to the
projects Platzer is involved in, Catena is constructing stage 2 at Landvetter
airport. In Arendal, NCC & Barings is building a logistics facility of 34,000
sq. m., while Verdion is building a 17,300 sq. m. facility in Bäckebol.
However, few new projects are being launched and the supply of new,
efficient logistics premises will therefore decline in the coming years.
Prime Yield (%) Q1 2024 Q1 2023
Central Business District (CBD) 4.55 4.25
City centre excl. CBD 5.20 4.90
Norra Älvstranden 5.80 5.50
Mölndal 6.50 6.00
West Gothenburg 7.00 6.50
East Gothenburg 6.50 6.00
Source: JLL
Property market, offices
Prime Yield (%) Q1 2024 Q1 2023
Stockholm Class A location 5.25 4.75
Gothenburg Class A location 5.25 4.75
Malmö Class A location 5.75 5.25
Source: Newsec
Property market, industrial/logistics
Offices
RENTAL MARKET
Citymark estimates that the vacancy rate in the first quarter fell slightly
to just under 11% overall. In particular, vacancy rates fell in the city
centre excluding CBD and in Gamlestaden. In the city centre excluding
CBD, this was primarily due to tenants moving into a number of large
new builds.
At the same time, the pace of new production fell sharply. In 2023,
new production of 35,000 sq. m. came on stream, compared with 175,000
sq. m. in the previous year. No new office space is estimated to come
on stream in 2024 in CBD or the city centre excluding CBD. However,
modern office space will come on stream on Hisingen and in Mölndal,
where our pending acquisition Mimo accounts for most of the volume.
We estimate that we will see a fall in vacancies in the current year.
In the first quarter, Ventura and Next Step Group announced plans
for a mobility innovation destination in AB Volvo’s old head office in
Torslanda. The investment will strengthen Gothenburg’s international
cluster in automotive and electrification.
Rent levels (prime rent) are stable or showing a weak increase,
according to Citymark. In Mölndal, rents are rising sharply as a result
of new production. Our view is that demand is greatest for modern,
environmentally certified premises in good locations, which is reflected
in falling vacancy rates in the city centre excluding CBD.
In the first quarter, a number of new lettings took place in mostly
newly produced office properties or properties under production. These
included lettings by Skanska in Citygate and by Peab in Gamlestadens
Smedja. Furthermore, Hufvudstaden agreed three new leases in the
Johanna district, which is under construction.
PROPERTY MARKET
The Swedish office transaction market has started to show clear
signs of recovery. In the first quarter, the Gothenburg market too
showed signs of increasing activity in the form of a growing number of
enquiries and a larger number of prospectuses. However, no property
transaction has taken place in the office segment in Gothenburg since
the second quarter of 2022. This makes it difficult to estimate yields.
Prime Rent (SEK/sq. m.) Q1 2024 Q1 2023
Central Business District (CBD) 4,200 4,200
City centre excl. CBD 3,700 3,500
Norra Älvstranden 3,000 2,800
Mölndal 2,700 2,500
West Gothenburg 1,500 1,300
East Gothenburg 2,500 2,500
Rental market, offices
Source: JLL
Prime Rent (SEK/sq. m.) Q1 2024 Q1 2023
Stockholm Class A location 1,000 1,000
Gothenburg Class A location 900 900
Malmö Class A location 775 775
Rental market, industrial/logistics
Source: Newsec and Platzer
Market & Platzer
===== SIDA 22 =====
22
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
OTHER COMMENTS
Employees and organisation
The number of employees stood at 85 as at 31 March. Our operations are
divided into business areas based on segments:
- Business area Offices – will build on its current position as the market
leader to continue to create profitable growth in office space.
- Business area Industrial/Logistics – its goal is to make Platzer the
leading commercial property company in Gothenburg in industrial and
logistics property.
Each business area has overall responsibility for the property
business within their respective business area. Our Group management
comprises managers responsible for the following functions: operations
development/IT/purchasing, business development, finance/accounting/
property analysis, communication/marketing/sustainability, HR,
business area Offices and business area Industrial/Logistics.
Risks and uncertainties
In our business environment we are affected by risks and uncertainties,
such as last year’s high inflation and market rates, which continue to
adversely affect the property market. A weaker economy involves a
risk of a decline in the lettings market. We manage these effects by
focusing on our core business, rental income, cost control and financing,
and we are also continuously conducting in-depth analyses. We
safeguard our rental income by means of regular communication with
our customers and frequent monitoring of ability to pay. In 2023 we
carried out a double materiality assessment of our business as part of
our preparations for reporting in accordance with the new EU Corporate
Sustainability Reporting Directive (CSRD). We will continue and expand
this work in 2024. Our general risk assessment is described in detail in
the 2023 Annual Report on pages 24–28 and 39–40.
Financial risks
Risk and uncertainty in the financial markets is reflected in reduced
access to capital and increased cost of credit as a measure to reduce
inflation. We are closely following this development in order to mitigate
the impact on Platzer. The largest financial risk is limited access to
financing and increased credit margins. Platzer’s financial policy sets
outs how these risks should be approached. A strong financial position
and profitable core business mitigate the negative effects of changes in
required yields and subsequent changes in property values.
Related party transactions
The company’s ongoing related party transactions are described on
page 57 of the 2023 Annual Report. There are no significant transactions
with related parties other than what is described here.
Accounting principles
Platzer prepares its consolidated financial statements in accordance
with IFRS (International Financial Reporting Standards) as adopted
by the EU. The same accounting policies and measurement principles
have been applied as in the most recent Annual Report. The Interim
Report has been prepared in accordance with IAS 34 Interim Financial
Reporting. New or amended standards and interpretations effective on
or after 1 January 2024 are not expected to have any material effect on
the Group’s financial statements.
The Parent Company’s financial statements are prepared according to
the Swedish Annual Accounts Act and the Swedish Financial Reporting
Board’s Recommendation RFR2 Accounting for Legal Entities. The Parent
Company applies the same accounting policies and measurement
principles as in the most recent annual accounts.
Other comments
Rounding
Individual amounts and total amounts are rounded to the nearest whole
number in SEK million. Rounding differences may result in tables not
adding up.
Significant events after the reporting period
No significant events have taken place after the end of the reporting
period.
Gothenburg, 17 April 2024
Platzer Fastigheter Holding AB (publ)
Johanna Hult Rentsch
CEO
This interim report has not been reviewed by the company's auditors.
Market & Platzer
===== SIDA 23 =====
23
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Platzer in brief
Platzer is one of the largest and leading commercial property companies in Gothenburg.
We are proud to be participating in the creation, preservation and regeneration of the best
locations in Gothenburg and in developing a sustainable city. We own and develop 88
properties with a total lettable area of 960,000 sq. m., worth SEK 28 billion.
How we create sustainable value
We create value through management, development, acquisition and disposal of property.
We aim to create attractive areas with good business opportunities for our customers.
Financial targets
Equity/assets ratio: > 30%
Loan-to-value ratio: not to exceed 50% over time
Annual increase in net asset value: > 10%
Interest coverage ratio: > 2 (times)
Return on investment, project investments: > 20%
VISION:
We aim to make Gothenburg
the best city in Europe
to work in.
BUSINESS CONCEPT:
Platzer creates sustainable value through ownership
and development of commercial property in Gothenburg
CORE VALUES:
Openness - Freedom with responsibility - - Long-term development
Market & PlatzerMarket & Platzer
OUR
RESOURCES
OUR
OPERATIONS
SUSTAINABLE
VALUE
Employees Management Development Transactions Profitability and satisfied customersCapital
===== SIDA 24 =====
24
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
,
Platzer Fastigheter Holding AB (publ)
PO Box 211, SE-401 23 Gothenburg | Visiting address: Lilla Bommen 8
+46 (0)31 63 12 00 | info@platzer.se | platzer.se
Registered office of Board of Directors: Gothenburg | Corporate ID No: 556746–6437
Financial calendar
2024
Interim Report January – June 5 July at 08:00 (CEST)
Interim Report January – September 15 October at 08:00 (CEST)
For further information, please visit platzer.se or contact
Johanna Hult Rentsch, CEO, tel. +46 (0)709 99 24 05
Fredrik Sjudin, CFO, tel. +46 (0)721 27 77 78
Photos/images: Marie Ullnert (cover and page 2), Philip Liljenberg
page 6 and 8, Fredblad Arkitekter page 14, OkiDoki page 17 and
artist Christian Verginer page 19.