Platzer Fastigheter Holding AB (publ): Stable growth in a changing environment

2022-10-18 08:00:00
  • Rental income increased to SEK 921 million (897)
  • Income from property management increased to SEK 528 million (499)
  • Profit for the period increased to SEK 3,446 million (1,237)
  • Property portfolio amounted to SEK 27,002 (26,031)
  • Earnings per share totalled SEK 28.46 (10.30)
  • Positive net lettings in every quarter in both business areas offices and industrial/logistics
  • Platzer and Bockasjö let additional 13,300 sq. m. in Sörred Logistikpark
  • Completion of property disposals in Gamlestadens Fabriker and in phase 1 of Södra Änggården
  • P-G Persson to step down as CEO of Platzer in 2023

Platzer's CEO, P-G Persson, said:

-  For the property sector and its owners, the shortage of capital market financing is the most serious short-term consequence of the changes in the global environment. For Platzer the situation is far from acute, thanks to our low proportion of capital market financing and our MTN programme, the first maturity date of which is in November 2024. We have a loan-to-value ratio of 40%, most of our loans are with banks, there are no cross-ownership issues that could trigger events beyond our control, we have stable, long-term shareholders and as we enter the next quarter our balance sheet is stronger than ever.

-  We achieved positive net lettings in the office, industrial/logistics and project property segments in the quarter, which meant that 2022 remains the single best year in terms of net lettings during my time as Platzer's CEO.

-  In the quarter we completed building right sales previously agreed as part of the first phase of building right transactions in Södra Änggården and Gamlestadens Fabriker at an underlying property value of SEK 688 million. Although the disposals had previously been accounted for as unrealised increases in value, completion of the sales resulted in a welcome injection of cash and cash equivalents.

-  At the end of August I announced that I would be stepping down as CEO at the Annual General Meeting in March 2023. Stepping down as CEO of Platzer after 15 years feels both entirely natural and at the same time a little strange. It has been an incredibly enjoyable journey, with the Company having evolved from a small, unlisted property company to one of the leading listed property companies in Gothenburg. I am hugely grateful to the owners, the Board of Directors and my colleagues for the trust they have placed in me over the years as we have implemented the growth strategy that has taken the Company to where we are today. I am not taking up a new job and will continue my work at Platzer as usual until the Annual General Meeting in 2023, after which I look forward to following Platzer's continued journey of growth from a slight distance. (Recruitment of a new CEO is underway.)

Presentation of Report - today at 11:00 (CEST)

At 11:00 CEST today, investors, analysts, media and other interested parties are invited to a presentation of the report, with an opportunity to participate either in person or via a livestreamed teleconference. For those attending in person, lunch will be served following the presentation.

Platzer's CEO P-G Persson and Fredrik Sjudin, CFO, will present the results for the third quarter of 2022. The presentation will be in English and will be followed by a Q&A session.

Datem:             18 October 2022
Time:               11:00 CEST
Place:               The Opera Terrace, Karl XII:s torg 1, Stockholm

If you wish to attend the event in person, please register using the following link:
https://financialhearings.com/event/44094/register/live_event

To watch the presentation and participate in the teleconference, please use the following link:
https://ir.financialhearings.com/platzer-fastigheter-q3-2022

Information and registration at Financialhearings.com:
https://financialhearings.com/event/44094

To participate in the conference, call one of the following numbers:
SE: +46856642704
UK: +443333009266

The Interim Report and presentation will be available at:
https://investors.platzer.se/sv/rapporter-presentationer

For more information, please contact:
P-G Persson, CEO, Platzer, Tel.: +46 (0)734 11 12 22
Fredrik Sjudin, CFO, Platzer, Tel: +46 (0)721 27 77 78

This is information that Platzer Fastigheter Holding AB (publ) is obliged to disclose in accordance with the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was released for publication on 18 October 2022 at 08:00 CEST through the agency of the contact persons shown above.

Platzer Fastigheter Holding AB (publ) owns and develops commercial property in Gothenburg worth
SEK 27 billion. The Platzer share is listed on Nasdaq Stockholm, Large Cap.

Cision