Interim report 1 January – 30 September 2024
July–September
- Revenue for the quarter amounted to SEK 158.8 million (147.8), a year-on-year increase of 7 per cent.
- Net operating income amounted to SEK 104.0 million (97.3), up 7 per cent year-on-year.
- Income from property management amounted to SEK 47.2 million (45.0), a year-on-year increase of 5 per cent.
- Changes in the value of investment properties amounted to SEK 12.8 million (-134.1) and changes in the value of derivatives to SEK -89.0 million (40.5).
- Earnings totalled SEK -23.0 million (-50.6), corresponding to SEK -0.18 per share (-0.39).
- The loan-to-value ratio was 52.3 per cent (52.3) on 30 September with an average interest rate of 3.6 per cent (3.7). The company is financed solely through bank borrowing.
Shares were repurchased for SEK 16.2 million during the nine-month period under the mandate granted by the Board of a total repurchase amount of SEK 30 million during 2024.
Significant events after the end of the period
In October, an agreement was reached with two of the Group’s current banks to refinance loans of approximately SEK 1,800 million. The newly agreed credit margins are lower than the loan portfolio’s average credit margin and the agreements run for just over two and three years, respectively, with options to extend for a further two years. All else being equal, the new terms entail an annual reduction of approximately SEK 7 million in interest expenses.
Per 5 November the Board of KlaraBo updated the Group’s strategic targets for the coming strategy period.
From Andreas Morfiadakis’ CEO comment:
“KlaraBo’s operations are continuing to develop in a positive direction, primarily due to this year’s rent negotiations and continuous upgrades of the apartments in our property portfolio. Rental revenue and net operating income both increased around 7 per cent in the third quarter, compared to the previous year, driven by higher revenue as well as efficient management and ongoing cost control.
The transaction market for residential properties is opening up more and more, and we are continuing to actively identify acquisition opportunities that provide stable ongoing returns, where we can add value through active management and improvements. The Riksbank’s key interest rate cuts are resulting in more favourable acquisition calculations and improved opportunities for continued value creation by upgrading existing apartments. This is creating value for our tenants as well as our shareholders.”
Conference call and webcast presentation
KlaraBo’s CEO Andreas Morfiadakis and CFO Per Holmqvist will present the interim report and answer questions at a webcast presentation and conference call at 09:00 CET today. The presentation will be held in Swedish.
If you wish to participate via audiocast please use the link below. Via the audiocast you are able to ask written questions.
If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
The presentation and webcast will be available at www.klarabo.se after the conference call.