Q2 2024 Castellum AB Earnings Call Transcript
Key Points
- Income from property management increased by 16.3% year-over-year.
- Net leasing for the period is positive, indicating strong tenant demand.
- Direct property costs decreased by SEK105 million, mainly due to lower electricity costs.
- The company has a strong tenant base with low exposure to individual tenants, with the largest tenant representing only 2.4% of total contract value.
- Castellum AB (CWQXF) has been recognized as one of the world's most sustainable companies in 2024 by Time magazine.
- Total income increased by only 1.3%, affected negatively by property divestments.
- Property values have been written down by approximately SEK1.6 billion during the period.
- Occupancy rates have been trending down despite positive net leasing.
- The company has been holding back on new projects since 2022, affecting net leasing derived from new projects.
- Negative one-off effects in net finance costs amounted to SEK29 million in Q2.
Welcome to Castellum webcast and presentation of the half year report. Joacim Sjöberg, CEO; and Jens Andersson, CFO, will present the results. (Operator Instructions)
So let's start. Please go ahead, Joacim.
Good morning and thank you, everyone, for being here on this beautiful summer morning. We are here to share our half year report, and I'm joined today by, as always, Jens Andersson our CFO. But if we start with the first slide, we see overall stable results, I'm very proud of the organization, our strengthening of the balance sheet during last year with the rights issue and divestments of properties and the amortization of debt is, of course, the main driver behind the income being up only 1.3%. Where the income from property management is up 16.3%. But we will look into these figures in more detail later in the presentation.
Our net leasing for the period is positive, not much, (technical difficulty) there. And we see that as a huge sign of strength. We have continued to
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