Q2 2024 Samhallsbyggnadsbolaget I Norden AB Earnings Call Transcript
Key Points
- Samhallsbyggnadsbolaget i Norden AB (FRA:JSIA) reported a strong 7% growth in like-for-like revenues and a 9% increase in net operating income for Q2 2024.
- The company successfully reduced its debt by close to SEK8 billion during the quarter and SEK43 billion over the last two years.
- Samhallsbyggnadsbolaget i Norden AB secured a strong investment-grade rating for its education segment, allowing it to borrow SEK9 billion in the capital markets.
- The company has a strategic plan to divest up to 49% of Sveafastigheter, which is expected to cover capital needs for 2024 and 2025.
- The company anticipates a positive trend in property yields due to stronger capital market sentiment and expects rental income to increase by 10% more than inflation in the coming years.
- There was a 1.4% decrease in property values during the quarter, with a total decrease of nearly SEK3.6 billion due to both realized and unrealized changes.
- Administrative and restructuring expenses increased compared to last year, mainly due to advisory costs and legal fees.
- The company experienced a slight decrease in occupancy rates, particularly in Finland, although it expects to recover to normal levels.
- Samhallsbyggnadsbolaget i Norden AB faces challenges in securing funding for its community properties segment, which still requires work to attract equity and debt at attractive levels.
- The company has no plans for additional dividends in the foreseeable future and will maintain a cautious stance on new investments and acquisitions.
Good morning, everyone, and welcome to today's earnings call for Q2 2024 for SBB. My name is Helena Lindahl, and I'm the Treasury Director at SBB, and we will present you a quarterly earnings for the second quarter of 2024. With me, I have our CEO, Leiv Synnes, who will be presenting and also Daniel Tellberg.
Leiv will begin by sharing the strategic and financial highlights during the quarter and give you an overview of our performance and our business segments. After that, Daniel will talk about the financial statements, and I will end with discussing our state of the finance. We will of course, host an Q&A in the left part of the presentation.
And with that said, I would like to kick off and hand over to Leiv.
Thank you, Helena. One key highlight for the first half of this year is the strong development of the revenues in the like for like with the 7% growth that is
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