Q2 2024 Cibus Nordic Real Estate AB (publ) Earnings Call Transcript
Key Points
- Rental income increased by 3% and net operating income rose by 9%, including a one-off insurance payout.
- Property values increased by EUR 4.4 million through acquisitions and FX rate movements.
- The company acquired six grocery stores in Western Sweden, enhancing their portfolio and increasing cash earnings per share.
- Cibus Nordic Real Estate AB (FRA:6N5) pays monthly dividends to shareholders, maintaining a stable dividend yield.
- Earnings capacity has increased for the fourth consecutive quarter, showing a 7% rise since Q2 2023.
- Unrealized change in property values resulted in a negative impact of EUR 8.3 million.
- Net financial items included a non-recurring expense of EUR 3.6 million for tender offers when buying back bonds.
- The company faces challenges with property valuation cycles, particularly in Finland and Denmark.
- Loan-to-value ratio remains high at 68.9%, operating in the lower part of their internal policy range.
- Interest coverage ratio is at 2.2 times, which, while stable, indicates potential vulnerability to higher interest rates.
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Good morning, everyone. Welcome and greetings from a very some empty Stockholm today and we're talking to you live. And my name is Christian Fredrixon, and I'm joined here as always, by the company's long-term CFO, Pia-Lena.
So let's move into a summary of the period. The rental income up 3% and net operating income up about 9%. But that includes the one-off insurance payouts for above property in Finland of about EUR1.8 million. And without this one-off income points, then we have a stable increase in net operating income of about 2% of the profit for the period by EUR2.2 million and the property values increased by about EUR4.4 million in the quarter through acquisitions and through FX rate movements.
But in that figure, we have an unrealized change in value of about minus EUR8.3 million, which is [0.5] minus. And then moving on to this, the favorite slide, Cibus and with our slogan. And we love a slogan because it says exactly what we do and we create value for our
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