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Q1 Quarterly report 2018


Økonomiske nøkkeltall Daglig drift og utvikling Strukturelle endringer

Økonomi


Ă˜konomiske nøkkeltall


Økonomiske nøkkeltall Q1 2018

Leieinntekter

14,2

mNOK

Netto inntekter fra eiendomsforvaltning

10,1

mNOK

Markedsverdi på eiendomsportefølje

986,6

mNOK

Resultat før skatt

8,2

mNOK


Daglig drift og utvikling


Daglig drift • Få endringer på utleiesiden i Q1 • 89,1 % av arealene utleid:


Eiendomsporteføljen Eiendomsporteføljen per 31.03.2018 OPERATING SEGMENTS Q1-18

31.03.2018

Area Occupancy (sqm) (%)

No. Of properties (#)

Wault (yrs)

Market value (tNOK) (NOK/sqm)

12 month rolling rent (tNOK) (NOK/sqm)

Net yield (%)

Market rent (tNOK) (NOK/sqm)

Porsgrunn Skien Tønsberg Sandefjord Total m anagem ent portfolio

14 687 8 618 16 743 2 869

98,6 87,2 92,3 78,4

4 3 3 1

4,1 3,6 3,9 6,9

274 500 126 500 428 500 60 500

18 690 14 679 25 593 21 087

19 699 8 128 26 178 2 672

1 353 1 014 1 589 931

6,7 5,8 5,6 3,9

19 745 10 535 31 243 4 696

1 344 1 222 1 866 1 637

42 917

89,1

11

4,6

890 000

20 738

56 677

1 349

5,9

66 219

1 543

Project portfolio Total property portfolio

10 616

2

96 550

9 095

53 533

13

986 550

29 832

4,6

The calculation of net yield is based on the valuers’ assumption of ow nership costs, w hich at 31.03.18 corresponds to 7.1 per cent of market rent. R8 Property has one on-going project, one new building (Pow erhouse Telemark) in Porsgrunn.


Prosjektporteføljen -

Byggetrinn 2 for Nordre Fokserød 14 er nær ferdigstillelse. Forventet overtakelse er 10.april 2018

-

Powerhouse Telemark: Forventet byggestart i tredje kvartal 2018

-

Project development as of March 31, 2018:

Project development

Ow nership (%) Pow erhouse Telemark Nordre Fokserød, building 2 Total

100 100

Est. total Project area Occupancy project cost 1) Location (sqm) (%) (tNOK) Porsgrunn Sandefjord

8 313 2 370 10 683

1)

To tal pro ject co st (Including bo o k value at date o f investment decisio n/co st o f land)

2)

Estimated net rent (fully let) at co mpletio n/to tal pro ject co st (including co st o f land)

72 41

237 367 53 026 290 392

Of w hich accrued (tNOK) 14 301 23 710 38 011

Yield on cost2) 6,3 6,0


Strukturelle endringer


Strukturelle endringer •

I desember 2017 ble R8 Office 100% datter av R8 Property AS

R8 Management ble kjøpt fra R8 Consulting Group 1. januar 2018 og eies nå 100 % av R8 Property

R8 Retail ble etablert 15. januar og er 95 % eid av R8 Property

Per 31.03.18 var det 13 aksjonærer i R8 Property


Ă˜konomi


Nøkkeltall All amounts in NOK thousand

Q1-18

Q1-17

2017

14 151 10 117 10 657 8 206

14 048 11 943 29 704 22 575

55 574 41 090 60 048 47 944

282 615 986 550 622 064 63,1 % 1,8 1 000

254 042 916 500 604 179 65,9 % 2,3 1 000

231 467 888 500 618 564 69,6 % 1,7 1 000

All amounts in NOK per share

Q1-18

Q1-17

2017

EPRA Earnings EPRA NAV EPRA NNNAV Cash Earnings

3,4 327,0 294,5 10,1

5,3 300,2 264,2 11,9

13,5 324,1 287,7 41,1

Rental income Net income from property management Profit before tax Profit after tax Equity Market value of the property portfolio Net nominal interest-bearing debt Loan to value Interest coverage ratio Number of shares (in thousand)


Resultat All amounts in NOK thousand Q1-18

Q1-17

2017

14 151 3 781 17 931

14 048 260 14 308

55 574 476 56 050

2 978 56 4 780 7 814

1 553 438 375 2 365

10 507 488 3 966 14 961

Net incom e from property m anagem ent

10 117

11 943

41 090

Changes in value from investment properties Operating profit

237 10 355

22 476 34 419

40 670 81 760

Interest and other finance income Interest and other finance expense Net realised financials Unrealised changes in value of financial instruments Net financial item s

215 -5 895 -5 679 5 982 302

292 -5 314 -5 022 306 -4 715

1 025 -24 309 -23 285 1 573 -21 712

Profit before tax Tax expense Profit for period/year

10 657 -2 451 8 206

29 704 -7 129 22 575

60 048 -12 105 47 944

Rental income Other operating revenue Total operating incom e Maintenance and other operating expenses Other property-related expenses Administrative expenses Total operating costs


Verdiendringer Investment property value development 1 200 000

1 000 000

978 550

7 763

986 550

565

-140

- 188

800 000 Changes in value from investment properties 237 600 000

400 000

200 000

-

Value per 31.12.17

Investments and Value changes - Value changes - Value changes upgrades Projects Operations Yield

Value per 31.03.18


Balanse All amounts in NOK thousand 31.03.2018

31.03.2017

31.12.2017

Intangible assets Investment property Other operating assets Loans to associates Total non-current assets

209 986 550 2 056 11 368 1 000 184

168 916 500 1 180 16 109 933 956

161 978 550 1 665 13 445 993 821

Trade receivables Other receivables Cash and bank deposits Total current assets TOTAL ASSETS

5 554 5 349 2 128 13 031 1 013 215

2 043 7 609 233 9 884 943 840

2 157 1 570 1 564 5 291 999 112

Shareholders equity Non-controlling interest Total equity

282 614 1 282 615

254 042 254 042

274 409 274 409

Interest-bearing debt Deferred tax liability Financial derivatives Debt to group companies Other liabilities Total non-current liabilities

562 433 52 264 12 006 22 246 648 949

293 650 46 308 19 255 865 360 079

568 314 51 330 17 988 16 318 257 654 207

59 631 21 750 270 81 651 730 600 1 013 215

310 529 19 191 329 720 689 799 943 840

50 250 19 957 289 70 496 724 703 999 112

Interest-bearing debt Trade payables and other payables Debt to group companies Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES


Finans Finance composition 3M Nibor + margin (DNB) Fixed rate / sw ap (DNB)

335 898 283 125

Finance composition

46 %

3M Nibor + margin (DNB) 54 %

Fixed rate / swap (DNB)


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R8 Property Q1 2018 Presentation  

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