Full-year January-
- Rental income amounted to
SEK 503.0m (394.7), an increase of 27%. -
Net operating income amounted to
SEK 367.6m (277.8), an increase of 32%. -
Income from property management decreased 50% to
SEK 60.6m (120.8), of which income from property management attributable to shareholders wasSEK -22.3m (64.3), corresponding toSEK -0.49 (1.53) per share. Excluding value changes in joint ventures and associated companies, income from property management amounted toSEK 88m (97). -
Net income for the year amounted to
SEK -416.0m (255.9), corresponding toSEK -11.73 (3.98) per share. The decline was mainly due to negative changes in the values of properties ofSEK -530.3m and higher interest expense. -
Long-term net asset value attributable to shareholders decreased 10% to
SEK 3,219.8m (3,584.1), corresponding toSEK 70.59 (85.38) per share. - The Board proposes a resolution to the AGM that no dividend be paid for the 2023 financial year.
October-
- Rental income amounted to
SEK 125.9m (108.7), an increase of 16%. -
Net operating income amounted to
SEK 86.9m (71.7), an increase of 21%. -
Income from property management decreased 28% to
SEK 18.1m (25.2), of which income from property management attributable to shareholders wasSEK -3.9m (9.2), corresponding toSEK -0.08 (0.22) per share. Excluding value changes in joint ventures and associated companies, income from property management amounted toSEK 23m (26). -
Net income for the quarter amounted to
SEK -214.8m (-159.8), corresponding toSEK -5.31 (-4.03) per share.
Significant events during and after the end of the quarter
Fourth quarter October-
- In October, one property in Uppsala was divested at an underlying property value of
SEK 50m , which is in line with book value. -
In October, the divestment of two fully let hotel properties in Palma was completed. The properties were divested for approximately
EUR 35m , corresponding to approximatelySEK 400m . The divestment providedGenova with considerable liquidity and strengthened the balance sheet. -
In October, the company's outstanding bond loan 2019/2023 with a final maturity date of
30 September 2023 was fully redeemed. -
In November, senior unsecured green bonds of
SEK 500m were issued. The bonds carry a floating interest rate of 3m Stibor + 595 basis points and mature inNovember 2026 . -
In November, the company's outstanding bonds 2020/2024 were redeemed before their maturity date. The total bond debt decreased from approximately
SEK 1,300m toSEK 500m , with a positive impact on net financial items and earnings. -
In the fourth quarter, bank loans of approximately
SEK 450m were refinanced with an average fixed-rate period of 1.8 years. -
Interest-rate swaps of
SEK 850m with an average fixed rate of approximately 2.50% and a term of 3.6 years were entered into during the quarter.
Events after the end of the year
- After the end of the period,
Genova entered into an additional interest-rate swap ofSEK 500m with a fixed rate of 2.58% that expires inJanuary 2030 .
CEO'S STATEMENT
2023 was a challenging year that
For the full-year, rental income increased 27% and net operating income 32%, mainly due to a larger investment property portfolio and completed projects. Income from property management decreased to
Financing
In 2023, we completed several measures to reduce indebtedness, lower our borrowing costs and strengthen liquidity. During the year, we raised new equity of approximately
In the past,
Management
The investment property portfolio performed well during the year with a number of favourable new lettings and a continued high occupancy rate. The indexation of rents from
Investments
During the year, we continued to invest in sustainable new construction to drive profitable future growth. In 2024, we will complete nearly 400 rental apartments for own long-term management with annual rent of approximately
Our Järngrinden subsidiary performed well during the year, which made a positive contribution to
Looking forward
We are continuing to operate in an uncertain macro-environment, but an expected reduction of the policy rate in the coming year will create conditions for an upturn in
Finally, I would like to thank all of our employees for their great commitment and dedication during the year, as well as our shareholders who believe in, and are enabling,
Michael Moschewitz, CEO
For further information, please contact:
CEO,
About
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https://news.cision.com/genova-property-group-ab--publ-/r/genova-property-group-year-end-report-january-december-2023,c3932544
https://mb.cision.com/Main/13559/3932544/2617826.pdf
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