Q1/2025 julkaistu, kiinteistöpuolella hieman irrelevantti EPS nyt myös plussalla.
Kiinteistöhallinnasta saatu palautettua Beneluxin ostoista negatiivista liikearvoa kertatuottoina. Tarkemmin tuota ei ole eritelty
Hallinnasta kerättävät operatiiviset tulot kasvaneet myös selvästi.
Q1 2025 Interim Report Cibus Nordic Real Estate AB (publ)
January - March 2025 (compared with January - March 2024)
Rental income amounted to EUR 39.1 million (30.5).
Net operating income totalled EUR 36.6 million (28.1).
Profit from property management amounted to EUR 38.0 million (12.2). Profit from property management includes a non-recurring income item of EUR 20.5 million regarding negative goodwill in connection with the acquisition of Forum Estates. Profit from property management, excluding non-recurring items and exchange rate effects amounted to EUR 18.4 million.
Earnings after tax amounted to EUR 31.0 million (-4.0), corresponding to EUR 0.42 (-0.08) per share.
Unrealised changes in value affected by EUR -7.3 million (-22.3) on properties and by EUR -1.3 million (3.9) on interest rate derivatives.
EPRA NRV amounted to EUR 964.7 million (680.4), corresponding to EUR 12.6 (11.9) per share.
Cibuksen matkassa kelpaa olla kyydissä. Pidin edellisestä toimarista Källgårdenista, mutta nykyinen tj Fredrixon on mielestäni nopeassa ajassa antanut vakuuttavat näytöt. Viimeisen puolentoista vuoden aikana ei olla istuttu käsien päällä, vaan on uusittu lainakantaa madaltaen rahan hintaa ja pidennetty maturiteetteja. Samalla on tehty normaaleja add-on ostoksia nykyiseen portfolioon sekä laajennuttu isolla kaupalla Manner-Eurooppaan.
Forum Estate on hyvä alusta avata peliä muuallekin Eurooppaan. Siellä toki kilpailu on kovaa ostokohteista. Muun muassa Realty Income on ostellut viime vuosina pt-kiinteistöjä Keski- ja Etelä-Euroopasta. Brittiläinen Supermarket Income REIT laajensi hiljattain saarilta Ranskaan, kun se osti 17 kpl Carrefourin supermarketteja.
Yhtiö on itselleni pitkän aikavälin sijoitus ja tällä hetkellä salkun ainut altistus kiinteistösektorille. Antaa masiinan jauhaa kk-osinkoa!
Cibus hakee taas kasvun rahoittamiseen pääomia suunnatulla annilla ja pikakäsittelyllä. Pidän kyllä tästä toimintamallista, että pääomia haetaan markkinalta, kun EPRA NAV tai - tässä yhteydessä verrokkina mainittu EPRA NTA - on selkeällä preemiolla. Nyt 24,7% yli NTA:n
Merkintähinta 172,60 SEK, eli 3% alennus eiliseen sulkuun on varsin hyvä tulos.
Määrä 1001 Mrd SEK bruttona
The board of directors of Cibus has, by virtue of the authorisation granted by the annual general meeting on 10 April 2025, resolved on the Directed Share Issue which was directed to Swedish and international institutional, and other qualified, investors. The Directed Share Issue comprises 5,800,000 new shares, representing 7.6 per cent of the shares outstanding prior to the Directed Share Issue, at a subscription price of SEK 172.60 per share and the Company will hereby receive approximately SEK 1,001 million before transaction related costs.
Käyttö uusien kiinteistöjen osto ja Forum Estates lainojen loppuosien maksu
Use of proceeds
Since the last directed share issue in September 2024, which raised proceeds of approximately EUR 81 million (based on EUR/SEK exchange rate of 11.4355 and which at the time represented the 10 per cent mandate awarded to the board of directors), the Company has acquired 196 daily-goods properties across seven countries, with a total underlying property value of EUR 694 million, including the contribution in kind acquisition of Forum Estates. By mid-December 2024, transactions were announced, resulting in the full deployment of the funds raised in September 2024. Simultaneously, the Company has streamlined its portfolio by divesting nine non-strategic properties in three countries, with a total underlying property value of EUR 26 million. Meanwhile, the Company has continued to build its acquisition pipeline to deliver accretive growth.
In order to act upon value-creating investment opportunities, Cibus has resolved to carry out the Directed Share Issue, the net proceeds of which are intended to be largely used to finance future acquisitions of single assets and property portfolios in current markets in line with Cibus’ growth strategy. Next to deployment in new acquisitions, part of the proceeds will be used to repay the remaining subordinated loans of EUR 12.2 million to former shareholders of Forum Estates.
Yrityksen johdolle myyntiestot 90pv
Lock-up undertakings
In connection with the Directed Share Issue, the Company’s CEO, Christian Fredrixon, and CFO, Pia-Lena Olofsson, have undertaken, with certain customary exceptions, not to sell or in other ways dispose of their shares in the Company for a period of 90 calendar days after settlement of the Directed Share Issue.
Furthermore, the Company has undertaken not to, during a period of 90 calendar days following settlement of the Directed Share Issue, without the consent of the Joint Global Coordinators (as defined below), propose or issue additional shares or financial instruments, with the exception for any share issues intended to finance further new acquisitions in the near-term or incentive programmes.
