Q4 2024 Catena AB Earnings Call Transcript
Key Points
- Catena AB (LTS:0GVS) reported a 21% increase in rental income, reaching SEK 2,193 million, driven by acquisitions, projects, and CPI-linked contracts.
- Profit from property management increased by 14%, with a per-share increase to SEK 22.59.
- The balance sheet remains solid with a loan-to-value (LTV) ratio of 38.4%, indicating strong financial health.
- Catena AB made significant investments totaling SEK 11 billion in 2024, enhancing its presence in Denmark and boosting earnings capacity per share.
- The company achieved a 24% growth in net operating income and a 15% projected increase in profit from property management, highlighting consistent earnings growth.
- The transaction market activity has slowed down due to interest rate volatility and geopolitical uncertainties, impacting potential acquisitions.
- New development projects are facing delays due to challenges with ground conditions and natural values, affecting project timelines.
- The company faces challenges in convincing customers to sign on for new projects, impacting investment levels for 2025.
- There are issues with permits and land conditions in some projects, causing delays in project initiation.
- Despite a strong balance sheet, the company is cautious about market conditions, which may affect future growth opportunities.
Go ahead.
Hi and welcome everyone to this Q4 presentation by Catena. Here is the agenda for today a short summary, a business overview and a business update followed by sustainability, the finance, and a short takeaway before we are opening up for Q&A. So next slide please.
Let's dive into the summary of the Q4 2024 report where we report 21% increase in rental income ended up at SEK 2,193 million driven by acquisitions, projects, and by our CPI linked contracts.
Profit from property management increased by 14% in total and per share it was up to SEK 22.59 per share. Adjusted for the value change in the property value in our joint venture, we have an increase in income from property management per share with almost 8%.
We report an increase in NRV per share up to SEK 425.
The balance sheet remains very solid with an LTV at 38.4%. In 2024 has been a record year in terms of the investment volume totalling to SEK 11 billion, and a year where Katina made a major
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