Q3 2024 Cibus Nordic Real Estate AB (publ) Earnings Call Transcript
Key Points
- Cibus Nordic Real Estate AB (FRA:6N5) successfully carried out a directed share issue in September, raising 927 million SEK at a 20% premium to NAV, demonstrating strong investor support.
- The company has a strong acquisition pipeline, having made acquisitions worth approximately EUR43 million in 2024, with plans to continue using cash resources for further acquisitions.
- Cibus Nordic Real Estate AB (FRA:6N5) has increased its earnings capacity per share for the fifth consecutive quarter, indicating consistent financial growth.
- The company has actively engaged in refinancing and hedging, securing EUR84 million in interest rate hedging at attractive rates, which supports stable cash flows.
- Cibus Nordic Real Estate AB (FRA:6N5) maintains a diversified portfolio across four Nordic countries, with a focus on daily goods properties, which are non-cyclical and provide stable cash flows.
- The company reported a negative profit for the period of minus EUR5.5 million, primarily due to unrealized changes in property values and derivative movements.
- There is a notable drag on rental growth from occupancy, with higher vacancies in some properties, including non-food lease contracts that have become vacant.
- The Norwegian market presents limited acquisition opportunities due to less attractive yield spreads compared to other Nordic countries.
- Cibus Nordic Real Estate AB (FRA:6N5) faces double interest costs until all old bonds are called, impacting financials negatively in the short term.
- The company is exploring expansion into Continental Europe, which may divert focus and resources from existing Nordic markets.
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Good morning, everyone. Thank you for dialing in and for those of you listening at a later time. Thank you for listening. Welcome to Cibus Q3, 2024 results presentation presenting today, as always from our Stockholm office is our CFO Pia Lena Olafsson. You'll be hearing shortly, and my name is Christian Fredrixon.
So, what have we been up to this quarter Quite a lot actually, we, every quarter is busy for Cibus, but this one has been especially busy. We focused on delivering shareholder value in several ways this quarter including talking from the left to the right here. We carried out a directed share issue in September. We used the board's 10% mandate and issued approximately 5.7 million new shares and that was done at a 20% premium to NAV, and we thank our investors for their support in our growth ambitions going forward.
Talking of growth ambitions, we see attractive acquisition opportunities in the market, and we have a strong pipeline which we have been building since early 2024 and we
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