Q4 2024 Cibus Nordic Real Estate AB (publ) Earnings Call Transcript
Key Points
- Cibus Nordic Real Estate AB (FRA:6N5) has successfully expanded its portfolio with 11 acquisitions in 2024, increasing property value by 35% and earnings capacity by 37%.
- The company has diversified its assets across seven countries, with over 640 properties and a strong tenant mix including major European grocery chains.
- Cibus Nordic Real Estate AB (FRA:6N5) maintains a high level of financial stability with 96% of its debt interest rate hedged and a stable cash flow from daily goods properties.
- The company has achieved a 9% increase in earnings capacity per share year-on-year, demonstrating strong financial performance.
- Cibus Nordic Real Estate AB (FRA:6N5) continues to pay a stable monthly dividend, with a proposed unchanged dividend of EUR0.9 per share for the upcoming AGM.
- The company's net operating income grew by only 2% in Q4 2024, indicating slower growth compared to previous quarters.
- Unrealized changes in property values resulted in a negative impact of EUR7.7 million, equivalent to a 0.4% decrease in property value.
- Cibus Nordic Real Estate AB (FRA:6N5) faces increased competition in the Swedish market for daily goods real estate transactions.
- The company's net loan-to-value ratio increased to 58.1%, approaching the upper limit of its policy range of 55% to 65%.
- Interest coverage ratio remains stable but relatively low at 2.2 times, which could be a concern if interest rates rise further.
Welcome to the Cibus Q4 2024 report presentation. (Operator instructions)
Now I will hand the conference over to CEO Christian Fredrixon and CFO Pia-Lena Olofsson. Please go ahead.
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Thank you, AI voice, that sounded very human, that AI voice actually. Good morning, everybody. Christian Fredrixon here, CEO of Cibus. We're speaking to you from a sunny but wintry Stockholm today. I'm joined here by [CFO]. (inaudible)
So, good morning, everyone and thank you for joining us on this conference call to present the Q4 2024 year-end report. So, diving into the presentation. This, as some of is my favourite slide because it says exactly what we do with our slogan. I think it really hits the nail on the head with what seedless does converting food into yield.
So that's exactly what we do, and we aim to do and do every day. So, we are a real estate company focused purely on daily goods properties. We aim to create stable cash flows,
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