July–September
- Rental income in the quarter increased by 34.1 percent to SEK 185.5 million (138.3), SEK 38.1 million of which came from acquired properties.
- Earnings from property management increased to SEK 108.6 million (39.0), an increase of 178.5 percent.
- The change in value of the property portfolio in the quarter totalled SEK 1,044.4 million (89.4). For more information see page 11.
- After-tax profit for the quarter amounted to SEK 927.1 million (89.1). Earnings per A- and B-share SEK 7,481), D-share SEK 0,501).
- Total acquisitions and investments in the quarter amounted to SEK 112.5 million (141.9).
- The fair value of the property portfolio at the end of the quarter was SEK 14,568.1 million (10,237.9).
January–September
- Rental income increased by 35.7 percent to SEK 539.7 million (397.6), SEK 92.1 million of which came from acquired properties.
- Earnings from property management decreased to SEK 60.5 million (105.5), a decrease of 42.7 percent.
- The change in value of the property portfolio during the period totalled SEK 1 587.1 million (262.5). For more information see page 11.
- Profit after tax for the period amounted to SEK 1,347.5 million (211.8). Earnings per A- and B-share SEK 10,221), D-share SEK 0,501).
- Total acquisitions and investments in the period amounted to SEK 2,743.1 million (393.4).
- The fair value of the property portfolio at the end of the period was SEK 14,568.1 million (10,237.9).
1) No diluting instruments exists.
Significant events during the period
- In June 2021, Intea announced that preparations had begun to list the company’s shares on Nasdaq Stockholm. As a result, Intea has carried out a review of its organisation and capital structure, in which Intea AB was acquired by the company. In addition, a decision was taken on a new Articles of Association with new classes of shares, as well as several private placement issues, which were carried out in July 2021.*
- Intea and the Swedish Police signed a project development agreement to explore the construction of a new police station in Strömstad. The lettable area is estimated to be around 3,700 sqm. Construction start in 2023, with the tenant moving in summer 2025.
- The Extraordinary General Meeting held on 2 September 2021 resolved to elect Pernilla Ramslöv and Christian Haglund as new members of the Board of Directors. Henrik Lindekrantz stepped down from the Board to focus on his role as Chief Executive Officer of the company.
- In September, the Board decided on new financial and operational targets, as well as a dividend policy. Christian Haglund also assumed the role of Deputy CEO with responsibility for strategic development.*
- The Extraordinary General Meeting held on 30 September 2021 resolved to carry out a 9:1 share split. Furthermore, it was resolved to pay a quarterly dividend for Class D shares for the 2020 financial year of SEK 0.50 per share with the first record date on 30 September 2021.*
*) For more information, see p. 20 – 21 section Other information, Significant events relating to Intea’s listing process.
Significant events after the end of the period
- The Extraordinary General Meeting held on 13 October 2021 adopted a resolution on guidelines for remuneration to senior executives, principles for the appointment of the Nomination Committee and instructions for the Nomination Committee, Resolution authorising the Board of Directors to decide on a new issue of Class B shares and/ or Class D shares.*
- In October, the framework for the existing MTN programme was increased to SEK 8 billion and at the same time a bond loan of SEK 600 million was issued with a maturity of 5 years and a variable interest rate of STIBOR +0.98%.
- In October, Intea established a new project and management organisation in Kristianstad.
- In October 2021, Intea entered into a ten-year lease agreement for 2,800 sqm of educational facilities on the university campus in Halmstad with Amerikanska Gymnasiet. The annual contract value is SEK 5.6 million.
- A bank loan of SEK 600 million was fully repaid in October 2021.
*) For more information, see p. 20 – 21 section Other information, Significant events relating to Intea’s listing process.
The CEO’s comments
The core of social infrastructure
Intea manages and develops social infrastructure with a long-term ownership approach. Social infrastructure refers to facilities for essential services that are specially adapted for their purpose. Intea has chosen to limit this concept to public-sector tenants. With a property portfolio in which over 90 percent of rental income comes from publicsector tenants, the company sets itself apart from other stakeholders in the sector. We should nurture and strengthen this position.
Planned expansion in several dimensions during the quarter
Intea continues to expand. Property values increased by over SEK 1.0 billion during the quarter, driven mainly by lower market yield requirements and an increased value of the project portfolio. Similarly, rental income and earnings from property management have increased over the period, while we have strengthened the organisation. We expect to continue our growth journey in the coming years and the Board of Directors adopted new financial and operational targets in September, which include a target of at least SEK 30 billion in property value by 2026.
Work is progressing to prepare the company for a listing on Nasdaq Stockholm’s main list. In connection with a listing, a shareholder distribution will be carried out of both existing and newly issued Class B shares and of existing Class D shares. We believe that investors will appreciate Intea’s dedicated focus on public-sector tenants and customised properties, in combination with good development opportunities.