Year-end report 1 January - 31 December 2024
October - December 2024
- Revenue for the quarter amounted to SEK 157.5 million (149.4), a year-on-year increase of 5 per cent.
- Net operating income amounted to SEK 87.9 million (76.9), up 14 per cent year-on-year.
- Income from property management amounted to SEK 31.4 million (23.9), a year-on-year increase of 31 per cent.
- Changes in the value of investment properties amounted to SEK 132.4 million (-18.0) and changes in the value of derivatives to SEK 72.7 million (-174.1).
- Earnings totalled SEK 178.9 million (-135.8), corresponding to SEK 1.37 per share (-1.04).
- The loan-to-value ratio was 51.4 per cent (52.2) on 31 December with an average interest rate of 3.3 per cent (3.5) on the balance sheet date. The company is financed solely through bank borrowing.
January - December 2024
- Revenue amounted to SEK 630.4 million (589.7), a year-on-year increase of 7 per cent.
- Net operating income amounted to SEK 362.2 million (337.2), up 7 per cent year-on-year.
- Income from property management amounted to SEK 135.9 million (124.2), a year-on-year increase of 9 per cent.
- Changes in the value of investment properties amounted to SEK 111.0 million (-439.9) and changes in the value of derivatives to SEK 26.2 million (-139.8).
- Earnings totalled SEK 187.9 million (-381.5), corresponding to SEK 1.44 per share (-2.91).
- The net realizable value per share was SEK 33.7 (32.0).
- The Board of Directors proposes to the AGM that no dividend be paid for the 2024 financial year, in line with the company's dividend policy.
Significant events during the period
- KlaraBo acquired a property portfolio in Helsingborg at a property value of SEK 850 million and an estimated initial yield of more than 5 per cent for 2025. The portfolio is deemed to have favourable potential for future value creation.
- KlaraBo published a prospectus and announced the preliminary outcome of the substantially oversubscribed rights issue of SEK 391 million before issue costs.
- KlaraBo refinanced loans of approximately SEK 1,800 million at a significantly lower credit margin than its existing loans.
Significant events after the end of the period
- KlaraBo announced that it had signed a credit agreement of approximately SEK 500 million at the lowest credit margin in the company's history and that all financing reservations had therefore been met prior to transfer of the Helsingborg acquisition.
- Closing of the SEK 850 million acquisition in Helsingborg took place on 31 January 2025.
- After the balance sheet date, KlaraBo continued to buy back shares, thereby completing the previously announced SEK 30 million share buyback programme.
- A new decision to buy back additional shares corresponding to SEK 30 million has now been made, in accordance with the authorisation provided at the Annual General Meeting on 3 May 2024.
From Andreas Morfiadakis' CEO comments
"Net operating income and income from property management increased 14 per cent and 31 per cent, respectively, during the quarter, driven by higher rent levels and efficient property management, improvements and continued cost control. Our assessment is that rent increases will exceed inflation in the next few years, and we can already see that the average for 2025 should be approximately 5 per cent, thereby offsetting higher cost levels.
During 2024, we saw a gradual improvement in the market climate as a result of lower inflation and reduced interest rates, resulting in more attractive acquisition calculations to which we can bring added value through our proven business model. KlaraBo is, and aims to be, a growth company. Thanks to our geographically diversified property portfolio with significant improvement potential, one of our largest acquisitions to date, our stable financial position and a possibility to finance our operations on significantly lower terms than in the past, we are correctly positioned for continued profitable growth and increased shareholder value."
Conference call and webcast presentation
KlaraBo's CEO Andreas Morfiadakis and CFO Per Holmqvist will present the interim report and answer questions at a webcast presentation and conference call at 09:00 CET today. The presentation will be held in Swedish.
If you wish to participate via audiocast please use the link below. Via the audiocast you are able to ask written questions.
Q4 Report 2024
If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
Call Access
The presentation and webcast will be available at www.klarabo.se after the conference call.
For more information:
Andreas Morfiadakis, CEO KlaraBo
andreas.morfiadakis@klarabo.se
+46 76 133 16 61
This information is information that KlaraBo is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-02-14 08:00 CET.
About KlaraBo
KlaraBo is a real estate company that acquires, builds, owns and manages attractive residential properties. The company was founded in 2017 and operates throughout the country. The strategy is to acquire existing residential properties as well as land for new construction in regions with population growth and a strong labour market. Our newly constructed apartments are developed in-house and space efficient, which contribute to reasonable rents. Both apartments and buildings are designed in collaboration with the municipality to fit local needs. With sustainable building material, the new construction holds a high environmental standard. KlaraBo is a long-term property owner. KlaraBo is listed on Nasdaq Stockholm and is traded under the ticker KLARA B.
