2024 was a tough year for Magnolia Bostad, results-wise. At the same time, within the framework of streamlining our project portfolio and despite challenging market conditions, we carried out many liquidity-strengthening property sales with an underlying value of SEK 2.6 bn.
Johan Tengelin, CEO
"During Q4, we met our forecast of completing just over 3,500 homes in 2024 and I am proud to note that since starting in 2009, Magnolia Bostad has delivered over 13,000 residencies to the Swedish market. Since 2016, we have developed housing through forward funding deals together with institutional investors to a value of over SEK 26 bn. With over 3,400 residencies in production at the end of the year, we look forward to continuing to deliver attractive, sustainable housing to our customers in the years to come.
After a long period of closed capital markets, we managed to refinance all outstanding bonds of SEK 1,226 m and in early 2025 successfully issued a new bond of SEK 825 m. With the new bond in place and additional support from our owners, we have significantly improved our financial position and are now well-placed to benefit from our strong market position and significant building rights portfolio. At the same time, we are continuing to streamline our organization to ensure that we are well-positioned to carry out our business plan.
Our focus going forward is to create stable, long-term, continuous value growth by developing attractive, sustainable living environments in Sweden's metropolitan areas. With a brighter economic forecast for 2025, gradually improving financing conditions and greater interest from investors in the market, I am very optimistic about a continued recovery in new housing production during the year".
1 January-31 December 2024
- Net sales amounted to SEK 1,643 m (305).
- The operating loss was SEK 976 m (-595), of which SEK -244 m (-104) applies to changes in value of investment properties.
- The period's loss before tax was SEK 1,272 m (-871) and the loss after tax was SEK 1,247 m (-868).
1 October-31 December 2024
- Net sales amounted to SEK 164 m (71).
- The operating loss was SEK 329 m (-180).
- The period's loss before tax was SEK 399 m (-254) and the loss after tax was SEK-392 m (-252).
Events 1 October-31 December 2024
Divested all shares in the Magsam joint venture, corresponding to 213 residential units, and signed an agreement to sell all shares in JV Yard, corresponding to 561 residential units.
Received an unconditional shareholder contribution of SEK 83 m from Magnolia Bostad's owner HAM Nordic AB.
Implemented a new strategic orientation towards sales, which resulted in the reclassification of all management properties to development and project properties.
Events after the end of the period
- A bond loan consisting of senior unsecured bonds worth SEK 825 m was issued. Early redemption of all other outstanding bonds totalling SEK 1,226 m will take place on 20 February 2025.
- Received an unconditional shareholder contribution of SEK 300 m from Magnolia Bostad's owner HAM Nordic AB.
- Announced new business and financial goals:
-Create stable, long-term and continuous value growth by developing attractive, sustainable living environments.
- The equity/assets ratio shall amount to at least 25 percent.
For more information, please contact:
Johan Tengelin, CEO
johan.tengelin@magnoliabostad.se
Fredrik Westin, Deputy CEO & CFO
fredrik.westin@magnoliabostad.se
+46 72 720 00 06
This information is information that Magnolia Bostad AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-02-19 07:45 CET.
About Magnolia Bostad
Magnolia Bostad AB, CIN 556797-7078, develops attractive and sustainable rental apartments, tenant-owned apartments and community service properties in Sweden's metropolitan areas. Our work is based on a holistic approach where the operations are carried out in a way that promotes long-term, sustainable urban development. The company's bonds are listed on Nasdaq Stockholm. More information is available at www.magnoliabostad.se
