"Castellum delivered an increased net operating income of 12.5 per cent in 2023; in the last quarter alone, it increased 18.9 per cent. Turnover in the office market is high, with many new signings and more terminations. Demand is generally good for both offices and logistics. Our greatest focus during the year was on strengthening the company's financial position. Together with the new share issue last spring and a number of divestments, we repaid approximately SEK 16 Bn in net debt and lowered our loan-to-value ratio from 42.3 to 37.4 per cent.
Castellum's growth is built largely on investments and acquisitions. Eight major projects with a total annual rental value of SEK 326 M were completed during the year. Even though the investment volumes are now decreasing compared to previous years, the company has a large and exciting pipeline to set in motion when the conditions are right," says Joacim Sjöberg, Chief Executive Officer of Castellum Aktiebolag.
October-December 2023
- Income totalled SEK 2,477 M (2,247), an increase of 10.2 per cent.
- Net operating income for the quarter totalled SEK 1,627 M (1,368), an increase of 18.9 per cent.
- Income from property management for the quarter totalled SEK 1,030 M (912), corresponding to an increase of 12.9 per cent.
- Changes in value of investment properties for the quarter totalled SEK -6,304 M (-6,394).
January-December 2023
- Income totalled SEK 9,806 M (8,928). In the like-for-like portfolio, rental income increased 8.9 per cent (7.2).
- Net operating income totalled SEK 6,566 M (5,838), corresponding to an increase of 12.5 per cent.
- Income from property management totalled SEK 4,376 M (4,510), corresponding to a decrease of 3.0 per cent.
- Property sales of SEK 5,206 M (3,080) were concluded, in line with the carrying amounts.
- Changes in value of investment properties for the year totalled SEK -14,534 M (-3,537).
- The loan-to-value ratio was 37.4 per cent (42.3).
- The interest coverage ratio totalled 3.0 (3.9) during the year, and interest-rate hedging had been applied to over 73 per cent of the loan portfolio at the end of the year.
Annex: Year-end report 2023
For further information, please contact:
Joacim Sjöberg, Chief Executive Officer, Castellum Aktiebolag, +46 8 503 052 00
Jens Andersson, Chief Financial Officer, Castellum Aktiebolag, +46 (0)76-855 67 02
About Castellum
Castellum is one of the largest listed property companies in the Nordic region that develops flexible workplaces and smart logistics solutions. As of 31 December 2023, the property value totalled approximately SEK 160 Bn, including the ownership share of the Norwegian company Entra ASA. We are active in attractive Nordic growth regions. One of our sustainability goals is to become entirely climate neutral by 2030 at the latest. Castellum is the only Nordic property and construction company elected to the Dow Jones Sustainability Index (DJSI). The Castellum share is listed on Nasdaq Stockholm Large Cap and is classified as green according to Green Equity Designation.
Beyond expectations.
www.castellum.com
This information is information that Castellum 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 2024-02-14 08:00 CET.
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Joacim Sjoberg Castellum
