Continued strong position for Wihlborgs
The spread of COVID-19 has had a profound effect on the global economy thus raising questions on how the situation affects Wihlborgs. Over an extended period, Wihlborgs has built a strong financial position, which means we are well-equipped to meet challenges ahead.
Wihlborgs has a broad lettings portfolio and only a minor portion of its tenants are in segments that have been hardest hit in the short term. The hotel and restaurant categories account for a total of 1.7 percent and 1.1 percent respectively of our total contractual rental income. Retail accounts for a further 3 percent.
At the end of the year, our equity/assets ratio amounted to 38.4 percent and our loan-to-value ratio to 51.9 percent. Wihlborgs has unutilised credit facilities in place with banks, which will enable us to redeem all of our bonds maturing this year, SEK 1.8 billion in total.
Ahead of the Annual General Meeting on 28 April, Wihlborgs’ Board proposed distribution of a dividend of SEK 4.50 per share, corresponding to SEK 692 million. The proposal stands.
“We have strong cash flow and a strong financial position. Exposure is low to the most vulnerable sectors and we will work with long-term solutions aimed at providing these customers with the prerequisites to cope with these difficult conditions”, says Ulrika Hallengren, CEO of Wihlborgs.
“We are continuing our investments and have prepared our operations to manage an extremely turbulent period. At the same time, we are retaining focus to ensure we are ready when the time is ripe for new investments.”
Wihlborgs Fastigheter AB (publ)
This information is of such a kind that Wihlborgs Fastigheter AB (publ) is legally required to disclose pursuant to the EU’s Market Abuse Regulation. The information was submitted for publication through the agency of the following contact people on 19 March 2020, at 3:15 p.m. CET.
Wihlborgs Fastigheter AB (publ) is a property company that focuses on commercial properties in the Öresund region. Its property portfolio is located in Malmö, Helsingborg, Lund and Copenhagen. In Malmö, Lund and Helsingborg, Wihlborgs is the leading property company.
The book value of the company’s properties totals SEK 45,5 billion, representing an annual property rental value of SEK 3.3 billion.
Wihlborgs’ shares are listed on the Large Cap List of Nasdaq Stockholm.