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Year 2013 in brief

Sponda achieved a stable result in 2013. The targets set for the economic occupancy rate of properties and comparable net operating income were met. Sponda outperformed the market with respect to the occupancy rate of office premises. The main goals of the revision of the company’s strategy are simplification of the business structure and more focused property ownership.

Sponda’s total revenue in 2013 was EUR 264.3 million (2012: 264.6) and net operating income was EUR 190.9 million (192.2). Net operating income was decreased by sales of properties.

The occupancy rate of Sponda’s properties remained almost at the level of 2012 despite the challenging market situation. Comparable net operating income grew slightly, taking into account the effect of sold properties of approximately EUR 2.3 million.

In 2013, Sponda sold properties for a total of EUR 33.1 million in line with its strategy. The sales of properties were used to finance investments.The company’s equity ratio remained stable.

In June, Sponda redeemed the remaining EUR 92.8 million of a hybrid bond with an original notional value of EUR 130 million, and in October the company issued a EUR 150 million senior unsecured bond. In December 2013, Sponda signed extensions on credit agreements totalling EUR 250 million.

Sponda revised its strategy

Sponda revised its strategy in September 2013. The main goals of the strategy are simplification of the business structure, more focused property ownership and profitable growth.

As a result of the change in strategy, Sponda is planning to exit the Russia and Real Estate Funds businesses and sell its entire logistics property portfolio as well as its properties in Turku. The strategy will be implemented over a period of three to five years in order to obtain the best possible price for the properties sold, taking the market situation into account. The capital to be released will be invested in the acquisition of new properties and in property development in Sponda’s main markets in Helsinki and Tampere.

Going forward, Sponda will have a stronger focus on owning, leasing and developing office properties and shopping centres in the Helsinki metropolitan area and Tampere.

Sponda’s total revenue in 2013 was EUR 264.3 million.