BEVEST ASA
Sector unknown·BINT · Oslo Børs·Fiscal year to 31/12/2023
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Shipping and logistics
End markets
Market
“KMC Properties invests in industrial and warehouse properties due to the segment’s high returns, long lease agreements, and stable occupancy rates.”
Annual report 2023A · The company itself
Market
“Since our inception in 2020, KMC Properties has had a clear strategy and vision of becoming the preferred real estate partner for logistics and industrial companies, proven resilient in changing macroeconomic conditions.”
Annual report 2023A · The company itself
Market
“Solidity of the tenants, the long-term rental contracts, and the strategic importance of the location of the properties are key elements of the strategy.”
Annual report 2023A · The company itself
Market
“KMC Properties’ objective is to be the preferred partner for logistic and industrial companies with a strategic focus on Northern Europe. The company invests primarily in logistics and industrial properties due to high returns, long lease agreements and stable occupancy rates in the commercial property segment.”
Annual report 2023A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Aquaculture and fish feed
End markets
Market
“In 2023, KMC Properties completed the development of a packaging hub at Hitra in Norway for its largest tennant BEWI ASA. In connection with the packaging hub, the company also developed an adjacent storage building. The WAULT of the lease contracts are 15 and 10 years.”
Annual report 2023A · The company itself
Market
“Insula is vertically integrated from fish stations through processing to strong consumer brands. The company has approximately 1 100 employees in Norway, Sweden, Denmark, Finland, and Iceland and is owned by Kverva Industrier.”
Annual report 2023A · The company itself
Market
“However, the company has large exposures to its two largest tenants Insula and BEWI, representing 13 per cent and 50 per cent of the overall portfolio valued at 31 December 2023.”
Annual report 2023A · The company itself
Industrial manufacturing
End markets
Market
“Since our inception in 2020, KMC Properties has had a clear strategy and vision of becoming the preferred real estate partner for logistics and industrial companies, proven resilient in changing macroeconomic conditions.”
Annual report 2023A · The company itself
Market
“■ The listed industrial owner company Scana ASA accounts for 8 per cent of NOI in 2023, through its subsidiary PSW Technology. Scana is an industrial owner company in the ocean industries creating value through active ownership in market-leading portfolio companies.”
Annual report 2023A · The company itself
Market
“The company invests primarily in logistics and industrial properties due to high returns, long lease agreements and stable occupancy rates in the commercial property segment.”
Annual report 2023A · The company itself
Packaging
Raw materials and inputs
Market
“BEWI had ales of EUR 1.1 billion for 2023, with 3 216 employees and 63 production facilities at the end of the year. ■ The Nordic seafood group Insula AS accounts for 15 per cent of NOI in 2023.”
Annual report 2023A · The company itself
Market
“Long lease agreements with solid tenants across strategic locations 8% 8% 19% 100% BEWI Insula Grøntvedt Scana Other Total Share of operating income Share of operating income Share of operating income Share of operating income Share of operating income Share of operating income Operating income by country Operating income by country Operating income by country Operating income by country Operating income by country Operating income by country 37% 25% 14% 18% 7% 52% 26% 13% 0% 9% 77% 23% 0% 0%0%0% 0% 100% 0% 0%0%0%0% 0% 74% 0% 0%0% 26% 55% 9% 0% 5% 13% 18% 0% | BEWI Insulation Scandinavia, Previously Jackon: Industrial company that delivers building systems and insulation solutions of EPS and XPS to the construction and engineering industry.”
Annual report 2023A · The company itself
Market
“However, the company has large exposures to its two largest tenants Insula and BEWI, representing 13 per cent and 50 per cent of the overall portfolio valued at 31 December 2023.”
Annual report 2023A · The company itself
Chains out: this weakens Beer and beverages
Agriculture and food production
End markets
Market
“The company leases 10 properties from KMC Properties. ■ The pelagic fish producer Grøntvedt Group accounts for 8 per cent of NOI in 2023. The company is a leading platform within industrial processing of pelagic fish, and the world’s largest producer of marinated herring.”
Annual report 2023A · The company itself
Market
“■ Gross asset value 6.2 6.5 YE 2023 proformaYE 2023YE 2022 7.4% 7.3% 6.9% 5.3% 6.3% 6.2% | The property is strategically located in a logistic hub south of Narvik city center, close to the E6 motorway, the railway and port terminal. The property has lease agreements with the Norwegian meat producer Kuraas AS with an initial lease of 15 years and with Servicegrossistene with an initial lease of 10 years.”
Annual report 2023A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Solar power
Technology
StrategyPositive impact: strengthens
“At the end of 2023, six of our properties have installed solar panels on the ground, roofs, or facades. At our pilot in Fredrikstad, Norway, a total of 463 mWh was produced in 2023.”
Annual report 2023A · The company itself
StrategyPositive impact: strengthens
“Shifting gear in the energy transition KMC Energy, a KMC Properties subsidiary, offers solutions that secure tenants’ reliable access to renewable energy and contribute to a more stable capacity on the grid, which will benefit local communities. After a successfully complete pilot with one of the tenants from BE Form in 2022, the Kampenveien 5 facility produced 463 079.5 kWh of renewable energy in 2023.”
Annual report 2023A · The company itself
Batteries and energy storage
Technology
StrategyPositive impact: strengthens
“KMC Energy’s storage solution optimises the production of solar power on sites and provides a feasible solution to manage peak load periods. This creates stability and predictability for tenants, as well as reduces costs for operators of the power grid.”
Annual report 2023A · The company itself
Power grid expansion
Technology
StrategyPositive impact: strengthens
“KMC Energy’s storage solution optimises the production of solar power on sites and provides a feasible solution to manage peak load periods. This creates stability and predictability for tenants, as well as reduces costs for operators of the power grid.”
Annual report 2023A · The company itself
Chains in: Electricity strengthens, Electrification strengthens, Energy security strengthens, Wind power strengthens, Reconstruction of Ukraine strengthens
Real estate
End markets
Market
“We closed the year with a mere 1.8 per cent vacancy rate, while simultaneously achieving a 50 per cent increase in rental income compared to 2022.”
Annual report 2023A · The company itself
Chains in: Interest rates weakens
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“We closed the year with a mere 1.8 per cent vacancy rate, while simultaneously achieving a 50 per cent increase in rental income compared to 2022.”
Annual report 2023A · The company itself
DriverNegative impact: weakens
“In practice, an economic downturn may decrease the market value the group’s properties. Reductions in property value would have a negative impact on the group’s future earnings and financial position.”
Annual report 2023A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Interest rates
Macro
DriverNegative impact: weakens
“The current portfolio has a net yield of 7.3 per cent, while the all-in interest rate following the significant refinancing and portfolio expansion in 2023 is at 6.3 per cent. This leaves us with a positive margin generating value for our shareholders – a favorable "yield gap".”
Annual report 2023A · The company itself
DriverNegative impact: weakens
“In July 2023, KMC Properties completed the refinancing of its NOK 1 850 million senior secured bond loan and its NOK 200 million fully drawn revolving credit facility. The refinancing resulted in an overall interest margin of 3.32 per cent plus floating interest on the company's total interest-bearing debt of approximately NOK 3 484 million, down from 3.49 per cent plus floating interest previously.”
Annual report 2023A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Consumer spending
Macro
DriverNegative impact: weakens
“We closed the year with a mere 1.8 per cent vacancy rate, while simultaneously achieving a 50 per cent increase in rental income compared to 2022.”
Annual report 2023A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“Key efforts have been focused on mapping the energy classification of the entire portfolio and analysing feasible measures to improve the buildings’ performance and classification character in accordance with the EU requirements.”
Annual report 2023A · The company itself
DriverNegative impact: weakens
“The upcoming EU Energy Performance of Buildings Directive (EPBD), expected to be adopted in spring 2024, prohibits leasing commercial buildings below an energy rating of F from 2027 and E from 2030. To comply, KMC Properties is prioritising enhancing the energy efficiency of properties below a D rating, regardless of their rental income proportion.”
Annual report 2023A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Inflation
Macro
DriverPositive impact: strengthens
“The majority of the growth is related to acquisitions of new properties, while 7.5 per cent is related to CPI adjustments.”
Annual report 2023A · The company itself
DriverPositive impact: strengthens
“However, KMC Properties’ portfolio of high yielding logistic and light industry properties with solid tenants and long lease contracts, combined with its 100 per cent CPI adjustments on almost all lease agreement, provide the company with a comfortable headroom towards its covenants.”
Annual report 2023A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Europe
Geography
Geography
“The company invests primarily in logistics and industrial properties due to high returns, long lease agreements and stable occupancy rates in the commercial property segment.”
Annual report 2023A · The company itself
Geography
“The group remains committed to its investment strategy, focusing on properties in Northern Europe with solid tenants in selected industries, in addition to greenfield and yielding capex projects in collaboration with current and future tenants.”
Annual report 2023A · The company itself
Nordics
Geography
Geography
“The company invests primarily in logistics and industrial properties due to high returns, long lease agreements and stable occupancy rates in the commercial property segment.”
Annual report 2023A · The company itself
Geography
“The group remains committed to its investment strategy, focusing on properties in Northern Europe with solid tenants in selected industries, in addition to greenfield and yielding capex projects in collaboration with current and future tenants.”
Annual report 2023A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0.41 bn NOK |
| Revenue growth vs. the year before, same method | 50.1 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | N/A |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | N/A |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (NOK), not converted to DKK. Quotes are shown as the company's own words in the report's original language.