1. Investor presentation
Full-year and Q4 2017
Erik Karlin, CEO
Per Alnefelt, CFO

2. Agenda Tobin in brief Full-year and Q4 2017 important events
Full-year and Q financial outcome
Financial position
Strategy going forward

3. Tobin in brief
Founded in 2010 by Erik Karlin (CEO) and Johan Varland (Chairman of the Board)
What? Develop modern, functional and well- designed residential housing and related real estate
Where? In the greater Stockholm area, and to a lesser extent in central Uppsala
To whom? Buyers in the upper mid-segment
Ny bild

4. Sample selection of projects
Äril
Norra Djurgårdsstaden
Arkaden
Sundbyberg
Etaget
Kungsholmen
>90% Sold
100% Sold
100% Sold
Sales start
2016
Completion
2018/19
Number of units 76
Est. value (SEKm)
850
Floor area (m2)
7,100
Sales start
2014
Completion
2017
Number of units 71
Est. value (SEKm)
400
Floor area (m2)
5,000
Sales start
2014
Completion
2017
Number of units
103
Est. value (SEKm)
700
Floor area (m2)
7,900

5. Locations
As of Dec 31th 2017
Projects in strategic areas with high growth
Attractive locations has become even more important in current market situation

6. Key figures as of December 31th 2017
493 Apartments under construction
2,423
Apartments in project portfolio
37.7%
Solvency 3
Number of unsold completed apartments
1,202 Value of apartments sold,
LTM, SEKm
65% Share of sold apartments under construction

7. Project portfolio with good acquisition values, SEKb
Attractive locations with great communications
Overall good acquisition values and high flexibility in upcoming projects
Completed and sold projects in 2017

8. Sales of apartments LTM, SEKm
Slower market in H2 2017
Less apartments for sale in H2
Apartments for sale in H are smaller vs H and H2 2016

9. Investment highlights
Good long-term underlying demand for apartments in Tobin Properties’ key areas
Projects in strategic growth areas
Focus on design and architecture – to help create a living city
Preferred partner, especially by municipalities
Well-identified segment, targeting the upper mid-segment
Attractive project portfolio with good acquisition values
Highly skilled team and great company culture

10. Full-year and Q4 2017 important events and figures

11. Full-year 2017
Events and figures
262 (102)
Apartments sold on binding agreement
New land allocation agreement with Sundbyberg municipality
Agreement of acquisition of 30 residential houses in Nacka
Emission of bonds, of SEK 200m
Acquisition of properties in Lidingö and in Uppsala
416 (76)
Construction start of apartments
1,202 (892)
Sale of apartments, SEKm

12. Project development Start of construction Q1: VYN in Tollare, Nacka
Full-year 2017
Start of construction
Q1: VYN in Tollare, Nacka
Q2: Rio in Sundbyberg
Q4: Unum in Täby
Start of sales
Q1: Rio in Sundbyberg
Q2: Unum in Täby
Completed projects
Arkaden in Sundbyberg
Skräddaren in Bromma
Etaget in Västra Kungsholmen
5 Hus in Tollare 2, Nacka

13. 13 (14) 148 (76) 48 (108) Q4 2017 Divestment of Gladan 5, 6 and 7
Events and figures
13 (14)
Apartments sold on binding agreement
Divestment of Gladan 5, 6 and 7
EBIT forecast for 2017 and 2018
Decision of a preferential rights issue of SEK 52m, guaranteed by Klövern
Agreement with Klövern of a directed rights issue of shares of SEK 150m
Decision not to access project Fjärdingen in Uppsala
148 (76)
Construction start of apartments
48 (108)
Sale of apartments, SEKm

14. Full-year and Q4 2017 financials

15. 53.7 (48.2) Operating profit, SEKm 0.0 (9.7) Operating profit, SEKm
Full-year 2017 in figures
Q in figures
53.7 (48.2) Operating profit, SEKm
0.0 (9.7) Operating profit, SEKm
-23.4 (-4.6)
Financial net, SEKm
-12.2 (-6.0)
Financial net, SEKm
28.0 (43.2)
Profit after taxes, SEKm
-14.4 (3.8)
Profit after taxes, SEKm
1.16 (3.69)
Earnings per share, SEK
-1.33 (-0.21)
Earnings per share, SEK

16. Revenues, SEKm Full-year 2017 revenues amounted to SEK 81.6m
Q4 2017: POC step 2 revenues of wholly owned SEK 23.4m. Other revenues of SEK 7.8m
Q4 2016: contained POC step 1 revenues

17. Operating profit, SEKm
Full-year 2017 operating profit amounted to SEK 53.7m
Q operating profit contained write-down of SEK 22.5m
Q operating profit consequently SEK 0.0m

18. Revenue recognition – percentage of completion method
Housing association is formed
Start of conctruction at 60% sold apartments
Percentage of
completion, step 1
Percentage of completion, step 2
Start of sales
Production
The project properties zoning plan has become final
Possesion and payment of final
balance for apartments

19. Revenues based on the POC method, SEKm
Based on underlying percentage of completion, including minority shares, quarterly
No POC step 1 revenues in Q4
POC step 2 revenues of wholly owned SEK 23.4m in Q4
POC revenues of SEK 4.5m from minority shares in Q4

20. Financial position

21. Cash flow current operations, SEKm
Investments in development properties in H1 2017
Cash collection during H2 2017

22. Project portfolio maturity curve
Expected end-year – developed value, SEKm
Approx. 700 SEKm in cashflows
Äril
Rio
Vyn
Unum
Golfbäcken 1
Stationshusen
Torghusen
Nacka Strand 2
Nacka Strand 3
Golfbäcken 2
Slaktaren
Nacka Strand 1

23. Total assets, equity and solvency
Equity SEK 678.5m
Solvency 37.7 percent
Total Assets SEK 1,800m

24. New issue of shares
Klövern becomes new main shareholder

25. Share issues Directed share issue of SEK 150m to Klövern
Preferential rights issue to all shareholders of SEK 52m guaranteed by Klövern
Klövern becomes main shareholder with 35 percent of Tobin Properties
Since Klövern will hold >30 percent of Tobin, Klövern announced a mandatory offer of all Tobin shares, according to the take over rules
BoD does not recommend the offer

26. 44,0% 403,2 338,1 Net debt, SEKm Post share issues
Key figures after new issue of shares assuming proforma Dec
44,0%
Solvency
Solvency 44,0% compared to 37.7% at year-end
Cash up to SEKm compared to SEKm at year-end*)
Net debt 338,1 SEKm compared to 540,1 SEKm at year-end
*) of which 138,7 MSEK on escrow
403,2
Cash position, SEKm
338,1 Net debt, SEKm

27. “The agreement with Klövern offers very good financial and operational synergies. Tobin allies with a strong player who shares our view on the market” “With a stronger financial position, Tobin can focus on completing ongoing projects with locked-in good margins”
Erik Karlin, CEO

28. Strategy going forward

29. Strategy Focusing on completing ongoing projects
Expanding product offering to develop rental apartments
Healthy profits projected for 2017/2018
Strong net cash flow of approximately SEK 700m during from projects currently in construction
Overall limited project commitments during 2018/2019
Strengthened financial position post share issues

30. Tobin forecasts Earnings forecast for 2018
Operating profit for the financial year will amount to SEK 250m.
Equity ratio forecast for 2018
Based on the above earnings forecast and cash flow, the company estimates an equity ratio for 2018 of 48 percent.

31. Vision
Contribute to a higher quality of life, develop apartments that touch people’s imagination and buildings that contribute positively to the cityscape

32. Thank you!