Interim Report January - June 2012
(Thomson Reuters ONE) -
* Income increased by 34 per cent to SEK 900 million (672)
* Operating surplus increased by 41 per cent to SEK 575 million (408)
* Profit from property management increased by 21 per cent to SEK 252 million
(209)
* Changes in value of properties totalled SEK 165 million (283) and changes in
value of derivatives to SEK -3 million (3)
* Net profit for the period amounted to SEK 305 million (362), corresponding
to SEK 1.54 per common share (2.25) and SEK 4.89 per preference share (-)
* Klövern has acquired the property company Dagon and three other properties
during the period. One property has been divested. After the end of the
period, two properties have been acquired
* Equity amounted to SEK 5,669 million (4,740).
Statement by the CEO
Continued expansion
"During the second quarter, Klövern has continued the expansion that started
during the first quarter with the acquisition of the listed real estate company
Dagon. In recent months, we have announced the acquisition of four properties
for more than SEK 900 million, of which three in Stockholm and one in
Gothenburg. Through this expansion, we have strengthened our position in the
metropolitan cities and acquired new modern properties with a good yield.
Klövern is focusing its efforts on filling vacancies, which can also be seen in
the net moving-in for the quarter, which is a SEK 15 million. We deliver a good
result for the first six months of the year. The operating margin was 64 per
cent, which is a high level for Klövern. Profit from property management, which
includes Dagon's earnings from March and onwards, has increased by 21 per cent.
Net profit for the period is also affected by changes in value of both
properties and derivatives. The continued decline of the fixed income market is
playing tricks on us here. Falling long-term interest rates during the quarter
mean a drop in the value of derivatives of almost SEK 100 million during the
same period. However, it should be borne in mind that derivatives should be
regarded as insurance and that there is an upside of SEK 336 million in
derivatives, which will affect the income statement and the balance sheet
positively until maturity.
After the end of the period we have acquired over five per cent of the shares in
Diös Fastigheter AB. This acquisition is a financial placement where the shares
in Diös served as the means of payment when Klövern sold repurchased common
shares and newly issued preference shares to the Federation of Swedish Farmers,
LRF", says Klövern's CEO Rutger Arnhult.
Nyköping, 10 July 2012
Klövern AB (publ)
For further information, please contact:
Rutger Arnhult, CEO, +46 72-301 53 31, rutger.arnhult(at)klovern.se
Britt-Marie Einar, Finance and IR Manager, Deputy CEO,
+46 155-44 33 12/+46 70-224 29 35, britt-marie.einar(at)klovern.se
Klövern is a real estate company committed to working closely with customers to
meet their needs of premises and services in Swedish growth regions. As at 30
June 2012 the value of the properties totalled approximately SEK 21.5 billion
and the rental income on an annual basis was around SEK 2.3 billion. The Klövern
share is listed on Nasdaq OMX Stockholm Mid Cap.
Klövern AB (publ), Box 1024, SE-611 29 Nyköping, Sweden. Tel +46 155-44 33 00,
Fax +46 155-44 33 22. Corporate registration no. 556482-5833. Registered office:
Nyköping. klovern.se. info(at)klovern.se.
This information is such that Klövern AB (publ) is obliged to disclose under the
Securities Market Act and/or the Financial Instruments Trading Act. The
information was made available for publication on 10 July 2012.
PR Klövern Interim Report January-June 2012:
http://hugin.info/134084/R/1625322/519864.pdf
Interim Report January-June 2012:
http://hugin.info/134084/R/1625322/519871.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Klövern AB (publ) via Thomson Reuters ONE
[HUG#1625322]
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"Interim Report January - June 2012"
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