Interim Report January - September 2015
(Thomson Reuters ONE) -
»» Net profit increased by 66 per cent to SEK 1,482 million (892), corresponding
to SEK 1.35 (0.81) per ordinary share.
»» Income increased by 8 per cent to SEK 2,013 million (1,863).
»» The operating surplus increased by 8 per cent to SEK 1,333 million (1,238).
»» Profit from property management increased by 32 per cent to SEK 786 million
(594).
»» Changes in value of properties amounted to SEK 1,084 million (880). After
taking possession of 15 properties for SEK 1,199 million, divestment of 14
properties for SEK 543 million and investments of SEK 852 million the value of
the property portfolio amounted to SEK 32,800 million.
»» The adjusted equity ratio improved to 36.4 per cent.
Statement by the CEO
Good profit development
Profit continued to develop well during the third quarter with profit from
property management increasing by 28 per cent. Market conditions are favourable
in the form of a robust state of the economy and historically low interest
rates. Hand in hand with this, the transaction market continues to be strong, as
reflected in rising property values although this also means that it is
important to be selective when making acquisitions. At the same time, there is a
great potential for long-term creation of value in project activities at a
number of the growth locations where Klövern has a leading position.
A favourable rental market combined with acquisitions led to an increase in
income of 4 per cent during the quarter. Good cost control including successful
long-term work on improving energy efficiency, contributed to the operating
margin being 69 per cent. Although net moving-in was slightly weak during the
quarter, after nine months we are not so far from the goal for the full year of
a net moving-in of at least 1 per cent of the rental value, and conditions are
good for the last quarter of the year. Further down in the income statement the
favourable level of interest rates is reflected in a
continued improvement in net financial items.
The property portfolio continued to increase in value as a result of both
acquisitions and positive changes in value. In a strong transaction market, it
is important to be selective about additions to the portfolio. We reject
considerably more properties than those that we go on to endeavour to acquire.
During 2015, we have primarily strengthened Klövern's position in Stockholm and
Gothenburg by acquisitions of high quality properties with solid well-known
tenants. Not least Solna Gate - with tenants such as Santander, BP, Bristol-
Myers Squibb and GlaxoSmithKline. The same applies to the property Inom
Vallgraven 15:2, centrally located in Gothenburg with Swedbank as its largest
tenant.
In all, Klövern has 5.000 tenants in a broad spectrum of industries,
geographically distributed over a number of growth locations. This mix, together
with almost every fifth krona of income coming from public sector activities,
creates stability.
Stability on the income side provides in turn the prerequisites to develop the
business through projects. In the next few years, it may very well be the case
that our project operations will be the single largest creator of value for
Klövern. At present, we have over 300 ongoing projects with a total
investment volume of over SEK 3 billion. Among the largest projects are Tele2's
new head office in Kista and construction of Elite Hotels' new landmark hotel at
the central station in Uppsala. At the same time, in a structured way, we
continue to focus on how changed local plans can create opportunities both for
new offices and housing, sometimes through infilling, to create even more
attractive urban environments. One example of a planned coming project is the
property Sigurd 7, also known as S7, at the central station in Västerås. As
recently as last week, we submitted planning applications for an exciting new
modern building encompassing around 8,000 sq.m. of lettable area. Another
project, which is closer in time, is Skeppet in Karlstad, a roughly 14,000 sq.m.
large office and retail property in the best location at the city's inner
harbour.
Overall, we are satisfied with the development in the third quarter and the
prospects look favourable for a good conclusion to the year.
Rutger Arnhult
CEO, Klövern
For additional information:
Rutger Arnhult, CEO, +46 70-458 24 70, rutger.arnhult(at)klovern.se
Lars Norrby, IR, +46 76-777 38 00, lars.norrby(at)klovern.se
Klövern is a real estate company committed to working closely with customers to
offer them efficient premises in Swedish growth regions. As of 30 September
2015, the value of the properties totaled SEK 32.8 billion and the rental value
on an annual basis was SEK 3.1 billion. Klövern is listed on Nasdaq Stockholm.
For further information, see www.klovern.se.
Klövern AB (publ), Bredgränd 4, 111 30 Stockholm. Phone: +46 8-400 500 50. E-
mail: 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 22 October 2015.
Interim Report January - September 2015:
http://hugin.info/134084/R/1960584/714797.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Klövern AB (publ) via GlobeNewswire
[HUG#1960584]
Unternehmensinformation / Kurzprofil:
Datum: 22.10.2015 - 07:30 Uhr
Sprache: Deutsch
News-ID 428654
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Town:
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"Interim Report January - September 2015"
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