Klövern AB: Interim Report January - March 2017
(Thomson Reuters ONE) -
»» Profit before tax increased by 16 per cent to SEK 1,018 million (876) and net
profit increased by 11 per cent to SEK 789 million (712), corresponding to SEK
0.77 (0.69) per ordinary share.
»» Income increased by 7 per cent to SEK 762 million (714).
»» The operating surplus increased by 9 per cent to SEK 503 million (463).
»» Profit from property management increased by 9 per cent to SEK 319 million
(293).
»» Changes in value of properties amounted to SEK 676 million (726).
»» After taking possession of 5 properties for SEK 415 million, transfer of
possession of 4 properties for SEK 109 million and investments of SEK 224
million, the value of the property portfolio amounted to SEK 40,442 million.
»» The interest coverage ratio amounted to 3.0 and the adjusted equity ratio
improved to 37.5 per cent.
Statement by the CEO
Record profit and continued streamlining of the property portfolio
Today, as much as 98 per cent of Klövern's total property value is located at
our 12 selected growth locations. The average population growth during the past
ten years at these locations has been above 15 per cent. The Stockholm portfolio
makes up 45 per cent of the property value followed by Gothenburg at 9 per cent,
Linköping at just over 7 per cent and Uppsala at 6 per cent.
There is no doubt that we are working in a tailwind at present. The property
market continues to be strong, there are many project opportunities, prospects
for financing are good and our local rental markets are showing strength. We are
reporting a positive net moving-in of SEK 33 million for the quarter. At the
same time, we note new records on many markets both as regards rental levels and
yield requirements. Overall, this is continuing to drive property values in a
positive direction and it is gratifying to see an increase in value of SEK 676
million during the quarter.
Profit from property management increased by 9 per cent to SEK 319 million. A
basically stable operating surplus is supported by positive net moving-in,
strong rental development and continued low interest rates. Acquisitions in
Malmö and Lund at the end of last year and our own new production also made a
positive contribution. During the quarter, Elite Hotels moved into around
10,000 sq.m. of newly built hotel space at the property Uppsala Gate in Uppsala.
Our aim of expanding to an increasing extent through our own development
projects is starting to have a clear impact. The currently most extensive new
build projects are S7 in Västerås, Gamlestaden in Gothenburg and Skeppet in
Karlstad. Letting at these properties is making very good progress and we
envisage these new builds being fully let on completion. Major refurbishment
projects are taking place for the tenant ECDC in Solna, for Choice Hotels in
Kista and for Mio Möbler in Lund. These major projects involve total investments
of SEK 1 billion and encompass around 55,000 square metres.
Project development, including development of building rights, contributed to
increase in property value by SEK 156 million during the quarter, which is a
result that should now rather be regarded as part of our operating profit.
During the quarter, we have invested a total of SEK 224 million in development
projects compared with total investments of SEK 1.6 billion last year. I regard
it as feasible for Klövern to achieve a project volume of SEK 2 billion during
2018, bearing in mind that we will by then have also started production of some
residential projects in Klövern Living.
Klövern Living is working with a large number of development projects. Local
planning processes are in progress for over 5,000 apartments in above all
Stockholm, Uppsala, Västerås, Karlstad, Linköping and Nyköping. My assessment is
that Klövern will start production of at least 200-300 apartments in 2017/2018
and at least 300-500 apartments in 2019/2020.
At the beginning of the year, we have continued to work actively with
transactions. Through acquisitions we have complemented the portfolio in
Gothenburg, Stockholm and Nyköping. Our divestments mean that we completely
leave Borås, Karlskrona, Hässleholm, Ängelholm, Kristinehamn and Ystad. We have
also sold some properties in Lund, Örebro and Norrköping to further streamline
the portfolios at these locations.
Klövern's financial strength also improved further during the quarter. The
interest coverage ratio amounted to 3.0 and the adjusted equity ratio increased
to 37.5 per cent compared with 36.7 per cent at year-end. The net asset value
per share (EPRA NAV) amounted to SEK 12.93, corresponding to an increase of over
10 per cent since the year-end.
All in all, we are very satisfied with developments and our achievements at
Klövern in early 2017. We look forward confidently to continued healthy
development during 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. 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 26 April 2017.
Klovern_Q117_ENG (pdf):
http://hugin.info/134084/R/2098733/795012.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Klövern AB (publ) via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 26.04.2017 - 07:30 Uhr
Sprache: Deutsch
News-ID 538321
Anzahl Zeichen: 6683
contact information:
Town:
Nyköping
Kategorie:
Business News
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"Klövern AB: Interim Report January - March 2017"
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