Interim report January-June 2009
2009-07-09
Statement by the CEO
A stable base in a changing business environment
A stable base in a changing business environment
“Klövern presents its best half-year result ever and has a stable foundation. Structured work with the customer stock, the property portfolio and the financial portfolio has made the company well equipped to cope with tougher periods.
Through focused work in lease renegotiations and new leases, we have succeeded in extending the average lease term to 3.1 years and the customers are a good mix of public and private actors.
Our strategic sales and acquisitions have concentrated the property portfolio, with a preference for offices in good communication locations and business parks, to ten strong cities. The rental levels are unchanged during the first six months, but old leases are still being renegotiated to higher rental levels than before.
Finally, we have decided to interest hedge the entire loan portfolio through swap agreements and interest rate caps, which secures the cash flow to a future rise in interest rates”, says Klövern’s CEO Gustaf Hermelin.
Nyköping 9 July 2009
Through focused work in lease renegotiations and new leases, we have succeeded in extending the average lease term to 3.1 years and the customers are a good mix of public and private actors.
Our strategic sales and acquisitions have concentrated the property portfolio, with a preference for offices in good communication locations and business parks, to ten strong cities. The rental levels are unchanged during the first six months, but old leases are still being renegotiated to higher rental levels than before.
Finally, we have decided to interest hedge the entire loan portfolio through swap agreements and interest rate caps, which secures the cash flow to a future rise in interest rates”, says Klövern’s CEO Gustaf Hermelin.
Nyköping 9 July 2009
Klövern AB (publ)
For further information, please contact:
Gustaf Hermelin, CEO, tel +46 155-44 33 10, +46 70-560 00 00, gustaf.hermelin@klovern.se
Caesar Åfors, CFO and vice President, tel +46 155-44 33 02, +46 70-662 48 48, caesar.afors@klovern.se
Britt-Marie Einar, Finance and Information Manager, tel +46 155-44 33 12, +46 70-224 29 35,
britt-marie.einar@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. Klövern has business units in ten cities: Borås, Karlstad, Kista, Linköping, Norrköping, Nyköping, Täby, Uppsala, Västerås and Örebro. As at 30 June 2009, the value of the properties totalled approximately SEK 12 billion and the rental value on an annual basis was SEK 1.4 billion. The Klövern share is listed on Nasdaq OMX Nordic Exchange in Stockholm, medium-sized companies.
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. Website: kelly.corem.se.