Interim Report January – June 2012
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, email@example.comBritt-Marie Einar, Finance and IR Manager, Deputy CEO, +46 155-44 33 12/+46 70-224 29 35, firstname.lastname@example.org
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. email@example.com.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.