Klövern AB (publ) : Interim Report January – March 2013


Income increased by 36 per cent to SEK 541 (399) million.

The operating surplus increased by 33 per cent to SEK 321 million (242).

Profit from property management increased by 45 per cent to SEK 142 million (98).

Changes in value of properties amounted to SEK -56 million (53), of derivatives to SEK 157 million (91) and of financial assets to SEK 35 million (-).

Net profit for the period amounted to SEK 200 million (175), corresponding to SEK 0.92 (0.91) per common share and SEK 2.50 per preference share (2.50).

Klövern has as per March 31 acquired 17.2 per cent of the real estate company Tribona, which is listed on the Oslo stock exchange. Klövern has divested the whole holding of Diös shares and all repurchased common shares.

During the period, Klövern has acquired interest rate swaps of SEK 700 million and after the end of the period, an interest rate swap of SEK 100 million.

After the end of the period, Klövern issued a covered bond of SEK  700 million.

Statement by the CEO

A good start to the year

“Klövern has performed well during the first quarter. We have seen a sharp increase in the operating surplus regardless of whether the comparison is made for the outcome on the whole portfolio or, even more important, a comparable portfolio. There is a simple explanation – income has increased more than costs in a comparable portfolio, despite the cold start to the year. Moreover, at the start of the year, we signed a couple of large new lease contracts, which will affect our rental income from next year.

The concentration of the property portfolio that was initi­ated during the autumn of last year has continued med sales of properties at non-prioritized locations. We are leaving municipalities such as Trelleborg and Haninge and are working actively with sales focused on a number of areas where Klövern does not have its own business units and personnel.

During the summer and autumn of 2012, Klövern acquired over 12 per cent of Diös, partly as payment for new issues of preference shares and for repurchased common shares in Klövern. Part of the shareholding was sold at the end of 2012, and the remaining Diös shares were divested during the first quarter of 2013, after the share price devel­oped really well.

In March, we instead acquired a substantial share­holding in the real estate company Tribona ASA which is currently listed on the Oslo stock exchange, but which will be listed on the Stockholm stock exchange later this spring. Tribona has an attractive property portfolio, consisting of 19 logistics properties in Sweden and one in Denmark. Klövern now owns over 18 per cent of Tribona, which makes us the largest shareholder. We will probably request a seat on the board at the annual general meeting in the spring.

We have continued to broaden our financing by issu­ing Klövern’s first covered bond. While last year’s issues of non-covered bonds may be viewed as complement to bank finance, the covered bond may be regarded as a direct replacement of bank finance. By turning directly to inves­tors, without using the bank as an intermediary, we have become less dependent on the bank sector. As in previous issues, there was great interest and we decided on early clo­sure of subscription. At the same time, it feels as if access to bank loans has improved somewhat. Bond issues by Klövern and others have undoubtedly played a role here, together with the fact that foreign banks have become more active in the Swedish market.

Demand for premises is satisfactory and with an upturn in sight, there is every hope of a good development of letting. During the year, we will continue the work of improving administrative efficiency, not least to have the full benefit of acquiring Dagon.”

Nyköping, 17 April 2013

Klövern AB (publ)

For further information, please contact:
Rutger Arnhult, CEO, +46 70-458 24 70, rutger.arnhult@klovern.se
Britt-Marie Nyman, Finance and IR Manager, Deputy CEO, +46 155-44 33 12/+46 70-224 29 35, britt-marie.nyman@klovern.se

Klövern is a real estate company committed to working closely with customers to offer them efficient premises in selected growth regions. As at 31 March 2013, the value of the properties totalled approximately SEK 22.7 billion and the rental income on an annual basis was around SEK 2.5 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. Website: kelly.corem.se, info@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 17 April 2013.

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