* Income totalled SEK 614 million (375)
* Net profit for the period increased to SEK 659 million (315)
* Earnings per share increased to SEK 3.96 (2.61)
* Property sales amounted to SEK 732 million (247) with a realised
change of value of SEK 126 million (23)
* The full-year forecast is adjusted upwards; profit, excluding tax
and changes in value, is expected to exceed SEK 375 million. Previous
forecast was SEK 325 million.
Statement by the CEO
Conversion and focus yield strong development of profit
The past quarter has been characterised by three things: continued
geographical focus, rising demand for premises and conversion of the
property stock to add value. At the beginning of April Klövern
divested all of its properties in Eskilstuna and Kalmar with a
realised change in value of SEK 122 million. After the divestment ten
geographical units remain in markets with large potential and in
which Klövern wishes to expand, either through investment or further
acquisitions.”We see continued positive development on the rental side. Existing
clients need larger premises and the demand from new tenants is
large, which means that the occupancy rate has risen by one
percentage unit for the third quarter in a row”, comments Klövern’s
CEO, Gustaf Hermelin.
The unrealised change in the value of properties continues to be
high, which is partly the result of Klövern’s business model which is
based on acquiring properties that can be developed and improved to
add value and rented out.
Net profit for the period amounted to SEK 659 million (315). This
improvement is mainly due to an increase in unrealised changes in
value and a considerably larger property portfolio. The profit
include realised changes in value from the divestment of properties
for SEK 126 million (23) and unrealised changes in property values
totalling SEK 438 million (152). Net financial income was SEK -70
million (-54), of which the change in the value of financial
instruments and securities accounted for SEK 70 million (21).
Nyköping 13 July 2007
Klövern AB (publ)
For further information, please contact:
Gustaf Hermelin, CEO, tel +46-155-44 33 10, +46-70-560 00 00,
Anders Lundquist, CFO, tel +46-155-44 33 20, +46-70-528 43 33,
Britt-Marie Einar, Finance and Information Manager, tel +46-155-44 33
12, +46-70-224 29 35,
Klövern is a real estate company with a local presence that actively
develops commercial properties in large Swedish cities. Today Klövern
has geographical units in ten cities: Borås, Karlstad, Kista,
Linköping, Norrköping, Nyköping, Täby, Uppsala, Västerås och Örebro.
As at 30 June 2007, the value of the properties was approximately
SEK 10.8 billion and the rental income on an annual basis was around
SEK 1,060 million. The Klövern share was listed on the Nordic
Exchange in Stockholm, medium-sized companies.
Klövern AB (publ), Box 1024, SE- 611 29 Nyköping; Sweden * Tel
+46-(0)155-44 33 00, Fax +46-(0)155-44 33 22.
Company registration no. 556482-5833 * Registered office: Nyköping *