Klövern: Year-end report 2006

2007-02-06

  • Earnings totalled SEK 843 million (639)
  • Net profit for the period increased to SEK 631 million (379)
  • Earnings per share increased to SEK 5.04 (3.27)
  • SEK 262 million (158) of the profit consists of changes in value of properties
  • During the year, 63 properties (55) have been acquired for SEK 4,672 million (2,108) and 15 properties (36) have been sold for SEK 348 million (557)
  • The Board of Directors are proposing a dividend of SEK 1.25 per share (1.00)
 
Statement by CEO
 
Expansion underlying the increase in earnings
Klövern’s net profit increased by more than 66 per cent during 2006. Underlying this increase are in the first place a larger property portfolio and a large increase in value in this portfolio. The property holdings have increased during the year from SEK 6.0 to SEK 10.7 billion, the major part of the increase being accounted for by the acquisition in Kista and Täby at the end of the year.
“Hard work, a larger property portfolio and a favourable state of the economy are three factors that have contributed to the positive development of earnings”, says Klövern’s CEO Gustaf Hermelin.
During 2007 the letting out work will be intensified and efficiency improvements in organisation and administrative systems will be continued. 
“We are now focusing on filling vacancies and trimming the company to be well equipped for future years”, says Gustaf Hermelin.
 
Earnings
Net profit for the year was SEK 631 million (379). This improvement is primarily due to increased unrealised changes in value and a considerably larger property portfolio. The profit includes realised changes in value from property sales of SEK 45 million (25) and unrealised changes in value of properties of SEK 217 million (133). Net financial income was
SEK -122 million (-181), of which changes in value of financial instruments and securities accounted for SEK 49 million (-3).
 
Nyköping, 6 February 2007
 
Klövern AB (publ)
 
For further information, please contact:
Gustaf Hermelin, CEO, tel +46-(0)155-44 33 10, +46-(0)70-560 00 00, gustaf.hermelin@klovern.se
Anders Lundquist, CFO, tel +46-(0)155-44 33 20, +46-(0)70-528 43 33, anders.lundquist@klovern.se
Britt-Marie Einar, Corporate Communications Officer, tel +46-(0)155-44 33 12, +46-(0)70-224 29 35,
britt-marie.einar@klovern.se
 
Klövern is a real estate company with a local presence that actively develops properties in large Swedish cities. Klövern has geographical units in twelve cities/locations: Borås, Eskilstuna, Kalmar, Karlstad, Kista, Linköping, Norrköping, Nyköping, Täby, Uppsala, Västerås and Örebro. As per December 31, 2006, the value of the properties totals approximately SEK 10.7 billion and the rental income on an annual basis is approximately SEK 1,070 million. The Klövern share is listed on the Stockholm stock exchange, Nordic list, mid cap 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 * Website: kelly.corem.se



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