Year-end report 2006
Focus ensures continued strong performance
• Rental revenue during the year totaled SEK 177.0 M (170.3 pro forma for the corresponding period in 2005).
• Income from property management for the year, excluding expenses for the stock exchange listing, amounted to SEK 110.2 M (86.6 pro forma), or SEK 9.53 per share (7.49 pro forma). Income from property management during the year, including listing expenses of SEK 10.7 M, totaled SEK 99.5 M (86.6 pro forma), corresponding to SEK 8.60 per share (7.49 pro forma).
• Profit before tax was SEK 352.5 M (426.6 pro forma). Profit for the year includes unrealized value changes in property and financial instruments of SEK 235.0 M (340.0 pro forma) and expenses of SEK 10.7 M (0.0 pro forma) incurred in conjunction with the stock exchange listing.
• Profit after tax for the year amounted to SEK 255.0 M (307.1 pro forma) or SEK 22.05 per share (26.56 pro forma).
• A shareholder contribution of SEK 60.0 M (0.0 pro forma) was received during the year.
• The Board of Directors proposes a dividend of SEK 5.00 (-) per share.
Peter Hallgren, CEO:
"Catena’s first year as a listed company has now come to a close. The focus, which was on the stock exchange listing during the first half of the year, has now switched to one of strategic development of the operation."
"Catena pursues a clear-cut strategy for developing its real estate portfolio, as part of which the following activities were conducted during the year:
- Acquisition of the Trombonen property in Mölndal, where the tenant conducts automotive operations under the Ford make. The acquisition entailed continued establishment in a retail park that we believe in and an operation that we know well.
- Establishment of a retail clothing operation in Värnhem in Malmö is a good example of property development, whereby basic warehouse and production area is converted into retail space that generates higher rental revenue.
- Investments in existing facilities that result in the upgrade and modernization of our properties had a value-enhancing effect and reduced the tenants’ operating expenses and our maintenance costs.
- A letter of intent was signed in December pertaining to the divestment of six properties located outside priority markets. The sale is expected to be completed during March 2007. Through this sale, we are pursuing our distinct strategy of becoming established in the four major growth regions in the Nordic region: Stockholm, Gothenburg, Öresund and Oslo.”