Interim Report January–June 2012
- Profit from property management increased to SEK 282m (270), and rental income increased to SEK 920m (894). The year-on-year change was due to growth through positive net lettings and completed projects.
- Realised and unrealised changes in value amounted to SEK 955m (591) on properties and SEK 100m (38) on interest-rate derivatives.
- After-tax profit for the period amounted to SEK -826m (656), corresponding to earnings per share of SEK -5.09 (4.03), following a provision of SEK 1,900m for ongoing tax matters.
- Net lettings amounted to SEK 131m (60).
“The verdict in the Cyprus case was unexpected. Due to the uncertain legal scenario resulting from the verdict, we have provisioned a significant amount and are now further pursuing the matter in the Administrative Court of Appeal,” says Christian Hermelin, CEO of Fabege.
“We can confirm that Fabege is on firm footing and is capable of coping with the tax matter regardless of the outcome. We reported very strong operational earnings in the first half year. Stockholm is growing and the demand for modern offices in prime locations remains substantial, which benefits Fabege,” concludes Christian Hermelin.
Fabege AB (publ)
For further information, please contact:
Christian Hermelin, CEO, phone 46 (0)8 555 148 25, 46 (0)73 387 18 25
Åsa Bergström, Deputy CEO and CFO, phone 46 (0)8 555 148 29, 46 (0)70 666 13 80
This constitutes information that Fabege AB (publ) may be legally obliged to disclose under the Securities Market Act and/or the Financial Instruments Trading Act. The information was released for publication at 08:00 am CET on 6 July 2012.
Fabege AB (publ) is one of Sweden’s leading property companies focusing mainly on letting and managing office premises and property development. The carrying amount of the company’s property portfolio is approximately SEK 30.8bn. The portfolio is concentrated in the Stockholm region and has an annualised rental value of SEK 2.2bn and a lettable area of 1.1m sqm. Fabege’s shares are listed on Nasdaq OMX Stockholm, Large Cap segment.