SBB, interim report January – March 2018: Strong net operating income despite the long and cold winter; focus on strengthening the financial position
SAMHÄLLSBYGGNADSBOLAGET I NORDEN AB (PUBL): PERIOD IN BRIEF
- Rental income increased to SEK 390m (236).
- Net operating income increased to SEK 233m (131).
- Cash flow from operations before changes in working capital was SEK 39m (32).
- Profit before tax amounted to SEK 151m (846), of which:
- Income from property management was SEK 73m (35). Adjusted for one-time effects, the property management amounted to SEK 103m.
- Unrealised value changes of properties excluding building rights totalled SEK 73m (644).
- Unrealised value changes relating to building rights totalled SEK 1m (171).
- Realised value changes relating to properties amounted to SEK -0.4m (-4).
- Unrealised value changes of derivatives totalled SEK - 4m (0).
- Net income after tax for the period amounted to SEK 113m (648) after deduction for deferred tax of SEK -29m (-190) and current tax of SEK -9m (-8); corresponding to earnings per share of SEK 0.19 (1.59) before dilution.
- The value of the property portfolio increased to SEK 24bn (17).
- Long term net asset value (EPRA NAV) increased to SEK 7,360m (7,120), corresponding to SEK 9.97 (9.65) per share.
- Renovation of 91 apartments started during the quarter.
- Surplus ratio increased to 60% (55%).
”-We are building the Nordic region's leading company for community service properties and rent regulated residentials with strong cash flows. During the first quarter, we continued to focus on strengthening our financial position by repurchasing bonds and repaying all shareholder and mezzanine loans. We continue value creation by negotiating increased rents after refurbishment of 1,279 apartments. During the first quarter, renovation of 91 apartments (50 were completed during the quarter) started. In total an additional 360 apartments are being prepared for renovations this year. We also started investing in the rebuilding and extension of several community properties. "
Ilija Batljan, CEO and Founder
Enclosure: Interim Report January - March 2018
For further information, please contact:
Ilija Batljan, CEO and Founder of Samhällsbyggnadsbolaget i Norden AB, +46 70 518 39 67, email@example.com
This information is information that Samhällsbyggnadsbolaget i Norden AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above on April 27, 2018, at 08.00 CET.
About Samhällsbyggnadsbolaget i Norden AB (publ)
The company’s strategy is to own, manage and develop community service properties throughout the Nordic region and rental apartments in growth regions in Sweden. Through the company's commitment and engagement in community participation and social responsibility, municipalities and other stakeholders find the company an attractive long-term partner. SBB was named the winner of the 2017 Real Estate Company of the year Award. The company’s series B shares (short name SBB B) and preference shares (SBB PREF) are listed on Nasdaq First North Premier. Certified Adviser is Remium Nordic Holding AB (www.remium.com). More information about the company is available at www.sbbnorden.se.