Wallenstam interim report 1 January – 30 September 2015
CFO Susann Linde, in charge of IR, comments on the interim report at www.wallenstam.se/presentationer.
A conference call with Susann Linde will take place at 09.30 a.m (CET) at www.financialhearings.com, the presentation is available at www.wallenstam.se/presentationer.
1 JANUARY–30 SEPTEMBER 2015
• Income from property management amounted to SEK 512 million (464), an increase of 10 percent.
• Properties were sold with a value of SEK 1,850 million (1,280). This resulted in realized changes in value of SEK 144 million (152), which is 9 percent over the latest valuation.
• Unrealized changes in the value of investment properties amounted to SEK 1,880 million (498), of which new construction represented SEK 435 million (85).
• Changes in the value of derivative instruments amounted to SEK 30 million (-595).
• Profit after tax amounted to SEK 2,167 million (187), equivalent to SEK 6.5 (0.6) per share.
• Rental income for the interim period amounted to SEK 1,159 million (1,186).
• Acquisitions and investments in properties totalled SEK 2,561 million (1,328).
• The growth rate in net asset value, excluding dividends and repurchases, on a rolling full-year basis was 17.7 percent.
• During the period, construction started on approximately 370 apartments. We had around 1,300 apartments under construction on the closing day.
1 JULY–30 SEPTEMBER 2015
• Income from property management amounted to SEK 190 million (173).
• Unrealized changes in the value of investment properties amounted to SEK 169 million (105), of which new construction represented SEK 133 million (17).
• Changes in the value of derivative instruments amounted to SEK -130 million (-168).
• Profit after tax amounted to SEK 185 million (-167), equivalent to SEK 0.6 (-0.5) per share.
• Rental income for the third quarter amounted to SEK 387 million (393).
Comment from Hans Wallenstam, CEO
“We are generating considerable surplus value through our work on building apartments. We are also creating value through conversions and effective management. Almost 80 percent of the increase in value during the quarter came from our new construction projects.”
“Happily, we reported net asset value growth on a rolling full-year basis of 17.7 percent during the period, a fantastic performance that is above our goal of an average net asset value growth of 10 percent per year.”
“The result shows that the operations are continuing to perform very strongly. Income from property management during the period amounted to SEK 512 million, an increase of 10 percent. We have a strong financial position with a low loan-to-value ratio of 44 percent, and a high equity/assets ratio of 43 percent. We feel very satisfied with the result and performance to date!”
For the complete report, please refer to the attached PDF.
Wallenstam is required to make the information in this report public under the provisions of the Swedish Financial Markets Act and the Swedish Financial Instruments Trading Act. The information was made publicly available on November 3, 2015 at 8:00 a.m. (CET).
For further information:
Susann Linde, CFO and IR Director Wallenstam AB (publ) tel. 46 31-20 00 00 or 46 0705-17 11 34
Elisabeth Vansvik, Director of Communications Wallenstam AB (publ) tel. 46 31-20 00 00 or 46 705-17 11 38
Wallenstam is a growing property company that manages, builds and develops properties for sustainable living and enterprise in Gothenburg and Stockholm. The property holding is valued at around SEK 30 billion and the customer base consists of just over 7,300 households and 1,000 enterprises. The total lettable area is around 1 million sq m. Wallenstam is self-sufficient in renewable energy through the company Svensk NaturEnergi and its 67 wind turbines and hydroelectric plants in operation. The company’s B shares have been listed on Nasdaq Stockholm since 1984.