Wallenstam Interim report January 1–June 30, 2018: Well-positioned for the future

Hans Wallenstam, CEO, and Susann Linde, CFO and Head of Investor Relations, comment on the report at www.wallenstam.se/filmsandpresentations. The film will be released by 08.30 (CET) at the latest.

A conference call with Susann Linde will take place at 09.30 (CET) at www.financialhearings.com. The presentation is available at www.wallenstam.se/filmsandpresentations.

JANUARY 1–JUNE 30, 2018

  • The growth rate in net asset value on a rolling full-year basis, excluding dividends and repurchases, amounted to 10.5 percent.
  • Income from property management increased by 18 percent and amounted to SEK 462 million (391).
  • Rental income increased by almost 14 percent and amounted to SEK 942 million (829).
  • Construction of properties amounted to SEK 965 million (1,179).
  • On closing day, we had 1,760 apartments under construction.
  • Unrealized changes in value of investment properties amounted to SEK 892 million (1,638).
  • Profit before tax amounted to SEK 1,346 million (1,818) and profit after tax amounted to SEK 1,310 million (1,447), corresponding to SEK 4.0 per share (4.4).
  • For the purpose of adapting the Group to future new corporate taxation rules, interest rate derivatives with a deficit value of SEK 776 million were early redeemed, which affects profit before unrealized changes in value and impairment charges but not comprehensive income.

APRIL 1–JUNE 30, 2018

  • Income from property management increased by just over 22 percent and amounted to SEK 245 million (200).
  • Rental income increased by just over 14 percent and amounted to SEK 475 million (415).
  • Unrealized changes in value of investment properties amounted to SEK 766 million (1,269).
  • Profit after tax amounted to SEK 1,000 million (907), corresponding to SEK 3.1 per share (2.8).

Comment from Hans Wallenstam, CEO:
“Once again, I can present very good results, the operations are performing well and the numbers are pointing the right way. For example, income from property management rose by just over 22 percent compared to the same quarter of last year.”

“There is extremely strong demand at present for the rental apartments we are producing, and there is also heavy demand for our commercial premises. We have strong finances, with an equity/assets ratio of 44 percent, and we have secured a low interest rate for many years to come. We are building cost efficiently with quality and we have an efficient organization for management, letting and customer service with employees who are extremely committed and knowledgeable.”

For the complete report, please refer to the attached PDF.

This is information that Wallenstam AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out below, at 08:00 CET on July 18, 2018.

For further information:
Susann Linde, CFO and Head of Investor Relations Wallenstam AB (publ) tel. 46 31 20 00 00 or 46 705 17 11 34
Elisabeth Vansvik, Communications Director Wallenstam AB (publ) tel. 46 31 20 00 00 or 46 705 17 11 38

www.wallenstam.se

Wallenstam is a property company that manages, builds and develops properties for sustainable living and enterprise in Stockholm, Gothenburg and Uppsala. The property holding is valued at around SEK 43 billion and the customer base consists of around 9,000 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. The company’s B shares have been listed on Nasdaq Stockholm since 1984.

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About Us

Wallenstam is a property company that manages, builds and develops properties for sustainable living and enterprise in Stockholm, Gothenburg and Uppsala. The property holdings are valued at around SEK 40 billion and the customer base consists of about 7,700 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 and its own wind turbines in operation. The company’s B shares have been listed on Nasdaq Stockholm since 1984.