Wallenstam Interim Report January 1–September 30, 2017: The surplus ratio increased to 76 percent

CEO Hans Wallenstam comments on the interim report at www.wallenstam.se/filmsandpresentations. The film will be released by 08.30 (CET) at the latest.

A conference call with Susann Linde, CFO and Head of Investor Relations, will take place at 09.00 (CET) at www.financialhearings.com. The presentation is available at www.wallenstam.se/filmsandpresentations.

JANUARY 1–SEPTEMBER 30, 2017

  • The growth rate in net asset value, excluding dividends and repurchases, on a rolling full-year basis was 21.4 percent.
  • Profit before tax amounted to SEK 2,245 million (2,078) and profit after tax amounted to SEK 1,781 million (1,646), equivalent to SEK 5.4 per share (5.0).
  • Income from property management increased by just over 10 percent and amounted to SEK 621 million (564).
  • Unrealized changes in value of investment properties amounted to SEK 1,817 million (1,852).
  • Rental income increased by 5 percent and amounted to SEK 1,257 million (1,197).
  • Properties and apartments were sold with a value of SEK 615 million (809), generating a realized profit of SEK 49 million (108).
  • Construction of properties amounted to SEK 1,763 million (1,641).
  • On closing day, we had 2,349 apartments under construction.
  • An impairment loss of SEK 300 million (0) was recognized in respect of wind power investments. 

JULY 1–SEPTEMBER 30, 2017

  • Profit before tax amounted to SEK 427 million (413) and profit after tax amounted to SEK 334 million (319), equivalent to SEK 1.0 per share (1.0).
  • Income from property management increased by just over 7 percent and amounted to SEK 230 million (214).
  • Unrealized changes in value of investment properties amounted to SEK 179 million (237).
  • Rental income increased by 5 percent and amounted to SEK 428 million (408).

Comment from Hans Wallenstam, CEO:
“Just like previous reports, this shows that Wallenstam is continuing to generate profits. Our cost-efficient new construction, strong letting and efficient management operations, generated an increase in income from property management of just over 10 percent and net asset value growth of 21.4 percent on a rolling full-year basis.”

“The effect of our investment in new production of rental apartments for our own management operations combined with our disposal of older properties is now starting to become increasingly apparent in our reports. Revenue is gradually increasing and operating expenses are decreasing, which is generating an improved surplus ratio over time in our buildings. The surplus ratio increased two percentage points and is now 76 percent.”

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

This is information that Wallenstam is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 08:00 CET on October 26, 2017.

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 40 billion and the customer base consists of around 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 Svensk NaturEnergi. The company’s B shares have been listed on Nasdaq Stockholm since 1984.

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.