Fabege Interim Report January - June 2004
Interim report, January - June 2004 Stockholm, August 19, 2004 · Profit before tax for the first half year 2004 amounted to SEK 792 M (-311) and earnings per share after tax were SEK 8.19 (-2.70). · New leases on 85,000 square meters were signed during the period. · Estimated adjusted shareholders' equity, based on the independent appraisal of December 31, 2003, amounted to SEK 120 per share at the end of the period. · During the first half year, 20 properties were sold for a total of SEK 1.7 bn, 22 percent above their independently appraised value as of year-end 2003. · Improved market climate for commercial properties in Stockholm. · Successful results from leasing activity and a rise in queries from prospective tenants will gradually strengthen cash flow 3 months 6 months April-June January-June 2004 2003 2004 2003 SEK M REVENUES Rental revenues 395 920 1,035 1,848 Other operations 21 10 38 21 Total revenues 416 930 1,073 1,869 RESULTS Ongoing property management 111 182 232 345 operations Property sales 358 33 560 46 Write-down of properties - -702 - -702 Profit before tax 469 -487 792 -311 Current tax -8 -1 -8 -2 Deferred tax -28 99 -83 73 Profit after tax 433 -389 701 -240 Earnings per share, SEK 5.26 -4.40 8.19 -2.70 Bostads AB Drott, which has been demerged and distributed to the shareholders, was included in the Group through the first quarter of 2004 (demerged April 2, 2004). Highlights following the conclusion of the period · Public tender offer for Fabege from Wihlborgs (publ). - The Board of Directors is evaluating the offer and intends to issue a recommendation to shareholders well in advance of the conclusion of the acceptance period, which has preliminarily been set at September 15, 2004. - An update of the appraisal of the property portfolio from year- end 2003 is under way. · A six-year lease on 5,000 sq. m. was signed by the Swedish National Labour Market Administration on the property Elefanten in central Stockholm. The total rent is SEK 16.5 M per year excluding property tax. · New leases were signed in Kista. Slightly over 3,000 sq. m. relates to the property Torsnäs 1, which Fabege acquired in May. For further informatione, please contact: President Lennart Sten, telephone +46 8 769 30 10, +46 70 697 81 70 CFO Roger Johansson, telephone +46 8 769 31 00, +46 70 374 42 85 Head of Corporate Communications Helena Stångberg, telephone +46 8 769 30 21, +46 70 619 23 44 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/08/19/20040819BIT00060/wkr0001.pdf The full report