Interim report Jan-Sep 2013 – Higher income and improved profit from property management
- Rental income increased to SEK 1,545m (1,389). The year-on-year change resulted from growth through positive net lettings and completed projects.
- Realised and unrealised value changes amounted to SEK 717m (1,210) for properties and SEK 463m (-133) for fixed-income derivatives.
- Profit from property management increased 6 per cent to SEK 462m (436).
- Profit before tax for the period amounted to SEK 1,750m (1,492). Profit after tax for the period totalled SEK 1,451m (-708), corresponding to SEK 8.79 per share (- 4.36). Profit in the year-earlier period was charged with a provision of SEK 1,900m pertaining to ongoing tax cases.
- Net lettings for the period amounted to SEK 32m (146).
- The Administrative Court of Appeal issued rulings in a number of Fabege’s tax cases. Fabege is currently standing by its previous decision to reserve SEK 1.9bn.
“Fabege is now creating growth through value-generating investments in the company’s project portfolio and via value increases in the property management portfolio, primarily due to the signing of leases and higher rents. Although the rental market in Stockholm is stable, the processes are often protracted and we have still not completed a number of the attractive processes we have under way. However, we have time on our side and project properties that will attract attention in a number of ways due to, for example, prime locations, modern flexible floor space and an advanced service concept,” says Christian Hermelin, CEO of Fabege.
Fabege AB (publ)
For further information, please contact:
Christian Hermelin, CEO, phone 46 (0)8-555 148 25, 46 (0)733-87 18 25
Åsa Bergström, Deputy CEO and CFO, phone 46 (0)8-555 148 29, 46 (0)70-666 13 80
This constitutes information that Fabege AB (publ) may be legally obliged to publish under the Securities Market Act and/or the Financial Instruments Trading Act. The information was released for publication at 08:00 am CET on 16 October 2013.
Fabege AB (publ) is one of Sweden’s leading property companies focusing mainly on letting and managing office premises and property development. Fabege owns properties with a carrying amount of SEK 32.8bn. The portfolio is concentrated in the Stockholm region and has an annualised rental value of SEK 2.3bn and a lettable area of 1.1m sqm. Fabege’s shares are listed on Nasdaq OMX Stockholm, Large Cap segment.