Year-End Report Jan-Dec 2013 – Rising income and high retention rate

• Rental income increased to SEK 2,059m (1,869). In an identical portfolio, income rose 13 per cent. The year-on-year change was due to growth through positive net lettings and completed projects.
• Realised and unrealised value changes amounted to SEK 874m (1,576) for properties and SEK 408m (–190) for fixed-income derivatives.
• Profit from property management, excluding the share in profit of associated companies, rose 16 per cent to SEK 644m (556).
• Profit before tax for the year amounted to SEK 1,992m (2,032). Profit after tax for the year was SEK 1,530m (–88), corresponding to earnings per share of SEK 9.26 (–0.54). Tax on profit for the year includes SEK 120m for an increase in the provision for ongoing tax cases. Profit in the preceding year was charged with a provision of SEK 1,900m pertaining to ongoing tax cases.
• Net lettings for the period amounted to SEK 68m (141). The rent levels from all renegotiated leases increased by an average of 10 per cent.
• The Board proposes a dividend of SEK 3.00 per share (3.00).

“Both the rental market and the transaction market have got off to a strong start to 2014. The development of the portfolio and the positive net lettings trend enable Fabege to continue to generate and deliver contribution to profit from all parts of its business model, meaning property management, property development and property transactions. Fabege is well equipped with a strong balance sheet and a well-situated property portfolio with healthy development potential. For 2014, the focus will be on continued active management and development to enable us to capitalise on our opportunities to create value,” comments 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)73 387 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 11:00 am CET on 6 February 2014.

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 33.4bn. The portfolio is concentrated in the Stockholm region and has an annualised rental value of SEK 2.4bn and a lettable area of 1.1m sqm. Fabege’s shares are listed on Nasdaq OMX Stockholm, Large Cap segment.

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