English

Interim Report January – March 2021

Report this content

We are continuing to refine our building rights portfolio, which has grown further during the quarter and currently consists of just over 23,900 residential units, mainly located in the country's metropolitan regions. About a quarter of the portfolio has zoning plans in force and we see that there is still great interest in the residential units we develop. In March, we successfully issued our second green bond, which gave us further proof that the market appreciates our business model and focus on sustainability.

January – March 2021

  • Net sales amounted to SEK 407 m (446).
  • The operating loss was SEK 25 m (+88). Changes in the value of investment properties contributed positively with SEK 20 m (-5).
  • The net loss before tax for the period was SEK 67 m (+42) and the loss after tax was SEK 72 m (+41).
  • Earnings per share after deductions for minority shares was SEK -1.72 (0.95).

Significant events January – March 2021

  • Formed new joint venture with KF Fastigheter and acquired land for joint development of about 950 residential units in a new residential area by Mälaren in Upplands-Bro.
  • Acquired land in Gnesta for development of about 210 residential units and in Enköping for the development of about 190 residential units.
  • New targets and dividend policy adopted by the Board in February.
  • Issued an unsecured, green bond loan of SEK 500 m and voluntary buy-back of certain outstanding bonds.

Significant events after the end of the quarter

  • In April, completed voluntary early redemption of all outstanding bonds maturing in October 2021.

For more information, please contact:
Johan Tengelin, CEO
johan.tengelin@magnoliabostad.se

Fredrik Westin, CFO
fredrik.westin@magnoliabostad.se
Tel. +46 72 720 00 06

The information Magnolia Bostad publishes in this report is required in accordance with the EU Market Abuse Regulation (EU) No 596/2014. The information was submitted for publication, through the agency of the contact persons, on 23 April 2021 at. 08.00 a.m. CEST.

Magnolia Bostad AB, CIN 556797–7078, is a leading urban developer that develops new residential properties primarily rental apartments but also tenant-owned apartments, community service properties and hotels, in attractive locations in Sweden's growth areas and major cities. Housing is being developed both for sale and for self-management. Our work is based on a holistic approach where the operations are conducted in a way that promotes long-term, sustainable urban development. Magnolia Bostad's shares (MAG) are listed on Nasdaq Stockholm. More information is available at www.magnoliabostad.com 

Documents & Links