Strong performance in exceptional times
- Rental income increased to SEK 1,142 million (1,124)
- Income from property management increased to SEK 680 million (611)
- Profit for the period declined to SEK 1,374 million (1,476)
- Property portfolio increased to SEK 22,575 million (20,479)
- Earnings per share declined to SEK 11.40 (12.19)
- Year ends on positive note although lettings market bides its time
- Platzer’s share classified as green
- The Board of Directors proposes a dividend of SEK 2.10 per share (2.00), to be paid in two instalments of SEK 1.05 each
AFTER THE END OF THE REPORTING PERIOD
Land and Environment Court rejects appeals in Södra Änggården
Platzer’s CEO, P-G Persson, said:
- After a good start to the year, 2020 was marked by the coronavirus pandemic. Because of our decision not to seek state aid, while also trying to always deliver good results for our shareholders, it was important to ensure that the decline in rental income was matched by similar cost savings in our property management operations. When we added up the figures for the year, we found that we were actually so successful in cutting costs that the reduction outweighed the loss of income, and this was a major factor in the increase in operating surplus. In total, the operating surplus increased by 4% from SEK 837 million to SEK 868 million, and for comparable properties the increase was as much as 6%.
- After reporting weakly positive net lettings in the first half of 2020, the consequences of the pandemic caught up with us in the third quarter, when our uninterrupted run of 16 quarters of positive net lettings came to a halt. However, we returned to positive figures already in the fourth quarter of the year. Nevertheless, because of the development over the year, we reported negative net lettings for the full year for the first time since 2013.
- After the end of the reporting period, we and the City of Gothenburg received some positive news after the Land and Environment Court rejected all appeals against the detailed development plan for Södra Änggården, which was adopted by the City Council in April 2020. This means that the detailed development plan will become legally binding unless an appeal against the decision is brought to the Land and Environmental Court of Appeal, which is the highest court.
For more information, please contact:
P-G Persson, CEO, Platzer, Tel: +46 (0)734 11 12 22
Fredrik Sjudin, CFO, Platzer, Tel: +46 (0)721 27 77 78
The information in this press release is information that Platzer Fastigheter Holding AB (publ) is legally obliged to disclose in accordance with the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was released for publication on 29 January 2021 at 08:00 CET through the agency of the contact persons shown above.
Platzer Fastigheter Holding AB (publ) owns and develops commercial properties in the Gothenburg area comprising a total lettable area of 827,000 sq. m., worth around SEK 23 billion. Platzer is listed on Nasdaq Stockholm, Large Cap.