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SBB, Interim Report January – March 2022: Strong profit from property management

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SAMHÄLLSBYGGNADSBOLAGET I NORDEN AB (PUBL): INTERIM REPORT JANUARY - MARCH 2022 IN BRIEF:

The quarter in brief

  • Rental income increased with 38 percent to SEK 1,831m (1,325).
  • The operating surplus increased with 34 percent to SEK 1,153m (858).
  • Cash flow from operating activities before changes in working capital was SEK 738m (389).
  • Profit from property management, adjusted for changes in value and tax from joint ventures/associated companies increased by 115 percent to SEK 1,326m (618).
  • Profit before tax increased to SEK 3,472m (3,117), of which:
    • Profit from property management is included in the amount of SEK 1,446m (615). The profit from property management includes costs for early repayment of loans and other items affecting comparability of SEK -16m (-43).
    • Changes in the values of properties are included in the amount of SEK 2,362m (2,333).
    • Changes in the values of financial instruments are included in the amount of SEK -341m (163).
  • Profit for the period was SEK 2,939m (2,735) after the deduction of deferred tax of SEK -401m (-290) and current tax of SEK -132m (-92), corresponding to earnings per series A and B ordinary share of SEK 1.86 (1.75) before dilution.
  • The value of the property portfolio amounted to SEK 158.9bn (149.3).
  • Long-term net asset value (EPRA NRV) was SEK 68,794m (64,516), corresponding to SEK 47.31 (44,46) per share.

”SBB stands stronger than ever and focusses on a stronger rating and a lower loan-to-value ratio. The investments made by SBB in the past three years provide a good opportunity for SBB to now prioritize higher credit ratings clearly over acquisitions. SBB’s interest-coverage ratio was a multiple of 5.5 times at the end of the first quarter of 2022. The fact is that SBB could manage to keep the dividend and raise it with inflation even if the nominal interest rate rose to 10 percent. Inflation adjusted rental income and long-term fixed interest rates offers stable cash flow and dividends.”

Ilija Batljan, CEO and Founder

Attachment: Interim Report January – March 2022

The Interim Report can also be found in the following link: corporate.sbbnorden.se/en/reports-and-presentations/.

For further information, please contact:

Ilija Batljan, CEO and Founder of Samhällsbyggnadsbolaget i Norden AB, ilija@sbbnorden.se

This information is information that Samhällsbyggnadsbolaget i Norden AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above on 27 April, 2022, at 08:00 CET.

Samhällsbyggnadsbolaget i Norden AB (publ) (SBB) is the Nordic region’s leading property company in social infrastructure. The Company’s strategy is to long term own and manage social infrastructure properties in the Nordics and rent regulated residential properties in Sweden, and to actively work with property development. Through SBB’s commitment and engagement in community participation and social responsibility, municipalities and other stakeholders find the Company an attractive long-term partner. The Company’s series B shares (ticker SBB B) and D shares (ticker SBB D) are listed on Nasdaq Stockholm, Large Cap. Further information about SBB is available at www.sbbnorden.se.

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