Strong earnings despite weaker rental market - Interim report from Vasakronan

Strong earnings despite weaker rental market - Interim report from Vasakronan Interim report January - September 2002 - "The rental premises market was adversely affected during the third quarter of 2002," comments Håkan Bryngelson, President of Vasakronan. "Nonetheless, we have a large number of inquiries for new office premises, but it takes longer to conclude an agreement." - During the first three quarters of 2002, contracts corresponding to a value of SEK 245 M in annual rents were renegotiated, with rents increasing an average of 42%. - Despite the prevailing weak economic conditions, Vasakronan reported strong earnings. Income before depreciation is higher than a year earlier and the forecast for full-year 2002 is income after net financial items amounting to approximately SEK 600 M (418). Rental revenues amounted to SEK 2,162 M (2,057). The increase in rental income for new and renewed leases was 42% (47). The financial vacancy rate increased to 6% (4). Income after financial items excluding property sales and costs for prepayment of future interest expenses amounted to SEK 553 M (496). The rental premises market was affected adversely by the economic downturn. The forecast for full-year 2002 is that income after net financial items, with the existing portfolio and before gains/losses on the sale of properties, will increase to approximately SEK 600 M (418). The eight-page interim report is enclosed as an appendix. It is also available at www.vasakronan.se For further information, contact: Håkan Bryngelson, President and CEO +46 8 783 21 05 Björn Lindström, Chief Financial Officer +46 8 783 21 12 Bengt Möller, Senior Vice President Corporate Communications +46 8 783 21 09 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/10/24/20021024BIT00740/wkr0002.pdf Hela Rapporten

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