Year-end Report 2018: Largest acquisition to date and continued high rate of investment
In its year-end report for 2018, Victoria Park reports a continued high rate of investment with strong value growth and financial position.
- Largest acquisition to date.
- Value-creating investments and densification projects.
- Reduced costs and economies of scale.
- Net asset value increased 17 percent to SEK 34.66.
- Revenues increased by 12 percent, to SEK 1,190 M (1,062).
- Profit from property management increased by 24 percent to SEK 406 M (328).
- Profit after tax amounted to SEK 1,224 M (1,901), equal to SEK 4.95 per share (7.83).
- Cash flow from operating activities before changes in working capital increased by 19 percent to SEK 406 M (342).
- The loan-to-value ratio was 51.4 percent (52.5).
- Since Victoria Park recently signed an agreement for its largest acquisition to date, the Board of Directors has resolved, according to the dividend policy considering the company’s opportunities for acquisitions and financial position, to propose to the Annual General Meeting that no dividend be paid for the financial year 2018 (SEK 0.40) regarding the ordinary shares. For the preference shares, the Board proposes a dividend of SEK 20.00 (20.00).
“With a proven and successful business model, a strong principal owner and healthy financial position, our ambition is to identify and carry out more acquisitions that are compatible with our concept and geography. We look forward to continuing on our established route and continuously creating value for our owners, residents and society in general”, says Victoria Park’s CEO Per Ekelund.
The presentation in Swedish will be published during the day on the corporate webpage www.victoriapark.se.
FOR FURTHER INFORMATION, PLEASE CONTACT
CEO Per Ekelund, Tel +46 (0)70 867 66 57, firstname.lastname@example.org
CFO Tommy Åstrand, +46 (0)70 545 59 97, email@example.com
Victoria Park AB Year-end Report 2018
This constitutes information that Victoria Park AB is legally obliged to publish according to the EU Market Abuse Regulation. The information was issued by Per Ekelund for publication on 13 February 2019 at 08.30 CET.
Victoria Park AB (publ) is a listed property company, which through long-term management and social responsibility for more attractive residential areas, creates value in an expanding property portfolio in growth cities in Sweden.
At 31 December 2018 Victoria Park’s property portfolio amounts to 1,128,000 square metres, comprising 14,288 flats, with a market value of SEK 18.1 Bn. The shares in Victoria Park are listed for trading on the Nasdaq Stockholm Mid Cap exchange.
Victoria Park AB (publ) Box 2, 201 20 Malmö, Tel +46 (0)40 16 74 40, Corporate Reg No 556695-0738, Head Office Malmö, www.victoriapark.se/english