Interim Report 1 January - 30 June, 1999

Interim Report 1 January - 30 June, 1999 (Comparative figures in brackets refer to the corresponding period last year with the exception of the sections dealing with assets and financing where the figures in brackets refer to 31-12-1998) * The profit after tax increased sharply to SEK 80.1 million (1998: -2.3). * The profit from property management continued to improve and was SEK 23.1 million, a substantial improvement of SEK 18 million compared with the same period last year. * All the properties in Malmö were sold at a capital gain of about SEK 70 million. The selling price exceeded Wallenstam's market valuation by 8%. * Active financial management has reduced the average interest rate to 5.78% (6.66%). SEK 471 million of the loan portfolio have been amortised. Hans Wallenstam, the Managing Director, comments on the Interim Report: "The Company's positive profit trend continues at the rate we have anticipated. The sale of our property holdings in Malmö is a clear indication of the real value of the properties since the selling price exceeded our own internal valuation at the end of last year by 8%. This confirms the Company's view of the surplus value of its property portfolio. The strong profit trend means, with an unchanged dividend policy, that the potential exists for raising the dividend for 1999 by more than 50%." ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/08/30/19990830BIT00200/bit0001.doc The full report http://www.bit.se/bitonline/1999/08/30/19990830BIT00200/bit0002.pdf The full report