Wallenstam AB (publ) Interim report January 1-March 31, 2017: Income from property management increased by 14 percent
CEO Hans Wallenstam comments on the interim report at www.wallenstam.se/filmsandpresentations. The film will be released by 08.30 (CET) at the latest. A conference call with Susann Linde, CFO and Head of Investor Relations, will take place at 10.00 (CET) at www.financialhearings.com. The presentation is available at www.wallenstam.se/filmsandpresentations.
JANUARY 1–MARCH 31, 2017
- The growth rate in net asset value, excluding dividends and repurchases, on a rolling full-year basis was 23.5 percent.
- Profit before tax amounted to SEK 650 million (352) and profit after tax amounted to SEK 540 million (282), corresponding to SEK 1.6 per share (0.9).
- Income from property management increased by 14 percent and amounted to SEK 191 million (167).
- Unrealized changes in value of investment properties amounted to SEK 369 million (400), of which SEK 132 million (279) was generated from our cost-efficient new construction of rental apartments.
- Rental income increased by 5 percent and amounted to SEK 414 million (393).
- Properties and apartments were sold with a value of SEK 532 million (97), resulting in realized changes in value of SEK 52 million (23).
- Construction of properties amounted to SEK 555 million (513).
- On closing day, we had around 1,900 apartments under construction.
Comment from Hans Wallenstam, CEO
“Our property management and letting operations are both efficient and successful. A number of confirmations of this are presented in the report, for example net operating income, which was 8 percent better than the same period of the previous year, and income from property management, which was 14 percent better. Realized profit was 50 percent better than last year and profit before tax was 85 percent better in total. Net asset value growth on a rolling full-year basis was 23.5 percent.”
“During the quarter, more than one third of the unrealized increases in value in properties came from our cost-efficient new construction. This strengthens my view that our strategy involving own new construction of rental properties is completely right, where our structured process and cost focus means that we can generate income from property management as well as surplus value.”
For the complete report, please refer to the attached PDF.
This information is information that Wallenstam is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 08:00 CET on April 26, 2017.
For further information:
Susann Linde, CFO and Head of Investor Relations Wallenstam AB (publ) tel. 46 31 20 00 00 or 46 705 17 11 34
Elisabeth Vansvik, Communications Director Wallenstam AB (publ) tel. 46 31 20 00 00 or 46 705 17 11 38
Wallenstam is a developing property company that manages, builds and develops properties for sustainable living and enterprise in Gothenburg and Stockholm. The property holding is valued at around SEK 37 billion and the customer base consists of around 7,500 households and 1,000 enterprises. The total lettable area is around 1 million sq m. Wallenstam is self-sufficient in renewable energy through the company Svensk NaturEnergi. The company’s B shares have been listed on Nasdaq Stockholm since 1984.
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