Wallenstam AB (publ) Interim Report January 1–September 30, 2016
CEO Hans Wallenstam comments on the interim report at www.wallenstam.se/filmsandpresentations. The film will be released by 8.30 a.m. (CET) at the latest.
A conference call with Susann Linde, CFO and Head of IR, and Hans Wallenstam, CEO, will take place at 9.30 a.m. (CET) at www.financialhearings.com, the presentation is available at www.wallenstam.se/filmsandpresentations.
JANUARY 1–SEPTEMBER 30, 2016
- Income from property management increased by 10 percent and amounted to SEK 564 million (512).
- Unrealized changes in the value of investment properties amounted to SEK 1,852 million (1,880), of which new construction of rental apartments represented SEK 702 million (435).
- Unrealized changes in the value of derivative instruments amounted to SEK -378 million (30).
- Profit after tax amounted to SEK 1,646 million (2,167), equivalent to SEK 5.0 (6.5) per share.
- Rental income increased and amounted to SEK 1,197 million (1,159).
- Properties were sold with a value of SEK 730 million (1,850), resulting in realized changes in value of SEK 113 million (144), which was 18 percent above the latest valuation.
- Acquisitions of properties totaled SEK 133 million (1,233) and investments in properties amounted to SEK 1,641 million (1,328).
- The growth rate in net asset value, excluding dividends and repurchases, on a rolling full-year basis was just over 16 percent.
- We had just over 1,600 apartments under construction on the closing day.
JULY 1–SEPTEMBER 30, 2016
- Income from property management increased by 13 percent and amounted to SEK 214 million (190).
- Unrealized changes in the value of investment properties amounted to SEK 237 million (169), of which new construction of rental apartments represented SEK 141 million (133).
- Unrealized changes in the value of derivative instruments amounted to SEK -13 million (-130).
- Profit after tax amounted to SEK 319 million (185), equivalent to SEK 1.0 per share (0.6).
- Rental income increased and amounted to SEK 408 million (387).
Comment from Hans Wallenstam, CEO
“The result in the third quarter and in the first nine months of 2016 feels very good and is in line with our business plan. Income from property management increased by just over 10 percent for the first nine months, and about 13 percent compared to the same quarter in 2015. The increase was mainly the result of our efforts to improve the efficiency of property management and new construction projects coming into operation.”
“Of the properties’ increase in value during the first three quarters of 2016, just over SEK 700 million, equivalent to about 40 percent, came from our new construction projects – something that inspires confidence with regard to future value growth. Overall, this means net asset value growth of just over 16 percent on a rolling full-year basis.”
“We are fully focused on investing about SEK 3 billion every year in new projects. In light of the fact that the property market is extremely hot right now, the path we have chosen feels very good – generating value growth and profit through our new construction projects.”
For the complete report, please refer to the attached PDF.
For further information:
Susann Linde, CFO and Head of IR 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 growing 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 35 billion and the customer base consists of around 7,600 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.