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Wallenstam Interim Report Jan 1–Jun 30, 2019: Over 3,000 apartments in production

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Hans Wallenstam, CEO, and Susann Linde, CFO and Head of Investor Relations, comment on the report at www.wallenstam.se/filmsandpresentations. The film will be released by 08.30 (CET) at the latest.
An audiocast with Susann Linde will be released at 09.45 (CET) at www.financialhearings.com. The presentation is available at www.wallenstam.se/filmsandpresentations.

JANUARY 1–JUNE 30, 2019

  • The net asset value per share amounted to SEK 83.70 (77.60), which represents an increase of SEK 1.40 per share during the period.
  • Income from property management increased by 18 percent and amounted to SEK 547 million (462).
  • Rental income increased by just over 6 percent and amounted to SEK 1,001 million (942).
  • Construction of properties amounted to SEK 1,596 million (965).
  • On closing day, we had 3,098 apartments under construction.
  • Changes in value of investment properties amounted to SEK 549 million (885).
  • Profit before tax amounted to SEK 712 million (1,346) and profit after tax amounted to SEK 575 million (1,310), equivalent to SEK 1.8 per share (4.0).

APRIL 1–JUNE 30, 2019

  • Income from property management increased by 17 percent and amounted to SEK 287 million (245).
  • Rental income increased by 6 percent and amounted to SEK 503 million (475).
  • Changes in value of investment properties amounted to SEK 264 million (759).
  • Profit after tax amounted to SEK 235 million (1,000), equivalent to SEK 0.7 per share (3.1).

Comment from Hans Wallenstam, CEO:

“Our rental income is increasing, net operating income is improving and the surplus ratio is almost 76 percent. Income from property management is continuing to increase – by 18 percent during the first half of 2019. We are continuing to deliver excellent numbers through efficient management, cost-efficient new production and successful letting. In addition, with a continued very stable financial position – an equity/assets ratio of 43 percent and a loan-to-value ratio of 46 percent.”

“Our position as a rental apartment producer is strong and we have a high production rate, more than 3,000 apartments are currently under construction. Our flexible business model, which gives us the opportunity to rapidly adapt to market changes has proved to be an important success factor in the development we have seen in recent years in the housing sector and construction industry.”

For the complete report, please refer to the attached PDF.

This is information that Wallenstam AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 08:00 CET on July 17, 2019.

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

www.wallenstam.se

Wallenstam is a property company that manages, builds and develops properties for sustainable living and enterprise in Stockholm, Gothenburg and Uppsala. The property holding is valued at around SEK 49 billion and the customer base consists of around 9,000 households and 1,000 enterprises. The total lettable area is around 1 million sq m. Wallenstam is self-sufficient in renewable energy through its own wind turbines in operation. The company’s B shares have been listed on Nasdaq Stockholm since 1984.

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