Wallenstam Interim Report Jan 1–Mar 31, 2019: Strong start to the business plan
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.
A conference call with Susann Linde will take place at 09.30 (CET) at www.financialhearings.com. The presentation is available at www.wallenstam.se/filmsandpresentations.
JANUARY 1–MARCH 31, 2019
- Net asset value per share amounted to SEK 83.60 (75.80), which meant an increase of SEK 1.30 per share in the quarter and SEK 4.40 per share to date during the business plan, where the goal is an increase of SEK 40 per share through 2023.
- Income from property management increased by 20 percent and amounted to SEK 260 million (217).
- Rental income increased by just over 6 percent and amounted to SEK 497 million (467).
- Construction of properties amounted to SEK 770 million (451).
- On closing day, we had 2,933 apartments under construction.
- Changes in value of investment properties amounted to SEK 285 million (126).
- Profit before tax amounted to SEK 416 million (397) and profit after tax amounted to SEK 340 million (310), equivalent to SEK 1.1 per share (1.0).
Comment from Hans Wallenstam, CEO:
“The profit for the quarter is in line with our plan. Our income from property management increased by about 20 percent compared to the same quarter last year and we created net asset value that added a further SEK 1.30 per share – SEK 4.40 in total to date – on the way towards our goal of an increase in net asset value of SEK 40 per share through 2023.”
“In March, we started the largest project in Wallenstam’s history, Kallebäcks Terrasser. Here, we intend to build a mixed-use district featuring 1,800 apartments, office workplaces, shops and school, etc. We are financially strong and are planning for investments of about SEK 3 billion per year in new residential properties and we also have commercial projects at the planning stage, which can add more commercial floor space in central locations of the city.”
| This is information that Wallenstam AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08:00 CET on May 2, 2019. |
For the complete report, please refer to the attached PDF.
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 47 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.