Wallenstam Interim report January 1–September 30, 2018: Soon at the finish of 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 09.00 (CET) at www.financialhearings.com. The presentation is available at www.wallenstam.se/filmsandpresentations.
JANUARY 1–SEPTEMBER 30, 2018
- The growth rate in net asset value on a rolling full-year basis, excluding dividends and repurchases, amounted to 10.6 percent.
- Income from property management increased by 22 percent and amounted to SEK 758 million (621).
- Rental income increased by 13 percent and amounted to SEK 1,422 million (1,257).
- Construction of properties in the first nine months of 2018 amounted to SEK 1,552 million (1,763).
- On closing day, we had 2,083 apartments under construction.
- Unrealized changes in value of investment properties amounted to SEK 1,075 million (1,817).
- Profit before tax amounted to SEK 1,917 million (2,245) and profit after tax amounted to SEK 1,769 million (1,781), corresponding to SEK 5.5 per share (5.4).
- For the purpose of adapting the Group to future new corporate taxation rules, interest rate derivatives with a deficit value of SEK 776 million were early redeemed, which affects profit before unrealized changes in value and impairment charges but not comprehensive income.
JULY 1–SEPTEMBER 30, 2018
- Income from property management increased by 29 percent and amounted to SEK 296 million (230).
- Rental income increased by 12 percent and amounted to SEK 480 million (428).
- Unrealized changes in value of investment properties amounted to SEK 183 million (179).
- Profit after tax amounted to SEK 459 million (334), corresponding to SEK 1.4 per share (1.0).
Comment from Hans Wallenstam, CEO:
“Income from property management during the period developed extremely strongly − by just over 20 percent during the first nine months of the year and by around 30 percent in the quarter.”
“The effects of our business concept are becoming increasingly apparent. We produce cost-efficient rental apartments in popular residential areas with a good total yield. We have concentrated our ownership of commercial properties in Gothenburg inner city. All of this is brought together in efficient management operations. Wallenstam’s business day is characterized by diligent work, where all of our dedicated employees make a fantastic contribution. We are increasingly seeing the results of this, year after year, quarter by quarter.”
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. The information was submitted for publication, through the agency of the contact persons set out below, at 08:00 CET on October 25, 2018.
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 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 44 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 the company Svensk NaturEnergi. The company’s B shares have been listed on Nasdaq Stockholm since 1984.
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