Wallenstam’s Interim report Jan 1–Mar 31, 2020: Wallenstam stands strong even in the crisis
Hans Wallenstam, CEO, comments on the report at www.wallenstam.se/filmsandpresentations. The film will be released by 08.30 (CEST) at the latest. An audiocast in English with Susann Linde, CFO and Head of Investor Relations, will take place at 16.00 (CEST) at www.financialhearings.com. The presentation is available at www.wallenstam.se/filmsandpresentations before 16:00 (CEST).
January 1–March 31, 2020
- The net asset value per share increased by SEK 1.25 during the period and amounted to SEK 92.60 (83.60).
- Income from property management increased by about 6 percent and amounted to SEK 275 million (260).
- Rental income increased by just over 5 percent and amounted to SEK 523 million (497).
- Construction of properties amounted to SEK 983 million (770).
- On closing day, 3,093 apartments were under construction.
- Changes in value of investment properties amounted to SEK 254 million (285).
- Profit before tax amounted to SEK 395 million (416) and profit after tax amounted to SEK 309 million (340), corresponding to SEK 1.0 per share (1.1).
Comment from Hans Wallenstam, CEO:
“Wallenstam stands strong – we are built in such a way that we can withstand crises as well as possible, a direct result of my own experience from the crises I have been through. Apart from strong finances, we have commercial properties in central Gothenburg and residential properties in attractive residential areas in the Gothenburg and Stockholm regions.”
“The profit for the quarter is completely in line with our expectations, as the pandemic has not affected our numbers for the first quarter. Income from property management is increasing. The valuation of our investment properties is unchanged. We adjust, as always, the value of our efficient new construction projects in line with their production, and gradually recognize the value that we create.”
For the complete report, please refer to the attached PDF.
For further information, please contact:
Susann Linde, CFO and Head of Investor Relations Wallenstam AB, tel. +46 31 20 00 00 or +46 705 17 11 34
This 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 person set out above, at 08:00 CEST on April 28, 2020.
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 54 billion and the customer base consists of around 9,500 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.