Wallenstam’s year-end report 2023: Financially strong with attractive properties
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 13.30 (CET) at the latest. An audiocast in English with Susann Linde will take place at 14.00 (CET) at www.finwire.tv. The presentation is available at www.wallenstam.se/filmsandpresentations before 14.00 (CET).
January 1–December 31, 2023
- The equity/assets ratio amounted to 46 percent and the loan-to-value ratio was 46 percent.
- Investment in new construction and reconstruction of properties amounted to SEK 2,379 million (2,517).
- On closing day, 1,081 apartments were under construction.
- Rental income amounted to SEK 2,730 million (2,490).
- Income from property management amounted to SEK 1,040 million (1,252).
- Changes in value of investment properties amounted to SEK -847 million (-2,627).
- Changes in value of financial instruments amounted to SEK -916 million (1,646).
- Profit before tax amounted to SEK -582 million (711) and profit after tax amounted to SEK -450 million (1,013), equivalent to SEK -0.7 per share (1.7).
- Net asset value per share amounted to SEK 56.20 (57.40).
- The Board of Directors will propose a dividend of SEK 0.50 per share (0.60), spread between two payments of SEK 0.25 each per share.
October 1–December 31, 2023
- Rental income amounted to SEK 694 million (627).
- Income from property management amounted to SEK 211 million (259).
- Changes in value of investment properties amounted to SEK -37 million (-3,001).
- Profit after tax amounted to SEK -492 million (-1,801), equivalent to SEK -0.7 per share (-2.7).
Comment from Hans Wallenstam, CEO:
“It is noticeable that our commercial premises, which are primarily located in Gothenburg CBD, are attractive, as we made a number of lettings in the fall to stable customers. The occupancy rate for commercial premises in Gothenburg is now 95 percent.”
“Wallenstam is financially strong with an equity/assets ratio of 46 percent. We have a total of 98 percent of our financing in the form of bank loans and almost 60 percent of our loans are hedged using interest rate derivatives.”
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 and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 13:00 CET on February 8, 2024.
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 63 billion and the customer base consists of around 11,800 households and 1,000 enterprises. The total lettable area is around 1.4 million sq m. Wallenstam is self-sufficient in renewable electrical energy through its own wind turbines in operation. The company’s B shares have been listed on Nasdaq Stockholm since 1984.