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Wallenstam Year-end report Jan 1–Dec 31, 2018: The business plan 2018 achieved by a good margin

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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 13.30 (CET) at the latest.
A conference call with Susann Linde will take place at 14.00 (CET) at www.financialhearings.com. The presentation is available at www.wallenstam.se/filmsandpresentations.

JANUARY 1–DECEMBER 31, 2018

  • This year-end closing completes the business plan 2014-2018, where we created an average net asset value growth of 17.4 percent per year, excluding dividends and repurchases.
  • Income from property management increased by 25 percent and amounted to SEK 1,011 million (806).
  • Rental income increased by 12 percent and amounted to SEK 1,910 million (1,701).
  • Construction of properties amounted to SEK 2,198 million (2,310).
  • On closing day, we had 2,167 apartments under construction.
  • Unrealized changes in value of investment properties amounted to SEK 1,839 million (2,556).
  • Profit before tax amounted to SEK 3,445 million (3,001) and profit after tax amounted to SEK 2,998 million (2,421), equivalent to SEK 9.3 per share (7.4).
  • The positive trend in the electricity market has led to a reversal of impairment losses in respect of wind turbines of SEK 524 million (-500).
  • In order to adapt 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.
  • The Board of Directors will propose a dividend of SEK 1.90 per share (1.80), spread between two payments of SEK 0.95 each per share.

OCTOBER 1–DECEMBER 31, 2018

  • Income from property management increased by 37 percent and amounted to SEK 253 million (185).
  • Rental income increased by 10 percent and amounted to SEK 488 million (444).
  • Unrealized changes in value of investment properties amounted to SEK 764 million (739).
  • Profit after tax amounted to SEK 1,229 million (640), equivalent to SEK 3.8 per share (2.0).
  • A reversal of impairment losses in respect of wind turbines was recognized of SEK 524 million (-200).

Comment from Hans Wallenstam, CEO:
“During 2018, we achieved income from property management of more than SEK 1 billion. For me personally, this is an important milestone – especially considering the fact that as CEO of the company, I have also experienced income from property management of SEK -50 million.”

“The challenging goal, which we adopted in late 2013, was that we should achieve an average net asset value growth, excluding dividends and repurchases, of at least 10 percent per year, and we have achieved this by a good measure! Net asset value growth, excluding dividends and repurchases, during the period 2014-2018 amounted to a total average of 17.4 percent per year, which is equivalent to about SEK 14 billion in total for the business plan.”

 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 persons set out below, at 13:00 CET on February 6, 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
Elisabeth Vansvik, Communications Director Wallenstam AB (publ) tel. 46 31 20 00 00 or 46 705 17 11 38

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 46 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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