Profit after tax for the first nine months of the year amounted to SEK 2,054m (828), corresponding to SEK 12.42 per share (5.01). Rental income declined to SEK 1,493m (1,565) due to a smaller property portfolio than in the year-earlier period. In an identical portfolio, income rose approximately 4 per cent. Investments, rising market rents and lower yield requirements in the market contributed to a high surplus ratio and strong value growth in the property portfolio.
Fabege’s property management portfolio contributed to the earnings for the period through strong cash flow and value growth. Fabege reported favourable net asset value growth, with EPRA NAV (long-term net asset value) increasing SEK 18 compared with the year-earlier period amounting to SEK 107 per share. Net lettings for the first nine months of the year amounted to SEK 78m.
“The strong market also contributed to higher rent levels following renegotiations and continued falling yield requirements, and we are now rapidly approaching record-low yield requirements. However, we have proven for a long time that we have great power in our hands and that our earnings are not dependent only on the market and economic climate,” says Christian Hermelin, CEO of Fabege.
Fabege AB (publ)
For further information, please contact:
Christian Hermelin, CEO of Fabege, Tel: +46 8 555 148 25, +46 733 87 18 25
Åsa Bergström, Deputy CEO and CFO, tel: +46 (0)8 555 148 29, +46 (0)706 66 13 80
This constitutes information that Fabege AB (publ) may be legally obliged to publish under the Securities Market Act and/or the Financial Instruments Trading Act. The information was released for publication at 08:02 am CET on 20 October 2015.
Fabege AB (publ) is one of Sweden’s leading property companies focusing mainly on letting and managing office premises and property development. Fabege owns properties with a carrying amount of SEK 37.6bn. The property portfolio is concentrated in the Stockholm region and has an annualised rental value of SEK 2.2bn and a lettable area of 1.1m sqm. Fabege’s shares are listed on Nasdaq Stockholm, Large Cap segment.