• Earnings from property management activities grew by 23 per cent to
SEK 379m (308)
• Rental income decreased to SEK 1,096m (1,125) due to net sales of properties
• The surplus ratio increased to 66 per cent (65)
• The profit after changes in value and tax was SEK 131m (523) and earnings per share
after dilution were SEK 0.80 (3.10)
• Equity per share was SEK 59 (66)
“The rental market in Fabege’s sub-markets is stable,” Christian Hermelin, Fabege’s CEO, says. Net lettings were SEK 22m and rent renegotiations made a positive contribution to our rental value. Stable revenues, favourable interest rates and continual efficiency improvements created favourable conditions for the positive trend in the result from property management activities.
“With attractive properties in the right locations in Stockholm, a low-risk customer base and good access to capital, we have a stable base from which to face the challenges created by the current economic climate and continue to develop the company in a positive direction. We feel that we are in a strong position, and we will continue to work on our focus areas for 2009: increasing tenant retention, improving the surplus ratio and maintaining a strong balance sheet," Christian Hermelin concludes.
Fabege AB (publ)
Enclosed: Interim Report January-June 2009
For further information, please contact:
Christian Hermelin, President and CEO, phone +46 (0)8-555 148 25, +46 (0)733-87 18 25
Åsa Bergström, Executive Vice President and CFO, phone +46 (0)8-555 148 29, +46 (0)706-66 13 80
Annette Kaunitz, Director of Communications, phone +46 (0)8-555 148 20, +46 (0)708-390 337
Fabege AB (publ) discloses the information in this press release according to the Swedish Securities Markets Act and/or the Swedish Financial Trading Act. The information was submitted for publication at 08:30 on 10 July 2009.