• The after-tax profit for the year increased by SEK 936m from SEK –511m to SEK +425m
• Earnings before tax were SEK 561m (-1,285) in Property Management and SEK 119m (-55) in Improvement Projects
• The profit from property management increased to SEK 838m (568) while rental income decreased to SEK 2,194m (2,214) due to sales of properties
• The surplus ratio increased to 67 per cent (65)
• Earnings per share were SEK 2.59 (–3.07) and equity per share was SEK 61 (60)
• The Board proposes a dividend of SEK 2.00 per share (2.00)
“The profit from property management activities, i.e. earnings before changes in value and tax, increased by 47 per cent. This was primarily due to lower interest rates, but a higher net operating income due to more efficient management also had a positive impact. We also achieved positive net lettings and strengthened our balance sheet,“ Christian Hermelin Fabege’s CEO says.
“Looking at the events of the last few years, it is clear that Fabege’s share price has been strongly influenced by fluctuations in the economy”, Christian Hermelin adds. “As economic growth has now turned positive and is expected to pick up further, Fabege will, thanks to its high-growth locations and project and transaction focus, be in a particularly good place to benefit from this growth. I believe 2010 will be another year where a strong profit from our property management business will form the cornerstone of our earnings. I also believe that we will generate additional significant profits from transactions and improvements to our properties in our projects business. In other words, the winds are now favourable!” Christian Hermelin concludes.