- Rental income increased to SEK 1,039m (998) mainly as a result of completed project properties generating revenue. In an identical portfolio, income rose by just short of 7 per cent.
- Net operating income rose to SEK 724m (715). In an identical portfolio, net operating income increased by slightly more than 5 per cent. The surplus ratio was 70 per cent (72).
- Profit from property management rose by 10 per cent to SEK 408m (369).
- Realised and unrealised changes in value amounted to SEK 2,880m (1,381) for properties and SEK -173m (137).
- Profit before tax for the period amounted to SEK 3,115m (1,951). Profit after tax for the period was SEK 2,730m (1,535), corresponding to earnings per share of SEK 16.51 (9.28).
- Net lettings during the period totalled SEK 83m (51). The rent levels from renegotiated leases were an average of 27 per cent higher.
- The equity/assets ratio was 42 per cent (39) and the loan-to-value ratio 49 per cent (52).
*The comparison figures for income and expense items relate to values for the period January–June 2015 and for balance sheet items at 31 December 2015.
Fabege delivers strong second quarter
- We achieved high earnings in the first half of the year and the conditions are in place for strong earnings for the full year 2016. More completed projects will increase rental volumes which, combined with continued operational efficiency and low interest expense, is expected to generate better profit from property management, comments Fabege’s CEO, Christian Hermelin.
Fabege AB (publ)
For further information, please contact:
Christian Hermelin, CEO, Fabege, tel +46 (0)8-555 148 25, +46 (0)733-87 18 25
Åsa Bergström, Executive Vice President and CFO, tel +46 (0)8-555 148 29, +46 (0)706-66 13 80
This information is information that Fabege AB 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 08:00 CET on 8 July 2016.
Fabege is one of Sweden’s leading property companies, focusing mainly on letting and managing office premises as well as property development. The carrying amount of the company’s property portfolio is SEK 42.23bn. The property portfolio is concentrated in the Stockholm region and has an annualised rental value of SEK 2.3bn and a lettable area of 1.1m sqm. Fabege’s shares are listed on Nasdaq Stockholm, Large Cap segment.