Increased rental income and record high net letting
- Rental income increased to SEK 2,280m (2,105). In an identical portfolio, income rose by approximately 9,5 per cent.
- Net operating income increased with 11.5 per cent to SEK 1,680m (1,507)
- The surplus ratio was 74 per cent (72).
- Profit from property management rose to SEK 992m (471).
- Realised and unrealised changes in value amounted to SEK 6,095m (8,105)
- Net lettings during the year totalled SEK 244m (127).
- After-tax profit for the year amounted to SEK 5,632m (7,107), corresponding to SEK 34.05 per share (42.97).
- The Board proposes a dividend of SEK 4.50 per share (4.00).
”Earnings from property management increased, but lower unrealised changes in value in the property portfolio meant that profit before tax fell in comparison with 2016 when declining yield requirements contributed to very high value changes in the property portfolio. The results of the year, however, are characterized on several points. Net lettings of SEK 244m and the surplus ratio of 74 per cent are the highest in our history. Return on projects landed at high 72 per cent and we initiated several new major projects, which means that value growth will continue in coming years", commented Christian Hermelin, CEO
”We have now entered 2018 and market conditions remain consistently good, and as long as the economy remains healthy, which it is expected to in 2018, I look forward to another strong year with persistently high net lettings, rising revenue and falling average interest rates, as well as the odd exciting transaction. Our high ambitions and constant efforts to improve mean Fabege is stronger than ever”, says Christian Hermelin, CEO
Fabege AB (publ)
More information is available from:
Christian Hermelin, CEO, +46 8 555 148 25 or +733 87 18 25
Åsa Bergström, CFO, +46 8 555 148 29 or +46706 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 12:00 CET on 5 February 2018.
Presentation of the report
Today at 14:00 CET Christian Hermelin, CEO and Åsa Bergström, CFO present the report on Operaterrassen Stockholm. The presentation can be followed via webcast. An English conference call will also be held at 15:30 CET. Follow it via webcast or phono: +44 20300 89803, +1 8557532236, +46 8566 42690
Fabege is a property company focusing on city district development and commercial properties. We develop attractive and sustainable districts with modern offices, housing and a broad range of services - together with strategic partners. Both our perspective and approach to ownership are long term and our passion is creating the right conditions for all those living, working and visiting our areas. We have a presence in a limited number of high-growth submarkets in the Stockholm region. Fabege’s shares are listed on Nasdaq Stockholm, in the Large Cap segment. For more information, www.fabege.com