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Wallenstam Year-end report January 1-December 31, 2017: Income from property management increased by 10 percent

Published 2/8/2018

CEO Hans Wallenstam and CFO and Head of Investor Relations Susann Linde comment on the year-end report at www.wallenstam.se/filmsandpresentations. The film will be released by 13.30 (CET) at the latest.

A conference call with Susann Linde, CFO and Head of Investor Relations, will take place at 14.30 (CET) at www.financialhearings.com. The presentation is available at www.wallenstam.se/filmsandpresentations.

JANUARY 1–DECEMBER 31, 2017

  • –The growth rate in net asset value, excluding dividends and repurchases, amounted to 13.3 percent.
  • –Income from property management increased by 10 percent and amounted to SEK 806 million (733).
  • –Rental income increased by about 6 percent and amounted to SEK 1,701 million (1,607).
  • –Construction of properties amounted to SEK 2,310 million (2,351).
  • –On closing day, we had 1,953 apartments under construction.
  • –Unrealized changes in value of investment properties amounted to SEK 2,556 million (3,470).
  • –Profit before tax amounted to SEK 3,001 million (4,198) and profit after tax amounted to SEK 2,421 million (3,348), corresponding to SEK 7.4 per share (10.1).
  • –An impairment loss of SEK 500 million (0) was recognized in respect of wind power investments.
  • –Properties and apartments were sold with a value of SEK 939 million (1,306), generating a realized profit of SEK 54 million (193). 

OCTOBER 1–DECEMBER 31, 2017

  • –Income from property management increased by just over 9 percent and amounted to SEK 185 million (169).
  • –Rental income increased by just over 8 percent and amounted to SEK 444 million (410).
  • –Unrealized changes in value of investment properties amounted to SEK 739 million (1,618).
  • –Profit before tax amounted to SEK 756 million (2,119) and profit after tax amounted to SEK 640 million (1,701), corresponding to SEK 2.0 per share (5.2).
  • –An impairment loss of SEK 200 million (0) was recognized in respect of wind power investments.

Comment from Hans Wallenstam, CEO:
“2017 was an extremely strong year! Income from property management increased by SEK 73 million, 10 percent, as a result of our own work, including more efficient management and occupations in our cost-efficient new construction projects. We have a goal in our business plan 2018 to increase our net asset value by an average of at least 10 percent per year and in 2017 the increase was 13 percent!”

“There is uncertainty at present in the co-operative apartment market. Our strong finances combined with our cost-efficient new construction of rental apartments and flexible business model provides us with the basis to take advantage of the market trend.”

For the complete report, please refer to the attached PDF.

This is information that Wallenstam AB (publ) 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 persons set out below, at 13:00 CET on February 8, 2018.

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