Wallenstam's Interim report Jan 1-Jun 30, 2020: Wallenstam is positioned for future opportunitiesPublished 7/17/2020
Hans Wallenstam, CEO, and Susann Linde, CFO and Head of Investor Relations, comment on the report at www.wallenstam.se/filmsandpresentations. The film will be released by 08.30 (CEST) at the latest. An audiocast in English with Susann Linde will take place at 09.30 (CEST) at www.financialhearings.com. The presentation is available at www.wallenstam.se/filmsandpresentations before 09.30 (CEST).
January 1-June 30, 2020
- The net asset value per share increased by SEK 2.50 during the period and amounted to SEK 93.80 (83.70).
- Income from property management amounted to SEK 549 million (547), after giving Covid-19 discounts of about SEK 30 million.
- Rental income increased by 4 percent and amounted to SEK 1,041 million (1,001).
- Construction of properties amounted to SEK 2,110 million (1,596).
- On closing day, 2,999 apartments were under construction.
- Changes in value of investment properties amounted to SEK 429 million (549), which came entirely from value growth in new construction (307).
- Profit before tax amounted to SEK 795 million (712) and profit after tax amounted to SEK 631 million (575), corresponding to SEK 2.0 per share (1.8).
April 1-June 30, 2020
- Income from property management amounted to SEK 275 million (287), after giving Covid-19 discounts of about SEK 30 million.
- Rental income increased by 3 percent and amounted to SEK 518 million (503).
- Changes in value of investment properties amounted to SEK 175 million (264).
- Profit after tax amounted to SEK 322 million (235), corresponding to SEK 1.0 per share (0.7).
Comment from Hans Wallenstam, CEO:
"It has been an active quarter for Wallenstam. Apart from agreeing on the divestment of our cooperative apartment project Kv. New York comprising 50 apartments that are under construction, we have managed to acquire land for future housing production in attractive locations."
"Net operating income increased by just over 3 percent to SEK 781 million (756), even though we gave rent discounts of about SEK 30 million to our tenants that are operating in the most exposed sectors. Income from property management during the first half of 2020 amounted to SEK 549 million (547), which was slightly more than the year-earlier period. Now we all have to wait and see regarding future developments. However, I can confirm that Wallenstam has a stable financial position, properties in attractive locations and a well-functioning business, which is creating value. Thanks to this strong basis, we also have the ability to capture the opportunities for the future that arise along the way!"
For the complete report, please refer to the attached PDF.
For further information, please contact:
Susann Linde, CFO and Head of Investor Relations Wallenstam AB, tel. +46 31 20 00 00 or +46 705 17 11 34
|This is information that Wallenstam 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 CEST on July 17, 2020.|