Fabege: Interim report January–March 2014

NACKA, Sweden--()--Regulatory News:

Fabege (STO:FABGA):

· Rental income amounted to SEK 513m (513). In an identical portfolio, income rose slightly less than 1 per cent.

· Net operating income rose about 6 per cent to SEK 349m (330). The surplus ratio increased to 68 per cent (64).

· Profit from property management rose 11 per cent to SEK 150m (135).

· Realised and unrealised changes in value on properties amounted to a gain of SEK 295m (299) and SEK -141m (188) on interest-rate derivatives.

· Profit before tax for the period amounted to SEK 330m (620). The decline was due entirely to higher deficit value in the derivatives portfolio. Profit after tax for the period was SEK 240m (516), corresponding to SEK 1.45 per share (3.14). Tax on profit for the year includes SEK 72m for an increase in the provision for ongoing tax cases.

· Net lettings for the quarter amounted to SEK 17m (5). The rent levels from all renegotiated leases increased by an average of 5 per cent.

“Fabege started the year with continued value growth in both the property management portfolio and the project portfolio. All parts of the business model – property management, property development and transaction – contributed to the results. This confirms that our way of generating business works well,” says Christian Hermelin, CEO of Fabege.

Fabege AB (publ)

This constitutes information that Fabege AB (publ) may be legally obliged to publish under the Securities Market Act and/or the Financial Instruments Trading Act. The information was released for publication on 24 April, 2014 at 8:00 am (CET).

Fabege AB (publ) is one of Sweden’s leading property companies focusing mainly on letting and managing office premises and property development. Fabege owns properties with a carrying amount of SEK 33.6bn. The portfolio is concentrated in the Stockholm region and has an annualised rental value of SEK 2.4bn and a lettable area of 1.1m sqm. Fabege’s shares are listed on Nasdaq OMX Stockholm, Large Cap segment.

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Contacts

Fabege
Christian Hermelin, CEO
Phone 46 (0)8 555 148 25, 46 (0)73 387 18 25
or
Åsa Bergström
Deputy CEO and CFO
Phone 46 (0)8 555 148 29, 46 (0)70 666 13 80

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Contacts

Fabege
Christian Hermelin, CEO
Phone 46 (0)8 555 148 25, 46 (0)73 387 18 25
or
Åsa Bergström
Deputy CEO and CFO
Phone 46 (0)8 555 148 29, 46 (0)70 666 13 80