Klövern: Year end report 2005

2006-02-08

  • Rental revenues amounted to SEK 639 million (485)
  • Net profit for the year increased to SEK 379 million (213)
  • Earnings per share increased to SEK 3.27 (2.30) 
  • The Board of Directors proposes a dividend of SEK 1.00 per share (0.75)
  • During the year 55 properties (64) have been acquired for SEK 2,108 million (1,476) and 36 properties (20) sold for SEK 557 million (347)
  •  
    Profit
    Net profit for the year was SEK 379 million (213). The result includes realised changes in value from property sales of SEK 25 million (30), unrealised changes in the value of properties of SEK 133 million (30) and revaluation of deferred tax claim of SEK 48 million (31). Net financial items amounted to SEK -181 million (-129).
     
    Cash flow and financial position
    The cash flow for the year amounted to SEK 31 million (-25). The equity ratio at the end of the year was 34.8 per cent, in comparison with 36.9 per cent at the beginning of the year. Shareholders’ equity was SEK 2,264 million, in comparison with SEK 1,701 million at the beginning of the year. Liquid funds were SEK 141 million (110) and interest-bearing liabilities were SEK 3,987 million (2,703).
     
    Rental revenues and property costs
    Rental revenues amounted to SEK 639 million (485) during the year, property costs were SEK 247 million (199) and the operating surplus amounted to SEK 391 million (286).
     
    Fourth quarter 2005
    Net profit for the fourth quarter was SEK 112 million (76). The result includes realised changes in value from property sales of SEK 6 million (10) and unrealised changes in the value of properties of SEK 25 million (12). In connection with refinancing, one-off costs of SEK 20 million were charged to income for redemption of loans. The operating surplus was SEK 99 million (73), net financial items SEK -56 million (-35) and the cash flow was SEK 32 million (-112).
     
    Market and property holdings
    Klövern is a real estate company with local ties which actively develops commercial properties in large Swedish cities. Continuous adaptation of the property portfolio takes place by sales. Demand and new letting have increased in some of Klövern’s market segments, compared both with the third quarter of 2005 and the fourth quarter of 2004. There have only been limited changes in rental levels although some market segments are showing a small increase. Net new letting during the year totalled SEK 10 million, of which almost SEK 4 million took place during the fourth quarter.
     
    Calendar 2006
     
    Annual Report 2005                                         March
    Annual General Meeting                                    Wednesday April 5      
    Interim Report January – March 2006               Thursday April 27
    Interim Report January – June 2006                  Thursday July 20
    Interim Report January – September 2006        Thursday October 26
     
    Reports are available at Klövern’s website, www.staging-wwwklovernse.wp4.triggerfish.cloud, where visitors may also subscribe to annual reports, interim reports and press releases.
     
    Nyköping 8 February 2006
    Klövern AB (publ)
     
    Board of Directors
     
    Review report
    We have briefly reviewed this year end report according to the recommendation issued by FAR (the institute for the accountancy profession in Sweden). A review is considerably more limited in scope compared with an audit. Nothing has come to our attention which causes us to believe that this year end report does not comply with the requirements of the stock exchange and annual accounts legislation.
     
    Stockholm, 8 February 2006
    Ernst & Young AB, Björn Fernström, Authorized Public Accountant
     
    The full report including tables can be downloaded from the following link: