SAMHÄLLSBYGGNADSBOLAGET I NORDEN AB (PUBL): INTERIM REPORT JANUARY – JUNE 2022 IN BRIEF:
- Rental income increased by 34 percent to SEK 3,709m (2,776)
- The operating surplus increased by 30 percent to SEK 2,443m (1,877).
- Cashflow from operating activities before changes in working capital increased to SEK 1,789m (1,139).
- Profit before tax decreased to SEK 860m (10,059), of which:
- Profit from property management is included in the amount of SEK 1,299m (1,442). The profit from property management includes costs for early repayment of loans and other items affecting comparability of SEK -33m (-197).
- Changes in the values of properties are included in the amount of SEK 1,526m (7,404).
- Changes in the values of financial instruments are included in the amount of SEK -1,785m (1,221).
- Profit for the period was SEK 218m (9,293) after the deduction of deferred tax of SEK -357m (-661) and current tax of SEK -284m (-105), corresponding to earnings per Class A and B ordinary share of SEK -0.12 (5.94) before dilution.
- The value of the property portfolio amounted to SEK 157.4bn (149.3).
- Long-term net asset value (EPRA NRV) was SEK 62,115m (64,516), corresponding to SEK 42.72 (44.46) per share.
THE SECOND QUARTER IN BRIEF
- Rental income increased to SEK 1,878m (1,451).
- Net operating income increased to SEK 1,290m (1,018).
- Operating profit was SEK -147m (827), affected by unrealized exchange rate differences of SEK -925m (111).
- Cash flow from operations before changes in working capital amounted to SEK 1,045m (750).
- Net income after tax for the period amounted to SEK -2,721m (6,558), corresponding to earnings per series A and B ordinary share of SEK -1.99 (4.05) before dilution.
”During the second quarter, our operating net landed at SEK 1,290 million. Net operating income during the first half of 2022 increased from SEK 1,877 million to SEK 2,443 million, an increase of 30 percent. We also deliver a very strong interest coverage ratio of 5.6 times. Cash flow from operating activities before changes in working capital in the first half of 2022 increased from SEK 1,139 million to SEK 1,789 million, an increase of 57 percent. Our adjusted property management result adjusted for non-cash flow exchange rate changes, non-recurring costs and changes in value and tax in the JV business was 2,139 for the first half of the year and 1,024 for the second quarter.
We have sold properties with a property value of SEK 9.5 billion. SBB intends to systematically reduce the proportion of JV operations through divestments of JV and the divestments of financial investments in order to strengthen the balance sheet, increase transparency and focus on core operations.
A strong delivery regarding operating net and cash flows shows that we are on the right path to becoming even stronger tomorrow than today. We can assure our shareholders and our credit investors that we will do everything necessary to get a better rating. Given the measures taken and planned, we also find no reason to reconsider our current dividend decision.”
Ilija Batljan
CEO and Founder
Attachment: Interim Report January – June 2022
The Interim Report can also be found in the following link: corporate.sbbnorden.se/en/reports-and-presentations/.
For further information, please contact:
Ilija Batljan, CEO and Founder of Samhällsbyggnadsbolaget i Norden AB, [email protected]
This information is information that Samhällsbyggnadsbolaget i Norden AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact person set out above on 14 July 2022, at 08:00 CET.