SAMHÄLLSBYGGNADSBOLAGET I NORDEN AB (PUBL): Interim Report January – June 2019 in brief:

  • Rental income increased with 12 % to SEK 893m (800).
  • The net operating income increased with 11 % to SEK 560m (505).
  • Cash flow from operating activities before changes of working capital increased with 56 % to SEK 244m (156).
  • Profit before tax increased with 54 % to SEK 1,060m (688), of which:
      • Income from property management increased with 40 % to SEK 254m (182). The management result includes costs for early redemption of loans and other non-recurring financing costs of SEK -123m.
      • Unrealized changes in the value of properties excluding building rights are included with SEK 1,161m (452).
      • Unrealized changes in value as a result of building rights are included with SEK 40m (54).
      • Realized value changes relating to properties are included with SEK -307m (-4).
      • Unrealized changes in value of derivatives are included with SEK -88m (4).
  • Profit for the period increased with 80 % to SEK 933m (518), after deductions for deferred tax of SEK -90m (-156) and current tax of SEK -37m (-14), corresponding to earnings per ordinary share of class A and B of SEK 1.01 (0.73) before dilution.
  • The value of the property portfolio increased by SEK 5.1bn during the period to SEK 30.3bn (25,2).
  • Long-term net asset value (EPRA NAV) increased to SEK 9,593m (7,831), corresponding to SEK 12.69 (10.61) per share, an increase with 20%.
  • SBB’s average interest rate on a 12-months rolling basis has decreased from 2.93 percent to 1.96 percent.

THE SECOND QUARTER IN BRIEF

  • Rental income increased to SEK 464m (410).
  • Net operating income increased to SEK 320m (272)
  • Operating profit increased to SEK 148m (109).
  • Cash flow from operations before changes in working capital amounted to SEK 147m (116).
  • Net income after tax for the period amounted to SEK 717m (405), corresponding to earnings per share of SEK 0.73 (0.56) before dilution.

”SBB’s stable cash flows are only marginally affected by the business cycle and external factors. We deliver strong earnings capacity from the property management and continue to see great opportunities to deliver profit from three value-creating areas – renovations/investments in our properties, development of building rights and transactions. We deliver strong profit before tax amounted to SEK 933m, and we deliver the strong 20% yearly increase in NAV.

As previously communicated, we are continuing work to prepare SBB for a listing on Nasdaq Stockholm’s Main List. SBB is on a strong growth path, having announced ten acquisitions with a total value of SEK8.9bn in 2019. As we continue to see opportunities to grow, we may also evaluate the possibility of raising capital in connection with the listing on the Main List in order to further strengthen our capacity to fund growth in compliance with our recently achieved investment grade credit rating.

Ilija Batljan
CEO and Founder

Attachment: Interim Report January – June 2019 

For further information, please contact:

Ilija Batljan, CEO and Founder of Samhällsbyggnadsbolaget i Norden AB, +46 70 518 39 67, [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 July 10, 2019, at 07:15 CET.