SAMHÄLLSBYGGNADSBOLAGET I NORDEN AB (PUBL): INTERIM REPORT JANUARY – JUNE 2023 IN BRIEF:

The period in brief

  • Rental income amounted to SEK 3,472m (3,709).
  • The operating surplus decreased to SEK 2,530m (2,661).
  • Profit from property management excluding translations gains/losses was SEK 1,518m (2,070).
  • Cash flow from operating activities before changes in working capital was SEK 917m (1,789).
  • Profit before tax amounted to SEK -15,061m (860), of which:
    • Profit before financial items, value changes, properties and goodwill are included in the amount of SEK 2,041m (2,136). Included items affecting comparability of SEK -157m (-30).
    • Changes in the values of properties are included in the amount of SEK -8,284m (1,526).
    • Profit from associated companies/joint ventures is included in the amount of SEK -3,661m (358).
    • Financial items are included in the amount of SEK -3,129m (-1,195), of which costs for early redemption of loans are included in the amount of SEK -112m (-3) and translation gains/losses in the amount of SEK -2,112m (-732).
    • Changes in the values of financial instruments are included in the amount of SEK -1,949m (-1,785).
  • Profit for the period was SEK -13,796m (218) after the deduction of deferred tax of SEK 1,647m (-549) and current tax of SEK -460m (-284), corresponding to earnings per Class A and B ordinary share of SEK -10.17 (-0.12) before dilution.
  • The value of the property portfolio amounted to SEK 130.8bn (135.6).
  • Long-term net asset value (EPRA NRV) was SEK 25,831m (62,114), corresponding to SEK 17.76 (42.72) per share.

The second quarter in brief

  • Rental income amounted to SEK 1,747m (1,878).
  • The operating surplus amounted to SEK 1,323m (1,405).
  • Cash flow from operating activities before changes in working capital was SEK 632m (1,045).
  • Profit before tax amounted to SEK -11,101 m (-2,612)

”To some degree, the first half of the year developed in two directions. The underlying operations remained stable and rental income for comparable portfolios increased by 9.5 percent compared with the corresponding period last year. The economic letting ratio continued to increase and amounted to 96.3 percent (95.1) with the vacancy rate of 3.7 percent has predominantly been planned for as a consequence of projects in progress. SBB’s core is stable regardless of the current position in the business cycle. SBB’s property portfolio is characterized by its low risk for declining income and its superior capacity for increasing its income. That is reassuring.

At the same time, the second quarter was pervaded by discussions regarding the market’s view of SBB’s financial position. Several parallel processes have been launched to strengthen the company.”

Leiv Synnes, CEO

Attachment: Interim Report January – June 2023

For further information, please contact:
Helena Lindahl, Treasury director & IR, [email protected]

This information is such that Samhällsbyggnadsbolaget i Norden AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted by the above contact persons for publication on 14 July 2023 at 8:00 a.m. CEST.

Samhällsbyggnadsbolaget i Norden AB (publ) (SBB) is the Nordic region’s leading property company in social infrastructure. The Company’s strategy is to long term own and manage social infrastructure properties in the Nordics and rent regulated residential properties in Sweden, and to actively work with property development. Through SBB’s commitment and engagement in community participation and social responsibility, municipalities and other stakeholders find the Company an attractive long-term partner. The Company’s series B shares (ticker SBB B) and D shares (ticker SBB D) are listed on Nasdaq Stockholm, Large Cap. Further information about SBB is available at www.sbbnorden.se.