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

  • Rental income increased to SEK 429m (390).
  • The operating surplus increased to SEK 240m (233).
  • Cash flow from operating activities before changes of working capital was SEK 97m (40).
  • Profit before tax was SEK 349m (151), of which:
    • Income from property management is included with SEK 106m (73). The management result includes costs for early redemption of loans and other non-recurring financing costs of SEK -25m.
    • Unrealized changes in the value of properties excluding building rights are included with SEK 236m (72).
    • Unrealized changes in value as a result of building rights are included with SEK 32m (1).
    • Realized value changes relating to properties are included with SEK -16m (-).
    • Unrealized changes in value of derivatives are included with SEK -9m (5).
  • Profit for the period was SEK 216m (113) after deductions for deferred tax of SEK -116m (-29) and current tax of SEK -17m (-9), corresponding to earnings per ordinary share of class A and B of SEK 0.20 (0.19) before dilution. 

  • The value of the property portfolio increased by SEK 2bn during the quarter to SEK 27.2bn (24.0).

  • Long-term net asset value (EPRA NAV) increased to SEK 9,168m (8,736), corresponding to SEK 12.13 (11.55) per share.

” Profit before tax amounted to SEK 349m, where the profit from property management contributed with SEK 106m, investments and transactions with SEK 135m and building rights with SEK 32m. During the first quarter, 176 apartments were under renovation and another 75 apartment leases were terminated and in the planning stages for renovation, to commence during the second quarter. At the end of the first quarter, our net loan-to-value ratio was 52 percent. Taking into account the issues of ordinary class D shares of approximately SEK 750m and the issue of the hybrid euro bond of about SEK 3.2bn after the end of the quarter, as well as the DNB sale of approximately SEK 4.9 billion, and a planned repayment of SEK 3.4 billion of secured debt and adding the announced acquisitions in Finland, pro forma net loan-to-value ratio would be about 40 percent. All in all, this gives us the best conditions for continuing to build the Nordic region’s strongest player with a focus on social infrastructure and rent regulated residentials.

Ilija Batljan
CEO and Founder

Attachment: Interim Report January – March 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. The information was submitted for publication, through the agency of the contact person set out above on April 29, 2019, at 08:00 CET.