STOCKHOLM, Sweden, Feb. 15, 2002 (PRIMEZONE) -- Tornet:
Net profit for the year increased by 77 per cent to SEK 611 million (346).
Profit before tax amounted to SEK 790 million (431). The corresponding profit excluding items affecting comparability amounted to SEK 377 million (370).
Earnings per share increased by 92 per cent to SEK 24.01 (12.49) calculated on the basis of 25 440 453 shares. Shareholders' equity per share increased by 14 per cent to SEK 168.80 (147.52).
The cash flow amounted to SEK 724 million (581) and the operating profit to SEK 1 075 million (1 088).
The occupancy ratio was 93.2 per cent (93.4).
Sales of 100 properties (91) have taken place for SEK 2 053 million (1 190) with a capital gain of SEK 308 million (53). The sales price exceeds the valuation as per 31 December 2000 by SEK 45 million, which is equivalent to 2 per cent. 20 properties (12) have been acquired for SEK 902 million (652), with a total area of 116 013 sq.m. (111 940).
Items affecting comparability includes capital gains of SEK 308 million, reversed write-down of properties of SEK 245 million, write-down of properties of SEK 134 million and other items affecting comparability of SEK -6 million.
Repurchase of Tornet Shares
Cancellation of shares repurchased during 2000 was registered by the Swedish Patent and Registration Office on 12 February 2001, whereby the share capital was reduced by SEK 148 million. During the fourth quarter 2001 721 813 shares, corresponding to 2.7 per cent of the total number of outstanding shares issued, were repurchased. During 2001, 2 564 301 shares corresponding to 9.7 per cent of the total number of shares issued have been repurchased.
Events After the End of the Year
After the end of the year, four properties have been sold at a price of approximately SEK 54 million with a capital gain of approximately SEK 10 million. The sales price is equivalent to the valuation as per 31 December 2001.
Dividend
The board recommends a dividend of SEK 4.00 per share (4.00).
Forecast Profit for 2002
In 2002, profit before tax is expected to total approximately SEK 500 million.
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The following files are available for download:
www.waymaker.net/bitonline/2002/02/15/20020215BIT00540/bit0001.pdf The full year-end report