* Income increased to SEK 631 million (603)
* Profit from property management increased by 38 per cent to SEK 252
million (183), equivalent to SEK 1.57 per share (1.11)
* Net profit amounted to SEK 111 million (100), equivalent to SEK
0.69 per share (0.61)
* Equity per share amounted to SEK 24.78 (25.09) entailing, in
comparison with the share price by the end of June, a net worth
discount of 27 per cent (27)
* The forecast profit from property management is being increased.
According to the new forecast, profit from property management for
2009 is expected to amount to at least SEK 440 million (355), which
would be equivalent to SEK 2.74 per share (2.17). According to
previous forecast the profit would clearly exceed SEK 355 million.
Statement by the CEO
A stable base in a changing business environment
"Klövern presents its best half-year result ever and has a stable
foundation. Structured work with the customer stock, the property
portfolio and the financial portfolio has made the company well
equipped to cope with tougher periods.
Through focused work in lease renegotiations and new leases, we
have succeeded in extending the average lease term to 3.1 years and
the customers are a good mix of public and private actors.
Our strategic sales and acquisitions have concentrated the property
portfolio, with a preference for offices in good communication
locations and business parks, to ten strong cities. The rental
levels are unchanged during the first six months, but old leases
are still being renegotiated to higher rental levels than before.
Finally, we have decided to interest hedge the entire loan
portfolio through swap agreements and interest rate caps, which
secures the cash flow to a future rise in interest rates", says
Klövern's CEO Gustaf Hermelin.
Nyköping 9 July 2009
Klövern AB (publ)
For further information, please contact:
Gustaf Hermelin, CEO, tel +46 155-44 33 10, +46 70-560 00 00,
gustaf.hermelin@klovern.se
Caesar Åfors, CFO and vice President, tel +46 155-44 33 02, +46
70-662 48 48, caesar.afors@klovern.se
Britt-Marie Einar, Finance and Information Manager, tel +46 155-44
33 12, +46 70-224 29 35,
britt-marie.einar@klovern.se
Klövern is a real estate company committed to working closely with
customers to meet their needs of premises and services in Swedish
growth regions. Klövern has business units in ten cities: Borås,
Karlstad, Kista, Linköping, Norrköping, Nyköping, Täby, Uppsala,
Västerås and Örebro. As at 30 June 2009, the value of the
properties totalled approximately SEK 12 billion and the rental
value on an annual basis was SEK 1.4 billion. The Klövern share is
listed on Nasdaq OMX Nordic Exchange in Stockholm, medium-sized
companies.
Klövern AB (publ), Box 1024, SE-611 29 Nyköping, Sweden. Tel
+46 155-44 33 00, Fax +46 155-44 33 22.
Corporate registration no. 556482-5833. Registered office:
Nyköping. Website: www.klovern.se.
