DANDERYD, Sweden, Nov. 7, 2002 (PRIMEZONE) -- Tornet (Stockholm:TORN):
2002:III 2001
:III
Profit for the period, SEK m 501 417
Income before tax, SEK m 461 491
Property sales net, SEK m 101 298
Cash flow, SEK m 607 591
Operating profit, SEK m 1 044 817
Earnings per share, SEK 19.28 16.12
Shareholders' equity per share, SEK 182 160
Occupancy ratio area, % 91.0 93.2
Sales and acquisitions
31 properties (55) have been sold for SEK 463 million (1 337) with a capital gain of SEK 101 million (298). The sales price is at the level of the valuation as per December 31, 2001. 144 properties (6) have been acquired for SEK 5 559 million (484).
Property value and net worth
A new property valuation shows that the surplus value in the properties totals more than SEK 1 900 million. The net worth as per December 31, 2002 is expected to total approximately SEK 250 per share after full deduction for deferred tax and on the basis of current forecast and current surplus values in the property portfolio. Equity per share is expected to total approximately SEK 185 per share as per December 31, 2002.
Events after the end of the period
After the end of the period, three properties have been sold at a price of SEK 18 million with a capital gain of SEK 4 million.
Forecast profit for 2002
Income before tax and net profit for 2002 are expected to total over SEK 550 million, including income from property sales. This is equivalent to over SEK 21 per share. The income does not include any write-ups and write-downs of individual properties that can arise in conjunction with the closing of the accounts for 2002. According to the previous forecast, income before tax and net profit for the year were expected to exceed SEK 500 million.
Danderyd, November 7, 2002
Fastighets AB Tornet (publ)
For further information, please contact:
Sverker Lerheden, Managing Director Fastighets AB Tornet +46-8-544 905 00 Britt-Marie Einar, IR Manager Fastighets AB Tornet +46-8-544 905 08, +46-70-576 92 08
Fastighets AB Tornet is one of Sweden's major listed property companies. Its holding has a lettable area of approximately 3.0 million square metres and a book value of approximately SEK 19 billion. Nearly 97 per cent of the property holdings, measured as book value, are in Sweden and mainly concentrated in Sweden's six largest cities, Norrkoping and Karlstad. The properties are owned and managed by the subsidiaries ArosTornet, Malmstaden, MalarTornet, SkansTornet and Euro Tower.
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