Tornet: Annual Accounts Bulletin 2002

STOCKHOLM, Sweden, Feb. 14, 2003 (PRIMEZONE) -- Tornet (Stockholm:TORN):


                                       2002   2001
 Profit for the year, SEK m             534    611
 Income before tax, SEK m               536    790
 Property sales net, SEK m              184    308
 Cash flow, SEK m                       778    724
 Operating profit, SEK m              1 403  1 075
 Earnings per share, SEK              20.46  24.01
 Shareholders' equity per share, SEK    184    169
 Occupancy ratio area, %               91.3   93.2
 Occupancy ratio financial, %          93.1   94.9

Net profit for the year Net profit for the year excluding items affecting comparability has increased by SEK 272 million to SEK 469 million (197). Net profit for the year includes items affecting comparability of SEK 65 million (414) net including capital gains.

Sales and acquisitions

48 properties (100) have been sold for SEK 793 million (2 053) with a capital gain of SEK 184 million (308). The sales price is on level with the valuation as at 31 December 2001. 143 properties (20) have been acquired for SEK 5 564 million (902).

Events after the end of the year

After the end of the year, three properties have been sold at book value of SEK 27 million. Two properties have been acquired for SEK 73 million.

Repurchase of Tornet shares

Shares repurchased during 2001 were used as part payment for the acquisition of Amplion in 2002. The Board intends to start to use the mandate to repurchase shares in the near future in accordance with the decision of the A.G.M. on 26 April 2002.

Dividend

The Board recommends a dividend of SEK 4.50 per share (4.00).

Forecast profit for 2003

In 2003, income before tax is expected to be at the same level as in 2002, i.e., approximately SEK 550 million including income from property sales but excluding effect of repurchase programme and effect of any write-downs and reversal of write-downs of individual properties. The income would correspond to approximately SEK 20.70 per share (26,562,246 shares).


For further information, please contact:
Fastighets AB Tornet (publ)
Sverker Lerheden, Managing Director, +46-8-544 905 00
Britt-Marie Einar, IR Manager, +46-8-544 905 08/ +46-70-576 92 08

Tornet: Annual Accounts Bulletin 2002

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