STOCKHOLM, Sweden, Aug. 20, 2003 (PRIMEZONE) -- Fastighets AB Tornet (publ) is one of Sweden's major listed property companies. Its holding has a lettable area of approximately 2.8 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.
Interim Report January - June 2003
2003:II 2002:II
Rental income, SEK m 1 217 1 125
Profit after tax, SEK m 764 369
Earnings per share, SEK 28.84 14.39
Operating profit, SEK m 724 670
Income from property sales net, SEK m 244 34
Income before tax, SEK m 454 277
Cash flow from operations, SEK m 539 372
Shareholders' equity per share, SEK 208.70 177.31
Occupancy ratio area, % 88.9 90.8
Occupancy ratio financial, % 91.0 93.8
Profit after tax
Profit after tax has increased by SEK 395 million to SEK 764 million (369). Profit after tax includes items affecting comparability of SEK 239 million net (34) including capital gains.
Sales and acquisitions
Thirty properties (26) have been sold for SEK 993 million (290) with a capital gain of SEK 244 million (34). The sales price is on a level with the assessed market value as at 31 December 2002. Three properties (141) have been acquired for SEK 1 004 million (5 467).
Repurchase of Tornet shares
Tornet has repurchased 441,684 shares, equivalent to 1.7 per cent of the shares issued, at an average price of SEK 155.06 in the first six months of 2003. After the end of the period, an additional 258,316 shares have been purchased.
Events after the end of the period
After the end of the period, JM has exercised its option of acquiring AB Vaxholmsbostader, containing 30 properties. The sales price is on a level with Vaxholmsbostader's assessed net worth as at 31 December 2002. The sale entails a capital gain of approximately SEK 108 million, which will be reported in the third quarter of 2003.
Forecast profit for 2003
The forecast profit is unchanged. Profit after tax for 2003 is expected to be approximately SEK 1,000 million excluding any write-downs and/or reversal of write-downs of particular properties. The profit would be equivalent to SEK 38.20 per share (26,173,823 shares).
Fastighets AB Tornet (publ)
For further information, please contact: Sverker Lerheden, Managing Director, Fastighets AB Tornet, +46-8-544 905 00 Britt-Marie Einar, Information/IR Manager, Fastighets AB Tornet, +46-8-544 905 08 +46-70-576 92 08
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