Tornet Interim Report January -- September 2003

STOCKHOLM, Sweden, Nov. 14, 2003 (PRIMEZONE) -- Tornet:


                                    2003:III  2002:III
 Rental income, SEK m                  1 797     1 745
 Profit after tax, SEK m                 942       501
 Earnings per share, SEK               35.85     19.28
 Operating profit, SEK m               1 076     1 044
 Income from property sales net,         343       101
 SEK m
 Income before tax, SEK m                660       461
 Cash flow from operations, SEK m        803       607
 Shareholders' equity per share,         216       182
 SEK
 Occupancy ratio area, %                89.2      91.0
 Occupancy ratio financial, %           91.2      93.0

Profit after tax Profit after tax has increased by SEK 441 million to SEK 942 million (501). Profit after tax includes items affecting comparability of SEK 338 million net (101) including capital gains.

Sales and acquisitions

During the period 62 properties (31) have been sold for SEK 1,759 million (463) with a capital gain of SEK 343 million (101). Three properties (144) have been acquired for SEK 1 004 million (5,559).

Repurchase of Tornet's shares

Tornet has repurchased 700 000 shares, equivalent to 2.6 per cent of the shares issued, at an average price of SEK 157.35.

Events after the end of the period

After the end of the period, Lehman Brothers Real Estate Partners, L.P. (LBREP) and Ratos AB published a recommended cash offer to acquire all outstanding shares in Fastighets AB Tornet. This offer was made through LRT Acquisition AB (LRT), a Swedish company owned indirectly by LBREP (60%) and Ratos (40%). LRT is offering SEK 190 in cash for each Tornet share. Tornet's board of directors has unanimously recommended the shareholders to accept the offer.

After the end of the period, two properties have been sold for SEK 14 million with a capital gain of SEK 4 million and one property has been acquired for SEK 36 million. 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,net, 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

Fastighets AB Tornet 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.

Tornet Interim Report January -- September 2003

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