Tornet: Annual Accounts Bulletin 2003

STOCKHOLM, Sweden, Feb. 13, 2004 (PRIMEZONE) -- Tornet:


                                         2003   2002
 Rental income, SEK m                   2 403  2 367
 Profit after tax, SEK m                  881    534
 Earnings per share, SEK                33.67  20.46
 Operating profit, SEK m                1 426  1 403
 Income from property sales net, SEK m    417    184
 Income before tax, SEK m                 740    536
 Cash flow from operations, SEK m       1 027    778
 Shareholders' equity per share, SEK      214    184
 Occupancy ratio area, %                 89.4   91.3
 Occupancy ratio financial, %            91.6   93.1

Profit after tax Profit after tax has increased by SEK 347 million to SEK 881 million (534). Profit after tax includes other income and expenses of SEK 294 million net (90) including capital gains.

Sales and acquisitions

83 properties (48) have been sold for SEK 2 287 million (793) with a capital gain of SEK 417 million (184). Four properties (143) have been acquired for SEK 1 041 million (5 564).

Repurchase of Tornet's shares

Tornet has repurchased in total 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 year

After the end of the year two properties have been sold for SEK 208 million with a capital gain of SEK 39 million and three properties have been acquired for SEK 155 million.

Dividend and Forecast profit for 2004 Tornet's board has initiated work on producing a revised strategy plan to be presented at the annual meeting of shareholders' which has been rescheduled for a later date. The proposed dividend and the effect on profit for 2004 are included as parameters in the strategy work and will be specified at the time of the summons to the Annual General Meeting of shareholders.

Danderyd, 13 February 2004

Fastighets AB Tornet (publ)


For further information, please contact:
 Sverker Lerheden, Managing Director, Fastighets AB Tornet
 +46-8-544 905 00

FASTIGHETS AB TORNET (publ)

Fastighets AB Tornet is one of Sweden's major listed property companies. Its holding has a lettable area of approximately 2.7 million square metres and a book value of approximately SEK 19 billion. Approximately 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: Annual Accounts Bulletin 2003

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