STOCKHOLM, Sweden, Aug. 20, 2004 (PRIMEZONE) -- Fastighets AB Tornet is one of Sweden's major listed property companies. Its holding has a lettable area of approximately 2.6 million square metres and a book value of approximately SEK 19 billion. More than 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 2004
2004:II 2003:II
Rental income, SEK m 1 148 1 217
Profit after tax, SEK m 291 764
Earnings per share, SEK 11.26 28.84
Operating profit, SEK m 673 724
Income from property sales net, SEK m 192 244
Income after financial items, SEK m 403 454
Cash flow from operations, SEK m 507 539
Shareholders' equity per share, SEK 98* 209
Occupancy ratio area, % 88.0 88.9
Occupancy ratio financial, % 89.6 91.0
*After dividend of SEK 127.
Profit after tax
Profit after tax amounted to SEK 291 million (764).
Sales and acquisitions
12 properties (30) have been sold for SEK 633 million (993) with a capital gain of SEK 192 million (244). Three properties (3) have been acquired for SEK 155 million (1 004).
Events after the end of the period Since the end of the reporting period, the process of arranging refinancing for the group's loans, as announced previously, has been completed and a dividend of SEK 127 per share has been paid to shareholders, as decided by the annual general meeting.
A structured sale of the subsidiary Malmstaden, or a significant part of it, is in progress.
Since the end of the reporting period, one property has been sold for SEK 3 million, with a capital gain of SEK 1 million.
New strategy and capital structure
Tornet has decided to adopt a new strategy, as a result of which the group will divest its assets and return any capital released by such measures to shareholders.
Danderyd, 20 August 2004 Fastighets AB Tornet (publ)
For further information, please contact: Christel Armstrong Darvik, Managing Director, Fastighets AB Tornet, +46-8-544 905 02, +46-70-542 34 84
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