* Income totalled SEK 906 million (902)
* Net profit amounted to SEK -96 million (934), equivalent to SEK
-0.59 per share (5.61)
* Unrealised changes in value of properties amounted to SEK -407
million (735), equivalent to -3.3 per cent
* Equity per share amounted to SEK 27.45 (29.40)
* The forecast that Klövern's profit for 2008, excluding changes in
value and tax, will exceed SEK 350 million (SEK 2.17 per share) is
unchanged.
President's statement
Financial turbulence, but high speed in business!"During September and October, we have seen dramatic turbulence on
the financial market. Of course, this also affects Klövern and, in
the short-term perspective, we have seen a part of the increase in
value we experienced last year wiped out. Our financial costs have
increased and the lack of liquidity in the market around the end of
the quarter has led to our average borrowing cost temporarily
increasing by a couple of notches. At such a time, it is gratifying
that we had our best net moving in ever in the past quarter. It is
also particularly positive that vacating tenants are at a very low
level. A low tenant turnover enables us to maintain a occupancy
rate and limit investments for tenant adaptations. Our business is
accordingly developing at a good pace as we move towards the
expected downturn. Our competent organisation with local roots will
enable us to continue this good letting work while keeping costs
well under control. As many companies need to review their need of
premises in a downturn as when the economy is buoyant", says
Klövern's CEO Gustaf Hermelin.
Nyköping, 23 October 2008
Klövern AB (publ)
For further information, please contact:
Gustaf Hermelin, CEO, tel +46 155-44 33 10, +46 70-560 00 00,
gustaf.hermelin@klovern.se
Caesar Åfors, CFO and vice-CEO , tel +46 155-44 33 02, +46 70-662
48 48, caesar.afors@klovern.se
Britt-Marie Einar, Finance and Information Manager, tel +46 155-44
33 12, +46 70-224 29 35,
britt-marie.einar@klovern.se
Klövern is a real estate company committed to working closely with
customers to meet their needs of premises and services in Swedish
growth regions. Today Klövern has geographical units in ten
cities/locations: Borås, Karlstad, Kista, Linköping, Norrköping,
Nyköping, Täby, Uppsala, Västerås och Örebro. As at 30 September
2008, the value of the properties was approximately SEK 12.1
billion and the rental income on an annual basis was around SEK 1.3
billion. The Klövern share is listed on the OMX Nordic Exchange in
Stockholm for medium-sized companies.
Klövern AB (publ), Box 1024, SE- 611 29 Nyköping; Sweden * Tel +46
155-44 33 00, Fax +46 155-44 33 22.
Company registration no. 556482-5833 * Registered office: Nyköping
* Website: www.klovern.se
