* Income amounted to SEK 317 million (298)
* Profit from property management increased by 37 per cent to SEK 118
million (86), equivalent to SEK 0.73 per share (0.52)
* Net profit amounted to SEK -44 million (72), equivalent to SEK
-0.27 per share (0.44)
* Equity per share amounted to SEK 24.82 (25.09)
* The forecast that profit from property management for 2009 will
clearly exceed the result for 2008 of SEK 355 million (>SEK 2.17
per share) is being maintained.
Statement by the CEO
Strong profit from property management"The profit from property management shows that Klövern's core
business is continuing to develop well. Despite the downturn,
profit from property management which includes the running real
estate business but exclude changes in value and tax effects, has
increased by as much as 37 per cent. The increase in the profit is
due to higher rental income and lower interest rates. The downturn
in the economy is beginning to show at Klövern as well. Our locally
based organization is now perfectly fitted to actively meet the
customers' changed needs.
The low short-term interest rate makes it attractive to have a high
proportion of variable loans. We have none the less chosen to hedge
our long-term interest costs to a great extent and even out the
cash flow over time. Over half of our loans have base rates that
have been hedged by swap agreements and the remaining part of the
loan portfolio has been secured by interest caps", says Klövern's
CEO Gustaf Hermelin.
Nyköping 23 April 2009
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 President, 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. Klövern has business units in ten cities: Borås,
Karlstad, Kista, Linköping, Norrköping, Nyköping, Täby, Uppsala,
Västerås and Örebro. As at 31 March 2009, the value of the
properties totalled approximately SEK 11.9 billion and the rental
value on an annual basis was approximately SEK 1.4 billion. The
Klövern share is listed on Nasdaq OMX Nordic Exchange in Stockholm,
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.
Corporate registration no. 556482-5833. Registered office:
Nyköping. Website: www.klovern.se
