Mandamus Fastigheter: Interim Report, January 1 - March 31, 2002 (with link)


STOCKHOLM, Sweden, April 25, 2002 (PRIMEZONE) -- Mandamus Fastigheter:

-        Management profit for the first quarter totalled SEK 27m (18m)
         a record figure for the first quarter of the year.

-        Pre-tax profit amounted to SEK 29m (38m), of which profits from
         property sales made up SEK 2m (19m).

-        During the period, two residential properties in Malmo and two 
         in Varnamo were acquired for a total of SEK 106m.

-        The whole-year forecast for profit before tax is at least SEK


Rent and profit trends

Rental income amounted to SEK 224m (204m), representing a rise of around 10 per cent compared with the previous year. This increase mainly reflects additional rental income from properties acquired in the past 12 months. The average economic letting ratio for the period was 98.0, which was 0.1 percentage point higher than at year-end and 0.5 percentage point higher than in the corresponding period in 2001. The letting ratio for residential property at 31 March was 99.3 per cent.

After deduction of property costs, net operating income (NOI) of SEK 99m (90m) remained. NOI in relation to rental income, i.e. the surplus ratio, has improved slightly to 44.2 (44.1) per cent. Depreciation on properties amounted to SEK 13m (13m) and central administrative expense to SEK 4m (4m). Income from associated companies, i.e. Mandamus' part-ownership of the Haninge consortium, is included in the figure for quarterly profit, SEK 5m, of which SEK 1m relates to management remuneration.

Interest expense amounted to SEK 60m (55m). This rise of SEK 5m is due mainly to increased borrowing to finance Mandamus' property acquisitions and participation in the property consortium.

Management profit

Management profit for the period, i.e. profit before items affecting comparability, such as sale profit, interest contributions and profit of a non-recurring nature, totalled SEK 27m (18m). This amount yields a gross margin of 12.1 (8.8) per cent, which is the highest figure ever for the first quarter of the year.

Management profit for the past 12-month period (on a rolling 12-month basis) totalled SEK 157m, SEK 23m higher than in the corresponding period in the previous year. Profits from associated companies boosted the figure for management profit by some SEK 5m. Profit from associated companies comprises three types of income: management remuneration of SEK 1m, interest on shareholder loans at SEK 2.5m, and the company's share of profit in associated companies of SEK 1.5m.

Profit from property sales implemented during the first quarter amounted to SEK 2m (19m). The sale prices of the properties were in line with their market valuation at 31 December 2001.

Pre-tax profit, which includes such items affecting comparability as sale profit, interest contributions and profits of a non-recurring nature, amounted to SEK 29m (38m).

Profit after estimated tax amounted to SEK 21m (27m), corresponding to earnings per share of SEK 1.04 (1.35).

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