Fabege: Interim Report Jan-Mar 2024
Increased rental income and improved net operating income wre met by higher interest costs. Continued increased yield requirement led to unrealised changes in value amounting to SEK -1,381m. Net lettings were negative, SEK -36m but new leases continue to be signed at good levels and a a large proportions of leases thar are renegotiated are extended on existing terms.
- Rental income increased to SEK 867m (829). In an identical property portfolio, income increased with 10 per cent compared with the previous year.
- Net operating income increased to SEK 619m (598). In an identical property portfolio, net operating income increased by 9 per cent.
- The surplus ratio was 71 per cent (72).
- Contract sales residential amounted to SEK 141m (187) and gross profit amounted to SEK 1m
- Net interest amounted to SEK -240m (-211).
- Profit from property management amounted to SEK 329m (351).
- Realised and unrealised changes in the value of properties amounted to SEK -1,378m (-2 110).
- Profit after tax for the period amounted to SEK -699m (-1,584), corresponding to earnings per share of SEK -2.22 (-5.04).
- Net lettings for the period amounted to SEK -36m (-12).
- The equity ratio amounted to 47 per cent (47) and loan-to-value amounted to 43 per cent (42).
"A stable result as a whole. We increased rental income and improved net operating income despite a wait-and see and somewhat cautious market," says Stefan Dahlbo, CEO.
"It's also positive that the letting rate in the projects increased to 86 per cent. In the next 16 months, the majority of our projects will be completed, which at the beginning of 2026 will add approximately SEK 380m in rental income," concludes Stefan Dahlbo, CEO.
FabegeAB (publ)
Presentation of the report
Stefan Dahlbo, CEO, and Åsa Bergström, CFO, will present the report today at 09:00CET in Swedish. Follow the presentation via link: https://financialhearings.com/event/48481.
Dial-in number to the teleconference will be received by registering on the link below. After the registration you will be provided phone numbers and a conference ID to access the conference
https://conference.financialhearings.com/teleconference/?id=5009325
A presentation in English will be held at 10:30CET. You can follow this via https://financialhearings.com/event/48484
Dial-in number to the teleconference will be received by registering on the link below. After the registration you will be provided phone numbers and a conference ID to access the conference
https://conference.financialhearings.com/teleconference/?id=5006876 (https://conference.financialhearings.com/teleconference/?id=200806)
This information is information that Fabege AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation(596/2014). The information was submitted for publication, through the agency of the contact person set out above,
at 25 April 2024, 07:30 CET.