Interim Report January-September 2017
“Third quarter earnings are well in line with our strong second quarter. Our continuous stable cash flow makes it possible to continue developing the business primarily through new production.”
27 October 2017, 8.00 a.m.
- Rental income increased by 12 percent to SEK 658.6 million (586.9).
- The operating surplus increased by 17 percent to SEK 500.9 million (429.9).
- Profit from property management increased by 42 percent to SEK 333.0 million (234.7).
- Profit for the period increased to SEK 531.0 million (172.6), corresponding to earnings per share of SEK 13.20 (5.29), including changes in value of SEK 295.3 million (loss 48.5).
- Net asset value per share, EPRA NAV, increased to SEK 143.7 (132.8).
”We are pleased over new strong interim results. Increased rental income combined with an improved letting ratio and operating surplus, as well as restructuring of our financing, contributed to a profit from property management that is just over 40 percent higher than in the corresponding period in 2016. A profit from property management, which is largely purely cash flow, amounts to just over half of our rental income. We achieve continued strong cash flows by continuously working with both current property management and financing.
We want to grow through active project development which, through new construction and refurbishment, renews and streamlines our portfolio of properties in attractive locations. New, modern buildings provide us with better opportunities to reduce costs as well as to broaden our customer offering. This contributes to increased income and improves our bottom-line return.
Trends that have bearing for Catena remain strong such as retail in general, strong growth in e-commerce and changes in food distribution. We therefore see continued good demand for logistics properties suited to these trends. Catena is well-positioned for this with a land reserve of 1,500,000 square metres. During the quarter, Catena was listed in the EPRA Global Real Estate Index on the London Stock Exchange, which has been important for attracting both existing and new investors.
We are well-positioned to continue for continued growth. We have the projects and the financial strength and, not least, wet have the knowledge and varied skills to constantly improve our customers’ flow of goods while implementing Catena’s own goals.” Says CEO Benny Thögersen in his comments on the Interim Report.
For further information, please contact
Benny Thögersen, CEO, Tel. +46 706-60 83 50, email@example.com
Peter Andersson, Deputy CEO and CFO, Tel. +46 730-70 22 44, firstname.lastname@example.org