Klövern AB (publ): Interim report January — June 2018

«» Revenues increased by 4 percent, to sek 1 585 million (1,518).

«» Net operating income increased by 3% to 1 066 m (1 032).

«» Profit from property management increased by 2 percent to 680 m (665).

«» The result before tax amounted to 1 244 m (1 718) and the result after tax, attributable to parent company shareholders amounted to sek 1 198 million (1 439), corresponding to 1.20 (1,39) per share of common stock.

«» Changes in value on properties amounted to sek 546 m (1 025).

«» The development of the projects, including the development of the development rights, contributed to the increases in the value of properties of sek 131 (231).

«» After the access of 3 properties for 2 855 million, withdrawal of 4 properties for 685 million, and the investment of 849 m, the value of the property portfolio to 46 625 million.

«» The interest coverage ratio was 2.9 (3.1 a) and the adjusted equity / assets ratio amounted to 35.8 per cent.

«» EPRA NAV amounted to 14,58 €

The CEO’s comment

Strong results in combination with the establishment in Copenhagen

Klövern reported a strong profit for the year 2018 years for the first half of the year, at the same time as the activities of the project have continued to develop well and the establishment have taken place in Copenhagen through the acquisition of a total of six properties.

Revenues increased to sek 1 585 million during the first half of the year and to 3 096 million in the last 12 months. Profit from property management increased to sek 680 m and överskottsgraden amounted to 67 per cent. Positive changes in the value of real estate amounting to 546 million contributed to the result before tax amounted to 1 244 million. Net immigration was strong and amounted to sek 49 m, compared with sek 27 million during the first half of 2017, and 54 m for the full year 2017. The largest single in-migration was the EU agency European Centre For Disease Prevention and Control (ECDC) in about 9 400 sqm in Solna.

After a very intense 2017 when the Clover through 81 transactions, continued to focus its portfolio in the strong growth regions in Sweden we have, in 2018, through the acquisition of six properties in the Copenhagen, powerful and established ourselves in the Danish market. At the end of June, the value of the first two acquired real estate in Copenhagen to 2.8 billion. After the access of a further four properties on July 4, with a total underlying property value of approximately sek 1.0 billion, is Copenhagen in value terms Klöverns’s second largest city. At the same time have the streamlining of the portfolio continued with the disposal of all investment properties in Härnösand, Sollefteå and Falun (with the planned withdrawal of the 31 August), after which the Klöverns Swedish portfolio is entirely focused on 12 selected locations.

After a long period of probing, took the Clover in the second quarter, a first step into the u.s. market. We have signed an agreement, to a value of 16 million USD, in respect of a leasehold in Manhattan, a hörnfastighet next to 6th Avenue (1241-1251 Broadway) which is currently used for parking and is located less than 500 metres from the Empire State Building. The ambition is to develop a high quality office building of approximately 14 000 sq m. together with the local property developer, the GDS Development. CBRE has been awarded the assignment to manage the uthyrningsarbetet. Skidmore, Ownings & Merrill (SOM) has been commissioned to design the building, which is planned to gröncertifieras via LEED.

Klövern has a projektvolym is relatively stable, with an annual volume of around 1.5 billion. After successful completion of, inter alia, the renovation of an office complex for the EUROPEAN union agency, ECDC is some of the most ambitious projects of hotels and mässanläggningen Åby Arena in Gothenburg: the Kopparhusen in Norrköping. The development of the projects, including the development of the development rights, contributed to the increases in the value of real estate on 131 m in the first half of the year, or 446 m in the past 12 months.

In Klövern Living, we work with a large number of housing projects. Against the background of the current market conditions, we have moved our planned first projektstarter nearly in time to the first half of 2019.

In 2018, Klövern has acquired the shares in the real Tobin Properties in three steps; through a directed issue, a cash mandatory offer and a rights issue. Klöverns ownership now amounts to 62.1 per cent of the share capital and 63,4% of the votes. During the first quarter, the holding was stated as » shares in associated companies, fr o m 4 april 2018 consolidated Tobin Properties in the Clover.

Klöverns financial strength is still good. At the end of the second quarter, the adjusted equity / assets ratio was 35.8 per cent, while the interest coverage ratio over the last 12 months ranged unchanged to remain at 2.9. During the second quarter we have worked to extend both the capital and the interest, which has increased to 4.0 years, and 3.0 years. The proportion of interest hedged credit volume at the same time have risen from 68 per cent to 88 per cent. During the first half of the year, we have also been active in the capital market through the issuance of a bond loan of sek 1 500 million, a green bond of sek 900 m and a hybridobligationslån of sek 800 million.

The net asset value per share (EPRA NAV) amounted on 30 June to 14,58 kr, corresponding to an increase of 4 percent since the end of the year and 15 per cent in the last 12 months.

All in all, we are pleased with our performance during the first half of 2018 and look forward with confidence to a continued stable development during the rest of the year.

Rutger Arnhult, CEO of Klövern

Klövern AB (publ)

For further information, please contact:

Rutger Arnhult, CEO, 070-458 24 70, rutger.arnhult@klovern.se

Lars Norrby, IR, 076-777 38 00, lars.norrby@klovern.se

Klövern is a real estate company with presence and commitment, offers efficient premises in Swedish growth regions. Klövern is listed on Nasdaq Stockholm. Further information is available at www.klovern.se.

Klövern AB (publ), Bredgränd 4, 111 30 Stockholm, sweden. Tel: 010-482 70 00, E-mail: info@klovern.se.


This information is such information that Klövern AB is obliged to publish under the EU marknadsmissbruksförordning and the law on the securities market. The information was submitted, through the above contacts in the government, for publication on 12 July 2018 there is a 10:00 CEST.


Klovern Q2 2018_SVE (pdf)

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Klövern AB (publ) via Globenewswire

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