STOCKHOLM, Sweden, Jan. 29, 2002 (PRIMEZONE) -- Castellum:
-- Net income after tax for 2001 amounts to SEK 426 million
equivalent to earnings per share of SEK 10.39, compared with SEK
8.49 previous year.
-- Income from property management per share improved 24% to
SEK 10.68
-- Net asset value per share was SEK 171 at the end of the year.
-- The Board proposes an increased dividend of SEK 6.50 per share.
The net income after tax for 2001 amounts to SEK 426 million compared with SEK 396 mlllion during previous year. Earnings per share improved 22% to SEK 10.39, compared with SEK 8.49 during 2000. The cash flow from property management amounts to SEK 546 million equivalent to SEK 13.32 per share, compared with SEK 10.72 previous year.
The income from property management, i.e. the net income excluding capital gain from property sales and tax amounted to SEK 438 million, equivalent to SEK 10.68 per share, which is an improvement of 24% compared with previous year. The improvement has mainly been achieved through increased rental income. Implemented acquisitions and investments in existing properties, together with the redemption and repurchase of own shares, which took place during 2000, have also contributed to the increase in profit.
During 2001, 43 properties were sold for a total of SEK 635 million, with a capital gain of SEK 129 million compared with SEK 142 million during previous year. The acquisitions and investments during the year amounted to SEK 1,741 million compared with SEK 1,352 million during 2000.
As at year-end, Castellum has made a valuation of all the properties. The net asset value per share was then calculated to SEK 171.
At today's meeting, the Board of Directors decided to propose to the General Annual Meeting a dividend of SEK 6.50 per share and as record day for dividend Tuesday, March 26, 2001, was proposed. The Board decided also to propose that the AGM would re-authorize the Board to decide on purchase and transfer of own shares.
"It is gratifying that 2001 was the fourth year in a row with an earnings improvement of more than 20%," comments Castellum's CEO, Lars-Erik Jansson. "Successful leasing and renegotiating operations with increased rental income as well as acquisitions and investments made during the year were the principle explanations for the improvement. I also look with confidence to 2002 when we will see the full outcome of last year's leasing, renegotiations and completions. In addition, we have a continued stable situation on our local markets," adds Lars-Erik Jansson.
Enclosure: Year-end Report 2001
Castellum, which is one of the major real estate companies in Sweden operating solely in the real estate sector, owns properties with a book value of about SEK 12 billion. The total lettable area, which comprises mainly commercial properties, amounts to 2.3 million square metres. The real estate portfolio, which is owned and managed by six local subsidiaries, is concentrated in Greater Gothenburg, the Oresund region, Greater Stockholm, western Smaland and Malardalen. The Castellum share is listed on the Stockholm Exchange O-list, Attract 40.
Year-End Report 2001
Castellum is one of the major, listed real estate companies in Sweden operating solely in the property sector. The real estate portfolio consists entirely of Swedish properties, and is geographically concentrated in five growth regions: Greater Gothenburg, the Oresund Region, Greater Stockholm, Western Smaland and Malardalen.
-- Net income after tax was SEK 426 million, equivalent to SEK 10.39
per share - an increase by 22 % compared with previous year.
-- Income from property management per share rose 24 % to SEK 10.68.
-- The net asset value per share amounted to SEK 171 at year-end.
-- The Board proposes an increased dividend of SEK 6.50 per share.
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