STOCKHOLM, Sweden, Feb. 19, 2002 (PRIMEZONE) -- Kungsleden's year-end report for the 2001 fiscal year was released today.
-- Pretax profit amounted to SEK 380 million (316), corresponding to
SEK 20.06 (16.69) per share.
-- Proposal that the dividend be raised to SEK 10.50 (9.00) per
share, an increase of 17 percent.
-- The operating surplus rose 38 percent to SEK 638 million (461).
-- Forecast for 2002 fiscal year: pretax profit of SEK 450 million.
"Kungsleden reports yet another record-breaking year. In 1997, Kungsleden's real estate portfolio was worth almost SEK 1.8 billion, generated an operating surplus of just over SEK 100 million and resulted in an annual loss. Five years later, the Group has a real estate portfolio with a book value of nearly SEK 9.5 billion, which yielded a pretax profit of SEK 380 million in 2001. Compared with 2000, the operating surplus rose by SEK 177 million or 38 percent. During 2001, 103 properties were divested for a total sales price of SEK 1,057 million and total capital gains of SEK 100 million, at the same time as property acquisitions amounted to SEK 3,877 million. The number of municipalities in which Kungsleden is active was reduced in 2001, while the share accounted for by major cities increased and a program of housing for the elderly was introduced. During 2002, we will increase the focus on housing for the elderly and continue to acquire commercial properties. We still see considerable opportunities for safeguarding a high and stable yield, in line with our business concept," said Jens Engwall, Kungsleden's Chief Executive Officer.
Kungsleden's business concept is to own and manage properties with a high and stable long-term property yield. Kungsleden is an active participant in the change processes on the Swedish property market, by utilizing and enhancing its competencies in structuring heterogeneous property holdings. This implies Kungsleden's property holding frequently changing through acquisitions and disposals. Kungsleden's property portfolio comprises 455 properties with a book value of nearly SEK 9,5 bn. The holding is located in a total of 129 municipalities, and is concentrated on the Swedish provinces of Gotaland and Svealand. Kungsleden has been quoted on the Stockholm Stock Exchange O-list since 14 April 1999.
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