January – December 2014

• Rental income amounted to SEK 2,087m (2,059). In an identical portfolio, income rose slightly more than 5 per cent.
• Net operating income increased about 5 per cent to SEK 1,485m (1,411). The surplus ratio rose to 71 per cent (69).
• Profit from property management rose 11 per cent to SEK 682m (614).
• Realised and unrealised changes in value amounted to a positive SEK 1,639m (874) for properties and a negative SEK 473m (pos: 408) for interest-rate derivatives.
• Profit before tax for the year amounted to SEK 1,867m (1,992). The decline was due in its entirety to a higher deficit value in the portfolio of derivative instruments. Profit after tax for the year was SEK 1,738m (1,530), equal to earnings per share of SEK 10.51 (9.26).
• Net lettings for the year totalled SEK 243m (68) after major project lettings to, among others, TeliaSonera and SEB in Arenastaden. The rent levels from all renegotiated leases rose an average of 11 per cent.
• Adjusted for purchase considerations outstanding, the equity/assets ratio was 40 per cent and the loan-to-value ratio 56 per cent.
• The Board proposes a dividend of SEK 3.25 per share (3.00).

Fabege has strong finish to the year and implements many business transactions

“The rate of business activity was high throughout the year, not only on the transaction side but also in property management and project operations. We noted record levels of net lettings, which enabled us to increase the pace of development of our project portfolio, with a number of major ongoing projects that extend a couple of years into the future. While the projects continue to generate value, we also noted strong value growth in our modern and well-located property management portfolio during the year,” says Christian Hermelin, President and CEO of Fabege.

Fabege AB (publ)