INTERIM REPORT JANUARY-SEPTEMBER 2015 D. Carnegie Co

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News Desk 2018

Nov 10, 2015 at 1:15 AM

INTERIM REPORT JANUARY-SEPTEMBER 2015

· D. Carnegie & Co AB (publ) experienced strong growth during the third quarter. Rental income increased during the quarter to SEK 309 million, which is an increase of almost 29 per cent as compared with the corresponding period during the preceding year. Net operating income also showed good growth and amounted to SEK 164 million for the quarter, which was a 34 per cent increase as compared with the third quarter of 2014. · Profit after tax increased to SEK 192 million (9) for the most recent three -month period, which amounts to a profit per share before dilution of SEK 2.71 (0.13) for the quarter. The adjusted shareholders' equity per share also continued its strong growth during the quarter and amounted to SEK 60.53/share, which is a 25 per cent increase as compared with the third quarter of 2014. · In respect of renovations, the forecast is that approximately 500 apartments will be renovated in 2015. We believe that we will achieve a rolling pace of 1,000 apartments per year in the fourth quarter. THIRD QUARTER 2015 · Rental income of SEK 309 million (240) · Net operating income of SEK 164 million (122) · Income from property management of SEK 91 million (35) · Changes in the value of investment properties and derivatives of SEK 180 million (0) · Changes in the value of derivatives of SEK -51 million (-17) · Profit after tax of SEK 192 million (91) · Earnings per share of SEK 2.71 (0.13) before dilution INTERIM REPORT JANUARY-SEPTEMBER 2015 · Rental income of SEK 901 million (327) · Net operating income of SEK 421 million (159) · Income from property management of SEK 138 million (52) · Changes in the value of investment properties of SEK 440 million (78) · Changes in the value of derivatives of SEK -50 million (-17) · Profit after tax of SEK 405 million (91) · Earnings per share of SEK 5.72 (1.28) before dilution Significant events during the third quarter · Properties with 1 009 properties in Jordbro och Vårberg taken in possession July, 1 · Properties with leasable space of 30,000 sq. m., rental value SEK million 28.5 acquired in Norrköping. · Properties with leasable space of 8,550 sq. m., rental value SEK million 9.2 acquired in Norrköping. Significant events after the third quarter · Entered into an agreement regarding the sale of Hammarkullen in Gothenburg containing 890 apartments and the agreed underlying property value is SEK 493 million. · At the time of the publication of this report, a further 9 apartments have been renovated, in addition to the 232 apartments for which renovations had been completed at the close of the period. In addition, renovations have commenced in respect of 280 apartments and are expected to be completed during 2015. Statement from the CEO Ulf Nilsson The third quarter of the year has been characterised by a consolidation of the business and we are now beginning to harvest the fruits of the very high level of activity over the preceding 18 months. This quarter demonstrates that efficient management and renovation of our properties yields a good financial return. The adjusted shareholders' equity on September 30 amounted to SEK 60.5 per share , an increase of 25 % compared with 12 months earlier. During the quarter, we also completed the acquisition of approximately 1,300 additional apartments in Stockholm and Norrköping. We also entered into agreements to sell our properties in Gothenburg since they are not within our geographic area of operations. We have also reorganised our structure for renovating apartments, which means that we will be achieving our internal targets during the year. During the period, we entered into contracts with additional suppliers of materials and construction firms and expanded the central management of the business. During and after the quarter, we commenced approximately 300 renovations, making us confident that we will achieve our forecast of renovating approximately 500 apartments in 2015. We also believe that we will achieve a rolling annual pace of 1,000 apartments per year during the fourth quarter. Taken as a whole, improvements have led to a strong improvement in reported profit. The profit for the quarter before tax is a full SEK 202 million, which can be compared with SEK 19 million for the third quarter of 2014. The profit per share after tax amounted to SEK 2.71, as compared with SEK 0.13 for the third quarter of 2014. This yields a profit after tax for the first nine months of the year of SEK 405 million which corresponds to SEK 5.72 per share. Stockholm, November 9, 2015 ULF NILSSON CEO of D. Carnegie & Co For more information, please contact: Ulf Nilsson, CEO, D. Carnegie & Co, tel. +46 (0)8 – 121 317 25 Per-Axel Sundström, CFO D. Carnegie & Co, +46 (0)8 121 317 25

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