Continued stable operations, progress with the zoning plan
First quarter, continuing operations
- Rental revenue SEK 6.7 M (6.9)
- Operating profit SEK 18.8 M (30.0)
- Profit before tax SEK 16.5 M (31.8)
- Profit after tax SEK 12.2 M (23.9)
- Unrealized changes in property value SEK 14.8 M (29.0)
- Investments in continuing operations SEK 0.2 M (1.0)
- Profit after tax SEK 12.2 M (91.0)
After the end of the period
- In April, the Solna city planning committee approved the zoning plan for Haga Norra for exhibition.
CEO Andreas Philipson comments
In the first quarter, zoning plan development continued on Catena’s Haga Norra property project in Solna, Stockholm. After negotiations with the City of Solna regarding the principles governing the development contract for this property concluded, the Solna city planning committee approved the zoning plan for exhibition in mid-April. The zoning plan will be on display in May, and is expected to be approved by the City of Solna after the holiday period.
This decision is an important step in Catena’s long-term efforts to realize the Haga Norra quarter of the future, with new housing and workplaces. Haga Norra is attractively located in the forthcoming new and merged Solna-Stockholm with the National Arena, the Mall of Scandinavia, Hagastaden, Frösunda and easy access to the E4 highway. Letting work has commenced, and we’re seeing great interest from potential office tenants.
Profit before tax for the quarter was SEK 16.5 M, compared to SEK 31.8 M for the corresponding quarter of the previous year. The change is due to Catena still holding a portfolio of 25 retail properties in early-2011, which were then sold. In like-for-like terms, development progressed as planned, with existing tenants continuing to provide stable cash flows that ensure funding of our project work.
For further information, please contact:
Andreas Philipson, CEO
Tel. +46-70-209 77 60
This information is such that Catena AB (publ) must release it publicly in accordance with the Swedish Securities and Clearing Operations Act and/or the Financial Instruments Trading Act. The information was released to the public on April 26, 2012, at 2.00 pm.
Catena shall own, effectively manage and actively develop well situated real estate with the potential to generate steadily growing cash flow and healthy value growth. Catena’s overriding objective, based on its focused orientation, is to provide shareholders with a favourable, long-term total return.
For more information about Catena, visit www.catenafastigheter.se
