GlobeNewswire

Interim Report January – March 2021

Share

» Income amounted to SEK 807 million (837).

» The operating surplus amounted to SEK 524 million (558).

» Profit from property management amounted to SEK 309 million (324).

» Profit before tax amounted to SEK 909 million (882) and net profit, attributable to the parent company’s share-holders, totalled SEK 796 million (656), corresponding to SEK 0.67 (0.62) per ordinary share.

» Investments amounted to SEK 490 million. Project development, including development of building rights, contributed to increases in value of properties of SEK 122 million (97). In total, changes in value of properties amounted to SEK 406 million (593).

» During the quarter, 3 properties were taken possession of for SEK 152 million and 13 properties were divested and handed over for SEK 700 million. On 31 March 2021, the fair value of Klövern’s 341 properties, excluding properties classified as current assets, amounted to SEK 58,289 million. In addition, there are 9 properties classified as current assets which are reported at a value of SEK 1,014 million and have an estimated fair value of SEK 1,742 million.

» The interest coverage ratio amounted to 2.7 (2.5), leverage to 50 per cent (50) and the adjusted equity ratio to 43.9 per cent (43.2).

» The net reinstatement value (NRV) per ordinary share amounted to SEK 20.78.

» On 25 March 2021, Rutger Arnhult left Klövern’s board of directors and his position as CEO. The board has appointed Peeter Kinnunen, Klövern’s head of transactions, as acting CEO.

» On 29 March 2021, Corem Property Group AB (publ) announced a public offer with consideration in the form of newly issued shares in Corem to the shareholders of Klövern AB (publ). An offer document is expected to be published by the Offeror on or around 10 May 2021. The acceptance period for the offer is expected to end on 8 June 2021. Klövern's board of directors, together with its advisors, will evaluate the Offer and will publish its opinion on the Offer at the latest two weeks prior to the end of the acceptance period.

Statement by the CEO
Stable earnings in a recovering market

Like last year, 2021 will continue to be marked by the ongoing pandemic and the recovery from the same. However, I can note that the ongoing vaccinations, and a better starting point for the Swedish economy than in many other countries both contribute to good hope for a gradual normalization. For Klövern, the first quarter has been eventful in many ways. After having been head of transactions in the company for almost a decade, I am pleased to have also assumed the role as acting CEO. During the quarter, Corem Property Group has also announced a public offer to the shareholders of Klövern.

STABLE EARNINGS
Klövern is reporting stable earnings for the first quarter which are fully in line with our expectations taking into account a cold and snowy winter as well as continued lower-than-normal parking revenues. Once again, we can note that the composition of the portfolio and the diversified customer base have provided stability during the pandemic. Profit from property management amounted to SEK 309 million and after positive changes in value of properties of SEK 406 million, profit before tax was SEK 909 million.

THE OFFER FROM COREM
At the end of March, Corem announced a public offer to the shareholders of Klövern. The process is completely controlled by the offeror so that the offer does not affect ongoing work at Klövern. It is business as usual. The acceptance period for the offer is expected to end on 8 June. Klövern’s board will make a statement on the offer at the latest two weeks before the end of the acceptance period.

POSITIVE SIGNALS ON ECONOMIC RECOVERY
The swift downturn of the Swedish and the global economy during 2020 is historic. The consequences can be seen, inter alia, in increased unemployment. However, an increasingly positive picture of the world economy is now being painted. In the United States, for instance, extensive stimulation packages and efficient vaccination have contributed to positive macro signals. The Swedish economy’s resilience appears impressive from a European perspective and there is therefore every reason to be optimistic about the continued recovery during 2021. At the beginning of the year, the transaction market has been very strong with continued falling yield requirements while the rental market is more hesitant.

NET MOVING-IN REFLECTS A HESITANT MARKET
During the first quarter, net moving-in amounted to SEK –16 million and net letting to SEK –17 million. It is usually the case that more vacations and terminations take place during the first quarter than in subsequent quarters and the outcome was expected given that the letting climate is still hesitant in many cities. During the quarter, we have, however, welcomed a number of new tenants, including Eurofins which leases over 900 sq.m. in Uppsala and a number of new tenants at the property Solna Gate in Stockholm that together lease over 1,800 sq.m. During the quarter, lease contracts have also been signed with Matthew Kenney for approximately 730 sq.m. of restaurant space in New York, with Pharmadanmark for approximately 1,000 sq.m. in Copenhagen and with Servistore for around 1,600 sq.m. in Nyköping. Klövern is in a very project-intensive phase which is expected to have a large positive effect on net letting during the coming two years.

A FOCUSED PROPERTY PORTFOLIO
Based on our strategy, we have a clear picture of the growth locations and segments that we want to focus Klövern’s long-term ownership on. During the quarter, 12 properties were divested, mainly with warehouse/logistics premises, to Mileway in a transaction that took place at a premium of 21 per cent in relation to book value. We have also taken possession of three properties that complement the existing portfolios in Lund and Uppsala and in the exciting urban development area Söderstaden in Stockholm.

During the second quarter, a relatively small but strategically important add-on acquisition which improves the efficiency of the future project on Park Avenue in New York, is planned to be taken possession of.

The aggregate value of the property portfolio at the end of the quarter, excluding properties classified as current assets in Tobin Properties, was SEK 58 billion, of which the international portfolio in Copenhagen and New York accounted for 16 per cent.

INTENSIVE PROJECT DEVELOPMENT
Klövern’s project and urban development activities are extensive with a number of major ongoing projects and a very interesting pipeline. As at 31 March, development properties accounted for 16 per cent of the total property value. During the last four quarters, investments amounted to SEK 2,399 million and, in addition during the same period, Klövern’s project development, including development of building rights, contributed to increases in value of properties of SEK 538 million.

Klövern’s two largest ongoing new production projects are two office buildings of the highest quality in attractive locations in Manhattan. In New York, the letting market, as in the rest of the world, has seen less activity due to the pandemic and it will therefore take slightly longer to complete lettings associated with these projects. It is, however, gratifying that there are indications of a recovery. Everyone over 16 years of age is now entitled to vaccine in New York and it is planned for all public employees to return to their work places in May.

Exciting work is taking place at Uppsala Business Park focused on development of a living city neighbourhood and a location for innovation in life science. There is great interest in the area and we have extensive project plans for the coming years. Already now, Uppsala Business Park offers unique premises with laboratories and facilities for manufacturing of pharmaceuticals.

LONG-TERM SUSTAINABLE FINANCING
We are continuously working to secure long-term sustainable financing. During the quarter, we have issued SEK 2,500 million green bonds under Klövern’s MTN programme. Klövern now has green bonds amounting to a total of SEK 6,850 million. In the sphere of sustainability, it may also be mentioned that the over 30,000 sq.m. large, fully let property at Kalvebod Brygge in central Copenhagen which will be taken possession of at the beginning of May has obtained energy classification A.

FOCUS ON ECONOMIC RECOVERY
We entered the second quarter backed up by stable earnings and with full focus on ongoing activities at the same time as we are monitoring developments associated with Corem’s offer. Ahead of me, I see an eventful year marked by a gradual normalization where we can again have physical meetings, not least at the office, to create new business in a climate of economic recovery. Even though both our and other’s business operations have made good progress with many digital meetings, they can never completely replace physical meetings. Human beings are social creatures and physical meetings are needed to build relationships, develop the corporate culture and create new business.

Peeter Kinnunen, Acting CEO

Klövern AB (publ)


For additional information, please contact:
Peeter Kinnunen, Acting CEO, +46 76 855 67 03, peeter.kinnunen@klovern.se
Lars Norrby, IR, +46 76 777 38 00, lars.norrby@klovern.se

Klövern is a real estate company committed to working closely with customers to offer them attractive premises in growth regions. Klövern is listed on Nasdaq Stockholm. For further information, see www.klovern.se.

Klövern AB (publ), Bredgränd 4, 111 30 Stockholm. Phone: +46 10 482 70 00. Email: info@klovern.se.

This information is information that Klövern AB is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact persons set out above at 07.30 CEST on 28 April 2021.

This interim report has been published in Swedish and in English. In the event of a discrepancy between the language versions, the Swedish version shall take priority.


Attachment

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Mandalay Resources Corporation tillkännager resultatrapporten för första kvartalet 202115.5.2021 14:02:50 CEST | Pressemelding

TORONTO, May 15, 2021 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation (”Mandalay” eller ”bolaget”) (TSX: MND, OTCQB: MNDJF) tillkännager resultatrapporten för kvartalet som slutade den 31 mars 2021. Bolagets sammanfattade och konsoliderade delårsrapporter för kvartalet som slutade den 31 mars 2021, tillsammans med ledningens diskussion och analys (”MD&A”) för samma period, finns tillgängliga under bolagets profil på www.sedar.com och på bolagets webbplats www.mandalayresources.com. Alla valutor i detta pressmeddelande avser US-dollar om inget annat anges. Höjdpunkter för första kvartalet 2021: Kvartalsintäkter på 52,6 miljoner USD, de högsta sedan andra kvartalet 2016;Justerad EBITDA på 26,1 miljoner USD, det tredje högsta i bolagets historia;Justerat nettoresultat på 5,6 miljoner USD (0,06 USD eller 0,08 CAD per aktie); ochKonsoliderat nettoresultat på 25,5 miljoner USD (0,28 USD eller 0,35 CAD per aktie). Dominic Duffy, styrelseordförande och CEO på Mandalay, kommenterar: ”Mandala

Antal aktier i Nexstim Abp efter första momentet i processen för att minska antalet aktier14.5.2021 20:00:00 CEST | Pressemelding

Företagsmeddelande,Helsingfors, 14.5.2021 kl. 21.00 (EEST) Antal aktier i Nexstim Abp efter första momentet i processen för att minska antalet aktier Bolagsstämman av Nexstim Abp (NXTMH:HEX, NXTMS:STO) (”Nexstim” eller ”bolaget”) fattade 11 maj 2021 beslut om att minska antalet aktier i bolaget utan att minska aktiekapitalet genom att vederlagsfritt ge ut nya aktier till aktieägarna, och genom att vederlagsfritt lösa in bolagets egna aktier så att hundra (100) nuvarande aktier i bolaget ska motsvara en (1) aktie efter att arrangemangen för att minska antalet aktier i bolaget har genomförts. Som en del av arrangemangen med avseende på de aktieägare som på transaktionsdagen (enligt definitionen nedan) är registrerade i Nexstims aktieägarförteckning hos Euroclear Finland Ab fattade bolagsstämman beslut om att bolaget ska 14 maj 2021 (”transaktionsdagen”) vederlagsfritt emittera högst 1 000 000 nya aktier så att antalet aktier per värdeandelskonto som ägs av dessa aktieägare är delbart med

Quantity of shares in Nexstim Plc after completion of the first phase in reducing the quantity of shares14.5.2021 20:00:00 CEST | Press release

Company announcement,Helsinki, 14 May 2021 at 9 PM (EEST) Quantity of shares in Nexstim Plc after completion of the first phase in reducing the quantity of shares Annual General Meeting of Nexstim Plc (NXTMH:HEX, NXTMS:STO) (“Nexstim” or “Company”) resolved on 11 May 2021 to reduce the quantity of Nexstim's shares without reducing share capital by way of issuing new shares to its shareholders without consideration, and by redemption of Company's own shares without consideration, in such a way that each current 100 shares of the Company shall correspond to one share of the Company after the arrangements related to the reduction of the quantity of Company's shares are completed. As a part of the arrangements in respect of shareholders registered on the Transaction Day (as defined below) in the shareholders’ register of Nexstim held by Euroclear Finland Ltd, the Annual General Meeting resolved that the Company shall issue on 14 May 2021 (the "Transaction Day") a maximum of 1,000,000 new s

IMCD Colombia expands into new markets through the acquisition of Siliconas y Químicos14.5.2021 20:00:00 CEST | Press release

ROTTERDAM, The Netherlands (14 May 2021) – IMCD N.V. (“IMCD” or “Company”), a leading distributor of speciality chemicals and ingredients, today announces that IMCD Colombia acquired the Colombian speciality distributor, Siliconas y Químicos S.A.S. (“Siliconas y Químicos”). “We are delighted to further expand our presence in Latin America with the acquisition of Siliconas y Químicos,” said Marcus Jordan, Americas President, IMCD. “The company’s strategy of being ‘Specialists in Specialities’ closely aligns with IMCD and its expertise in personal care, coatings, silicones, and other speciality industrial markets perfectly complements our existing pharmaceuticals, food and nutrition business in Colombia.” Based in Bogotá, Siliconas y Químicos has experienced steady growth since its inception in 2000, generated a revenue of USD 9 million in 2020, and adds 25 employees to the IMCD Colombia team. Siliconas y Químicos is ISO 9001:2015 certified and operates across Colombia with strategic out

Touax: Q1 2021 restated revenues from activities14.5.2021 17:45:00 CEST | Press release

PRESS RELEASE Paris, 14 May 2021 – 5.45 p.m. YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION Q1 2021 restated revenues from activities Restated revenues from activities amounted to €24.6m in Q1 2021, stable in constant dollars compared to the same period in 2020.Favourable outlook with a significant order book New segmentation of revenues betweenownedactivities and management activities. In order to enable a more detailed and more accurate reading of its activities, the Group decided to update the key indicators of its quarterly report: Revenues from activities are restated in order to present ownedactivities separately from management activities. For management activities, leasing revenue from investor-owned equipment is replaced by management fees, which correspond to the net contribution of the leasing management activity to the Group's performance. This presentation showssyndication fees, sales feesand now management fees, grouped together under management activity

CONDITIONS FOR THE RIKSBANK´S PURCHASES OF COMMERCIAL PAPER14.5.2021 16:20:00 CEST | Press release

Bid procedure, 2021-05-19CertificateCommercial paper issued in SEK by non-financial companies with their registered office in Sweden and with a remaining maturity of up to six months on the Bid date. i.e. with the latest maturity date as of 2021-11-19 Delivery may not be made in commercial paper purchased by the Counterparty from the issuer less than one week prior to the date for announcing the Special terms, i.e. the purchase may not have been made after 2021-05-07 BidsCounterparties may make one bid per Credit rating class and maturity class. Bids are made to tel 08-696 69 70 and confirmed by e-mail to EOL@riksbank.se.Bid date2021-05-19Bid times09.00-09.30 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)SEK 4 billionHighest permitted bid volume (corresponding nominal amount)The total bid volume from one Counterparty for the two Credit rating classes may not exceed SEK 4 billion. No bid may contain Commercial paper in excess of SEK 250 million issued by the s

CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK GOVERNMENT BONDS14.5.2021 16:20:00 CEST | Press release

Bid procedure, 2021-05-21BondsSWEDISH GOVERNMENT: 1053. SE0002829192. 2039-03-30 SWEDISH GOVERNMENT: 1063, SE0015193313, 2045-11-24 Bid date2021-05-21Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)1053: 750 mln SEK +/-350 mln SEK 1063: 500 mln SEK +/-250 mln SEK Highest permitted bid volume (corresponding nominal amount)1053: 750 mln SEK per bid 1063: 500 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 10.15 (CET/CEST) on the Bid dateDelivery and payment date2021-05-25Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2021-05-14 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms and conditions c