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2020-10-27

Sagax: INTERIM REPORT JANUARY-SEPTEMBER 2020

JANUARY-SEPTEMBER 2020

  • Rental revenue increased 12% to SEK 2,152 M (SEK 1,917 M in the year-earlier period).
  • Profit from property management increased 21% to SEK 1,795 M (1,483).
  • Profit from property management per Class A and B share after dilution rose 22% to SEK 4.98 (4.08).
  • Revaluation of properties impacted profit by a total of SEK 787 M (808), of which joint ventures accounted for SEK 348 M (300).
  • Revaluation of financial instruments impacted profit by a total of SEK 102 M (692), of which joint ventures accounted for SEK -19 M (-51).
  • Profit after tax for the period was SEK 2,179 M (2,582).
  • Cash flow from operating activities before changes in working capital rose 30% to SEK 1,778 M (1,370), corresponding to SEK 5.15 (3.72) per Class A and B share after dilution.
  • Net investments amounted to SEK 5,246 M (1,497), of which property acquisitions accounted for SEK 4,838 M (1,916).

THIRD QUARTER OF 2020

  • Rental revenue increased 12% to SEK 735 M (657 for the year-earlier period).
  • Profit from property management increased 18% to SEK 618 M (523).
  • Profit from property management per Class A and B share after dilution rose 19% to SEK 1.72 (1.44).
  • Revaluation of properties impacted profit by a total of SEK 504 M (175), of which joint ventures accounted for SEK 103 M (126).
  • Revaluation of financial instruments impacted profit by a total of SEK 186 M (249), of which joint ventures accounted for SEK 49 M (-15).
  • Profit after tax for the period was SEK 1,069 M (812).
  • Cash flow from operating activities before changes in working capital rose 17% to SEK 482 M (412), corresponding to SEK 1.29 (1.10) per Class A and B share after dilution.
  • Net investments amounted to SEK 1,723 M (936), of which property acquisitions accounted for SEK 1,621 M (968).
  • In light of the fact that COVID-19 has had a limited impact on Sagax's operations, the Board has decided to propose a supplementary dividend of SEK 0.65 per Class A and B common shares. Sagax has given notice of an Extraordinary General Meeting to be held on 10 November 2020.

 

ADJUSTED FORECAST FOR 2020
Profit from property management for 2020, meaning profit before revaluations and tax, based on the current property portfolio, announced acquisitions and divestments and current exchange rates, is expected to amount to SEK 2,380 M. The previously submitted forecast was for profit of SEK 2,300 M and was presented when the January - June 2020 interim report was published.
 

For further information, please contact CEO David Mindus, tel +46 8 - 545 83 540.
 

About Sagax
AB Sagax is a property company whose business concept is to invest in commercial properties, primarily in the warehouse and light industry segment. Sagax's property holdings at 30 September 2020 amounted to 3 565 000 square metres, distributed between 698 properties. AB Sagax (publ) is listed on Nasdaq Stockholm, Large Cap. More information is available at www.sagax.se.  

This constitutes information that AB Sagax (publ) is legally obligated to publish under the EU's Market Abuse Regulation and the Swedish Securities Market Act. The information was released for publication, through the agency of the contact person above, on 27 October 2020 at 3.30 p.m. CET.

Every care has been taken in the translation of this press release. In the event of discrepancies, however, the Swedish original will supersede the English translation.

Författare Sagax

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