Fabege : Interim report, January-March 2020

Interim report, January-March 2020

A quarter with two distinct halves

The year began with new record levels for rents, property prices and yield
requirements. However, during the second half of the quarter, a black swan in
the form of Covid-19 flew in and darkened the world. Despite this, Fabege can
report a strong first quarter.

  · Rental income decreased to SEK 711m (718). The decrease was due to property
divestments. In an identical portfolio, rental income increased by approximately
6 per cent (19).
  · Net operating income increased to SEK 520m (509). In an identical portfolio,
net operating income increased by approximately 9 per cent (19).
  · The surplus ratio amounted to 73 per cent (71).
  · Profit from property management decreased to SEK 369m (366).
  · Realised and unrealised changes in the value of properties amounted to SEK
1,854m (1,324).
  · Net profit after tax for the period amounted to SEK 1,574m (1,148),
corresponding to SEK 4.78 per share (3.47).
  · Net letting amounted to SEK 15m (-107).
  ·  The equity / assets ratio was 55 percent (52) and the loan-to-value ratio
was 32 percent (36).

'We are obviously affected by the covid-19 pandemic and by what is happening,
irrespective of how robust we are. We are well-prepared, together with our
tenants, to get through this and to also take advantage of the opportunities
that such a crisis can create. In the current uncertain situation, I am thankful
that we have long-standing and good relationships with banks and other
financiers. Our strategy of spreading our financing among many sources is a
strength ‒ even though some of the financing cost us more in a period when
capital market financing has been very cost-effective,' says Stefan Dahlbo CEO.

Fabege AB (publ)

Presentation of the report
At 09:00 am today, Stefan Dahlbo, CEO, and Åsa Bergström, CFO, will hold a
telephone conference in Swedish. Follow it via
webcast (https://tv.streamfabriken.com/sv-fabege-q1-2020) or using the following
phone numbers SE: [phone] UK: [phone] US: [phone]

A telephone conference in English will be held at 11:00 am. Follow it via
webcast (https://tv.streamfabriken.com/en-fabege-q1-2020) or using the following
phone numbers: UK: [phone] US: [phone] SE: [phone]

For further information, please contact:
Stefan Dahlbo, CEO, Fabege, [phone], [e-mail]
Åsa Bergström, Deputy CEO and CFO, [phone], [e-mail]

This information is information that Fabege Ab is obliged to make public
pursuant to the EU Market Abuse Regulation and the Securities Market Act. The
information was submitted for publication, through the agency of the contact
person set out above, at 07:30 CET on April 21 2020



Fabege is a property company that focuses on urban development and commercial
properties. We work with strategic partners to develop attractive and
sustainable city districts with modern offices, residential units and a wide
range of services. We adopt a long-term perspective and approach to ownership,
and we are passionate about creating the right conditions for everyone who
lives, works and spends time in our areas. We have a presence in a select number
of fast-growing submarkets in the Stockholm area. The Fabege share is listed on
Nasdaq Stockholm, in the Large Cap segment. For further information, please
visit us at www.fabege.se

Attachments:
Interim report, Jan-Mar 2020 (1).pdf
04203810.pdf