Akademiska Hus Interim Report January 1–March 31, 2016
Thursday, 28 April 2016Continued high investment rate.
Akademiska Hus took several important investment decisions during the first quarter of the year. In Gothenburg we will begin development of the Näckrosen Campus, where the company is investing SEK 668 million on redevelopment and extension of the Humanisten building. One milestone is the decision to build student housing at KTH under our own auspices, an investment of over SEK 400 million. In Stockholm, Akademiska Hus is investing more than SEK 118 million in a total renovation of the GIH swimming centre to modernise the facility and make it accessible for all guests. During the period construction also began on both the new premises for the police training programme at Södertörn University and the major renovation project for Chalmers Built Environment.
Akademiska Hus also has many future-oriented projects in the pipeline in which young people are becoming increasingly involved.
“It is extremely important for us as a major community stakeholder to become involved with young people. This ranges from driving development of student housing construction, like the 230 units we built under our own auspices at KTH, to our recent involvement in the We_change youth project to promote sustainable development. In the HSB Living Lab project, in which we are partners, young tenants will shape the future of student accommodation using new innovative solutions,” says Kerstin Lindberg Göransson, President of Akademiska Hus.
The Interim Report in brief
• Rental revenue was SEK 1,382 million (1,341). Revenue increased by SEK 43 million due to completion of new buildings.
• Net operating income was SEK 947 million (911), an increase of SEK 36 million, which is largely attributable to increased income. Operating costs are largely unchanged.
• Net interest income and expense for the period amounted to SEK –246 million (–224).
This figure includes changes in the value of financial instruments totalling SEK –164 million (–131), of which SEK –103 million (–121) is unrealised.
• Profit before tax for the period amounted to SEK 991 million (1,211) and profit for the period was SEK 755 million (944). The decrease is mainly because the properties did not change quite as much in value as previously, SEK 308 million (541).
• Investment in redevelopment and new construction during the period totalled SEK 449 million (559).
• The yield (excluding properties under construction) was 6.3 per cent (6.7) on a rolling twelve-month basis. The reason for the change is that the value of the properties increased faster than net operating income.
• Return on operating capital was 6.8 per cent (7.0) on a rolling twelve-month basis.
• The equity ratio at the end of the period was 39.8 per cent (48.1).
Interim report 1, 2016