Rental income for 2004 amounted to SEK 1,856 million (1,758 million), net income after tax for the year amounted to SEK 586 million (526 million) equivalent to SEK 14.29 (12.83) per share, income from property management per share improved by 12% to SEK 609 million (545 million) equivalent to SEK 14.85 (13.29) per share, the Board proposes an increased dividend of SEK 9.50 (8.50) per share.
Net income from property management during the year, i.e. net income excluding capital gains from property sales, write downs and tax, amounted to SEK 609 million (545 million), equivalent to SEK 14.85 (13.29) per share. The improvement of 12% has been achieved mainly through lower interest rate levels. Cash flow from property management totalled SEK 745 million (672 million), equivalent to SEK 18.17 (16.39) per share - an improvement of 11% compared with previous year.
During 2004, 28 (24) properties were sold for a total of SEK 494 million (397 million), with a capital gain of SEK 190 million (180 million). Castellum´s net income after tax for the year was SEK 586 million (526 million), equivalent to SEK 14.29 (12.83) per share.
Acquisitions and investments during 2004 amounted to SEK 1,268 million compared with SEK 1,108 million during 2003.
The property valuation at the year-end indicates an increase in Castellum´s portfolio of approx. 3%. Net asset value before tax may be calculated to SEK 10,085 million, equivalent to SEK 246 per share, while the net asset value after a 28% tax deduction may be calculated to SEK 8,317 million, equivalent to SEK 203 per share.
'I´m very pleased with the net income for the year 2004 and that all our overall objectives were achieved' comments Castellum´s CEO, Lars-Erik Jansson. 'I estimate that the demand for premises in our submarkets has reached the bottom. Rental levels have been relatively stable, yet there is a continued high pace of change in the business environment, resulting in terminations which implied a negative net leasing for the year', adds Lars-Erik Jansson
At Thursday´s meeting, the Board of Directors decided to propose to the Annual General Meeting a dividend of SEK 9.50 per share and Wednesday, March 30, 2005 as record day for dividend. The Board also decided to propose that the AGM would re-authorize the Board to decide on purchase and transfer of own shares.
The Board of Castellum AB has decided that the current incentive program for the management and other senior executives shall be extended on essentially unchanged conditions. The program, which includes nine people in all lasts for three years and consists of one part based on the development of the share price as well as one part based on the earnings trend of the company. Any bonus payable will be paid out as salary and at least half of the net pay shall be used for purchase of Castellum shares.