Swedish property company Kungsleden has presented its Annual Report 2005. At its initial public offering (IPO) in 1999, Kungsleden owned SEK 5 billion-worth of properties with an operating net of SEK 403 million. Six years later the property portfolio is five times larger SEK 25.8 billion and operating net has increased to SEK 1,304 million. Average annual profit growth was 46% since 1999 and profit was SEK 1,987 million in 2005.
Highlights of the 2005 Annual Report
- Profit before tax was SEK 2,116 (500) m and profit after tax was SEK 1,987 (877) m, equivalent to SEK 48.10 (21.70) per share.
- Kungsledens rental revenues and operating net increased by 29 (4) and 28 (11) per cent respectively to SEK 1,845 (1,429) m and 1,304 (1,017) m.
- During the year, 56 properties were divested for SEK 2,917 m generating profits of SEK 318 m and cash flow of SEK 403 m; 466 properties were acquired for SEK 13,351 m.
- Profit for calculating dividends was SEK 1,001 m, or SEK 22 (14) per share. The Board is proposing dividends increasing by 56 per cent to SEK 11 (7) per share.
- The Board intends to propose a 3:1 share split to the AGM.
- Kungsleden is forecasting profit for calculating dividends of SEK 1,500 m for the financial year 2006.