Fourth quarter 2011, remaining operations
12 months, remaining operations
Comments from President and Chief Executive Officer Andreas Philipson
In the fourth quarter we focused on zoning plan development for our project property Haga Norra in Solna, Stockholm. We have made some more progress but the process has taken a bit longer than we had originally estimated. The proposed zoning plan is essentially finished and the only issues remaining in our dialog with the City of Solna are related to exploitations costs for certain common areas.
In parallel to the zoning plan development, leasing efforts are underway. We notice the high attractiveness of locating offices to Haga Norra, close to the E4 highway, to the airport, or downtown Stockholm. With all the major construction projects such as Arenastaden, Nya Karolinska and Hagastaden that are emerging in the immediate area, we think that Stora Frösunda stands at the center of this new and exciting part of greater Stockholm.
Profit before tax in the fourth quarter amounted to SEK 10 M, and landed at SEK 91 M for the full year. The operations and profits developed as planned. Existing tenants give a stable cash flow that ensures a continued financing of projects.
Altogether, this makes me optimistic as to Catena’s development potential for 2012.
For further information, please contact:
Andreas Philipson, CEO
Tel. 070-209 77 60
This information is such that Catena AB (publ) must release it publicly in accordance with the Swedish Securities and Clearing Operations Act and/or the Financial Instruments Trading Act. The information was released to the public on February 24, 2012, at 08.00 am.