The period January-December
CEO Andreas Philipson comments
In late 2012 Catena achieved a major milestone when the zoning plan for our project properties in Haga Norra was approved by the City of Solna. Although it’s been a lot of work, it has also been important to consider the big picture with parklands, local residents and other commercial operations in finding a long term sustainable solution.
As a precaution, we measured and made new calculations of for example carbon monoxide levels in conjunction with the zoning plan exhibition. After reviewing the results of our measurements, we have ensured that our continued development work follows rules and regulations, which has also been confirmed by the city's decision. Thus, we are ready for the appeal process, which is the last phase before our zoning plan will be finalized legally.
There has been a lot of focus on Solna in the quarter. It was manifested in the inauguration of Friends Arena and the start of construction of Mall of Scandinavia. From Haga Norra it will be walking distance to the shopping paradise that is intended to house 250 stores. In the fall, Vattenfall consolidated three of its offices with a total of 2,000 employees and moved to a new office in Arenastaden. The continuing efforts in the area contribute to making Haga Norra attractive while the value of our properties increases.
Catena’s operations continued to show stable development. Profit before tax amounted to SEK 246.5 M, compared to SEK 90.7 M in 2011. Income before tax was SEK 228.6 M in the fourth quarter (12.3). After the zoning plan was approved our properties are now valued at SEK 850 M and the earnings improvement is primarily due to the unrealized increases in property value as a result.
For further information, please contact:
Andreas Philipson, CEO
Tel. +46-70-209 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 22, 2013, at 08.00 pm.
Catena shall own, effectively manage and actively develop well situated real estate with the potential to generate steadily growing cash flow and healthy value growth. Catena’s overriding objective, based on its focused orientation, is to provide shareholders with a favourable, long-term total return.
For more information about Catena, visit www.catenafastigheter.se