The period January-June
CEO Andreas Philipson comments
In the second quarter, we continued to focus on completing the zoning plan and development contract for Haga Norra. Accordingly, this work involves no major changes since the beginning of the year. The zoning plan was exhibited ahead of the summer, and its definitive approval by the City of Solna is expected in the fall. This process is a key component for us being able to realize the future Haga Norra, with new housing and workplaces.
The response has been positive in the ongoing letting work to find tenants for the site. We also believe strongly that Haga Norra is attractive. It is centrally located in the new Solna-Stockholm district, which is an up-and-coming area between Hagastaden, Frösunda, the Mall of Scandinavia and the National Arena.
We also strengthened our organization, appointing Lars Lindvall as our new CFO. Lars’ previous positions include being an accounting and corporate consultant, as well as holding executive positions in the Norsk Hydro group.
Otherwise, operating activities progressed as planned, with continued stable cash flow from tenants. Profit before tax was SEK 17.9 M, compared to SEK 32.6 M in the corresponding period of the previous year. The difference is mainly in a lower value increase on properties. We have unchanged property values compared to the first quarter. Compared to a year ago, the difference is an increase of SEK 73 M.
For information, please contact Andreas Philipsson, President and CEO, tel +46-702097760
N.B. This is a translation from Swedish. The Swedish version shall always take precedence.
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 August 9, 2012, at 08.00 a.m.
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 (http://www.catenafastigheter.se/)