Interim Report
August 27 2002 - 10:32AM
UK Regulatory
RNS Number:4066A
Akademiska Hus AB
27 August 2002
Akademiska Hus AB (Publ)
Reg. No. 556459-9156
The Akademiska Hus Group owns and manages the majority of the country's
university and college buildings. The Group has a property portfolio of 3.2
million square metres, with a book value of SEK 25 billion. The annual rental
income is SEK 3.8 billion. The Group is wholly owned by the Swedish state.
Extract from the Interim Report 30-6-2002
The Group's rental income totalled SEK 2,082.8 million (1,911.5).
The operating profit was SEK 903.7 million (873.5).
The pre-tax profit was SEK 456.7 million (448.0).
Net investments amounted to SEK 971.3 million (1,024.8) and were primarily in
the form of new construction and conversion of properties.
The level of vacant space was 1.7 per cent, an increase of 0.1 percentage points
since the beginning of the year.
The Group's net financial income and expense for the period totalled SEK -447.0
million (-425.5). The financing cost for the period was 5.45 per cent, measured
as interest cost in relation to the average capital sum of interest-bearing
liabilities. The fixed interest rate term has increased to 2.7 years from 2.3
years at the turn of the year and the capital tie-up period fell during the
first six months to 3.9 years from 4.3 years at the turn of the year.
The Swiss market was also the primary financing source for the Group at the
beginning of 2002. During the first six months a total of CHF 450 million was
issued on the Swiss bond market with terms of two or three years.
Key figures (%)
Jan-June Jan-June
2002 2001 2001
Direct yield, excl. central administration 11.3** 12.0* 12.0
Direct yield, incl. central administration 11.2* 11.2* 11.2
Return on equity after standard tax 8.7* 9.2* 8.4
Return on total assets 6.4* 6.9* 6.7
Equity ratio 25.6 26.9 25.9
Internal financing 73.6 61.0 49.3
Interest coverage ratio 195 199 185
* Calculated on a full-year basis
** Calculated on a full-year basis. From 2002 onwards, the definition of Central
Administration has been changed.
The majority of costs under this heading are reported from 2002 as Property
Administration.
AKADEMISKA HUS AB
Summary - Consolidated Income Statement
2002 2001 2001
Amounts in SEK m (6 months) (6 months) (12 months)
Rental income 2,082.8 1,911.5 3,939.3
Other property management income 21.6 18.8 37.1
Property management expenses
Operating and maintenance costs -638.7 -609.0 1,322.7
Costs, tenant adaptions -64.5 - -
Property administration -93.3 - -
Other property management expenses -26.7 -25.9 -51.5
Total property management expenses -823.2 -632.4 1,374.2
Net operating profit 1,281.2 1,297.8 2,602.2
Property management depreciation -399.9 -376.5 -817.3
Gross profit 861.3 921.4 1,784.8
Central administration expenses -11.2 -82.2 -167.8
Other operating income 47.2 53.8 80.7
Other operating expenses -13.6 -19.4 -46.5
Operating profit 903.7 873.5 1,651.2
Net financial income/expense -447.0 -425.5 -864.3
Profit before taxes 456.7 448.0 787.0
Taxes -127.6 -130.5 -220.2
Profit for the period 329.1 317.5 568.8
Summary - Consolidated Balance Sheet
30-6-2002 30-6-2001 31-12-2001
Assets
Tangible assets
Managed properties 23,052.4 20,890.7 22,625.3
Construction in progress 1,733.3 1,995.5 1,593.7
Other tangible assets 58.8 19.3 24.4
Total tangible assets 24,844.5 22,905.4 24,243.4
Financial assets 120.4 2.8 141.1
Current assets 2,692.8 1,774.0 2,774.9
Total assets 27,657.7 24,682.3 27,159.4
Equity and liabilities
Equity
Restricted equity 5,475.6 5,208.9 5,475.6
Non-restricted equity 1,607.1 1,437.4 1,548.0
Total equity 7,082.7 6,646.4 7,023.6
Provisions 713.9 602.9 709.0
Liabilities
Interest-bearing liabilities 17,682.6 15,397.1 17,266.9
Non-interest-bearing liabilities 2,178.5 2,035.9 2,159.9
Total liabilities 19,861.1 17,433.0 19,426.8
Total equity and liabilities 27,657.7 24,682.3 27,159.4
This information is provided by RNS
The company news service from the London Stock Exchange
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