Report for the period January 1 - September 30, 2015JANUARY 1 - SEPTEMBER 30, 2015 COMPARED WITH THE SAME PERIOD IN 2014
- The Group's net revenue amounted to SEK 6,304 thousand (7,954)
- The operating net amounted to SEK 96 thousand (2,773)
- Property management net (EBITDA) amounted to a negative SEK 5,387 thousand (neg: 7,653)
- The loss after tax was SEK 42,677 thousand (loss: 30,391)
JANUARY 1 - SEPTEMBER 30, 2015 COMPARED WITH THE SAME PERIOD IN 2014
- The Group's net revenue amounted to SEK 3,321 thousand (2,988)
- The operating net amounted to SEK 2,720 thousand (1,047)
- Property management net (EBITDA) amounted to SEK 1,225 thousand (neg: 5,639)
- The loss after tax was SEK 12,208 thousand (loss: 20,345)
FUTURE OUTLOOK
The Group's cash flow for the second half of 2015 is improved slightly compared with the first six months of 2015. As the properties are developed, they will be divided into saleable units, which will lead to gradual strengthening of the total cash flow. However, the delay in the new detailed development plan will negatively impact the Group's cash flow in the short term.
OVERVIEW OF OPERATIONS
The Group's property portfolio comprises mainly properties held for future development and development properties. The properties were originally acquired to be converted from their existing uses into properties with other uses that are in demand in the property market for that area. The conversion process is being implemented in collaboration with the surrounding property owners and the City of Stockholm. Telefonplan is an area located in the Midsommarkransen city district, in southern Stockholm, only about three kilometers from Hornstull. The area is dominated largely by LM Ericsson's former telephone plant, constructed in the 1940s. Telefonplan is currently undergoing the biggest change in the area for more than 60 years. Plans are in place to redevelop and convert the characteristic Ericsson building, Timotejen 19, in Tellusborgsvägen, into housing units, stores and a school.
FORTHCOMING INFORMATION DATES
Year-end report for 2015 February 29, 2016
Annual Report March 9, 2016
Annual General Meeting March 31, 2016
The full report is attached. Stockholm November 30, 2015 On behalf of The Board Curt Ahnström, CEO For further information, please contact:
Curt Ahnström, CEO
Telephone: +46 (0)708 186 770
E-mail: [email protected]
The following documents can be retrieved from beQuoted
Telefonplan Property Interim Report Q3 2015.pdf ABOUT TELEFONPLAN STOCKHOLM PROPERTY AB (PUBL)
Within the Group, Telefonplan Stockholm Property AB (publ) owns the two properties, Timotejen 19 and Timotejen 28 at Telefonplan in Stockholm, where the telecom company Ericsson previously had operations. Telefonplan Property now adds value to properties in accordance with the objectives of the City of Stockholm in a development planning effort aimed at making the area into a vibrant city district with offices and housing that are well integrated with Central Stockholm. Telefonplan Stockholm Property AB (publ) has initiated a process to have the properties reclassified as residential properties. Telefonplan Stockholm Property AB (publ) is a wholly owned subsidiary of Telefonplan Stockholm AB, which in turn is a wholly owned subsidiary of Scanprop KB, a private venture capital company founded in 2011 with a focus on strategic investment in the property sector.
Telefonplan Stockholm Property AB (publ) has issued the TELEFONPLAN1 bond, which is listed on the Nasdaq First North Bond Market, with Wildeco as the Certified Advisor.
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