Gothenburg, April 23rd, 2003

Castellum’s income from property management continued to improve during the first quarter

Net income after tax for the period amounted to SEKm 155 equivalent to earnings per share of SEK 3.78.

Income from property management improved 12 % to SEKm 123 equivalent to SEK 3.00 per share.

During the period, properties were sold for a total of SEKm 168 with a capital gain of SEKm 90.

The income from property management, i.e. the net income excluding capital gains from property sales, items affecting comparability and tax amounted to SEKm 123, equivalent to SEK 3.00 per share, which is an improvement of 12 % compared with the same period previous year. The improvement has been achieved, mainly through increased rental levels, effects of realized investments and lower interest rate levels.

During the period January-March, properties were sold for a total of SEKm 168, with a capital gain of SEKm 90 compared with a capital gain of SEKm 113 during the corresponding period previous year. As a result of lower volumes as well as capital gains from property sales the net income after tax is slightly lower compared to the same period previous year. Net income after tax for the first quarter 2003 amounts to SEKm 155 compared with SEKm 162 during the corresponding period previous year. Earnings per share were SEK 3.78 compared to SEK 3.95 during the corresponding period 2002. The investments during the period amounted to SEKm 222 compared with SEKm 182 during January-March 2002.

"Earnings trend in Castellum is continuing good despite the uncertainty in the economic outlook", comments Castellum’s CEO, Lars-Erik Jansson. "There is a high activity in Castellum’s markets with good letting as well as many notice of termination", adds Lars-Erik Jansson.



Enclosed: 

Interim Report January-March 2003

Castellum is one of the major listed real estate companies in Sweden. The book value of the real estate portfolio amounts to SEK 13 billion, which comprises mainly commercial properties. The real estate portfolio is owned and managed by six subsidiaries with strong local roots in five growth regions: Greater Gothenburg, the Öresund Region, Greater Stockholm, Western Småland and Mälardalen. The Castellum share is listed on the Stockholmsbörsens O-list, Attract 40. 

For further information, please contact
Lars-Erik Jansson, CEO, phone +46 31 60 74 00/ mobile +46 705-92 06 70
Håkan Hellström, CFO/deputy CEO, phone +46 31 60 74 00 / mobile +46 705-60 74 56