Gothenburg, April 21st, 2004

Earnings trend in Castellum continues positive

Rental income for the period January-March 2004 amounted to SEKm 455 (SEKm 436 corresponding period previous year).

Net income after tax for the period amounted to SEKm 210 (155).

Earnings per share amounted to SEK 5.12 (3.78).

Income from property management improved by 6% to SEKm 130 equivalent to SEK 3.17 per share.

During the period 17 properties were sold for a total of SEKm 375 with a capital gain of SEKm 151.

Income from property management during the period, i.e. net income excluding capital gains from property sales, items affecting comparability and tax, amounted to SEKm 130, equivalent to SEK 3.17 per share, which is an improvement of 6% compared with the same period 2003. The improvement has been achieved, mainly through increased rental income, realized investments and lower interest rate levels.

During the period January-March, properties for a total of SEKm 375 (168) were sold with a capital gain of SEKm 151 (90). Net income after tax for the period January-March amounts to SEKm 210 (155), equivalent to SEK 5.12 per share (3.78). The investments during the period amounted to SEKm 177 compared with SEKm 222 during January-March 2003.

 
"Despite a relatively low net leasing during the first quarter there is a tendency of increased activity and optimism among existing as well as potential customers", comments Castellum’s CEO, Lars-Erik Jansson.

 

Enclosed: Interim Report January-March 2004

Castellum is one of the major listed real estate companies in Sweden. The book value of the real estate portfolio amounts to approx. SEK 14 billion, and 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 Stockholmsbörsen’s O-list.

 

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