- Rental income for 2003 amounted to SEKm 1,758 (1,684).
Net income from property management, i.e. net income excluding
capital gains from property sales, items affecting comparability and
tax, amounted to SEKm 545 (508) equivalent to SEK 13.29 (12.39) per
share. The improvement per share of 7 % has been achieved chiefly
through management improvements, such as increased rental levels and
effects from realized investments. Cash flow from property management
totalled SEKm 672 (622), equivalent to SEK 16.39 (15.17) per share -
an improvement of 8 % compared with previous year.
During 2003, 24 (31) properties were sold for a total of SEKm 397
(503), with a capital gain of SEKm 180 (179). Castellum's net income
after tax for the year 2003 was SEKm 526 (873). Net income excluding
items affecting comparability and after a standard tax deduction of
28 % was SEKm 522 (495), equivalent to SEK 12.73 (12.07) per share,
which is an improvement of 5 % compared with previous year.
Acquisitions and investments during 2003 amounted to SEKm 1,108
compared with SEKm 1,050 during 2002.
Net asset value per share was calculated to SEK 186 compared with SEK
183 at the end of 2002.
"Despite delayed improvement in the economy, we hade a year with
increased rental income as well as better result from property
management, compared with 2002", comments Castellum's CEO, Lars-Erik
At today's meeting, the Board of Directors decided to propose to the
Annual General Meeting a dividend of SEK 8.50 per share and Tuesday,
March 30, 2004 as record day for dividend. The Board also decided to
propose that the AGM would re-authorize the Board to decide on
purchase and transfer of own shares.
At their meeting, the Nomination Committee decided to propose to the
Annual General Meeting, re-election of all members of the Board of
Directors and that the remuneration remained unchanged.
Enclosure: Year-end Report 2003
Castellum is one of the major listed real estate companies in Sweden.
The book value of the real estate portfolio amounts to SEK 14
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 Stockholmsbörsen's O-list.
For further information, please contact
Lars-Erik Jansson, CEO, phone +46 31 60 74 00/ mobile +46 705-92 06
Håkan Hellström, CFO/deputy CEO, phone +46 31 60 74 00 / mobile +46
705-60 74 56