chief executive thomas ers©us deputy chief executive johan risberg 19 august 2010

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  • Slide 1
  • Chief Executive Thomas Ersus Deputy Chief Executive Johan Risberg 19 August 2010
  • Slide 2
  • Kungsleden in brief Owns and manages properties generating high and stable long-term returns Returns more important than property type and location A propertys yield cannot be judged without considering risk levels 559 properties reported at SEK 21.9 bn. as of 30 June 2010 (21.9) Commercial properties 43% (46) Public properties 43% (39) Modular buildings 7% (7) Retirement homes Germany 7% (8) Just over 25,800 shareholders. 47% of shares held by private individuals and approximately a quarter by foreign shareholders Ten largest shareholders control 17.5% of capital and votes
  • Slide 3
  • Profit for calculating dividends 20102009 SEK mJan-Jun Gross profit 752954 Sales and administration costs -137-152 Net financial position -364-475 Sub-total 252327 Realised items Trading net at divestment 14-128 Realised value changes, properties-131,177 Realised value changes, financial instruments-4-158 Sub-total -3891 Taxes payable -30-360 Profit for calculating dividends 219858
  • Slide 4
  • Clarified dividend policy The Boards ambition is to maintain stable dividends with a high pay- out ratio. The policy implies that dividends shall amount to 50 per cent of profit for calculating dividends. When judging the amount of dividends, consideration will be given to the companys investment need, capital structure and financial position otherwise
  • Slide 5
  • Second quarter in brief Profit in line with expectations Acquisition of 10 properties for a value of approximately SEK 800 m and a property yield of 7.4% Divestments of 9 properties for about SEK 300 m at a property yield of 5.7% Slight increase in vacancies, but rental revenues remained stable Five-year bond loan issued of around SEK 400 m
  • Slide 6
  • Current market conditions Kungsledens lettings market Lettings remain stable Slight increase in vacancies from low levels Financial market Greater willingness to invest from banks Increased inflow of capital to the property sector More interest in alternative funding sources Transaction market Recovery, with surprisingly high volumes Greater competition over properties Prospects for a price increase on properties
  • Slide 7
  • Property portfolio
  • Slide 8
  • Our propertiesby type
  • Slide 9
  • Kungsledens Q2 2010 in figures
  • Slide 10
  • Income Statement SEK m. 2010 Jan-Jun 2009 Jan-Jun Rental revenues 1,0621,301 Sales revenues, modular buildings 80138 Net sales 1,1421,439 Gross profit 752954 Trading net 14-128 Sales and administration costs -137-152 Net financial position -364-475 Unrealised value changes -98-34 Profit before tax 168164 Tax -3072 Profit after tax for the period 137237
  • Slide 11
  • Income Statement SEK m 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit752954 Trading net14-128 Sales and administration costs-137-152 Net financial position-364-475 Unrealised value changes-98-34 Profit before tax168164 Tax-3072 Profit after tax for the period137237 Decrease due to part- sale of Public Properties and negative rental index for 2010 Rental revenues decreased by 1% in like-for-like terms Decrease due to part- sale of Public Properties and negative rental index for 2010 Rental revenues decreased by 1% in like-for-like terms
  • Slide 12
  • Income Statement SEK m 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit752954 Trading net14-128 Sales and administration costs-137-152 Net financial position-364-475 Unrealised value changes-98-34 Profit before tax168164 Tax-3072 Profit after tax for the period137237 Reduced demand due to the recession
  • Slide 13
  • Income Statement SEK m 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit752954 Trading net14-128 Sales and administration costs-137-152 Net financial position-364-475 Unrealised value changes-98-34 Profit before tax168164 Tax-3072 Profit after tax for the period137237 Decreased by 21% Excluding the effect of the Hems transaction, operating net decreased by 4% Decreased by 21% Excluding the effect of the Hems transaction, operating net decreased by 4%
  • Slide 14
  • Income Statement SEK m. 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit752954 Trading net14-128 Sales and administration costs-137-152 Net financial position-364-475 Unrealised value changes-98-34 Profit before tax168164 Tax-3072 Profit after tax for the period137237 The sales price exceeds the book value
  • Slide 15
  • Income Statement SEK m 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit752954 Trading net14-128 Sales and administration costs-137-152 Net financial position-364-475 Unrealised value changes-98-34 Profit before tax168164 Tax-3072 Profit after tax for the period137237 Lower administration costs mainly due to the part-sale to AP3
  • Slide 16
  • Income Statement SEK m 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit752954 Trading net14-128 Sales and administration costs-137-152 Net financial position-364-475 Unrealised value changes-98-34 Profit before tax168164 Tax-3072 Profit after tax for the period137237 Positive change primarily explained by lower loan volume in 2010
  • Slide 17
  • Income Statement SEK m 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit752954 Trading net14-128 Sales and administration costs-137-152 Net financial position-364-475 Unrealised value changes-98-34 Profit before tax168164 Tax-3072 Profit after tax for the period137237 Positive value change on properties of SEK 96 m., corresponding to 0.4% of book value Negative value change on financial instruments resulting from falling long yields Positive value change on properties of SEK 96 m., corresponding to 0.4% of book value Negative value change on financial instruments resulting from falling long yields
  • Slide 18
  • Income Statement SEK m 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit752954 Trading net14-128 Sales and administration costs-137-152 Net financial position-364-475 Unrealised value changes-98-34 Profit before tax168164 Tax-3072 Profit after tax for the period137237 Includes positive effect of property divestments
  • Slide 19
  • Income Statement SEK m 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit752954 Trading net14-128 Sales and administration costs-137-152 Net financial position-364-475 Unrealised value changes-98-34 Profit before tax168164 Tax-3072 Profit after tax for the period137237 Lower figure mainly due to negative unrealised value changes on financial instruments
  • Slide 20
  • Balance Sheet SEK m20102009 Assets30 Jun31 Dec Goodwill 201193 Properties 21,86621,860 Receivables, etc. 1,6191,466 Cash and cash equivalents 631689 Total assets 24,31824,208 Equity and liabilities Equity 6,6577,079 Interest-bearing liabilities 14,15314,437 Non-interest-bearing liabilities 3,5092,692 Total equity and liabilities 24,31824,208
  • Slide 21
  • Interest fixings As of 30 Jun 2010 Interest maturity Loan, SEK m Interest derivatives, SEK m Proportion, % Ave. interest, % 201014,1397,35047.85.9 2011 20124002.84.4 20132,00014.14.2 20141,50010.64.2 20151,80012.74.3 20164002.84.4 20173002.14.5 20181,0007.14.5 Total14,13914,750100.05.0 Market value of loans and derivatives1,339 Total15,478
  • Slide 22
  • Maturity structure As of 30 Jun 2010 Average conversion term, years Year Credits, SEK mProportion, % 20108935.0 20111,85710.4 201211,91966.6 20132,16912.1 20153992.2 20186563.7 Total credits17,8931002.3 Un-utilised credit facilities-3,754 Total utilised credit facilities14,1392.4 Equity ratio 30 Jun 10 27% 31 Dec 09 29% 30 Jun 09 29% Mortgage ratio646665
  • Slide 23
  • Underlying profits, 2000 - Q2, 2010
  • Slide 24
  • 10 largest shareholders (% of votes & capital) Florn, Olle and companies2.3 Nordea fonder2.1 Norwegian Government2.0 SHB fonder2.0 SEB fonder1.8 Danske Invest fonder (Sweden)1.8 Lnsfrskringar fonder1.6 Avanza Pension Funds 1.4 Second Swedish Natl Pension fund1.3 Swedbank Robur fonder1.2 17.5 Source: SIS garservice
  • Slide 25
  • Ongoing outlook for 2010 Focus on cash flow, enhancing the portfolio and long agreements Increased activity on the transaction market should favour Kungsleden Reiterating the estimate of profit for calculating dividends of SEK 600 m Ensure financial flexibility to act Extend the base of funding sources Prepare Hems for standalone status
  • Slide 26
  • The share to mid-August 2010
  • Slide 27
  • Total yield to mid-August 2010
  • Slide 28
  • Any questions?

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