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Klövern AB (publ) (KLOV-B.ST)

Stockholm - Stockholm Real Time Price. Currency in SEK
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16.35+0.05 (+0.31%)
As of 1:16PM CEST. Market open.
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Neutralpattern detected
Previous Close16.30
Open16.18
Bid16.35 x 0
Ask16.36 x 0
Day's Range16.18 - 16.40
52 Week Range10.66 - 17.05
Volume835,534
Avg. Volume2,734,613
Market Cap15.435B
Beta (5Y Monthly)0.89
PE Ratio (TTM)7.71
EPS (TTM)2.12
Earnings DateN/A
Forward Dividend & Yield0.26 (1.60%)
Ex-Dividend DateSep 29, 2021
1y Target EstN/A
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    • Klövern makes an add-on acquisition in New York
      GlobeNewswire

      Klövern makes an add-on acquisition in New York

      Klövern has acquired and taken possession of a property in Manhattan with the address 407 Park Avenue. The transaction’s underlying property value amounts to USD 30 million. The acquired property is located right next to Klövern’s planned future project on 417 Park Avenue which is developed in collaboration with the New York-based property developer GDSNY. This add-on acquisition further improves the development opportunities for that project. Klövern AB (publ) For further information, please contact:Jens Andersson, Head of Finance, +46 76 855 67 02, jens.andersson@klovern.se Peeter Kinnunen, Acting CEO, +46 76 855 67 03, peeter.kinnunen@klovern.se Lars Norrby, IR, +46 76 777 38 00, lars.norrby@klovern.seKlövern is a real estate company committed to working closely with customers to offer them attractive premises in growth regions. Klövern is listed on Nasdaq Stockholm. For further information, see www.klovern.se.Klövern AB (publ), Bredgränd 4, 111 30 Stockholm. Phone: +46 10 482 70 00. Email: info@klovern.se.This is a translation of the original Swedish language press release. In the event of discrepancies, the original Swedish wording shall prevail. Attachment 210503 Klövern makes an add-on acquisition in New York (pdf)

    • Decisions at Annual General Meeting of Klövern AB (publ)
      GlobeNewswire

      Decisions at Annual General Meeting of Klövern AB (publ)

      At the Annual General Meeting of Klövern AB (publ) on 28 April 2021 the following decisions were made, among others. Dividend A dividend of SEK 0.26 per ordinary share of Class A and Class B and SEK 20.00 per preference share for the 2020 financial year was decided. The dividend amount per ordinary share of Class A and Class B shall be paid in two instalments of SEK 0.13. The dividend amount per preference share shall be paid in four instalments of SEK 5.00. The record dates for dividend for ordinary shares shall be 30 September 2021 with expected payment date being 5 October 2021, and 31 March 2022 with expected payment date being 5 April 2022. The record dates for dividend for preference shares shall be 30 June 2021 with expected payment date being 5 July 2021, 30 September 2021 with expected payment date being 5 October 2021, 30 December 2021 with expected payment date being 5 January 2022, and 31 March 2022 with expected payment date being 5 April 2022. Board of Directors and auditors The Annual General Meeting decided on re-election of the board members Eva Landén, Pia Gideon, Johanna Fagrell Köhler and Ulf Ivarsson. Lars Höckenström was elected as new board member. Pia Gideon was re-elected as Chairman of the Board. The Annual General Meeting decided a total remuneration of SEK 1,270,000 to be paid to the Board. The fee is to be distributed in accordance with the following, where the decided remuneration for 2020 is shown in parentheses - Chairman of the Board SEK 430,000 (SEK 430,000) and Member of the Board SEK 210,000 (SEK 210,000) respectively. The Annual General Meeting decided, in addition to the Board remuneration, an additional SEK 50,000 to the Chairman and an additional SEK 30,000 to the other members of a possible audit committee. The Annual General Meeting also decided that a special remuneration of SEK 20,000 is to be paid to each member of the Remuneration Committee. The Annual General Meeting decided, for the period until the end of next Annual General Meeting, re-appointment of the registered public accounting firm Ernst & Young AB as the Company’s auditor. Mikael Ikonen will be new auditor-in-charge. The auditor’s fee shall be paid in accordance with approved invoices. Remuneration of senior executives The Annual General Meeting decided in line with the board’s proposed guidelines for determining salary and other remuneration for senior executives. The guidelines do not entail, in addition to the fact that the CEO can also receive variable remuneration, any significant changes in relation to the Company's previous remuneration guidelines. The Nominations Committee The Annual General Meeting decided that the Nominations Committee shall consist of five (5) members, of which one (1) member shall be the Chairman of the Board. The Chairman of the Board shall contact the four (4) largest shareholders by voting power of the Company as of the last day of share trading in September each year. In the event of a requested shareholder not wishing to appoint a member of the Nominations Committee, the next largest shareholder, who has not previously been asked to appoint a representative to the Nominations Committee, shall be asked. The Nominations Committee shall appoint a Chairman from among its members, who may not be a member of the Board of the Company. Remuneration report The Annual General Meeting decided to approve the Board's remuneration report in accordance with Chapter 8, Section 53 a of the Swedish Companies Act. Authorisation for the Board to acquire and transfer the Company’s own shares The Annual General Meeting decided to authorise the Board, during the period until the next Annual General Meeting, to decide to acquire and transfer Klövern’s own shares. Acquisitions may take place of at most the number of ordinary shares of Class A and Class B and preference shares so that the Group’s total shareholding of its own ordinary shares of Class A and Class B and preference shares corresponds to a maximum of ten (10) per cent of all registered shares issued by the Company. The Company’s holding of its own shares amounts to 90,956,740 ordinary shares of Class B. Authorisation for the Board to resolve on new issues of shares The Annual General Meeting decided to authorise the Board, on one or more occasions, during the period until the next Annual General Meeting to decide on new issues of ordinary shares of Class A and/or Class B and/or preference shares, with or without derogation from the shareholders’ pre-emption rights. The number of shares issued pursuant to this authorisation shall correspond to an increase in the share capital of at most ten (10) per cent based on the total share capital of the Company at the time of the 2021 Annual General Meeting. The number of ordinary shares of Class A that may be issued pursuant to the authorisation may, however, amount to at most ten (10) per cent of the share capital consisting of ordinary shares of Class A issued on the date of the 2021 Annual General Meeting, the number ordinary shares of Class B that may be issued pursuant to the authorisation may, however, amount to at most ten (10) per cent of the share capital consisting of ordinary shares of Class B issued on the date of the 2021 Annual General Meeting, and the number of preference shares which may be issued pursuant to the authorisation may amount to at most ten (10) per cent of the share capital consisting of preference shares issued at the time of the 2021 Annual General Meeting. Klövern AB (publ) For additional information, please contact: Peeter Kinnunen, Acting CEO, +46 76 855 67 03, peeter.kinnunen@klovern.se Lars Norrby, IR, +46 76 777 38 00, lars.norrby@klovern.se Klövern is a real estate company committed to working closely with customers to offer them attractive premises in growth regions. Klövern is listed on Nasdaq Stockholm. For further information, see www.klovern.se. Klövern AB (publ), Bredgränd 4, 111 30 Stockholm. Phone: +46 10 482 70 00. Email: info@klovern.se. This is a translation of the original Swedish language press release. In the event of discrepancies, the original Swedish wording shall prevail. Attachment 210428 Decisions at Annual General Meeting of Klövern AB (publ).pdf

    • Interim Report January – March 2021
      GlobeNewswire

      Interim Report January – March 2021

      » Income amounted to SEK 807 million (837).» The operating surplus amounted to SEK 524 million (558).» Profit from property management amounted to SEK 309 million (324).» Profit before tax amounted to SEK 909 million (882) and net profit, attributable to the parent company’s share-holders, totalled SEK 796 million (656), corresponding to SEK 0.67 (0.62) per ordinary share.» Investments amounted to SEK 490 million. Project development, including development of building rights, contributed to increases in value of properties of SEK 122 million (97). In total, changes in value of properties amounted to SEK 406 million (593).» During the quarter, 3 properties were taken possession of for SEK 152 million and 13 properties were divested and handed over for SEK 700 million. On 31 March 2021, the fair value of Klövern’s 341 properties, excluding properties classified as current assets, amounted to SEK 58,289 million. In addition, there are 9 properties classified as current assets which are reported at a value of SEK 1,014 million and have an estimated fair value of SEK 1,742 million.» The interest coverage ratio amounted to 2.7 (2.5), leverage to 50 per cent (50) and the adjusted equity ratio to 43.9 per cent (43.2).» The net reinstatement value (NRV) per ordinary share amounted to SEK 20.78.» On 25 March 2021, Rutger Arnhult left Klövern’s board of directors and his position as CEO. The board has appointed Peeter Kinnunen, Klövern’s head of transactions, as acting CEO.» On 29 March 2021, Corem Property Group AB (publ) announced a public offer with consideration in the form of newly issued shares in Corem to the shareholders of Klövern AB (publ). An offer document is expected to be published by the Offeror on or around 10 May 2021. The acceptance period for the offer is expected to end on 8 June 2021. Klövern's board of directors, together with its advisors, will evaluate the Offer and will publish its opinion on the Offer at the latest two weeks prior to the end of the acceptance period. Statement by the CEOStable earnings in a recovering marketLike last year, 2021 will continue to be marked by the ongoing pandemic and the recovery from the same. However, I can note that the ongoing vaccinations, and a better starting point for the Swedish economy than in many other countries both contribute to good hope for a gradual normalization. For Klövern, the first quarter has been eventful in many ways. After having been head of transactions in the company for almost a decade, I am pleased to have also assumed the role as acting CEO. During the quarter, Corem Property Group has also announced a public offer to the shareholders of Klövern.STABLE EARNINGSKlövern is reporting stable earnings for the first quarter which are fully in line with our expectations taking into account a cold and snowy winter as well as continued lower-than-normal parking revenues. Once again, we can note that the composition of the portfolio and the diversified customer base have provided stability during the pandemic. Profit from property management amounted to SEK 309 million and after positive changes in value of properties of SEK 406 million, profit before tax was SEK 909 million. THE OFFER FROM COREMAt the end of March, Corem announced a public offer to the shareholders of Klövern. The process is completely controlled by the offeror so that the offer does not affect ongoing work at Klövern. It is business as usual. The acceptance period for the offer is expected to end on 8 June. Klövern’s board will make a statement on the offer at the latest two weeks before the end of the acceptance period. POSITIVE SIGNALS ON ECONOMIC RECOVERYThe swift downturn of the Swedish and the global economy during 2020 is historic. The consequences can be seen, inter alia, in increased unemployment. However, an increasingly positive picture of the world economy is now being painted. In the United States, for instance, extensive stimulation packages and efficient vaccination have contributed to positive macro signals. The Swedish economy’s resilience appears impressive from a European perspective and there is therefore every reason to be optimistic about the continued recovery during 2021. At the beginning of the year, the transaction market has been very strong with continued falling yield requirements while the rental market is more hesitant. NET MOVING-IN REFLECTS A HESITANT MARKETDuring the first quarter, net moving-in amounted to SEK –16 million and net letting to SEK –17 million. It is usually the case that more vacations and terminations take place during the first quarter than in subsequent quarters and the outcome was expected given that the letting climate is still hesitant in many cities. During the quarter, we have, however, welcomed a number of new tenants, including Eurofins which leases over 900 sq.m. in Uppsala and a number of new tenants at the property Solna Gate in Stockholm that together lease over 1,800 sq.m. During the quarter, lease contracts have also been signed with Matthew Kenney for approximately 730 sq.m. of restaurant space in New York, with Pharmadanmark for approximately 1,000 sq.m. in Copenhagen and with Servistore for around 1,600 sq.m. in Nyköping. Klövern is in a very project-intensive phase which is expected to have a large positive effect on net letting during the coming two years. A FOCUSED PROPERTY PORTFOLIOBased on our strategy, we have a clear picture of the growth locations and segments that we want to focus Klövern’s long-term ownership on. During the quarter, 12 properties were divested, mainly with warehouse/logistics premises, to Mileway in a transaction that took place at a premium of 21 per cent in relation to book value. We have also taken possession of three properties that complement the existing portfolios in Lund and Uppsala and in the exciting urban development area Söderstaden in Stockholm. During the second quarter, a relatively small but strategically important add-on acquisition which improves the efficiency of the future project on Park Avenue in New York, is planned to be taken possession of. The aggregate value of the property portfolio at the end of the quarter, excluding properties classified as current assets in Tobin Properties, was SEK 58 billion, of which the international portfolio in Copenhagen and New York accounted for 16 per cent. INTENSIVE PROJECT DEVELOPMENTKlövern’s project and urban development activities are extensive with a number of major ongoing projects and a very interesting pipeline. As at 31 March, development properties accounted for 16 per cent of the total property value. During the last four quarters, investments amounted to SEK 2,399 million and, in addition during the same period, Klövern’s project development, including development of building rights, contributed to increases in value of properties of SEK 538 million. Klövern’s two largest ongoing new production projects are two office buildings of the highest quality in attractive locations in Manhattan. In New York, the letting market, as in the rest of the world, has seen less activity due to the pandemic and it will therefore take slightly longer to complete lettings associated with these projects. It is, however, gratifying that there are indications of a recovery. Everyone over 16 years of age is now entitled to vaccine in New York and it is planned for all public employees to return to their work places in May. Exciting work is taking place at Uppsala Business Park focused on development of a living city neighbourhood and a location for innovation in life science. There is great interest in the area and we have extensive project plans for the coming years. Already now, Uppsala Business Park offers unique premises with laboratories and facilities for manufacturing of pharmaceuticals. LONG-TERM SUSTAINABLE FINANCINGWe are continuously working to secure long-term sustainable financing. During the quarter, we have issued SEK 2,500 million green bonds under Klövern’s MTN programme. Klövern now has green bonds amounting to a total of SEK 6,850 million. In the sphere of sustainability, it may also be mentioned that the over 30,000 sq.m. large, fully let property at Kalvebod Brygge in central Copenhagen which will be taken possession of at the beginning of May has obtained energy classification A. FOCUS ON ECONOMIC RECOVERYWe entered the second quarter backed up by stable earnings and with full focus on ongoing activities at the same time as we are monitoring developments associated with Corem’s offer. Ahead of me, I see an eventful year marked by a gradual normalization where we can again have physical meetings, not least at the office, to create new business in a climate of economic recovery. Even though both our and other’s business operations have made good progress with many digital meetings, they can never completely replace physical meetings. Human beings are social creatures and physical meetings are needed to build relationships, develop the corporate culture and create new business. Peeter Kinnunen, Acting CEOKlövern AB (publ) For additional information, please contact: Peeter Kinnunen, Acting CEO, +46 76 855 67 03, peeter.kinnunen@klovern.se Lars Norrby, IR, +46 76 777 38 00, lars.norrby@klovern.se Klövern is a real estate company committed to working closely with customers to offer them attractive premises in growth regions. Klövern is listed on Nasdaq Stockholm. For further information, see www.klovern.se.Klövern AB (publ), Bredgränd 4, 111 30 Stockholm. Phone: +46 10 482 70 00. Email: info@klovern.se.This information is information that Klövern AB is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact persons set out above at 07.30 CEST on 28 April 2021. This interim report has been published in Swedish and in English. In the event of a discrepancy between the language versions, the Swedish version shall take priority. Attachment Read the Q1 2021 report here (pdf)