January–December 2022

# Rental income increased by 62 percent to SEK 454.0m (280.4).

# The management result increased by 39 percent to SEK 182.4m (131.0).

# The management result per ordinary share decreased by 6 percent to SEK 1.76 (1.87).

# Profit for the period after tax amounted to SEK 310.9m (468.9), which corresponds to SEK 3.36 per ordinary share (7.07).

# Revaluation of investment properties affected the result by SEK 99.3m (453.2).

# Revaluation of financial instruments affected the result by SEK 125.3m (12.8).

# Cash flow from current operations before changes in working capital increased by 37 percent and amounted to SEK 150.7m (109.9).

# Net investments amounted to SEK 2,185.3 million, of which SEK 2,192.9 million related to property acquisitions.

# The board proposes a dividend of SEK 2.00 per preference share with a quarterly payment of SEK 0.50 per preference share. The board proposes that no dividend be paid on ordinary shares for the financial year. The dividend proposal is in accordance with Emilshus' dividend policy.


October–December 2022

# Rental income increased by 61 percent to SEK 131.6m (81.8).

# The management result increased by 25 percent to SEK 44.4m (35.4).

# The management result per ordinary share decreased by 14 percent to SEK 0.37 (0.43).

# Profit for the quarter after tax amounted to SEK -42.5m (159.5), which corresponds to SEK -0.57 per ordinary share (2.30).

# Revaluation of investment properties affected the result by SEK -86.4m (160.2).

# Revaluation of financial instruments affected the result by SEK -2.7m (9.3).

# Cash flow from current operations before changes in working capital increased by 41 percent and amounted to SEK 37.1m (26.3).

# Net investments amounted to SEK 52.7 million, of which SEK 38.5 million related to property acquisitions.


Significant events during the quarter

# As of October 6, 2022, Emilshus completed a repurchase offer regarding Emilshus' outstanding senior unsecured bonds 2019/2022 with an original outstanding volume of SEK 500m.

# Emilshus acquired two commercial properties in Kalmar and Västervik for a total of SEK 42m with an annual rental value of SEK 3.3m and an average remaining term of the leases of 9 years.

# A new lease agreement was signed in October with Garo AB regarding premises for offices, warehouses and production in Hillerstorp, Gnosjö municipality, and in addition a lease agreement was extended with the Forestry Agency, Växjö. The total annual rental value in these agreements amounts to approximately SEK 7.5 million and the average length of the agreement is 7.5 years.


Significant events after the end of the year

# In February, Emilshus entered into an agreement with Carnegie Investment Bank AB to act as a liquidity guarantor for Emilshu's ordinary share B in order to promote the share's liquidity.

# The board decided on February 9 to update Emilshus' financial goals and risk limitations.


The new financial goal focuses on growth in return on equity and adjustment of risk limitation regarding interest coverage ratio.

Emilshus' business concept is to generate predictable cash flows and grow by acquiring, developing and managing high-yielding commercial properties. The company must establish long-term and close relationships with its tenants through a local presence and local involvement in the locations where the company operates and ensure stable financing of the business.

The new goal of growth in return on equity is considered a relevant measure for the company's development and value creation going forward. The company's previous goal of increasing the net asset value per ordinary share over time by at least 15 percent on average per year, and that the value of the property portfolio before the end of 2024 should amount to at least SEK 10 billion, is deleted. Previously, the interest coverage ratio would not permanently fall below 2.5 times.