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Dear shareholders,

Profit from property management per ordinary share amounted to SEK 3.23 during the first quarter, which is equivalent to an increase of 33 % compared to the same period last year.
 
The increase was due to a larger property portfolio, an improved occupancy rate and surplus ratio as well as increased profits from our associated companies. My view is that demand for premises and housing will remain strong, in any case during the coming year.

Acquisitions and divestments

During the first quarter, we only made a few smaller acquisitions and divestments and after the end of the quarter, we vacated previously communicated divestments in Falköping, Arboga, Köping and Tranås. We also entered into an agreement regarding the acquisition of a hotel property in Helsinki.
 
The competition remains intense and there are a large number of domestic and international buyers of different kinds of properties.
 
Balder’s goal is to make net investments over time and thereby increase the company’s earning capacity. However, we have a great deal of flexibility regarding the timing of our investments and periodically we can also be a net seller of properties.

Bond issue

The single most important event during the quarter occurred in March when we issued bonds in Euro for the first time. The total value amounted to EUR 1 billion divided into EUR 500 million with a maturity of 5 years and EUR 500 million with a maturity of 8 years at a fixed interest rate.
 
The transaction enables us to secure our currency risk and extends our interest rate refixing and tied-up capital periods. The proceeds were primarily used for repayment of secured debt with shorter maturities.
 
Our goal is to maintain a strong credit rating and to be a frequent issuer in the Eurobond market.

Erik Selin
Cheif Executive Officer

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