Q 2, 2017
from property management per ordinary share for the second quarter and the
first half of 2017 improved by 19 and
25 %, respectively, compared to the same period of last year. Increasing profit
from property management over time
has been the most important financial performance measure for us on a
day-to-day basis since Balder was established in its
present form 12 years ago.
present Balder’s current earning capacity on a quarerly basis, which provides a
snapshot of profit from property management
on an annual basis at the end of each interim period. Compared to the same
quarter of last year, the
increase in current earnings per ordinary share was 25 %. If we compare with
the previous quarter and yearend, the
improvement was 5 and 7 %, respectively.
the first half of 2017, we were a net seller of properties. Even including
investments in constructions and projects in
progress, sales were higher than all investments on a net basis. Over time,
Balder will be a major net investor in properties
and projects but we are flexible regarding the timing of acquisitions and
investments. Thus Balder will be a net
seller in certain periods and a major investor in other periods.
Balder now has an official rating (from S&P and Moody’s), it is also
extremely important to take care of our balance
sheet in order to at least maintain our current credit rating.
since the start of the company in its present form, Balder has made an
increasing number of investments in associated
companies. Investing in partly-owned companies increases the number of
potential transactions, which in
turn, has a positive impact on the return for Balder’s shareholders in my view.
from financial dividends, our partners also provide us with increased knowledge
about a very wide range of areas
and this is also very enriching at a personal level for me and many of my
Our largest associated company in terms of value, Collector, will
obtain a new CEO on 1 September. Liza Nyberg will succeed Lena Apler who will
return to the role of a (very active) chairwoman. I have great confidence in
Liza and remain very positive about Collector’s growth prospects.
this interim report, Balder has been established in its present form for 12
years. Net asset value and subscription/share
price development have been as follows as of 30 June each year:
made the assessment to date that the best total yield for Balder’s shareholders
is achieved by reinvestment of the
profits generated. Looking ahead, the goal is also the same and I am optimistic
about the potential to continue finding
investments over time that offer a reasonably good return.
like to thank everyone who has been with us in one way or another during our
first 12 years. I am very fortunate to be
able to spend my time doing what I really want to do and also together with so
many passionate colleagues.
Chief Executive Officer