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Q 2, 2017

Profit 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.
 
We 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. 

Investments

During 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.
 
Since 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.

Associated companies

Almost 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.
 
Apart 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 colleagues.
 
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.

Balder 12

With 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:

 
We have 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.

In conclusion

I would 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.
 
 
Erik Selin
Chief Executive Officer

 

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