Wihlborgs Fastigheter

Quarterly Report • Apr 28, 2016

2016 January – March Wihlborgs' Interim report

Wihlborgs posts a strong start to the year

Rental income increased by 6 percent to SEK 497 million (470)

Operating surplus* increased by 7 percent to SEK 354 million (332)

Income from property management* increased by 12 percent to SEK 237 million (212)

Result for the period amounts to SEK 202 million (315), corresponding to earnings per share of SEK 2.63 (4.10)

Group key figures, SEKm	2016 Jan–Mar	2015 Jan–Mar
Rental income	497	470
Operating surplus*	354	332
Income property management*	237	212
Changes in value of properties	303	378
Changes in value of derivatives	-300	-196
Result for the period	202	315
Earnings per share, SEK	2.63	4.10
Surplus ratio, %*	71	71
Equity/assets ratio, %	30.5	28.5
Occupancy rate, %**	91	91

* Excluding payments for early lease termination.

** Excluding Projects & Land.

The Postterminalen 1 property in Lund consists of two separate buildings; Posthornet and Frimärket. The names inspired the design of the facades, which were designed by architect Charlotte Von Brömssen at Tengbom.

Wihlborgs Fastigheter AB (publ) is a property company that focuses on commercial properties in the Öresund region. Its property portfolio is located in Malmö, Lund, Helsingborg and Copenhagen. In Malmö, Lund and Helsingborg Wihlborgs is the leading property company.

The book value for the Company's properties totals SEK 29 billion. The annual rental value of the properties is SEK 2.3 billion.

Wihlborgs shares are quoted on the Large Cap List of NASDAQ Stockholm.

Business concept

Focusing on selected sub-markets in the Öresund region, Wihlborgs will own, manage in-house and develop commercial properties.

Objective

Wihlborgs will operate according to a business model for growth and will be one of the leading and most profitable property companies on the Stockholm Stock Exchange.

Financial targets

• A return on equity that exceeds the risk-free interest rate by no less than six percentage points
• An equity/assets ratio of no less than 30 percent
• An interest coverage ratio of no less than 2.0
• The loan-to-value ratio is not to exceed 60 percent

13 16 Liabilities and Equity

Income, expenses and profit

Financial reports

Assets

Financial information 2016

Wihlborgs' interim reports are distributed electronically. The Annual Report is printed in Swedish and English and will be sent to any shareholders notifying the Company that they wish to receive it in printed form.

Interim report Jan–Jun 11 July 2016 Interim report Jan–Sep 20 October 2016

Production Wihlborgs. Photographer Peter Westrup, Felix Gerlach, Wihlborgs

CEO's comments

2016 was another year that started strongly.

Rental income increased 6 percent to SEK 497 million in the first quarter. Acquisitions were largely responsible for the increase in this quarter, although we also achieved net lettings of SEK 13 million, which will have a gradual effect over the coming quarters. The extension of the Knutpunkten property in Helsingborg was fully let during the quarter. There is consistently positive activity in the rental market, particularly in Malmö.

The operating surplus amounted to SEK 354 million excluding payments for early lease termination, corresponding to a growth rate of 7 percent. In other words, we are continuing to increase revenue at a higher rate than costs, leading to a surplus ratio of 71.2 percent for the quarter, up from 70.6 percent in the corresponding year-earlier period.

Excluding payments for early lease termination, income from property management amounted to SEK 237 million, up 12 percent. Accordingly, this is the best first quarter we have reported to date.

Net interest expense was SEK 105 million, compared to SEK 109 million during the same period last year. We completed our first issue of green bonds via Nya Svensk FastighetsFinansiering during the quarter. The transaction amounted to SEK 420 million and we pay an interest rate of 90 basis points over 3-month STIBOR over the bond's remaining term of just less than two years. Collateral for the bond has been provided in the form of our Ideon Gateway property, which is environmentally certified in accordance with both Leadership in Energy and Environmental Design (LEED) (Platinum level), Sweden Green Building Council (SGBC) (Gold level) and the EU

Green Building.

As a long-term property manager and property developer, sustainability is an important part of our daily work and is now also influencing the way we finance our operations. Our sustainability efforts have been developed and clarified, and are based on four areas: sustainable properties, attractive employer, responsible business and commitment to the region and its community. Please read our Sustainability Report for more information.

Some of our larger projects are nearing completion. In Malmö, we have the Ubåtshallen and Gängtappen properties, which will be occupied this summer by Försäkringskassan (the Swedish Social Insurance Agency) and Länsförsäkringar respectively. In Helsingborg, tenants have started to move into the extension of the Knutpunkten property. Looking ahead, we have started two new office projects during the quarter: the 11,000 m² Postterminalen 1 in Lund and the 7,000 m² Sirius 3 in Malmö. Demand is high in these locations due to their good transport links, and we are pleased to have been

able to start both of these projects.

Wihlborgs is continuing to grow with a focus on increasing income from property management, while our strong earnings are generating a solid balance sheet as a basis for future development. The value of our properties is also rising. Altogether, this means that our long-term net asset value (EPRA NAV) grew by over four percent, or around SEK 7 per share, during the quarter.

We will continue to offer our tenants the best premises in our market. In doing so, we can contribute to the development of both these tenants and the region while continuing to grow ourselves, both this year and for many years to come.

Market comments

Following the unexpected and pronounced slowdown in the global economy at the end of 2015, Swedbank expects the global economy to start recovering, according to the Swedbank Economic Outlook for April 2016. Increased growth will be supported by expansionary central banks, who will wind down intervention in pace with increasing inflationary pressure. There is no shortage of risks, however, not least political ones. China continues to pose the greatest risk, with uncertainty regarding the true state of the Chinese economy being reinforced by the devaluations against the US dollar. Once the risk of a hard landing in China has faded, global growth is expected to rise, not least in the US, but the euro area will also see stronger growth. A weak upturn is already visible in the global Purchasing Managers' Index. Global growth is expected to reach 3.2 percent for 2016 and 3.7 percent for 2017.

Sweden's economy is driven by strong domestic demand and favourable trends apply to household consumption, public consumption and investment. GDP growth was 3.8 percent in 2015, but this is expected to decline during 2016 and 2017 to 3.0 and 2.6 percent respectively. Sweden's high growth and strong labour market is leading to a gradual normalisation of inflationary pressure. The underlying inflation rate, or CPIF, had risen at the last measurement and was 1.5 percent at an annual rate. Accordingly, Swedbank's assessment is that Sweden's central

bank, the Riksbank, will cease stimulating growth via a low interest rate. However, the assessment is that the interest rate will not begin to be raised before the beginning of 2017, reaching zero for the first time at the end of 2017 or beginning of 2018. The focus is being redirected from monetary policy to fiscal policy which, as a result of the influx of refugees that has led to higher costs for immigration and integration, will boost growth to a certain extent in 2016-2017.

Growth also slowed in Denmark during the second half of 2015 due to a sharp decline in exports. As a result, Nordea has lowered its forecasts for economic growth to 1.3 percent for 2016, 1.7 percent for 2017 and 1.8 percent for 2018. Private consumption is increasing by approximately 2 percent per year. Since mid 2013, almost 90,000 new jobs have been created in Denmark and employment levels are continuing to climb.

According to CBRE's Sweden Property Market View for Q1 2016, activity was high in the Swedish property transaction market during the first quarter. Substantial capital is waiting for investment in the market and interest rates remain low. There is a high level of interest from both domestic and international investors. Transaction volume increased 27 percent compared with the same period in 2015. The volume in the first quarter of 2016 was the second-highest for the last 10 years, with only the first quarter of 2014 noting a higher transaction volume.

Income, expenses and profits, Jan–Mar 2016

Comparative figures for income statement items relate to values for the corresponding period 2015 and balance sheet items as of 31-12-2015.

Rental income

Rental income was SEK 497 million (470). Other revenues from property management was SEK 1 million (13) relating to payments for early lease termination.

The increase in rental income is attributable to property acquisitions, renegotiations, new lettings and indexation in contracts.

The total growth in rental income was 6 percent compared with the corresponding period 2015.

The occupancy rate for managed properties, remains unchanged compared with previous year-end, 91 percent (91).

During the period new leases were signed to a value of SEK 37 million (65) on an annualized basis. Lease terminations totalled SEK 24 million (86). This represents a net letting income of SEK 13 million (-21).

Terms of Wihlborgs' rental contracts per 31 March 2016

*No. of contracts

Our new extension to Knutpunkten is rising in Helsingborg's harbour area. The redevelopment and extension of the property is fully let and our Helsingborg office will move in during the summer.

Net letting

In March, Wihlborgs took part in a student recruitment fair at Malmö University, at which we advertised our trainee position starting in the autumn.

Property costs

Total property costs amounted to SEK 143 (138) million. The year's first quarter is the most expensive. This is because the cost of snow clearance, electricity and heating is at its highest during the winter.

The historical summary at the bottom of page 16 illustrates how costs vary over the different quarters of the year.

Operating surplus

The operating surplus including other income amounted to SEK 355 million (345). Excluding payments for early lease termination, the operating surplus totalled SEK 354 million (332), representing a surplus ratio of 71 percent (71).

Central administration

The costs for central administration were SEK 12 million (11).

Financial income and expense

Net interest totalled SEK -105 million (-109), of which interest income accounted for SEK 4 million (3).

The interest expense for the period was SEK 109 million (112).

Accordingly, interest expenses were lower year-on-year despite higher borrowings. At the end of the period, the average interest rate, including the cost of credit agreements, was 2.79 percent, compared with 2.76 percent at year-end.

Income from property management

Income from property management including other income amounted to SEK 238 million (225). Excluding payments for early lease termination, the income from property management amounted to SEK 237 million (212).

Pre-tax profit

The pre-tax profit, i.e. after value changes on properties and derivatives, was SEK 241 million (407). During the period value changes on properties amounted to SEK 303 million (378) and value changes on derivatives amounted to SEK -300 million (-196).

Profit after taxes

The profit after taxes was SEK 202 million (315).

Assets

Property portfolio as of 31 March 2016

The summaries below are based on Wihlborgs' property portfolio as of 31 March 2016. Rental income relates to contracted rental income on an annual basis as of 1 April 2016.

The surplus ratio is based on the properties' earning capacity on an annual basis based on rental income for April 2016, operating and maintenance costs, property administration on a rolling twelve-month basis, property tax and leasehold rent.

Wihlborgs' property portfolio consists of commercial properties in the Öresund region, located in Malmö, Helsingborg, Lund and Copenhagen. The property portfolio 31 March 2016 consisted of 272 properties (276) with a lettable area of 1,753,000 m2 (1,746,000). Ten of the properties (11) are leasehold rights. The properties' carrying amount was SEK 29,196 million (28,623), which corresponds to the estimated market value. The total rental value was SEK 2,263 million (2,259) and the contracted rental income on annual basis SEK 1,991 million (1,983). The economic occupancy rate for Office/ Retail properties was 91 percent (93) and for Industrial/Warehousing properties 88 percent (87). The rental value for Office/Retail properties represented 73 percent and Industrial/Warehousing properties 23 percent of the total rental value.

The operating surplus from managed properties, excluding property administration and Projects & Land, is SEK 1,545 million (1,533) which with a carrying amount of SEK 26,850 million (26,236) corresponds to a direct return of 5.8 percent (5.8). Broken down by property category, this is 5.4 percent (5.5) for Office/Retail and 7.5 percent (7.5) for Industrial/Warehousing.

We are building a new 7,000 m2 city block, Sirius 3, in the top location on Carlsgatan, which is adjacent to Malmö central station.

Changes in values of properties

According to an internal valuation, with external support from Malmöbryggan Fastighetsekonomi, of the properties on 31 March 2016, their value had risen by SEK 303 million (378).

Fair value is determined by a combination of a yield-based and a comparable sales method. The value is considered to correspond to the yield value that is calculated from normally five-year cash flow analyses. The value of newbuild projects in progress is determined as the value as if the project were complete, less deduction of the remaining cost.

As of 31 March 2016, the carrying amount for the properties was SEK 29,196 million.

CHANGES IN CARRYING AMOUNT OF PROPERTIES

Copenhagen Group total, SEKm
9% 28,623
78
268
-110 Rental value
per area 303
34
29,196

Investments and ongoing projects Malmö Stenåldern 1

Investments in the property portfolio totalled SEK 268 million (252). Approved investments in ongoing projects amounted to SEK 1,757 million, of which SEK 941 million had been invested at the end of the period. During the first quarter, decisions were taken on the new build of 11,000 m2 of office space at the Postterminalen 1 property in Lund, as well as 7,000 m2 of office space at the Sirius 3 property in Malmö. Försäljningspromemoria Industrifastighet på Fosie

Liquid assets

The Groups liquid assets totalled SEK 212 million (201) including unutilised overdraft facilities.

The printing office of the Sydsvenskan newspaper is located in the newly acquired Stendåldern 1 property in Fosie, Malmö.

INVESTMENTS IN PROGRESS >SEK 50 MILLION, 31 MARCH 2016

Property	Category of use	Municipality	Completion date	Lettable area, m2	Occupancy rate, %	Estimated investment,SEKm	Expended 160331, SEKm
Gängtappen 1	Office/Retail	Malmö	Q2 2016	14,000	40	242	164
Kranen 8	Office/Retail	Malmö	Q2 2016	12,300	100	127	90
Nora 11	Office/Retail	Malmö	Q3 2016	12,000	90	142	91
Postterminalen 1	Office/Retail	Lund	Q1 2018	11,000	0	347	14
Sirius 3	Office/Retail	Malmö	Q4 2017	7,000	0	250	20
Terminalen 1	Office/Retail	Helsingborg	Q2 2016	9,000	100	436	406
Total				65,300		1,544	785

ANALYSIS OF LETTABLE SPACE PER AREA AND CATEGORY OF USE

Share, %	47	7	36	5	5	100
Total	821,347	123,041	620,208	93,683	94,253	1,752,532	100
Copenhagen	183,540	914	44,743	2,781	55,338	287,316	16
Lund	124,035	11,161	29,632	31,924	8,6193	205,371	12
Helsingborg	159,059	63,379	284,298	22,541	2 15,121	544,398	31
Malmö	354,713	47,587	261,535	36,437	1 15,175	715,447	41
Area	Office, m2	Retail, m2	Ind./Ware- housing, m2	Education/ Health care, m2	Misc., m2	Total, m2	Share, %

1) Includes 10,275 m2 hotel.

2) Includes 5,260 m2 residential.

3) Includes ingår 8,215 m2 hotel.

ANALYSIS PER PROPERTY CATEGORY IN EACH MANAGEMENT AREA

Area/	Number of	Area,	Carrying	Rental	Rental	Economic	Rental	Operating	Surplus	Operating	Direct
property category	properties	m2	amount,	value,	value	occupancy	income,	surplus incl.	ratio, %	surplus excl.	return, excl.
	thousand		SEKm	SEKm	SEK/m2	rate, %	SEKm	property mgmt., SEKm		property mgmt., SEKm	property admin., %
MALMÖ
Office/Retail	45	399	10,946	775	1,943	92	710	536	75	558	5.1
Industrial/Warehousing	49	250	1,868	202	806	90	182	133	73	141	7.6
Projects & Land	29	66	1,685	78	1,184	-	12	0	-	2	-
Total Malmö	123	715	14,499	1,055	1,475	86	905	669	74	701	4.8
HELSINGBORG
Office/Retail	29	169	3,501	287	1,701	92	265	189	71	198	5.7
Industrial/Warehousing	59	363	2,465	287	792	86	248	173	70	187	7.6
Projects & Land	12	13	509	9	700	-	4	2	-	3	-
Total Helsingborg	100	544	6,474	583	1,071	89	518	365	70	387	6.0
LUND
Office/Retail	21	186	5,079	401	2,162	90	361	265	73	284	5.6
Industrial/Warehousing	4	20	127	14	697	95	13	10	79	11	8.6
Projects & Land	2	-	116	-	-	-	-	0	-	0	-
Total Lund	27	205	5,322	415	2,021	90	374	275	74	295	5.5
COPENHAGEN
Office/Retail	18	267	2,741	201	753	93	186	149	80	158	5.8
Industrial/Warehousing	3	20	123	9	422	96	8	6	74	7	5.8
Projects & Land	1	-	37	-	-	-	-	-	-	-	-
Total Copenhagen	22	287	2,901	210	729	93	194	155	80	165	5.7
Total Wihlborgs	272	1,753	29,196	2,263	1,291	88	1,991	1,464	74	1,549	5.3
Total excluding Projects & Land	228	1,674	26,850	2,176	1,300	91	1,974	1,462	74	1,545	5.8

Map of the Berga area in Helsingborg. The dark blue properties are those we own today, while the red property is our most recent acquisition from 30-12-2015, Musköten 17.

Property transactions

Two properties were acquired and three divested in the first quarter. The acquisitions of the Stenåldern 7 property in Malmö and the divestment of the Bensinpumpen 1 property in Malmö agreed in 2015 were completed during the quarter. One project property, Hordaland 1 in Malmö, was acquired and the Arlöv 19:58 property was divested. The industrial/warehouse property, Vinkeln 8 in Malmö, was also divested. Additionally, agreements were concluded regarding the divestment of the Malmen 12 property in Malmö. The property comprises 7,500 m2 and the agreed price is SEK 125 million. The property will be vacated on 2 May. Grusvägen

	PROPERTY ACQUISITIONS AND SALES JANUARY–MARCH 2016			Grustagsvägen
Quarter	Property	Municipality	Österleden Management area	Category	Area, Mogatan m2	Price, Grus SEKm väge	Operating surplus 2016, SEKm1
1	Stenåldern 7, part of Hordaland 1	Malmö Malmö	Fosie Västra Hamnen	Ind/Warehousing Projects & Land	9,713 Pinnmogatan -	n - -	-
	Total acquisitions 2016				9,713	78	0
1	Arlöv 19:58 Bensinpumpen 1 Vinkeln 8	Burlöv Malmö Malmö	Grustagsvägen Arlöv Limhamn Arlöv	Projects & Land Projects & Land Ind/Warehousing	2,372 - 8,026	- - -	Basaltgatan - -
Total sales 2016				Makadamgatan	10,398	110	0

Mogatan

1) Operating surplus from properties acquired and sold that are included in the results for the period.

Liabilities and equity

As of 31 March 2016, equity totalled SEK 9,081 million (8,876) and the equity/assets ratio 30.5 percent (30.6).

Interest-bearing liabilities

The group's interest-bearing liabilities as of 31 March amounted to SEK 16,376 million (16,265) with an average interest rate including costs for credit agreements of 2.79 percent (2.76).

With consideration to the company's net debt of SEK 16.4 billion, as a percentage of property values, the loan-to-value ratio is 56.1 percent (56.8).

The loans' average fixed interest period including effects of derivatives on 31 March 2016, amounted to 5.0 years (4.8). The average loan maturity, including commited credit facilities, amounted to 4.2 years (4.1).

STRUCTURE OF INTEREST AND LOAN MATURITIES AS OF 31 MARCH 2016

		Interest maturity	Loan maturity
Matures, year	Loan amount, SEKm Av. interest rate, %		Credit ag, SEKm Utilised, SEKm
2016	5,958	1.15	2,000	1,608
2017	300	0.80	5,384	5,236
2018	0	0.00	3,268	3,268
2019	0	0.00	4,796	4,096
2020	0	0.00	0	0
>2020	10,119	3.75	2,168	2,168
Total	16,376	2.75	17,616	16,376

Wihlborgs use interest rate derivatives in order to reduce the risk level in the loan portfolio. A summary of the terms is shown below.

INTEREST RATE DERIVATIVES PORTFOLIO 31 MARCH 2016

Amount, SEKm	Interest, %	Can be closed	End date
Cancellable swaps*
500	2.63	quarterly	2026
500	2.72	quarterly	2026
500	2.34	quarterly	2026
500	2.58	quarterly	2027
1,000	1.96	quarterly	2021
Interest-rate swaps
2,000	2.70		2021
1,000	2.04		2022
1,000	2.01		2022
1,000	3.40		2024
500	3.32		2024
Threshold swap
1,000	3.07	Threshold 4.75	2021

* Cancellable at the initiative of the counterpart.

As a result of lower market rates, the deficit in Wihlborgs' interest rate derivative portfolio rose to SEK 1,179 million, a negative change during the year totalling SEK 300 million. The change in value for the interest rate derivatives does not affect the cash flow. When the term of the derivative expires, the value is always zero.

Wihlborgs' interest derivatives are recognized at fair value in accordance with IAS 39. The cancellable swaps are classified at level 3 in accordance with IFRS 13. The change during year for these swaps amounts to SEK -108 million. The remaining swaps are classified at level 2 in accordance with IFRS 13.

During the first quarter, Wihlborgs borrowed SEK 420 million via Svensk FastighetsFinansiering by issuing green bonds with final maturity in November 2017.

Orkla Foods Sverige recently moved into its new head office in Dockan, Malmö. Offices, a showroom, a shop and a restaurant with lunch options are all housed in the 5,000 m2 location.

Miscellaneous

Employees

At the year end Wihlborgs' number of full-time employees was 120 (122), 43 of whom are property caretakers.

There were 58 employees in Malmö, 25 in Helsingborg, 16 in Lund and 21 in Copenhagen. The average age was 45 and the proportion of women was 39 percent.

Parent company

The parent company owns no properties, but deals with questions relating to the stock market and joint Group functions for administration, management and borrowing. The parent company's turnover is mostly related to the billing of services to Group companies.

The parent company has invested SEK 48 (251) in shares in subsidiaries, including shareholders' contributions, during the period.

The parent company's income statement and balance sheet are found on page 19.

Participations in other companies

A description of all participations held by Wihlborgs in other companies will be found on pages 119-120 in the Company's 2015 annual report.

Largest shareholders 31 March 2016

The largest shareholder in Wihlborgs is Erik Paulsson with family, with 10.3 per cent of the shares outstanding.

Shares held by owners registered abroad accounted for 40 percent of the total. The number of shareholders was 23,503.

LARGEST SHAREHOLDERS IN WIHLBORGS 31 MARCH 2016

	thousands	Number of shares, Proportion of equity and votes, %
Erik Paulsson with family,
privately and via company	7,884	10.3
SEB funds	3,472	4.5
Länsförsäkringar funds	3,429	4.4
SHB funds	2,244	2.9
Qviberg family	2,162	2.8
Bank of Norway	1,747	2.3
Tibia Konsult AB	813	1.1
DnB Carlson funds	751	1.0
Avanza Pension	598	0.8
Folketstrygdfondet	595	0.8
Other shareholders reg. in Sweden	24,001	31.2
Other shareholders reg. abroad	29,161	37.9
Total outstanding shares	76,857	100.0

Significant risks and uncertainty factors

Wihlborgs operations, financial status and profit are affected by a number of risk factors. Risks that have a decisive influence on the Group's profit trend are variations in rental income, interest rate changes, costs, property valuations and taxes. There are also risks relating to cash flow and borrowing.

There is a comprehensive description of the risks facing the Group on pages 88–92 and 105–107 in the Company's 2015 Annual Report.

Accounting policies

Wihlborgs complies with International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB), as well as interpretations issued by the IFRS and approved by the European Union. The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Annual Accounts Act. Information in accordance with IAS 34 Interim Financial Reporing are submitted both in notes and elsewhere in the interim report.

Accounting policies and calculation methods are identical to those applied in Wihlborgs' latest Annual Report.

Furthermore, the Group applies the Swedish Financial Accounting Standards Council's recommendation RFR 1, Supplementary Rules for Consolidated Financial Statements. The Parent Company applies RFR 2.

Events after the reporting period

In April, Wihlborgs signed an agreement regarding the divestment of the Belgien Norra 19 property in Helsingborg, which comprises 9,000 m2 and contains offices, shops, care facilities and housing units. The agreed price is SEK 187.5 million and the property will be vacated on 2 May 2016.

Forthcoming reports

11 Jul 2016 20 Oct 2016 Interim report Jan–Jun Interim report Jan–Sep

Malmö 28 April 2016 Wihlborgs Fastigheter AB (publ) Anders Jarl, CEO

For further information, please contact: Anders Jarl, CEO. Telephone +46 (0)40-690 57 10, +46 (0)733-71 17 10 Arvid Liepe, CFO. Telephone +46 (0)40-690 57 31, +46 (0)733-71 17 31

This Interim Report has not been reviewed by the company's auditors.

The AllBright foundation's list of Swedish listed companies with the best equal opportunities was published at the start of the year. Wihlborgs took fifth place and was the best company in the Large Cap segment.

CONSOLIDATED INCOME STATEMENT Summary

SEKm	2016 Jan–Mar 3 months	2015 Jan–Mar 3 months	2015/16 Apr–Mar 12 months	2015 Jan–Dec 12 months
Rental income	497	470	1,937	1,910
Other revenues	1	13	31	43
Total income	498	483	1,968	1,953
Operating costs	-79	-73	-241	-235
Repairs and maintenance	-16	-17	-77	-78
Property tax	-25	-22	-97	-94
Leasehold rent	-1	-1	-5	-5
Property administration	-22	-25	-93	-96
Total propery costs	-143	-138	-513	-508
Operating surplus	355	345	1,455	1,445
Central administration	-12	-11	-44	-43
Net interest	-105	-109	-423	-427
Income from property management	238	225	988	975
Change in value of properties	303	378	1,540	1,615
Change in value of derivatives	-300	-196	165	269
Pre-tax profit	241	407	2,693	2,859
Current tax	-5	-2	-7	-4
Deferred tax	-34	-90	-521	-577
Profit for the period1	202	315	2,165	2,278
OTHER TOTAL PROFIT/LOSS2
Translation differences and hedging
for international activities, including tax	3	-1	0	-4
Total comprehensive income for the period1	205	314	2,165	2,274
Earning per share3	2.63	4.10	28.17	29.64
No. of shares at end of the period, thousands	76,857	76,857	76,857	76,857
Average no. of shares, thousands	76,857	76,857	76,857	76,857

1) The entire profit/income is attributable to the parent company's shareholders.

2) Refers to records that can be transferred to the result for the period.

3) Key ratios per share have been calculated based on a weighted average number of shares during the period.

There are no outstanding subscription options, convertibles or other potential ordinary shares to take into consideration.

HISTORICAL SUMMARY OF LAST EIGHT QUARTERS

Q1 2016	Q4 2015	Q3 2015	Q2 2015	Q1 2015	Q4 2014	Q3 2014	Q2 2014
497	475	485	480	470	468	458	468
Other revenues 1	11	12	7	13	0	0	0
Operating costs -79	-66	-43	-53	-73	-68	-40	-52
Repairs and maintenance -16	-22	-19	-20	-17	-21	-18	-20
-25	-24	-23	-25	-22	-22	-21	-22
-1	-1	-1	-2	-1	-1	-2	-1
Property administration -22	-25	-23	-23	-25	-24	-23	-22
Operating surplus 355	348	388	364	345	332	354	351
Income from property management 238	232	271	247	225	200	224	223
Surplus ratio, % * 71.2	70.9	77.5	74.4	70.6	70.9	77.3	75.0
Investment yield, % * 4.9	4.9	5.8	5.7	5.4	5.6	6.1	6.1
Equity/assets ratio, % 30.5	30.6	29.3	29.3	28.5	28.2	28.2	28.3
Return on equity, % 9.0	44.5	19.7	34.8	17.7	11.9	4.6	2.3
Earnings per share, SEK 2.63	12.17	4.97	8.41	4.10	2.67	1.01	0.51
Income property management per share, SEK 3.10	3.02	3.53	3.21	2.93	2.60	2.91	2.90
Cash flow per share, SEK 2.67	3.08	3.85	2.94	3.45	2.62	3.23	2.37
EPRA net asset value, SEK 162.52	155.54	142.98	134.47	134.59	126.76	118.12	114.34
Market value as % of Equity II 106.1	109.9	104.9	100.4	123.7	112.6	105.0	111.9

The above key ratios are based on the results for each quarter. The investment yield and the return on equity have been converted into annual figures without taking seasonal variations into account.

* Excluding payments for early lease termination.

CONSOLIDATED BALANCE SHEET summary

SEKm	31-03-2016	31-03-2015	31-12-2015
ASSETS
Managed properties	29,196	24,998	28,623
Other fixed assets	249	201	247
Current receivables	176	170	88
Liquid assets	120	221	75
Total assets	29,741	25,590	29,033
EQUITY AND LIABILITIES
Equity	9,081	7,281	8,876
Deferred tax liability	2,231	1,719	2,199
Borrowings	16,376	14,359	16,265
Derivatives	1,179	1,344	879
Other long-term liabilities	52	53	54
Current liabilities	822	834	760
Total equity & liabilities	29,741	25,590	29,033

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

SEKm	Jan–Mar	Jan–Mar	Jan–Dec
	2016	2015	2015
Total equity at beginning
of period	8,876	6,967	6,967
Equity attributable to parent company's shareholders
Opening amount	8,876	6,967	6,967
Dividend paid	-	-	-365
Profit for the period	202	315	2,278
Other comprehensive income	3	-1	-4
Closing amount	9,081	7,281	8,876
Equity attributable to minority shares	-	-	-
Total equity at end of period	9,081	7,281	8,876

CONSOLIDATED CASH FLOW STATEMENT summary

SEKm	Jan-Mar		Jan–Mar Jan–Dec
	2016	2015	2015
Operating activities
Operating surplus	355	345	1,445
Central administration	-12	-11	-43
Depreciation	0	0	1
Net financial items paid	-107	-109	-421
Income tax paid	-2	-2	-5
Change in other working capital	-29	42	47
Cashflow from operating activities	205	265	1,024
Investment activities
Investments in and acquisitions of properties	-78	-198	-2,155
Investments in existing properties	-268	-252	-1,047
Sales of properties	110	78	411
Change in other non-current assets	0	-4	-52
Cash flow from investment activities	-236	-376	-2,843
Financing activities
Dividend paid	-	-	-365
Change in borrowing	79	261	2,188
Change in other long-term liabilities	-3	-	-
Cash flow from financing activities	76	261	1,823
Cash flow for the year	45	150	4
Opening cash flow	75	71	71
Closing cash flow	120	221	75

CONSOLIDATED SEGMENT REPORTING JAN–MAR
Property management	Malmö		Helsingborg		Lund		Copenhagen		Total
SEKm	2016	2015	2016	2015	2016	2015	2016	2015	2016	2015
Revenues	224	223	131	125	93	92	49	30	497	470
Other revenues	1	13	0	0	0	0	0	0	1	13
Costs	-64	-62	-45	-42	-24	-26	-10	-8	-143	-138
Operating surplus	161	174	86	83	69	66	39	22	355	345

In the Group's internal reporting, activities are divided into the above segments, which are the same as described in the latest annual report. The total operating surplus shown above corresponds with the operating surplus recorded in the income statement. Revenues includes both rental income and payments for early lease termination.

The difference between the operating surplus of SEK 335 million (345) and the pre-tax profit of SEK 241 million (407) consists of central administration SEK -12 million (-11), net interest SEK -105 million (-109) and changes in value of properties and derivatives SEK 3 million (182).

Definitions

Financial

Return on equity

Profit for the period as a percentage of average shareholders' equity excluding minority shares. In interim reports the return is converted to its annualised value without taking account of seasonal variations.

Return on total capital

Profit before tax plus interest expenses and value changes of derivatives as a percentage of average balance sheet total. In interim reports the return is converted to its annualised value without taking account of seasonal variations.

Equity/assets ratio Shareholders' equity as a percentage of balance sheet total.

Interest coverage ratio

Income from property management increased by interest expenses divided by interest expenses.

Leverage of properties Borrowings as a percentage of the carrying amount for the properties.

Debt/equity ratio Interest-bearing liabilities divided by shareholders' equity.

Share-related

Earnings per share Profit for the period divided by average number of outstanding shares.

Earnings per share before tax Profit before tax divided by the average number of outstanding shares.

Income from property management/share Income from property management divided by the average numer of outstanding shares.

Cash flow from operations per share Cash flow from operations divided by the average number of outstanding shares.

Equity per share I

The parent company's shareholders' share of the equity at the end of year in relation to the number of shares at period end.

Equity per share II

Calculated as Equity per share I, but not charged with deferred tax. Equity is increased by the addition of the carrying amount for deferred tax.

EPRA NAV

Equity per share, including reversal of interest rate derivatives and deferred tax, as shown on the balance sheet.

Dividend yield from shares Proposed dividend as a percentage of the stock exchange market value at the year end.

The share's total return The share price growth and actual dividend in relation to the market value at the beginning of the year.

P/E-ratio I, times

The market value per share divided by the profit per share. The conversion has been carried out to full-year basis without taking account of seasonal variations.

P/E-ratio II, times The market value divided by the income from property management charged with nominal tax, per share. The conversion has been carried out to full-year basis without taking account of seasonal variations.

Property related

The key figures are based on property stocks at the end of each quarter.

No. of properties Total number of properties owned by Wihlborgs at the end of the period.

Carrying amount of properties Carrying amount of the Group's property portfolio at the end of the period.

Lease value Lease income plus estimated market rent on unrented areas.

Investment yield Net operating income as a percentage of the book value of the properties at period end.

Lettable area Total area that is available to let.

Rental income per m2 Annualized rental income divided by lettable area.

Net operating income per m2 Net operating income divided by lettable area.

Financial occupancy rate Rental income as a percentage of rental value.

Surplus ratio

Net operating income as a percentage of rental income.

KEY FIGURES FOR THE GROUP

SEKm	Jan-Mar	Jan–Mar	Apr/Mar	Jan-Dec
	2016	2015	2015/16	2015
FINANCIAL
Return on equity, %	9.0	17.7	26.5	28.8
Return on total capital, %	8.8	11.4	10.7	11.3
Equity/assets ratio, %	30.5	28.5	30.5	30.6
Interest coverage ratio, multiple	3.2	3.0	3.3	3.2
Leverage properties, %	56.1	57.4	56.1	56.8
Debt/equity ratio, multiple	1.8	2.0	1.8	1.8
SHARE-RELATED
Earnings per share, SEK	2.63	4.10	28.17	29.64
Earnings per share before tax, SEK	3.14	5.30	35.04	37.20
Income from property management
per share, SEK	3.10	2.93	12.86	12.69
Cashflow from operations per share, SEK	2.67	3.45	12.54	13.32
Equity per share I, SEK	118.15	94.73	118.15	115.49
Equity per share II, SEK	147.18	117.10	147.18	144.10
EPRA net asset value
per share, SEK	162.52	134.59	162.52	155.54
Market value per share, SEK	172.40	166.50	172.40	171.00
Dividend per share, SEK	-	-	-	5.25
Dividend yield, % 1	-	-	-	3.1
Total return from share, % 1	-	-	-	23.1
P/E-ratio I, multiple	16.4	10.2	6.1	5.8
P/E-ratio II, multiple	17.8	18.2	17.2	17.3
Number of shares at the end of period, thousands	76,857	76,857	76,857	76,857
Average number of shares, thousands	76,857	76,857	76,857	76,857
PROPERTY-RELATED
Number of properties Carrying amount	272	270	272	276
of properties, SEKm	29,196	24,998	29,196	28,623
Investment yield, % – all properties	5.0	5.6	5.0	5.1
Direct return, % – excl project properties	5.4	5.8	5.4	5.5
Lettable area, m2	1,752,532	1,570,819	1,752,532 1,745,992
Rental income, SEK per m2	1,136	1,211	1,136	1,136
Operating surplus, SEK per m2	835	889	835	832
Financial occupancy rate, % - all properties	88	91	88	88
Financial occupancy rate, %
- excl project properties	91	91	91	91
Surplus ratio, %	74	73	74	73
EMPLOYEES
Number of employees at period end	120	113	120	122

PARENT COMPANY'S INCOME STATEMENT summary

SEKm	Jan-Mar	Jan-Mar	Jan-Dec
	2016	2015	2015
Income	32	29	147
Expenses	-32	-30	-127
Operating profits	0	-1	20
Financial income	164	146	1 894
Financial expenses	-434	-317	-504
Pre-tax profit	-270	-172	1 410
Appropriations	0	0	119
Tax	76	52	-55
Profit for the year	-194	-120	1 474
Other comprehensive income	0	0	0
Comprehensive income for the year	-194	-120	1 474

PARENT COMPANY'S BALANCE SHEET summary

SEKm	31-03-2016	31-03-2015 31-12-2015
Participations in Group companies	8,670	8,280	8,624
Receivables from Group companies	10,018	10,030	10,954
Other assets	586	569	506
Cash and bank balances	28	137	0
Total assets	19,302	19,016	20,084
Equity	2,632	1,597	2,825
Liabilities to credit institutions	12,753	11,639	13,059
Derivatives	1,179	1,344	879
Liabilities to Group companies	2,573	4,286	3,196
Other liabilities	165	150	125
Total equity and liabilities	19,302	19,016	20,084

1) Calculated only for the calendar year.

Where job satisfaction is key

Through our commitment and our properties we create conditions for strong growth for business in the Öresund region.

wihlborgs.se

Malmö - Headquarters

Wihlborgs Fastigheter AB Visitors: Dockplatsen 16 Tel: +46 (0)40-690 57 00

Helsingborg

Wihlborgs Fastigheter AB Garnisonsgatan 25 A SE-254 66 Helsingborg Tel: +46 (0)42-490 46 00

Lund

Wihlborgs Fastigheter AB Ideon Science Park Scheelevägen 17 SE-223 70 Lund Tel: +46 (0)40-690 57 00

Danmark

Wihlborgs A/S Hørkær 26. 1.sal DK-2730 Herlev. Danmark Tel: +45 396 161 57

www.wihlborgs.se info@wihlborgs.se Registered office: Malmö Corporate registration no.: 556367-0230