Reported to NASDAQ OMX Copenhagen on 7 April 2009
(The Danish version has been reported to NASDAQ OMX Copenhagen on 2 April 2009)
Summary:
Unsatisfactory performance for Landic Property Bonds VII (Stockholm) A/S
The financial performance for the financial period 2008 amounts to a loss of
DKK 238 million before tax. Loss before tax and before value adjustments
amounts to DKK 58 million, which is less than expected.
Value adjustments of investment properties, debt and derivatives, net,
contribute by negative DKK 180 million to profit before tax for the period.
Furthermore, the financial performance re-sults in a loss by reason of exchange
adjustments DKK 83 million.
Equity amounts to negative DKK 103 million at 31 December 2008 compared to
positive DKK 81 million in the previous period.
The Group has lost its entire consolidated equity. Management is working on an
solution to re-construct the Company.
The operations in the Group which comprise 11 properties located in Stockholm,
Haninge, Hud-dinge, Rågsved, Sollentuna and Bromma, have generally proceeded as
planned in 2008.
The Supervisory Board considers the financial performance for 2008
unsatisfactory.
For the financial year 2008, the Group expects profit before tax and value
adjustments of in-vestment properties, debt and derivatives of approx. DKK 36
million and revenue DKK 192 mil-lion.
Please address questions relating to this Announcement to Company Secretary
Klaus T. W. Lund on telephone +45 3378 4000.
Disclaimer: This is an unauthorised translation of the Danish original
document. In the event of inconsistency, the Danish version shall apply.
