Kefren Properties IX AB, 556691-4031 (”Company”), Preliminary announcement of annual report for the financial year 2009

Published to the OMX Nordic Exchange Copenhagen via Company News Service on 31
March 2010. 


Kefren Properties IX AB, 556691-4031 (”Company”)
Preliminary announcement of annual report for the financial year 2009


The Board of Directors in Kefren Properties IX AB has today held a Board
meeting at which the Group's annual report for the financial year 2009 was
discussed. The report is enclosed. 


Summary:
Kefren Properties IX AB's financial performance 2009
The consolidated statement of comprehensive income shows a loss before tax of
TSEK 432,830 (2007/08: negative TSEK 523,658) and the consolidated statement of
financial position shows equity at 31 December 2009 of negative TSEK 430,159
(2007/08: negative TSEK 26,813). 

Revenue for the period amounts to TSEK 656,195 (2007/08: TSEK 818,318). The
difference in revenue is mainly due to the fact that the comparative period
covers 15 months, whereas the current period covers only 12 months. The revenue
for period is slightly higher compared to a 12 month average of the 2007/2008
period. 

Profit before value adjustments, write-down of goodwill and tax amounts to TSEK
77,649 (2007/08: negative TSEK 1,479). 

The loss for the period is mainly due to negative value adjustments of
investment properties, debt and derivatives of net TSEK 295,375 (2007/08:
negative TSEK 379,278), which is the result of the negative development on the
real estate and financial markets in 2009. 

The development in 2009 is attributable to: 

•	Financial vacancy increased during 2009 and ended at 13% for the last quarter
(7.5% for the same period 2008). 
•	Leases amounting to 14% of the portfolio's rental value were terminated
during 2009 (6% in 2008), the vast majority during the second and fourth
quarters. 
•	The re-letting situation was significantly worsened following the financial
crisis and lowered financial activity in 2009. Still, re-lettings were quite
strong in the last quarter and re-lettings will be a main focus area also in
2010 with ongoing negotiations with major tenants. 
•	During the financial year, 11 properties were sold including a sale back of 4
properties to the seller. 
•	Liquidity has been positively affected due to a material decrease in interest
rate 
•	Interest to bond holders has not been paid due to the loan-to-value breach




The Board of Directors considers the result for the period to be unsatisfactory.

The value of the investment properties as at 31 December 2009 amounts to MSEK
4,847, representing a write down of 14% compared to 31.12.2008. In 2009, the
global financial crisis has had significant adverse influence on, among others,
the market for investment properties, with no or very few transactions in the
market, and declining prices. This has complicated the determination of the
values of the Company's investment properties. As a result of the uncertain and
negative markets, the recognised values of investment properties are to be
considered subject to great uncertainty. 

The Board of Directors expects the vacancy rate to increase further in 2010 and
together with high project and maintenance costs this will result in a lower
NOI compared to 2009. Due to the low Swedish interest rates, cash flow will be
positively affected. 

The Board of Directors has decided not to give an estimate of the result for
2010, since this will be highly dependent upon market values of the investment
properties and bond debt and the uncertainty connected hereto. 

At 28 October 2009, Kefren Properties IX AB received a notification of
non-compliance with the loan-to-value covenant under the Senior Loan Facility
Agreement, in that the principal amount of the loans outstanding exceeded 88%
of the market value of the properties securing the loan. 

It is the Board of Directors' belief that a solution will be found and
therefore the annual report has been prepared assuming the Company is, and will
continue to be, a going concern. 

The Board of Directors


Please address questions relating to this Notice to Chairman Ole Vagner on
telephone +45 40254113 or via e-mail ole@vagner.dk. 

Further information about Kefren Properties IX AB is available on the Company's
website, www.kefren.se.