Reported to the OMX, The Nordic Exchange, via Company News Service on 30 May
2008
The Supervisory Board of Landic Property Bonds IX AB has today held a
Supervisory Board meeting at which the Group's interim announcement was
considered.
Landic Property Bonds IX AB has prolonged its financial year-end to 31 December
2008. Management has decided to prolong the financial year by three months, and
as such, the Company´s financial period covers the period 1 October 2007 to 31
December 2008.
Summary:
Interim results in Landic Property Bonds IX AB
The Group's loss before tax and value adjustments for the period 1 October 2007
to 31 March 2008 amounts to SEK 16.3 million.
The value of the properties at 31 March 2008 amounts to SEK 6,292 million. The
total value adjustments in the period 1 October 2007 to 31 March 2008
constitute a revaluation of a total of SEK 19 million.
Total loss before tax and value adjustments of properties and debt for the
period 1 October 2007 to 31 December 2008 is expected to amount to approx. SEK
65 million (15 months).
Please address questions relating to this Notice to MD Mats Sterner on tel. +
46 8 410 203 11
or to CFO Gunnar Petersen on tel. +354 575-9003.
Management's review
Activities
Landic Property Bonds IX AB was established on 24 November 2005. At 31 March
2008, the Company has 22 subsidiaries. The Company's object is to own and
manage property-owning companies as well as to raise the necessary financing
for the Group´s enterprise. The Company is wholly-owned by and is included in
Keops EjendomsObligationer IX A/S, Denmark.
The main part of the Group's 170 properties (893 253 sq.m) is let out as office
facilities (51%), industrial (13%), storage facilities (13%), retail (12%),
residential facilities (3%), hotel (1%) and other (8%). The properties are
located across 68 municipalities and the majority of the properties are in
Southern Sweden.
Financial review
The Group's loss before tax and before value adjustments of properties and debt
for the period 1 October 2007 to 31 March 2008 amounts to SEK 16.3 million
compared to the budget of negative SEK 65.2 million.
Net revenue amounted to SEK 328.0 million compared to the budget of SEK 324.5
million. The increase is an effect of new lettings. Last year, revenue amounted
to SEK 582 million for the period of 11 months.
The value of the properties at 31 March 2008 amounts to SEK 6,292 million. The
total value adjustments in the period consist of a revaluation of a total of
SEK 19.0 million and are caused by a market valuation of financial instruments
made by negative SEK 1.2 million and valuation of the bond debt made by
positive SEK 20 million.
During the period the sales of three properties, Merkurius 15, Karl XI Södra
and Fallvinden 3 has been made. The gain of the sales amounted to SEK 6.6
million.
The total profit before tax for the period were SEK 2.7 million compared to a
negative SEK 362.8 million in 2006/07 for 11 month.
At 31 March 2008, equity amounts to SEK 411.2 million compared to SEK 401.2
million at 30 September 2007.
Expectations of full-year performance (15 months)
Total loss before tax and value adjustments of properties and debt for the
period 1 October 2007 to 31 December 2008 is expected to amount to approx. SEK
65 million (15 months).
