The Supervisory Board of Kefren Properties IX AB has today held a Supervisory Board meeting at which the Group's interim results were considered. Summary: Interim results in Kefren Properties IX AB The Group earned a loss before tax of tSEK -37,702 compared with a profit of tSEK 43,411 in the first half-year of 2009. The difference in the result before tax is primarily due to value adjustment of the bond debt due to a higher market value, which along with costs associated with refurbishing units has had a negative impact on the result. Revenue for the period amounts to tSEK 297,864, compared with tSEK 330,606 in the comparative period. The difference is primarily caused by higher vacancy in the portfolio. Operating profit before value adjustment of investment properties, debt and goodwill and tax amounts to tSEK 105,787 compared with tSEK 169,182 in the comparative period. Given the difficult business environment in the real estate sector during the period the Supervisory Board considers the results for the period to be acceptable. Furthermore, a lower result was anticipated in the expectations of 2010 in the annual report for 2009. The value of the investment properties as at 30 June 2010 amounts to mSEK 4,911. The investment properties have been valued by the Company at 30 June 2010. Due to the general improvement in the market on one side, but stabilisation of void rates at a higher level than at the last valuation on the other side, the only adjustments to the 31 Dec 2009 market values have been due to value adding investments. The rental market in Sweden has stabilised and the Company expects this to be reflected in the result by the end of 2010. Please address questions relating to this Announcement to Chairman Ole Vagner on tel. +45 40 25 41 13.
Condensed consolidated interim report for the period 1 January 2010 - 30 June 2010
| Source: Kefren Properties IX AB