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INTERIM REPORT Q1 2013/14 Table of Contents

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INTERIM REPORT Q1 2013/14 Table of Contents ILLUSTRATION: BARKARBY GATE, RETAIL PARK Stockholm, Sweden TK DEVELopment A/S | CVR NO. 24256782 COMPANY ANNOUNCEMENT NO. 16/2013 | 21 JUNE 2013 INTERIM REPORT Q1 2013/14 TABLE OF contents Page 3 Summary 5 Consolidated financial highlights and key ratios 6 Results in Q1 2013/14 and outlook for 2013/14 12 Market conditions 13 Property development 17 Asset management 22 Discontinuing activities 23 Other matters 24 Statement by the Board of Directors and Executive Board on the Interim Report 25 Consolidated financial statements 34 Company information 2 /34 | TK DEVELOPMENT A/S | INTERIM REPORT Q1 2013/14 | TABLE OF CONTENTS Summary RESUltS FOR THE FIRST QUarter OF 2013/14 PHOTO: TK Development’s results for the first quarter of 2013/14 FASHION ARENA OUTLET CENTER amounted to DKK -19.0 million before tax, compared to DKK PRAGUE, CZECH REPUBLIC -6.9 million in the same period the year before. The results after tax amounted to DKK -16.2 million against DKK -154.9 million in the same period the year before. The balance sheet total amounted to DKK 3,957.9 million at 30 April 2013 against DKK 4,009.3 million at 31 January 2013. Consolidated equity totalled DKK 1,370.9 million, and the solvency ratio stood at 34.6 %. ASSET MANageMENT The total portfolio of own properties under asset manage- Cash flows for the period amounted to DKK -4.5 million ment, which thus generates cash flow, comprised 138,250 against DKK -12.9 million in the same period the year before. m² and amounted to DKK 1,938.7 million at 30 April 2013, Net interest-bearing debt amounted to DKK 2,195.7 million of which investment properties accounted for DKK 314.0 at 30 April 2013 against DKK 2,206.1 million at 31 January million. The annual net rent from the current leases corre- 2013. sponds to a return on the carrying amount of 6.7 %. Based on full occupancy, the return on the carrying amount is ex- PROPERTY DEVELOPMENT pected to reach 7.9 %. In the municipality of Danderyd near Stockholm, TK Devel- opment handed over the first 13,000 m² phase of a retail The operation of these properties is generally proceeding park to an investor in 2010/11. Construction of the second satisfactorily, and overall the footfall and revenue in the phase of about 1,800 m² was completed in March 2013, and centres are developing positively. the retail park was handed over to the investor in the first quarter of 2013/14. The total project has been sold to the MARKET CONDITIONS German investment fund Commerz Real on the basis of for- In Management’s opinion, the market conditions have not ward funding. changed appreciably during the past months. In January 2013, construction of the first phase of 7,850 m², The main challenge currently facing the property sector is a total of 136 units, of TK Development’s residential project the difficult access to financing. Uncertainty on the inter- in Bielany, Warsaw, Poland, was completed. The first units national financial markets continues to adversely affect the were handed over to the buyers in February 2013 and 50 % property sector, leading to consistently long decision-mak- of all units were handed over in the first quarter of 2013/14. ing processes among financing sources, tenants and inves- In total, 76 % of the first-phase units have been sold. tors alike. After the reporting date, TK Development has sold a 20,000 The Group will make the startup of major new projects con- m² retail park project in Barkarby, Stockholm, Sweden, to a tingent on obtaining either full or partial financing for them fund managed by Cordea Savills. The sale is based on for- and on freeing up cash resources from the sale of several ward funding. 73 % of the project premises have been let. major completed projects. The option to purchase land for the project will be exercised simultaneously with construction startup, scheduled for Au- FINANCIAL ISSUES gust 2013. Earnings from the sale are expected to be recog- At the Company’s Annual General Meeting on 22 May 2013, nized in the 2014/15 financial year. the Board of Directors was authorized to carry out a capital increase with gross proceeds of about DKK 210-231 million. The Group’s project portfolio in the property development The capital increase will help generate the cash resources area comprised 456,000 m² at 30 April 2013 (31 January required to underpin future operations and project flow, and 2013: 452,000 m²). thus long-term earnings. The capital increase has been dis- SUMMary | INTERIM REPORT Q1 2013/14 | TK DEVELOPMENT A/S | 3 /34 Summary cussed with the Group’s major shareholders, who, together Management anticipates positive results before tax for the with a few major private and institutional investors, have giv- continuing activities for the 2013/14 financial year. The en conditional subscription and underwriting commitments timing and progress of the phase-out of the discontinuing for the total capital increase. activities are subject to major uncertainty, and the results of these activities are therefore not included in the outlook The Board of Directors has appointed Nordea Bank Danmark for the 2013/14 financial year. A/S to be the Manager of the offering. The more specific terms and conditions governing the capital increase have As mentioned previously, Management has revised the sales not yet been determined. The prospectus currently being strategy for the Group’s projects and chosen to accept re- prepared will set out the detailed terms and conditions of duced prices for selected project sales. Thus, Management the capital increase. TK Development expects to publish the considers it important for the Group to sell some of its com- prospectus in the first half of August 2013 and expects the pleted projects and plots of land in the 2013/14 financial capital increase to be completed in early September 2013. year. A substantial portion of the proceeds from the capital in- The expectations mentioned in this Interim Report, including crease will be used to reduce the debt to credit institutions, earnings expectations, are naturally subject to risks and un- including project finance loans of DKK 68.5 million granted certainties, which may result in deviations from the expected by a number of the Company’s major shareholders and mem- results. Various factors may impact on expectations, as out- bers of Management. lined in the section “Risk issues” in the Group’s Annual Report for 2012/13, particularly the valuation of the Group’s project TK Development has a general agreement with the Group’s portfolio. main banker about both operating and projects credits. Af- ter the reporting date, the agreement has been extended for a two-year period, subject to the condition that the op- erating credit limit is reduced by DKK 73.5 million when the forthcoming capital increase has been implemented, at the latest. During and after the period under review, TK Development has concluded agreements regarding the refinancing of proj- ect credits worth DKK 1.2 billion out of the DKK 1.5 billion due to mature in 2013/14 as of 31 January 2013. The most significant project credit of those refinanced after the re- porting date has been extended by two years, subject to the condition that the credit is reduced by DKK 50 million when the forthcoming capital increase has been implemented, at the latest. Now that the above-mentioned refinancing agreements are in place, credits of DKK 0.3 billion are due to mature in 2013/14. The Group is in ongoing dialogue with the relevant credit institutions, and Management anticipates being able to either prolong or otherwise refinance project credits that have not been prematurely repaid upon project sales. OUTLOOK FOR 2013/14 4 /34 | TK DEVELOPMENT A/S | INTERIM REPORT Q1 2013/14 | SUMMary CONSOLidated FINANCIAL HIGHLIGHts AND KEY ratios Q1 Q1 Full year DKKm 2013/14 2012/13 2012/13 FINANCIAL HIGHLIGHTS: Net revenue 131.6 54.7 632.3 Value adjustment, investment properties, net 1.6 -0.3 -37.8 Gross profit/loss 32.2 39.4 -139.5 Operating profit/loss (EBIT) 8.5 12.1 -241.1 Financing, etc. -27.9 -19.1 -87.4 Profit/loss before tax and writedowns, etc. -19.0 -6.9 -0.3 Profit/loss before tax -19.0 -6.9 -326.0 Profit/loss for the period -16.2 -154.9 -493.3 Balance sheet total 3,957.9 4,480.6 4,009.3 Property, plant and equipment 500.9 447.5 498.8 of which investment properties/investment properties under construction 498.8 443.4 496.3 Total project portfolio 3,021.9 3,546.6 3,030.9 Equity 1,370.9 1,725.7 1,389.7 Cash flows from operating activities 46.1 -24.8 45.6 Net interest-bearing debt, end of period 2,195.7 2,278.3 2,206.1 KEY ratiOS: Return on equity (ROE) *) -4.7 % -34.4 % -30.2 % EBIT margin 6.5 % 22.1 % -38.1 % Solvency ratio (based on equity) 34.6 % 38.5 % 34.7 % Equity value in DKK per share 32.6 41.0 33.0 Price/book value (P/BV) 0.3 0.4 0.4 Number of shares, end of period 42,065,715 42,065,715 42,065,715 Earnings per share (EPS) in DKK -0.4 -3.7 -11.7 Dividend in DKK per share 0 0 0 Listed price in DKK per share 9 15 13 KEY ratiOS ADJUSTED FOR WARRANTS: Return on equity (ROE) *) -4.7 % -34.4 % -30.2 % Solvency ratio (based on equity) 34.6 % 38.5 % 34.7 % Equity value in DKK per share 32.6 41.0 33.0 Diluted earnings per share (EPS-D) in DKK -0.4 -3.7 -11.7 The calculation of key ratios is based on the 2010 guidelines issued by the Danish Society of Financial Analysts.
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