Reported via Company News Service to the Copenhagen Stock Exchange on 7 May
2007:
Keops has today concluded agreement about the sale of 37 Swedish commercial
properties at a total price of SEK 1,472 million. With this transaction, all
properties designated as ready-for-sale in the six-point plan have been sold at
estimated selling prices.
The sale comprises the remaining 37 commercial properties in the so-called
Malmstaden portfolio which Keops acquired in November 2004. The agreement about
the sale is unconditional and has been concluded with Teesland IOG in Denmark
which is a subsidiary of the British listed property investment company by the
same name.
After transaction costs, the sale of the properties is expected to generate
approx. DKK 400 million of liquidity and a profit before tax of approx. DKK 120
million in relation to the carrying amount at 30 September 2006.
Consolidation in accordance with the determined six-point plan
Earlier in 2007, Keops carried out the sale of a number of Swedish residential
properties and of Fatburen. By the sale of the remaining Malmstaden properties,
the consolidation by divestment of certain properties designated as
ready-for-sale has been carried out in accordance with the six-point plan
announced in December. The divestments have been made at the estimated selling
prices. Thereby, the expectations of the six-point plan of profit and cash
proceeds from the divestments are expected met.
Keops' expectations of the future
Accordingly, Management maintains the most recently reported expectations of
Keops Group's total consolidated profit before tax for this financial year. The
expectations of profit before tax for 2006/07 accordingly constitute DKK
450-650 million including value adjustments of properties and debt.
Please address questions relating to this Notice to CFO Michael Rosenvold or
Head of Communications Susanne Lindø on tel. +45 3341 0000.
Please address questions to Teesland IOG Danmark to CEO Michael Bruhn on tel.
+45 7020 5410.
This document in the English language is a translation of the Danish original
document. In the event of inconsistency, the Danish version shall apply.
Forward-looking Statements
This Notice to the Stock Exchange may contain forward-looking statements within
the meaning of US Private Securities Litigation Act of 1995 and similar laws
and regulations in other countries regarding expectations of the future
development. Forward-looking statements provide our expectations or forecasts
of future events. You can identify these statements by the fact that they do
not relate strictly to historical or current facts. They use words such as
anticipate, estimate, expect, project, intend, plan, believe and other words
and terms of similar meaning in connection with a discussion of future
operating or financial performance. Such forward-looking statements are subject
to risks, uncertainties and inaccurate assumptions. This may cause actual
results to differ materially from expectations, and it may cause any or all of
our forward-looking statements here or in other publications to be wrong.
Factors that might affect such expectations include, but are not limited to,
general economic and business conditions and interest rate and currency
exchange rate fluctuations. As a result you should not rely on these
forward-looking statements. Keops is under no duty to update any of the
forward-looking statements or to confirm such statements to actual results,
except to the extent required by law. Please also refer to the description of
risk factors on pages 30 to 33 of Keops' Annual Report 2005/06, which is
available from www.keops.dk.
