Preliminary announcement of 2007/08 annual financial results - TK Development A/S

The profit of DKK 249.5 million after tax and minority interests meets
expectations for the year. TK Development continues to expect profits to
increase to about DKK 300 million after tax for the 2008/09 financial year. 

On 24 April 2008, the Supervisory Board of TK Development A/S considered and
adopted the 2007/08 Annual Report. The key points are given below: 

•	TK Development recorded a profit of DKK 249.5 million after tax and minority
interests, compared to a profit estimate of DKK 240-250 million and a profit of
DKK 249.4 million the year before. 
•	Management considers the profit for the year to be satisfactory.
•	Consolidated equity totalled DKK 1,533.8 million at 31 January 2008,
corresponding to a solvency ratio of 37.7 %. 
•	The return on equity was 19.2 % for the 2007/08 financial year.
•	The Group's project portfolio developed as planned. The project portfolio
increased by 51,000 m² (net) to 1,212,000 m² at 31 January 2008, distributed on
handed-over projects of 195,000 m² and new, added projects of 246,000 m². 
•	In the first half of 2007/08, TK Development exercised its option to acquire
half the stake in Euro Mall Holding A/S held by the Investment Fund for Central
and Eastern Europe, thus increasing its shareholding to 90 %. 
•	For the 2008/09 financial year, the Group expects to generate a profit after
tax of about DKK 300 million. 

2007/08 - a year of intense activity
In the 2007/08 financial year, TK Development handed over projects totalling
195,000 m², and maintained a high activity level in both the Northern and the
Central European markets. 

The projects handed over include the Spinderiet shopping and district centre in
Valby, Denmark, of 37,100 m²; Galeria Biala in Bialystok, Poland, of 46,000 m²;
Targówek Retail Park in Warsaw, Poland, of 24,400 m²; Ostrava Retail Park in
Ostrava, the Czech Republic, of 10,300 m²; the extension of the Plejada
Shopping Centre in Sosnowiec, Poland, of 3,600 m²; Vantaanportti Retail Park,
phase II, in Helsinki, Finland, of 11,650 m²; as well as retail parks in
several of the Group's markets totalling 26,100 m². 

Projects were sold to such companies as Ejendomsinvesteringsselskabet Dades
A/S, Meinl European Land Ltd., Credit Suisse Asset Management Immobilien
Kapitalanlagegesellschaft, GE Real Estate Central Europe, St. Martins Property
Corporation Ltd. as well as several private investors. 

 
Satisfactory progress in the Group's projects
The Group's ongoing projects have shown satisfactory progress. Ongoing
construction is progressing as planned, the letting of the Group's ongoing and
planned projects is generally proceeding satisfactorily, the expected public
authority permits have been obtained, and the Group has entered into agreements
to sell a number of its projects to both international and private investors. 

The Group continues to focus on the use of forward funding. At 31 January 2008,
more than 90 % of the investments in the Group's ongoing sold projects were
financed by forward funding, with investors paying successively in step with
completion of construction. 

The Group expects to sell a large plot of land in Poland in the course of
2008/09. Moreover, the Group expects additional income from the sale of land in
Denmark next year. 

Difficult market conditions in Poland due to overheating of the construction
sector meant that two shopping centre projects had to be postponed. 

The Prague Outlet Centre (Fashion Arena) in Prague opened in November 2007. As
mentioned in the interim report for the first half of 2007/08, a DKK 85.0
million reversal was made in respect of an impairment loss recorded in a
previous year for the land for this project. 

Construction of the Group's first housing project in Poland, the Tivoli
Residential Park in Warsaw, began in spring 2007. 

New projects of 246,000 m2 in 2007/08
As well as handing over projects, the Group added a satisfactory number of new
projects to its portfolio in the 2007/08 financial year. Covering 246,000 m²,
these additions resulted in a 51,000 m2 net increase of the project portfolio,
which totalled 1,212,000 m² at 31 January 2008. 

The Group has continued expanding existing markets to optimize TK Development's
present market platform. 

In Sweden, the Group and the Swedish housing developer JM AB have entered into
a cooperation agreement with SKF Sverige AB to develop SKF's former factory
area in the old part of Gothenburg. The project comprises a total floor space
of 75,000 m². TK Development will be in charge of developing the 45,000 m² for
a shopping centre and services/commercial use, while JM AB will have
responsibility for the 30,000 m² of housing. Moreover, through a qualification
procedure, TK Development has been selected to build a new commercial centre in
the municipality of Danderyd near Stockholm. 

The Group has acquired a right to buy an area of land in Hyvinkää for the
construction of the Group's first shopping centre project in Finland, which
will thus cement its position in this market. The Group has also acquired plots
of land to build retail parks and other projects in both the Czech Republic and
the Northern European markets. 

In addition, TK Development has acquired a large tract of land in Warsaw,
Poland, to build 900-1,000 residential units and thus continue the positive
development in this segment. 

The Group's project portfolio
The main elements of the Group's project portfolio are set out below:

	31 Jan. 2006	31 Jan. 2007	31 Jan. 2008
Project portfolio (DKKm)			
Gross project portfolio	2,862	2,039	2,777
Of which, forward funding	638	590	832
Carrying amount of project portfolio	2,224	1,449	1,945
			
Development potential in '000 m²:			
Sold projects	289	351	264
Remaining projects	720	810	948
Total project portfolio	1,009	1,161	1,212
Number of projects	90	94	86


Outlook for 2008/09
TK Development continues to expect profits to increase to about DKK 300 million
after tax for the 2008/09 financial year, corresponding to a return on equity
of almost 20 %. 

This announcement of annual financial results is available on TK Development's
website www.tk-development.dk. 

Any questions relating to this preliminary announcement of 2007/08 annual
financial results may be directed to Frede Clausen, President and CEO, on
telephone no. 8896-1010.