During the first six months of the 2008/09 financial year, TK Development
recorded a profit of DKK 50.9 million after tax. The market deterioration has
caused the Group to reduce its profit expectation for the 2008/09 financial
year to about DKK 200 million after tax against its previous expectation of
about DKK 300 million after tax.
Summary:
In the first six months of 2008/09, TK Development realized a profit after
tax of DKK 50.9 million, against DKK 57.9 million in the first half of 2007/08.
Consolidated equity totalled DKK 1,521.7 million at 31 July 2008,
corresponding to a solvency ratio of 38.9 %.
In June 2008, TK Development sold its share of Futurum Ostrava in Ostrava and
Haná Shopping Centre in Olomouc, the Czech Republic, to the property fund
manager Pradera - AM PLC.
The Group's project portfolio comprised 1,168,000 m² at 31 July 2008, about
the same level as at 30 April 2008.
In June 2008, TK Development exercised its option to buy the remaining stake
in Euro Mall Holding A/S from the Investment Fund for Central and Eastern
Europe. Thus, TK Development is now the sole owner of the Central European
activities.
The current market conditions have meant that the Group has postponed a few
of its projects, including the sale of land in Poland and Denmark.
For the 2008/09 financial year, the Group now expects a profit after tax of
about DKK 200 million against the previous expectation of about DKK 300
million.
