Summary
•This is the first of TK Development's quarterly reports, which replace the
previous interim announcements of quarterly results.
•During the first nine months of the 2009/10 financial year, TK Development
recorded a profit of DKK 49.4 million after tax against DKK 41.7 million for
the same period of 2008/09.
•Consolidated equity totalled DKK 1,592.7 million at 31 October 2009,
corresponding to a solvency ratio of 37.2 %.
•On 17 December 2009, the Public Prosecutor for Serious Economic Crime dropped
the charges against TK Development A/S, its management and auditors.
•The Group's 39,500 m² multifunctional centre, Entré in Malmö, Sweden, opened
in March 2009 and was handed over to the investor in June 2009.
•In December 2009, the Group entered into an agreement with the German
investment fund Commerz Real regarding the sale of its 14,300 m² retail park
project in Danderyd, Sweden. The total selling price is expected to be in the
SEK 280 million range, based on forward funding.
•The first 6,400 m² phase of the Group's retail park in Most, the Czech
Republic, opened at the end of April 2009.
•The Group's 17,300 m² Galeria Sandecja shopping centre in Nowy Sącz, Poland,
opened at the end of October 2009, fully let.
•The Group's 16,500 m² Galeria Tarnovia shopping centre in Tarnów, Poland,
opened at the end of November 2009, fully let.
•The market conditions remain difficult.
•The Group's project portfolio comprised 940,000 m², the same level as at 31
January 2009.
•TK Development continues to focus on costs, consolidating its position and
executing existing projects in the portfolio.
•For the 2009/10 financial year, the Group now expects to generate a profit
after tax of about DKK 50 million.
Further information is available from Frede Clausen, President and CEO, on tel.
+45 8896 1010.
