Reported to the Copenhagen Stock Exchange via Company News Service on 21
December 2007
The Supervisory Board of Keops EjendomsObligationer VII (Stockholm) A/S has
today held a Supervisory Board meeting at which the Group's interim
announcement was considered.
Keops EjendomsObligationer VII (Stockholm) A/S has changed its financial
year-end to 31 December. Management has decided to prolong the financial year
by three months, and as such, the Company's financial period covers the period
1 October 2006 to 31 December 2007. This Announcement accordingly replaces the
preliminary announcement of financial statements.
Summary:
Satisfactory profit before tax and value adjustments for Keops
EjendomsObligationer VII (Stockholm) A/S.
The Group's profit before tax and value adjustments for the period 1 October
2006 to 30 September 2007 amounts to DKK 21.9 million. In connection with the
first six months, Management reported an expected profit of DKK 35 million for
the same period. The difference of negative DKK 13.1 million is primarily
caused by an accounting reclassification of negative DKK 10.2 million between
financial expenses and value adjustments of properties and debt, net as well as
increased maintenance costs. The reclassification has no effect on the total
profit for the period. Management considers the profit satisfactory.
The Group's property portfolios have been reassessed in connection with the
acquisition of Keops A/S by Landic Property hf (Iceland). The Company's
properties have been written down by DKK 16.8 million in the period. The total
value adjustments, however, constitute a positive revaluation of a total of DKK
23.1 million. The difference of DKK 39.9 million is caused by value adjustments
of financial instruments and debt to fair value.
Total profit before tax and value adjustments of properties and debt for the
period 1 October 2006 to 31 December 2007 in the order of approx. DKK 22
million is expected.
Please address questions relating to this Notice to CFO Karina Deacon on tel.
+45 33784000.
This document in the English language is a translation of the Danish original
document. In the event of inconsistency, the Danish version shall apply.
