1 TECHNOPOLIS PLC STOCK EXCHANGE RELEASE July 20, 2007 at a.m. TECHNOPOLIS GROUP INTERIM REPORT, January 1 - June 30, 2007 Highlights of 1-6/2007 compared with corresponding period of 2006: - Group's net sales rose to EUR 27.8 million (EUR 18.7 million), an increase of 49.1 % - The Group's EBITDA (Earnings before interest, taxes, depreciation and amortization) rose to EUR 13.6 million (EUR 10.0 million), an increase of 36.9 %. - Profit before taxes totaled EUR 14.5 million (EUR 18.1 million), a decrease of 20,0 %. - Effect on profit before taxes of the change in the fair value of investment property was EUR 5.4 million (EUR 10.5 million). Business The Group's net sales for the review period were EUR 27.8 million (EUR 18.7 million in 1-6/2006), representing growth of 49.1 %. EBITDA (Earnings before interest, taxes, depreciation and amortization) for the review period was EUR 13.6 million (EUR 10.0 million), an increase of 36.9 %. Group EBITDA increased slower than net sales due to increase in personnel, development and expert costs associated with business expansion and in net sales from business development services and regional development programs. Operating profit for the review period was EUR 18.7 million (EUR 20.3 million). Profit before taxes for the review period was EUR 14.5 million (EUR 18.1 million). The balance sheet total was EUR million (EUR million), an increase of 20.3 %. The Group's equity to assets ratio at the end of the period was 38.9 % (39.4 %). The fair value of the Group's investment property at the end of the review period was EUR million (EUR 326,8 million). The change in the fair value of investment property was due to the effect of the fair value of property bought and completed, a reduction in the return requirements of the market, changes in future returns and modernization costs, the revaluation of property owned throughout the review period, and increases in acquisition cost recognized in separate companies during the review period. The effect on profit of the change in the fair value of investment property was EUR 5.4 million (EUR 10.5 million). The Group's total rentable surface area was 346,077 floor square meters at the end of review period (287,913 floor square meters at June 30, 2006). The Group's average financial occupancy ratio at the end of the period was 95.4 % (94.1 %). The financial occupancy ratio describes the rental revenue from the properties as a percentage of the combined total of the rent for the leased space and the estimated market rent for the vacant space. The Group's leases at the end of the review period totaled EUR million (EUR million). Group structure The Technopolis Group includes the parent company, Technopolis Plc, which has operations in Oulu, Vantaa and Lappeenranta, and its subsidiaries Innopoli Oy in Espoo (100 % owned), Technopolis JSP Oy in Jyväskylä (100 % owned), Technopolis TSP Oy in Tampere (100 % owned), Medipolis Oy in Oulu (100 % owned) and other subsidiaries.
2 The Group has carried out the merger of the following Group subsidiaries with their respective parent companies: Technopolis JSPF Oy, Kiinteistö- ja Sijoitusyhtiö Joreco Oy, Kiinteistöosakeyhtiö Teknologiantie 11, Technopolis Kareltek Oy, Kiinteistö Oy Oulun Teknologiatalot, Kiinteistö Oy Oulun Moderava and Kiinteistö Oy Oulun Mediaani. In addition, the Group has commenced the merger of the following Group subsidiaries with their respective parent companies: Technopolis JSP Oy, Technopolis TSP Oy, Kiinteistö Oy Hermia Kymppi and Medipolis Oy. The purpose of the mergers is to increase the cost efficiency of the companies' operations and streamline Group administration. The parent company also has a minority holding in the affiliated companies Technocenter Kempele Oy (48.5 %), Iin Micropolis Ltd (25.7 %), Jyväskylä Innovation Ltd (24 %) and Lappeenranta Innovation Ltd (20 %). Technopolis Plc has a 13 % holding in Oulu Innovation Ltd. The Group also includes Technopolis Ventures Oy in Espoo (fully owned by Innopoli Oy). Technopolis Ventures Oy has a wholly-owned subsidiary, Technopolis Ventures Kareltek Oy (100 % owned) and the subsidiaries Technopolis Ventures JSP Oy and Technopolis Ventures Oulutech Oy (70 % owned). Technopolis Ventures Oy also has a 25 % holding in Otaniemen kehitys Oy. Technopolis has established two Russian companies in St. Petersburg, Technopolis Neudorf LLC and Technopolis St. Petersburg LLC, both fully owned by Technopolis. Principal investments and development projects In February, Technopolis decided to commence the construction of the Hermia 12 property in Tampere. The project's cost estimate is EUR 9 million and the gross area is 8,600 square meters, which includes a parking facility for 115 vehicles. 63 % of the facilities have so far been rented. Its total size is 5,000 floor square meters and it is expected to reach completion before the end of February In February, Technopolis reached a result in negotiations with the City of Oulu and the Northern Ostrobothnia Hospital District concerning the purchase of a total of 19,250 shares in Medipolis Oy. Following transactions with the said parties and minority shareholders, Technopolis is the sole owner of Medipolis Oy. In May, Technopolis launched the construction of the first stage of its technology center in Ruoholahti, Helsinki. The size of the stage is 6,600 floor square meters and the cost estimate is somewhat over EUR 20 million, which includes the costs of parking spaces and site costs. The first stage is estimated to be completed in summer In May, Technopolis launched the construction of the first stage of its Lappeenranta City project. The stage measures 3,150 floor square meters and is estimated to cost approximately EUR 6.5 million. 54 % of the facilities have so far been rented. Planned completion is before the end of March Technopolis has commenced planning a new technology center in the heart of Tampere at the corner of Kalevantie and Kanslerinrinne, adjacent to the University of Tampere. In its meeting on June 4, 2007, the City Board of Tampere approved Technopolis's request to reserve a plot of land containing the building rights to around 30,000 floor square meters for Technopolis Plc, for the purpose of implementing a new technology center.
3 In June, Technopolis commenced the third and fourth expansion stages of the Kontinkangas technology center in Oulu. The size of the third expansion is 3,500 gross square meters and the investment totals approximately EUR 5 million. 84 % of the third expansion have so far been rented. Its estimated time of completion is August The size of the fourth expansion is 4,290 gross square meters and the investment totals approximately EUR 7.5 million. Its estimated time of completion is September Approximately 70 % of the fourth expansion has been rented. In June, Technopolis signed a preliminary agreement with the City of Espoo, the Etera Mutual Pension Insurance Company, and Sitra (the Finnish Innovation Fund) on the acquisition of the entire stock of Kiinteistö Oy Innopoli II (Innopoli II real estate company). Kiinteistö Oy Innopoli II comprises a building of 20,625 floor square meters and 1.9 hectares of land owned by the company and located in the Otaniemi district of the City of Espoo. Completed in 2002, the property houses some 90 high tech companies. According to the preliminary agreement, the transaction price of EUR 54.2 million will be revised on the basis of Kiinteistö Oy Innopoli II's net debt position. About 20 % of the price will be paid in new shares of Technopolis Plc and the rest in cash. The intention is to close the deal in August Closure of the transaction will require, for example, that no new significant information that would prevent the transaction from taking place is revealed either in the due diligence process carried out and ordered by Technopolis Plc or otherwise and that the final deed of sale is signed by August 31, In June, Technopolis has signed an agreement with Stockmann plc to lease some 4,300 square meters of office space in the Nevsky Centre shopping center currently under construction in St. Petersburg for the purpose of subletting it to its customer companies. Located in Nevski Prospekt in downtown St. Petersburg, the shopping center and office space will be completed in the spring of The territorial plan for the Pulkovo technology center in St. Petersburg is expected to be complete by the end of The estimate is that the conditions for commencing work on the approximately 15,000-square-meter first stage will be in place in the first half of Technopolis has commenced preliminary inquiries on launching technology centre operations in the Moscow area. Events related to the Technopolis share At its meeting on January 4, 2007, the Board of Directors resolved, in accordance with the authorization granted by the Annual General Meeting of March 24, 2006, to increase the company's share capital by a maximum of EUR 1,162,652.40, a total of 687,960 shares, through accepting the subscriptions of institutional investors. The purpose of the share offering was to finance the investments included in the company's investment plan, to secure the company's growth and to maintain the company's equity-to-asset ratio. The shares were offered in deviation from the pre-emptive subscription rights of shareholders for subscription by Finnish and international institutional investors. The share offering was implemented through a "book building" process, in which institutional investors subscribes the shares to be issued in accordance with their subscription commitments made during the reception period for such commitments, January 3-4, The demand was about 3.5 times larger than the number of shares offered. The subscription price was set at EUR 7.70 per share. The increase in share capital was
4 entered in the Trade Register on January 8, 2007, and trading in the shares began on January 9, In December 2006, a total of 26,131 Technopolis shares were subscribed with year 2001 options. An increase in share capital of EUR 44, was entered in the Trade Register on February 13, Including earlier subscriptions, a total of 98,399 Technopolis shares were subscribed by April 30, 2007 with year 2001 options. An increase in share capital of EUR 166, was entered in the Trade Register on June 12, The subscription period for all year 2001 options expired on April 30, Following these increases, the Technopolis share capital is EUR 68,691, and there are 40,646,072 shares. Financing The Group's net financial expenses at the end of the review period totaled EUR 4.3 million (EUR 2.2 million). The Group's balance sheet total was EUR million (EUR million), of which liabilities accounted for EUR million (EUR million). The Group's equity to assets ratio was 38.9 % (39.4 %). The Group's equity per share was EUR 4.22 (EUR 3.81). The Group's long-term liabilities at the end of the review period were EUR million (EUR million). The average interest rate of loans was 4.34 % on June 30, 2007 (3.55 %). Technopolis supplements its financing with a EUR 60.0 million domestic commercial paper program which allows the company to issue commercial papers with a maturity of less than a year. Total commercial papers issues were EUR 41.7 million on June 30, Organization and personnel The Group Executive Board includes the President and CEO Pertti Huuskonen, the directors Jukka Akselin, Satu Eskelinen, Marjut Hannelin, Martti Launonen, Seppo Selmgren, Keith Silverang, Reijo Tauriainen and Jarkko Ojala, who will commence as CFO on August 1, The Group employed an average of 140 (95) people during the period. In premises activities there were 48 (28) people, in business services 32 (23) people and in development services 60 (44) people. Decisions of the Annual General Meeting The Annual General Meeting of March 29, 2007 confirmed the consolidated and parent company income statements and balance sheets for the year 2006, released those responsible for accounts from further liability and decided on the distribution of a dividend of EUR 0.14 per share for the year that ended on December 31, The Board of Directors appointed by the Annual General Meeting comprises Timo Parmasuo, chairman, and Matti Pennanen, vice chairman, and the members Pekka Korhonen, Erkki Veikkolainen and Juha Yli-Rajala. Pertti Huuskonen is the President and CEO of Technopolis. The Group's auditor is KPMG Oy Ab, Authorized Public Accountants, and the principally responsible auditor is Tapio Raappana, APA. The Annual General Meeting decided to amend the Group's articles of association. The amendments are largely the result of the Companies Act that came into force on September 1, 2006, and are mostly technical in nature. In
5 addition, the Annual General meeting decided to authorize the Board of Directors to decide on acquiring Group shares, a share issue and granting options and other special rights entitling to Group shares, granting options for the year 2007 to Group key personnel and annulment of the 2005C options. Evaluation of operational risks and uncertainty factors The most significant risks to Technopolis' business operations are mainly financial risks and customer risks. Technopolis' main financial risk is the interest rate risk on the loan portfolio. The objective of interest rate risk management is to lower or remove the negative impact of market rate fluctuation on the Group's performance, balance sheet and cash flow. The company's financing policy aims to diversify the interest rate risk of loan contracts over various loan periods on the basis of the market situation reigning at any particular time and the interest rate prognosis created in the company. If necessary, the company will employ forward rate agreements, interest rate swaps and interest rate options. In order to manage financial risk, Technopolis uses a wide range of financing companies and maintains a high capital adequacy level. Technopolis only uses derivatives to reduce remove financial risks in the balance sheet. Because of the structure of the Technopolis loan portfolio at the end of the review period, a one percentage point increase in money market rates would increase interest rate costs by EUR 1.0 million per annum. Due to the related interest rate risk, a policy of diversification has been followed. On June 30, 2007, 74.1 % of the loan portfolio was bound either to the 3-12 month Euribor rate or the base rate. Of the loans, 25.9 % were fixed-interest loans of 13 to 60 months. The average capital-weighted outstanding loan period was 12 years. Technopolis supplements its total financing with a EUR 60.0 million domestic commercial paper program which allows the company to issue commercial papers with a maturity of less than a year. Total commercial papers issues were EUR 41.7 million on June 30, Changes in the exchange rates between the Russian ruble and euro may have an effect on the company's financial situation and operations. Business transactions denominated in rubles are recorded at the exchange rate of the transaction date. Any translation differences are entered in the income statement under other operating expenses or financial income and expenses depending on the nature of the transaction. The purchase of land in St. Petersburg was financed in local currency. Currency risks have been minimized by applying a currency swap. Customer risk management aims to minimize the negative impact of any changes in customers' financial situation on the business and the company's profit. In customer risk management, emphasis is on familiarity with the customer's business and active monitoring of customer information. As part of customer risk management, Technopolis' leasing agreements include rent collateral arrangements. Properties are insured with full value insurance. The Group's property portfolio is divided geographically between the Helsinki metropolitan area, Jyväskylä, Lappeenranta, Tampere and the Oulu region. No single customer accounts for more than 12 % of the Group's net sales. The Group has arranged the leases of its biggest customers to end at different times. The Group has a total of 950 customers, which operate in several different sectors.
6 Technopolis is protected against business-cycle fluctuations by long-term leases which totaled EUR million on June 30, Of the lease agreements, 3 % will expire in 2007, 21 % in , 31 % in , 5 % in and 40 % in 2017 or later. In new building projects, Technopolis focuses on quality determination and the manageability of the property's entire lifecycle. In the design phase, all the building's maintenance and repair requirements are taken into account, in the aim of implementing environmentally friendly solutions in terms of energy consumption, the adaptability of office facilities, and recycling possibilities. In connection with property purchases, Technopolis carries out the normal property and environmental assessments before committing to the transaction. Changes in market return requirements may have substantial effect on profit development. When return requirements increase, the fair value of properties decreases and when they decrease, the fair value of properties increases. The changes have either an increasing or decreasing effect the Group operating profit. Outlook for the future Technopolis management expects that demand for the company's high tech operating environments will be satisfactory in 2007 and that the occupancy ratio of its facilities and demand for their services will remain good. The Group estimates that its net sales and EBITDA will increase in 2007 by % on the previous year, providing that the Kiinteistö Oy Innopoli II deal is closed according to plan. As part of its strategy for growth, Technopolis aims to operate in top high technology cities in Finland, as well as in Russia and 1-2 other countries by The Group aims to increase its net sales by an average of 15 % annually. It seeks to grow organically as well as through acquisitions. The Group's financial performance is dependent on trends in the general operating environment, in customer business, in the financial markets and in the return requirements for properties. Factors in these areas may affect the Group's result through changes in occupancy ratios, the use of services, financing costs, the fair values of properties and office rent levels. Oulu, July 20, 2007 TECHNOPOLIS PLC Board of Directors Pertti Huuskonen President and CEO Further information: Pertti Huuskonen, tel or A PDF version of this interim report can be found at Requests for a printed version can be made to Teija Koskela, tel Technopolis Plc has an information bulletin service, which can be subscribed to on the Internet. Service subscribers will receive the Group's information bulletins by .
7 Investment properties are measured according to the fair value model. The internal and external construction period costs from investment properties are included immediately in the acquisition cost in accordance with the IAS 16 standard. In accordance with the IAS 23 standard, borrowing costs for construction periods have been entered under the acquisition cost of properties under construction. The figures are unaudited. INCOME STATEMENT EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/ Net sales Other operating income 1) Operating expences Change in fair value of investment properties Depreciation according to plan Operating profit Financial income and expenses Profit before taxes Income taxes Net profit for the period Distribution of profit for the period: To parent company shareholders To minority shareholders BALANCE SHEET, ASSETS EUR million Jun 30, Jun 30, Dec 31, Non-current assets Intangible assets Tangible assets Investment property Investments Deferred tax assets Total non-current assets Current assets Total assets BALANCE SHEET, SHAREHOLDERS' EQUITY AND LIABILITIES EUR million Equity Share capital Share issue 2.54 Premium fund Other funds Other shareholders' equity Retained earnings Net profit for the period Parent company's shareholders' interests Minority interests Total shareholders' equity Liabilities Long-term liabilities
8 Interest-bearing liabilities Non-interest-bearing liabilities Deferred tax liabilities Short-term liabilities Interest-bearing liabilities Non-interest-bearing liabilities Total liabilities Total shareholders' equity and liabilities CONSOLIDATED STATEMENT OF CASH FLOWS EUR million 1-6/ 1-6/ 1-12/ Net cash provided by operating activities Operating profit Revaluation of investment properties Depreciation Other adjustments to operating profit non-cash transactions Increase/decrease in working capital Interest received Interests paid and fees Income from other investments of non-current assets Taxes paid Net cash provided by operating activities Net cash used in investing activities Investments in other instruments Investments in investment properties Investments in tangible and intangible assets To minority shareholders Income from other investments of non-current assets Acquisition of subsidiaries Net cash used in investing activities Cash flows from financing activities Increase in long-term loans Decrease in long-term loans Dividends paid Paid share issue Change in short-term loans Cash flows from financing activities Net increase/decrease in cash assets Cash assets at beginning of period Cash assets at end of period ACCOUNT OF CHANGES IN SHAREHOLDERS' EQUITY EUR million Share Share Other Accum- Minor- Sharecapital premium funds ulated ity holders' fund related int. equity earning Shareholders' equity Dec 31, Increase of share capital Directed share issue
9 Dividend distribution Net profit for the period Share issue (not registered) Other changes Shareholders' equity Jun 30, Increase of share capital Directed share issue Net profit for the period Other changes Shareholders' equity Dec 31, Increase of share capital Directed share issue Dividend distribution Net profit for the period Other changes Shareholders' equity Jun 30, KEY INDICATORS 1-6/ 1-6/ 1-12/ Change in net sales, % Operating profit/net sales, % Equity to assets ratio, % Employees in Group companies Gross investments in non-current assets in balance sheet, EUR Net rental income of property portfolio, % 2) Financial occupancy ratio, % Earnings/share, undiluted, EUR diluted, EUR Average (issue-adjusted) number of shares undiluted 40,520,699 36,485,162 37,472,329 diluted 40,691,940 36,617,079 37,619,867 CONTINGENT LIABILITIES EUR million Jun 30, Jun 20, Dec 31, Pledges and guarantees on own debt Mortgages Land lease liabilities Other mortgage liabilities Pledged investment properties Nominal values of interest rate swaps Fair values of interest rate swaps VAT return liability Project liabilities Collateral given on behalf of affiliated companies Guarantee Other mortgage liabilities
10 Leasing liabilities, machinery and equipment ) Other operating income comprises operating subsidies received for development services, for which the same amount of development service expenses have been recorded as operating expenses. 2) Does not include properties taken into use and acquired during the year. Distribution: OMX Nordic Exchange Helsinki Main news media
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This document has been translated from the Japanese original for reference purposes only. In the event of discrepancy between this translated document and the Japanese original, the original shall prevail.
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