Interim Report, H1 2015/16. Illustration: BROEN, shopping centre Esbjerg, Denmark

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1 Interim Report, H1 2015/16 Illustration: BROEN, shopping centre Esbjerg, Denmark

2 Contents 1. The Group s results Financial highlights and key ratios H1 2015/16 at a glance 2. Market conditions 3. Project portfolio Property development Asset management 4. New sales and outlook New sales Outlook for 2015/16 2

3 1. The Group s results Office property, Alfa Laval Aalborg, Denmark 6,000 m² 3

4 Financial highlights and key ratios (DKKm) 2010/ / / / /15 H1 2014/15 H1 2015/16 Financial highlights: Net revenue Gross profit/loss Operating profit/loss (EBIT) Profit/loss before tax and writedowns, etc Profit/loss before tax Profit/loss Profit/loss before tax, forward-looking strategy Balance sheet total 4, , , , , , ,835.3 Project portfolio 2, , , , , , ,022.2 Equity 1, , , , , , ,510.0 Cash flows for the year Net interest-bearing debt, end of period 1, , , , , , Key ratios: Return on equity (ROE) 4.3 % 1.4 % % -3.4 % -2.5 % 0.9 % -1.0 % Solvency ratio (based on equity) 44.6 % 44.9 % 39.6 % 46.4 % 53.1 % 48.5 % 53.3 % Price / book value (P/BV)

5 Results broken down by business area Profit/loss H1 2015/16 Property development Asset management activities Discontinuing Unallocated Revenue Gross profit/loss Costs, excl. depreciation and amortization Operating profit/loss Income from investments in joint ventures Financing, net Profit/loss before tax

6 H1 2015/16 at a glance Development in balance sheet total, DKK million The consolidated balance sheet total amounted to DKK 2,835 million at 31 July 2015 a decline of more than DKK 650 million over the past 2½ years. 6,000 4,000 2, Equity and solvency The Group s equity amounted to DKK 1,510 million at 31 July 2015, corresponding to a solvency ratio of 53.3 % - an increase from a ratio of 39.6 % over the past 2½ years. 2,000 1, % 40 % 20 % 0 % Equity Solvency ratio Net interest-bearing debt, DKK million Net interest-bearing debt amounted to DKK 978 million at 31 July 2015, which is a decline of DKK 682 million over the past 2½ years. 2,000 1,

7 H1 2015/16 at a glance Alfa Laval, office property, Aalborg, Denmark 6,000 m² office project in Aalborg developed for the international Alfa Laval Group. Before construction start, the project was sold to PensionDanmark at a total price of DKK 126 million. The finished project was handed over to the investor in June Alfa Laval, office property, Aalborg, Denmark Earnings from the sale were recognized in the second quarter of 2015/16. BROEN, shopping centre, Esbjerg, Denmark Sale of 65 % of the project to CapMan Real Estate at the then current stage; see further details below. BROEN, shopping centre, Esbjerg, Denmark The sale will have no immediate impact on the Group s results. 7

8 H1 2015/16 at a glance Other sales Sale of ownership share of joint venture comprising 1,500 m² apartments for young people at Smallegade, Frederiksberg. The profit was recorded in Q1 2015/16. Sale of lot A at Amerika Plads, Copenhagen, to A.P. Møller - Mærsk A/S. The profit was recorded in Q2 2015/16. Sale of superstore in Randers to private investors. Selling price corresponds to the carrying amount. Apartments for young people, Smallegade, Frederiksberg, Denmark Other matters Construction of a number of new projects was started in H1 2015/16. Carrying amount of projects not initiated (plots of land) in the business area property development has been reduced by DKK 203 million since 31 January 2015 and now amounts to DKK 580 million. 8

9 Discontinuing activities TK Development is phasing out its activities in Germany, Finland, the Baltic States and Russia. Balance sheet total for the discontinuing activities (DKK million): 31 January July Reduction 42 % Discontinuing activities comprised the following at 31 July 2015: Germany One rental property + two plots of land Finland One plot of land Baltic States One ongoing project + two plots of land Russia One project for letting In the Baltic States, TK Development has chosen to keep a small staff to develop and execute the few remaining projects in order to retain their maximum value. 9

10 DomusPro, Vilnius, Lithuania Retail park project of 11,300 m² - sold conditionally to BPT Baltic Opportunity Fund, which is managed by BPT Asset Management. Sold in advance The selling price is based on a return requirement of 8.5 %. First phase of about 7,500 m² was handed over to the investor in 2014/15. Construction of the second phase of 3,800 m² was started in spring Option of developing and constructing a third phase, to consist of retail and housing, or, in the alternative, office premises. Both options are currently being investigated. Retail park, Vilnius, Lithuania 10

11 Completed Investment prop. In progress Plots of land Investments in joint v. Receivables Other assets Total assets Tax assets/goodwill Balance sheet total Credit institutions Other liabilities NAV 1, , , ,835 1,217 NAV per share at 31 July 2015 DKK per share ASSETS LIABILITIES NAV (2.4) (2.6) (1.0) (27.4) (1.5) (28.9) (-12.4) 20 (6.9) (11.7) (0.8) (2.0) (-1.1) (15.4)

12 2. Market conditions Strædet, Køge, Denmark 34,300 m 2 12

13 Market conditions Generally, property markets are characterized by optimism. Several new project opportunities in the retail and residential segments. Satisfactory profit on new projects. Good amount of interest from investors. Climbing Internet sales intensify competition in the retail trade sector. Project finance options are available again. The Group s markets are characterized by expectations for moderate to respectable growth and a moderate rise in private consumption, varying in strength from country to country. The historically low interest level contributes to increasing interest in real property as an asset class. 13

14 3. Project portfolio Amerika Plads, lot C Copenhagen, Denmark 12,500 m² 14

15 1 Business area: Property development Comprises the following markets: Denmark, Sweden, Poland and the Czech Republic. Development potential in m² Development potential of 314,000 m². Total carrying amount of the portfolio (incl. projects in joint ventures) amounts to DKK 789 million. Amerika Plads, underground car park, Copenhagen, was reclassified to the asset management business area in Q2 2015/16. Carrying amount of projects not initiated has been reduced by DKK 203 million since 31 January Denmark Sweden Poland Czech Rep. 15

16 1 Business area: Property development Property development = DKK 789 million (carrying amount) In progress (DKK 178 million) Strædet Køge, Denmark BROEN, shopping centre Esbjerg, Denmark Marsvej, Randers, Denmark Jelenia Góra Jelenia Góra, Poland Residential Park, Bielany Warsaw, Poland Retail/residential 34,300 m 2 Shopping centre 29,800 m 2 Retail 2,150 m 2 Shopping centre 24,000 m 2 Residential/services 14,800 m 2 Retail project conditionally sold to Citycon Building rights for public functions sold to the municipality 59 % let > 60 % let 65 % sold to CapMan Real Estate Included in JV as investment property under construction Sold conditionally Fully let 70 % sold to Heitman 93 % let Scheduled to open in October 2015 Included in JV as investment property under construction 67 % sold in advance 16

17 1 Business area: Property development Property development = DKK 789 million (carrying amount) Not initiated (selected) (DKK 580 million) Amerika Plads (lot C) Copenhagen, Denmark Stuhrs Brygge Aalborg, Denmark The Kulan commercial district Gothenburg, Sweden Residential Park, Bielany Warsaw, Poland Residential units 12,500 m 2 Mixed 66,000 m 2 Shopping centre/services 55,000 m 2 Residential/services 31,000 m 2 Residential project in cooperation with AP Pension Local plan Focus on letting Awaiting phase 2 17

18 2 Business area: Asset management Comprises the following markets: Denmark, Sweden, Poland and the Czech Republic. Total portfolio of properties (including joint venture properties) amounts to DKK 1,383 million. Carrying amount, broken down by country Focus on maturing the individual properties and subsequently selling them. Denmark Czech Rep. Poland 18

19 2 Business area: Asset management Asset management = DKK 1,383 million (carrying amount) Return on the carrying amount of 4.1 % Large spread in the return on the individual centres Current letting situation affected by vacancies and short-term rent discount agreements with tenants Based on full occupancy, the return on the carrying amount is expected to reach 6.2 % New competing centre Rental level under pressure Declining revenue and footfall Ground floor fully let Galeria Sandecja Nowy Sącz, Poland 17,300 m², 100 % ownership interest 99 % Increasing footfall Local tenants are recording difficulties Revenue declined slightly Nordisk Film: Agreement about a four-screen cinema construction started Sillebroen Frederikssund, Denmark 26,400 m² incl. cinema, 100 % ownership interest 91 % Replacement of weak tenants Imerco store opened in September 2015 Relaunch of first floor 19

20 2 Business area: Asset management Asset management = DKK 1,383 million (carrying amount) Tenant composition is being changed, including establishment of a cinema Declining revenue and footfall Local tenants are recording difficulties Rental level under pressure Carrefour: New supermarket operator since autumn 2014 Galeria Tarnovia Tarnów, Poland 16,500 m², 30 % ownership interest 76 % Increase in footfall Opening of new stores Revenue growth Currently not utilized to capacity Expectations for increased occupancy as the two remaining lots are developed Ringsted Outlet Ringsted, Denmark 13,200 m², 50 % ownership interest Underground car park, Amerika Plads, Copenhagen, Denmark 32,000 m², 50 % ownership interest 80 % 20

21 4. New sales and outlook BROEN, shopping centre Esbjerg, Denmark 29,800 m² 21

22 New sales and outlook Ongoing construction projects covering more than 100,000 m², of which more than 65,000 m² represents projects initiated in Denmark in H1 2015/16. Construction of a further 15,000 m² will be started in Q3 2015/16. Good progress on a range of other projects in the portfolio. Several new project opportunities in the retail and residential segments. Strengthens the Group s future earnings. 22

23 Construction of two projects in Poland Residential Park, Bielany, Warsaw, Poland Comprises 297 residential units and service facilities. 67 % of the units have been sold in advance. Construction is ongoing and is scheduled for completion in spring The residential units are being sold as owner-occupied apartments to private users. Residential Park, Bielany Jelenia Góra, shopping centre, Poland 24,400 m² shopping centre. Being executed in a joint venture with Heitman. The Group s ownership interest is 30 %. Lease agreements signed for 93 % of the area. Planned to open in October TK Development receives fee income from the jointly owned company for developing, letting and managing the construction of the project. Shopping centre, Jelenia Góra 23

24 Agreement to develop a residential project, Amerika Plads, Copenhagen, Denmark In 2014/15 TK Development entered into cooperation with AP Pension regarding the development of about 12,500 m², primarily for residential use. AP Pension holds a 50 % ownership interest in a newly established company. Udviklingsselskabet By & Havn I/S and TK Development own the remaining 50 % in equal shares. The aim is to build about 120 high-quality apartments for sale to private owners. The detailed project planning is in progress. Construction is scheduled to start in September The profits anticipated from the sale will be recognized upon handover of the apartments to the respective buyers, expected to take place from spring Joint development of project with pension fund 24

25 Sale of Strædet, Køge, Denmark Comprises approx. 34,300 m² retail space, public service facilities and housing premises as well as approx. 13,000 m² parking facilities. Sold in advance, excluding residential premises Will be executed in three phases. Construction of the first phase was initiated in March The next phase will be initiated in autumn The retail project of 19,000 m², complete with the parking facilities of 13,000 m², has been sold to the Finnish company Citycon. 59 % of the retail project has been let. The parking facilities have been fully let. The selling price amounts to about DKK 560 million and is based on a return of 6.25 %. The sale is anticipated to have a major positive impact on results in 2017/18 upon handover of the project to Citycon. The building rights for the public service facilities have been sold to Køge Municipality and are expected to be handed over at the end of the 2015/16 financial year. 25

26 Sale of share of BROEN, shopping centre, Esbjerg, Denmark 65 % partner in the development phase Development of a new shopping centre of about 29,800 m² in Esbjerg. Good backing from future tenants lease agreements for more than 60 % of the premises. The first turf was cut at the end of May The construction is proceeding well. 65 % of the project has been sold to CapMan Real Estate, which has joined the project as partner in the development phase. TK Development will receive fee income from the jointly owned company for developing, letting and managing the construction of the project. Opening of the shopping centre is scheduled for spring

27 Other project sales Sale of lot A at Amerika Plads, Copenhagen, to A.P. Møller - Mærsk A/S. Profit was recognized in Q2 2015/16. Sale of superstores, for example in Randers, Denmark, to private investors. Profit is expected to be recognized in the 2015/16 financial year. Superstores, Randers 27

28 Other project sales - small residential projects in Denmark Sale of ownership share of joint venture comprising 1,500 m² apartments for young people at Smallegade, Frederiksberg. Profit was recognized in Q1 2015/16. Apartments for young people, Smallegade, Frederiksberg After the reporting date: Sale of a residential rental project of 2,500 m² in Aarhus to a private investor. Profit is expected to be recognized in the 2015/16 financial year. 2,500 m 2 residential premises, Viby, Aarhus 28

29 Outlook for 2015/16 Management anticipates positive results of about DKK 40 million before tax, excluding discontinuing activities, for the 2015/16 financial year. The timing and phase-out of the discontinuing activities are subject to major uncertainty. The activities are in the process of being discontinued, and the Group risks incurring further losses before the phase-out is complete. Therefore, the results before tax of the discontinuing activities have not been included in the outlook for 2015/16. 29

30 Disclaimer The expectations mentioned in this announcement, including earnings expectations, are naturally subject to risks and uncertainties, which may result in deviations from the expected results. Various factors may impact on expectations, as outlined in the section Risk issues in the Group s Preliminary announcement of financial statements 2014/15, particularly the valuation of the Group s project portfolio, as described under Business risks and Risks related to the presentation of financial statements. 30

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