The Interim Financial Statements of Fasteignafélagid Stodir hf.(“Stodir”)
comprise the consolidated interim financial statements of Stodir and its
subsidiaries. The Interim Financial Statements of Stodir for the period 1
January to 30 June 2007 have been prepared in accordance with International
Financial Reporting Standard (IFRS) for Interim Financial Statements (IAS 34).
Main events January to June 2007:
• In February, Stodir concluded an agreement regarding the acquisition of the
real estate company Landsafl ehf. The company's main assets are Hofdabakki 9
and Sudurlandsbraut 34 in Reykjavík. Landsafl ehf is a part of the
consolidated financial statements of Stodir from 1 March 2007.
• In February, Stodir issued new share capital of ISK 522 million, which were
sold to 3 new investors: Landsbanki Islands hf, Fjarfestingarfélagid Mattur
ehf and SJ1 ehf.
• In March, Stodir sold all of its shares in S fasteignir ehf. to
Eignarhaldsfélagid Fons hf. The company's main assets are the petrol
stations of Skeljungur hf. S fasteignir ehf. was a part of the consolidated
financial statements of Stodir until 28 February 2007.
• In June 2007, Stodir announced its intension to make a voluntary conditional
tender offer in all shares in the Danish property company Keops A/S. The
offer price is DKK 24.0 per share valuing Keops' share capital at DKK 4,337
million or ISK 51,000 million. The Offer is recommended by Keops' Board of
Directors and supported by opinions from both Glitnir Bank and Carnegie
Bank. The offer will expire on 31 August 2007 and the results of the Offer
will be announced on 3 September 2007.
Key figures, Consolidated Financial Statements:
• Profit for the first six months of the year 2007 amounted to ISK 4,336
million compared to ISK 4,186 million for the same period in 2006.
• Operating income for the first six months of the year 2007 amounted to ISK
4,162 million compared to ISK 2,778 million for the same period in 2006.
• Total assets at the end of the period amounted to ISK 170,319 million
compared to ISK 156,634 million at year end 2006.
• Total Equity at the end of the period amounted to ISK 34,077 million, thereof
share capital amounted to ISK 2,721 million. Total Equity at year end 2006
amounted to ISK 22,717 million.
• Equity ratio was 20%
About Stodir and future prospects:
Stodir is a real estate company which specialises in leasing and operating
commercial properties. The company's properties comprise retail, office, hotel
and storage premises amounting to over 648,000 square meters. Lessees are over
1,000. Among the largest leaseholders are Hagar hf., Magasin du Nord, ILLUM,
Icelandair Hotels, the Icelandic Treasury property department, Gudme Raaschou
Bank and Danske Bank. Occupancy of properties is about 97%. Prospects are
good for the company's operations.
Review
The interim financial statements have been reviewed by KPMG hf., the Company's
auditors.
For further information, please contact Mr. Skarphéðinn Berg Steinarsson, CEO,
tel: +354 660 0063 or Mr. Páll Benediktsson, Director Corporate Communication,
tel:+354 895 6066
