Landic Property´s profit ISK 2.5 billion
Total assets of ISK 452 billion
Acquisitions created one of the largest property companies in the Nordic region
Operational highlights for 2007:
• One of the largest property companies in the Nordic region was created in
2007 with the acquisition of Keops
• This reduced overall business risk through a wider geographical footprint and
a more diversified tenant base
• Strengthening our position in Iceland by acquiring Landsafl - Iceland´s
second largest real estate portfolio
• Re-branded the merged company of Stoðir and Keops as Landic Property
• New CEO appointed in 2007
Key results for 2007:
• Total assets ISK 452.1 billion compared to ISK 156.6 billion the year
before
• Total equity ISK 70.6 billion at year-end; thereof share capital ISK 5.4
billion. Total equity at year end 2006 amounted to 22.7 billion.
• Equity ratio at year end 15.6%.
• Together with deferred tax and subordinated loans the Group's equity amounted
to ISK 90.3 billion, representing a ratio to total assets of 20% as at 31
December 2007. On 13 February 2008, Landic Property hf. acquired a number of
funds which were financed with a subordinated loan. Assuming unchanged total
assets from 31 December 2007, this improves the ratio to total assets to
23.4%.
• The income statement includes Stoðir's full year operations and Keops'
operations from 3 September 2007
• Total revenues amounted to ISK 16.6 billion in 2007, against ISK 6.2 billion
in the previous year.
• Profit for the year is ISK 2.5 billion compare to 11.4 billion in 2006.
Significant events after the year end
• Landic Property hf. has acquired stakes in five international property funds.
The transaction value is ISK 20.3 billion and is financed with a five year
subordinated convertible loan.
• Opening of our new office in Helsinki in February. Provides a window to
further growth in Finland and the Baltic region.
Skarphéðinn Berg Steinarsson, CEO:
“The 2007 financial statement of Landic Property illustrates the strength of
the company. We have an operation with strong local presence in Sweden,
Denmark, Iceland and Finland. This gives us the diversified profile that
supports a big balance sheet like ours and will enable us to grow the operation
both in our current markets and to expand into new ones. The integration of
Keops into Landic is close to being concluded. In 2008 the emphasis will be on
strengthening the core internal operations and taking advantage of the
opportunities that we have within our portfolios. After a number of challenges
that we have successfully tackled, we see a bright future.”
Annual General Meeting and forthcoming reports
Landic Property will hold its Annual General Meeting on Tuesday, 22 April 2008,
at 4:00 pm at the Hilton Reykjavík Nordica Hotel.
Landic Property will publish its interim results for the first 6 months of 2008
in week 33.
The financial statements for Landic Property hf. are prepared in accordance
with the International Financial Reporting Standards (IFRS). The financial
statements have been audited by the company's auditors.
Further information
For further information on the financial statements, please contact:
Investor Contacts:
Guðrún Ögmundsdóttir, Investor Relations, tel: +354 895-6066
Press Contacts:
Páll Benediktsson, Director of Corporate Communications, tel. + 354 895 6066
About Landic Property
Landic Property specializes in leasing services of real estate property to
public and corporate customers. Landic Property is one of the largest property
companies in the Nordic countries. The company has substantial market shares in
Sweden and Denmark and is the market leader in Iceland. Landic Property offers
to let prime location office and retail premises from one of the largest
property portfolios in the Nordic countries.
Landic Property (then Stoðir) was founded in 1999 by Baugur Group and Kaupthing
Bank and acquired Keops A/S - a Danish listed property company from 1998 until
2007. Stoðir already owned the property company Atlas Ejendomme which was
acquired in January 2006.
The company has approximately 270 employees and roughly 500 properties in
Sweden, Denmark, Iceland and Finland. The property portfolio totals 2.6 million
square metres of rental space, more than 3,400 tenants and total assets of ISK
452 billion
