In the first half year of 2004, Sjælsø Gruppen recorded a very high level of activity within residential construction, particularly in respect of Sjælsø Gruppen’s joint ventures with Doughty Hanson & Co. Real Estate Fund. Interest in commercial property also rose.
Sjælsø Gruppen achieved a highly satisfactory result and maintains its expectations for 2004 of profits of DKK 220 million before tax, i.e. an advance of approximately 10% on 2003.
Highlights:
- Profit before tax less joint venture partners share of the result was DKK 83.7 million against DKK 71.6 million in the first half of 2003. This equates to an increase of 17%.
- Turnover, including joint ventures, for the first half of 2004 totalled DKK 868.2 million against DKK 367.8 million in the first half year 2003, i.e. an increase of 136%.
- Equity totalled DKK 610.8 million as at June 30, 2004 against DKK 526.0 million as at June 30, 2003.
- Following approval by the AGM in April 2004, Sjælsø Gruppen paid a dividend of DKK 40 per share, equating to DKK 88.6 million.
- Current residential projects under offer total 1016 units of which 760, i.e. 75%, have been sold. The total project value is DKK 1.8 billion.
- Current residential projects proceed according to plan.
- Sjælsø Gruppen maintains its expectations for profits of DKK 220 million before tax for 2004.
- The Board of Directors has decided to allocate a total of 106,200 warrants to employees of Sjælsø Gruppen. The warrants can be exercised between 2007-2009.
Through joint ventures with capital partners, Sjælsø Gruppen gains access to more and larger projects requiring capital than would have been the case had Sjælsø Gruppen been acting on its own. This reduces Sjælsø Gruppen’s financial exposure.
In 2002 and 2003, Sjælsø Gruppen initiated a series of joint venture projects which are now contributing to the high activity levels. This is reflected in both turnover and results from joint ventures which, in the first half of 2004, accounted for a relatively large share of the overall turnover and result.
At its ordinary meeting yesterday, the Board of Directors approved the company’s Interim Report for the period January 1- June 30, 2004.
Source: Sjælsø Gruppen
