ÅRSRAPPORT 2004 Freja ejendomme A/S

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FINANCIAL HIGHLIGHTS 2004 (DKKm) Profit and loss account Profit on property trading and development Profit on operations of properties Profit on property activities, total Administration and other expenses Profit before net financials Net financials Profit before tax Tax on profit for the year Net profit for the year Balance sheet at 31 December Non-current assets Current assets Assets, total Share capital Shareholders' equity Short-term liabilities Liabilities and equity, total 58 2004 2003 169.9 5.3 175.2 (14.9) 160.3 8.1 168.4 (48.8) 119.6 1.5 868.2 869.7 13.5 716.4 153.3 869.7 73.4 2.6 76.0 (14.7) 61.3 5.9 67.2 (13.4) 53.8 0.4 778.2 778.6 10.0 594.9 183.7 778.6
This year, the development of Freja ejendomme has once again been positive. The expectations expressed last year have been outperformed, both with respect to the sale of properties and additions to the portfolio. The profit before tax for 2004 amounts to DKK 168.4 million. After tax, the profit is DKK 119.6 million. 2004 is the first year that Freja presents its financial statements under the International Financial Reporting Standards – IFRS. The Company’s decision to prepare the financial statements in accordance with IFRS as from 2004 has resulted in an increase in the profit for the year before tax by DKK 48.6 million. Restated to IFRS, the 2003 profit for the year before tax has been correspondingly reduced by DKK 48.6 million. The 2003 profit for the year consequently amounts to DKK 67 million compared with DKK 116 million as reported in the Company’s Annual Report for 2003. Freja’s equity amounts to DKK 716.4 million and total assets at 31 December 2004 stand at DKK 869.7 million. PROPERTY SALES AND ADDITIONS During the year, six properties were sold and two partially sold. Furthermore, in two instances adjustments have been made to rights of construction sold. The total sales amount was DKK 332.2 million with proceeds of DKK 162.8 million. In 2004, 21 properties located around the country were added to our portfolio. DEVELOPMENT HIGHLIGHTS Freja treats every property individually because each property has its own set of possibilities and challenges to be dealt with. The Company continuously develops a number of properties. The aim is to add to the value of the individual properties. The rate at which a development progresses cannot always be predicted, because the political decision-making process and other factors may cause delays. During the year, the properties Herstedlund in Albertslund, Bråbyvej in Haslev, Hambrosgade and Margretheholm, both in Copenhagen, the state ENGLISH SUMMARY prison in Horsens and Randers Barracks demanded the most development resources. Krøyers Plads in Copenhagen has been the project that has required the most management resources during the year. This is primarily due to the great interest from various sides in the hearing phase of the local planning proposal. As yet, it has not been decided whether the spectacular project, designed by the Dutch architect Erick van Egeraat, will be given final approval and consequently be realised. In any event, the land has been sold to NCC, which owns the absolute construction right to the area. Based on an ideas competition for Herstedlund in Albertslund, it was decided to develop a proposal consisting of a wooded, plain-like area with eight separate, oval sites. Each has the potential to hold approx. 6,000 square metres of densely built-up area with low buildings. The local plan for the area is a socalled framework plan, which will not be finalised until a supplemental plan sets out the detailed design of the dwellings. Supplementary local plans have been approved for three of the sites, which have been sold. The remainder of the sites are expected to be sold in 2005. The municipality of Copenhagen has indicated that the proposed supplementary local plan for Margretheholm, located north east of Holmen in Copenhagen, will be submitted for consultation before the summer holidays. With a local plan in place, it will be possible to start development of an area of Copenhagen formerly used by the Navy. It has not yet been decided whether residential dwellings will be constructed, but the municipality of Copenhagen and Freja are both promoting this possibility. Shortly after the summer holidays, Freja launched an international ideas competition for the property in Hambrosgade in Copenhagen. The property consists of two sites of 15,200 and 6,000 square metres, respectively. A local plan has already been approved for the area, according to which both sites are to be used for service trades. The next step will be to sign an agreement with a future builder based on the result of the ideas competition. The development of the state prison in Horsens, which is to be vacated towards the end of 2006, is still ongoing. The municipality wishes the prison build- 59
Page 1 and 2:
ÅRSRAPPORT 2004 Freja ejendomme A/
Page 3:
ÅRSRAPPORT 2004 1
Page 6 and 7:
HOVED- OG NØGLETAL (mio. kr) RESUL
Page 9 and 10: Ved afgivelse af delårsrapporten f
Page 13 and 14: Albertslund Kommunalbestyrelse vedt
Page 16: Den fremtidige anvendelse af den ti
Page 20: ejendomsdriften. De fleste ejendomm
Page 24: l.a. i form af en konkret stillingt
Page 27: 800 700 600 500 400 300 200 100 250
Page 30: ARKITEKTKONKURRENCER SOM VÆRDISKAB
Page 33 and 34: For det handler om, hvilke kriterie
Page 36 and 37: SELSKABETS LEDELSE BESTYRELSE: Best
Page 38 and 39: skudt i selskabet uden aktive lejem
Page 40 and 41: Der er i løbet af året foretaget
Page 43: LEDELSENS REGNSKABSPÅTEGNING Besty
Page 46 and 47: BALANCE pr. 31. december (t. kr.) A
Page 48 and 49: PENGESTRØMSOPGØRELSE (t. kr.) Res
Page 50 and 51: NOTER (t. kr.) Note 1 Anvendt regns
Page 52 and 53: NOTER (t. kr.) Note 1 Anvendt regns
Page 54 and 55: NOTER (t. kr.) Note 3 Kostpris Ansk
Page 56: NOTER (t. kr.) Note 16 Udskudt skat
Page 59: EJENDOMME SOLGT I 2004 Ejendom Knab
Page 63: Denne årsrapport er trykt på 150
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ÅRSRAPPORT 2004 Freja ejendomme A/S

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