Technopolis - Interim report
TECHNOPOLIS PLC INTERIM REPORT 22.4.2008 at 12.45 p.m.
TECHNOPOLIS GROUP INTERIM REPORT, January 1 - March 31, 2008
Highlights of 1-3/2008 compared with the corresponding period of 2007:
- Net sales rose to EUR 16.4 million (EUR 13.6 million), an increase of 20.5 %.
- EBITDA (Earnings before interest, taxes, depreciation and amortization) rose
to EUR 8.8 million (EUR 6.4 million), an increase of 38.4 %.
- Operating profit was EUR 10.8 million (EUR 8.4 million), which includes EUR
2.6 million (EUR 2.2 million) from change in fair value of investment
- Profit before taxes totaled EUR 7.7 million (EUR 6.5 million), an increase of
- The financial occupancy ratio was 96.8 % (94.5 %).
Pertti Huuskonen, President and CEO:
“The Group's business developed favorably in the review period. Our net sales
and EBITDA improved over the preceding year's corresponding period. The main
event of the period was the expansion of Technopolis to Kuopio, as the
acquisition of Kuopion Teknologiakeskus Teknia Oy was closed. In Tampere, the
Hermia 12 property was completed on schedule, and we acquired a plot of land in
the city center, located adjacent to the University of Tampere. In the Group's
ongoing building projects, we advanced as planned.”
The Group's net sales for the review period were EUR 16.4 million (EUR 13.6
million in 1-3/2007), representing growth of 20.5 %. Of the net sales for the
period, rental income accounted for 81.9 % (81.0 %) and service income for 18.1
% (19.0 %). EBITDA (Earnings before interest, taxes, depreciation and
amortization) for the review period was EUR 8.8 million (EUR 6.4 million), an
increase of 38.4 %. Other operating income includes a nonrecurring capital gain
of EUR 0.4 million and nonrecurring compensation of EUR 0.5 million for
premature lease termination. Operating profit for the review period was EUR
10.8 million (EUR 8.4 million). Depreciation according to plan includes a
nonrecurring item of EUR 0.4 million. The Group's net financial expenses
totaled EUR 3.1 million (EUR 1.9 million). Profit before taxes for the review
period was EUR 7.7 million (EUR 6.5 million).
The balance sheet total was EUR 630.5 million (EUR 435.5 million), an increase
of 44.8 %. The Group's equity to assets ratio at the end of the period was 32.9
% (38.2 %).
The fair value of the Group's investment properties at the end of the review
period was EUR 549.0 million (EUR 394.8 million). The change in the fair value
of investment properties was due to the effect of the fair value of properties
bought and completed, changes in the return requirements of the market, changes
in future returns and modernization costs, the revaluation of properties owned
throughout the review period, and increases in acquisition costs recognized in
separate companies during the review period. The effect on profit of the change
in the fair value of investment properties during the period was EUR 2.6
million (EUR 2.2 million).
The Group's total rentable surface area was 412,293 floor square meters at the
end of the review period (348,415 floor square meters at March 31, 2007). The
Group's average financial occupancy ratio at the end of the period was 96.8 %
(94.5 %). The financial occupancy ratio describes the rental revenue from the
properties as a percentage of the combined total of the rent for the leased
space and the estimated market rent for the vacant space. The Group's leases at
the end of the review period totaled EUR 120.4 million (EUR 119.6 million).
The Technopolis Group includes the parent company, Technopolis Plc, which has
operations in Espoo, Helsinki, Jyväskylä, Lappeenranta, Oulu, Tampere and
Vantaa, and its subsidiaries Innopoli Oy in Espoo (100 % owned), Kiinteistö Oy
Innopoli II in Espoo (100 % owned), Technopolis Kuopio Oy (100 % owned) and
other subsidiaries. The Group has begun to merge Technopolis Kuopio Oy into the
The parent company also has minority holdings in the associates Kiinteistö Oy
Hermia (49.3 %), Technocenter Kempele Oy (48.5 %), Iin Micropolis Ltd (25.7 %),
Jyväskylä Innovation Ltd (24 %), Kuopio Innovation Ltd (24 %), and Lappeenranta
Innovation Ltd (20 %). Technopolis Plc has a 13 % holding in Oulu Innovation
The Group also includes Technopolis Ventures Oy in Espoo (wholly owned by
Innopoli Oy). Technopolis Ventures Oy has the following subsidiaries:
Technopolis Ventures Kareltek Ltd in Lappeenranta (100 % owned), Technopolis
Ventures JSP Ltd in Jyväskylä (100 % owned), Technopolis Ventures Oulutech Oy
(70 % owned), Technopolis Ventures Professia Oy in Tampere (50.1 % owned) and
Technopolis Ventures Kuopio Oy (100 % owned). Technopolis Ventures Oy also has
a 25 % holding in Otaniemi Development Ltd.
Technopolis has two Russian companies in St. Petersburg, Technopolis Neudorf
LLC and Technopolis St. Petersburg LLC, both fully owned by Technopolis.
Principal investments and development projects
In January, Technopolis acquired a plot of land from the City of Tampere, 3,950
square meters in size, located at the corner of the Kalevantie and
Kanslerinrinne streets adjacent to the University of Tampere. The transaction
price was EUR 480 per square meter of building rights area, which amounted to
approx. EUR 5.6 million. Technopolis aims at commencing construction of the
technology center in downtown Tampere during 2008.
The deed of sale concerning the shares of Technopolis Kuopio Oy (previously
Kuopion Teknologiakeskus Teknia Oy) was signed with the City of Kuopio on
February 21, 2008. The estimated transaction price paid in cash is EUR 18.7
million, based on Kuopion Teknologiakeskus Teknia Oy's net debt position on
February 21, 2008. After the transaction and the simultaneous acquisition of
the shares held by the municipality of Siilinjärvi, Technopolis holds 100 % of
Technopolis Kuopio's shares.
Technopolis Kuopio Oy comprises three modern property companies, the total
rentable area of which adds up to 47,860 square meters. The company's premises
currently house 150 companies or other entities with a combined total of
approximately 2,500 employees.
The Hermia 12 property was completed in Tampere in February. The building has a
size of approximately 5,000 floor square meters and it has been fully leased.
The first stage of the Technopolis technology center currently being built in
Ruoholahti, Helsinki is estimated to be completed in August 2008. The size of
the stage is 6,600 floor square meters and the cost estimate is somewhat over
EUR 20 million, which includes the costs of parking spaces and site costs. 63 %
of the facilities have so far been leased.
The first stage of the company's Lappeenranta City project is estimated to be
completed in April-May 2008. The stage measures 3,150 floor square meters and
is estimated to cost approximately EUR 6.5 million. 98 % of the facilities have
so far been leased.
With respect to Oulu's Kontinkangas technology center, the third stage is
expected to reach completion in August while the fourth stage is expected to
reach completion in September this year. The size of the third stage is 3,500
gross square meters and the investment will total approximately EUR 5 million.
The size of the fourth stage is about 4,290 gross square meters and the
investment will total approximately EUR 7.5 million. Both the third and fourth
stages have already been fully leased out.
The fifth stage of the Technopolis Helsinki-Vantaa technology center is
estimated to be completed in November 2008. The size of the stage is about
6,700 gross square meters and the investment will amount to about EUR 15
million. 17 % of the facilities have so far been leased out.
Preparation of the plot of land for the first stage of the Pulkovo technology
center in St. Petersburg, Russia started this year, and the estimate is that
the prerequisites for commencing construction will be met during 2008. The size
of the first construction stage is approximately 22,000 gross square meters.
Events related to the Technopolis share
In December 2007, a total of 4,300 Technopolis shares were subscribed with
2005A options. An increase in share capital of EUR 7,267 was entered in the
Trade Register on February 6, 2008. The new shares will entitle their holders
to dividends for the 2007 financial year and will provide other shareholder
rights as of the registration date. The shares were accepted for trading as of
February 7, 2008.
Following the increase, the Technopolis share capital is EUR 74,548,943.69 and
Technopolis has 44,111,801 shares.
Disclosures of changes in holdings
According to information received by the company, the proportion of Technopolis
Plc's share capital and votes held by Gazit-Globe Ltd., Tel Aviv, Israel, has
risen above one twentieth (5 %) as a result of a share transaction carried out
on February 12, 2008.
According to information received by the company, the proportion of Technopolis
Plc's share capital and votes held by ABN AMRO Asset Management Holding N.V.,
has risen above one twentieth (5 %) as a result of a share transaction carried
out on November 7, 2006.
The Group's net financial expenses totaled EUR 3.1 million (EUR 1.9 million).
The Group's balance sheet total was EUR 630.5 million (EUR 435.5 million), of
which liabilities accounted for EUR 424.2 million (EUR 270.0 million). The
Group's equity to assets ratio was 32.9 % (38.2 %). The Group's net gearing at
the end of the period was 173.2 % (135.8 %). The Group's equity per share was
EUR 4.67 (EUR 4.08).
The Group's interest-bearing liabilities at the end of the review period were
EUR 365.1 million (EUR 226.5 million). The average interest rate of loans was
4.75 % on March 31, 2008 (4.19 %). At the end of the period, 71.0 % (71.4 %) of
the Group's long-term loans were variable rate loans, and 29.0 % (28.6 %) were
fixed-rate loans. The average capital-weighted outstanding loan period was 11.0
years (12.1 years).
Technopolis supplements its financing with a EUR 90.0 million domestic
commercial paper program which allows the company to issue commercial papers
with a maturity of less than a year. The commercial papers in issue totaled EUR
32.8 million (EUR 30.8 million) at the end of the period.
Organization and personnel
The Group Executive Board includes the President and CEO Pertti Huuskonen, the
directors Jukka Akselin, Hannu Eronen, Satu Eskelinen, Markku Hokkanen, Martti
Launonen, Seppo Selmgren, Keith Silverang, Reijo Tauriainen and CFO Jarkko
The Group employed an average of 151 (141) people during the review period. 50
(51) persons were employed in jobs related to premises activities, 35 (32)
persons in business services and 66 (58) persons in development services.
The Group's operating organization comprises three business units: Capital
Area, Growth Centers and Russia. The Capital Area unit is headed by Keith
Silverang, the Growth Centers unit is headed by Reijo Tauriainen, and the
Russia unit is headed by Peter Coachman. Furthermore, the Group's organization
features some matrix operations for the Group's property development, marketing
and sales, and service concept. The Group's Consulting unit and the business
development company, Technopolis Ventures Oy, report to Keith Silverang. Jarkko
Ojala serves as the company's CFO.
Annual General Meeting
The Annual General Meeting of March 27, 2008 confirmed the consolidated and
parent company financial statements for the 2007 financial year, released the
company's management from further liability and approved the Board of
Director's proposal to distribute a dividend of EUR 0.15 per share for the year
that ended on December 31, 2007.
The Annual General Meeting decided to amend the paragraph of the Articles of
Association concerning the term of the Board of Directors to state that the
term of Board members shall expire no later than at the end of the Annual
General Meeting held in the second financial year after their election.
It was decided to elect six members to the company's Board of Directors. Jussi
Kuutsa, Matti Pennanen, Timo Ritakallio, Erkki Veikkolainen and Juha Yli-Rajala
were elected for a term that begins at the close of the General Meeting
deciding on their election and expires at the close of the subsequent Annual
General Meeting. The company's current President and CEO Pertti Huuskonen was
elected as the full-time Chairman of the Board for a term that will begin when
the company's next President and CEO has been entered in the Trade Register and
will expire at the close of the Annual General Meeting held in the second
financial year following his election. Timo Parmasuo was elected as the
Chairman of the Board for a term that begins at the close of the General
Meeting deciding on his election and expires at the beginning of Pertti
Huuskonen's term. Matti Pennanen was elected as the Vice Chairman of the Board.
The firm of KPMG Oy Ab, Authorized Public Accountants, was chosen as the
company's auditor with Tapio Raappana, APA as the responsible auditor.
The Annual General Meeting decided to authorize the company's Board of
Directors to decide on acquiring the company's own shares. The maximum number
of the company's own shares that can be acquired shall be 4,000,000, equivalent
to approximately 9.07 % of the company's total shares. Pursuant to the
authorization, the company's own shares may be acquired only with unrestricted
equity at the price arrived at in public trading on the date of acquisition or
at a price otherwise established on the market. The Board of Directors shall
decide on how the shares are to be acquired. Derivatives may be used in the
acquisition. Shares may be acquired in deviation from the proportional holdings
of shareholders (directed acquisition). The authorization revokes the
authorization given by the Annual General Meeting of March 29, 2007, and shall
be valid until May 31, 2009, at the latest.
Furthermore, the Annual General Meeting decided to authorize the Board to
decide on a share issue and on the issuing of stock options and other special
rights giving entitlement to shares, as specified in Chapter 10, Section 1 of
the Companies Act, on the condition that the maximum number of shares to be
issued pursuant to the authorization shall be 8,000,000 shares, equivalent to
approximately 18.14 % of the company's total shares. The Board of Directors was
authorized to decide on all terms and conditions of the share issue and the
issuing of special rights giving entitlement to shares. The authorization shall
concern both the issuing of new shares and the conveyance of the company's own
shares. The share issue and the issuing of special rights giving entitlement to
shares may be offered to certain parties. The authorization does not revoke the
authorization given to the Board by the General Meeting of November 29, 2007 to
decide on the issuing of shares as well as on the issuing of stock options and
other special rights giving entitlement to shares. The authorization shall be
valid until May 31, 2009, at the latest.
Events after the reporting period
At the beginning of April, Technopolis Plc signed a EUR 100 million financing
agreement with the European Investment Bank (EIB). The financing agreement
consists of a EUR 100 million line of credit, valid for 18 months from the
agreement signing date. According to the agreement, the EIB will finance the
company's future expansion projects in Finland.
On April 14, 2008, the Financial Supervision Authority approved Technopolis
Plc's registration document that, as provided by the Securities Markets Act,
contains information on the company, its business operations and financial
position. The registration document is valid for a period of up to 12 months
following its publication.
The registration document, which was published on April 17, 2008, will be
available for the period of its validity in the Finnish language under
'Sijoittajille' at the Company's website at www.technopolis.fi. In addition,
printed copies of the registration document are available in the Finnish and
English languages at the company's office at Technopolis Plc, Elektroniikkatie
8, FI-90570 Oulu, as well as at OMX Way, the service point of OMX Nordic
Exchange Helsinki Ltd at Fabianinkatu 14, FI-00100 Helsinki.
Evaluation of operational risks and uncertainty factors
The most significant risks related to Technopolis's business operations are
mainly financial risks and customer risks.
Technopolis' main financial risk is the interest rate risk related to the loan
portfolio. The objective of interest rate risk management is to lower or remove
the negative impact of market rate fluctuation on the Group's performance,
balance sheet and cash flow. The company's financing policy aims to diversify
the interest rate risk of loan contracts over various loan periods on the basis
of the market situation prevailing at any particular time and the interest rate
prognosis created in the company. If necessary, the company will employ forward
rate agreements, interest rate swaps and interest rate options. In order to
manage financial risk, Technopolis uses a wide range of financing companies and
maintains a high capital adequacy level.
Technopolis only uses derivatives to reduce or remove financial risks in the
With the structure of the Technopolis loan portfolio at the end of the review
period, a one percentage point increase in money market rates would increase
interest rate costs by EUR 1.3 million per annum.
Due to the interest rate risk related to loans, a policy of diversification has
been followed. On March 31, 2008, 71.0 % of long-term loans was bound to the
3-12 month Euribor rate. Of the long-term loans, 29.0 % of the loans was
fixed-interest loans of 13-60 months. The long-term loans' average
capital-weighted outstanding loan period was 11.0 years. Technopolis
supplements its total financing with a EUR 90.0 million domestic commercial
paper program which allows the company to issue commercial papers with a
maturity of less than a year. The commercial papers in issue totaled EUR 32.8
million on March 31, 2008.
Changes in the exchange rates between the Russian ruble and euro may have an
effect on the company's financial situation and operations. Business
transactions denominated in rubles are recorded at the exchange rate of the
transaction date. Any translation differences are entered in the income
statement under other operating expenses or financial income and expenses
depending on the nature of the transaction. The purchase of land in St.
Petersburg was financed in local currency. Currency risks have been minimized
by applying a currency swap.
Customer risk management aims to minimize the negative impact of any changes in
customers' financial situation on the business and the company's profit. In
customer risk management, the emphasis is on familiarity with the customer's
business and active monitoring of customer information. As part of customer
risk management, Technopolis's leases include rent collateral arrangements.
Properties are insured with full value insurance.
The Group's property portfolio is divided geographically between the Capital
area, Jyväskylä, Kuopio, Lappeenranta, Tampere and the Oulu region. No single
customer accounts for more than 9.9 % of the Group's net sales. The Group has a
total of about 1,150 customers, which operate in several different sectors.
The company's leases can be divided into two categories, fixed-term leases and
leases valid until further notice. The company aims to apply both types of
leases depending on the market situation, property and the nature of the
lessee's business area.
In new building projects, Technopolis focuses on quality determination and the
manageability of the property's entire lifecycle. In the design phase, all the
building's maintenance and service requirements are taken into account, with
the aim of implementing environmentally friendly solutions in terms of energy
consumption, the adaptability of office facilities, and recycling
possibilities. In connection with property purchases, Technopolis carries out
the normal property and environmental assessments before committing to the
Changes in market return requirements may have a substantial effect on profit
performance. When return requirements increase, the fair value of properties
decreases, and when return requirements decrease, the fair value of properties
increases. The changes have either an increasing or decreasing effect on the
Group operating profit.
Outlook for the future
Technopolis management expects that demand for the company's high tech
operating environments will be satisfactory in 2008 and that the occupancy
ratio of its facilities and demand for their services will remain good.
Technopolis estimates that its net sales and EBITDA for 2008 excluding sales
profits will grow by 18-22 % on the previous year.
As part of its strategy for growth, Technopolis aims to operate in the top high
technology cities in Finland, as well as in Russia and 1-2 other countries by
2011. The Group aims to increase its net sales by an average of 15 % annually.
It seeks to grow organically as well as through acquisitions.
The Group's financial performance is dependent on trends in the general
operating environment, in customer business, in the financial markets and in
the return requirements for properties. Changes occurring in these areas may
affect the Group's result through changes in occupancy ratios, the use of
services, financing costs, the fair values of properties and office rent
Oulu, April 22, 2008
Board of Directors
President and CEO
Pertti Huuskonen, tel. +358 (0)400 680 816 or +358 (0)8 551 3213
A PDF version of this interim report is available at www.technopolis.fi.
Requests for a printed version can be made to Teija Koskela, tel. +358 (0)8 511
Technopolis Plc has a news release service, which can be subscribed for on the
Internet. Service subscribers will receive the Group's releases by email.
Investment properties are measured at fair value. The direct internal and
external costs of construction are included in the acquisition cost of
investment properties during the period of construction, as provided for in the
IAS 16 standard. Interest expenses on loans for the construction period are
allocated to the acquisition cost of properties under construction, as provided
for in the IAS 23 standard.
The accounting policies and the key figures' calculation formulae applied to
this Interim Report are the same as those applied to the 2007 financial
statements. This Interim Report complies with the recognition and measurement
principles of the IFRS, although not all of the requirements of the IAS 34
standard have been complied with.
The figures are unaudited.
EUR MILLION 1-3/ 1-3/ 1-12/
2008 2007 2007
Net sales 16.38 13.59 56.90
Other operating income 1) 2.07 1.23 5.24
Other operating expenses -9.63 -8.45 -33.50
Change in fair value of
investment properties 2.58 2.15 14.55
Depreciation according to plan -0.56 -0.15 -0.62
Operating profit 10.83 8.36 42.56
Financial income and expenses -3.15 -1.90 -9.67
Profit before taxes 7.68 6.47 32.89
Income taxes -2.15 -1.59 -8.81
Net profit for the period 5.53 4.88 24.08
Distribution of profit for the period:
To parent company shareholders 5.65 4.87 24.04
To minority shareholders -0.12 0.01 0.04
BALANCE SHEET, ASSETS
EUR MILLION Mar 31, Mar 31, Dec 31,
2008 2007 2007
Intangible assets 2.05 2.60 2.49
Tangible assets 32.08 5.60 26.90
Investment properties 549.02 394.76 468.76
Investments 26.58 20.95 22.22
Deferred tax assets 2.86 2.12 2.41
Total non-current assets 612.59 426.03 522.78
Current assets 17.90 9.45 9.50
Held-for-sale non-current assets 1.87
Total assets 630.49 435.48 534.16
BALANCE SHEET, SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital 74.55 68.53 74.54
Premium fund 18.55 18.49 18.55
Other funds 27.37 11.51 27.38
Other shareholders' equity 0.18 0.55
Retained earnings 79.68 61.94 61.70
Net profit for the period 5.65 4.87 24.04
Attributable to shareholders
of parent company 205.98 165.33 206.77
Minority interests 0.28 0.14 0.40
Total shareholders' equity 206.26 165.48 207.17
Interest-bearing liabilities 315.17 184.10 227.95
Non-interest-bearing liabilities 1.39 1.48 1.42
Deferred tax liabilities 37.11 24.06 35.08
Interest-bearing liabilities 49.89 42.39 49.90
Non-interest-bearing liabilities 20.67 17.97 12.64
Total liabilities 424.24 270.00 326.99
equity and liabilities 630.49 435.48 534.16
CONSOLIDATED STATEMENT OF CASH FLOWS
EUR MILLION 1-3/ 1-3/ 1-12/
2008 2007 2007
Cash flows from operating activities
Operating profit 10.83 8.36 42.56
Change in fair value of
investment properties -2.58 -2.15 -14.55
Depreciation 0.56 0.15 0.62
Other non-cash adjustments to
operating profit -0.25 0.15 0.52
Increase/decrease in working capital 0.12 2.08 0.33
Interests received 0.21 0.51 0.82
Interests and fees paid -3.70 -2.49 -11.15
Income from other investments
in non-current assets 0.02 0.02
Taxes paid -0.47 -0.55 -2.91
Net cash provided by
operating activities 4.72 6.08 16.25
Cash flows from investing activities
Investments in other securities -0.11 -1.65
Investments in investment properties -21.02 -6.01 -27.56
Investments in tangible and
intangible assets -0.03 -0.14 -0.38
Repayments of loan receivables 0.01 0.02
Sales proceeds from other investments 2.30 0.25 0.34
Acquisition of subsidiaries -18.72 -3.79 -48.93
Net cash used in investing activities -37.57 -9.67 -78.15
Cash flows from financing activities
Increase in long-term loans 45.90 12.87 67.89
Decrease in long-term loans -4.17 -11.83 -20.09
Dividends paid -5.68
Paid share issue 0.02 5.30 16.79
Repayments of finance lease receivables 0.22 0.19 0.81
Change in short-term loans -2.45 -4.07 0.46
Net cash provided by
financing activities 39.52 2.47 60.18
Net increase/decrease in liquid assets 6.66 -1.12 -1.73
Liquid assets at beginning of period 1.08 2.80 2.80
Liquid assets at end of period 7.74 1.68 1.08
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Share Premium Other Retained Minority Share-
capital fund funds earnings interest holders'
Dec 31, 2006 67.32 18.55 7.37 67.46 4.58 165.28
Share capital increase 0.05 0.05
Share offering 1.16 4.13 5.29
Dividend distribution -5.68 -5.68
Net profit for the period 4.87 0.01 4.88
Other changes -0.06 0.01 0.15 -4.45 -4.35
Mar 31, 2007 68.53 18.49 11.51 66.80 0.14 165.48
Share capital increase 0.16 0.16
Share offering 5.85 15.95 21.80
Net profit for the period 19.17 0.03 19.20
Other changes 0.06 -0.08 0.32 0.23 0.53
Dec 31, 2007 74.54 18.55 27.38 86.29 0.40 207.17
Share capital increase 0.01 0.01 0.02
Dividend distribution -6.62 -6.62
Net profit for the period 5.65 -0.12 5.53
Other changes -0.02 0.18 0.16
Mar 31, 2008 74.55 18.55 27.37 85.50 0.28 206.26
1-3/ 1-3/ 1-12/
2008 2007 2007
Change in net sales, % 20.5 47.2 26.9
Operating profit/net sales, % 66.1 61.6 74.8
Equity to assets ratio, % 32.9 38.2 39.0
Employees in Group companies 151 141 142
Gross expenditure on non-current
assets, EUR 1,000 87,718 3,367 88,962
Net rental income of
property portfolio, % 3) 7.3 7.7 7.5
Financial occupancy ratio, % 96.8 94.5 96.8
undiluted, EUR 0.13 0.12 0.58
diluted, EUR 0.13 0.12 0.58
Equity/share, EUR 4.67 4.08 4.69
Average (issue-adjusted) no.
undiluted 44,110,053 40,473,746 41,407,380
diluted 43,777,990 40,544,335 41,469,091
EUR million Mar 31, Mar 31, Dec 31,
2008 2007 2007
Pledges and guarantees on own debt
Mortgages 240.12 195.50 201.72
Land lease liabilities 1.06 0.53 1.06
Other mortgage liabilities 0.93 0.93 0.93
Pledged investment properties 166.88 46.19 97.77
Interest rate and currency swaps,
nominal values 17.28 4.00 17.28
market values 0.49 -0.03 0.28
VAT return liability 9.24 13.29 11.49
Project liabilities 0.26 0.01 6.14
Collateral given on behalf of
Guarantees 0.50 0.50 0.50
Other guarantee liabilities 47.87 0.10 0.10
machinery and equipment 1.05 0.34 0.48
1) Other operating income comprises operating subsidies received for
development services, for which the same amount of development service expenses
have been recorded as operating expenses. Other operating income for the review
period includes EUR 0.9 million in nonrecurring items.
2) Depreciation for the review period includes EUR 0.4 million in nonrecurring
3) Does not include properties brought into use and acquired during the year.
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