R E S U LT S F O R 2 0 1 3 / 1 4 A N D O U T L O O K F O R 2 0 1 4 / 1 5 years is based on specific projects in the project portfolio with
Cash and cash equivalents
a longer time horizon than three years as well as various project
Cash and cash equivalents amounted to DKK 38.7 million
opportunities.
against DKK 31.2 million at 31 January 2013. The Group’s total cash resources came to DKK 90.8 million against DKK 70.1 mil-
Due to the substantial uncertainties attaching to these val-
lion at 31 January 2013.
uations, provisions have been made for the risk that projects are postponed or not implemented and the risk that project
Equity
profits fall below expectations. A change in the conditions and
The Group’s equity came to DKK 1,553.7 million against
assumptions for budgets and profit forecasts, including time
DKK 1,389.7 million at 31 January 2013.
estimates, could result in the value of the tax assets being considerably lower than that computed at 31 January 2014, which
The Group’s equity includes the net proceeds of DKK 218.9 mil-
could have an adverse effect on the Group’s results of opera-
lion of the capital increase implemented in September 2013.
tions and financial position.
Moreover, since 31 January 2013 equity has partly been affected by the results for the year and negative market-value adjust-
Project portfolio
ments after tax of DKK 6.5 million related to foreign subsidiar-
The total project portfolio came to DKK 2,986.0 million against
ies and hedging instruments.
DKK 3,030.9 million at 31 January 2013. The decline is a combined result of an increase in the Group’s portfolio of ongoing
The solvency ratio amounts to 40.5 %. Thus, the Group has ful-
projects and a decrease due to the sale of projects.
filled its strategic goal of achieving a solvency ratio of about 40 %.
Total prepayments based on forward-funding agreements
The Group’s total portfolio of completed projects and invest-
1,000
ment properties amounted to DKK 2,066 million at 31 January 2014 (31 January 2013: DKK 2,132 million), and the Group’s net interest-bearing debt amounted to DKK 1,891 million (31 January 2013: DKK 2,206 million).
500 0
31 Jan 2010
31 Jan 2011
31 Jan 2012
Equity, DKKm
40.5 %
1,500
34.7 %
tion of forward funding on new projects.
59 %
2,000
40.4 %
handover of projects to investors, combined with an accumula-
40.4 %
January 2013. The change is due to a decline resulting from the
Equity and solvency
36.4 %
amounted to DKK 59.1 million against DKK 369.6 million at 31
31 Jan 2013
31 Jan 2014
Solvency ratio
The ratio of cash-flow-generating properties to total net interest-bearing debt in the Group developed positively in the
Non-current liabilities
amount of DKK 249 million during the year under review.
The Group’s non-current liabilities represented DKK 143.0 million against DKK 141.0 million at 31 January 2013.
Cash-flow-generating properties and interest-bearing debt Current liabilities
2,500
The Group’s current liabilities represented DKK 2,142.9 million against DKK 2,478.6 million at 31 January 2013. The decline is
2,000
mainly attributable to the reduction of debt to credit institutions.
1,500
1,000
31 Jan 2010
31 Jan 2011
31 Jan 2012
31 Jan 2013
31 Jan 2014
Net interest-bearing debt, DKKm Investment properties and completed projects, DKKm
C A S H F L O W S TAT E M E N T The Group’s cash flows from operating activities were positive in the amount of DKK 55.6 million (2012/13: positive in the amount of DKK 45.6 million). This amount is mainly a combined
Receivables
result of the reduction in funds tied up in projects following pro-
Total receivables amounted to DKK 162.8 million, a decline of
ject sales/accumulation of forward funding, new project invest-
DKK 78.2 million from 31 January 2013 that relates mainly to
ments, interest and tax paid, as well as other operating items.
other receivables. The Group’s cash flows from investing activities were positive
1 0 / 1 1 5 | T K D E V E LO PM E N T A / S | A N N U A L R E P O RT 2 0 1 3 / 1 4 | M anagement C ommentary