DENMARK: Carlsberg sells off local assets
Danish brewer Carlsberg is selling its shopping centre assets, north of Copenhagen.
The brewer said today (2 March) that it had signed an agreement to sell the shopping centre, which is still under construction, at the Tuborg premises in Hellerup, north of Copenhagen.
The sale of Carlsberg's share is expected to result in a gain of around DKK120m (US$19.2m) in 2007 while the previously expected annual rental income of about DKK15m will no longer figure in its accounts. Carlsberg's share of the sales proceeds will be around DKK350m.
Carlsberg announced the sale as it was not included in its profit forecast that it gave to the Copenhagen Stock Exchange on 21 February.
"Currently, agreements have been entered into on the delivery of properties and apartments at Tuborg Syd in Hellerup for the period 2006-08," Carlsberg said.
"The financial consequences of these agreements are that in 2006-2008 around DKK410m, DKK400m and DKK20m, respectively, will be invested, while sales proceeds in 2006-2008 will be around DKK105m, DKK770m and DKK780m, respectively.
"Thus, the development of these properties will have a negative impact on free cash flow in 2006 as a result of investments which will not lead to sales until the following years.
"The gain on sales in 2006-2008 is expected to amount to around DKK85m, DKK275m and DKK285m, respectively."
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