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5 March 2013

Annual Report 2011/12 of M. Goldschmidt Holding A/S

Highly satisfactory profit for the year of DKK 151 million in 2011/12.Shareholders' equity grew to over DKK 2 billion.

M. Goldschmidt Holding A/S, owned by Mikael Goldschmidt, today released its annual report for the 2011/12 financial year. The group's main activities are to invest in property, securities, the retail trade and in cleantech companies. Highlights of the 2011/12 financial year:

  • The profit for the year was highly satisfactory at DKK 151 million. The profit for the year was driven by a highly satisfactory performance by the group's property activities, as ten new properties were added to the portfolio. Like in previous years, the property portfolio was characterised by very strong operating results and low vacancy rates.
  • Imerco's performance was not satisfactory, but the company generated a cash inflow from operating activities. The Danish retail industry remains impacted by consumer restraint, and Imerco has addressed the situation by implementing measures intended to strengthen operating profit already from the current financial year. Given the satisfactory Christmas sales in 2012, Imerco expects these efforts to be successful. Imerco remains Denmark's most robustly capitalised retail chain within houseware products.
  • Aquaporin is developing very well and is becoming a global commercial business firmly anchored in groundbreaking innovation. Aquaporin's revolutionary, patented technology has an enormous market potential and there are many opportunities for commercial success open to the company. Aquaporin is engaging constructively with a number of industrial corporations regarding various types of collaboration with promising commercial perspectives.

The main business areas were off to a good start to the new financial year, and M. Goldschmidt Holding A/S also expects to generate a profit in 2012/13.

Highlights of 2011/12

These consolidated and parent company financial statements cover the period from 1 October 2011 to 30 September 2012. M. Goldschmidt Holding had total assets of DKK 5,382 million and shareholders' equity of DKK 2,088 million.

The equity ratio was 38.8%. The group's cash bank deposits and bond holdings amounted to DKK 833 million.

The group's substantial property activities generated a highly satisfactory performance in the 2011/12 financial year. Ten new properties were added to the property portfolio, and like in previous years the portfolio generated strong operating results.

The group made a number of acquisitions in and around Copenhagen, including the properties at: Bådehavnsgade 38 (Copenhagen), Enghavevej 40 (Copenhagen), Frederikssundsvej 62 (Copenhagen), Herstedøstervej 7 (Glostrup), Kamillevej 4 (Kastrup), Livjægergade 17 (Copenhagen), Marienbergvej 108 (Vordingborg), Stockholmsgade 59 (Copenhagen), Strandvejen 141 and Strandvejen 141A (both in Hellerup). The group sold Herstedøstervej 7 (Glostrup). After the end of the financial year, the group acquired Kokkedal Castle and sold Bådehavnsgade 38 (Copenhagen) and Læhegnet 71-75 (Albertslund).

The group also completed the refurbishment of the first 150 youth residences in the former Royal Danish Mint building located at Amager Boulevard in Copenhagen. All completed youth residences are fully let. The refurbishment of the remaining units will be completed in the spring of 2013.

The group is in final negotiations with the Municipality of Hillerød about a major project at the group's 83,000 sqm plot in the heart of Hillerød. The Municipality of Hillerød is expected to implement a local plan for the area, which could be ready in late 2013.

The group's retail trade company, Imerco, is Denmark’s undisputedly largest nation-wide housewares chain and currently has 151 physical stores and an online shop. Imerco generated revenue of DKK 1,062 million and an EBITDA loss of DKK 27 million due to certain impairment write-downs and special circumstances. Nevertheless, the performance was not satisfactory. However, Imerco generated a cash inflow from operating activities of DKK 38 million.

The group's cleantech business, Aquaporin, is a global leader in its field. The company is transforming from a development company into a global commercial business firmly anchored in groundbreaking innovation. Aquaporin's revolutionary, patented technology has an enormous market potential and there are many opportunities of commercial success open to the company. Aquaporin is engaging continually and constructively with a number of major industrial corporations regarding various types of collaboration constellations with promising commercial perspectives. The patent situation is developing very favourably as additional patents have been approved in China and other markets.

Outlook for the 2012/13 financial year

M. Goldschmidt Holding A/S expects to generate a satisfactory profit in the 2012/13 financial year, which covers the period 1 October 2012 – 30 September 2013.

For additional information, please contact

Owner and CEO Mikael Goldschmidt, phone +45 33 63 09 00

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