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Press release

Satisfactory full-year performance by the M. Goldschmidt Group

M. Goldschmidt Holding A/S, an investment company owned personally by Mikael Goldschmidt, whose primary activities comprise real property, securities and businesses (mainly retail trade), has released its annual report for the 2009/10 financial year.
(read more)

Imerco Holding A/S sidesteps financial crisis with large-scale growth plan

H1 2009 was characterised by financial crisis and revenue downturn. Imerco restored revenue growth in Q3 2009.
(read more)

Largest forced sales in the history of Denmark completed

The M. Goldschmidt Group and BRFkredit have signed an agreement for the acquisition of the Klosterparken estate.
(read more)

M. Goldschmidt Group generated strong profit of around DKK 300 million in the first nine months of 2009

The M. Goldschmidt Holding Group’s main activities comprise investments in properties, securities and businesses, the latter particularly within retail trade.
(read more)

New city housing livens up Copenhagen's North West Quarter

In the midst of the housing market and financial crisis, almost all 50 flats in the newly built Lygtens Have estate on the border between Copenhagen's North West and outer Nørrebro districts have been tenanted. This success stems from combining an attractive rent with an understanding of what modern urban residents want and need today.
(read more)

M. Goldschmidt Ejendomme defies property market crisis

Within a short period of time, M. Goldschmidt Ejendomme has signed lease agreements with DONG Energy A/S and Imerco A/S for a total of approximately 10,000 sqm, defying the downturn currently characterising the business lease market.
(read more)

Imerco chain strengthened through DKK 300 million capital increase

The shareholders of Imerco Holding A/S have unanimously resolved to increase the company’s share capital by approximately DKK 300 million. Principal shareholder Mikael Goldschmidt is pleased with the wide support for the capital increase.
(read more)

25 February 2011

Satisfactory full-year performance by the M. Goldschmidt Group

M. Goldschmidt Holding A/S, an investment company owned personally by Mikael Goldschmidt, whose primary activities comprise real property, securities and businesses (mainly retail trade), has released its annual report for the 2009/10 financial year. The financial highlights are as follows:

    • Satisfactory full-year profit of DKK 111,726,000 before tax;
    • Shareholders' equity of DKK 1,950,000,000;
    • Total assets of DKK 5,082,000,000;
    • Equity ratio of 38.4%.

  • The property portfolio grew considerably, primarily through the acquisition of properties held for trade. All property acquisitions were completed in accordance with the strategy defined, and the company expects to add significant value to the properties acquired.

  • The property portfolio produced strong operating results in line with expectations.

  • The Group generated a return of 12.3% on its equity investments. The equity market exposure was reduced by DKK 200 million during the financial year, and after the end of the financial year it was further reduced to DKK 100 million.

  • The Group generated a return of 3.1% on its large bond portfolio. The bond portfolio was increased during the financial year for reasons of prudence and further increased after the end of the financial year in step with the reduction of the equity portfolio.

  • Imerco Holding A/S, which is the Group's largest single, non-property investment, developed very favourably, generating revenue of DKK 1.1 billion and EBITDA of DKK 60 million. This marked Imerco's strongest financial performance ever and an improvement of DKK 107,000,000 relative to the 2008/09 financial year. This makes Imerco Denmark's best performing and most robustly capitalised retail chain within houseware products with total shareholders' equity of DKK 710,411,000.

  • M. Goldschmidt Holding A/S expects to record a profit in the 2010/2011 financial year. All significant activities of the Group are experiencing positive developments and were off to a good start to the new financial year.

Highlights of 2009/10

M. Goldschmidt Holding A/S generated a profit before tax of DKK 111,726,000 in the 2009/10 financial year, which covered the period 1 October 2009 – 30 September 2010.

The M. Goldschmidt Group's core business area is investment in properties in Denmark held for investment and trading purposes. In addition, the Group has invested in a few development properties. The Group's overall property portfolio covers 217,717 sqm including building rights.

The predominant part of the investment portfolio is located in central Copenhagen in the area around Grønningen, Store Kongensgade, Poul Ankers Gade, Jens Kofods Gade and Hammerensgade. The rest of the property portfolio is characterised as properties held for trade.

The Group's strategy remains to acquire properties possessing rental, operational and constructional potential with a view to solving these issues and optimising the properties' operations and generating added value. It is the intention that all properties not included in the investment portfolio will be sold to long-term property investors upon completion of development.

The property portfolio grew considerably during the financial year. Properties acquired during the year included: Borgergade 28 (Copenhagen K), Vester Voldgade 7-9 (Copenhagen V), Sankt Peders Stræde 49 (Copenhagen V), Gl. Kongevej 170 (Frederiksberg C), Hellerupvej 10 (Hellerup), Klosterparken: Klokkehøjen 1-41, 2-20, Klokkehøjen 43-107, 22-64, Buegangen 1-37, 2-44, Buegangen 39-151, 46-102, Løngangen 1-65, 2-54, Løngangen 56-74, 67-139 (Ringsted), Søndergaards Alle 53-57 (Måløv), and Store Kongensgade 118/Hammerensgade 2 (Copenhagen K). The latter acquisition forms part of the Group's investment portfolio.

The Group's investments in development properties primarily include an 83,000 sqm site in central Hillerød. A framework local plan for the area was adopted in the summer of 2009, which facilitates development, primarily for retail trade purposes.

In addition to the activities mentioned above, Mikael Goldschmidt personally carries on commercial activities comprising 25 residential and commercial properties that are not included in the above-mentioned results/review.

Significant events after the balance sheet date

After the end of the financial year, M. Goldschmidt Holding has sold a large portfolio of properties to Jeudan A/S at a price of DKK 459 million. The sale was completed on satisfactory terms and in line of the plans defined. The company expects to re-invest the proceeds from the sale in the Copenhagen property market.

The company has made additional acquisitions after the end of the financial year. These include the property "Den Kongelige Mønt" (The Royal Danish Mint) in central Copenhagen, which will be converted primarily into youth residences.

Moreover, the Group has acquired an additional student flat complex in Holbæk near the Group's existing student flat complex, Goldschmidt Kollegiet, which is fully let and currently has 80 applicants on the waiting list. The new student flat complex will be named M. Goldschmidt Kollegiet Slotshaven.

The most recent acquisition is the second-largest aircraft hangar at Copenhagen Airport, the former Sterling Hangar. The hangar is let to Star Air, which is part of the AP Moller Maersk Group, and Norwegian, among others.

Outlook for the 2010/11 financial year

M. Goldschmidt Holding A/S expects to generate a profit in the 2010/11 financial year, which covers the period 1 October 2010 – 30 September 2011.

During 2011 and 2012, the Group expects to complete several property and business divestments at a profit.

For additional information, please contact

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

20 January 2010

Imerco Holding A/S sidesteps financial crisis with large-scale growth plan

  • H1 2009 was characterised by financial crisis and revenue downturn. Imerco restored revenue growth in Q3 2009
  • Shareholders’ equity at 30 September 2009 amounted to DKK 699 million, equivalent to a high equity ratio of 52%, with available cash resources totalling a remarkable DKK 86 million.
  • Christmas trade in 2009 was on a par with the year before, resulting in a record-high operating profit for Q1 2009/10
  • Extensive growth plan, PLAN 100+, launched recently


The transitional year 2009

As previously announced, Imerco Holding, an 82%-owned subsidiary of the M. Goldschmidt Holding Group, has changed its financial year to the period 1 October–30 September. Previously, the financial year tracked the calendar year. The financial statements for the transitional period 1 January 2009 to 30 September 2009 therefore only comprise nine months of operations and not the important fourth quarter with Christmas trade, which is Imerco’s by far most important quarter, generating 40–45% of total annual revenue.

The economic crisis prevailed in the two first quarters of 2009, whereas Imerco posted revenue growth and healthy operations again in the third and final quarter of the shortened transitional period. Overall, Imerco recorded an EBITDA loss of DKK 47 million in the nine-month period ended 30 September 2009. As the transitional financial statements for 2009 do not include the important fourth quarter, they cannot be used to analyse Imerco’s earnings power. If the reporting period had not been transitional, Imerco would have recorded significant EBITDA growth for the full calendar year 2009 relative to 2008 on the basis of revenue on a par with 2008.

Imerco stands well prepared to face the future

Today, Imerco is Denmark’s by far largest housewares chain with 156 stores, the industry’s largest equity of DKK 699 million, corresponding to an equity ratio of 52%, and available cash resources totalling a remarkable DKK 86 million at 30 September 2009.

Building on the 2009 trend, Imerco now launches an offensive to win additional market share and open even more stores. Imerco’s goal is to reach 180 stores in Denmark within the foreseeable future and to further significantly increase earnings. In addition, Imerco plans to upgrade its IT platform and to take steps to fully implement an efficient central warehouse in the 2010/11 financial year.

Q1 2009/10 at a glance

Imerco posted a record-high operating profit in the first quarter of the new 2009/10 financial year, comprising the period 1 October–31 December 2009. Moreover, Imerco launched an extensive growth plan, which, in combination with a continued focus on operating costs, will ensure increased revenue, additional market share and significantly improved operations for Imerco.

CEO Ib Berntsen says: “In a move to achieve our goal that Imerco should also post reasonable operating performances in the three ‘small’ quarters outside the Christmas season, we have launched PLAN 100+, a large-scale growth plan intended to generate additional revenue of at least DKK 100 million this year. The plan involves far more aggressive marketing than you have ever seen before in our industry, a large number of innovative sales promotion initiatives and adjustments of Imerco’s product range, etc.”

CEO Ib Berntsen elaborates: “Imerco is off to a good start to the new financial year. We have put the crisis behind us, and the all-important top priority now is to effectively execute PLAN 100+.”

For further information, please contact:

CEO Ib Berntsen, phone +45 43 20 10 00

22 December 2009

Largest forced sales in the history of Denmark completed

  • The M. Goldschmidt Group and BRFkredit have signed an agreement for the acquisition of the Klosterparken estate
  • The acquisition of the Klosterparken estate in Ringsted comprises 310 commonhold units built in 2006, covering a total site area of 223,000 sqm and a total residential floor area of 27,000 sqm


Owner of the M. Goldschmidt Group, Mikael Goldschmidt: “The forced sale of the Klosterparken estate offered a very attractive investment opportunity for us and we have therefore kept an eye on the estate for the past year or so. The acquisition of Klosterparken will contribute positively to our operations after financing from day one. On the short horizon, we have chosen to view the estate as a rental property but we are very conscious of the additional potential offered by the property when the market for commonhold units returns to normal, which was our main motivation for making the acquisition. Immediately after taking over the property, we took steps to improve the property’s current state of repair and quickly distance it from the vacuum that naturally followed in the wake of the previous owner’s bankruptcy. We have therefore with immediate effect launched the following initiatives to improve and complete common recreational areas etc.: Establishment of playgrounds, playing fields, protective planting, road and path systems as well as establishment of an outdoor swimming pool, if we can obtain permission to build the latter. All these initiatives will benefit existing and new tenants in the estate. In addition, we have initiated construction activities to bring the property to the high level of quality that is characteristic of the M. Goldschmidt Group.”

The Klosterparken estate was taken over immediately (with effect from 1 December 2009) at a price of DKK 375 million.

The M. Goldschmidt Group’s acquisition of Klosterparken marked a continuation of a large number of attractive property acquisitions, resulting in the takeover of 35 properties and estates since 1 January. Our entire organisation’s competencies are geared towards quickly and efficiently taking over both well run and less well run properties and quickly enhancing their efficiency and systematising them after takeover. In this connection, Mikael Goldschmidt said: “It is my immediate impression that we will have an opportunity to make attractive acquisitions in the year ahead and we have therefore increased our headcount in advance and geared our entire organisation towards handling such takeovers in a dynamic manner and being on the ball in an effort to avoid any bad bargains.”

M. Goldschmidt Holding Group

Mikael Goldschmidt
Owner and CEO

Please direct any queries regarding this announcement to Mikael Goldschmidt on tel. +45 33 63 09 00.

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25 November 2009

M. Goldschmidt Group generated strong profit of around DKK 300 million in the first nine months of 2009

  • Satisfactory pre-tax profit of around DKK 300 million for only nine months.
  • Group cash and cash equivalents totalled DKK 1.4 billion.
  • Strong activity within the property segment produced a number of very attractive property and satellite portfolio acquisitions.
  • Overall property portfolio generated significant cash inflows after financing costs. Additional acquisition activity after the end of the financial year.
  • Imerco Holding is now a subsidiary of the Group. Going forward, Imerco is expected to contribute an annual free cash flow of more than DKK 100 million to the Group.
  • Financial reporting period was changed to end at 30 September instead of 31 December and the financial year thus only comprised nine months, i.e. 1 January 2009–30 September 2009.


Highlights of 2009

The M. Goldschmidt Holding Group’s main activities comprise investments in properties, securities and businesses, the latter particularly within retail trade.

Mikael Goldschmidt: “I’m extremely pleased to report a pre-tax profit of around DKK 300 million for only nine months. I consider our performance to be satisfactory in light of the difficult market conditions.”

The strategy of the M. Goldschmidt Holding Group is anchored in a policy of always having substantial cash and cash equivalents available. In this connection, Mikael Goldschmidt said: “Our strategy of always maintaining a very strong cash position proved to be prudent during the past year. Our strategy has enabled us to make a number of very attractive property market acquisitions and, as the Group still has a very significant cash reserve, we also plan to increase our investments in the property segment in the upcoming year.”

The financial year covers a nine-month period from 1 January 2009 to 30 September 2009. The Group has changed its financial year as a result of the integration of Imerco Holding A/S as a Group subsidiary. Management believes that the new financial reporting period is the natural choice for businesses in retail trade.

Segment reporting

Property investments

The Group’s property companies invest in properties for long-term and development purposes. Most of the property portfolio is situated in central Copenhagen.

Mikael Goldschmidt: “We significantly increased our property portfolio during the year by acquiring attractive properties at an average return of almost 8%. I consider this highly satisfactory.”

Acquisitions made during the year include Hellerupvej 10, Hellerup; Frederiksberg Alle 66, Frederiksberg; Gl. Kongevej 147, Frederiksberg; Skt. Nikolaj Vej 8, Frederiksberg; the Porthuset property complex, Ørestad; Kollegiet Lundestræde 55, Holbæk (renamed M. Goldschmidt Kollegiet); and Søhesten, Ishøj as well as the Baunetoften/Baunehøjen terraced housing estate.

After the end of the financial year, the Group has acquired the following properties: Store Kongensgade 118 / Hammerensgade 2, Copenhagen K and Vester Voldgade 7-9, Copenhagen V, as well as Sankt Pedersstræde 49, Copenhagen V.

Cash resources and securities investments

The return on the Group’s equity investments outperformed the benchmark by a wide margin. The Group’s extensive bond portfolio also generated a satisfactory return.

Corporate investments

Covering a total of 157 stores, Imerco Holding is the Group’s largest single-company investment and Denmark’s undisputed market-leading retail chain within houseware products. Generating retail revenue of approximately DKK 1.3 billion annually, Imerco has significant financial strength. The group has 1,000 employees.

Spurred by the financial crisis and our wish to substantially enhance the financial performance, Imerco has implemented extensive organisational changes and efficiency enhancements to ensure that we achieve the full scale economies inherent in operating a capital chain. Also, the composition of the board of directors was changed to the effect that Mikael Goldschmidt was appointed chairman and Mads Krage, former CEO of the Danish discount grocery chain Netto, joined the board of directors. In addition, Imerco’s executive management was significantly strengthened through the appointment of a new COO, Villy Gravengaard, who was formerly with Top-Toy, and a new CFO, Thomas Colding-Jørgensen, formerly of A.P. Moller-Maersk.

In light of the many challenges facing retail businesses, and based on a desire to ensure optimum conditions for Imerco, the group’s capital structure was enhanced by way of a rights’ issue in June 2009. As a result of the rights’ issue and the exercise of a number of warrants issued in connection with the investment in Imerco in 2007, Imerco Holding is today a 82%-owned subsidiary of the M. Goldschmidt Holding Group.

The Group’s other investments in portfolio companies include the subsidiary AQUAporin A/S as well as erik bagger as and Innovision A/S.

The subsidiary AQUAporin A/S develops a selective water membrane capable of purifying water 100% for industrial purposes and of desalinating seawater. Development of the technology continues to be satisfactory.

The associate company erik bagger as is a leading Danish design company known, for example, for designing glassware and tableware for the restaurants at the Copenhagen Opera. Erik bagger as is expected to generate a profit for the 2009/10 financial year.

The associate company Innovision A/S develops, manufactures and markets sophisticated medtech equipment for non-invasive examinations of the cardiac, pulmonary and circulatory function. The Innovision group is expected to generate a profit for the 2009/10 financial year.

For further information, please contact:

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

25 June 2009

New city housing livens up Copenhagen's North West Quarter

In the midst of the housing market and financial crisis, almost all 50 flats in the newly built Lygtens Have estate on the border between Copenhagen's North West and outer Nørrebro districts have been tenanted. This success stems from combining an attractive rent with an understanding of what modern urban residents want and need today.

A half hundred new urban apartments in the Lygtens Have estate in Copenhagen’s North West Quarter are proof that success on the housing market is still possible if the price and product are right. Even before work on the last flat is finished, the project is close to being fully tenanted.

The Lygtens Have apartment interiors are designed to emphasise the inflow of light and spaciousness. One unusual detail is that the flats on the second floor and up have balconies on both sides, so residents are guaranteed lots of light all through most of the daylight hours. The large floor-to-ceiling windows with views of the city underline the fact that the flats are tailored to suit residents who love the city and its urban spaces.

The estate is situated at 31-39 Bisiddervej, on the corner of the busy and lively traffic artery called Lygten, very close to the Lersøparken park, Bispebjerg Station and, not least, the Nørrebro Bycenter shopping centre. The easy availability of shopping opportunities is also underlined by the presence of a Lidl supermarket in the ground floor of the building.

Lygtens Have tenants live just a few minutes by bicycle from the experiences that the Copenhagen city centre has to offer, and just a few minutes' walk away from cafés, public transport and relaxation in green park surroundings. All the facets of urban life unfold themselves in this lively neighbourhood, which is geographically part of Copenhagen's North West Quarter but could actually be considered outer Nørrebro, as it is a multicultural neighbourhood with lots of young people, students, bohemians and families with children.

Almost fully tenanted

The architectural firm behind this highly attractive modern urban housing is Hvidt & Mølgaard. Construction of the estate was well underway when its original developer encountered problems, and the project was purchased in September 2008 by M. Goldschmidt Ejendomme A/S, which itself funded and completed construction on the project.

Builders have been working hard to finish the 50 new Lygtens Have flats, even as they were opened for rental in November 2008. At the time of writing, only a good handful of the apartments are left: the rest have already been rented to a good mix of new residents. The first tenants moved into their flats in February; the last apartments will be ready for occupation very soon.

‘In spite of a very difficult housing market, we’ve managed to rent out just about all the new flats within a short period of time. This is probably due to the fact that we’ve set the right rent: we're asking for roughly DKK 1200 per square metre per year. The rent varies, depending on each flat’s location and size,’ explained Mads Jarlshøi of M. Goldschmidt Ejendomme A/S.

The Lygtens Have apartments vary a great deal in size. The smallest are two-room flats totalling roughly 80 square metres each; the largest each have five rooms and about 134 square metres of floor space. In addition, ten of the apartments have a roof terrace. A few of the terraces are up to 100 square metres in size, large enough for residents to enjoy a warm summer evening in the heart of the city, surrounded by vibrant urban life and activities.

Quality interiors

All the flats have an entrance hall with a built-in wardrobe and access to a bathroom and a large kitchen/family room. Each of the flats on the second to fifth floors has at least two large, private balconies with glass parapets and wooden planking. Each flat has a balcony facing east and one facing west so residents can enjoy both the morning and evening sun. The first-floor apartments all have east-facing private terrace gardens accessed from the kitchen/family room and a small terrace garden to the west affording the opportunity to enjoy the evening sunshine.

The flats also have lovely large wardrobes and easy access to the technical installations. A modern patch panel enables the wall sockets to be used for telephones, Internet access or TV, eliminating the need for criss-crossing cables. The estate also features all the modern facilities required today: an entry phone, a locked underground car park, lifts, storage rooms in the basement and district heating.

The interior design is quality down to the smallest detail. The bathrooms have floor heating, a bricked shower cubicle, a wall-mounted toilet with concealed cistern, and fittings for washer/dryer. The kitchens have upper and lower cupboards, a built-in cooker hood with an almost noiseless central extractor system, a glass-ceramic cooker hob, a built-in oven, a built-in dishwasher and a fridge freezer, all supplied by Siemens.

Satisfied tenants

Lygtens Have is already fast gaining its own identity as its new tenants move in. Young couples live here, as do families with children, single men and women, single mothers and fathers, students, newcomers to the city, and just generally people who need a smoothly functioning home base in the form of a good place to live.

Among the first people to move to the estate were a Danish-German couple named Lilian and Helge Anschütz, who used to rent a small flat in the Østerbro district of Copenhagen. Their new home is a three-room flat with 90 square metres of floor space.

‘For us, it was important to move to something new. We were tired of draughty windows and problems, and we wanted to keep our freedom by renting. Several of our friends live in this neighbourhood, and I can go to the gym right around the corner. This is a place that suits our lifestyle perfectly. I’m sure we’ll stay here for at least three or four years, until we can afford to buy a house at some point,’ said Lilian.

The name ‘Lygtens Have’ (‘Lygten’s Garden’) comes not only from the location of the estate, but also from its large back garden area. Work on this area will begin this summer, and when the garden is finished, residents will have access over a closed stair bridge to the common areas and the outdoor life and fresh air they offer, away from the street. Tenants will also be able to hire a parking space in the basement, and there are lifts to all storeys.

In one of the lifts, we met another tenant, Ulrik Erdland, arms full of vegetables in a plastic shopping bag. His impressions of the neighbourhood have been good:

‘The large windows make the flats open, light and airy. To start with, I was a bit sceptical about the general area because you hear so many bad things about Nørrebro, but I haven’t seen any of that at all. It's been quite a pleasant surprise. It’s actually a quiet neighbourhood with a lot of young people and a really great urban life. I’m a city person, so it’s exactly what I like,’ said Erdland.

Lygtens Have has a total of 50 new flats whose layout emphasises light inflow and openness to the outside world: modern urban housing for families of all ages. (Model photo: Peter Nørby)

Among the first to move to the estate were a Danish-German couple named Lilian and Helge Anschütz, who used to rent a small flat in the Østerbro district of Copenhagen. Their new home is a three-room flat with 90 square metres of floor space. (Photo: Peter Nørby)

Ulrik Erdland likes his Lygtens Have flat: it is the perfect framework for his life as an urban man – also when he has to do his grocery shopping on his way home from work. (Photo: Peter Nørby)

Each flat on the second to fifth floors of the estate has at least two private balconies. (Photo: Peter Nørby)

The Lygtens Have apartments were designed by the architectural firm of Hvidt & Mølgaard. The smallest flats each have two rooms totalling roughly 80 square metres; the largest have five rooms and a total of about 134 square metres of floor space. (Model photo: Peter Nørby)

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25 June 2009

M. Goldschmidt Holding A/S

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24 June 2009

M. Goldschmidt Ejendomme defies property market crisis

Within a short period of time, M. Goldschmidt Ejendomme has signed lease agreements with DONG Energy A/S and Imerco A/S for a total of approximately 10,000 sqm, defying the downturn currently characterising the business lease market.

In late 2008, M. Goldschmidt Ejendommme A/S acquired the business property at Linde Allé 5-9 in Nærum north of Copenhagen from Sjælsø Gruppen. The property totals 16,000 sqm of which only half was let at the acquisition date. M. Goldschmidt has now concluded a lease agreement with DONG Energy A/S who will lease 6,500 sqm office spaces and the property is thus fully let.

The Nærum property has been in the hands of M. Goldschmidt Ejendomme A/S since the end of 2008 when it was acquired from Sjælsø Gruppen in a transaction which also included a newly established REMA 1000 store located in the Danish Broadcasting Corporation’s former premises in Søborg near Copenhagen.

- We acquired the Nærum property at the worst possible time of the financial crisis. In a difficult market, we have now managed to let the vacant part of the property to an attractive tenant. This shows that we still know our business and that it is still possible to remain active in the property market in spite of the crisis, says Mikael Goldschmidt, CEO of M. Goldschmidt Holding A/S.

The property at Linde Allé 5-9 was designed by architect Ole Hagen for Brüel & Kjær in 1988, and for a number of years, it served as that company’s headquarters. It is a property of high standards with a roof ridge. The windows are placed in a manner which will make the beautiful surroundings of protected lime trees and green areas part of the future work environment for the DONG employees. The property is situated in the Municipality of Rudersdal in peaceful surroundings although still close to the motorway and public transportation. The property is now let to DONG Energy who can arrange the premises with large conference rooms, small quiet rooms or open offices at their own discretion. A roof ridge and no pillars on the 2nd floor create a fantastic feeling of space, and skylights contribute to a lovely, bright work environment. In addition, the property has a bright cafeteria area.

Moreover, M. Goldschmidt Ejendomme has leased 2,400 sqm of its business property at Smedeholm 16-18 in the Copenhagen suburb of Herlev to Denmark’s largest hardware chain, Imerco A/S. The group has just set up its headquarters in the premises which previously housed the offices and production facilities of a large office furniture company.

Imerco currently resides in Taastrup west of Copenhagen, but they have outgrown their current premises. For some time now, the company has been looking for new attractive premises in which to set up its new organisation. At present, they are relocating their activities to the new premises in Herlev. According to Imerco’s CEO, Ib Berntsen, the relocation is also spurred on by a wish to improve the physical environment for the approximately 40 employees working at the headquarters.

- We will have around twice as much space as we have had until now, which means that we will finally have the office and meeting facilities we have been looking for as the headquarters of 155 hardware stores. We will also have enough space to set up a small Imerco shop allowing us to develop our product range and presentation more efficiently, Ib Berntsen says.

The premises at Linde Alle 5-9 in Nærum, acquired by M. Goldschmidt Ejendomme A/S at the end of 2008 and now home to DONG Energy A/S among others. (Photo by Peter Nørby)

The premises at Smedeholm 16-18 in Herlev, refurbished for Imerco, as they look today – before the some 40 Imerco HQ employees and a small Imerco shop move in. (Photo by Peter Nørby)

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22 April 2009

Imerco chain strengthened through DKK 300 million capital increase

The shareholders of Imerco Holding A/S have unanimously resolved to increase the company’s share capital by approximately DKK 300 million. Principal shareholder Mikael Goldschmidt is pleased with the wide support for the capital increase.

At a well-attended annual general meeting of Imerco Holding A/S held at Radisson SAS Scandinavia in Copenhagen on Wednesday, 22 April 2009, the shareholders resolved to authorise the company’s Board of Directors to increase the company’s share capital through issuance of shares at a discount to the market price with pre-emption rights to existing shareholders. The resolution was unanimously adopted and was strongly supported by the many attending shareholders, representing a total of 95.5% of the share capital, including by the company’s principal shareholder, M. Goldschmidt Capital A/S.

“We are very pleased that the capital increase enjoys the support of the entire group of owners. This is a great day for Imerco. We succeeded in drafting a plan that strengthens Imerco’s financial resources and primes the company for future growth and earnings,” said Mikael Goldschmidt, CEO of M. Goldschmidt Holding A/S.

“The capital increase should be seen as a proactive step. We will be strengthening the company’s financial resources, thereby ensuring some 1,000 jobs and the company’s future growth potential in the industry. Through our contribution to the capital increase, and by strengthening of our ownership interest, we want to demonstrate our sustained confidence in Imerco as an investment. We believe that Imerco offers excellent long-term perspectives and a strong future earnings potential, which is why we fully support and back the capital increase,” said Mikael Goldschmidt.

The portfolio of more than 150 stores makes Imerco Denmark’s largest housewares chain by far. The share capital will be increased by a total of almost DKK 300 million. Of this amount, DKK 275 million will be deriving from the upcoming share issue to be completed in June 2009, under which all existing shareholders will be awarded subscription rights in proportion to their shareholdings. As there will still only be one share class, no shareholders will be placed at a disadvantage if they exercise their subscription rights in full. In addition, capital will be injected by M. Goldschmidt Capital A/S exercising its warrant to increase its ownership interest in Imerco Holding A/S from 40% to 51%.

The proceeds from the upcoming share issue will be used to reduce the company’s debt and to strengthen its financial resources with a view to exploiting any opportunities that may arise in the future.

Copenhagen, 22 April 2009

M. Goldschmidt Holding A/S, Mikael Goldschmidt (CEO)
M. Goldschmidt Capital A/S, Søren Bjørn Hansen (CEO)
Imerco Holding A/S, Ib Berntsen (CEO)