A TYPICAL SALE & LEASE BACK ARRANGEMENT
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1 A TYPICAL SALE & LEASE BACK ARRANGEMENT Lessee Lessor Business property Seller Buyer Investor EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech
2 EDC Erhverv Poul Erik Bech is one of Denmark's leading commercial estate agents, providing clients with expert advice and specialising in sale, rental, and valuation of: Cooperative housing associations Mixed properties Shop flats Retail outlets Residential properties Industrial building plots Investment properties Office complexes Warehouse, production and logistics premises Clinics Hotels and restaurants Our local knowledge and nationwide network of branches, staffed by 60 highly specialised commercial estate agents, are our greatest strengths. Our chartered estate agents, valuers and surveyors specialise in brokering commercial properties. EDC Erhverv Poul Erik Bech, members of RICS, is a nationwide company with branches in Copenhagen, Herlev, Kolding, Southern Jutland, Esbjerg, Århus, Silkeborg and Aalborg. Copenhagen K @edc.dk Kolding @edc.dk Esbjerg @edc.dk Silkeborg @edc.dk Herlev @edc.dk Southern Jutland @edc.dk Århus @edc.dk Aalborg @edc.dk
3 SALE & LEASE BACK A new way of optimising capital utilisation Chartered estate agents valuers MDE Local knowledge with nationwide benefits Chartered surveyors & international property consultants poulerikbech.dk/erhverv
4 Sale & Lease Back Sale & Lease Back can be particularly advantageous in the following circumstances Sale & Lease Back is a modern financing instrument with which a company sells its business premises to an investor and subsequently leases the property from the new owner. The purpose is to release the capital tied up in bricks and mortar for better use elsewhere. And as capital is a limited resource, companies should always carefully consider how to obtain maximum return on all investments. Unless property investment is an objective in itself, companies should therefore examine whether they could achieve greater returns by releasing the capital tied up in their business premises and investing it instead in core business activities or allowing the company owners to invest it more profitably elsewhere. EDC Erhverv Poul Erik Bech has helped companies enter into Sale & Lease Back agreements for several years, and such agreements are now one of our standard products, alongside the sale, rental and valuation of commercial properties. EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech
5 Capital provision for growth strategy implementation When companies adopt aggressive growth strategies, they often need all the capital they can get. Sale & Lease Back arrangements can help such companies release capital for use in implementing their growth strategies. Ownership transition When ownership of a business is to be transferred to the next generation, it is often difficult to raise the required capital. This is particularly true if the company owns capital intensive assets like buildings. As the primary reason for ownership transition is usually linked to company operations, the best solution will often be to sell company-owned buildings in a Sale & Lease Back arrangement so that the new generation of owners need only purchase the company's core business activities. Turnaround Turning a company around often requires large amounts of capital, but borrowing can be difficult when positive results are lacking. Mortgaging the property cannot release its full value as business premises can only be mortgaged for 60% of their value. On top of this, potential lenders often value the premises lower than they could be sold for on the open market. And this is generally the case in turnaround situations, where the company's financial results are usually less than satisfactory. A Sale & Lease Back agreement, in which the maximum value of the premises is released, Several owners with different attitudes to capital investment in property Large companies often have several owners, and listed companies have by definition a wide circle of owners. Such owners may have vastly differing preferences on the extent to which invested funds should be tied up in property. With Sale & Lease Back, the company can sell its properties and distribute the proceeds among its shareholders. Those who wish to invest in property are then free to do so, either by investing in investment properties direct or through property investment companies. Listed companies enhanced investment transparency Listed companies will generally be valued more positively if their investments are clearly visible. This is one reason why there has been considerable focus for several years on selling off peripheral business areas and concentrating on core activities. This also applies for company-owned properties if such investments constitute a large proportion of the total company value. All else equal, fewer investors will be interested in a company where conflicts of interest may arise between investing in core business activities or in a large portfolio of properties. Once the two have been separated, investors are free to place their funds where they themselves see fit. And it should also be borne in mind that any change in property values will only be weakly linked to changes in the value of the rest of the company. Companies with Optimisation of professional investment capital Professional investors, and capital funds in particular, have many investment opportunities to choose from. Their objective is to ensure optimum utilisation of the funds at their disposal. By implementing Sale & Lease Back arrangements in the companies they invest in, such investors can release capital for placement in alternative projects with higher return. Financial highlights By entering into operational Sale & Lease Back arrangements, buildings and properties are no longer balance sheet assets. And revenues from their sale can be used to reduce debt, invest in core business activities or increase shareholder dividends. Key accounting indicators will subsequently reflect the company's true financial position to a much greater extent. Depending on how the released capital is invested, the company's financial highlights will often be improved. Something which is of vital importance for the company's value and credit worthiness. Taxation and tax reform The Danish corporation tax reform which came into effect on 1 July 2007 reduced the building depreciation rate from 5% to 4% and limited the tax relief on interest which large companies could claim. Because of the lower tax value of building depreciation and the risk of limited tax relief on borrowed finances, EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech can therefore EDC Erhverv be the Poul best Erik way Bech to get EDC the Erhverv company Poul back Erik Bech EDC heavy Erhverv investments Poul Erik in property Bech EDC are Erhverv therefore Poul exposed Erik Bech to EDC Erhverv large companies Poul Erik Bech have EDC a far Erhverv greater Poul incentive Erik Bech to EDC enter Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech on its feet. risks which are unnecessary for their operations, unless into operational Sale & Lease Back arrangements to EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC of course Erhverv the Poul company Erik Bech is a property EDC Erhverv investment Poul Erik firm. Bech EDC Erhverv relieve Poul their Erik balance Bech sheets EDC Erhverv of capital Poul intensive Erik Bech building EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv investments. Poul Erik Instead, Bech EDC the cost Erhverv of using Poul the Erik building Bech EDC can Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech EDC Erhverv Poul Erik Bech be converted to fully deductible leasing costs, which remain unaffected by the new tax legislation unless incurred through financial leasing arrangements.
6 Operational or financial leasing Sale & Lease Back leasing contracts can cover either operational or financial leasing agreements. Financial leasing agreements are practically the same as standard loans, the only real difference being that ownership is transferred to the leasing company for the duration of the contract. Financial leasing agreements are treated in company accounts as loans. Operational leasing agreements for buildings on the other hand correspond to common long-term non-terminable leasing contracts, allowing buildings to be deleted from company balance sheets. As the core business areas of most companies have little to do with building administration, operational leasing agreements will often result in annual accounts and financial highlights giving a fairer presentation of the company's financial position and growth potential. Financial leasing: Operational leasing: Considerations Alternative to taking a standard loan Characteristics: Ownership rights are transferred to the lessee on expiry of the contract period The lessee is given a purchase option in the contract which is considered so favourable that it will in all likelihood be used The present value of the minimum lease payments stated in the contract is greater than, or to all intents and purposes equal to, the present value of the leased asset The leasing contract usually runs for most of the economic life of the asset The leasing contract covers a special asset, which only the lessee can utilise unless it is altered significantly Considerations Optimum investment of capital resources Increased transparency of company value Expedient allocation of available capital Maximum return on invested capital Relevant in the following situations among others Capital provision for growth strategy implementation Ownership transition Turnaround Greater financial transparency Optimisation of professional investment capital Several owners with different attitudes to capital investment in property Financial highlights Tax reduction Preparation of company for sale
Strategic Capital ApS has requested Danionics A/S to make the following announcement prior to the annual general meeting on 23 April 2013:
Copenhagen, 23 April 2013 Announcement No. 9/2013 Danionics A/S Dr. Tværgade 9, 1. DK 1302 Copenhagen K, Denmark Tel: +45 88 91 98 70 Fax: +45 88 91 98 01 E-mail: investor@danionics.dk Website: www.danionics.dk
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