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Sjælsø: Confidence in spite of troubled waters

Lagt online 03.05.09

For development company Sjælsø, the crisis has mainly resulted in reduced sales of projects, lower margins and difficulties in accessing finance for projects and refinancing current loans. Consequently, Sjælsø has increasingly had to provide equityfinancing for projects and tie up free liquidity in the development of projects in the company’s pipeline.

Sjælsø, however, notes with statisfaction that the financial institutions continue to show confidence in the company, thus Sjælsø has raised several new project and construction loans during 2009. Moreover, some loans scheduled for renegotiation in 2009 have been renegotiated. It is crucial for Sjælsø that the company and its clients retain the potential to obtain funding for projects under development, including the extension of existing loans as these need to be prolonged.

Since early 2009, Sjælsø has, however, noted that trends have stabilised and a more rational behaviour in the banking sector compared to the end of 2008. This has resulted in an increased willingness to offer new loans on the part of the financial institutions, even though it remains difficult to obtain financing for new projects at the development stage. More difficult access to financing and reduced demand for properties as a result of increased equity requirements have led to lower sales of properties at rising returns, especially at more secondary locations.

As a result of the financial turbulence alongside widespread concerns about economic trends, decision-making processes on the part of tenants and home-buyers have been significantly protracted. More difficult access to financing and general uncertainties about market developments has also meant that property investors have become more reluctant about new investments. Falling interest rate levels along with the tax reform and Bank Package II support the expectations for reasonable long-term price development for properties.

Moreover, falling construction prices allow for the sale of projects at reduced prices with ongoing, acceptable earnings, considering the market situation. The outlook for 2009 remains uncertain and highly dependent on the property market’s stabilisation as well as the situation on the financial markets and thus the banks’ willingness to finance property projects for Sjælsø and Sjælsø’s clients. Given a stabilisation of the market situation and in consideration of ongoing negotiations concerning the sale of new projects for one thing, Sjælsø expects a positive result before any value adjustments/write-downs and tax for 2009.

Read more www.sjaelsoe.dk

Illustration: Sjælsø Gruppen - domicile north of Copenhagen.


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