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Hoffmann Ejendomme performance was marked by a stagnant housing market. Given this situation and the market’s outlook, activities are being scaled down. The land Bank consists solely of residential sites, the majority of which are located in Jutland. A valuation of all sites in the portfolio and 17 unsold homes was undertaken at year’s end, resulting in a devaluation equivalent to MNOK 20, which is 8% of book value. This included, profit before tax was MNOK - 47.1 (MNOK -32.5).
PROPERTY DEVELOPMENT - DENMARK
Scalling down operations
