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Sponda Plc’s INTERIM REPORT January – March 2009

Julkaisupäivä:7.5.2009luokka:

Sponda Plc              
Interim report 
7 May 2009, at 8:30 am




Sponda Plc's interim report January - March 2009

Sponda Group's operations continued to grow strongly. Total revenue rose 17 %
from the previous year to EUR 60.6 million (31 March 2008: EUR 51.9 million).
Net operating income also rose 17 % to EUR 45.0 (38.2) million. The economic
occupancy rate was 88.8 % (92.0 %).

The company's operating result, which includes a change in value of the
investment properties of EUR -117.3 (12.6) million, was EUR -77.8 (46.5)
million. The negative change in value was EUR -54.0 million for investment
property in Finland and EUR -63.3 million for investment property in Russia. The
fall in value of the properties was mainly due to changes in market yield
requirements. The average yield requirement for Sponda's property portfolio at
the end of the review period was 6.84 % (6.73 %) in Finland and 11.45 % in
Russia.

The following revised standards that came into force at the beginning of 2009
have had an impact on Sponda's consolidated reporting: IAS 23 Borrowing Costs,
IAS 1 Presentation of Financial Statements, IAS 40 Investment Properties and
IFRS 8 Operating Segments. Their impacts are explained separately in the notes
to this interim report.

Result of operations and financial position January - March 2009 (compared with
same period in 2008):

Total revenue grew to EUR 60.6 (51.9) million.
Net operating income improved to EUR 45.0 (38.2) million.
Operating result was EUR -77.8 (46.5) million. The fall in operating profit was
due to changes in the value of property totalling EUR -117.3 million recognized
in the first quarter.
Profit after tax was EUR -91.9 (20.5) million.
Earnings per share were EUR -0.83 (0.19).
Cash flow from operations per share rose to EUR 0.18 (0.15).
The fair value of investment properties amounted to EUR 2,802.8 (2,690.9)
million.
Net assets per share totalled EUR 6.98 (8.01).
EPRA net assets per share were EUR 8.69 (9.69).
Economic occupancy rate was 88.8 % (92.0 %).


Key figures

--------------------------------------------------------------------------------
|                                     |     1-3/09 |      1-3/08 |     1-12/08 |
--------------------------------------------------------------------------------
| Economic occupancy rate, %          |       88.8 |        92.0 |        88.5 |
--------------------------------------------------------------------------------
| Total revenue, M                   |       60.6 |        51.9 |       224.3 |
--------------------------------------------------------------------------------
| Net operating income, M            |       45.0 |        38.2 |       166.8 |
--------------------------------------------------------------------------------
| Operating result, M                |      -77.8 |        46.5 |       117.3 |
--------------------------------------------------------------------------------
| Earnings per share,                |      -0.83 |        0.19 |        0.26 |
--------------------------------------------------------------------------------
| Cash flow from operations           |       0.18 |        0.15 |        0.78 |
| per share,                         |            |             |             |
--------------------------------------------------------------------------------
| Net assets per share,              |       6.98 |        8.01 |        7.91 |
--------------------------------------------------------------------------------
| EPRA net assets per share,         |       8.69 |        9.69 |        9.68 |
--------------------------------------------------------------------------------
| Equity ratio, %                     |         30 |          30 |          32 |
--------------------------------------------------------------------------------
| Gearing, %                          |        199 |         196 |         180 |
--------------------------------------------------------------------------------


CEO Kari Inkinen

"Sponda's operating result remained strong in the first quarter of the year. Net
operating income improved 17 %, which is extremely positive. The whole Group's
economic occupancy rate improved slightly, which was contrary to expectations
and overall market developments. In my opinion this is a strong demonstration of
the strength of Sponda's property portfolio and of the company's market
expertise. Demand for leasing premises remained at a reasonable level in the
first months of the year, and forecasts of a rapid weakening of the leasing
market have not been seen yet.

After the end of the review period we concluded negotiations to extend credit
limits of EUR 250 million and for a EUR 82 million 5-year bank loan. The loans
will secure the refinancing of Sponda's long-term loans until 2011. These
successful financial arrangements show that Sponda is still seen as a reliable
player in the market.

We continued to sell properties as planned, and during the first months of 2009
sold logistics properties for a total of EUR 38 million. Sponda intends to
continue selling property to strengthen its balance sheet."

Prospects

Despite the fact that both rental levels and occupancy rates are expected to
fall in the property market in 2009, Sponda forecasts that the company's net
operating income will be higher than in 2008. The reasons for this are that
during 2008 rent levels rose and several fully leased office and retail
properties were completed and added to Sponda's investment property portfolio.
Since major uncertainties still exist the financial and property markets in
2009, the company will not give any other guidance.

Business conditions - Finland

The transaction market in the property investment sector was quiet at the
beginning of 2009. The Institute for Real Estate Economics (KTI) estimated that
the total volume of property transactions in Finland during the first quarter
was about EUR 300 million.  Buyers were mainly Finnish institutional investors.

Finnish business cycle forecasts indicate that declining foreign trade will
result in a sharp fall in the gross national product in 2009. As the national
economy shrinks, forecasts for the property market indicate that vacancy rates
will rise, as new properties have been completed and businesses require less
space. It is expected that there will be pressure to reduce rental levels.

Business conditions - Russia

According to the Pohjola Bank, the forecast growth for Russia's gross national
product in 2009 is -2.2 %, but this figure is expected to decline still further.
The reduction in industrial output and the fall in the price of oil have been
some of the biggest factors in these developments, in addition to the global
financial crisis.

The global financial crisis has altered the Russian property market. Development
projects have been suspended due to financing problems in the second half of
2008, and the buying and selling of completed properties has also slowed down.

Activity in the leasing market is expected to be lower in 2009 than in the
previous year. Vacancy rates for high quality offices in the Moscow and St
Petersburg regions rose during the first quarter. Rental levels fell
considerably from the very high levels of 2008 for both office and retail
premises.

Sponda's operations in January - March 2009

Sponda owns, leases and develops business properties in the Helsinki
Metropolitan Area and the largest cities in Finland, and in Russia. Sponda's
operations were organized at the beginning of 2009 in four business units:
Investment Properties, Property Development, Real Estate Funds, and Russia.
Investment Properties -business unit was divided into three segments: Office and
Retail properties, Shopping Centres and Logistics properties. Other segments are
Property Development, Property Funds and Russia.

Net operating income from Sponda's property assets totalled EUR 45.0 million
during the period (31.3.2008: EUR 38.2 million). Office and retail premises
accounted for 54 % of this, shopping centres for 14 %, logistics properties for
16 %, the Real Estate Funds business unit for 6 % and Russia for 10 %.
Like-for-like rental growth during the past two years for the property portfolio
that Sponda has owned for two years  was 6.7 % for office and retail properties,
6.8 % for shopping centres and -4.5 % for logistics properties. Rental growth is
calculated in accordance with EPRA recommendations.

The economic occupancy rates by type of property and geographical area were as
follows:

--------------------------------------------------------------------------------
| Type of property                  |      31.3.09 |     31.3.08 |    31.12.08 |
--------------------------------------------------------------------------------
| Office and Retail, %              |         90.5 |        90.5 |        91.1 |
--------------------------------------------------------------------------------
| Shopping centres                  |         97.8 |        94.3 |        96.7 |
--------------------------------------------------------------------------------
| Logistics, %                      |         78.8 |        92.8 |        77.4 |
--------------------------------------------------------------------------------
| Russia, %                         |         88.5 |       100.0 |        86.3 |
--------------------------------------------------------------------------------
| Total property portfolio, %       |         88.8 |        92.0 |        88.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Geographical area                 |      31.3.09 |     31.3.08 |    31.12.08 |
--------------------------------------------------------------------------------
| Helsinki Business District, %     |         91.1 |        90.9 |        90.4 |
--------------------------------------------------------------------------------
| Helsinki Metropolitan Area, %     |         91.7 |        90.3 |        92.5 |
--------------------------------------------------------------------------------
| HMA logistics, %                  |         77.5 |        91.8 |        75.0 |
--------------------------------------------------------------------------------
| Rest of Finland, %                |         92.2 |        97.8 |        91.9 |
--------------------------------------------------------------------------------
| Total property portfolio, %       |         88.8 |        92.0 |        88.5 |
--------------------------------------------------------------------------------


Total cash flow derived from leasing agreements on 31 March 2009 was EUR 1079
million (31 March 2008: EUR 855 million). Sponda had 1794 customers and
altogether 3046 leasing agreements. The company's biggest tenants were the
Finnish State (8.5 % of rental income), Sampo Bank Plc (6.2 % of rental income),
Kesko Group (6.2 % of rental income) and HOK-Elanto (4.0 % of rental income).
Sponda's 10 largest tenants generate just over 30 % of the company's total
rental income. Sponda's tenants by sector were as follows:

--------------------------------------------------------------------------------
| Sector                                            |         % of net rental  |
--------------------------------------------------------------------------------
| Professional, scientific and technical activities |                    5.5 % |
--------------------------------------------------------------------------------
| Energy                                            |                    0.5 % |
--------------------------------------------------------------------------------
| Public sector                                     |                   10.3 % |
--------------------------------------------------------------------------------
| Wholesale/retail                                  |                   27.2 % |
--------------------------------------------------------------------------------
| Education                                         |                    0.9 % |
--------------------------------------------------------------------------------
| Media /Publishing                                 |                    2.0 % |
--------------------------------------------------------------------------------
| Logistics/Transport                               |                    8.4 % |
--------------------------------------------------------------------------------
| Hotel and catering business                       |                    4.6 % |
--------------------------------------------------------------------------------
| Other services                                    |                    7.9 % |
--------------------------------------------------------------------------------
| Banking/Investment                                |                   11.7 % |
--------------------------------------------------------------------------------
| Construction                                      |                    2.8 % |
--------------------------------------------------------------------------------
| Industry/manufacturing                            |                    6.0 % |
--------------------------------------------------------------------------------
| Healthcare                                        |                    4.0 % |
--------------------------------------------------------------------------------
| Telecommunications                                |                    7.2 % |
--------------------------------------------------------------------------------
| Others                                            |                    1.2 % |
--------------------------------------------------------------------------------


The average length of all the leasing agreements was 4.6 (4.4) years. The
average length of leasing agreements was 4.8 years for office and retail
properties, 5.6 years for shopping centres and 3.4 years for logistics
properties. A total of 166 new leases (99,000 m²) came into force in January -
March 2009. About half of these were for new office and shopping centre
properties completed at the end of 2008. During the January - March period 126
leases (60,000 m²) expired. The expired leases include the leases for the
property sold during the review period. The lease agreements for Sponda's
property portfolio expire as follows:

--------------------------------------------------------------------------------
| Expiry within                          |                  % of rental income |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1 year                                 |                                13.0 |
--------------------------------------------------------------------------------
| 2 years                                |                                13.4 |
--------------------------------------------------------------------------------
| 3 years                                |                                12.2 |
--------------------------------------------------------------------------------
| 4 years                                |                                 6.9 |
--------------------------------------------------------------------------------
| 5 years                                |                                 9.7 |
--------------------------------------------------------------------------------
| 6 years                                |                                 5.6 |
--------------------------------------------------------------------------------
| More than 6 years                      |                                25.5 |
--------------------------------------------------------------------------------
| Open ended                             |                                13.7 |
--------------------------------------------------------------------------------

Property portfolio

On 31 March 2009 Sponda had a total of 206 properties, with an aggregate
leasable area of about 1.5 million m². Of this, some 52 % is office and retail
premises, 8 % shopping centres and 37 % logistics premises. Some 3 % of the
leasable area of the properties is located in Russia.

At the end of March 2009 Sponda's investment properties in Finland were assessed
by Catella Property Group and the investment properties in Russia were assessed
by Cushman  Wakefield. Their official statements, including the principles used
for calculating the values, can be seen on Sponda's Internet site.

At the end of March, the change in the fair value of Sponda's investment
properties was EUR -117.3 million (31 March 2008: EUR 12.6 million). The main
factor in this change was the rise in the market yield requirements for
properties. The assessment of the properties in Russia was verified for the
first time by an external valuator. Economic growth in Russia slowed down
considerably at the end of 2008, and this also brought pressure to bring down
prices in the property market in the first quarter. At the end of the period
Sponda's entire property portfolio had a fair value of EUR 2802.8 (2,690.9)
million.

Value assessments were not made during the first quarter of 2009 of the
properties owned by two real estate funds in which Sponda is a minority
shareholder.

Valuation gains/losses on assessing Sponda's investment properties at fair value
--------------------------------------------------------------------------------
| M                                            |     1-3/2009 |     1-12/2008 |
--------------------------------------------------------------------------------
| Changes in yield requirements (Finland)       |        -50.7 |         -88.8 |
--------------------------------------------------------------------------------
| Changes in yield requirements (Russia)        |        -49.4 |          -4.3 |
--------------------------------------------------------------------------------
| Development gains on property development     |            - |          34.4 |
| projects                                      |              |               |
--------------------------------------------------------------------------------
| Modernization investments                     |         -4.9 |         -26.6 |
--------------------------------------------------------------------------------
| Change in market rents and maintenance costs  |          1.2 |          34.4 |
| (Finland)                                     |              |               |
--------------------------------------------------------------------------------
| Change in market rents and maintenance costs  |        -13.5 |          -1.7 |
| (Russia)                                      |              |               |
--------------------------------------------------------------------------------
| Investment properties, total                  |       -117.3 |         -52.6 |
--------------------------------------------------------------------------------
| Real estate funds                             |            - |           7.7 |
--------------------------------------------------------------------------------
| Group, total                                  |       -117.3 |         -44.9 |
--------------------------------------------------------------------------------

The changes in Sponda's investment property assets since the beginning of 2009
were as follows:

--------------------------------------------------------------------------------
| Sponda's           | Total  | Office  | Shoppin | Logis- | Property | Russia |
| investment         |        |        | g       | tics   | develop- |        |
| properties, M     |        | Retail  | centres |        | ment     |        |
--------------------------------------------------------------------------------
| Operating income   |   56.3 |    32.2 |     8.3 |   10.1 |      0.0 |    5.7 |
--------------------------------------------------------------------------------
| Maintenance costs  |  -14.7 |    -8.2 |    -2.0 |   -3.1 |     -0.1 |   -1.3 |
--------------------------------------------------------------------------------
| Net operating      |   41.6 |    24.0 |     6.3 |    7.0 |     -0.1 |    4.4 |
| income             |        |         |         |        |          |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investment         |      2 | 1 460.6 |   541.6 |  462.8 |    189.1 |  261.3 |
| properties on 1    |  915.5 |         |         |        |          |        |
| Jan. 2009, includ. |        |         |         |        |          |        |
| cum. capitalized   |        |         |         |        |          |        |
| interest           |        |         |         |        |          |        |
--------------------------------------------------------------------------------
| Capitalized        |    0.9 |     0.0 |     0.0 |    0.0 |      0.7 |    0.2 |
| interest 2009      |        |         |         |        |          |        |
--------------------------------------------------------------------------------
| Acquisitions in    |    0.0 |     0.0 |     0.0 |    0.0 |      0.0 |    0.0 |
| 2009               |        |         |         |        |          |        |
--------------------------------------------------------------------------------
| Investments        |   20.6 |     3.1 |    12.9 |    0.4 |      3.8 |    0.4 |
--------------------------------------------------------------------------------
| Other transfers    |    0.0 |     1.6 |    -0.1 |   -1.2 |     -0.3 |    0.0 |
--------------------------------------------------------------------------------
| Sales in 2008      |  -16.8 |    -0.4 |     0.0 |  -15.6 |     -0.8 |    0.0 |
--------------------------------------------------------------------------------
| Valuation          | -117.3 |   -31.4 |    -7.5 |  -14.9 |     -0.2 |  -63.3 |
| gains/losses       |        |         |         |        |          |        |
--------------------------------------------------------------------------------
| Fair value of      |      2 | 1 433.5 |   546.9 |  431.5 |    192.3 |  198.6 |
| investment         |  802.8 |         |         |        |          |        |
| properties at 31   |        |         |         |        |          |        |
| March 2009         |        |         |         |        |          |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in fair     |   -4.0 |    -2.1 |    -1.4 |   -3.2 |     -0.1 |   24.2 |
| value %            |        |         |         |        |          |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Annual net         |  6.7 % |   6.7 % |   5.3 % |  6.5 % |          |  9.8 % |
| operating          |        |         |         |        |          |        |
| income/            |        |         |         |        |          |        |
| fair value         |        |         |         |        |          |        |
| at 31 March 2009   |        |         |         |        |          |        |
| (*                 |        |         |         |        |          |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Yield requirement  |        | 5.3-10. |         | 6.65-8 |          | 11.0-1 |
| used in            |        |       0 |         |     .9 |          |    3.0 |
| calculating fair   |        |         |         |        |          |        |
| value -%           |        |         |         |        |          |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Weighted average   |   6.84 |         |         |        |          |  11.45 |
| yield requirement  |        |         |         |        |          |        |
| for -% for entire  |        |         |         |        |          |        |
| portfolio          |        |         |         |        |          |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| *) excluding       |        |         |         |        |          |        |
| property           |        |         |         |        |          |        |
| development        |        |         |         |        |          |        |
--------------------------------------------------------------------------------


Investments and divestments

Sponda sold investment properties during the first quarter of 2009 for a total
value of EUR 16.8 million. No properties were bought during the quarter.

Investments in property maintenance totalled EUR 4.7 million in the first
quarter. Altogether EUR 15.9 million was invested in property development in the
January - March period. This was mainly allocated to finishing work on property
development projects completed at the end of 2008 and on the renovation of the
City-Center complex in Helsinki city centre.

Investment properties

Sponda's investment properties in Finland were transferred on 1 January 2009 to
a single business unit, Investment Properties. The assets of the business unit
were allocated to three segments: office and retail properties, shopping centres
and logistics properties.

Office and Retail Properties

The economic occupancy rate for Office and Retail Properties was 90.5 % (31
March 2008: 90.5 %). On 31 March 2009, the property portfolio had a fair value
of EUR 1,433.5 million, and the change in fair value compared to the beginning
of 2009 was EUR -31.4 million. The leasable area of office and retail properties
was some 780,000 m², and an estimated 80 % of this was office premises and 20 %
retail premises. The unit's total revenue, net operating income and operating
profit in the period were as follows:

--------------------------------------------------------------------------------
| Office and Retail, M          |    1-3/2009 |      1-3/2008 |     1-12/2008 |
--------------------------------------------------------------------------------
| Total revenue                  |        32.8 |          30.5 |         125.7 |
--------------------------------------------------------------------------------
| Net operating income           |        24.1 |          22.5 |          92.9 |
--------------------------------------------------------------------------------
| Operating profit               |        -8.6 |          24.2 |          47.7 |
--------------------------------------------------------------------------------

In January - March 2009 Sponda purchased office and retail properties for EUR
0.9 million. No properties were sold in the period. Capital expenditure on
property maintenance amounted to EUR 4.0 million by the end of March.

Shopping Centres

The Shopping Centres had an economic occupancy rate of 97.8 % (94.3 %). The
properties had a fair value of EUR 546.9 million, including a change in fair
value of EUR -7.5 million. The shopping centres had a combined area of about
110,000 m². The unit's total revenue, net operating income and operating profit
in the period were as follows:

--------------------------------------------------------------------------------
| Shopping centres, M           |    1-3/2009 |      1-3/2008 |     1-12/2008 |
--------------------------------------------------------------------------------
| Total revenue                  |         8.3 |           6.8 |          29.3 |
--------------------------------------------------------------------------------
| Net operating income           |         6.3 |           5.1 |          22.2 |
--------------------------------------------------------------------------------
| Operating profit               |        -1.5 |           5.6 |          17.3 |
--------------------------------------------------------------------------------

On 20 December 2007 Sponda signed an agreement to purchase the Elovainio
shopping centre under construction in Ylöjärvi from Rakennustoimisto Palmberg
Oy. The centre was completed on schedule, and it opened for business on 1 April
2009. The shopping centre has 24,500 square metres of leasable retail premises
and parking for 850 cars. The property was purchased fully leased and the main
tenant is the supermarket K-citymarket.

Logistics Properties

The Logistics Properties unit had an economic occupancy rate of 78.8 % (31 March
2008: 92.8 %).The decrease comes from the low occupancy level in the Vuosaari
logistics centre. The properties had a fair value at the end of March of EUR
431.5 (351.9) million, including a change in fair value of EUR -14.9 million.
The logistics properties had a total leasable area of 550,000 m². The unit's
total revenue, net operating income and operating profit in the period were as
follows:

--------------------------------------------------------------------------------
| Logistics, M                  |    1-3/2009 |      1-3/2008 |     1-12/2008 |
--------------------------------------------------------------------------------
| Total revenue                  |        10.4 |           9.8 |          37.9 |
--------------------------------------------------------------------------------
| Net operating income           |         7.2 |           7.3 |          28.5 |
--------------------------------------------------------------------------------
| Operating profit               |        -8.0 |           6.0 |           2.8 |
--------------------------------------------------------------------------------

In the January - March period Sponda sold logistics property for EUR 15.6
million. No new properties were purchased. Capital expenditure on property
maintenance in the first quarter totalled EUR 0.4 million.

Property Development

The balance sheet value of Sponda's property development portfolio at the end of
March 2009 was EUR 192.3 million. Of this, some EUR 81.5 million was in
undeveloped land sites and the remaining EUR 110.8 million was tied up in
property development projects in progress. Investments in property development
and acquisitions during January - March 2009 totalled EUR 15.9 million. Most of
this was costs relating to the completion of the Elovainio shopping centre.

Sponda aims to obtain development gains of 15 % on the investment costs for
projects. At present the company's only property development project is the
City-Center shopping complex in the centre of Helsinki.

In the City-Center project, the work for the underground maintenance tunnel and
construction of technical shafts is currently ongoing. The next phase, which
involves construction of the office building, the retail premises on the third
floor, and the light shaft into the shopping centre, will begin at the earliest
towards the end of 2009. It is estimated that the renovation of the City-Center
complex will be completed in 2012 and the total investment will be some EUR 110
million.

Sponda is carrying out development projects for the Ratina shopping centre and
adjacent areas in Tampere. A 55,000 m² shopping centre is planned for the area,
for which the total investment cost is estimated at EUR 200 million. Planning of
the project is underway, and the final decision about the investment has not
been made.

Real Estate Funds

Sponda is a minority holder in three real estate funds, First Top LuxCo, Sponda
Real Estate Fund I Ky and Sponda Real Estate Fund II Ky. Sponda is responsible
for managing the funds and their properties, and receives management fees. The
property portfolios of all the funds were valued by external evaluators at the
end of December 2008.

The unit's total revenue, net operating income and operating profit in the
period were as follows:

--------------------------------------------------------------------------------
| Real Estate Funds, M        |      1-3/2009 |      1-3/2008 |     1-12/2008 |
--------------------------------------------------------------------------------
| Total revenue                |           3.1 |           3.0 |          13.2 |
--------------------------------------------------------------------------------
| Net operating income         |           2.6 |           2.5 |          11.3 |
--------------------------------------------------------------------------------
| Operating profit             |           1.1 |          11.2 |          14.3 |
--------------------------------------------------------------------------------


First Top LuxCo (Sponda's holding 20 %) invests in office and retail properties
outside Finland's largest cities. At the end of March 2009 the fund's property
investments had a fair value of EUR 107 million.

Sponda Real Estate Fund I Ky (Sponda's holding 46 %) invests in logistics sites
outside the Helsinki metropolitan area. At the end of the first quarter of 2009
the properties the fund owned had a fair value of EUR 199 million.

Sponda Real Estate Fund II Ky (Sponda's holding 44 %) mainly invests in
logistics properties in medium sized towns in Finland. The fund has a target
size for its real estate investment of about EUR 200 million and the fair value
of its property portfolio at the end of March 2009 was EUR 99.5 million.

In addition to those mentioned above, Sponda is also responsible for managing
the properties in the property portfolio, with a value of about EUR 300 million,
sold in March 2007 to Whitehall Street Real Estate Limited and Niam Nordic
Investment Fund III.

Russia

At the end of the review period, the economic occupancy rate for the Russia unit
was 88.5 % (31 March 2008: 100 %). The property portfolio had a fair value at
the end of March of EUR 198.6 million, and the change in the fair value was EUR
-63.3 million. The change in value was due mainly to the rise in market yield
requirements. The trading currency for Russian property is mainly the US dollar,
and for this reason the devaluation of the rouble has not had a direct impact on
the fair values of property. The fair value of the properties was assessed at
the end of March by Cushman  Wakefield, and the evaluation report can be seen
on Sponda's website.

Capital expenditure on property development and new purchases in January - March
2009 totalled EUR 0.4 million.

The unit's total revenue, net operating income and operating profit in the
period were as follows:

--------------------------------------------------------------------------------
| Russia, M                     |    1-3/2009 |      1-3/2008 |     1-12/2008 |
--------------------------------------------------------------------------------
| Total revenue                  |         5.7 |           1.5 |          16.2 |
--------------------------------------------------------------------------------
| Net operating income           |         4.4 |           1.1 |          12.0 |
--------------------------------------------------------------------------------
| Operating profit               |       -59.8 |           0.5 |           1.3 |
--------------------------------------------------------------------------------

The typical length of a lease in Russia is 11 months. Sponda's leasing
agreements in Russia also conform to this practice, apart from the Western
Realty (Ducat II) and OOO Adastra properties in Moscow and St Petersburg where
the leases are for longer periods than average. The average length of leasing
agreements in Russia on 31 March 2009 was 4.0 years, and the leasing agreements
expire as follows:

--------------------------------------------------------------------------------
| Expiry in                              |                     % rental income |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1 year                                 |                                21.3 |
--------------------------------------------------------------------------------
| 2 years                                |                                 5.0 |
--------------------------------------------------------------------------------
| 3 years                                |                                11.5 |
--------------------------------------------------------------------------------
| 4 years                                |                                11.2 |
--------------------------------------------------------------------------------
| 5 years                                |                                15.5 |
--------------------------------------------------------------------------------
| 6 years                                |                                15.6 |
--------------------------------------------------------------------------------
| More than 6 years                      |                                19.9 |
--------------------------------------------------------------------------------
| Open ended                             |                                 N/A |
--------------------------------------------------------------------------------

Sponda receives about half of its rental income in Russia in US dollars. About
half is in roubles, and significant part of this is tied to an agreed exchange
rate for the dollar or the euro. The company's rouble risk is reduced because a
major part of the unit's expenses are denominated in roubles. It is Sponda's
policy to hedge 6 months' cash flow from Russian operations.

Cash flow and financing

Sponda's net cash flow from operations on 31 March 2009 totalled EUR 25.2
million (31 March 2008: EUR 35.7 million). Net cash flow from investing
activities was EUR -13.5 (-144.1) million and after financing activities was EUR
-14.1 (93.8) million. Net financial income and expenses during the quarter
totalled EUR -19.0 (-18.5) million. Interest expenses of EUR -0.9 (-2.3) million
were capitalized.

Sponda's equity ratio on 31 March 2009 was 30 % (31 March 2008: 30 %) and
gearing was 199 % (196 %). Interest-bearing debt amounted to EUR 1,814.4
(1,757.9) million, the average maturity of Sponda's loans was 2.8 (2.9) years,
and the average interest rate 3.6 % (4.5 %). Fixed-rate and interest-hedged
loans accounted for 61 % of the loan portfolio. The average interest-bearing
period of the whole debt portfolio was 1.8 (2.5) years. The interest margin,
which describes the company's solvency, was 2.2 (2.0).

Sponda applies hedge accounting, according to which changes in the fair value of
interest rate swaps and interest rate options that meet the criteria for hedge
accounting are recognized in equity in the balance sheet.

Sponda Group's debt portfolio on 31 March 2009 comprised syndicated loans with a
nominal value of EUR 800 million, EUR 259 million in bonds, EUR 188 million in
issued commercial papers, and EUR 570 million in loans from financial
institutions. Sponda had EUR 180 million in unused credit limits and EUR 10
million in unused account limits. The credit limits are a back-up line for the
commercial papers. Sponda Group has mortgaged loans of EUR 54.1 million or 1.8 %
of the company's balance sheet.

Personnel and administration

During the review period Sponda Group had on average 135 employees (31 March
2008: 133), of whom 120 (123) worked for the parent company Sponda Plc. On 31
March 2009 Sponda Group had altogether 134 (134) employees, of whom 120 (123)
were employed in the parent company Sponda Plc. Sponda has personnel in Finland
and in Russia. Sponda's sales and administration costs on 31 March 2009 totalled
EUR 5.4 million (31 March 2009: EUR 5.7 million).

Sponda's employees belong to an incentive bonus scheme, under which bonuses are
indexed to the company's targets. The company operates a long-term share-based
incentive scheme for its senior executives that was launched on 1 January 2006.
Sponda's Board of Directors decided to continue the long-term share-based
incentive scheme for its senior executives in 2009-2011. Those in the scheme are
members of the company's Executive Board. Bonuses under this scheme are based on
cash flow from operations per share and on return on equity, and Sponda shares
are bought with these bonuses. These shares carry a restriction forbidding their
disposal within two years of their issue. The bonus is paid annually.

Group structure

Sponda Group comprises the parent company, the subsidiary Sponda Kiinteistöt Oy
(formerly Kapiteeli Oy), and the Group's mutually owned property companies,
which are either wholly or majority owned by Sponda Plc or Sponda Kiinteistöt
Oy. Sponda Group also includes Sponda Russia Ltd and Sponda Asset Management Oy.

The Sponda share and shareholders

The weighted average price of the Sponda share in January - March 2009 was EUR
2.63. The highest quotation on NASDAQ OMX Helsinki Oy was EUR 3.93, and the
lowest EUR 1.87. Turnover during the first quarter totalled 33.3 million shares
or EUR 86.7 million. The closing price of the share on 31 March 2009 was EUR
2.07, and the market capitalization of the company's share capital was EUR 230
million.

The Annual General Meeting on 25 March 2009 authorized the Board of Directors to
purchase the company's own shares. The authorization was not exercised during
the review period.

Sponda issued no flagging announcements in the January-March 2009 period.

On 31 March 2009 the company had altogether 8659 shareholders and its ownership
structure was as follows:

--------------------------------------------------------------------------------
|                                             |   Number of |       Holding, % |
|                                             |      shares |                  |
--------------------------------------------------------------------------------
| Public entities                             |   2 278 340 |              2.1 |
--------------------------------------------------------------------------------
| Nominee registered                          | 37 466 428  |             33.7 |
--------------------------------------------------------------------------------
| Financial and insurance institutions, total |   2 475 795 |              2.2 |
--------------------------------------------------------------------------------
| Households                                  |  14 127 108 |             12.7 |
--------------------------------------------------------------------------------
| Private corporations, total                 |  52 849 251 |             47.6 |
--------------------------------------------------------------------------------
| Non-profit organizations, total             |   1 604 999 |              1.4 |
--------------------------------------------------------------------------------
| Foreign owners, total                       |     228 264 |              0.2 |
--------------------------------------------------------------------------------
| Total number of shares                      | 111 030 185 |            100.0 |
--------------------------------------------------------------------------------


Sponda Plc's Annual General Meeting

The Annual General Meeting of Sponda Plc was held in Helsinki on 25 March 2009.
The meeting adopted the consolidated financial statements and the parent
company's financial statements for the financial year of 2008 and discharged the
Board of Directors and the CEO from liability. The AGM approved the Board's
proposal not to pay a dividend for the 2008 financial year.

The number of the members of the Board of Directors was confirmed as seven (7).
The following were re-elected: Mr Klaus Cawén, Ms. Tuula Entelä, Mr. Timo
Korvenpää, Mr. Lauri Ratia, Ms. Arja Talma and Mr Erkki Virtanen; and Mr. Martin
Tallberg was elected as a new member, to serve on the Board of Directors until
the close of the following AGM. All had given their consent to election.

The AGM confirmed that the monthly remuneration for the chairman of the board is
EUR 5000, for the deputy chairman is EUR 3000, and for ordinary members EUR
2600. In addition the AGM confirmed that an attendance allowance of EUR 600 is
paid to all members for each meeting. Travel expenses are refunded in accordance
with the company's current travel policy.
APA Raija-Leena Hankonen and authorized public accountants KPMG Oy Ab, with APA
Riitta Pyykkö as deputy auditor, were appointed as the company's auditors to
serve until the close of the next AGM. It was decided that the auditor will be
paid against invoice.
The AGM authorized the Board of Directors to decide on the acquisition of own
shares using the company's free equity pursuant to the proposal of the Board of
Directors. A maximum of 5,500,000 shares can be acquired in one or more
tranches. The proposed maximum number corresponds to approximately five per cent
of all shares of the company. The Board of Directors shall decide on other
conditions for purchasing the company's own shares. The authorization is valid
until the following Annual General Meeting. This authorization replaces the
authorization given by the AGM on 19 March 2008.
The AGM authorized the Board of Directors to decide on a share issue and on the
granting of special rights entitling to shares, pursuant to Chapter 10(1) of the
Companies Act, in accordance with the proposal of the Board. A share issue may
be effected by offering new shares or by the transfer of treasury shares. Based
on this authorization, the Board of Directors is authorized to make a decision
on a directed share issue in deviation from the shareholders' pre-emptive rights
and on the granting of special rights subject to the conditions mentioned in the
Companies Act.
Under the authorization, a maximum of 11.000.000 shares can be issued. The
proposed maximum amount corresponds approximately to 10 per cent of all the
current shares of the Company.

The Board of Directors can act on this authorization in one or several tranches.
The Board of Directors can use the authorization to finance or carry out
corporate acquisitions, to strengthen the company's capitalization, or for other
purposes decided by the Board of Directors. The authorization may not, however,
be used for implementing incentive schemes for the company's management or key
personnel.
The Board of Directors is authorized to decide on other conditions
of the share issues and for issuing special rights. The authorization is in
force until the next Annual General Meeting. This authorization replaces the one
given by the AGM on 19 March 2008 to decide on a share issue and on granting
special rights entitling to shares.
The Annual General Meeting of the
Shareholders resolved, on the proposition of the Company's largest shareholder
Solidium Oy, to appoint a Nomination Committee to prepare proposals for the
following Annual General Meeting concerning the company's board members and
their remuneration. The Nomination Committee shall consist of the
representatives of the three largest shareholders. In addition, the Chairman of
the Board and one Board member, elected by the Board and independent of the
largest shareholders, shall be appointed to the Nomination Committee. The three
shareholders who hold the largest number of all the voting rights on the 2
November preceding the next Annual General Meeting shall have the right to
appoint the members representing the shareholders. Should a shareholder not wish
to exercise their nomination right, the right shall be transferred to the next
largest shareholder. The largest shareholders will be determined by the
shareholder information entered in the book-entry system, however in such a way
that the holdings of a shareholder with an obligation, pursuant to the Finnish
Securities Markets Act, to disclose information on certain changes in ownership
(shareholder with disclosure obligation), for example holdings in several
different funds, will be aggregated, if the shareholder notifies the Board of
Directors in writing of his request to do so no later than 31 October 2009. The
Nomination Committee shall be convened by the Chairman of the Board and the
Committee appoints a chairman from among its members. The proposals of the
Nomination Committee are to be submitted to the Board of Directors of the
company at the latest on the 1 February immediately preceding the Annual General
Meeting.

Board of Directors and auditors

Sponda's Board of Directors has seven members: Klaus Cawén, Tuula Entelä, Timo
Korvenpää, Martin Tallberg, Lauri Ratia, Arja Talma and Erkki Virtanen. At its
constitutive meeting after the AGM on 25 March 2009 the Board elected Lauri
Ratia as its chairman and Timo Korvenpää as vice chairman.

The Board of Directors assessed that of its members Tuula Entelä, Timo
Korvenpää, Lauri Ratia, Arja Talma and Klaus Cawén are independent of the
company and of major shareholders and Erkki Virtanen and Martin Tallberg are
independent of the company.

Sponda Plc's auditors are APA Raija-Leena Hankonen and authorized public
accountants KPMG Oy Ab, and APA Riitta Pyykkkö is deputy auditor.

Committees of the Board of Directors

The following were elected members of the
Audit Committee after the AGM on 25 March 2009: Arja Talma, chairman, Timo
Korvenpää, vice chairman and Erkki Virtanen, ordinary member.

The following were elected to the Structure and Remuneration Committee after the
AGM on 25 March 2009: Lauri Ratia, chairman, Klaus Cawén, vice chairman, and
Tuula Entelä and Martin Tallberg, ordinary members.
Management

Sponda Plc's president and chief executive officer is Kari Inkinen. The
Executive Board comprises the president and CEO, the CFO, the SVP Corporate
Communications and IR, and the heads of the business units, in total seven
persons.

Tax authority decision

Sponda stated in its interim report on 1 November 2007 that the Uusimaa
corporate tax office had decided to deviate from the company's 2006 tax returns
with respect to the deductible losses allowable against the company's profit.
The tax assessment adjustment board amended the Uusimaa corporate tax office's
decision regarding the deductibility of Sponda Kiinteistöt Oy's (formerly
Kapiteeli Oyj) confirmed losses for previous years in favour of Sponda in
December 2007. The company issued a statement about the matter on 19 December
2007.
The state official representing the interests of tax recipients has
appealed the decision of the adjustment board.

Environmental responsibility

The real estate sector plays a major role in fighting climate change and
promoting the wellbeing of the environment. Sponda takes environmental aspects
into account in the design and use of properties. Sponda improves energy
efficiency at properties by upgrading and replacing the technical systems and
equipment on the properties. Heat recovery equipment, for example, can give
significant energy savings.

In the design and construction of the Prisma retail property in Itäkeskus,
Helsinki, which was completed at the end of 2008, particular attention was paid
to energy efficiency, and this has been increased through the use of technical
building systems. For example, the condensation heat from refrigeration
equipment is used to heat the parking facilities, and ventilation in the parking
facilities is governed by the level of exhaust fumes in the air. Powerful air
curtain heaters in the main entrances give further energy savings.

During 2009 Sponda is introducing the Sponda 10+ scheme. Ten properties have
been chosen for the pilot project in the scheme, in which Sponda and the users
of the property aim to identify areas where energy can be saved. The costs saved
in this way will be re-invested in the property, so the clients will also
benefit financially from the scheme. Sponda's head office is one of the
properties in the pilot scheme.

One goal for 2009 is to further develop the main guidelines for new projects.
This will utilize the feedback received about completed projects and will
examine how implementing the guidelines has affected the environmental impact of
buildings during their use.

Subsequent events

On 27 April 2009 Sponda Plc extended the credit limits that function as back-up
financing for its commercial papers for a further 12 and 24 months. The
agreements were extended with the current lenders such that EUR 150 million will
mature in 12 months time and EUR 100 million in 24 months.

In addition, Sponda signed an agreement for a EUR 82 million secured credit
facility with Helaba (Landesbank Hessen-Thringen Girozentralen). The credit
facility is for 5 years and it ensures that Sponda can refinance the bonds that
mature in 2010.

The margin on the credit facilities corresponds to today's market rates. The
loan arrangements do not change Sponda's financial expenses significantly. The
covenants of the loans are the same as with the company's other loans and the
key covenants are linked to the equity ratio and the interest coverage ratio.
After these arrangements Sponda has no other long-term loans that mature before
spring 2011.

Sponda sold two logistics properties in Vantaa and a retail property in Joensuu
for a combined total of some EUR 22 million to investment company owned by
Mandatum Life Insurance Company Limited and Kaleva Mutual Insurance Company and
to Sislin Oy. The sale of the properties has no impact on Sponda's result.
Prospects

Despite the fact that both rental levels and occupancy rates are expected to
fall in the property market in 2009, Sponda forecasts that the company's net
operating income will be higher than in 2008. The reasons for this are that
during 2008 rent levels rose and several fully leased office and retail
properties were completed and added to Sponda's investment property portfolio.
Since major uncertainties still exist the financial and property markets in
2009, the company will not give any other guidance.

Risks and uncertainty factors in the near future

Sponda believes that the key risks and uncertainty factors in the current
financial period, due to the recession, relate to changes in the fair value of
properties, the decline in economic occupancy rates, the reduction in market
rents and a decline in rental income resulting from the insolvency of tenants.

The values of properties follow the business cycle, and in the current state of
the market it is possible that the value of Sponda's properties will continue to
fall in 2009 in Finland and in Russia. This may weaken the company's equity
ratio and its profit.

The general economic situation in Finland and Russia may cause the solvency of
Sponda's customers to weaken in 2009, which in turn may reduce Sponda's rental
income and increase the vacancy rates in the properties owned by the company.

The operations in Russia increase Sponda's foreign exchange risk. The company
hedges the cash flow risk in Russia for the coming 6 months.



7 May 2009
Sponda Plc
Board of Directors

Further information:
Kari Inkinen, President and CEO, tel. +358 20-431 3311 or +358 400-402 653,
CFO Erik Hjelt, tel. +358 20-431 3318 or +358 400-472 313 and
Pia Arrhenius, SVP, Corporate Communications and IR, tel. +358 20-431 3454 or
+358 40-527 4462.


Distribution:
NASDAQ OMX Helsinki
Media
www.sponda.fi


This interim report has been prepared applying IAS 34 (Interim Reports). It is
unaudited.



Sponda Plc

Consolidated income statement (IFRS)
M
--------------------------------------------------------------------------------
|    |                                   |  1-3/2009 |   1-3/2008 |  1-12/2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total revenue                          |           |            |            |
--------------------------------------------------------------------------------
|    | Rental income and recoverables    |      57.5 |       48.8 |      210.8 |
--------------------------------------------------------------------------------
|    | Interest income from finance      |       0.1 |        0.1 |        0.3 |
|    | leasing agreements                |           |            |            |
--------------------------------------------------------------------------------
|    | Service income                    |         - |          - |          - |
--------------------------------------------------------------------------------
|    | Fund management fees and share of |       3.1 |        3.0 |       13.1 |
|    | fund profit                       |           |            |            |
--------------------------------------------------------------------------------
|    |                                   |      60.6 |       51.9 |      224.3 |
--------------------------------------------------------------------------------
| Expenses                               |           |            |            |
--------------------------------------------------------------------------------
|    | Maintenance expenses              |     -15.2 |      -13.1 |      -55.5 |
--------------------------------------------------------------------------------
|    | Service expenses                  |         - |          - |          - |
--------------------------------------------------------------------------------
|    | Direct fund expenses              |      -0.4 |       -0.6 |       -2.0 |
--------------------------------------------------------------------------------
|    |                                   |     -15.6 |      -13.7 |      -57.5 |
--------------------------------------------------------------------------------
| Net operating income                   |      45.0 |       38.2 |      166.8 |
--------------------------------------------------------------------------------
| Profit/loss on sales of investment     |       0.2 |        0.4 |       12.1 |
| properties                             |           |            |            |
--------------------------------------------------------------------------------
| Valuation gains/losses                 |    -117.3 |       12.6 |      -44.9 |
--------------------------------------------------------------------------------
| Allocation of goodwill                 |         - |          - |      -13.0 |
--------------------------------------------------------------------------------
| Profit/loss on sales of trading        |      -0.2 |        0.5 |       21.5 |
| properties                             |           |            |            |
--------------------------------------------------------------------------------
| Sales and marketing expenses           |      -0.3 |       -0.5 |       -2.1 |
--------------------------------------------------------------------------------
| Administrative expenses                |      -5.1 |       -5.2 |      -22.1 |
--------------------------------------------------------------------------------
| Share of result of associated          |       0.0 |          - |       -0.4 |
| companies                              |           |            |            |
--------------------------------------------------------------------------------
| Other operating income                 |       0.2 |        0.7 |        0.8 |
--------------------------------------------------------------------------------
| Other operating expenses               |      -0.3 |       -0.2 |       -1.3 |
--------------------------------------------------------------------------------
| Operating result                       |     -77.8 |       46.5 |      117.3 |
--------------------------------------------------------------------------------
| Financial income                       |       0.4 |        0.6 |        1.7 |
--------------------------------------------------------------------------------
| Financial expenses                     |     -19.3 |      -19.0 |      -76.7 |
--------------------------------------------------------------------------------
| Provision for interest expenses        |         - |       -0.1 |       -0.1 |
--------------------------------------------------------------------------------
| Financial income and expenses, net     |     -19.0 |      -18.5 |      -75.1 |
--------------------------------------------------------------------------------
| Profit before taxes                    |     -96.7 |       28.1 |       42.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income taxes for current and previous  |      -0.3 |        0.1 |       -1.3 |
| fiscal years                           |           |            |            |
--------------------------------------------------------------------------------
| Deferred taxes                         |       5.2 |       -7.6 |      -11.8 |
--------------------------------------------------------------------------------
| Income taxes, total                    |       4.9 |       -7.6 |      -13.1 |
--------------------------------------------------------------------------------
| Profit for period                      |     -91.9 |       20.5 |       29.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to:                       |           |            |            |
--------------------------------------------------------------------------------
| Equity holders of the parent company   |     -91.9 |       20.5 |       29.3 |
--------------------------------------------------------------------------------
| Minority interest                      |       0.0 |          - |       -0.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share based on profit     |           |            |            |
| attributable to equity holders of the  |           |            |            |
| parent company:                        |           |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic and diluted,                    |     -0.83 |       0.19 |       0.26 |
--------------------------------------------------------------------------------
| Basic and diluted, attributable to     |     -0.85 |       0.19 |       0.21 |
| equity holders,                       |           |            |            |
--------------------------------------------------------------------------------
| Basic and diluted, attributable to     |      0.03 |          - |       0.05 |
| holders of hybrid bond,               |           |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average number of shares, million      |           |            |            |
--------------------------------------------------------------------------------
| Basic and diluted, million             |     111.0 |      111.0 |      111.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comprehensive Income Statement         |           |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss for period                 |     -91.9 |       20.5 |       29.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income             |           |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net loss/profit from hedging cash flow |     -17.6 |      -12.3 |      -39.9 |
--------------------------------------------------------------------------------
| Translation difference                 |       3.8 |       -2.3 |       -2.0 |
--------------------------------------------------------------------------------
| Other items                            |         - |          - |        0.1 |
--------------------------------------------------------------------------------
| Taxes on comprehensive income          |       2.8 |        3.6 |       10.4 |
--------------------------------------------------------------------------------
| Other comprehensive income for period  |     -11.0 |      -11.0 |      -31.5 |
| after taxes                            |           |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comprehensive profit/loss for period   |    -102.9 |        9.5 |       -2.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Allocation of comprehensive            |           |            |            |
| profit/loss for period:                |           |            |            |
--------------------------------------------------------------------------------
| Equity holders of parent company       |    -102.9 |        9.5 |       -2.2 |
--------------------------------------------------------------------------------
| Minority interest                      |       0.0 |          - |       -0.1 |
--------------------------------------------------------------------------------



Consolidated balance sheet (IFRS)
M
--------------------------------------------------------------------------------
|                            | 31.3.2009 | 31.12.2008 |  31.3.2008 |  1.1.2008 |
--------------------------------------------------------------------------------
| ASSETS                     |           |            |            |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets         |           |            |            |           |
--------------------------------------------------------------------------------
| Investment properties      |   2 802.8 |    2 915.5 |    2 690.9 |   2 539.4 |
--------------------------------------------------------------------------------
| Investments in real estate |      63.5 |       60.6 |       47.9 |      35.0 |
| funds                      |           |            |            |           |
--------------------------------------------------------------------------------
| Property, plant and        |      14.7 |       14.5 |       14.2 |      15.7 |
| equipment                  |           |            |            |           |
--------------------------------------------------------------------------------
| Goodwill                   |      14.5 |       14.5 |       27.5 |      27.5 |
--------------------------------------------------------------------------------
| Other intangible assets    |       0.0 |        0.0 |        0.1 |       4.1 |
--------------------------------------------------------------------------------
| Finance lease receivables  |       2.7 |        2.7 |        2.7 |       2.7 |
--------------------------------------------------------------------------------
| Investments in associated  |       2.8 |        3.3 |        3.7 |       0.0 |
| companies                  |           |            |            |           |
--------------------------------------------------------------------------------
| Long-term receivables      |       3.9 |        4.7 |       11.6 |      26.4 |
--------------------------------------------------------------------------------
| Deferred tax assets        |      59.3 |       56.6 |       55.1 |      56.9 |
--------------------------------------------------------------------------------
| Total non-current assets   |   2 964.3 |    3 072.5 |    2 853.8 |   2 707.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets             |           |            |            |           |
--------------------------------------------------------------------------------
| Trading properties         |      29.4 |       29.5 |       89.0 |      37.2 |
--------------------------------------------------------------------------------
| Trade and other            |      42.0 |       56.7 |       53.8 |     130.7 |
| receivables                |           |            |            |           |
--------------------------------------------------------------------------------
| Cash and cash equivalents  |      12.7 |       16.0 |       12.7 |      27.4 |
--------------------------------------------------------------------------------
| Total current assets       |      84.1 |      102.3 |      155.5 |     195.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets               |   3 048.4 |    3 174.7 |    3 009.3 |   2 903.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY AND   |           |            |            |           |
| LIABILITIES                |           |            |            |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity attributable to     |           |            |            |           |
| equity                     |           |            |            |           |
--------------------------------------------------------------------------------
| holders of parent company  |           |            |            |           |
--------------------------------------------------------------------------------
| Share capital              |     111.0 |      111.0 |      111.0 |     111.0 |
--------------------------------------------------------------------------------
| Share premium fund         |     159.5 |      159.5 |      159.5 |     159.5 |
--------------------------------------------------------------------------------
| Translation differences    |       0.6 |       -1.4 |       -1.2 |       0.7 |
--------------------------------------------------------------------------------
| Fair value fund            |     -32.7 |      -19.7 |        0.7 |       9.8 |
--------------------------------------------------------------------------------
| Revaluation fund           |       0.6 |        0.6 |        0.6 |       0.6 |
--------------------------------------------------------------------------------
| Reserve for invested       |     209.7 |      209.7 |      209.7 |     209.7 |
| unrestricted equity        |           |            |            |           |
--------------------------------------------------------------------------------
| Other equity fund          |     129.0 |      129.0 |          - |         - |
--------------------------------------------------------------------------------
| Retained earnings          |     325.9 |      418.4 |      409.2 |     444.6 |
--------------------------------------------------------------------------------
|                            |     903.7 |    1 007.1 |      889.6 |     935.9 |
--------------------------------------------------------------------------------
| Minority interest          |       1.7 |        1.8 |        1.6 |       2.2 |
--------------------------------------------------------------------------------
| Total shareholders' equity |     905.4 |    1 008.9 |      891.2 |     938.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities                |           |            |            |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities    |           |            |            |           |
--------------------------------------------------------------------------------
| Interest-bearing loans and |   1 547.7 |    1 543.8 |    1 210.3 |   1 056.4 |
| borrowings                 |           |            |            |           |
--------------------------------------------------------------------------------
| Provisions                 |       0.3 |        8.7 |       14.6 |      15.0 |
--------------------------------------------------------------------------------
| Other liabilities          |      41.5 |       26.3 |        0.0 |       0.0 |
--------------------------------------------------------------------------------
| Deferred tax liabilities   |     207.6 |      216.7 |      215.8 |     213.7 |
--------------------------------------------------------------------------------
| Total non-current          |   1 797.1 |    1 795.5 |    1 440.7 |   1 285.2 |
| liabilities                |           |            |            |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities        |           |            |            |           |
--------------------------------------------------------------------------------
| Current interest-bearing   |     266.6 |      284.5 |      547.6 |     606.3 |
| loans and borrowings       |           |            |            |           |
--------------------------------------------------------------------------------
| Trade and other payables   |      79.3 |       85.9 |      129.7 |      73.4 |
--------------------------------------------------------------------------------
| Total current liabilities  |     345.9 |      370.4 |      677.3 |     679.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total liabilities          |   2 143.0 |    2 165.8 |    2 118.0 |   1 964.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total shareholders' equity |   3 048.4 |    3 174.7 |    3 009.3 |   2 903.0 |
| and liabilities            |           |            |            |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest-bearing           |   1 814.4 |    1 828.3 |    1 757.9 |   1 662.7 |
| liabilities                |           |            |            |           |
--------------------------------------------------------------------------------



Consolidated statement of cash flows
M
--------------------------------------------------------------------------------
|                                   |    1-3/2009 |   1-3/2008 |     1-12/2008 |
--------------------------------------------------------------------------------
| Cash flow from operating          |             |            |               |
| activities                        |             |            |               |
--------------------------------------------------------------------------------
| Net profit for the period         |       -91.9 |       20.5 |          29.2 |
--------------------------------------------------------------------------------
| Adjustments                       |       131.3 |       12.4 |         134.6 |
--------------------------------------------------------------------------------
| Change in net working capital     |        13.0 |       16.5 |          49.8 |
--------------------------------------------------------------------------------
| Interest received                 |         0.1 |        0.7 |           1.3 |
--------------------------------------------------------------------------------
| Interest paid                     |       -26.7 |      -14.1 |         -70.3 |
--------------------------------------------------------------------------------
| Other financial items             |        -0.6 |       -0.4 |          -2.2 |
--------------------------------------------------------------------------------
| Dividends received                |         0.5 |        0.0 |           0.0 |
--------------------------------------------------------------------------------
| Taxes received/paid               |        -0.5 |        0.1 |          -1.8 |
--------------------------------------------------------------------------------
| Net cash from operating           |        25.2 |       35.7 |         140.7 |
| activities                        |             |            |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing          |             |            |               |
| activities                        |             |            |               |
--------------------------------------------------------------------------------
| Investments in investment         |       -27.2 |     -147.0 |        -466.7 |
| properties                        |             |            |               |
--------------------------------------------------------------------------------
| Investments in real estate funds  |        -2.9 |       -2.0 |         -16.3 |
--------------------------------------------------------------------------------
| Investments in tangible and       |        -0.2 |       -0.2 |          -0.8 |
| intangible assets                 |             |            |               |
--------------------------------------------------------------------------------
| Proceeds from sale of investment  |        16.9 |        5.1 |          93.9 |
| properties                        |             |            |               |
--------------------------------------------------------------------------------
| Proceeds from sale of intangible  |             |            |           0.0 |
| and tangible assets               |             |            |               |
--------------------------------------------------------------------------------
| Repayment of loan receivables     |             |            |             - |
--------------------------------------------------------------------------------
| Net cash from investing           |       -13.5 |     -144.1 |        -389.8 |
| activities                        |             |            |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing          |             |            |               |
| activities                        |             |            |               |
--------------------------------------------------------------------------------
| Proceeds from share issue         |             |            |             - |
--------------------------------------------------------------------------------
| Proceeds from hybrid bond         |             |            |         128.6 |
--------------------------------------------------------------------------------
| Non-current loans, raised         |         3.9 |      157.5 |         540.7 |
--------------------------------------------------------------------------------
| Non-current loans, repayments     |        -0.2 |       -5.1 |        -140.4 |
--------------------------------------------------------------------------------
| Current loans, raised /           |       -17.8 |      -58.6 |        -235.4 |
| repayments                        |             |            |               |
--------------------------------------------------------------------------------
| Dividends paid                    |             |            |         -55.5 |
--------------------------------------------------------------------------------
| Net cash from financing           |       -14.1 |       93.8 |         238.0 |
| activities                        |             |            |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash           |        -2.4 |      -14.6 |         -11.1 |
| equivalents                       |             |            |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents, start  |        16.0 |       27.4 |          27.4 |
| of period                         |             |            |               |
--------------------------------------------------------------------------------
| Impact of changes in exchange     |        -0.9 |       -0.1 |          -0.3 |
| rates                             |             |            |               |
--------------------------------------------------------------------------------
| Cash and cash equivalents, end of |        12.7 |       12.7 |          16.0 |
| period                            |             |            |               |
--------------------------------------------------------------------------------



Changes in Group shareholders' equity
M
--------------------------------------------------------------------------------
|   |                |  Share |  Share |  Trans |    Fair | Revalua | Invested |
|   |                | capita | premiu | lation |   value |   -tion | non-rest |
|   |                |      l |      m | differ | reserve | reserve |   ricted |
|   |                |        | reserv |  ences |         |         |   equity |
|   |                |        |      e |        |         |         |  reserve |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity at 31 Dec.  |  111.0 |  159.5 |    0.7 |     9.8 |     0.6 |    209.7 |
| 2007               |        |        |        |         |         |          |
--------------------------------------------------------------------------------
| Impact of adopting |        |        |        |         |         |          |
| IAS 23             |        |        |        |         |         |          |
--------------------------------------------------------------------------------
| Adjusted equity 1  |  111.0 |  159.5 |    0.7 |     9.8 |     0.6 |    209.7 |
| Jan.1 2008         |        |        |        |         |         |          |
--------------------------------------------------------------------------------
| Comprehensive      |        |        |   -1.9 |    -9.1 |         |          |
| income in period   |        |        |        |         |         |          |
--------------------------------------------------------------------------------
| Decrease           |        |        |        |         |         |          |
--------------------------------------------------------------------------------
| Dividend payment   |        |        |        |         |         |          |
--------------------------------------------------------------------------------
| Options            |        |        |        |         |         |          |
| implemented and    |        |        |        |         |         |          |
| paid as shares     |        |        |        |         |         |          |
--------------------------------------------------------------------------------
| Equity at 31 March |  111.0 |  159.5 |   -1.2 |     0.7 |     0.6 |    209.7 |
| 2008               |        |        |        |         |         |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|   |                |  Other | Retain |  Total | Minorit |   Total |          |
|   |                | equity |     ed |        |       y | share-h |          |
|   |                | reserv | earnin |        | interes | olders' |          |
|   |                |      e |     gs |        |       t |  equity |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity 31 Dec.     |      - |  441.3 |  932.6 |     2.2 |   934.8 |          |
| 2007               |        |        |        |         |         |          |
--------------------------------------------------------------------------------
| Impact of adopting |        |    3.3 |    3.3 |         |     3.3 |          |
| IAS 23             |        |        |        |         |         |          |
--------------------------------------------------------------------------------
| Adjusted equity 1  |      - |  444.6 |  935.9 |     2.2 |   938.1 |          |
| Jan. 2008          |        |        |        |         |         |          |
--------------------------------------------------------------------------------
| Comprehensive      |        |   20.5 |    9.5 |         |     9.5 |          |
| income in period   |        |        |        |         |         |          |
--------------------------------------------------------------------------------
| Decrease           |        |        |    0.0 |    -0.6 |    -0.6 |          |
--------------------------------------------------------------------------------
| Dividend payment   |        |  -55.5 |  -55.5 |         |   -55.5 |          |
--------------------------------------------------------------------------------
| Options            |        |   -0.4 |   -0.4 |         |    -0.4 |          |
| implemented and    |        |        |        |         |         |          |
| paid as shares     |        |        |        |         |         |          |
--------------------------------------------------------------------------------
| Equity 31 March    |      - |  409.2 |  889.6 |     1.6 |   891.2 |          |
| 2008               |        |        |        |         |         |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|   |                |  Share |  Share |  Trans |    Fair | Revalua | Invested |
|   |                | capita | premiu | lation |   value |    tion | non-rest |
|   |                |      l |     m  | differ | reserve | reserve |   ricted |
|   |                |        | reserv |  ences |         |         |   equity |
|   |                |        |      e |        |         |         |  reserve |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity 31 Dec.     |  111.0 |  159.5 |   -1.4 |   -19.7 |     0.6 |    209.7 |
| 2008               |        |        |        |         |         |          |
--------------------------------------------------------------------------------
| Comprehensive      |        |        |    2.0 |   -13.0 |         |          |
| income in period   |        |        |        |         |         |          |
--------------------------------------------------------------------------------
| Decrease           |        |        |        |         |         |          |
--------------------------------------------------------------------------------
| Equity 31 March    |  111.0 |  159.5 |    0.6 |   -32.7 |     0.6 |    209.7 |
| 2009               |        |        |        |         |         |          |
--------------------------------------------------------------------------------
|   |                |  111.0 |  159.5 |    0.6 |   -32.7 |     0.6 |    209.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|   |                |  Other | Retain |  Total | Minorit |   Total |          |
|   |                | equity |     ed |        |       y |   share |          |
|   |                | reserv | earnin |        | interes |       h |          |
|   |                |      e |     gs |        |       t | olders' |          |
|   |                |        |        |        |         |  equity |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity 31 Dec.     |  129.0 |  418.4 |      1 |     1.8 | 1 008.9 |          |
| 2008               |        |        |  007.1 |         |         |          |
--------------------------------------------------------------------------------
| Comprehensive      |        |  -91.9 | -102.9 |         |  -102.9 |          |
| income in period   |        |        |        |         |         |          |
--------------------------------------------------------------------------------
| Decrease           |        |   -0.6 |   -0.6 |     0.0 |     0.0 |          |
--------------------------------------------------------------------------------
| Equity 31 March    |  129.0 |  325.9 |  903.7 |     1.7 |   905.4 |          |
| 2009               |        |        |        |         |         |          |
--------------------------------------------------------------------------------




Notes to the Group's interim report

Accounting principles

This interim report has been prepared in accordance with IAS 34 Interim
Financial Reporting, applying the same accounting principles and methods of
calculation as those used for the 2008 financial statements. All figures have
been rounded, so the total of the individual figures may differ from the total
amounts presented. The figures in the interim report are unaudited.

Assessment of impact of new standards and interpretations

The following revised standards that came into force at the beginning of 2009
have had an impact on Sponda's consolidated reporting:

IAS 23 Borrowing costs: The revised standard requires the borrowing costs
arising from purchasing, building or manufacturing a qualifying asset to be
immediately included in the acquisition cost of the asset. For Sponda, this
mainly affects the construction projects of its property development activities.
The company adopted the standard retroactively, as from 1 Janury 2006.
Previously, borrowing costs have been recognized in the financial period in
which they were incurred. The change in the accounting principles affects
borrowing costs and the change in the fair value of property development
projects in the income statement. The figures in the 2008 interim reports and
financial statements have been adjusted accordingly. The impact on the retained
earnings at 1 January 2008 is EUR 3.3 million and on the net profit for 2008 EUR
2.6 million. The impact on the net profit for the period for comparison Q1 2008
has been EUR 1.7 million.

IAS 1 Presentation of Financial Statements: In accordance with the revised
standard, as from the beginning of 2009 Sponda is presenting two separate
statements, an income statement and a statement of comprehensive income. The
revision also affects the presentation of the calculation of shareholders
equity.

IAS 40 Investment Properties: As a result of the amendment to the standard,
Sponda is presenting investment properties that are under construction at fair
value. One condition for this, however, is that the fair value can be reliably
measured. The fair value has not been measured for the development investments
for the City-Center project in the centre of Helsinki. The amendment is not
applied retroactively.

IFRS 8 Operating segments: The standard states that segment information shall be
based on regular internal reporting to management. After adopting the standard,
Sponda has added Shopping Centres to segment reporting.

No deferred tax asset has been recognised from the loss between the acquisition
cost and the fair value of the real estate if the real estate has been accounted
for as an asset under IAS 12.15b and no deferred tax liability was recognised
from the difference between the acquisition cost and the tax deductible value of
the real estate initially at the time of the acquisition.


Income statement segment
M
--------------------------------------------------------------------------------
| Income         | Offic | Shop | Logis | Prope | Russi | Funds | Other | Grou |
| statement      | e    | -pin | -tics | rty   | a     |       |       | p    |
| 1-3/           | Retai | g    |       | devel |       |       |       | tota |
| 09             | l     | cen- |       | opmen |       |       |       | l    |
|                |       | tres |       | t     |       |       |       |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total revenue  |  32.8 |  8.3 |  10.4 |   0.4 |   5.7 |   3.1 |   0.0 | 60.6 |
--------------------------------------------------------------------------------
| Maintenance    |  -8.7 | -2.0 |  -3.2 |   0.0 |  -1.3 |  -0.4 |   0.0 | -15. |
| expenses and   |       |      |       |       |       |       |       |    6 |
| direct fund    |       |      |       |       |       |       |       |      |
| expenses       |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Net operating  |  24.1 |  6.3 |   7.2 |   0.4 |   4.4 |   2.6 |   0.0 | 45.0 |
| income         |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Profit on sale |   0.2 |  0.0 |   0.0 |   0.0 |   0.0 |   0.0 |   0.0 |  0.2 |
| of investment  |       |      |       |       |       |       |       |      |
| properties     |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Loss on sale   |   0.0 |  0.0 |   0.0 |   0.0 |   0.0 |   0.0 |   0.0 |  0.0 |
| of investment  |       |      |       |       |       |       |       |      |
| properties     |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Profit/loss on |   0.0 |  0.0 |   0.0 |  -0.2 |   0.0 |   0.0 |   0.0 | -0.2 |
| sale of        |       |      |       |       |       |       |       |      |
| trading        |       |      |       |       |       |       |       |      |
| properties     |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Valuation      | -31.4 | -7.5 | -14.9 |  -0.2 | -63.3 |   0.0 |   0.0 | -117 |
| gains and      |       |      |       |       |       |       |       |   .3 |
| losses         |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Allocation of  |   0.0 |  0.0 |   0.0 |   0.0 |   0.0 |   0.0 |   0.0 |  0.0 |
| goodwill       |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Administration |  -1.5 | -0.3 |  -0.3 |  -0.9 |  -0.9 |  -1.5 |   0.0 | -5.4 |
| and marketing  |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Other          |   0.0 |  0.0 |   0.0 |  -0.1 |   0.0 |   0.0 |   0.0 | -0.1 |
| operating      |       |      |       |       |       |       |       |      |
| income and     |       |      |       |       |       |       |       |      |
| expenses       |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Operating      |  -8.6 | -1.5 |  -8.0 |  -1.0 | -59.8 |   1.1 |   0.0 | -77. |
| profit         |       |      |       |       |       |       |       |    8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital        |   3.1 | 12.8 |   0.4 |   3.9 |   0.4 |   2.9 |   0.1 | 23.6 |
| expenditure    |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Segment assets |     1 | 546. | 431.5 | 207.0 | 198.6 |  63.5 | 164.7 |    3 |
|                | 436.2 |    9 |       |       |       |       |       | 048. |
|                |       |      |       |       |       |       |       |    4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income         | Offic | Shop | Logis | Prope | Russi | Funds | Other | Grou |
| statement      | e    | -pin | -tics | rty   | a     |       |       | p    |
| 1-3/           | Retai | g    |       | devel |       |       |       | tota |
| 08             | l     | cen- |       | opmen |       |       |       | l    |
|                |       | tres |       | t     |       |       |       |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total revenue  |  30,5 |  6,8 |   9,8 |   0,3 |   1,5 |   3,0 |   0,0 | 51,9 |
--------------------------------------------------------------------------------
| Maintenance    |  -8.0 | -1.7 |  -2.5 |  -0.6 |  -0.4 |  -0.5 |   0.0 | -13. |
| expenses and   |       |      |       |       |       |       |       |    7 |
| direct fund    |       |      |       |       |       |       |       |      |
| expenses       |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Net operating  |  22.5 |  5.1 |   7.3 |  -0.3 |   1.1 |   2.5 |   0.0 | 38.2 |
| income         |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Profit on sale |   0.4 |  0.0 |   0.0 |   0.0 |   0.0 |   0.0 |   0.0 |  0.4 |
| of investment  |       |      |       |       |       |       |       |      |
| properties     |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Loss on sale   |   0.0 |  0.0 |   0.0 |   0.0 |   0.0 |   0.0 |   0.0 |  0.0 |
| of investment  |       |      |       |       |       |       |       |      |
| properties     |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Profit/loss on |   0.0 |  0.0 |   0.0 |   0.0 |   0.0 |   0.5 |   0.0 |  0.5 |
| sale of        |       |      |       |       |       |       |       |      |
| trading        |       |      |       |       |       |       |       |      |
| properties     |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Valuation      |   3.0 |  0.9 |  -0.8 |   0.1 |   0.0 |   9.4 |   0.0 | 12.6 |
| gains and      |       |      |       |       |       |       |       |      |
| losses         |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Administration |  -1.6 | -0.4 |  -0.5 |  -0.9 |  -1.1 |  -1.2 |   0.0 | -5.7 |
| and marketing  |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Other          |  -0.1 |  0.0 |   0.0 |   0.1 |   0.5 |   0.0 |   0.0 |  0.5 |
| operating      |       |      |       |       |       |       |       |      |
| income and     |       |      |       |       |       |       |       |      |
| expenses       |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
| Operating      |  24.2 |  5.6 |   6.0 |  -1.0 |   0.5 |  11.2 |   0.0 | 46.5 |
| profit         |       |      |       |       |       |       |       |      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital        |  12.8 |  0.4 |  19.6 |  55.3 |  65.6 |  12.9 |   0.0 | 166. |
| expenditure    |       |      |       |       |       |       |       |    6 |
--------------------------------------------------------------------------------
| Segment assets |     1 | 409. | 351.9 | 340.4 | 144.0 |  47.9 | 240.3 |    3 |
|                | 475.0 |    8 |       |       |       |       |       | 009. |
|                |       |      |       |       |       |       |       |    3 |
--------------------------------------------------------------------------------
| Geographical areas                            |       |                      |
--------------------------------------------------------------------------------
| 31 March 2009                                 | Incom | Assets               |
|                                               | e     |                      |
--------------------------------------------------------------------------------
| Finland                                       |  54.9 |              2 849.8 |
--------------------------------------------------------------------------------
| Russia                                        |   5.7 |                198.6 |
--------------------------------------------------------------------------------
| Total                                         |  60.6 |              3 048.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 31 March 2008                                 | Tuoto | Varat                |
|                                               | t     |                      |
--------------------------------------------------------------------------------
| Finland                                       |  50.4 |              2 865.3 |
--------------------------------------------------------------------------------
| Russia                                        |   1.5 |                144.0 |
--------------------------------------------------------------------------------
| Total                                         |  51.9 |              3 009.3 |
--------------------------------------------------------------------------------


Investment properties
M
--------------------------------------------------------------------------------
|                                                |    31.3.2009 |   31.12.2008 |
--------------------------------------------------------------------------------
| Fair value of investment properties, start of  |      2 915,5 |      2 534,9 |
| period                                         |              |              |
--------------------------------------------------------------------------------
| Impact of adopting IAS 23 on balance at start  |              |          4,5 |
| of period                                      |              |              |
--------------------------------------------------------------------------------
| Purchase of investment properties              |              |        210,6 |
--------------------------------------------------------------------------------
| Other capital expenditure on investment        |         20,6 |        275,0 |
| properties                                     |              |              |
--------------------------------------------------------------------------------
| Disposal of investment properties              |        -16,8 |        -82,8 |
--------------------------------------------------------------------------------
| Transfers to/from property, plant and          |              |          1,3 |
| equipment                                      |              |              |
--------------------------------------------------------------------------------
| Transfers from trading properties              |              |         14,7 |
--------------------------------------------------------------------------------
| Other transfers                                |              |         -2,5 |
--------------------------------------------------------------------------------
| Capitalized equity expenses, increase in       |          0,9 |         12,4 |
| period                                         |              |              |
--------------------------------------------------------------------------------
| Valuation gains/losses                         |       -117,3 |        -52,6 |
--------------------------------------------------------------------------------
| Fair value of investment properties, end of    |      2 802,8 |      2 915,5 |
| period                                         |              |              |
--------------------------------------------------------------------------------


On 31 March 2009 Sponda had a total of 206 properties, with an aggregate
leasable area of about 1.5 million m². Of this, some 52 % is office and retail
premises, 8 % shopping centres and 37 % logistics premises. Some 3 % of the
leasable area of the properties is located in Russia.

At the end of March 2009 Sponda's investment properties in Finland were assessed
by Catella Property Group and the investment properties in Russia were assessed
by Cushman  Wakefield. Their official statements, including the principles used
for calculating the values, can be seen on Sponda's Internet site.

At the end of March, the change in the fair value of Sponda's investment
properties was EUR -117.3 million (31 March 2008: EUR 12.6 million). The main
factor in this change was the rise in the market yield requirements for
properties. The assessment of the properties in Russia was verified for the
first time by an external valuator. Economic growth in Russia slowed down
considerably at the end of 2008, and this also brought pressure to bring down
prices in the property market in the first quarter. At the end of the period
Sponda's entire property portfolio had a fair value of EUR 2802.8 (2,690.9)
million.

Value assessments were not made during the first quarter of 2009 of the
properties owned by two real estate funds in which Sponda is a minority
shareholder.

The Group's most significant investment commitments

In the City-Center project, the work for the underground maintenance tunnel and
construction of technical shafts is currently ongoing. The next phase, which
involves construction of the office building, the retail premises on the third
floor, and the light shaft into the shopping centre, will begin at the earliest
towards the end of 2009. It is estimated that the renovation of the City-Center
complex will be completed in 2012 and the total investment will be some EUR 110
million.

Property, plant and equipment
M
--------------------------------------------------------------------------------
|                                       | 31.3.2009 |  31.12.2008 |  31.3.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Carrying amount, start of period      |      14.5 |        15.7 |       15.7 |
--------------------------------------------------------------------------------
| Additions                             |       0.2 |         0.8 |        0.2 |
--------------------------------------------------------------------------------
| Disposals                             |         - |         0.0 |          - |
--------------------------------------------------------------------------------
| Reclassifications to/from investment  |         - |        -1.3 |       -0.1 |
| properties                            |           |             |            |
--------------------------------------------------------------------------------
| Other transfers                       |         - |        -0.1 |       -1.4 |
--------------------------------------------------------------------------------
| Depreciation for the period           |      -0.1 |        -0.6 |       -0.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Carrying amount, end of period        |      14.7 |        14.5 |       14.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Trading properties                    | 31.3.2009 |  31.12.2008 |  31.3.2008 |
--------------------------------------------------------------------------------
| M                                    |           |             |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Carrying amount, start of period      |      29.5 |        37.2 |       37.2 |
--------------------------------------------------------------------------------
| Disposals and other changes           |      -0.1 |        -4.5 |        0.7 |
--------------------------------------------------------------------------------
| Increases                             |           |             |       51.1 |
--------------------------------------------------------------------------------
| Reclassifications to investment       |           |        -3.1 |          - |
| properties                            |           |             |            |
--------------------------------------------------------------------------------
| Carrying amount, end of period        |      29.4 |        29.5 |       89.0 |
--------------------------------------------------------------------------------


Tax authority decision

Sponda stated in its interim report on 1 November 2007 that the Uusimaa
corporate tax office had decided to deviate from the company's 2006 tax returns
with respect to the deductible losses allowable against the company's profit.
The tax assessment adjustment board amended the Uusimaa corporate tax office's
decision regarding the deductibility of Sponda Kiinteistöt Oy's (formerly
Kapiteeli Oyj) confirmed losses for previous years in favour of Sponda in
December 2007. The company issued a statement about this on 19 December
2007.
The state official representing the interests of tax recipients has
appealed the decision of the adjustment board.


Contingent liabilities
Collateral and commitments given by the Group
M
--------------------------------------------------------------------------------
|                                        |  31.3.2009 | 31.3.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Loans from financial institutions,     |       54.1 |      68.4 |       50.3 |
| covered by collateral                  |            |           |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Mortgages                              |      109.1 |     103.2 |      109.2 |
--------------------------------------------------------------------------------
| Book value of pledged shares           |       17.0 |      51.1 |       17.0 |
--------------------------------------------------------------------------------
| Guarantees                             |       57.6 |      33.0 |       57.6 |
--------------------------------------------------------------------------------
| Total collateral                       |      183.7 |     187.3 |      183.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Lease and other liabilities            |  31.3.2009 | 31.3.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| M                                     |            |           |            |
--------------------------------------------------------------------------------
| Lease liabilities                      |       99.8 |      46.0 |       44.6 |
--------------------------------------------------------------------------------
| Other liabilities                      |            |       0.1 |            |
--------------------------------------------------------------------------------
| Mortgages                              |        2.9 |       2.7 |        3.0 |
--------------------------------------------------------------------------------
| Guarantees                             |       13.4 |       0.0 |        7.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest derivatives                   |  31.3.2009 | 31.3.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| M                                     |            |           |            |
--------------------------------------------------------------------------------
| Swap contracts, notional value         |      915.0 |     660.0 |      915.0 |
--------------------------------------------------------------------------------
| Swap contracts, fair value             |      -44.5 |       0.9 |      -27.0 |
--------------------------------------------------------------------------------
| Cap options purchased, notional value  |      272.5 |     557.0 |      187.5 |
--------------------------------------------------------------------------------
| Cap options purchased, fair value      |        0.4 |       8.7 |        1.0 |
--------------------------------------------------------------------------------
| Forward rate agreements, notional      |          - |         - |          - |
| value                                  |            |           |            |
--------------------------------------------------------------------------------
| Forward rate agreements, fair value    |          - |         - |          - |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Currency derivatives                   |            |           |            |
--------------------------------------------------------------------------------
| M                                     |            |           |            |
--------------------------------------------------------------------------------
|  Currency forward, notional value      |        2.6 |         - |        5.1 |
--------------------------------------------------------------------------------
|  Currency forward, fair value          |       -0.1 |         - |        0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Currency options, bought, notional     |        2.7 |         - |          - |
| value                                  |            |           |            |
--------------------------------------------------------------------------------
|  Currency options, put, notional value |        2.7 |         - |          - |
--------------------------------------------------------------------------------
|  Net fair value of currency options    |          0 |         - |          - |
--------------------------------------------------------------------------------


Key figures
--------------------------------------------------------------------------------
|                                          |    1-3/09 |   1-12/08 |    1-3/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share,                     |     -0.83 |      0.26 |      0.19 |
--------------------------------------------------------------------------------
| Equity ratio, %                          |        30 |        32 |        30 |
--------------------------------------------------------------------------------
| Gearing, %                               |       199 |       180 |       196 |
--------------------------------------------------------------------------------
| Equity per share,                       |      6.98 |      7.91 |      8.01 |
--------------------------------------------------------------------------------
| Cash flow from operations per share,    |      0.18 |      0.78 |      0.15 |
--------------------------------------------------------------------------------
| EPRA, NAV, net assets per share,        |      8.69 |      9.68 |      9.69 |
--------------------------------------------------------------------------------



Calculation of financial ratios

--------------------------------------------------------------------------------
| Earnings/share,        | =  |       | Share of earnings for the period      |
|                         |    |       | attributable to equity holders of the |
|                         |    |       | parent company                        |
--------------------------------------------------------------------------------
|                         |    |       | Adjusted average number of shares     |
|                         |    |       | during the period                     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earning/share,          | =  |       | Share of earnings for the period      |
| attributable to equity  |    |       | attributable to equity holders of the |
| holders,               |    |       | parent company                        |
|                         |    |       | - interest of the hybrid bond         |
--------------------------------------------------------------------------------
|                         |    |       | Adjusted average number of shares     |
|                         |    |       | during the period                     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earning/share,          | =  |       | Interest of the hybrid bond           |
| attributable to hybrid  |    |       |                                       |
| bond holders,          |    |       |                                       |
--------------------------------------------------------------------------------
|                         |    |       | Adjusted average number of shares     |
|                         |    |       | during the period                     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity ratio, %         | =  | 100 x | Shareholders' equity                  |
--------------------------------------------------------------------------------
|                         |    |       | Balance sheet total - advances        |
|                         |    |       | received                              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gearing, %              | =  | 100 x | Interest-bearing liabilities          |
|                         |    |       | - cash and cash equivalents           |
--------------------------------------------------------------------------------
|                         |    |       | Shareholders' equity                  |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity/share,          | =  |       | Equity attributable to equity holders |
|                         |    |       | of parent company                     |
--------------------------------------------------------------------------------
|                         |    |       | - Other equity reserve                |
--------------------------------------------------------------------------------
|                         |    |       | Basic number of shares on the last    |
|                         |    |       | day of the reporting period           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from          | =  |       | Operating profit                      |
| operations/share,      |    |       |                                       |
--------------------------------------------------------------------------------
|                         |    |       |  -/+ Valuation gains/losses           |
--------------------------------------------------------------------------------
|                         |    |       | + Allocation of goodwill              |
--------------------------------------------------------------------------------
|                         |    |       | + Depreciation in administration      |
--------------------------------------------------------------------------------
|                         |    |       | +/- Changes in provisions             |
--------------------------------------------------------------------------------
|                         |    |       | +/- Defined benefit pension expenses  |
--------------------------------------------------------------------------------
|                         |    |       | - Financial income  expenses         |
|                         |    |       | affecting cash flow                   |
--------------------------------------------------------------------------------
|                         |    |       | - Taxes affecting cash flow           |
--------------------------------------------------------------------------------
|                         |    |       | +/- Other items                       |
--------------------------------------------------------------------------------
|                         |    |       | Average weighted number of shares     |
|                         |    |       | during the period                     |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPRA NAV, net assets    | =  |       | Equity attributable to equity holders |
| per share,             |    |       | of parent company                     |
--------------------------------------------------------------------------------
|                         |    |       | - Other equity reserve                |
--------------------------------------------------------------------------------
|                         |    |       | + Deferred tax relating to the fair   |
|                         |    |       | valuation of property and to property |
|                         |    |       | depreciation allowances               |
--------------------------------------------------------------------------------
|                         |    |       | - Goodwill relating to deferred tax   |
|                         |    |       | liability                             |
--------------------------------------------------------------------------------
|                         |    |       | Basid number of shares on the last    |
|                         |    |       | day of the reporting period           |
--------------------------------------------------------------------------------


Related party transactions

The following transactions took place with related parties:

Rental income from state institutions and companies totalled EUR 5.5 million in
January-March 2009 (1-12/2008: EUR 23.9 million).

Management employee benefits

--------------------------------------------------------------------------------
|                                       | 31.3.2009 |  31.3.2008 |  31.12.2008 |
--------------------------------------------------------------------------------
| Salaries and other short-term         |       0.4 |        0.4 |         2.3 |
| employee benefits                     |           |            |             |
--------------------------------------------------------------------------------
| Share-based payments                  |       0.1 |        0.1 |         0.3 |
--------------------------------------------------------------------------------
| Total                                 |       0.5 |        0.6 |         2.6 |
--------------------------------------------------------------------------------

Events after the close of the period

On 27 April 2009 Sponda Plc extended the credit limits that function as back-up
financing for its commercial papers for a further 12 and 24 months. The
agreements were extended with the current lenders such that EUR 150 million will
mature in 12 months time and EUR 100 million in 24 months.

In addition, Sponda signed an agreement for a EUR 82 million secured credit
facility with Helaba (Landesbank Hessen-Thringen Girozentralen). The credit
facility is for 5 years and it ensures that Sponda can refinance the bonds that
mature in 2010. The credit agreement strengthens Helaba's operations in the
Nordic market.

The margin on the credit facilities corresponds to today's market rates. The
loan arrangements do not change Sponda's financial expenses significantly. The
covenants of the loans are the same as with the company's other loans and the
key covenants are linked to the equity ratio and the interest coverage ratio.
After these arrangements Sponda has no other long-term loans that mature before
spring 2011.

Sponda sold two logistics properties in Vantaa and a retail property in Joensuu
for a combined total of some EUR 22 million to investment company owned by
Mandatum Life Insurance Company Limited and Kaleva Mutual Insurance Company and
to Sislin Oy. The sale of the properties has no impact on Sponda's result.

   Attachments:
   ovk 1-3 2009 tiedote en.pdf