Adams Regulatory News (ADA)

28 Feb 2008 07:01

Dawnay, Day Carpathian PLC28 February 2008 28 February 2008 Dawnay, Day Carpathian PLC Year end trading update Dawnay, Day Carpathian PLC ("DDC" or the "Company") is pleased to provide atrading update on its activities for the 12 months ended 31 December 2007. TheCompany is now substantially invested, having spent or committed approximately95% of its funds, leaving the Company ideally placed to be fully invested wellahead of the target investment timetable of 31 December 2008. Since 30 June 2007, DDC has completed the acquisition of 4 development sites and3 investment transactions for a total consideration of approximately Euro 172.7million, further expanding its presence in Czech Republic, Hungary, Poland,Romania and entering into Croatia for the first time. The Company hascommissioned DTZ to provide an updated valuation of the investment portfolio asat 31 December 2007, which is anticipated to produce a modest uplift in value. Now that the Company is substantially invested, the focus will be on completingthose transactions to which funds have been committed and consolidating theportfolio. The current portfolio is performing to expectations, and as targetedis made up of a strong mix of circa 75% revenue generating investment propertiesand 25% development properties with considerable upside potential. The present debt markets have become more challenging overall with moreconservative lending criteria and pricing compared to the first half of 2007.However, the present lending terms and conditions still compare favourably withthe debt products available throughout Central Europe at the commencement of theCompany's operation in June 2005. The overall cost and leverage of debtfinancing of DDC's existing investment properties have not been materiallyaffected. The Company remains on track to deliver its stated dividend target of 10p pershare for 2007. Preliminary results for the 12 months ended 31 December 2007 will be announcedon 28 April 2008. Rupert Cottrell, Chairman of Dawnay, Day Carpathian, commented: "We have madesignificant progress over the last year in building up a substantial,diversified portfolio with secure income streams; asset management anddevelopment opportunities. Now that we have a complete pipeline in place, wewill be working on consolidating the portfolio and progressing our developmentprojects. While the current uncertain market conditions dictate a degree ofcaution, we believe our portfolio is sufficiently diversified to withstand thisand that we are in a good position to improve the overall value of the portfoliothus delivering meaningful value to shareholders." Enquiries: Dawnay, Day PanTerra Peter Klimt 020 7834 8060 Paul Rogers Balazs Csepregi Cardew Group Tim Robertson 020 7930 0777 Catherine Maitland Numis Securities Bruce Garrow 020 7260 1000 Anthony Richardson Nick Westlake (as NOMAD) This information is provided by RNS The company news service from the London Stock Exchange