29 May 2014 13:02
BCRE - Brack Capital Real Estate Investments N.V.
("BCRE" or the "Company")
Subsidiary Accounts Filed and Published on the Tel Aviv Stock Exchange (the "TASE")
The Company (LSE: BCRE) announces that Brack Capital Properties N.V. ("BCP"), a subsidiary of the Company, whose shares are traded at the TASE, has published today its interim financial report for the first quarter of 2014 (the period ending 31.03.2014).
The interim financial report for the first quarter published by BCP includes:
1. Board of Director's Report for the first quarter of 2014.
2. Interim consolidated financial statements as of 31.03.2014 (unaudited).
3. Presentation of financial data from the interim consolidated financial statements attributed to BCP itself as of 31.03.2014 (unaudited).
For ease of reference, we have provided an uncertified English translation of the above documents along with the Hebrew certified versions on the Company's website - www.brack-capital.com.
Key highlights relating to the principal results of the first quarter of 2014 are:
1. Revenues - In the first quarter of 2014 BCP's revenues were approximately EUR 13 million, an increase of ca.1.36% from the fourth quarter of 2013.
2. Funds From Operations ("FFO") - In the first quarter of 2014, the FFO of BCP amounted to approximately EUR 4.4 million compared to EUR 4.35 million in the fourth quarter of 2013.
3. Equity - The equity attributed to BCP's shareholders increased by approximately EUR 4.3 million in the first quarter of 2014. It is indicated that the equity does not include the profit from initiating stages A and B in the Grafental project that will be recognized in the financial statements effective from the second quarter of 2014 and the land designated for residential purposes in the project is measured at historical values from 2010 when it was classified as inventory.
ENQUIRIES:
BCRE-Brack Capital Real Estate Investment N.V. | |
Ariel Podrojski, Chief Executive Officer | |
Nansia Koutsou, Chief Financial Officer | +31 20 514 1004 |
Novella Communications | |
Tim Robertson | |
Ben Heath | +44 203 151 7008 |
About BCRE
BCRE is an international real estate development and investment group, headquartered in the Netherlands and listed on the London Stock Exchange. Through its subsidiary and associated undertakings, the Company is interested in, develops and operates an international portfolio of real estate assets, predominantly located in the USA, Germany, Russia, India and the UK.
The Company has established local management team platforms with significant local market expertise in the US, Germany, Russia, India and the UK with exclusive access to over 400 staff. At present, the Company has offices and teams in New York, London, Frankfurt, Düsseldorf, Moscow, Kazan, New Delhi, Amsterdam, Limassol and Budapest.