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11 Sep 2009 07:00
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EASTERN EUROPEAN PROPERTY FUNDΒ LIMITED
UNAUDITEDΒ HALF YEARLYΒ RESULTS
FOR THEΒ SIX MONTHΒ PERIOD ENDEDΒ 30Β JUNEΒ 2009
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KEY POINTS |
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Net asset value atΒ 30 June 2009Β of Β£20.4Β million,Β 105.42p per share, aΒ decrease ofΒ 17%Β (21.79p per share)Β from 31 DecemberΒ 2008. LossΒ for theΒ periodΒ endedΒ 30 June 2009Β of Β£3.5Β million, equal toΒ 17.90p per share. Property valued by DTZ Debenham Tie Leung at Β£26.4Β millionΒ (31 December 2008: Β£31.2 million). LossΒ on revaluation of investment properties (after accounting for the foreign exchangeΒ loss) of Β£5.3Β million. For further information please visit theΒ www.eepfl.comΒ or contact: |
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Azhic Basirov / Siobhan Sergeant Smith & Williamson Corporate Finance Ltd Tel:Β +44Β 207Β 131Β 4000 |
Steve Pearce / Simon Stillwell Liberum Capital Limited Tel: +44 203 100 2000 |
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Bob Locker CNC Property Fund Management Ltd Tel: +44 1784 424 784 |
Keiran GallagherΒ / Ollie Cadogan Active Property Investments Ltd Tel: +44 1481 731 987 |
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CHAIRMAN'S STATEMENT |
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I am pleased to present theΒ half yearlyΒ resultsΒ of theΒ GroupΒ for theΒ six month periodΒ endedΒ 30 June 2009. ResultsΒ andΒ operations The Group suffered a net loss for the six month period ended 30 June 2009 of Β£3.5 million (June 2008: loss of Β£12,000), representing a loss per Ordinary Share of 17.90p (June 2008: loss of 0.06p). The majorityΒ (Β£2.0 million)Β of thisΒ lossΒ was attributable toΒ adverse movements in the US Dollar and the Euro againstΒ Sterling. In line withΒ theΒ terms of the Admission Document, the GroupΒ doesΒ not hedge exchange rate risk at this time.Β Β As a result,Β during the period,Β theΒ GroupΒ suffered net foreign exchange losses of Β£2.8 million (including a loss of Β£3.5 million,Β which isΒ includedΒ in the movement in unrealised gain on revaluation ofΒ investment properties). The consolidated net asset value at 30 June 2009 was Β£20.4 million, 105.42p per Ordinary ShareΒ (December 2008: Β£24.7 million, 127.21p per Ordinary Share). Property During the period,Β theΒ GroupΒ purchased one small property inΒ TurkeyΒ and continued to refurbishΒ the Turkish portfolioΒ to maximise the value ofΒ its assets. As mentioned inΒ our previousΒ annual report, the Board and its advisers believe that, due to the investment opportunities availableΒ and the better financial and political stability inΒ TurkeyΒ than inΒ RomaniaΒ orΒ Bulgaria, theΒ Group's resourcesΒ areΒ best employed investing inΒ Turkey. The Group hasΒ begunΒ to benefit from its strategy of focusing onΒ theΒ refurbishment ofΒ property inΒ Turkey, withΒ rental incomeΒ for the periodΒ increasingΒ byΒ 28%, compared to the same period in 2008. Property prices in theΒ Group's Target Countries continued to decline during the period and theΒ GroupΒ suffered a loss on the revaluation of investment properties of Β£5.3 millionΒ (including aΒ foreign exchangeΒ loss of Β£3.5 million). Further details of the properties are disclosed in the Property Manager and Adviser's Report. Dividend The BoardΒ considers itΒ prudent to conserve funds and does not propose an interim dividend for the periodΒ ended 30 June 2009. The Board expects that the income position of the Group will continue to strengthen as refurbished properties are let and will regularly review its ability to generate a sustainable dividend. Structure I mentioned in my last report that the Board had taken steps to implement a more streamlined and efficient structure. The GroupΒ has already benefitted from theseΒ initial stepsΒ in theΒ form of reduced costs, withΒ operating expenses (excluding the performance fee and interest payable) being reduced by 14% fromΒ those incurred inΒ the comparable period in 2008. Of particular note was the reduction in administration and building maintenance fees inΒ Turkey, which decreased by 49% from Β£221,000, for the comparable period in 2008, to Β£114,000 for the period ended 30 June 2009. The Board and itsΒ advisers believe that the Group would benefit from additional fundingΒ and, although there have been few opportunities available in the current economic climate,Β we continue to explore variousΒ strategic optionsΒ toΒ maximise shareholder value. Outlook At 30 June 2009, the Group held property with a fair value of Β£26.4 million and had Β£2.8 million of cash, available to use as working capital and for the refurbishment of properties, and an additional Β£2.4 million, which has been pledged to HSBC but can be used to purchaseΒ additionalΒ property inΒ Turkey. The Board and its advisers believe that theΒ GroupΒ willΒ be able toΒ weather any further short-term downturn in theΒ valuation of its portfolioΒ and will utilise the funds that it currently has available to secure the bestΒ medium-term returnsΒ for shareholders.Β Β The Group's strategy is to consolidate and to build on the current portfolio inΒ IstanbulΒ and to purchase additional properties inΒ IstanbulΒ as suitable opportunities arise. |
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CharlesΒ Parkinson Chairman |
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10 SeptemberΒ 2009 |
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PROPERTY MANAGER AND ADVISERβS REPORT
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Strategy
Β
The half year period to 30 June 2009 has been a time of consolidation with cautious management of the property portfolio in order to maximise income and maintain progress on refurbishment and redevelopment opportunities where they exist.
Β
Overall, economic conditions remain difficult.Β The economic environment in Bulgaria and Romania has been more volatile than in Turkey where some stability has returned as the Turkish Lira has rebounded against the US Dollar.Β Due to their dependency on external investment and their links to the European Union, Romania and Bulgaria have struggled to maintain any momentum with respect to urban regeneration, as infrastructure improvements, the availability of major development sites and property transactions have been scarce.
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As a result of previous decisions, the Groupβs exposure to Bulgaria and Romania is restricted to single properties in good locations.Β While there will be challenges ahead, particularly as rental levels come under pressure in these countries, the Group will continue to adopt a pro-active policy in dealing with, and where necessary assisting, its tenants.
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The pro-active nature of the Groupβs management in Turkey does appear to have reaped rewards as additional lettings were achieved and gross income for the period increased by 28%, compared to the same period in 2008.Β However, the Group continues to be cautious, due to the overall economic environment and the fragile property market conditions, although we remain confident enough to pursue selective refurbishment and development programs as a means to enhance value going forward.
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The Group does not have any borrowings in Romania and Bulgaria and HSBC in Turkey continues to be supportive; overall the leverage in the Group remains low.Β At 30 June 2009, the loan to value (βLTVβ) ratio of the Turkish properties and the US$4 million cash pledge to HSBC was 49.3%.Β We have sufficient cash available (Β£2.8 million at 30 June 2009) to repair any breach of the LTV covenant, should property values fall further in the short-term.
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Property Portfolio - Turkey
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One additional property was purchased during the period, adding to the portfolio in the Pera area of Beyoglu in Istanbul, Turkey.Β This is a small retail unit, close to the Pera Palas Hotel and a number of foreign consulates.Β Following minor refurbishment, this property has been let, generating a yield in excess of 10% on cost.
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While the rent levels and lettings of other retail areas, and particularly βshopping mallsβ in Istanbul, have come under considerable pressure, Istiklal Street and the Pera area of Beyoglu, where most of the Groupβs property portfolio in Turkey is based, has benefited from the continued regeneration of this area.Β Despite this, office rental levels have fallen by approximately 20% in Beyoglu from the peak of early 2008.
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During the period, the Group entered into new lettings and, at 30 June 2009, all of the portfolio in Turkey (excluding properties undergoing refurbishment) was let.Β The Group continues to invest in its portfolio and is optimistic that it will be able to let units as refurbishment projects are completed.
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Although progress has been made with respect to the refurbishment, renovation and letting of the portfolio, property values continue to fall, as anticipated in the previous year end report.Β During the period, the value of the Turkish properties fell by 3% (before accounting for additions to property and foreign exchange movements).
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Property Portfolio - Romania and Bulgaria
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The decline in values has been greater in respect of the Romanian and Bulgarian properties than in Turkey, as these economies are experiencing a relatively delayed response to the global economic conditions compared to the more established and larger economies.
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During the period, the value of the Romanian and Bulgarian properties fell by 14% (before accounting for additions to property and foreign exchange movements).
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Property Valuation
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DTZ Debenham Tie Leung valued the properties at 30 June 2009, in either US Dollars (Turkish properties) or Euros (Romanian and Bulgarian properties), at Β£26.4 million (31 December 2008: Β£31.2 million), a decline of Β£5.3 million, of which approximately Β£3.5 million related to foreign exchange movements.
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Β
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Β
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Market Value
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Β
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Β
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Β
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30 June 2009
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31 December 2008
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Β
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Β
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Β
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Β£β000
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Β£β000
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Β
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Bulgaria
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Β
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Β
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Β
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Β
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24 George Washington Street, Sofia
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Leisure/Office
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4,118
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5,315
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Β
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Β
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Β
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Β
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Β
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Β
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Romania
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Β
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Β
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Β
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Β
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Transalkim Warehouse, Gara Progresului Street, S Bucharest
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Industrial
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3,138
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3,996
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Β
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Β
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Β
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Β
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Β
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Β
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Turkey
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Β
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Β
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Β
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Β
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Kadife Palas Building, 134-139 Susam Street, Cihangir, Istanbul
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Leisure/Office/Residential
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2,127
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2,515
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Β
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6th Floor, The Misir Building, Istiklal Street, Beyoglu, Istanbul
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Office
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2,017
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2,172
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Β
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Ravouna Apartments, 401 Istiklal Street, Beyoglu, Istanbul
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Office/Retail
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2,771
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3,289
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Β
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Markiz (Oriental) Passage, Istiklal Street, Beyoglu, Istanbul
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Leisure/Office/Retail
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8,986
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10,574
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Β
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Nil Passage, Istiklal Street, Beyoglu, Istanbul
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Leisure/Office/Retail
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1,009
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1,179
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Β
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Pera Residence, Asmalimescrit Street, Beyoglu, Istanbul
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Retail
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1,173
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1,336
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Β
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βYellowβ Building, Asmalimescrit Street, Beyoglu, Istanbul
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Retail
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194
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240
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Β
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Gonul Sokak, Asmalimescrit Street, Beyoglu, Istanbul
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Retail/Office
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498
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589
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Β
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Taka Building, Asmalimescrit Street, Beyoglu, Istanbul
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Retail
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349
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-
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Β
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Β
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Β
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19,124
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21,894
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Β
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Β
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Β
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Β
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Β
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Β
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Total Investment Properties
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Β
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26,380
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31,205
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Β
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24 George Washington Street,Β Sofia,Β BulgariaΒ (Leisure/Office) The United Bulgarian Bank is in occupation under a lease for approximately 50% of the building. Although Bulgaria Property Management has sub-let the ground floor to the Bulgarian National Art Centre, which was officially opened in March 2009, and other parts of the upper floors, it is having difficulty maintaining occupancy throughout its leased areas of the building. TheΒ GroupΒ has provided assistance to Bulgaria Property Management in order to help it in the current difficult conditions. Transalkim Warehouse,Β Gara Progresului Street, S.Β Bucharest,Β RomaniaΒ (Industrial) The property is let to Transalkim, which remains in occupation under a lease due to expire in January 2010. The premises are being marketed as the tenant has indicated that it will leave at the end of its term. KadifeΒ PalasΒ Building,Β 134-139 Susam Street, Cihangir,Β Istanbul,Β TurkeyΒ (Leisure/Office/Residential) During the period theΒ GroupΒ let the remainder of this property. The main restaurant tenant continues to trade well. 6thΒ Floor, TheΒ MisirΒ Building,Β Istiklal Street, Beyoglu,Β Istanbul,Β TurkeyΒ (Office) The property remains fully let to Electronik and Propaganda. Ravouna Apartments,Β 401 Istiklal Street, Beyoglu,Β Istanbul,Β TurkeyΒ (Office/Retail) As mentioned in the previous year end report, theΒ GroupΒ had won its possession case against Mudo, the tenant on the ground floor. However, during the period, Mudo appealed to the High Court inΒ AnkaraΒ and theΒ GroupΒ will now have to wait until late autumn for the result of the hearing. As a result, theΒ GroupΒ has not yet been able to proceed with its major renovation proposals for this property. Markiz (Oriental) Passage,Β Istiklal Street, Beyoglu,Β Istanbul,Β TurkeyΒ (Leisure/Office/Retail) The major tenants remain in occupation and have reported that they are trading well compared to last year. Minor improvements were made to the fabric of the building and the coffee shop was replaced by aΒ casual-style restaurant, resulting in a five-fold increase in footfall in the building. Negotiations for the letting of the remaining space in all the upper floors are taking place with a single tenant. Nil Passage,Β Istiklal Street, Beyoglu,Β Istanbul,Β TurkeyΒ (Leisure./Office/Retail) The smaller internal units have been completely vacated and theΒ GroupΒ is proceeding with the renovation of the premises. Pera Residence,Β Asmalimescrit Street, Beyoglu,Β Istanbul,Β TurkeyΒ (Retail) The single restaurant tenant remains in occupation. "Yellow" Building,Β Asmalimescrit Street, Beyoglu,Β Istanbul,Β TurkeyΒ (Retail) Proposals for the redevelopment of the building, including the addition of two extra floors, have been submitted to the Building Conservation Committee and the local municipality. TheΒ GroupΒ is in continuing dialogue with these parties in respect of the proposals. Gonul Sokak,Β Asmalimescrit Street, Beyoglu,Β Istanbul,Β TurkeyΒ (Retail/Office) During the period theΒ GroupΒ let the remaining space and this building is now fully let. TakaΒ Building,Β Asmalimescrit Street, Beyoglu,Β Istanbul,Β TurkeyΒ (Retail) TheΒ TakaΒ BuildingΒ is a small retail unit, which was purchased early in the period. Following minor refurbishment it has been let. Regional Overview -Β Romania Compared to the same period in 2008, GDP registered a fall of 8.8% in the second quarter of 2009 and 7.6% in the first half of the year (source: National Institute of Statistics Romania). That second quarter fall represents the fourth highest decline in the European Union, which experienced an average decline of 4.8% over the same period. The value of major real estate transactions concluded on the Romanian market in the first half of 2009 fell by 92%, from β¬815 million in the first six months of 2008 to just β¬62 million in the first half of this year, while the rented officeΒ lettingsΒ market shrank by 60%, according to data from Cushman & Wakefield and Jones Lang LaSalle. The total volume of property investment in Romania in the first half of 2009 was the smallest in the last five years and was only one-third of the total investment in the second half of 2008 (source: CBRE Romania). The first instalment of β¬5 billion of the stand-by agreement with the International Monetary Fund ("IMF"), signed in early 2009 - worth a total of β¬12.95 billion, was transferred to the National Bank of Romania in May 2009. It is hoped that these funds will help to stimulate the economy, includingΒ the property market. The presidential election will be held inΒ RomaniaΒ in NovemberΒ 2009. A poll by CURS has indicated that the incumbent Traian Basescu (with 33% of the votes) may retain the presidency but his lead over Mircea Geoana has been trimmed from 12% to 6% in recent months. If no candidate garners more than 50% of the vote in the first round, a run-off between the top two candidates will take place within fourteen days. It is unlikely that the outcome would have a significant impact on either the Romanian economy or the Group. |
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Regional Overview -Β Bulgaria Bulgaria's real GDP growth is forecast to contract by 5.3% in 2009, following estimated growth of 6% in 2008, according to the latest forecast ofΒ theΒ Economist Intelligence Unit. Actual real estate deals have decreased by 42% inΒ BulgariaΒ and 58% inΒ SofiaΒ for the first six months of 2009, compared to the corresponding period in 2008, according to a research conducted by Raiffeisen Imoti. A new government led by the charismatic former mayor of Sofia, Boyko Borisov and his new centre-right party, Citizens for European Development of Bulgaria, is claiming to fight the corruption and maladministration, which had previously led toΒ funding fromΒ the European UnionΒ being frozen.Β Regional Overview -Β Turkey While the Turkish economy has been reported as being one of the worst hit in terms of GDP contraction, it has been recognised as coming through the global crisis better than other emerging economies. Not a single Turkish bank has required support as they have few toxic assets and limited mortgage exposure. Also, suggestions that Turkish companies that borrowed heavily abroad would have serious problems following the devaluation of the Turkish Lira in 2008 have not yet proved correct. There is still pressure for the Turkish Government to take up a US$13 billion facility from the IMF as it is believed this will reinforce fiscal stability. However, Mr Erdogan, the country's Prime Minister, is reluctant to use this facility. Some economists support this approach as the economy has shown signs of robustness which suggests that survival without the IMF support may be possible. Merrill Lynch has recently forecast that Turkish GDP will grow by an average of 4.5% per annum between 2010 and 2019. Although the Justice and Development Party ("AKP") experienced a drop in support in the March 2009 election for the first time since coming to power in 2002, there is now greater political stability inΒ TurkeyΒ than has been the case in recent years and this may help Mr Erdogan's conservative approach to the IMF. The Turkish Lira has stabilised and recovered against the US Dollar and this appears to have provided greater confidence that the economy will improve, despite the dramatic contraction in GDP in the latter half of 2008 and early 2009. Prospects It is likely that there will be a further decline in property values inΒ RomaniaΒ andΒ BulgariaΒ in the second half of 2009. While Turkish property may also be affected, it is anticipated that the value of theΒ Group's property inΒ TurkeyΒ will remain stable in US Dollar terms as confidence in the Turkish economy improves and theΒ GroupΒ continues to benefit from the location of its property in this country, relative to other areas. Although the yields may continue to increase inΒ BulgariaΒ andΒ Romania, the scarcity of comparable quality properties (inΒ SofiaΒ in particular) should limit the impact of negative trends on valuations going forward. Therefore, while it would be prudent to acknowledge that further declines in value may occur, it is anticipated that the rental income of theΒ GroupΒ will continue to grow and that, in the medium-term, theΒ Group's property values will once again increase. Bob Locker CNC Property Fund Management Limited Keiran Gallagher Oliver Cadogan Active Property Investments Limited 10 SeptemberΒ 2009 |
Β Β
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CONDENSEDΒ CONSOLIDATED HALF YEARLYΒ STATEMENT OF COMPREHENSIVE INCOME |
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for the six month period ended 30 June 2009 (unaudited) |
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1 Jan 2009 Β to 30 Jun 2009Β |
1 Jan 2008 Β to 30 Jun 2008Β |
1 Jan 2008 Β to 31Dec 2008 |
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|
(unaudited) |
(unaudited) |
(audited) |
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Β£'000 |
Β£'000 |
Β£'000 |
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Income |
|||
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Rent receivable |
857 |
671 |
1,499 |
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Bank interest receivable |
38 |
164 |
261 |
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Other income |
14 |
- |
36 |
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------------ |
------------ |
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Total income |
909 |
835 |
1,796 |
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------------ |
------------ |
------------ |
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Expenses |
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AdministrationΒ fees |
(62) |
(62) |
(125) |
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Management fees |
(318) |
(283) |
(571) |
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Performance fee |
- |
(213) |
(475) |
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Interest payable and similar charges |
(242) |
(384) |
(712) |
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Other operating expensesΒ |
(364) |
(519) |
(987) |
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------------ |
------------ |
------------ |
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Total expenses |
(986) |
(1,461) |
(2,870) |
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------------ |
------------ |
------------ |
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Investment gains and losses |
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(Loss)/gain on revaluation of investment properties |
(5,348) |
1,148 |
4,866 |
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------------ |
------------ |
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Total investment (loss)/gain |
(5,348) |
1,148 |
4,866 |
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------------ |
------------ |
------------ |
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Net (loss)/profit from operating activities before gains and losses on foreign currency exchange |
(5,425) |
522 |
3,792 |
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Gain/(loss) on foreign currency exchange |
1,473 |
(7) |
(2,023) |
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------------ |
------------ |
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Net (loss)/profitΒ from operating activities |
(3,952) |
515 |
1,769 |
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Taxation |
480 |
(527) |
(653) |
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------------ |
------------ |
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(Loss)/profit for the period/yearΒ |
(3,472) |
(12) |
1,116 |
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Other comprehensiveΒ (loss)/income |
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Exchange differences arising from translation of foreign operations |
(754) |
19 |
312 |
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------------ |
------------ |
------------ |
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Total other comprehensiveΒ (loss)/income |
(754) |
19 |
312 |
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------------ |
------------ |
------------ |
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Total comprehensiveΒ (loss)/income for the period/year |
(4,226) |
7 |
1,428 |
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------------ |
------------ |
------------ |
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(Loss)/earnings per share - basic and fully diluted |
(17.90)p |
(0.06)p |
5.68p |
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------------ |
------------ |
------------ |
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Β Β
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CONDENSEDΒ CONSOLIDATEDΒ STATEMENT OF CHANGES IN EQUITY |
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for the six month period ended 30 June 2009 (unaudited) |
||||||
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Share capital |
Reserve for own shares |
Distributable reservesΒ |
Foreign exchange translation reserve |
Total |
||
|
Β |
Β£'000 |
Β£'000 |
Β£'000 |
Β£'000 |
Β£'000 |
|
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Net assets at 31 December 2008 |
200 |
(497) |
24,047 |
918 |
24,668 |
|
|
Loss for the six month period |
- |
- |
(3,472) |
- |
(3,472) |
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Other comprehensive income |
- |
- |
- |
(754) |
(754) |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
||
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Net assets at 30 June 2009 |
200 |
(497) |
20,575 |
164 |
20,442 |
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|
---------- |
---------- |
---------- |
---------- |
---------- |
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CONDENSEDΒ CONSOLIDATEDΒ STATEMENT OF CHANGES IN EQUITY |
|||||||
|
for the six month period ended 30 June 2008 (unaudited) |
|||||||
|
Share capital |
Reserve for own shares |
Distributable reservesΒ |
Non-distributable reserves |
Foreign exchange translation reserve |
Total |
||
|
Β£'000 |
Β£'000 |
Β£'000 |
Β£'000 |
Β£'000 |
Β£'000 |
||
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Net assets at 31 December 2007 |
200 |
- |
17,174 |
5,757 |
606 |
23,737 |
|
|
Profit/(loss) for the six month period |
- |
- |
259 |
(271) |
- |
(12) |
|
|
Other comprehensive income |
- |
- |
- |
- |
19 |
19 |
|
|
Purchase of own shares for treasury |
- |
(497) |
- |
- |
- |
(497) |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
||
|
Net assets at 30 June 2008 |
200 |
(497) |
17,433 |
5,486 |
625 |
23,247 |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
||
|
CONDENSEDΒ CONSOLIDATEDΒ STATEMENT OF CHANGES IN EQUITY |
|||||||
|
for the year ended 31 December 2008 (audited) |
|||||||
|
Share capital |
Reserve for own shares |
Distributable reservesΒ |
Non-distributable reserves |
Foreign exchange translation reserve |
Total |
||
|
Β£'000 |
Β£'000 |
Β£'000 |
Β£'000 |
Β£'000 |
Β£'000 |
||
|
Net assets at 31 December 2007 |
200 |
- |
17,174 |
5,757 |
606 |
23,737 |
|
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Profit for the year |
- |
- |
1,116 |
- |
- |
1,116 |
|
|
Other comprehensive income |
- |
- |
- |
- |
312 |
312 |
|
|
Re-designation of non-distributable reserves |
- |
- |
5,757 |
(5,757) |
- |
- |
|
|
Purchase of own shares for treasury |
- |
(497) |
- |
- |
- |
(497) |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
||
|
Net assets at 31 December 2008 |
200 |
(497) |
24,047 |
- |
918 |
24,668 |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
||
Β Β
|
Β CONDENSEDΒ CONSOLIDATED HALF YEARLY STATEMENT OF FINANCIAL POSITION |
|||
|
as at 30 June 2009 (unaudited) |
|||
|
30 June 2009 |
30 June 2008 |
31 Dec 2008 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
Β£'000 |
Β£'000 |
Β£'000 |
|
|
Non-current assets |
|||
|
Freehold investment property |
26,380 |
26,995 |
31,205 |
|
Property, plant and equipment |
36 |
174 |
39 |
|
Advances for fixed assets |
- |
24 |
15 |
|
Intangible assets |
11 |
13 |
12 |
|
Deferred tax assets |
11 |
149 |
- |
|
Cash pledged to bank |
2,430 |
- |
- |
|
---------- |
---------- |
---------- |
|
|
28,868 |
27,355 |
31,271 |
|
|
Current assets |
|||
|
Trade and other receivablesΒ |
719 |
1,633 |
1,101 |
|
Tax assets |
34 |
21 |
57 |
|
Cash and cash equivalents |
2,764 |
5,908 |
6,428 |
|
---------- |
---------- |
---------- |
|
|
3,517 |
7,562 |
7,586 |
|
|
---------- |
---------- |
---------- |
|
|
Total assets |
32,385 |
34,917 |
38,857 |
|
---------- |
---------- |
---------- |
|
|
Current liabilities |
|||
|
Trade and other payables |
(723) |
(1,864) |
(927) |
|
Overseas corporate tax |
(53) |
(68) |
(98) |
|
Bank loan |
- |
- |
(11,932) |
|
---------- |
---------- |
---------- |
|
|
(776) |
(1,932) |
(12,957) |
|
|
Non-current liabilities |
|||
|
Rents received in advance |
(225) |
(175) |
(217) |
|
Deferred tax liabilities |
(320) |
(783) |
(968) |
|
Bank loan |
(10,582) |
(8,780) |
- |
|
Other provisions and payables |
(40) |
- |
(47) |
|
---------- |
---------- |
---------- |
|
|
(11,167) |
(9,738) |
(1,232) |
|
|
---------- |
---------- |
---------- |
|
|
Total liabilities |
(11,943) |
(11,670) |
(14,189) |
|
---------- |
---------- |
---------- |
|
|
Net assets |
20,442 |
23,247 |
24,668 |
|
---------- |
---------- |
---------- |
|
|
Capital and reserves |
|||
|
Called-up share capital |
200 |
200 |
200 |
|
Reserve for own shares |
(497) |
- |
(497) |
|
Distributable reserves |
20,575 |
16,936 |
24,047 |
|
Non-distributable reserves |
- |
5,486 |
- |
|
Foreign exchange translation reserve |
164 |
625 |
918 |
|
---------- |
---------- |
---------- |
|
|
Total equity shareholders' funds |
20,442 |
23,247 |
24,668 |
|
---------- |
---------- |
---------- |
|
|
Net Asset Value per Ordinary Share Β - basic and fully diluted |
105.42p |
119.88p |
127.21p |
|
---------- |
---------- |
---------- |
|
Β Β
|
Β CONDENSEDΒ CONSOLIDATED HALF YEARLY STATEMENTΒ OF CASH FLOWS for the six month period ended 30 June 2009 (unaudited) |
|||
|
1 Jan 2009 to 30 Jun 2009Β |
1 Jan 2008 to 30 Jun 2008Β |
1 Jan 2008 to 31 Dec 2008 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
Β£'000 |
Β£'000 |
Β£'000 |
|
|
Net (loss)/profit from operating activities |
(3,952) |
515 |
1,769 |
|
Adjustments for: |
|||
|
Bank interest receivable |
(38) |
(164) |
(261) |
|
Loss/(gain) on revaluation of investment properties |
5,348 |
(1,148) |
(4,866) |
|
(Gain)/loss on foreign currency exchange |
(1,473) |
7 |
2,023 |
|
Depreciation and amortisation |
12 |
23 |
(10) |
|
Interest payable |
242 |
384 |
660 |
|
---------- |
---------- |
---------- |
|
|
Net cashΒ inflow/(outflow) from operating activities before working capital changes |
139 |
(383) |
(685) |
|
Decrease/(increase) in trade and other receivablesΒ |
264 |
(14) |
(166) |
|
(Decrease)/increase in other payables |
(40) |
(230) |
85 |
|
(Decrease)/increase in other non-current liabilities |
(96) |
9 |
98 |
|
Interest received in the six month period/year |
38 |
164 |
261 |
|
Interest paid in theΒ six month period/year |
(231) |
(364) |
(439) |
|
(TaxΒ paid)/tax refund receivedΒ in theΒ six month period/year |
(95) |
(396) |
107 |
|
---------- |
---------- |
---------- |
|
|
Net cash outflow from operating activities |
(21) |
(1,214) |
(739) |
|
Investing activities |
|||
|
Acquisition and development of investment property |
(537) |
(522) |
(2,288) |
|
Purchase of property, plant and equipment |
- |
- |
(10) |
|
---------- |
---------- |
---------- |
|
|
Net cash outflow from investing activities |
(537) |
(522) |
(2,298) |
|
Financing activities |
|||
|
Cash pledged to bank |
(2,430) |
- |
- |
|
Purchase of own shares to be held in treasury |
- |
(497) |
(497) |
|
---------- |
---------- |
---------- |
|
|
Net cash outflow from financing activities |
(2,430) |
(497) |
(497) |
|
---------- |
---------- |
---------- |
|
|
Decrease in cash and cash equivalents |
(2,988) |
(2,233) |
(3,534) |
|
---------- |
---------- |
---------- |
|
|
Cash and cash equivalents at beginning of the period/year |
6,428 |
8,008 |
8,008 |
|
Decrease in cash and cash equivalents |
(2,988) |
(2,233) |
(3,534) |
|
Foreign exchange movement |
(676) |
133 |
1,954 |
|
---------- |
---------- |
---------- |
|
|
Cash and cash equivalents at end of period/year |
2,764 |
5,908 |
6,428 |
|
---------- |
---------- |
---------- |
|
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