International Real Estate Plc
31 August 2007
International Real Estate Plc / Epic: IRE / Index: AIM / Sector: Property
31st August 2007
International Real Estate Plc
('IRE' or the 'Group')
Interim Results for Dutch Subsidiary
International Real Estate Plc, the AIM traded European property investment and
development company, has today published the interim report for the six months
to 30 June 2007 for I.R.E. German Property Holding B.V. ('GPH') in accordance
with the requirements of the Stockholm and Copenhagen Stock Exchange.
Summary
I.R.E. German Property Holding B.V. issued a bond in a private placement of €
32.0 million as per 1 March 2007 that subsequently was listed on the Stockholm
and Copenhagen Stock Exchanges in May 2007. However this first interim report is
based on six months figures for the period 1 January to 30 June 2007.
The consolidated result before tax for GPH was a loss of approximately €186,000
compared to a loss of approximately €676,000 in the corresponding six-month
period 2006. Net operating income for the first six months amounts to
approximately € 3.1 million and the equity of GPH per June 30, 2007 amounts to
approximately € 15.8 million.
GPH owns 24 properties in Germany, in Berlin and Magdeburg with a total of
119,144 square metres. The main part (approximately 80.2 per cent.) is
residential, offices (approximately 12.1 per cent.) and retail and others
(approximately 7.7 per cent.).
The consolidated book value of the properties at June 30, 2007 amounts to
approximately € 108.6 million.
For further information please visit www.IREplc.com or contact:
Rolf L Nordstrom International Real Estate Plc Tel: +44 (0) 20 7495 1480
Daniel Akselson International Real Estate Plc Tel: +31 (0) 653 304 590
David Anderson KBC Peel Hunt Ltd Tel: +44 (0) 20 7418 8900
Oliver Stratton KBC Peel Hunt Ltd Tel: +44 (0) 20 7418 8900
Hugo de Salis St Brides Media & Finance Ltd Tel: +44 (0) 20 7242 4477
Financial review
GPH comparative figures constitute the period 1 January 2006 to 30 June 2006.
Its result before tax amounts to a loss of approximately €186,000 compared with
a loss of approximately €676,000 in the comparative period.
Revenue for the first six months amounts to € 4.97 million. On 30 June 2007 the
equity of GPH amounts to €15.8 million.
GPH owns 24 properties in Germany, in Berlin and Magdeburg with a total of
119,144 square metres. The main part (approximately 80.2 per cent.) is
residential, offices (approximately 12.1 per cent.) and retail and others
(approximately 7.7 per cent.).The book value of the properties as of 30 June
2007 amounts to approximately €108.6 million. Value adjustments of properties
have been recognised in the financial statement item value adjustments.
Accounting policies
This interim report has been prepared in accordance to the International
Financial Reporting Standards (IFRS) as well as additional requirements of the
Stockholm and Copenhagen Stock Exchange on the financial reporting of companies
with listed bonds.
Events after the end of the financial period
Management is not aware of events occurring after 30 June 2007 which would be
expected to materially influence the financial position or outlook of GPH.
Interim consolidated financial statements
January 1, 2007 January 1, 2006
Income statement - June 30, 2007 - June 30, 2006
6 months 6 months
Revenue 3,088 1,973
Operating expenses (846) (388)
Value adjustments 199 0
Net operating income (NOI) 2,441 1,584
Administrative expenses (112) (509)
Result before depreciation (EBITDA) 2,328 1,076
Depreciation (51) (817)
Result before interest and tax (EBIT) 2,277 259
Net financials (2,463) (935)
Result before tax (EBT) (186) (676)
Result third parties 29 (27)
Tax on result for the period (1) (31)
Result after tax (158) (734)
Balance sheet
Assets June 30, 2007 June 30, 2006
Investment properties 108,595 58,140
Fixed asset investments 1,751 325
Receivables 6,835 2,553
Prepayments 944 1,213
Cash 1,419 1,559
Total assets 119,543 63,790
Equity and liabilities
Equity 15,835 (2,182)
Share third parties 431 (14)
Deferred tax 6,363 0
Long-term liabilities 86,867 42,841
Short-term liabilities 10,047 23,146
Total equity and liabilities 119,543 63,790
Statement of changes in equity
January 1, 2007 January 1, 2006
- June 30, 2007 - June 30, 2006
Equity at beginning of period 8,704 (1,449)
Increase of sharepremium reserve 7,239 0
Increase in sharecapital 50 0
Loss for the period (158) (734)
Equity at end of period 15,835 (2,182)
Cashflow statement
January 1, 2007 January 1, 2006
Cashflow statement - June 30, 2007 - June 30, 2006
6 months 6 months
Operating result 2,277 259
Total depreciation 51 817
Addition to 307 0
provision
Depreciation / movement provisions 358 817
Movement short-term receivables 6,496 2,211
Movement short-term liabilities (18,611) 5,906
Movement working capital (25,107) 3,695
Operating cash flow (22,472) 4,771
Paid and received interest 2,463 935
Paid tax 0 31
Other operating activities (2,463) (966)
Cashflow from operating activities (24,935) 3,805
Intangible fixed assets 1,222 (3,549)
Tangible fixed 9,396 18,401
assets
Cashflow from investments (10,618) (14,852)
Withdrawal loans 32,677 12,375
Redemption of loans 7,428 113
Equity contribution 7,289 0
Cashflow from financial activities 32,538 12,262
Movement in cash (3,015) 1,215
This information is provided by RNS
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