International Real Estate Plc
30 November 2007
International Real Estate Plc / Epic: IRE / Index: AIM / Sector: Property
30 November 2007
International Real Estate Plc
('IRE' or the 'Group')
GPH Interim Report
International Real Estate Plc, the AIM traded European property investment and
development company, has today published the interim report for the nine months
to 30 September 2007 for I.R.E. German Property Holding B.V. ('GPH') in
accordance with the requirements of the Stockholm and Copenhagen Stock Exchange.
Summary
GPH issued a bond in a private placement of € 32.0 million as per 1 March 2007
that was subsequently listed on the Stockholm and Copenhagen Stock Exchanges in
May 2007. However this Interim report is based on nine months figures for the
period 1 January to 30 September 2007.
The consolidated result before tax for GPH was a loss of approximately € 0.3
million compared to a loss of € 3.2 million in the corresponding nine month
period 2006.
Net operating income for the first nine months amounts to approximately € 3.9
million and the equity of GPH as at 30 September 2007 amounts to approximately
€ 15.7 million.
GPH owns 24 properties in Germany (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 as at 30 September 2007 amounts to
approximately € 111.1 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's comparative figures constitute the period 1 January 2006 to 30 September
2006.
The result before tax amounts to a loss of approximately € 0.3 million compared
with a loss of approximately € 3.2 million in the comparative period.
Net revenue for the first nine months amounts to € 4.7 million. On 30 September
2007 the equity of GPH amounts to approximately € 15.7 million.
GPH owns 24 properties in Germany (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 at 30 September 2007 amounts to € 111.1
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 Exchanges on the financial reporting of companies
with listed bonds.
Events after the end of the financial period
Management is not aware of any events occurring after 30 September 2007 which
would be expected to materially influence the financial position or outlook of
the Group.
INCOME STATEMENT
(Amounts in € '000)
Jan 1 - Sept 2007 Jan 1 - Sept 30 2006
9 months 9 months
Net revenue 4,732 3,090
Operating expenses (1,023) (1,856)
Value adjustments 199 0
Net operating income (NOI) 3,908 1,234
Administrative expenses (145) (693)
Result before depreciation (EBITDA) 3,763 541
Depreciation (86) (1,397)
Result before interest and tax (EBIT) 3,677 (856)
Net financials (3,966) (2,355)
Result before tax (EBT) (289) (3,211)
Result third parties 31 (33)
Tax on result for the period (4) (5)
Result after tax (262) (3,249)
Balance sheet
(Amounts in € '000)
Jan 1 - Sept 2007 Jan 1 - Sept 30 2006
9 months 9 months
Assets
Investment properties 111,073 76,407
Fixed asset investments 1,775 637
Receivables 1,916 250
Prepayments 1,496 817
Cash 893 2,808
Total assets 117,154 80,919
Equity and liabilities
Equity 15,732 (4,763)
Share third parties 429 (8)
Deferred tax 6,280 0
Long-term liabilities 92,094 61,617
Short-term liabilities 2,619 24,072
Total equity and liabilities 117,154 80,919
Statement of changes in equity
(Amounts in € '000)
Jan 1 - Sept 2007 Jan 1 - Sept 30 2006
9 months 9 months
Equity at beginning of period 8,704 (1,514)
Increase of sharepremium reserve 7,239 0
Increase in sharecapital 50 0
Loss for the period (262) (3,249)
Equity at end of period 15,732 (4,763)
CASHFLOW STATEMENT
(Amounts in € '000)
Jan 1 - Sept 2007 Jan 1 - Sept 30 2006
9 months 9 months
Operating result 3,678 (856)
Total depreciation 86 1,397
Addition to provision 224 0
Depreciation / movement provisions 310 1,397
Movement short-term receivables 2,129 (489)
Movement short-term liabilities (26,039) 6,767
Movement working capital (28,168) 7,256
Operating cash flow (24,180) 7,797
Paid and received interest 3,966 2,355
Paid tax 4 5
Other operating activities (3,970) (2,360)
Cashflow from operating activities (28,150) 5,437
Intangible fixed assets 1,230 (2,995)
Tangible fixed assets 11,926 37,006
Cashflow from investments (13,156) (34,011)
Withdrawal loans 39,838 31,146
Redemption of loans (9,362) (108)
Equity contribution 7,289 0
Cashflow from financial activities 37,765 31,038
Movement in cash (3,541) 2,464
This information is provided by RNS
The company news service from the London Stock Exchange