International Real Estate Plc
29 February 2008
International Real Estate Plc / Epic: IRE / Index: AIM / Sector: Property
29 February 2008
International Real Estate Plc ('IRE' or 'the Group')
Annual Report 2007 for Dutch Subsidiary
International Real Estate Plc, the AIM traded European property investment and
development company, has today published the annual report for the 12 month
period to 31 December 2007 for its Dutch subsidiary I.R.E. German Property
Holding B.V. ('GPH') in accordance with the requirements of the OMX Nordic
Exchange Stockholm and OMX Nordic Exchange Copenhagen.
Summary
• GPH issued a bond in a private placement of € 32.0 million as per 1 March
2007 that was subsequently listed on the OMX Nordic Exchange Stockholm and
OMX Nordic Exchange Copenhagen in May 2007.
• The consolidated result after tax for GPH was a loss of approximately €
0.3 million compared to a profit of € 10.4 million in the corresponding
period 2006.
• Net operating income for 2007 amounts to approximately € 5.7 million and
the equity of GPH as at 31 December 2007 amounts to approximately € 15.6
million.
• GPH owns 24 properties in Germany (Berlin and Magdeburg) totalling 119,144
square metres - of which approximately 80.2 per cent. is residential, 12.1
per cent. offices and 7.7 per cent. retail and others.
• The consolidated book value of the properties as at 31 December 2007
amounts to approximately € 117.6 million compared to approximately € 99.3
million at 31 December 2006.
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 7236 1177
Financial review
GPH's comparative figures constitute the period 1 January 2006 to 31 December
2006.
The result after tax amounts to a loss of approximately € 0.3 million compared
with a profit of approximately € 10.4 million in the comparative period.
Revenue for the period amounts to € 7.6 million. On 31 December 2007 the equity
of GPH amounts to approximately € 15.6 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 31 December 2007 amounts to € 117.6
million. Value adjustments of properties have been recognised in the financial
statement item value adjustments.
Accounting policies
This annual report has been prepared in accordance to the International
Financial Reporting Standards (IFRS) as well as additional requirements of the
OMX Nordic Exchange Stockholm and OMX Nordic Exchange Copenhagen 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 31 December 2007 which
would be expected to materially influence the financial position or outlook of
the Group.
Income statement
Jan 1 - Dec 31 2007 Jan 1 - Dec 31 2006
€'000 €'000
Net revenue 7,593 4,120
Operating expenses (2,489) (2,480)
Value adjustments 567 15,138
Net operating income (NOI) 5,671 16,778
Administrative expenses (216) (926)
Result before depreciation (EBITDA) 5,455 15,852
Depreciation (115) (54)
Result before interest and tax (EBIT) 5,340 15,798
Net financials (5,588) (4,983)
Result before tax (EBT) (248) 10,815
Result third parties (22) (443)
Tax on result for the period (9) (7)
Result after tax (279) 10,365
Balance sheet
Jan 1 - Dec 31 2007 Jan 1 - Dec 31 2006
€'000 €'000
Assets
Investment properties 117,610 99,260
Fixed asset investments 916 652
Receivables 1,877 339
Prepayments 1,698 837
Cash 5,054 4,434
Total assets 127,155 105,522
Equity and liabilities
Equity 15,555 9,544
Share third parties 409 387
Deferred tax 3,095 5,422
Long-term liabilities 97,948 61,617
Short-term liabilities 10,148 28,552
Total equity and liabilities 127,155 105,522
Statement of changes in equity
Jan 1 - Dec 31 2007 Jan 1 - Dec 31 2006
€'000 €'000
Equity at beginning of period 9,544 (1,514)
First adoption IFRS 0 693
Increase of sharepremium reserve 6,240 0
Increase in sharecapital 50 0
Result for the period (279) 10,365
Equity at end of period 15,555 9,544
Cashflow statement
Jan 1 - Dec 31 2007 Jan 1 - Dec 31 2006
€'000 €'000
Operating result 5,340 15,799
Total depreciation 115 53
Addition to provision (2,327) 5,422
Depreciation / movement provisions (2,212) 5,475
Movement short-term receivables 2,400 (365)
Movement short-term liabilities (18,404) 11,246
Movement working capital (20,804) 11,611
Operating cash flow (17,676) 32,885
Paid and received interest 5,587 4,984
Paid tax 9 7
Other operating activities (5,596) (4,991)
Cashflow from operating activities (23,272) 27,894
Intangible fixed assets 371 (3,626)
Tangible fixed assets 18,358 59,161
Cashflow from investments (18,729) (55,535)
Withdrawal loans 47,283 31,146
Redemption of loans (10,952) (108)
Equity contribution 6,290 0
First adoption IFRS 0 693
Cashflow from financial activities 42,621 31,731
Movement in cash 620 4,090
This information is provided by RNS
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