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International Real Estate Plc / Epic: IRE / Index: AIM / Sector: Property

29 August 2008 

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 unaudited interim report for the six months to 30 June 2008 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 subsequently was listed on the OMX Nordic Exchange Stockholm and OMX Nordic Exchange Copenhagen in May 2007

• The consolidated result after tax for GPH was a profit of € 2.3 million compared to a loss of  € 0.2 million in the corresponding period 2007

• Revenue for the period amounts to € 4.1 million. On 30 June 2008 the equity of GPH amounts to €17.9 million

• GPH owns 24 properties in Germany located in Berlin and Magdeburg, with a total of 119,144 square metres - of which 80.2% is residential, 12.1% is offices and 7.7% is retail and others

• The consolidated book value of the properties at 30 June 2008 amounts to approximately € 123.0 million compared to €117.6 million at 31 December 2007

 

For further information please visit www.IREplc.com or contact:

Rolf L Nordström	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
Susie Callear	St Brides Media & Finance Ltd	Tel: +44 (0) 20 7236 1177

Financial review

GPH's comparative figures constitute the period from 1 January 2007 to 30 June 2007. 

The result after tax amounts to a profit of € 2.3 million compared with a loss of € 0.2 million in the comparative period. 

Revenue for the period amounts to € 4.1 million.  On 30 June 2008 the equity of GPH amounts to € 17.9 million.

GPH owns 24 properties in Germany (Berlin and Magdeburg) with a total of 119,144 square metres. The main part (approximately 80.2%) is residential, the balance consists offices (approximately 12.1%) and retail and others (approximately 7.7%).

The book value of the properties as of June 30, 2008 amounts to € 123.0 million.  Value adjustments of properties (if any) 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 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 30 June 2008 which would be expected to materially influence the financial position or outlook of the Group.

consolidated financial statements

		Amounts in €'000
		January 1, 2008		January 1, 2007
Income statement		- June 30, 2008		- June 30, 2007
Revenue		4,087		3,088
Operating expenses		(869)		(847)
Value adjustments		2,485		199
Net operating income (NOI)		5,703		2,440
Administrative expenses		(170)		(112)
Result before depreciation (EBITDA)		5,533		2,328
Depreciation		(18)		(51)
Result before interest and tax (EBIT)		5,515		2,277
Net financials		(3,024)		(2,463)
Result before tax (EBT)		2,491		(186)
Result third parties		(148)		29
Tax on result for the period		(6)		(1)
Result after tax		2,337		(158)
Balance sheet
Assets		June 30, 2008		June 30, 2007
Investment properties		123,044		108,595
Financial fixed assets		271		1,751
Receivables		1,955		6,834
Prepayments		2,148		944
Cash		2,048		1,419
Total assets		129,466		119,543
Equity and liabilities
Equity		17,892		15,835
Minority interest		557		431
Deferred tax		3,360		6,363
Long-term liabilities		97,048		86,867
Short-term liabilities		10,609		10,047
Total equity and liabilities		129,466		119,543

 

Statement of changes in equity

 

		January 1, 2008		January 1, 2007
		- June 30, 2008		- June 30, 2007
Equity at beginning of period		15,555		8,704
Increase of sharepremium reserve		0		7,239
Increase in sharecapital		0		50
Result for the period		2,337		(158)
Equity at end of period		17,892		15,835

Cashflow statement

	January 1, 2008		January 1, 2007
Cashflow statement	- June 30, 2008		- June 30, 2007
Operating result	5,515		2,277
Adjustment for:
Gain on revaluation of investment property	(2,485)		0
Operating cash flows before movements in working capital	3,030		2,277
Total depreciation	18		51
Addition to provision	0		307
Depreciation / movement provisions	18		358
Movement short-term receivables	528		6,496
Movement short-term liabilities	613		(18,611)
Movement working capital	85		(25,107)
Operating cash flow	3,133		(22,472)
Paid and received interest	2,904		2,463
Paid tax	208		0
Other operating activities	(3,112)		(2,463)
Cashflow from operating activities	21		(24,935)
Investments in financial fixed assets	(6)		(1,222)
Investments in tangible fixed assets	(2,487)		(9,396)
Cashflow from investments	(2,493)		(10,618)
Withdrawal loans	250		32,677
Redemption of loans	(784)		(7,428)
Equity contribution	0		7,289
Cashflow from financial activities	(534)		32,538
Movement in cash	(3,006)		(3,015)

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