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

28 November 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 nine months to 30 September 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 € 2.5 million compared to a loss of € 0.3 million in the corresponding period 2007 

• Revenue for the period amounts to € 6.1 million. On September 30, 2008 the equity of GPH amounts to € 18.0 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 September 30, 2008 amounts to € 124.9 million

 

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 January 1, 2007 up to September 30, 2007. 

The result after tax amounts to a profit of € 2.5 million compared with a loss of € 0.3 million in the comparative period. 

Revenue for the period amounts to € 6.1 million. On September 30, 2008 the equity of GPH amounts to € 18.0 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 book value of the properties as of September 30, 2008 amounts to € 124.9 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 September 30, 2008 which would be expected to materially influence the financial position or outlook of the Group.

consolidated financial statements

		(Amounts in € '000)
Income statement		January 1, 2008 - September 30, 2008		January 1, 2007 - September 30, 2007
Revenue		6,140		4,732
Operating expenses		(1,467)		(1,023)
Value adjustments		2,952		199
Net operating income (NOI)		7,625		3,908
Administrative expenses		(226)		(145)
Result before depreciation (EBITDA)		7,399		3,763
Depreciation		(28)		(86)
Result before interest and tax (EBIT)		7,371		3,677
Net financials		(4,547)		(3,966)
Result before tax (EBT)		2,824		(289)
Result third parties		(152)		31
Tax on result for the period		(215)		(4)
Result after tax		2,457		(262)
Balance sheet
Assets		September 30, 2008		September 30, 2007
Investment properties		124,913		111,073
Financial fixed assets		266		1,775
Receivables		1,251		1,916
Prepayments		3,159		1,497
Cash		1,993		893
Total assets		131,582		117,154
Equity and liabilities
Equity		18,012		15,732
Minority interest		560		429
Deferred tax		3,098		6,280
Long-term liabilities		97,660		92,094
Short-term liabilities		12,252		2,619
Total equity and liabilities		131,582		117,154

Statement of changes in equity

		(Amounts in € '000)
		January 1, 2008 - September 30, 2008		January 1, 2007 - September 30, 2007
Equity at beginning of period		15,555		8,705
Increase of share premium reserve		0		7,239
Increase in share capital		0		50
Result for the period		2,457		(262)
Equity at end of period		18,012		15,732

Cashflow statement

Cashflow statement		(Amounts in € '000)
		January 1, 2008 - September 30, 2008		January 1, 2007 - September 30, 2007
Operating result		7,371		3,678
Adjustment for:
Gain on revaluation of investment property		(2,952)		0
Operating cash flows before movements
in working capital		4,419		3,678
Total depreciation		28		86
Addition to provision		0		224
Depreciation / movement provisions		28		310
Movement short-term receivables		835		2,129
Movement short-term liabilities		2,256		(26,039)
Movement working capital		1,421		(28,168)
Operating cash flow		5,868		(24,180)
Paid and received interest		4,368		3,966
Paid tax		211		4
Other operating activities		(4,579)		(3,970)
Cashflow from operating activities		1,289		(28,150)
Investments in financial fixed assets		(7)		(1,230)
Investments in tangible fixed assets		(4,360)		(11,926)
Cashflow from investments		(4,367)		(13,156)
Withdrawal loans		1,210		39,838
Redemption of loans		(1,193)		(9,362)
Equity contribution		0		7,289
Cashflow from financial activities		17		37,765
Movement in cash		(3,061)		(3,541)

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