Audited Interim Results
September 29 2009 - 9:11AM
UK Regulatory
TIDMATE
RNS Number : 8737Z
Agua Terra Limited
29 September 2009
?
NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF
SOUTH AFRICA OR JAPAN
29 September 2009
AGUA TERRA LIMITED
(the "Company")
AUDITED INTERIM FINANCIAL STATEMENTS
Agua Terra Limited (LSE: ATE), the first development company dedicated
exclusively to high quality mixed-use leisure real estate projects in Southeast
Europe to be quoted on AIM, is pleased to announce its results for the period 3
July 2008 to 30 June 2009 and provide an update on operational progress.
Operational highlights
* October 2008: The Mykonos Azure sites were acquired shortly after listing for EUR8
million without recourse to borrowing
* March 2009: Planning permit was received for the Agrari site of Mykonos Azure
* May 2009: CBRE valued Mykonos Azure at EUR10 million, an uplift of 25% over the
acquisition price
* July 2009: First two conditional villa sales booked;
- Notarial pre-contracts signed for total sales consideration of EUR3 million
- Realising a sales price of just over EUR10,000 per m2
- Equates to a projected sales margin on the transaction of 46%
- Notarial contracts will be entered into by parties once financing packages
and planning
approval are obtained.
Commenting on the Annual Results, Lord Balfour, Chairman said:
"Aqua Terra's near-term concentration on Mykonos, coupled with the forecast
cashflow position and resilient pricing should enable the Company to remain
value accretive. Our strong project pipeline should allow any additional capital
raised to be used immediately to acquire additional land for development use.
The promising launch of Mykonos Azure in July 2009 has encouraged Aqua Terra's
Board to explore all available funding options and ensure the continued growth
of the Company through the acquisition of further carefully selected sites."
Markos Kashiouris, Chief Executive, said:
"We are pleased to report the profitable completion of the first year of our
operations. Since admission to AIM in October 2008 Agua Terra has been value
accretive marked by an increase in the value of its land holdings and the
booking of the first two sales at Mykonos Azure in June 2009. We look forward to
continuing the strong progress made by exploring the capital raising
opportunities available to us in the near term."
Copies of the Accounts will be sent to shareholders shortly via electronic mail.
An electronic copy of the Accounts is available on the Company's website at
www.agua-terra.com. Printed copies of the Accounts are also available, free of
charge, for one month from the date hereof from the Company's registered office,
197 Main Street, Road Town, Tortola, British Virgin Islands.
Click on, or paste the following link into your web browser, to view the
associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/8737Z_1-2009-9-29.pdf
- end -
Enquiries to:
Agua Terra
Markos Kashiouris, Chief ExecutiveTel: +44 (0) 20 7581 1423
Fairfax I.S. PLC
James King / Rachel ReesTel: +44 (0) 20 7598 5368
Notes to Editors
Agua Terra Limited
Agua Terra Limited (LSE: ATE) is the first development company dedicated
exclusively to high quality mixed-use leisure real estate projects in Southeast
Europe to be quoted on AIM. The Company, whose shares were admitted to trading
on AIM in October 2008, aims to establish itself as a leading developer and
operator of high quality mixed-use leisure real estate projects in Greece and
Cyprus. The Company's initial focus is on development opportunities within
Greece and intends to expand into Cyprus within the next two years, when
circumstances allow.
Agua Terra has recently launched its first project, "Mykonos Azure" on Mykonos
island, Greece. Sales are currently underway and first deliveries are expected
in 2010.
Agua Terra was founded by Markos Kashiouris, Peter Economides and Yiannis
Panayi, the principal shareholders of the company, who control Aqua Sol Hotels
Public Company Limited, Sol Terra Developers Limited and Totalserve Management
Limited, some of the leading hotel, real estate development and financial
services and advisory companies in the eastern Mediterranean. The principal
shareholders have collectively over 50 years' experience in real estate and have
completed or advised on over $3 billion of real estate projects. They possess
extensive local knowledge and contacts, as well as relationships with an
international network of operators, architects and designers, marketing and
branding companies and financial institutions. The principal shareholders also
control Terra Sotheby's International Realty, the licencee of Sotheby's
International Realty in the eastern Mediterranean.
Agua Terra Limited is incorporated in the BVI and has local offices in the
United Kingdom, Greece and Cyprus.
www.agua-terra.com
This information is provided by RNS
The company news service from the London Stock Exchange
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