TIDMBLK
RNS Number : 7320R
Blackrock International Land PLC
27 August 2010
Blackrock interims in line with AGM statement
Blackrock International Land plc has released its interim results for the six
months to 30 June 2010.
Key Points:
· Summary of movements in net assets:
+----------+-----------------------------------+----------+----------+
| |6 months |6 months |
| | to | to |
| | 30 June | 30 June |
| | 2010 | 2009 |
+----------------------------------------------+----------+----------+
| | EURm | EURm |
+----------------------------------------------+----------+----------+
| | | |
+----------------------------------------------+----------+----------+
| Net rental income | 6.8 | 6.9 |
+----------------------------------------------+----------+----------+
| Finance costs | (3.2) | (4.0) |
+----------------------------------------------+----------+----------+
| Administration costs | (2.0) | (2.1) |
+----------------------------------------------+----------+----------+
| Net operating income | 1.6 | 0.8 |
+----------------------------------------------+----------+----------+
| Fair value adjustments: | | |
+----------------------------------------------+----------+----------+
| | Wholly/majority owned property | (6.4) | - |
+----------+-----------------------------------+----------+----------+
| | Equity accounted investees | (0.7) | (2.6) |
+----------+-----------------------------------+----------+----------+
| Translation effect of foreign exchange (net) | (2.4) | (1.8) |
+----------------------------------------------+----------+----------+
| Income tax | 1.4 | (0.1) |
+----------------------------------------------+----------+----------+
| Movement in net assets | (6.5) | (3.7) |
+----------+-----------------------------------+----------+----------+
· Net assets per share at the half year were EUR0.0920 compared to EUR0.1032
last year. This result is in line with the company's statement at its AGM on 30
June.
· Reflecting disposals during the period, group cash balances at 30 June
2010 were EUR11.0m, an increase of EUR6.6m compared to 31 December 2009.
Commenting on the results, Blackrock International Land plc chairman, Carl
McCann, said:
"We were pleased to complete two disposals during the first six months, both on
satisfactory terms. Across the portfolio, the rate of decline in valuations
slowed significantly in the period. The board continues to focus on prudent
management of its properties and finances to place the company in the best
possible position when market conditions improve."
Blackrock International Land plc
27 August 2010
For further information, please contact:
Brian Bell, WHPR, Tel: +353 1 669 0030
Blackrock International Land plc
Interim results to 30 June 2010
Developments during the first six months of 2010
There have been several significant developments in Blackrock and in the markets
in which it operates during the first half of 2010:
· Two disposals were concluded during the period - an industrial facility at
the Xerox complex in Dundalk and an office building in Milton Keynes -
generating cash of EUR6.7 million for the group.
· The remaining 50% of the Drum Estate in Edinburgh was acquired on
satisfactory terms from the administrator of Applecross Properties Limited.
· On the planning front, good progress continues to be made in relation to
several of the group's development properties, most notably in Scotland.
· At the operating income level, the group achieved an improved result for
the first six months compared to the same period last year as a result of
reductions in finance costs and administration expenses.
· The rate of decline in property valuations slowed significantly in the
period - reflecting this, net assets per share at 30 June 2010 were EUR0.0920
compared to EUR0.1032 at 31 December 2009.
Analysis of movement in total property assets
Below is a geographical analysis of the movement in total property assets,
including equity accounted investees, during the first half of 2010:
+-----------------------+---------+---------+-------------+---------+
| | Ireland | UK | Continental | Total |
| | | | Europe | |
+-----------------------+---------+---------+-------------+---------+
| | EURm | EURm | EURm | EURm |
+-----------------------+---------+---------+-------------+---------+
| Value at 1 January | 101.2 | 66.6 | 76.0 | 243.8 |
| 2010 | | | | |
+-----------------------+---------+---------+-------------+---------+
| Additions | 0.6 | 5.0 | 0.4 | 6.0 |
+-----------------------+---------+---------+-------------+---------+
| Disposals | (2.9) | (3.8) | - | (6.7) |
+-----------------------+---------+---------+-------------+---------+
| Fair value | (4.4) | 0.2 | (2.9) | (7.1) |
| adjustments | | | | |
+-----------------------+---------+---------+-------------+---------+
| Translation of | - | 6.3 | - | 6.3 |
| sterling denominated | | | | |
| properties | | | | |
+-----------------------+---------+---------+-------------+---------+
| | | | | |
+-----------------------+---------+---------+-------------+---------+
| Value at 30 June 2010 | 94.5 | 74.3 | 73.5 | 242.3 |
+-----------------------+---------+---------+-------------+---------+
Additions during the period relate to capital expenditures undertaken on
individual properties, the group's share of interest payments made on behalf of
equity accounted investees and the acquisition of the second 50% of the Drum
Estate in Edinburgh. The disposals reflect the net proceeds from the sales of
an industrial facility at the Xerox complex in Dundalk and an office building in
Milton Keynes.
Impact of foreign exchange on movement in net assets
+-------------------------------------------------------+---------+
| | EUR m |
+-------------------------------------------------------+---------+
| Gain on translation of sterling-denominated | 6.3 |
| investment properties | |
+-------------------------------------------------------+---------+
| Loss on translation of sterling-denominated bank | (8.6) |
| loans | |
+-------------------------------------------------------+---------+
| Movement in other sterling-denominated | (0.1) |
| assets/liabilities and trading result (net) | |
+-------------------------------------------------------+---------+
| | |
+-------------------------------------------------------+---------+
| Net impact of foreign exchange on net assets | (2.4) |
+-------------------------------------------------------+---------+
These movements arise from the appreciation of sterling from 0.8881 at 31
December 2009 to 0.8174 at 30 June 2010.
Finance
Based on its current cash position and projected cash flows, the group continues
to anticipate that it will have sufficient funds to meet its ongoing
commitments. The company remains in discussions with its principal banker on
its loan facilities.
Financial Performance
Net rental income
Gross rental income was EUR8.4m (2009: EUR8.6m) and property outgoings were EUR1.6m
(2009: EUR1.7m), resulting in a net rental income for the period of EUR6.8m (2009:
EUR6.9m).
Net property valuation
The net property valuation movement of (EUR0.1m) (2009: gain of EUR9.0m) comprised
valuation adjustments of (EUR6.4m) (2009: nil) offset by an exchange gain of EUR6.3m
(2009: EUR9.0m) on sterling-denominated assets.
Administration expenses
Administration expenses for the period were EUR2.0m (2009: EUR2.1m). The group
continues to pursue savings in this area.
Share of result of equity accounted investees
The group's share of results in its equity accounted investees in the period was
(EUR0.7m) (2009: (EUR2.6m)).
Finance Income
The interest earned on cash balances and on loans to equity accounted investees
during the period was EUR0.2m
(2009: EUR0.2m).
Finance expense
Finance expense for the period was EUR12.1m (2009: EUR14.8m) comprising a loss on
sterling denominated borrowings and other assets/liabilities of EUR8.7m (2009:
(EUR10.6m)) and interest on borrowings in the period of EUR3.4m
(2009: (EUR4.2m)).
Income tax
The tax movement for the half year of EUR1.4m (2009: EUR0.1m) comprised reductions
on deferred tax balances of EUR1.1m (2009: nil) arising on revaluation adjustments
during the period and a recovery of income tax of EUR0.3m (2009: expense (EUR0.1m)).
Earnings per share
Basic and diluted loss per share for the period was EUR1.11 cent (2009: EUR0.64
cent).
Shareholders' funds and net asset value per share
Shareholders' funds at 30 June 2010 amounted to EUR53.6m (31 December 2009:
EUR60.2m) resulting in basic and diluted net asset values per share of EUR9.20 cent
(31 December 2009: EUR10.32 cent).
Net bank borrowings
Bank borrowings, net of cash and cash equivalents, amounted to EUR186.7m at 30
June 2010, compared to EUR181.4m at 31 December 2009. This figure comprised
borrowings of EUR197.7m (31 December 2009: EUR185.8m) less cash of EUR11.0m (31
December 2009: EUR4.4m). Borrowings increased during the period due to the
appreciation of sterling against the euro and following the assumption of the
borrowings of a subsidiary company on acquisition of the balance of control of
that entity.
Conclusion
Blackrock continues to benefit from an extensive, well diversified portfolio of
assets and the board remains focused on maximising income, reducing costs and
adding value wherever feasible with a view to placing the group in the best
position possible when market conditions improve.
27 August 2010
For further information, please contact:
Brian Bell, Wilson Hartnell PR - Tel: +353 1 669 0030
Consolidated interim income statement
for the period ended 30 June 2010
+--------------------------+-------+-------------+-------------+-------------+
| | | 6 months | 6 months | 12 |
| | | to | to | months |
| | | 30 June | 30 June | to |
| | | 2010 | 2009 | 31 Dec |
| | | | | 2009 |
+--------------------------+-------+-------------+-------------+-------------+
| | | (Unaudited) | (Unaudited) | (Audited) |
| | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| | Notes | EUR'000 | EUR'000 | EUR'000 |
+--------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| Gross rental and related | | 8,411 | 8,600 | 16,924 |
| income | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| Property outgoings | | (1,590) | (1,689) | (3,365) |
+--------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| Net rental and related | | 6,821 | 6,911 | 13,559 |
| income | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| Net property valuation | 5 | (105) | 8,950 | (79,320) |
| movement | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| Net property and related | | 6,716 | 15,861 | (65,761) |
| income/ | | | | |
| (expense) | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| Administrative expenses | | (1,987) | (2,132) | (4,355) |
+--------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| Result from operating | | 4,729 | 13,729 | (70,116) |
| activities | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| Share of result of | | (663) | (2,628) | (21,297) |
| equity accounted | | | | |
| investees | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| Finance income | 3 | 155 | 155 | 306 |
+--------------------------+-------+-------------+-------------+-------------+
| Finance expense | 3 | (12,114) | (14,823) | (14,285) |
+--------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| Result before tax | | (7,893) | (3,567) | (105,392) |
+--------------------------+-------+-------------+-------------+-------------+
| Income tax | 4 | 1,401 | (50) | 15,533 |
| income/(expense) | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| Result for the period | | (6,492) | (3,617) | (89,859) |
+--------------------------+-------+-------------+-------------+-------------+
| Attributable to: | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| Shareholders of the | | (6,501) | (3,734) | (89,780) |
| company | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| Minority interest | | 9 | 117 | (79) |
| | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| Result for the period | | (6,492) | (3,617) | (89,859) |
+--------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| Basic result per share | 8 | (1.11) | (0.64) | (15.39) |
| (euro cent) | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| | | | | |
+--------------------------+-------+-------------+-------------+-------------+
| Diluted result per share | 8 | (1.11) | (0.64) | (15.39) |
| (euro cent) | | | | |
+--------------------------+-------+-------------+-------------+-------------+
Consolidated interim statement of comprehensive income
for the period ended 30 June 2010
+--------------------------+----+-------------+-------------+--------------+
| | | 6 months | 6 months | 12 |
| | | to | to | months |
| | | 30 June | 30 June | to |
| | | 2010 | 2009 | 31 Dec |
| | | | | 2009 |
+--------------------------+----+-------------+-------------+--------------+
| | | (Unaudited) | (Unaudited) | (Audited) |
| | | | | |
+--------------------------+----+-------------+-------------+--------------+
| | | EUR'000 | EUR'000 | EUR'000 |
+--------------------------+----+-------------+-------------+--------------+
| | | | | |
+--------------------------+----+-------------+-------------+--------------+
| Result for the period | | (6,492) | (3,617) | (89,859) |
+--------------------------+----+-------------+-------------+--------------+
| | | | | |
+--------------------------+----+-------------+-------------+--------------+
| Other comprehensive | | | | |
| income | | | | |
+--------------------------+----+-------------+-------------+--------------+
| | | | | |
+--------------------------+----+-------------+-------------+--------------+
| Foreign currency | | (30) | 6 | 14 |
| translation | | | | |
| on foreign operations | | | | |
+--------------------------+----+-------------+-------------+--------------+
| | | | | |
+--------------------------+----+-------------+-------------+--------------+
| Total comprehensive | | (6,522) | (3,611) | (89,845) |
| income for the period | | | | |
+--------------------------+----+-------------+-------------+--------------+
| | | | | |
+--------------------------+----+-------------+-------------+--------------+
| Attributable to: | | | | |
+--------------------------+----+-------------+-------------+--------------+
| | | | | |
+--------------------------+----+-------------+-------------+--------------+
| Shareholders of the | | (6,531) | (3,728) | (89,766) |
| company | | | | |
+--------------------------+----+-------------+-------------+--------------+
| Minority interest | | 9 | 117 | (79) |
+--------------------------+----+-------------+-------------+--------------+
| | | | | |
+--------------------------+----+-------------+-------------+--------------+
| Total comprehensive | | (6,522) | (3,611) | (89,845) |
| income for the period | | | | |
+--------------------------+----+-------------+-------------+--------------+
Consolidated interim statement of changes in equity
for the period ended 30 June 2010
+------------------+---------+---------+-----------+-----------------+---------+----------+---------+
| | 30 June 2010 |
+------------------+--------------------------------------------------------------------------------+
| | |
| | Attributable to equity holders of the parent |
| | |
+------------------+--------------------------------------------------------------------------------+
| | Share | Share | Retained | Currency | Total | Minority | Total |
| | capital | premium | earnings | translation | | interest | equity |
| | | | | reserve | | | |
| | | | | | | | |
+------------------+---------+---------+-----------+-----------------+---------+----------+---------+
| | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 |
+------------------+---------+---------+-----------+-----------------+---------+----------+---------+
| Balance as at 1 | 5,833 | 201,085 | (139,370) | (7,372) | 60,176 | 147 | 60,323 |
| January 2010 | | | | | | | |
+------------------+---------+---------+-----------+-----------------+---------+----------+---------+
| Total | | | (6,501) | (30) | (6,531) | 9 | (6,522) |
| comprehensive | - | - | | | | | |
| income for the | | | | | | | |
| period | | | | | | | |
+------------------+---------+---------+-----------+-----------------+---------+----------+---------+
| Balance at 30 | 5,833 | 201,085 | (145,871) | (7,402) | 53,645 | 156 | 53,801 |
| June 2010 | | | | | | | |
+------------------+---------+---------+-----------+-----------------+---------+----------+---------+
+------------------+---------+---------+-----------+-------------+---------+----------+----------+
| | 30 June 2009 |
+------------------+-----------------------------------------------------------------------------+
| | |
| | Attributable to equity holders of the parent |
| | |
+------------------+-----------------------------------------------------------------------------+
| | Share | Share | Retained | Currency | Total | Minority | Total |
| | capital | premium | earnings | translation | | interest | equity |
| | | | | reserve | | | |
| | | | | | | | |
+------------------+---------+---------+-----------+-------------+---------+----------+----------+
| | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 |
+------------------+---------+---------+-----------+-------------+---------+----------+----------+
| | 5,833 | 201,085 | (49,590) | (7,386) | 149,942 | 226 | 150,168 |
| Balance as at 1 | | | | | | | |
| January 2009 | | | | | | | |
+------------------+---------+---------+-----------+-------------+---------+----------+----------+
| Total | | | (3,734) | 6 | (3,728) | 117 | (3,611) |
| comprehensive | - | - | | | | | |
| income for the | | | | | | | |
| period | | | | | | | |
+------------------+---------+---------+-----------+-------------+---------+----------+----------+
| Balance at 30 | 5,833 | 201,085 | (53,324) | (7,380) | 146,214 | 343 | 146,557 |
| June 2009 | | | | | | | |
+------------------+---------+---------+-----------+-------------+---------+----------+----------+
+------------------+---------+---------+-----------+-------------+----------+----------+----------+
| | 31 December 2009 |
+------------------+------------------------------------------------------------------------------+
| | |
| | Attributable to equity holders of the parent |
| | |
+------------------+------------------------------------------------------------------------------+
| | Share | Share | Retained | Currency | Total | Minority | Total |
| | capital | premium | earnings | translation | | interest | equity |
| | | | | reserve | | | |
| | | | | | | | |
+------------------+---------+---------+-----------+-------------+----------+----------+----------+
| | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 |
+------------------+---------+---------+-----------+-------------+----------+----------+----------+
| | | | | | | | |
+------------------+---------+---------+-----------+-------------+----------+----------+----------+
| Balance at 31 | 5,833 | 201,085 | (49,590) | (7,386) | 149,942 | 226 | 150,168 |
| December 2008 | | | | | | | |
+------------------+---------+---------+-----------+-------------+----------+----------+----------+
| Total | | | (89,780) | 14 | (89,766) | (79) | (89,845) |
| comprehensive | - | - | | | | | |
| income for the | | | | | | | |
| year | | | | | | | |
+------------------+---------+---------+-----------+-------------+----------+----------+----------+
| Balance at 31 | 5,833 | 201,085 | (139,370) | (7,372) | 60,176 | 147 | 60,323 |
| December 2009 | | | | | | | |
+------------------+---------+---------+-----------+-------------+----------+----------+----------+
Consolidated interim balance sheet
at 30 June 2010
+---------------------------+-------+-------------+-------------+------------+
| | | 30 June | 30 June | 31 Dec |
| | | 2010 | 2009 | 2009 |
| | | (Unaudited) | (Unaudited) | (Audited) |
+---------------------------+-------+-------------+-------------+------------+
| | Notes | EUR'000 | EUR'000 | EUR'000 |
+---------------------------+-------+-------------+-------------+------------+
| Assets | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Non-current assets | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Property, plant and | | 52 | 86 | 69 |
| equipment | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Investment property | 5 | 236,172 | 324,578 | 237,067 |
+---------------------------+-------+-------------+-------------+------------+
| Investments in equity | 6 | 6,112 | 23,675 | 6,707 |
| accounted investees | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Deferred tax assets | | 4,492 | 3,856 | 4,492 |
+---------------------------+-------+-------------+-------------+------------+
| Total non-current assets | | 246,828 | 352,195 | 248,335 |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Current assets | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Trade and other | | 2,752 | 4,328 | 3,074 |
| receivables | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Cash and cash equivalents | | 11,045 | 5,450 | 4,409 |
+---------------------------+-------+-------------+-------------+------------+
| Total current assets | | 13,797 | 9,778 | 7,483 |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Total assets | | 260,625 | 361,973 | 255,818 |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Equity | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Issued share capital | | 5,833 | 5,833 | 5,833 |
+---------------------------+-------+-------------+-------------+------------+
| Share premium | | 201,085 | 201,085 | 201,085 |
+---------------------------+-------+-------------+-------------+------------+
| Other reserves | | (153,273) | (60,704) | (146,742) |
+---------------------------+-------+-------------+-------------+------------+
| Total equity attributable | | | | |
| to: | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Equity shareholders of | | 53,645 | 146,214 | 60,176 |
| the company | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Minority interest | | 156 | 343 | 147 |
+---------------------------+-------+-------------+-------------+------------+
| Total equity | | 53,801 | 146,557 | 60,323 |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Liabilities | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Non-current liabilities | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Deferred tax liabilities | | 1,289 | 17,379 | 2,412 |
+---------------------------+-------+-------------+-------------+------------+
| Loans and borrowings | 7 | 14,207 | 188,955 | 57,610 |
+---------------------------+-------+-------------+-------------+------------+
| Total non-current | | 15,496 | 206,334 | 60,022 |
| liabilities | | | | |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Current liabilities | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Trade and other payables | | 7,771 | 7,354 | 7,136 |
+---------------------------+-------+-------------+-------------+------------+
| Employee benefits | | 66 | 38 | 104 |
+---------------------------+-------+-------------+-------------+------------+
| Loans and borrowings | 7 | 183,491 | 1,690 | 128,233 |
+---------------------------+-------+-------------+-------------+------------+
| Total current liabilities | | 191,328 | 9,082 | 135,473 |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Total liabilities | | 206,824 | 215,416 | 195,495 |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Total liabilities and | | 260,625 | 361,973 | 255,818 |
| equity | | | | |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Net asset value per share | | 9.20 | 25.07 | 10.32 |
| (euro cent): | | | | |
+---------------------------+-------+-------------+-------------+------------+
Consolidated interim statement of cash flows
for the period ended 30 June 2010
+-----------------------------+---+-------------+-------------------+------------+
| | | 6 months | 6 months | 12 |
| | | to | to | months |
| | | 30 June | 30 June | to |
| | | 2010 | 2009 | 31 Dec |
| | | | | 2009 |
+-----------------------------+---+-------------+-------------------+------------+
| | | (Unaudited) | (Unaudited) | (Audited) |
+-----------------------------+---+-------------+-------------------+------------+
| | | EUR'000 | EUR'000 | EUR'000 |
| | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Result before tax | | (7,893) | (3,567) | (105,392) |
+-----------------------------+---+-------------+-------------------+------------+
| Adjustments for: | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Net property valuation | | 105 | (8,950) | 79,320 |
| movement | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Depreciation | | 18 | 18 | 36 |
+-----------------------------+---+-------------+-------------------+------------+
| Finance income | | (155) | (155) | (306) |
+-----------------------------+---+-------------+-------------------+------------+
| Finance expense | | 3,362 | 4,195 | 7,686 |
+-----------------------------+---+-------------+-------------------+------------+
| Share of result of equity | | 663 | 2,628 | 21,297 |
| accounted investees | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Exchange difference on | | 8,752 | 10,629 | 6,599 |
| non-property assets | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Operating result before | | 4,852 | 4,798 | 9,240 |
| changes in working capital | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Decrease in trade and other | | 322 | 702 | 1,957 |
| receivables | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Decrease in trade and other | | (219) | (631) | (796) |
| payables | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Cash generated from | | 4,955 | 4,869 | 10,401 |
| operations | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Interest paid | | (3,362) | (4,195) | (7,686) |
+-----------------------------+---+-------------+-------------------+------------+
| Income tax received/(paid) | | 446 | (53) | (70) |
+-----------------------------+---+-------------+-------------------+------------+
| Net cash inflow from | | 2,039 | 621 | 2,645 |
| operating activities | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Cash flows from investing | | | | |
| activities | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Proceeds from disposal of | | 6,683 | - | - |
| investment property | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Improvements to investment | | (268) | (293) | (1,053) |
| property | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Interest received | | 155 | 155 | 306 |
+-----------------------------+---+-------------+-------------------+------------+
| Net cash outflow from | | (935) | (1,358) | (3,051) |
| additional investment in | | | | |
| equity accounted investees | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Net cash inflow/(outflow) | | 5,635 | (1,496) | (3,798) |
| from investing activities | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Cash flows from financing | | | | |
| activities | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Repayment of borrowings | | (905) | (763) | (1,483) |
+-----------------------------+---+-------------+-------------------+------------+
| Proceeds from the drawdown | | - | 15 | - |
| of | | | | |
| borrowings | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Net cash outflow from | | (905) | (748) | (1,483) |
| financing activities | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Net increase/(decrease) in | | 6,769 | (1,623) | (2,636) |
| cash and cash equivalents | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Cash and cash equivalents | | 4,409 | 6,986 | 6,986 |
| at beginning of period | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Foreign exchange | | (133) | 87 | 59 |
| gain/(loss) on cash and | | | | |
| cash equivalents | | | | |
+-----------------------------+---+-------------+-------------------+------------+
| Cash and cash equivalents | | 11,045 | 5,450 | 4,409 |
| at end of period/year | | | | |
+-----------------------------+---+-------------+-------------------+------------+
Notes to the condensed consolidated interim financial statements
1. General information and basis of preparation
General Information
The condensed consolidated interim financial statements of the company for the
six month period ended 30 June 2010 are unaudited. The financial statements
presented herein do not constitute the statutory financial statements that are
required by Section 7 of the Companies (Amendment) Act, 1986 to be annexed to
the annual return of the company. The statutory financial statements for the
financial year ended 31 December 2009 will be annexed to the 2010 annual return
and filed with the Registrar of Companies. The audit report on those statutory
financial statements was unqualified. It did, however, contain an emphasis of
matter made in relation to the basis of preparation of the financial statements.
Basis of preparation
The financial information contained in the condensed consolidated interim
financial statements has been prepared in accordance with the accounting
policies set out in the last annual report, with the exception of the accounting
policy for business combinations, which following the adoption of IFRS 3
(Revised) Business Combinations has been amended to accord with that standard.
The change in accounting policy has been applied prospectively only and has no
effect on earnings per share.
For acquisitions on or after 1 January 2010, the group measures goodwill at the
acquisition date as:
· the fair value of the consideration transferred; plus
· the recognised amount of any non-controlling interests in the acquiree;
plus
· if the business combination is achieved in stages, the fair value of the
existing equity
· interest in the acquiree; less
· the net recognised amount (generally fair value) of the identifiable assets
acquired and liabilities assumed.
When the excess is negative, a bargain purchase gain is recognised immediately
in profit or loss.
The consideration transferred does not include amounts related to the settlement
of pre-existing relationships. Such amounts are generally recognised in profit
or loss.
Costs related to the acquisition, other than those associated with the issue of
debt or equity securities, that the group incurs in connection with a business
combination are expensed as incurred.
Any contingent consideration payable is recognised at fair value at the
acquisition date. If the contingent consideration is classified as equity, it is
not re-measured and settlement is accounted for within equity. Otherwise,
subsequent changes to the fair value of the contingent consideration are
recognised in profit or loss.
The group also applied IAS 27 Consolidated and Separate Financial Statements in
the period, however this had no material impact on the accounts during the
period.
New Accounting Standards
The group has not applied the following standards that have been approved by the
International Accounting Standards Board. If applicable they will be adopted in
2011.
The IASB issued 'Improvements to IFRSs' in April 2009 and May 2010, which
comprise a collection of necessary but not urgent amendments to IFRSs. The
earliest effective date for the application of the 2010 amendments is for annual
periods beginning on or after 1 July 2010. These amendments are not expected to
have a material impact on the group.
The following amendments to standards will be applied in 2011:
Amendment to IAS 24 - Related Party Disclosures
The revised IAS 24 Related Party Disclosures amends the definition of a related
party and modifies certain related party disclosure requirements for
government-related entities. This amendment will impact upon the disclosure of
related party relationships, transactions and outstanding balances, including
commitments in the financial statements of the group.
Amendment to IAS 32 - Financial Instruments: Presentation-Classification of
rights issues
The IASB amended IAS 32 to allow rights, options or warrants to acquire a fixed
number of the entity's own equity instruments for a fixed amount of any currency
to be classified as equity instruments provided the entity offers the rights,
options or warrants pro rata to all of its existing owners of the same class of
its own non-derivative equity instruments. This amendment is not expected to
have any impact on the group.
The amendment is effective for annual periods beginning on or after 1 February
2010.
Amendment to IFRIC 14 - Prepayments of a Minimum Funding Requirement
These amendments remove unintended consequences arising from the treatment of
prepayments where there is a minimum funding requirement. These amendments
result in prepayments of contributions in certain circumstances being recognised
as an asset rather than an expense. This IFRIC is not expected to have a
material impact on the group.
IFRIC 19 - Extinguishing Financial Liabilities with Equity Instruments
This interpretation provides guidance on the accounting for debt for equity
swaps. This IFRIC is not expected to have a material impact on the group.
The following standard will be effective in 2013 (subject to EU endorsement):
IFRS 9 - Financial instruments
IFRS 9 is the first standard issued as part of a wider project to replace IAS
39. IFRS 9 retains but simplifies the mixed measurement model and establishes
two primary measurement categories for financial assets: amortised cost and fair
value. The basis of classification depends on the entity's business model and
the contractual cash flow characteristics of the financial asset. The guidance
in IAS 39 on impairment of financial assets and hedge accounting continues to
apply.
There were a number of other standards and interpretations issued in the period.
However, none are expected to have an impact on the group in the near term.
The financial information is presented in euro, rounded to the nearest thousand.
The condensed consolidated interim financial statements were authorised for
issue on 27 August 2010.
2. Segment reporting
+---------------------------+-----------+-----------+-------------+--------------+
| | Ireland | UK | Continental | Consolidated |
| | | | | |
| | | | Europe | |
+---------------------------+-----------+-----------+-------------+--------------+
| | EUR'000 | EUR'000 | EUR'000 | EUR'000 |
+---------------------------+-----------+-----------+-------------+--------------+
| | | | | |
+---------------------------+-----------+-----------+-------------+--------------+
| For the period ended 30 | | | | |
| June 2010 | | | | |
+---------------------------+-----------+-----------+-------------+--------------+
| Gross rental and related | 2,625 | 2,242 | 3,544 | 8,411 |
| income | | | | |
+---------------------------+-----------+-----------+-------------+--------------+
| Operating result | (1,825) | 8,498 | 43 | 6,716 |
+---------------------------+-----------+-----------+-------------+--------------+
| Share of result of equity | (378) | (2) | (283) | (663) |
| accounted investees | | | | |
+---------------------------+-----------+-----------+-------------+--------------+
| Investment property | 88,110 | 74,592 | 73,470 | 236,172 |
+---------------------------+-----------+-----------+-------------+--------------+
| Investment in equity | 6,356 | (244) | - | 6,112 |
| accounted investees | | | | |
+---------------------------+-----------+-----------+-------------+--------------+
| | | | | |
+---------------------------+-----------+-----------+-------------+--------------+
| For the period ended 30 | | | | |
| June 2009 | | | | |
+---------------------------+-----------+-----------+-------------+--------------+
| Gross rental and related | 2,764 | 2,293 | 3,543 | 8,600 |
| income | | | | |
+---------------------------+-----------+-----------+-------------+--------------+
| Operating result | 2,807 | 10,615 | 2,439 | 15,861 |
+---------------------------+-----------+-----------+-------------+--------------+
| Share of result on equity | (795) | (532) | (1,301) | (2,628) |
| accounted investees | | | | |
+---------------------------+-----------+-----------+-------------+--------------+
| Investment property | 156,648 | 84,908 | 83,022 | 324,578 |
+---------------------------+-----------+-----------+-------------+--------------+
| Investment in equity | 20,767 | (129) | 3,037 | 23,675 |
| accounted investees | | | | |
+---------------------------+-----------+-----------+-------------+--------------+
| | | | | |
+---------------------------+-----------+-----------+-------------+--------------+
| For the year ended 31 | | | | |
| December 2009 | | | | |
+---------------------------+-----------+-----------+-------------+--------------+
| Gross rental and related | 5,485 | 4,628 | 6,811 | 16,924 |
| income | | | | |
+---------------------------+-----------+-----------+-------------+--------------+
| Operating result | (57,161) | (6,201) | (2,399) | (65,761) |
+---------------------------+-----------+-----------+-------------+--------------+
| Share of result of equity | (15,817) | (388) | (5,092) | (21,297) |
| accounted investees | | | | |
+---------------------------+-----------+-----------+-------------+--------------+
| Investment property | 94,885 | 66,192 | 75,990 | 237,067 |
+---------------------------+-----------+-----------+-------------+--------------+
| Investment in equity | 6,356 | 351 | - | 6,707 |
| accounted investees | | | | |
+---------------------------+-----------+-----------+-------------+--------------+
Analysis of property assets
The group manages its business principally on the basis of geographical
segments. Supplementary information based on the following categorisations has
also been provided as this is also used by the chief operating decision makers
incorporating:
- Investment properties are properties that are held either to earn
rental income or for capital appreciation or for both.
- Development properties are properties from which there is no current
investment return but that are held with a view to future development.
+---------------------------+---------+--------+-------------+---------+
| At 30 June 2010 | Ireland | UK | Continental | Total |
| | | | | |
| | | | Europe | |
+---------------------------+---------+--------+-------------+---------+
| | EUR'000 | EUR'000 | EUR'000 | EUR'000 |
+---------------------------+---------+--------+-------------+---------+
| | | | | |
+---------------------------+---------+--------+-------------+---------+
| Investment property | 77,360 | 37,116 | 73,470 | 187,946 |
+---------------------------+---------+--------+-------------+---------+
| Development property | 17,106 | 37,232 | - | 54,338 |
+---------------------------+---------+--------+-------------+---------+
| Total | 94,466 | 74,348 | 73,470 | 242,284 |
+---------------------------+---------+--------+-------------+---------+
+---------------------------+---------+--------+-------------+---------+
| At 30 June 2009 | Ireland | UK | Continental | Total |
| | | | | |
| | | | Europe | |
+---------------------------+---------+--------+-------------+---------+
| | EUR'000 | EUR'000 | EUR'000 | EUR'000 |
+---------------------------+---------+--------+-------------+---------+
| | | | | |
+---------------------------+---------+--------+-------------+---------+
| Investment property | 131,468 | 48,129 | 83,022 | 262,619 |
+---------------------------+---------+--------+-------------+---------+
| Development property | 45,947 | 36,650 | 3,037 | 85,634 |
+---------------------------+---------+--------+-------------+---------+
| Total | 177,415 | 84,779 | 86,059 | 348,253 |
+---------------------------+---------+--------+-------------+---------+
+---------------------------+----------+----------+-------------+---------+
| At 31 December 2009 | Ireland | UK | Continental | Total |
| | | | | |
| | | | Europe | |
+---------------------------+----------+----------+-------------+---------+
| | EUR'000 | EUR'000 | EUR'000 | EUR'000 |
+---------------------------+----------+----------+-------------+---------+
| | | | | |
+---------------------------+----------+----------+-------------+---------+
| Investment property | 83,735 | 37,322 | 75,990 | 197,047 |
+---------------------------+----------+----------+-------------+---------+
| Development property | 17,506 | 29,221 | | 46,727 |
| | | | - | |
+---------------------------+----------+----------+-------------+---------+
| Total | 101,241 | 66,543 | 75,990 | 243,774 |
+---------------------------+----------+----------+-------------+---------+
3. Finance income and Finance expense
+-----------------------------------+----------------+-------------+----------+
| | Period | Period | Year |
| | to | to | ended |
| | 30 June | 30 June | 31 Dec |
| | 2010 | 2009 | 2009 |
| | | | |
+-----------------------------------+----------------+-------------+----------+
| | EUR'000 | EUR'000 | EUR'000 |
+-----------------------------------+----------------+-------------+----------+
| Finance income | | | |
+-----------------------------------+----------------+-------------+----------+
| Interest receivable on bank | 32 | 35 | 51 |
| deposits | | | |
+-----------------------------------+----------------+-------------+----------+
| Interest receivable on loans to | 123 | 120 | 255 |
| equity accounted investees | | | |
+-----------------------------------+----------------+-------------+----------+
| Total | 155 | 155 | 306 |
+-----------------------------------+----------------+-------------+----------+
| | | | |
+-----------------------------------+----------------+-------------+----------+
| Finance expense | | | |
+-----------------------------------+----------------+-------------+----------+
| Interest payable on borrowings | (3,362) | (4,195) | (7,686) |
+-----------------------------------+----------------+-------------+----------+
| Foreign currency translation | (8,619) | (10,715) | (6,417) |
| movement on borrowings | | | |
+-----------------------------------+----------------+-------------+----------+
| Foreign currency translation | (133) | 87 | (182) |
| movement on cash and cash | | | |
| equivalents | | | |
+-----------------------------------+----------------+-------------+----------+
| Total | (12,114) | (14,823) | (14,285) |
+-----------------------------------+----------------+-------------+----------+
4. Tax
Current tax
Current tax expense for the interim period is the expected tax payable on the
taxable income for the period, calculated at the estimated average annual
effective income tax rate applied to the pre-tax income of the interim period.
+----------------------------------+-------------------+------------+-----------+
| | Period | Period | Year to |
| | to | to | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2009 | 2009 |
+----------------------------------+-------------------+------------+-----------+
| | EUR'000 | EUR'000 | EUR'000 |
+----------------------------------+-------------------+------------+-----------+
| | | | |
+----------------------------------+-------------------+------------+-----------+
| Current tax | (278) | 50 | 70 |
+----------------------------------+-------------------+------------+-----------+
| Deferred tax | (1,123) | | (15,603) |
| | | - | |
+----------------------------------+-------------------+------------+-----------+
| | | | |
+----------------------------------+-------------------+------------+-----------+
| Total tax | (1,401) | 50 | (15,533) |
+----------------------------------+-------------------+------------+-----------+
5. Investment property
+----------------------------------+-------------------+----------+-----------+
| | Period | Period | Year to |
| | to | to | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2009 | 2009 |
+----------------------------------+-------------------+----------+-----------+
| | EUR'000 | EUR'000 | EUR'000 |
+----------------------------------+-------------------+----------+-----------+
| | | | |
+----------------------------------+-------------------+----------+-----------+
| Balance at the beginning of the | 237,067 | 315,336 | 315,336 |
| period | | | |
+----------------------------------+-------------------+----------+-----------+
| Additions in the period | 5,893 | 292 | 1,051 |
+----------------------------------+-------------------+----------+-----------+
| Disposal of property in the | (6,683) | - | - |
| period | | | |
+----------------------------------+-------------------+----------+-----------+
| Fair value movement | (6,354) | | (84,822) |
| | | - | |
+----------------------------------+-------------------+----------+-----------+
| Foreign currency movement | 6,249 | 8,950 | 5,502 |
+----------------------------------+-------------------+----------+-----------+
| | | | |
+----------------------------------+-------------------+----------+-----------+
| Balance at end of period | 236,172 | 324,578 | 237,067 |
+----------------------------------+-------------------+----------+-----------+
6. Investment in equity accounted investees
The following is a summary of the group's share of the assets and liabilities of
its equity accounted investees:
+----------------------------------+----------+----------+-----------+
| | Period | Period | Year to |
| | to | to | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2009 | 2009 |
+----------------------------------+----------+----------+-----------+
| Share of equity accounted | EUR'000 | EUR'000 | EUR'000 |
| investees | | | |
+----------------------------------+----------+----------+-----------+
| | | | |
+----------------------------------+----------+----------+-----------+
| Share of gross assets | 72,331 | 111,355 | 74,894 |
+----------------------------------+----------+----------+-----------+
| Share of gross liabilities | (66,219) | (87,680) | (68,187) |
+----------------------------------+----------+----------+-----------+
| | | | |
+----------------------------------+----------+----------+-----------+
| Net investment | 6,112 | 23,675 | 6,707 |
+----------------------------------+----------+----------+-----------+
7. Loans and borrowings
+---------------------------------+---------+------------+-----------+
| | Period | Period | Year to |
| | to | to | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2009 | 2009 |
+---------------------------------+---------+------------+-----------+
| | EUR'000 | EUR'000 | EUR'000 |
+---------------------------------+---------+------------+-----------+
| Non-current liabilities | | | |
+---------------------------------+---------+------------+-----------+
| Unsecured bank loans | - | 57,797 | - |
+---------------------------------+---------+------------+-----------+
| Secured bank loans | 13,812 | 130,763 | 57,215 |
+---------------------------------+---------+------------+-----------+
| Other payables | 395 | 395 | 395 |
+---------------------------------+---------+------------+-----------+
| | 14,207 | 188,955 | 57,610 |
+---------------------------------+---------+------------+-----------+
| Current liabilities | | | |
+---------------------------------+---------+------------+-----------+
| Bank overdraft | - | 165 | - |
+---------------------------------+---------+------------+-----------+
| Unsecured bank loans | 135,003 | - | 126,708 |
+---------------------------------+---------+------------+-----------+
| Secured bank loans | 48,488 | 1,525 | 1,525 |
+---------------------------------+---------+------------+-----------+
| | 183,491 | 1,690 | 128,233 |
+---------------------------------+---------+------------+-----------+
Principal movements in loans and borrowings are dealt with in the cash flow
statement and in note 10 with regard to acquisitions
Terms and debt repayment schedule
(a) Unsecured bank loans of EUR135,003,000 are guaranteed by certain nominated
subsidiaries and are subject to a covenant relating to asset cover. The period
end balance sheet shows that the property to loan ratio on the related
facilities was 84% (the equivalent ratio including group cash balances was 78%
at the same date)compared to the stipulated 50% and, as a result, they are shown
as repayable within one year. The company remains in discussions with its
principal banker in relation to these facilities.
These loans, denominated in both and euro and pounds sterling, are repayable in
full five years from the date of drawdown. The loans outstanding at 30 June
2010 are due to mature at various dates from 5 June 2011 to 12 June 2013.
Interest is payable at the relevant interbank market rate plus a margin.
(b) A bank loan drawn down by a subsidiary of EUR11,340,000 is secured by
certain investment properties in Belgium. The loan is denominated in euro, and
is repayable in quarterly capital repayments over the next three years.
Interest is payable at a 3 months Euribor rate plus a margin.
(c) Bank loans drawn down by a subsidiary of EUR46,637,000 are secured by
certain investment properties in the Netherlands and by a guarantee from the
company limited to EUR1.5 million.
These loans, denominated in euro, are repayable in quarterly capital repayments.
The remaining capital is due in January 2011. Interest is payable at fixed
interest rates between 5.4% and 5.5%. Discussions have commenced with the
lender to extend the term of the loans.
(d) A bank loan drawn down by a subsidiary of EUR4,323,000, denominated in
sterling is secured by a charge over certain lands in Scotland and by a
guarantee from the company. This loan was assumed during the period on the
acquisition of the second 50% of the shareholding in South East Edinburgh
Development Company Limited. The loan is repayable over 14 years and interest
is payable at LIBOR plus a margin.
8. Earnings per share
Basic result per share
The calculation of basic result per share for the period ended 30 June 2010 was
based on the result attributable to ordinary shareholders in the period and the
weighted average number of equity shares outstanding during the period.
+------------------------------+-----------+-----------+-----------+
| | Period | Period | Year to |
| | to | to | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2009 | 2009 |
+------------------------------+-----------+-----------+-----------+
| | EUR'000 | EUR'000 | EUR'000 |
+------------------------------+-----------+-----------+-----------+
| | | | |
+------------------------------+-----------+-----------+-----------+
| Result attributable to | (6,501) | (3,734) | (89,780) |
| equity shareholders | | | |
+------------------------------+-----------+-----------+-----------+
| | | | |
+------------------------------+-----------+-----------+-----------+
| | 2010 | 2009 | 2009 |
+------------------------------+-----------+-----------+-----------+
| | In | In | In |
| | thousands | thousands | thousands |
| | of shares | of shares | of shares |
+------------------------------+-----------+-----------+-----------+
| | | | |
+------------------------------+-----------+-----------+-----------+
| Weighted average number of | 583,265 | 583,265 | |
| ordinary shares outstanding | | | 583,265 |
| during the period | | | |
+------------------------------+-----------+-----------+-----------+
| | | | |
+------------------------------+-----------+-----------+-----------+
| Basic result earnings per | (1.11) | (0.64) | (15.39) |
| share (euro cent) | | | |
+------------------------------+-----------+-----------+-----------+
Diluted earnings per share
The calculation of diluted earnings per share for the period ended 30 June 2010
was based on the result attributable to ordinary shareholders and the weighted
average number of ordinary shares outstanding during the period ended 30 June
2010 as calculated for basic earnings per share above as there were no
potentially dilutive instruments in issue.
9. Net asset value per share
The calculation of net asset value per share for the period ended 30 June 2010
was based upon the total equity attributable to the shareholders of the company
at 30 June 2010 and the number of ordinary shares outstanding at 30 June 2010 as
follows:
+------------------------------+-----------+-----------+------------+
| | Period | Period | Year to |
| | to | to | 31 |
| | 30 June | 30 June | December |
| | 2010 | 2009 | 2009 |
+------------------------------+-----------+-----------+------------+
| | EUR'000 | EUR'000 | EUR'000 |
+------------------------------+-----------+-----------+------------+
| Total equity attributable to | | | |
| shareholders of the company | 53,645 | 146,214 | 60,176 |
| | | | |
+------------------------------+-----------+-----------+------------+
| | 2010 | 2009 | 2009 |
+------------------------------+-----------+-----------+------------+
| | In | In | In |
| | thousands | thousands | thousands |
| | of shares | of shares | of shares |
+------------------------------+-----------+-----------+------------+
| Total number of ordinary | 583,265 | 583,265 | 583,265 |
| shares outstanding at period | | | |
| end | | | |
+------------------------------+-----------+-----------+------------+
| | | | |
| Net asset value per share | 9.20 | 25.07 | 10.32 |
| (euro cent) | | | |
+------------------------------+-----------+-----------+------------+
10. Related party transactions
On 12 February 2010, the group acquired control of South East Edinburgh
Development Company Limited from the administrator of Applecross Properties
Limited having previously held a 50% interest in this entity. The transaction
cost was not considered material in the context of the period end results. This
company owns approximately 300 acres of agricultural land south east of
Edinburgh. The group now controls 100% of the entity's voting rights.
11. Contingencies and guarantees
(a) The company has provided a guarantee of EUR5.4m in respect of the bank
borrowings of the joint venture companies involved in the development of
property in Navan, Ireland.
(b) South East Edinburgh Development Company acquired approximately 300 acres
of agricultural land south east of Edinburgh during 2007. During the period, the
group acquired the remaining 50% of this company that it did not previously own.
Additional consideration may become payable to the vendor of the lands
equivalent to 50% of the open market value of the relevant lands net of all
costs when planning consents have been received.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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