|
NET INCOME
increased by 14.2% to € 33.8m compared to the previous corresponding period* |
EARNINGS PER DEPOSITARY RECEIPT
increased by 11.8% to € 1.14 compared to the previous corresponding period* |
|
|
|
|
SHAREHOLDERS' EQUITY
increased by 2.6% to € 677m since 31 December 2003 |
NET ASSET VALUE PER DEPOSITARY RECEIPT
increased by 1.5% to € 22.15 since
31 December 2003 |
Net income and earnings
The net income of the Company for the nine months to 31 March was € 33.8 million and earnings rose to € 1.14 per depositary receipt, an increase achieved despite charging all overhead expenses to income, as will be the case in future. Previously, 30% of these costs were charged against the revaluation reserve, as had been the normal practice with similar Dutch property companies. The year to date impact of this change was a charge to net income of € 1.2 million and an increase in reserves of the same amount. *The previous comparative numbers have been adjusted to reflect the accounting change in order to show underlying earnings.
Net asset value
Net asset value before income appropriation improved by 1.5% to € 22.15 per depositary receipt since 31 December 2003 mainly as a result of net income for the period. The net asset value in December 2003 was € 21.82 per depositary receipt.
Investment commentary
The market for prime European retail property remains extremely strong with yields firm. Rents for shops in France, Italy and Sweden are at least tracking inflation but for offices are generally weak, especially in The Netherlands.
For additional information please contact:
|
Jeremy Lewis |
+ 44 20 7925 7860 |
|
Evert Jan van Garderen |
+ 31 20 530 6030 |
|
Peter Mills |
+ 44 20 7925 7860 |
|
Tom Newton |
+ 44 20 7925 7860 |
|
Tim Santini |
+ 44 20 7925 7860 |
Website: www.eurocommercialproperties.com
Financial Information (consolidated before income appropriation)
|
For the first nine months |
|
31-03-04 |
31-03-03 |
|
|
|
|
|
|
Profit and loss account (X € '000) |
|
|
|
|
Property income |
|
68,190 |
58,264 |
|
Property expenses |
|
(11,969) |
(8,862) |
|
|
|
------------ |
-------------- |
|
Net property income |
|
56,221 |
49,402 |
|
Interest income |
|
540 |
686 |
|
Foreign currency result |
|
76 |
(22) |
|
|
|
------------ |
-------------- |
|
Total revenue |
|
56,837 |
50,066 |
|
|
|
|
|
|
Depreciation fixed assets |
|
(70) |
(58) |
|
Other company expenses |
|
(4,115) |
(4,055) |
|
Interest expense |
|
(17,614) |
(16,220) |
|
|
|
------------ |
-------------- |
|
Total expenses |
|
(21,799) |
(20,333) |
|
|
|
|
|
|
Net income before taxation |
|
35,038 |
29,733 |
|
Taxation |
|
(1,274) |
(179) |
|
|
|
------------ |
-------------- |
|
Net income after taxation (direct investment result) |
|
33,764 |
29,554 |
|
|
|
|
|
|
Indirect investment result |
|
(515) |
(769) |
|
|
|
------------ |
-------------- |
|
Total investment result |
|
33,249 |
28,785 |
|
|
|
|
|
|
Balance sheet (before income appropriation)
(X € '000) |
30-06-03 |
31-03-04 |
31-03-03 |
|
Property investments |
1,110,356 |
1,271,481 |
1,083,982 |
|
Cash and deposits |
122,293 |
9,428 |
6,764 |
|
Receivables |
20,914 |
27,822 |
18,139 |
|
Other assets |
452 |
481 |
445 |
|
|
------------ |
------------ |
-------------- |
|
Total assets |
1,254,015 |
1,309,212 |
1,109,330 |
|
|
|
|
|
|
Creditors (current liabilities) |
19,916 |
25,969 |
15,714 |
|
Borrowings (current liabilities) |
68,368 |
135,478 |
12,413 |
|
Creditors (non current liabilities) |
6,874 |
10,394 |
6,810 |
|
Borrowings (non current liabilities) |
439,199 |
389,130 |
390,068 |
|
Provision for contingent tax liabilities |
60,434 |
71,670 |
49,810 |
|
|
------------ |
------------ |
-------------- |
|
Total liabilities |
594,791 |
632,641 |
474,815 |
|
|
|
|
|
|
Shareholders' equity |
659,224 |
676,571 |
634,515 |
|
|
|
|
|
|
Number of depositary receipts representing
shares in issue |
29,263,103 |
30,540,500 |
29,263,103 |
|
|
|
|
|
|
|
|
|
|
|
Per depositary receipt information * (€) |
|
|
|
|
Direct investment result |
|
1.14 |
1.02 |
|
Indirect investment result |
|
(0.02) |
(0.03) |
|
Net asset value |
22.53 |
22.15 |
21.68 |
|
|
|
|
|
|
|
|
|
|
|
Stock market prices (€; per depositary receipt) |
21.55 |
24.85 |
19.89 |
|
|
|
|
|
|
Property information: sector spread (%) |
|
|
|
|
Retail |
85 |
87 |
85 |
|
Office |
11 |
10 |
11 |
|
Warehouse |
4 |
3 |
4 |
|
|
------- |
------- |
-------------- |
|
|
100 |
100 |
100 |
* The Company's shares are listed in the form of bearer depositary receipts on Euronext Amsterdam (the Amsterdam Stock Exchange). 1 depositary receipt represents 10 ordinary registered shares. The calculation of the direct and indirect investment results is based on the weighted average of the number of depositary receipts representing the ordinary shares in issue over the period using Netherlands GAAP. The weighted average number of depositary receipts over the first nine months 2003/2004 is 29,738,116. For the principal accounting policies applied reference is made to the Annual Report 2002/2003. In accordance with market practice this financial information for the first nine months 2003/2004 is not audited.