Eurocastle Releases Third Quarter 2014 Financial Results
(Thomson Reuters ONE) -
Tel: +44 1481 723450 EUROCASTLE INVESTMENT LIMITED
FOR IMMEDIATE RELEASE
Contact:
International Administration Group (Guernsey) Limited
Company Administrator
Attn: Mark Woodall
Eurocastle Releases Third Quarter 2014 Financial Results
Guernsey. 6 November 2014 - Eurocastle Investment Limited (Euronext Amsterdam:
ECT) today has released the interim report for the nine months ended 30
September 2014 and an investor presentation on the Investor Relations section of
its website www.eurocastleinv.com.
In addition, management will host an earnings conference call at 01:00 P.M.
London time (08:00 A.M. New York time). All interested parties are welcome to
participate on the live call. You can access the conference call by dialing
+1-800-215-5243 (from within the U.S.) or +1-330-863-8154 (from outside of the
U.S.) ten minutes prior to the scheduled start of the call; please reference
"Eurocastle Third Quarter 2014 Earnings Call or Conference ID Number: 28141089"
A webcast of the conference call will be available to the public on a listen-
only basis at www.eurocastleinv.com. Please allow extra time prior to the call
to visit the site and download the necessary software required to listen to the
internet broadcast. A replay of the webcast will be available for three months
following the call.
For those who are not available to listen to the live call, a replay will be
available until 11:59 P.M. New York time on Saturday, 6 December 2014 by dialing
+1-855-859-2056 (from within the U.S.) or +1-404-537-3406 (from outside of the
U.S.); please reference access code "28141089."
A summary of the interim report is detailed below:
Key highlights for the quarter
* In July, invested ?12.6 million of an anticipated ?15.4 million to acquire a
~50% interest in an Italian fund dedicated to converting real estate assets
into luxury residential units in Rome
* Closed the first of a series of anticipated NPL transactions with an Italian
banking group, investing ?0.3 million in July and committing a further ?0.2
million in November
* Committed to acquire a ~50% share of the units of an Italian real estate
fund for an estimated ?11.3 million
* Dividends declared to date in 2014 amount to ?12.2 million
* Adjusted NAV as at 30 September of ?288.7 million or ?8.85 per share
* Normalised FFO of ?1.7 million or ?0.05 per share for the quarter
Strategy
Eurocastle Investment Limited ("Eurocastle" or the "Company") and its
consolidated investments (together with Eurocastle, the "Group") continue to
focus its investment strategy on Italy and is targeting a wide range of real
estate related products, including, but not limited to, non-performing loans
("NPLs"), real estate fund units and real estate assets. The Company may also
pursue other performing and non-performing loan and receivable deals in Italy,
real estate related investments (including direct and real estate-related debt
investments) in other European markets, including Germany and the United
Kingdom. The Company will generally target assets that generate significant
current cash flows and/or have the potential for meaningful capital
appreciation. At the same time, the Group may further invest in its legacy
business to preserve or harvest value from the underlying portfolio.
Dividends
The Company has declared and paid cash dividends for the first three quarters of
2014. Each quarter's dividend was for a total of ?4.1 million which equated to a
dividend of ?0.125 per ordinary share. Since the capital raise last year, the
Company has distributed ?20.4 million.
New Investments
On 9 June 2014, the Group acquired 25% of the membership interest of Fortress
Italian NPL Opportunities Series Fund LLC (the "Series 1 Fund") for a total
consideration of ?7.4 million. The Series 1 Fund acquired the non-performing
loan portfolio from
Banca Monte dei Paschi di Siena ("MPS") on 27 June 2014.
On 14 July 2014, the Group acquired 25% of the membership in the second series
of the Fortress Italian NPL Opportunities Series Fund LLC ("the Series II Fund")
for a total consideration of ?0.3m. The Series II Fund acquired the non-
performing portfolio of loans from three Italian local co-operative banks
affiliated with ICCREA Group ("BCC") on 29 July 2014. This is the first
investment as part of a series of transactions with the banking Group.
During the first nine months of 2014, the Company received ?5.4 million of cash
from the investments in the performing and non-performing loan portfolios. The
fair value of the Group's investment increased by ?2.2 million in the first nine
months of 2014 ((1)).
The Italian loan portfolio strats are as follows
Gross
book Purchase
value price
Acquisition ((1)) ((1)) No. of Secured
(Unaudited) Date ?'000 ?'000 loans %
--------------------------------------------------------------------------------
Palazzo
portfolio May 2013 8,102.8 4,594.2 869 100.0%
Ieffe and BAM
portfolios May 2013 3,252,804.1 9,412.5 7,290 11.7%
BNL portfolio July 2013 6,895.9 2,632.5 86 100.0%
MPS portfolio June 2014 883,100.0 7,357.5 11,763 19.0%
BCC portfolio July 2014 15,287.9 312.5 843 18.0%
--------------------------------------------------------------------------------
Total Italian
Loan Portfolio 4,166,190.7 24,309.2 20,851 13.6%
--------------------------------------------------------------------------------
Actual ((1)) Underwriting ((1))
----------------------------------------- ------------------------
Life Internal Life Internal
Estimated to date rate of to date rate of
future Cashflows return cashflows return
cashflows ((2)) ((3)) ((2)) ((3))
(Unaudited) ?'000 ?'000 % ?'000 %
--------------------------------------------------------------------------------
Palazzo
portfolio 2,060.9 4,632.0 39.0% 3,899.5 17.1%
Ieffe and BAM
portfolios 6,985.8 8,342.3 57.9% 5,725.1 19.9%
BNL portfolio 2,926.3 1,066.9 21.1% 874.2 18.4%
MPS portfolio 11,884.8 1,826.9 20.8% 1,393.4 20.7%
BCC portfolio 504.7 27.2 13.6% 27.2 13.6%
--------------------------------------------------------------------------------
Total Italian
Loan Portfolio 24,362.5 15,895.3 39.2% 11,919.4 19.1%
--------------------------------------------------------------------------------
1. The amount is shown net of minority interests
2. Cash flows received by the portfolios from date of acquisition and excludes
cash not yet distributed to the Company of ?3.8 million.
3. Effective rate represents current estimated internal rate of return given
cash flows received to date and projected cash flows based on the current
projections and original underwriting assumptions.
On 22 July 2014, the Group entered into a limited partnership called CF Aula
SCS. The Group acquired 50% interest in the partnership for a total
consideration of ?12.6 million. The other partner is an affiliate of the Manager
who also has a 50% interest. The partnership has acquired 100% of the units in
Torre Real Estate Fund III Value Added - Sub fund A which is managed by another
affiliate of the Manager.
The fund has invested in two office buildings in Rome that will be redeveloped
into luxury residential properties for resale. The redevelopment program is
expected to take place over 2 and an a half years. The first property (Via
Bertoloni) will involve the demolition of the existing office building. A new
residential and retail building will be constructed. The units will be sold on
an individual basis. The second office building (Via Bolzano) will be converted
into residential units and also sold on an individual basis.
On 28 March 2014, the Group purchased 11,929 (representing 7.46%) of the units
in UniCredito Immobiliare Uno - Closed-End Real Estate Investment Fund ("UIU")
for ?21.3 million. The acquisition cost per unit was ?1,787.50 which was a
36.5% discount to NAV of the fund. In addition, the Group incurred ?1.0 million
of transaction costs. UIU is a close-ended real estate fund listed on the
Italian Stock Exchange. It was incorporated in 2009 and has a maturity of 31
December 2017. The fund invests in a variety of real estate across Italy which
includes residential, office and commercial properties. As at 30 September
2014, the share price was ?1,786.00 per unit.
The summarised portfolio strats as at 30 September 2014 are as follows:
Market value of
Split of Property No. of assets Market value as % of
portfolio (Unaudited) assets ?'000 total portfolio
Office 2 236,800 48%
Residential and
residential conversions 3 148,423 30%
Commercial 1 55,684 11%
Retail 8 51,637 11%
--------------------------------------------------------------------------------
Total portfolio 14 492,544 100%
--------------------------------------------------------------------------------
Existing Business - European Real Estate Debt
In January 2014, the Group sold the remaining securities in the CDO IV portfolio
for an average price of 96.4% of face value. After repaying the CDO IV facility
in full, the Group realised ?22.5 million of cash.
In February 2014, Eurocastle Funding Limited acquired ?4.0 million of the
Group's own senior liabilities at a price of 51% of nominal generating a book
gain of ?2.0 million.
The net asset value of the portfolio increased by ?3.3 million in the quarter
primarily due to the recognition of gains on a paydown of a loan and receivable
position and accretion income in the other positions. This was partially offset
by the impairment charge of ?4.5 million.
During the three months ending 30 September 2014, the Duncannon portfolio
received ?43.8 million of amortisation proceeds. These proceeds (together with
additional available cash) were used to repay ?17.3 million of senior debt with
the remaining ?26.5 million used to repay senior debt at the next interest
payment date in December 2014. Total debt outstanding at the end of September
2014 was ?230.4 million.
Since June 2009, Duncannon has failed to meet certain cashflow triggers, where
compliance is generally a function of the default rate and external credit
ratings of the underlying investments. As a consequence, excess interest has
been mandatorily diverted to amortise senior debt. In order to meet this
threshold, the value (calculated by reference to various rating agency criteria)
of the assets must exceed the amount of debt senior to Eurocastle's interest by
at least 5%. As at 30 September 2014, the ratio was reported at 73.2% against
the required covenant level of 105%, which equates to a shortfall of ?76.2
million or 31.8%. The Company does not therefore expect to receive cash flows
from this portfolio in the near term.
The net assets of the debt business are shown by portfolio in the table below:
Balance
CDO IV Duncannon Sheet Total European Debt
((1)) ((2)) ((3)) Portfolio
(Unaudited) ?'000 ?'000 ?'000 ?'000
--------------------------------------------------------------------------------
Total assets 8,424 247,112 2,153 257,689
Total liabilities (13) (230,237) (116) (230,366)
--------------------------------------------------------------------------------
Net assets excluding
non-controlling interest 8,411 16,875 2,037 27,323
--------------------------------------------------------------------------------
The summarised portfolio strats as at 30 September 2014 are as follows:
Balance
CDO IV Duncannon Sheet Total European Debt
(Unaudited) ((1)) ((2)) ((3)) Portfolio
--------------------------------------------------------------------------------
Weighted average Credit
Rating D CCC- D CCC-
% Investment Grade 0% 16% 0% 14%
Number of securities
((4)) 2 44 4 45
Debt Maturity - Jun 2047 - -
1. CDO IV represents the net assets of CDO IV PLC
2. Duncannon represents the net assets of Duncannon CRE CDO I PLC
3. Balance Sheet represents the net assets of Eurocastle Funding Limited
4. The number of securities consolidates positions where multiple classes are
held. The total column eliminates positions that are held in two or more
portfolios.
Existing Business - German Commercial Real Estate
The Group has a number of non-recourse financing facilities which are due to
reach maturity within the next 12 months at which time, the outstanding balance
of the financings will become due and payable unless such financings can be
extended. If proceeds from the sale of the assets which secure the relevant
portfolio financing do not equal or exceed the amount outstanding under the
relevant portfolio financing, the Group would be unable to repay the outstanding
balance of the relevant portfolio financing when it becomes due and payable. The
Group will engage in discussions with lenders in relation to the relevant
portfolio financing, as they approach maturity, typically commencing such
discussions three to six months prior to the relevant maturity date. Given the
non-recourse nature of the financings, the Company is not obliged to utilise any
additional capital to support any of the relevant portfolio financings.
In April 2014, the Senior loan of the Drive portfolio was refinanced by the
lending syndicate of the Junior facility to a maturity date of 15 January 2016
with interim amortisation targets of ?110.0 million in July 2014, ?70.0 million
in January 2015 and ?35.0 million in July 2015. The Junior loan was also
extended in parallel at in-place terms to the same final maturity date.
Additional terms of the Senior Loan include an arrangement fee of 1.1%
(equivalent to an amount of ?1.6 million), interest at a rate of 3 month Euribor
plus 3.1% and an additional undrawn facility of up to ?20 million to fund
capital expenditures. Excess cash flow will continue to be retained at the
senior loan level until the loan is repaid in full.
Sale fees equivalent to 3.5% of gross sales proceeds will continue to be paid to
the Group should it meet the repayment targets with ?1.2 million released to the
Company in April following the repayment of the existing Senior loan and a
further ?1.1 million in July. The outstanding balance reported as at 31 December
2013 of ?142.3 million has since been repaid by a further ?45.8 million,
primarily from asset sales, resulting in a remaining balance of ?96.5 million.
In April 2014, the Group agreed a short term extension of the Wave facility to
end of August 2014 with an option to extend the loan a further 2 months should
Eurocastle have agreed a sale of the remaining assets by the initial maturity
date. As part of the terms of the extension, the loan was repaid by ?38.7
million in 2014, reducing the outstanding balance to ?68.2million (equivalent to
a loan to value of 60% on the remaining assets). Of the ?38.7 million repaid,
?29.0 million was generated from the sale of four assets. The remaining amount
of ?9.5 million was paid using available cash within the Group, of which ?6.1m
came from corporate cash and ?3.4m from cash reserves held within the Wave
portfolio.
The Group is in advanced negotiations for a sale of the Wave portfolio. In
parallel with the sales process, the Group has also received favourable terms to
refinance the portfolio on both a short and a long term basis.
In January 2014, the Group secured an amendment to the Mars Floating facility
extending the December 2013 maturity for a further six months to 30 June 2014.
The Company continues to benefit from running asset management and sales fees,
receiving ?0.8 million in the first nine months of 2014. Since the year end, one
asset has been sold and the loan has been repaid by a further ?8.7 million
reducing the outstanding balance to ?118.0 million. The remaining assets are now
under a disposal program In order to facilitate the closure of the sales, the
facility has been extended on a short-term basis to 31 December 2014. As with
all of the Group's real estate financings, the debt is non-recourse to
Eurocastle.
Following the maturity of the Zama portfolio facility in May 2014, one asset was
sold in August repaying the outstanding balance by ?8.8 million. The remaining
loan of ?31.0 million is currently subject to a short-term standstill pending
documentation of agreed terms on a 2 year extension. As at 30 September 2014,
one asset is currently under a binding sales contract with the net proceeds of
?5.2 million to be used to further reduce the outstanding loan balance.
The Tannenberg portfolio loan matured in October 2014. The Group is currently in
discussions with the lenders of the Tannenberg facility regarding a potential
one year extension of the facility pending which a short-term standstill has
been put in place.
During the nine months ended 30 September 2014 and excluding Mars Floating, the
Group signed 60 commercial leases for approximately 24,545 square metres (sqm).
Of the leases signed, 7,182 sqm relate to new leases. The renewal rate for the
nine months ending 30 September 2014 was 80.8%. Physical occupancy was at 75.9%
compared to 77.6% at the end of 2013 on a like-for-like basis. In the first
nine months of 2014, the Group sold 19 properties for total sales proceeds of
?116.8 million versus a carrying value of ?111.8 million a loss of ?5.9 million
after transaction costs.
As at 30 September 2014, the NAV of the German Real Estate business excluding
the Mars Floating portfolio was ?107.0 million. Valuation adjustments arising
from binding sales contracts and reduction in lease terms, together with capital
expenditure, resulted in a fair value loss of ?22.1 million. On 15 January
2014, the Bridge portfolio financing matured without any agreement on an
extension or a refinancing. Following the execution of the Lender's security
shares in the Company's subsidiaries holding the Bridge portfolio, these
companies were transferred out of the Group. Consequently, the Group
deconsolidated the Bridge portfolio with a reduction in NAV of ?26.1 million.
Property Valuation Data (by Portfolio and unaudited)
For 2014:
Net
operating
Property income NOI
Occup- Lettable valuation Passing (NOI) yield on
Number of ancy space ((1)) Rent ((2)) valuation
properties % (sqm) ?m ?m ?m %
-----------------------------------------------------------------------------------------
Drive 130 51.3% 281,532 443.3 23.4 16.6 3.7%
Turret 63 95.4% 141,608 165.7 14.3 12.5 7.5%
Wave 44 74.2% 108,818 114.0 8.9 6.9 6.1%
Truss 41 96.0% 81,709 90.7 8.0 6.8 7.5%
Mars Fixed 2 1 82.8% 18,498 59.8 3.7 2.5 4.2%
Belfry 27 85.7% 52,913 56.5 4.6 3.9 7.0%
Tannenberg 26 89.5% 48,683 57.8 4.9 4.1 7.1%
Superstella 18 100.0% 38,641 55.1 4.4 3.9 7.1%
Zama 7 94.8% 25,110 34.4 3.1 2.8 8.3%
-----------------------------------------------------------------------------------------
Total
portfolio
excluding
Mars
Floating 357 75.9% 797,512 1,077.3 75.3 60.1 5.6%
Mars
Floating
((3)) 6 57.5% 103,757 70.8 6.7 4.3 6.1%
-----------------------------------------------------------------------------------------
Total
portfolio 363 73.8% 901,269 1,148.1 82.0 64.4 5.6%
-----------------------------------------------------------------------------------------
For 2013 (on a like-for-like basis):
Net
operating
Property income NOI
Occup- Lettable valuation Passing (NOI) yield on
Number of ancy space ((1)) Rent ((2)) valuation
properties % (sqm) ?m ?m ?m ?m
-----------------------------------------------------------------------------------------
Drive 130 55.3% 281,528 451.6 24.4 16.1 3.6%
Turret 63 96.2% 141,608 170.0 14.6 12.9 7.6%
Wave 44 76.4% 108,079 113.7 9.1 7.1 6.2%
Truss 41 92.9% 81,437 92.7 7.8 6.8 7.4%
Mars Fixed 2 1 86.4% 18,591 61.5 4.0 3.0 4.9%
Belfry 27 86.7% 52,900 57.3 4.7 3.9 6.7%
Tannenberg 26 90.6% 48,684 57.8 4.9 4.2 7.2%
Superstella 18 100.0% 38,641 55.2 4.4 4.0 7.3%
Zama 7 94.2% 25,110 35.3 3.0 2.7 7.6%
-----------------------------------------------------------------------------------------
Total
portfolio
excluding
Mars
Floating 357 77.6% 796,578 1,095.1 76.9 60.7 5.5%
Mars
Floating
((3)) 6 55.6% 103,738 83.7 6.5 3.3 4.0%
-----------------------------------------------------------------------------------------
Total
portfolio 363 75.1% 900,316 1,178.8 83.4 64.0 5.4%
-----------------------------------------------------------------------------------------
1. Property valuation excludes the leasehold gross-ups of ?25.2 million (31
December 2013: ?23.1 million).
2. Net operating income is after deducting ?0.9 million (31 December 2013: ?1.1
million on a like-for-like basis) of free rent. It excludes the amortisation
of tenant incentives and leasing commissions, the fund costs related to the
Drive portfolio and other real estate related general expenses included
within property operating expenses in the consolidated income statement. It
is shown here as the annualised amount at the period end.
3. The total portfolio includes 100% of the Mars Floating Portfolio, in which
the Group has a 50% investment. The portfolio has a negative net asset value
and has been separated as the financing is non-recourse to the Company and
not callable as a result of any changes in the fair value of the assets.
Business Segments
The table below shows the summarised financial performance of the Group's
business segments (excluding Mars Floating) for the nine months ended 30
September 2014.
European
Real German
Estate Real Italian
Debt Estate Investments Corporate Total
((1)) ((1)) ((1)) ((1)) Eurocastle
(Unaudited) ?'000 ?'000 ?'000 ?'000 ?'000
--------------------------------------------------------------------------------
Revenue 11,024 71,578 45 83 82,730
Impairment
losses (15,109) - - - (15,109)
Fair value
movements - (22,149) 2,490 - (19,659)
Interest
expense (3,586) (30,486) (5) - (34,077)
Other operating
expense 1,855 (60,972) (1,202) (10,837) (71,156)
--------------------------------------------------------------------------------
Net operating
(loss) / profit
before taxation (5,816) (42,029) 1,328 (10,754) (57,271)
--------------------------------------------------------------------------------
Taxation
expense - (1,420) (14) - (1,434)
--------------------------------------------------------------------------------
Net operating
(loss) / profit
after taxation and
before minority
interest (5,816) (43,449) 1,314 (10,754) (58,705)
--------------------------------------------------------------------------------
Minority interest
in Italian
Investments - - (355) - (355)
--------------------------------------------------------------------------------
Net (loss) /
profit after
taxation and
minority interest (5,816) (43,449) 959 (10,754) (59,060)
--------------------------------------------------------------------------------
Decrease in fair
values of
investment
properties - 23,679 - - 23,679
FFO adjustment to
Italian
Investments - - 2,916 - 2,916
Unrealised fair
market gains on
Italian
Investments - - (2,152) - (2,152)
Deferred tax
charge on
investment
properties - (1,346) - - (1,346)
--------------------------------------------------------------------------------
Funds from
operations (FFO) (5,816) (21,116) 1,723 (10,754) (35,963)
--------------------------------------------------------------------------------
Net realised
losses on
investment
property sales
after sales costs
and closure of
swaps - 2,781 - - 2,781
(Gains) / losses
on foreign
currency
contracts,
translation and
swaps (1,363) - - 547 (816)
Impairment
losses 15,109 - - - 15,109
Gain on purchase
of Mezzanine debt (1,963) - - - (1,963)
Gain on paydown of
debt securities (3,675) - - - (3,675)
Loss on sale of
debt securities 407 - - - 407
Loss on
deconsolidation of
Bridge Portfolio - 26,077 - - 26,077
Normalisation of
RE Fund Unit
returns - - 1,801 - 1,801
Transaction costs
on acquisition of
UIU - - 1,012 - 1,012
--------------------------------------------------------------------------------
Normalised funds
from operations 2,699 7,742 4,536 (10,207) 4,770
--------------------------------------------------------------------------------
European
Real German
Estate Real Italian
Debt Estate Investments Corporate Total
(Unaudited) ((1)) ((1)) ((1)) ((1)) Eurocastle
--------------------------------------------------------------------------------
Net (loss) / gain
per ordinary
share ? (0.18) (1.33) 0.04 (0.33) (1.80)
Net (loss) / gain
per weighted
average ordinary
share ? (0.18) (1.33) 0.04 (0.33) (1.80)
FFO per weighted
average ordinary
share ? (0.18) (0.65) 0.05 (0.33) (1.10)
Normalised FFO per
weighted diluted
ordinary share ? 0.08 0.24 0.14 (0.31) 0.15
1. Unallocated revenue and other operating expenses have been allocated between
the segments based on each segment's share of net asset value.
FFO as defined represents net profit after taxation (computed in accordance with
IFRS), excluding changes in the fair value of investment properties net of
attributable deferred taxation, fair value changes of the Italian investments,
changes in the fair value of interest rate swaps that are taken to the income
statement, unrealised movements on currency swaps (net of translation
gains/losses of related assets) and accounting losses on investments made with
non-recourse financing to the extent they exceed the net amount invested. The
Group considers the realisation of gains and losses on its investments to be a
normal part of its recurring operations and therefore does not exclude such
gains and losses when arriving at FFO. FFO does not represent cash generated
from operating activities in accordance with IFRS and therefore should not be
considered an alternative to cash flow as a measure of liquidity, and is not
necessarily indicative of cash available to fund cash needs. Eurocastle's
calculation of FFO may be different from the calculation used by other companies
and, therefore, comparability may be limited.
Normalised FFO is a non-IFRS financial measure used to provide investors with
additional information regarding the underlying performance of the Group and its
ability to service debt and make capital expenditure. This measure excludes
realised gains and losses, sales related costs (including realised swap losses),
impairment losses, foreign exchange movements, and accounting adjustments
related to the Mars refinancing.
The table below shows the summarised financial position of the Group's business
segments for the nine months ended 30 September 2014:
European German
Real Real Italian
Estate Estate Investments Corporate Total
Debt ((2)) ((1)) ((1)) Eurocastle
(Unaudited) ?'000 ?'000 ?'000 ?'000 ?'000
--------------------------------------------------------------------------------
Investments 219,279 1,097,050 48,881 - 1,365,210
Other assets
(including cash) 38,410 48,976 7,328 109,840 204,554
--------------------------------------------------------------------------------
Total assets 257,689 1,146,026 56,209 109,840 1,569,764
--------------------------------------------------------------------------------
Interest-bearing
debt financing (229,952) (935,810) - - (1,165,762)
Other
liabilities (414) (90,369) (2,707) (8,878) (102,368)
--------------------------------------------------------------------------------
Total
liabilities (230,366) (1,026,179) (2,707) (8,878) (1,268,130)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Segment net
assets 27,323 119,847 53,502 100,962 301,634
--------------------------------------------------------------------------------
Tax liability - (12,884) (2) - (12,886)
--------------------------------------------------------------------------------
Adjusted net
assets 27,323 106,963 53,500 100,962 288,748
--------------------------------------------------------------------------------
Minority
interest (2) (4) 2,251 - 2,245
Add back net
liabilities of
Mars Floating
Portfolio ((2)) - (45,407) - - (45,407)
--------------------------------------------------------------------------------
Net Assets 27,321 61,552 55,751 100,962 245,586
--------------------------------------------------------------------------------
Adjusted net
asset value per
ordinary share ? 0.84 3.28 1.64 3.09 8.85
Net asset value
per ordinary
share ? 0.84 1.89 1.71 3.09 7.53
Adjusted asset
value per
weighted average
ordinary share ? 0.84 3.28 1.64 3.09 8.85
Net asset value
per weighted
average ordinary
share ? 0.84 1,89 1.71 3.09 7.53
The table below shows the summarised cashflow of the Group's business segments
for the nine months ended 30 September 2014:
European Mars
Nine months Real German Italian Total Floating
ended 30 Estate Real Invest- Corp- Adjusted and Total
September Debt Estate ments orate Eurocastle Minorities Eurocastle
2014
(unaudited) ?'000 ?'000 ?'000 ?'000 ?'000 ?'000 ?'000
-----------------------------------------------------------------------------------------------
Cashflows
from
operating
activities 1,943 (5,824) (783) (10,754) (15,418) 29,378 13,960
Cashflows
from
investing
activities 123,147 136,713 (35,954) (7) 223,899 (20,906) 202,993
Cashflows
from
financing
activities (99,288) (138,256) 37,304 (16,048) (216,288) (8,050) (224,338)
-----------------------------------------------------------------------------------------------
Net
increase /
(decrease)
in cash and
cash
equivalents 25,802 (7,367) 567 (26,809) (7,807) 422 (7,385)
-----------------------------------------------------------------------------------------------
Forward-Looking Statements
This release contains statements that constitute forward-looking statements.
Such forward-looking statements may relate to, among other things, future
commitments to sell real estate and achievement of disposal targets,
availability of investment and divestment opportunities, timing or certainty of
completion of acquisitions and disposals, the operating performance of our
investments and financing needs. Forward-looking statements are generally
identifiable by use of forward-looking terminology such as "may", "will",
"should", "potential", "intend", "expect", "endeavour", "seek", "anticipate",
"estimate", "overestimate", "underestimate", "believe", "could", "project",
"predict", ""project"", "continue", "plan", "forecast" or other similar words or
expressions. Forward-looking statements are based on certain assumptions,
discuss future expectations, describe future plans and strategies, contain
projections of results of operations or of financial condition or state other
forward-looking information. The Group's ability to predict results or the
actual effect of future plans or strategies is limited. Although the Group
believes that the expectations reflected in such forward-looking statements are
based on reasonable assumptions, its actual results and performance may differ
materially from those set forth in the forward-looking statements. These
forward-looking statements are subject to risks, uncertainties and other factors
that may cause the Group's actual results in future periods to differ materially
from forecasted results or stated expectations including the risks regarding
Eurocastle's ability to declare dividends, amortise the Group's debts,
renegotiate the Group's credit facilities, make new investments, or achieve its
targets regarding asset disposals or asset performance.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eurocastle Investment Limited via GlobeNewswire
[HUG#1869120]
Unternehmensinformation / Kurzprofil:
Datum: 06.11.2014 - 08:02 Uhr
Sprache: Deutsch
News-ID 350235
Anzahl Zeichen: 43478
contact information:
Town:
St Peter Port
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 166 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Eurocastle Releases Third Quarter 2014 Financial Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Eurocastle Investment Limited (Nachricht senden)
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