TIDMIERE
RNS Number : 5554D
Invista European Real Estate Trust
30 January 2015
Invista European Real Estate Trust SICAF Annual Report and
Accounts 2014
Contents
Summaries
Financial Summary
Performance Summary
Chairman's Statement
Investment Manager's Report
Investment Manager's Report
Corporate Governance
Report of the Directors
Financial Statements - Consolidated
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Notes to the Consolidated Financial Statements
Financial Statements - Separate
Separate Income Statement
Separate Statement of Comprehensive Income
Separate Statement of Financial Position
Separate Statement of Changes in Equity
Separate Statement of Cash Flow
Notes to the Financial Statements
Notes to the Separate Financial Statements
Auditor's Report
Independent Auditor's Report - Consolidated Financial
Statements
Independent Auditor's Report - Separate Financial Statements
Further Information
Glossary - Consolidated Financial Statements
Glossary - Separate Financial Statements
Invista European Real Estate Trust Company Summary
As at 30 September 2014, Invista European Real Estate Trust
SICAF ("IERET" or the "Company") and its subsidiaries (together the
"Group") held a diversified real estate portfolio comprising 30
commercial properties located across five Continental European
countries. The combined aggregate value of these properties was
EUR281.8 million.
The long term investment objective of the Company is to provide
shareholder returns through investing in a diversified commercial
real estate portfolio in Continental Europe with the potential for
income and capital growth. The geographical focus of the Group is
France and Germany due to the relative stability, transparency and
liquidity of these markets.
The Company is pursuing a structured realisation of its assets
in line with the resolution approved by the Company's shareholders
at the EGM on 14 October 2011, as an investment strategy under the
Company's original investment policy. In the light of this, the
Company has recently appointed the leading real estate investment
bank Eastdil Secured LLC ("Eastdil"), part of Wells Fargo &
Company, to undertake a strategic review and advise it on a range
of options, including the sale of subsidiary undertakings owning
the core portfolio. While there can be no certainty of a
transaction resulting, the directors believe that the resources and
experience of Eastdil will enhance the Company's capability of
navigating through the current difficult waters.
A further announcement will be made in due course.
Financial Summary
v Adjusted Net Asset Value decreased during the year from
EUR64.0 million to EUR40.1 million
v Net Asset Value per share decreased by 36.6% to EUR0.156
v Loss per share of EUR0.072(3)
Year ended Year ended
30 Sep 14 30 Sep 13
----------------------------------- ----------- -----------
Net Asset Value ("NAV")(1,2) EUR40.1m EUR64.0m
----------------------------------- ----------- -----------
NAV per share (1,2) EUR0.15 EUR0.25
----------------------------------- ----------- -----------
NAV per share (1,2,4) GBP0.12 GBP0.21
----------------------------------- ----------- -----------
NAV per preference shares (5) EUR1.37 EUR1.23
----------------------------------- ----------- -----------
NAV per preference shares (4,5) GBP1.07 GBP1.02p
----------------------------------- ----------- -----------
Ordinary share price GBP0.03 GBP0.04
----------------------------------- ----------- -----------
Preference share price GBP0.60 GBP0.81
----------------------------------- ----------- -----------
Warrant price n/a GBP0.01
----------------------------------- ----------- -----------
Share price discount to NAV (1,2) 76.2% 78.8%
----------------------------------- ----------- -----------
NAV total return -36.6% -35.4%
----------------------------------- ----------- -----------
Total Group assets less current
liabilities (6) EUR285.6m EUR327.4m
----------------------------------- ----------- -----------
Sources: Internos Global Investors; Datastream
(1) NAV is calculated using International Financial Reporting
Standards and adjusted to add back the change in fair value of the
warrants and deferred tax.
(2) As at 30 September 2014, deferred tax liabilities of EUR17.1
million, based upon temporary differences at the time of initial
recognition arising from transactions treated as asset
acquisitions, have not been recognised in accordance with IAS 12.
The Group has deferred tax assets of EUR15.8 million which have
also not been recognised.
(3) Loss for the period divided by the weighted average number
of ordinary shares in the year.
(4) GBP:EUR exchange rate used was EUR1.284 as at 30 September
2014; EUR1.197 as at 30 September 2013.
(5) The NAV per preference shares is equal to the nominal value
plus accrued interest divided by the total number of preference
shares.
(6) Current liabilities exclude banking facilities and deferred
tax liabilities arising from the existing portfolio and asset held
for sale.
Performance Summary
Property performance
Year ended Year ended
30-Sep-14 30-Sep-13
EURm EURm
---------------------------------------------- ----------- -----------
Value of property assets 281.8 325.6
---------------------------------------------- ----------- -----------
Current annualised rental income 25.9 28.2
---------------------------------------------- ----------- -----------
Estimated open market rental value per annum
on lettable area 27.7 30.5
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Summary consolidated income statement
Year ended Year ended
30-Sep-14 30-Sep-13
EURm EURm
--------------------------------------------- ----------- -----------
Net rental and other income 24.0 23.6
--------------------------------------------- ----------- -----------
Net gain on disposal of investment property
and subsidiaries (1.6) (3.5)
--------------------------------------------- ----------- -----------
Net valuation gain on derivative financial
instruments 10.3 9.4
--------------------------------------------- ----------- -----------
Net valuation losses on investment property (25.4) (37.6)
--------------------------------------------- ----------- -----------
Expenses (5.2) (5.0)
--------------------------------------------- ----------- -----------
Net finance costs (21.2) (20.5)
--------------------------------------------- ----------- -----------
Loss before tax (19.1) (33.6)
--------------------------------------------- ----------- -----------
Taxation 0.4 (0.8)
--------------------------------------------- ----------- -----------
Loss for the year (18.7) (34.4)
--------------------------------------------- ----------- -----------
Earnings and dividends
Year ended Year ended
---------------------------
30-Sep-14 30-Sep-13
--------------------------- ----------- -----------
Loss per share (euro) (1) -0.072 -0.132
--------------------------- ----------- -----------
Bank borrowings (2)
Year ended Year ended
30-Sep-14 30-Sep-13
---------------------------------------------- ----------- -----------
Borrowings EURm 217.9 229.7
---------------------------------------------- ----------- -----------
Borrowings as % of total assets less current
liabilities (2) 76.3% 70.2%
---------------------------------------------- ----------- -----------
Borrowing as % of market value of property
assets (2) 77.3% 70.6%
---------------------------------------------- ----------- -----------
Lender's loan covenant of borrowings as %
of market value of property assets 85.0% 70.0%
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