FIGURES ANNOUNCED IN THE FINANCIAL STATEMENT BULLETIN SPECIFIED FURTHER IN THE FINANCIAL STATEMENTS


Orava Residential Real Estate Investment Trust plc
STOCK EXCHANGE RELEASE 5 MARCH 2015 AT 10.30 p.m.
 

 

FIGURES ANNOUNCED IN THE FINANCIAL STATEMENT BULLETIN SPECIFIED FURTHER IN THE FINANCIAL STATEMENTS
 

The figures published by Orava Residential Real Estate Investment Trust plc (Orava Residential REIT) in its financial statements bulletin on 11 February 2015 were specified further in the financial statements published on 26 February 2015. This was mainly due to the further specification of the reported shares in company loans allocated to housing company shares owned by the company. The total impact of the changes was approximately EUR 200,000, and it was reflected in the income statement, statement of financial position and some financial key figures.
The statement of comprehensive income, statement of financial position and financial key figures in accordance with the consolidated financial statements are presented below.

Consolidated statement of comprehensive income 1 January -31 December 2014 (figures published in the financial statement bulletin on 11 February 2015 in brackets)
 

EUR 1,000                            1 Jan - 31 Dec   1 Jan - 31 Dec

                                               2014             2013

Revenue     

 

 Income from ordinary operations     6,532   (6,532)           3,153

 Gains frm disposals and changes  

  in the fair value of apartments    8,794   (9,050)           6,529

Total revenue                       15,327  (15,583)           9,682

     

 Maintenance expenses               -2,831  (-2,836)          -1,452

 Expenses from rental operations      -350    (-349)             -97

 Administrative expenses            -1,379  (-1,379)            -696

 Other operating income and expenses  -862    (-862)               2

Total expenses                      -5,422  (-5,426)          -2,243

     

Operating Profit                     9,905  (10,157)           7,439

     

 Finance expenses (net)             -1,361  (-1,401)            -639

     

Profit before taxes                  8,545   (8,757)           6,801

     

 Direct taxes                          -94     (-94)             -48

     

Profit/loss for the period           8,451   (8,663)           6,753

 

Profit/loss for the period attributable       

 to the owners of the parent company 8,451   (8,663)           6,753

     

Earnings per share calculated from the profit     

 attributable to the owners of the parent company     

 Earnings per share, EUR              1.83    (1.87)            3.19

     

Other comprehensive income items     

 Items that may in the future be reclassified

 to profit or loss

  Derivatives – interest rate swaps   -270    (-270)             183

 Items that are not reclassified to

  profit or loss                         0       (0)               0

      

Comprehensive profit/loss for

 the period                          8,181   (8,393)           6,936

     

Comprehensive profit/loss for the period

attributable to

 the owners of the parent company    8,181   (8,393)           6,936

 non-controlling interests               0       (0)               0

 

Consolidated statement of financial position 31 December 2014 (figures published in the financial statement bulletin on 11 February 2015 in brackets)

EUR 1,000                             31 Dec 2014        31 Dec 2013

 

ASSETS   

 Non-current assets   

 Fair value of investment properties      130,668 (130,556)   79,190

    

 Current assets   

 Trade and other receivables                4,070   (4,214)      203

 Cash and cash equivalents                  1,990   (1,990)    9,134

                                            6,059   (6,203)    9,336

    

TOTAL ASSETS                              136,728 (136,760)   88,526

    

    

Equity attributable to the owners of the parent company

 Share capital                             50,337  (50,337)   43,144

 Share issue                                7,526   (7,526)        0

 Share premium account                      2,260   (2,260)        0

 Hedge reserve                               -493    (-493)     -224

 Retained earnings                          1,780   (1,819)      106

 Profit for the period                      8,451   (8,663)    6,753

Total equity                               69,860  (70,113)   49,780

    

Liabilities    

 Non-current liabilities  

 Interest bearing liabilities              58,059  (57,697)   35,592

 Other non-current liabilities                478     (478)      205

 Total non-current liabilities             58,538  (58,176)   35,797

    

 Current liabilities   

 Interest-bearing liabilities, borrowings   1,931   (1,664)    1,730

 Trade payables and other current

  liabilities                               5,906   (6,314)      995

 Derivaties                                   493     (493)      224

 Total current liabilities                  8,330   (8,471)    2,949

    

Total liabilities                          66,868  (66,647)   38,746

    

TOTAL EQUITY AND LIABILITIES              136,728 (136,760)   88,526

 

Financial indicators for the Group (figures published in the financial statement bulletin on 11 February 2015 in brackets)

                           1 Jan - 31 Dec 2014   1 Jan - 31 Dec 2013

Revenue, EUR 1,000                      15,327 (15,583)        9,682

Operating profit, EUR 1,000              9,905 (10,157)        7,439

Financial result for the period,

 EUR 1,000                               8,451  (8,663)        6,753

Comprehensive profit for the perid,

 EUR 1,000                               8,181  (8,393)        6,936

Earnings per share, EUR                   1.83   (1.87)         3.19

Maximum divideds to be paid during

 the financial period per share, EUR      1.20   (1.20)         1.12

Dividends/Comprehensive profit ratio, %  87.8%  (85.6%)        69.6%

Return on equity, % p.a.(ROE)            14.7%  (15.1%)        33.4%

Total return per share, % p.a.           13.9%  (14.3%)        14.9%

Weighted average number of shares

 adjusted for share issues           4,622,183 (4,913,570) 2,117,600

 

                                   31 Dec 2014           31 Dec 2013

Balance sheet total, EUR 1,            136,728 (136,760)      88,526

Equity/assets ratio, %                   51.1%   (51.3%)       56.3%

Loan to Value ratio, %                   43.9%   (43.5%)       42.2%

Net asset value per share, EUR, NAV      13.52   (13.57)       11.54

Adjusted net asset per share, EUR, NAV   12.02   (12.07)           -

Net gearing, %                           83.0%   (81.8%)       56.6%

Number of shares 31 Dec              5,206,123 (5,206,123) 4,314,394

Adjuste number of shares 31 Dec      5,810,611 (5,810,611)         -

Market capitalisation 31 Dec, EUR 1,000 53,362  (53,362)      44,345

 

                           1 Jan - 31 Dec 2014   1 Jan - 31 Dec 2013

Economic occupancy rate, %, (EUR)         89.4%  (89.4%)       93.8%

Operational occupancy rate, %, (m2)       88.7%      (-)       92.5%

Tenant turnover/month                      2.1%   (2.1%)        2.3%

Gross rental yield for fair value, %       6.7%   (6.7%)        8.0%

Net rental yield for fair value, %         4.0%   (4.0%)        4.5%

 

EPRA Earnings, EUR 1,000                  1,972  (1,968)         908

EPRA Earnings per share, EUR               0.43   (0.40)        0.43

EPRA Net Asset Value, EUR 1,000          70,353 (70,606)      50,004

EPRA Net Asset Value per share, EUR       12.11  (12.15)       11.59

EPRA Net Initial Yield (NIY), %            4.0%   (4.0%)        3.9%

EPRA Vacancy Rate                         10.6%  (10.6%)        6.2%

 

The consolidated financial statements are available in their entirety in the 2014 annual report included as an appendix. 
 

 

Orava Residential Real Estate Investment Trust plc

 

Pekka Peiponen

CEO

 

Additional information

Pekka Peiponen, CEO, tel. +358 10 420 3104

Veli Matti Salmenkylä, CFO, tel. +358 10 420 3102

 


Attachments

Orava Residential REIT Annual Report 2014.pdf