Eurocommercial Properties N.V. announced its March 2003 nine months results today, showing net income up 13% on the previous corresponding period.
Financial results
Net income for the nine months to 31 March 2003 was € 30.8 million compared to
€ 27.2 million for the same period in 2001/2002. The net earnings per depositary receipt were € 1.07 compared to € 1.06 for the same period in 2001/2002. Under current circumstances the Board expects that the annual dividend per depositary receipt for 2003 will be not less than the dividend for 2002.
The net asset value per depositary receipt at 31 March 2003 was € 21.68 which compares with € 20.68 at 31 March 2002. The net asset value at the full year end at 30 June 2002 was € 22.09 but this figure included the annual dividend of € 1.40 per depositary receipt. All properties will be valued at the year end, in accordance with the Company's normal procedures. Shareholders' equity at 31 March 2003 was
€ 635 million.
Investment Commentary
French, Italian and Swedish shopping centre markets, in which the Company has 85% of its assets, remain firm despite the economic slowdown with demand for good investments exceeding supply. Rent levels have been maintained although generally retail sales growth has slowed in most markets. The Company's property portfolio has maintained an occupancy level of over 99%.
Negotiations continue for the purchase of several new retail properties in the Company's core markets but legally binding contracts have not yet been finalised.
For additional information please contact:
Jeremy Lewis
Evert Jan van Garderen
Peter Mills
Tom Newton
Tim Santini
Amsterdam Office: + 31 20 530 6030
London Office: + 44 20 7925 7860
Website: www.eurocommercialproperties.com
1
Financial Information (consolidated before income appropriation)
|
For the first nine months |
|
31-03-03 |
31-03-02 |
|
|
|
|
|
|
Profit and loss account (X € '000) |
|
|
|
|
Property income |
|
58,264 |
58,704 |
|
Property expenses |
|
(8,862) |
(9,532) |
|
|
|
-------------- |
-------------- |
|
Net property income |
|
49,402 |
49,172 |
|
Interest income |
|
686 |
407 |
|
Foreign currency result |
|
(22) |
- |
|
|
|
-------------- |
-------------- |
|
Total revenue |
|
50,066 |
49,579 |
|
|
|
|
|
|
Depreciation fixed assets |
|
(41) |
(35) |
|
Other company expenses |
|
(2,838) |
(3,200) |
|
Interest expense |
|
(16,220) |
(19,151) |
|
|
|
-------------- |
-------------- |
|
Total expenses |
|
(19,099) |
(22,386) |
|
|
|
|
|
|
Net income before taxation |
|
30,967 |
27,193 |
|
Taxation |
|
(179) |
- |
|
|
|
-------------- |
-------------- |
|
Net income after taxation (direct investment result) |
|
30,788 |
27,193 |
|
Indirect investment result |
|
(2,003) |
5,642 |
|
|
|
|
|
|
Balance sheet (before income appropriation) (X € '000) |
30-06-02 |
31-03-03 |
31-03-02 |
|
Property investments |
1,041,545 |
1,083,982 |
990,000 |
|
Cash and deposits |
156,628 |
6,764 |
27,613 |
|
Receivables |
18,162 |
18,139 |
22,064 |
|
Other assets |
327 |
445 |
293 |
|
|
-------------- |
-------------- |
-------------- |
|
Total assets |
1,216,662 |
1,109,330 |
1,039,970 |
|
|
|
|
|
|
Creditors (current liabilities) |
17,109 |
15,714 |
19,201 |
|
Borrowings (current liabilities) |
111,117 |
12,413 |
84,780 |
|
Creditors (non current liabilities) |
6,462 |
6,810 |
6,465 |
|
Borrowings (non current liabilities) |
400,887 |
390,068 |
359,976 |
|
Provision for contingent tax liabilities) |
49,810 |
49,810 |
32,373 |
|
|
-------------- |
-------------- |
-------------- |
|
Total liabilities |
585,385 |
474,815 |
502,795 |
|
|
|
|
|
|
Shareholders' equity |
631,277 |
634,515 |
537,175 |
|
|
|
|
|
|
Number of depositary receipts representing
shares in issue |
28,572,841 |
29,263,103 |
25,975,341 |
|
|
|
|
|
|
Per depositary receipt information * (€) |
|
|
|
|
Net asset value |
22.09 |
21.68 |
20.68 |
|
Direct investment result |
|
1.07 |
1.06 |
|
Indirect investment result |
|
(0.07) |
0.22 |
|
|
|
|
|
|
Stock market prices (€; per depositary receipt) |
19.10 |
19.89 |
18.75 |
|
|
|
|
|
|
Property information: sector spread (%) |
|
|
|
|
Retail |
84 |
85 |
84 |
|
Office |
12 |
11 |
12 |
|
Warehouse |
4 |
4 |
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 bearer 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 period is 28,882,703.
For the principal accounting policies applied reference is made to the Annual Report 2001/2002. In accordance with market practice this financial information for the first nine months 2002/2003 is not audited.