|
NET INCOME
increased by 10% to € 10.9m compared to the previous corresponding period |
EARNINGS PER SHARE
increased by 6% to € 0.37 compared to the previous corresponding period |
|
|
|
|
SHAREHOLDERS' EQUITY
increased by 1.9% to € 671m since 30 June 2003 |
NET ASSET VALUE PER SHARE
increased by 1.9% to € 22.94 since 30 June 2003 |
Net income
The board of Eurocommercial Properties N.V. announced today that the Company realised a net income after taxation of € 10.9 million for the first quarter of its financial year 2003/2004, which represents an increase of approximately 10% over € 9.9 million for last year's first quarter.
Recently announced property acquisitions in Sweden and Italy will contribute to income from October in the case of Sweden, with Bologna expected to follow in December.
Net asset value
Net asset value before income appropriation improved by 1.9% to € 22.94 per depositary receipt since 30 June 2003 mainly as a result of net income for the period. The net asset value in June 2003 was € 22.53 per depositary receipt.
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 quarter ended |
|
30-09-03 |
30-09-02 |
|
|
|
|
|
|
Profit and loss account (X € '000) |
|
|
|
|
Property income |
|
20,456 |
19,256 |
|
Property expenses |
|
(3,185) |
(3,255) |
|
|
|
------------ |
------------ |
|
Net property income |
|
17,271 |
16,001 |
|
Interest income |
|
176 |
109 |
|
Foreign currency result |
|
(48) |
16 |
|
|
|
------------ |
------------ |
|
Total revenue |
|
17,399 |
16,126 |
|
|
|
|
|
|
Depreciation fixed assets |
|
(15) |
(14) |
|
Other company expenses |
|
(889) |
(891) |
|
Interest expense |
|
(5,268) |
(5,283) |
|
|
|
------------ |
------------ |
|
Total expenses |
|
(6,172) |
(6,188) |
|
|
|
|
|
|
Net income before taxation |
|
11,227 |
9,938 |
|
Taxation |
|
(302) |
(15) |
|
|
|
------------ |
------------ |
|
Net income after taxation (direct investment result) |
|
10,925 |
9,923 |
|
|
|
|
|
|
Indirect investment result |
|
1,279 |
(544) |
|
|
|
|
|
|
Balance sheet (before income appropriation)
(X € '000) |
30-06-03 |
30-09-03 |
30-09-02 |
|
Property investments |
1,110,356 |
1,112,972 |
1,046,071 |
|
Cash and deposits |
122,293 |
122,042 |
8,354 |
|
Receivables |
20,914 |
20,346 |
16,708 |
|
Other assets |
452 |
492 |
323 |
|
|
------------ |
------------ |
------------ |
|
Total assets |
1,254,015 |
1,255,852 |
1,071,456 |
|
|
|
|
|
|
Creditors (current liabilities) |
19,916 |
19,205 |
14,909 |
|
Borrowings (current liabilities) |
68,368 |
58,458 |
2,647 |
|
Creditors (non current liabilities) |
6,874 |
7,240 |
6,544 |
|
Borrowings (non current liabilities) |
439,199 |
439,087 |
356,890 |
|
Provision for contingent tax liabilities |
60,434 |
60,434 |
49,810 |
|
|
------------ |
------------ |
------------ |
|
Total liabilities |
594,791 |
584,424 |
430,800 |
|
|
|
|
|
|
Shareholders' equity |
659,224 |
671,428 |
640,656 |
|
|
|
|
|
|
Number of depositary receipts representing
shares in issue |
29,263,103 |
29,263,103 |
28,572,841 |
|
|
|
|
|
|
Per depositary receipt information * (€) |
|
|
|
|
Direct investment result |
|
0.37 |
0.35 |
|
Indirect investment result |
|
0.04 |
(0.02) |
|
Net asset value |
22.53 |
22.94 |
22.42 |
|
|
|
|
|
|
Stock market prices (€; per depositary receipt) |
21.55 |
21.30 |
18.47 |
|
|
|
|
|
|
Property information: sector spread (%) |
|
|
|
|
Retail |
85 |
85 |
84 |
|
Office |
11 |
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 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. 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 quarter 2003/2004 is not audited.
|
Group offices:
London
4 Carlton Gardens London SW1Y 5AB Tel: 44(0) 20 7925 7860
Fax: 44(0) 20 7925 7888 |
Milan Piazza della Repubblica 30 20124 Milan Tel: 39 02 63 28 14 227 Fax: 39 02 29 00 00 53 |
Paris 10 Rue du Havre 75009 Paris Tel: 33 (0) 1 48 78 06 66 Fax: 33 (0) 1 48 78 79 22 |