1st Quarter Results

RNS Number:8249K
Haslemere N.V.
08 May 2003


                                                           Rotterdam, 8 May 2003


                      1st three month results (unaudited)

                        STEADY PROGRESS AT HASLEMERE


Haslemere NV reports net profits of GBP1.0 (EUR1.5)1 million over the first
three months (1 January 2003 to 31 March 2003) of the financial year ended 31
December 2003, compared with GBP16.8 (EUR24.4) million recorded over the same
period in 2002.



Results

Total performance for the first quarter was GBP0.1 (EUR0.1) million. There was
no revaluation of property at the end of this quarter, however realised losses
on property sales, mainly due to sale costs, amounting to GBP0.3 (EUR0.4)
million, have been included. The corresponding result for the previous year was
GBP13.1 (EUR19.0) million, including deficits on sale of GBP0.5 (EUR0.7)
million.

Net asset value per share has increased marginally from GBP11.11 (EUR17.08)2 at
31 December 2002 to GBP11.12 (EUR16.13) at 31 March 2003.



Portfolio Activity

Total gross sales proceeds for the first quarter were GBP71.6 (EUR103.8)
million. This figure was marginally higher than the corresponding 31 December
2002 external valuations of the properties sold. The sales represent further
progress towards the conclusion of the sales programme that constitutes the
first phase of the present Business Plan, authorised by the Supervisory Board
following the successful bid from the Brack consortium in May last year.



Financial Matters

During the quarter, a number of tranches of the GBP200 million 2024 Jersey Bond
were bought back by the Company, and were reported as they occurred.



For further information please contact:

Haslemere NV
David Lee, Finance Director                             Tel: [phone]
Constantijn van Rietschoten , Investor Relations        Tel: [phone]

Gavin Anderson & Company
Byron Ousey, Charlotte Stone                            Tel: [phone]

Website Address                                         www.haslemerenv.com





APPENDIX: Financial key figures 1 January 2003 to 31 March 2003


Unaudited results (GBP x million),                                 1 January            1 January
prepared under Dutch GAAP                                                 to                   to
                                                                    31 March             31 March
                                                                        2003                 2002

Gross rental income                                                     14.6                 26.9
Operating costs                                                        (2.7)                (3.0)


Net rental income                                                       11.9                 23.9
Result from investment in RoProperty                                       -                  3.0
Interest receivable                                                      0.5                  0.3
Interest payable                                                       (9.7)                (7.9)
Management costs, supervisory and directors' fees                      (1.6)                (1.2)


Net profit before minority interests and tax                             1.1                 18.1
Taxation                                                               (0.1)                (0.6)


Net profit before minority interests                                     1.0                 17.5
Minority interests                                                         -                (0.7)


Net profit                                                               1.0                 16.8
Movements in the reserves as a result of:
Revaluation of property (on sales)                                     (0.3)                (0.5)
Revaluation of RoProperty                                                  -                  0.3
Currency results                                                         0.1                (0.1)
Other movements in equity                                              (0.7)                (3.5)
Minority interests                                                         -                  0.1


Total performance                                                        0.1                 13.1

Per share figures                                                        GBP                  GBP
Net profit                                                              0.04                 0.74
Net asset value on 31 March3                                           11.12                47.19



1 Converted to euros at the rate prevailing on 31 March 2003 GPB1 = EUR1.450116,
with the exception of NAV per share as at 31 December 2002


2 Converted to euros at the rate prevailing on 31 December 2002 #1 = Euro1.537279


3 Net asset value per share is based on 22,870,633 shares in circulation at 31
March 2003 (31 March 2002: 22,761,133)


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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