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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Sports Prop Acquisition Corp | AMEX:HMR | AMEX | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
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RNS Number:9081R
Haslemere N.V.
11 November 2003
Rotterdam, 11 November 2003
Third Quarter Report - September 2003
Haslemere NV reports a net profit before exceptional interest expense of GBP3.0
(EUR4.3) million over the first 9 months of the financial year ending 31
December 2003, compared with a net profit of GBP42.1 (EUR60.3) million over the
corresponding period for 2002. The net loss reported in the profit and loss
account of GBP 3.7 (EUR5.3) million has been adjusted for the exceptional
interest expense of GBP6.7 (EUR9.6) million to arrive at "core operating
profit".
HIGHLIGHTS
* Core operating profit before interest expense GBP3.0 (EUR4.3) million
* Net loss after exceptional interest expense in connection with debt repayment
GBP3.7 (EUR5.3) million
* Debt repaid during 2003 GBP300.5 (EUR430.1) million
FINANCIAL RESULTS
Operating Performance
Haslemere achieved a core operating profit of GBP3.0 (EUR4.3) million for the
nine months ended 30 September 2003 (2002: GBP38.3 (EUR54.8) million, excluding
income from participating interests), and a loss after exceptional interest
expense of GBP3.7 (EUR5.3) million for the first nine months of the year ending
31 December 2003 (2002: profit GBP42.1 (EUR60.3) million).
The loss is in line with expectations, and includes all exceptional costs
incurred or accelerated consequent upon the ongoing restructuring of the
Company's debt during the period. This restructuring was achieved through the
early repayment of senior loans and opportunistic redemption of fixed rate debt,
made possible from cash generated through property sales. The total of these
costs, included within interest expense, for the nine month period amounts to
GBP6.7 (EUR9.6) million. Announcement by the company since the end of the
quarter, of further bond buy-in's, will have the impact of increasing
exceptional interest expense for the year by a further GBP2.2 (EUR3.1) million.
The revaluation of the portfolio at the end of the last quarter and profits
arising from property sales for the nine months, together with other movements
in reserves contributed to a negative total performance for the nine months of
GBP17.3 (EUR24.8) million.
Portfolio Activity
The net deficit on revaluation of the property portfolio during the year to date
amounted to approximately GBP11.4 (EUR16.3) million. This figure takes into
account profits on sales amounting to GBP3.5 (EUR5.0) million and an external
revaluation of the portfolio as at 30 June 2003. Gross proceeds from the sale of
property in the period were GBP330.4 (EUR472.9) million.
The revaluation for the corresponding period in 2002 produced a surplus of
GBP19.9 (EUR28.5) million.
Shareholders' Equity
Net result, revaluation results, currency results and other movements in
shareholders' equity during the quarter was GBP1.0 (EUR1.4) million, which when
added to performance for the first half year produced a negative total
performance for the period to date of GBP17.3 (EUR24.8) million. This compares
with a positive total performance of GBP53.0 (EUR75.9) million for the first 9
months of 2002.
Shareholders' equity has decreased from GBP254.2 (EUR363.9) million at 31
December 2002 to GBP236.9 (EUR339.1) million at 30 September 2003.
Debt Financing
Total borrowings have decreased by GBP300.5 (EUR430.1) million, from GBP537.6
(EUR769.5) million at 31 December 2002 to GBP237.1 (EUR339.4) million at 30
September 2003. This decrease includes the buy-in of GBP94.0 (EUR134.6) million
of the GBP200 million 2024 Jersey bond and the repayment of variable rate
borrowings.
The company has announced, since the end of the September quarter, further
buy-in's of the Jersey bond amounting to GBP53.0 (EUR75.9) million.
Leverage has been reduced from 62.95% at 31 December 2002 to 47.09% at 30
September 2003
The adjustment required to increase the value of fixed interest debt to its fair
value, is estimated at GBP34.6 (EUR49.5) million gross, and GBP24.2 (EUR34.6)
million net of tax relief, as at 30 September 2003. The corresponding figures at
the end of December 2002 were GBP31.2 (EUR44.7) million and GBP21.9 (EUR31.3)
million respectively.
Accounting Principles
The results for the 9 months ended 30 September 2003 have been prepared by
management under Dutch GAAP, adopting the same accounting principles used in the
accounts for the year ended 31 December 2002, applied on a consistent basis. All
amounts including comparative figures, are stated in sterling and, translated
for convenience into euros at the exchange rate prevailing on 30 September 2003
of GBP1 = EUR1.43143 (EUR1 = GBP0.6986).
The Interim Report has not been audited.
Outlook
The company, during its current transitional phase, continues to produce core
operating profits. It is anticipated that this will continue through the fourth
quarter. The company remains committed to the view that the short term outlook
for UK commercial property is uncertain, in a climate of rising interest rates.
Rotterdam, 11 November 2003
The Management Board
For further information contact:
Haslemere N.V.
Chris Bartram, Chief Executive +44 (0)20 7467 4500
David Lee, Finance Director +44 (0)20 7467 4500
Wilbert van Twuijver +31 (0)10 201 36 04
Gavin Anderson & Company
Charlotte Stone +44 (0)20 7554 1400
Website www.haslemerenv.com
Consolidated Profit and Loss Account
30 September 30 September 30 September 30 September
2003 2002 2003 2002
9 Months 9 Months Quarter Ended Quarter Ended
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBPm GBPm GBPm GBPm
Gross rental 34.6 77.7 7.4 23.9
income
Operating (6.2) (10.5) (1.1) (3.7)
costs
---------- --------- --------- ---------
Net rental 28.4 67.2 6.3 20.2
income
Result of - 4.0 - (0.1)
participating
interest in
RoProperty
Interest 1.3 2.3 0.6 1.3
income
Interest (28.4) (20.3) (5.9) (5.7)
expense
Management (4.7) (5.1) (0.9) (1.4)
costs and
supervisory
directors' fees
---------- --------- --------- ---------
Net (loss)/ (3.4) 48.1 0.1 14.3
profit before
minority
interests and
tax
Corporation (0.3) (4.1) (0.0) (3.1)
tax
---------- --------- --------- ---------
Net (loss)/ (3.7) 44.0 0.1 11.2
profit before
minority
interests
Minority - (1.9) - (0.5)
interests
---------- --------- --------- ---------
Net (loss)/ (3.7) 42.1 0.1 10.7
profit
Movements in
the reserves
as a result
of:
Revaluation (11.4) 19.9 1.5 1.3
of property
Currency 0.1 (0.8) - (0.7)
results
Management (1.9) (2.1) (0.3) (0.5)
costs
Costs in - (10.7) - -
connection
with the
acquisition
by Brack
Capital Real
Estate BV
Discount on - 6.9 - 6.9
buy-in of
minority
interest
Taxation - (0.1) - 1.7
including
deferred
tax
Other (0.4) (1.5) (0.3) -
movements in
equity
Minority - (0.7) - -
interests
---------- --------- --------- ---------
Total (17.3) 53.0 1.0 19.4
performance ---------- --------- --------- ---------
Net (loss)/ (GBP0.17) GBP1.84 GBP0.00 GBP0.47
profit per
share1
Total (GBP0.76) GBP2.32 GBP0.04 GBP0.85
performance
per share1
Consolidated Balance Sheet
30 September 31 December
2003 2002
(Unaudited) (Audited)
GBPm GBPm
Assets
Investments
Land and buildings
Property 416.3 747.9
Development projects 3.3 4.7
Participating interests
Interest in RoProperty 0.1 1.1
----------- -----------
Total investments 419.7 753.7
Accounts receivable 18.0 28.3
Other assets
Cash 65.8 72.0
----------- -----------
Total assets 503.5 854.0
=========== ===========
Liabilities
Provisions 1.3 1.4
External financing
Mortgages 237.1 537.6
Accounts payable
Other accounts payable 28.2 60.8
----------- -----------
Total liabilities 266.6 599.8
=========== ===========
Shareholders' equity 236.9 254.2
=========== ===========
Composition of shareholders' equity:
Share capital 127.8 119.0
Share premium reserve 126.5 135.3
Revaluation reserve (40.0) (26.5)
General reserve and undistributed profits 26.4 26.4
(Loss) for the financial period to date (3.8) -
----------- -----------
Total shareholders' equity 236.9 254.2
----------- -----------
Net asset value per share GBP10.362 GBP11.112
Leverage 47.09% 62.95%
Movements in Shareholders' Equity: Third Quarter
30 September 30 September
2003 2002
(Unaudited) (Unaudited)
GBPm GBPm
Opening equity 254.2 1,061.1
Total performance (17.3) 53.0
Tax settlement - (19.5)
Sale of own shares - 4.4
Dividend paid - (63.8)
-------- --------
Closing equity 236.9 1,035.2
-------- --------
Segment results (GBPm)
Industrial Office Retail Group Total
9 months to 30 September 2003
Gross rental revenue 2.4 18.2 14.0 34.6
Net rental revenue 2.1 15.6 10.7 28.4
As at 30 September 2003
Land and buildings 107.8 201.9 109.9 419.6
9 months to 30 September 2002
Gross rental revenue 14.6 28.1 35.0 77.7
Net rental revenue 13.8 24.2 29.2 67.2
As at 31 December 2002
Land and buildings 154.9 295.1 302.6 752.6
Consolidated Cashflow Statement: 9 Months
30 September 30 September
2003 2002
(Unaudited) (Unaudited)
GBPm GBPm
Operational activities
Net (loss) / profit before minority interests (3.7) 44.0
Corporation tax - release from provision - (2.1)
Result from non-consolidated participating - (2.2)
interests
Decrease in accounts receivable 10.3 24.8
Decrease / Increase in other accounts payable (32.6) 47.5
----------- -----------
(26.0) 112.0
Investment activities
Net dis-investments in property 320.8 357.4
Net dis-investments in development projects 0.8 -
Decrease in loan to RoProperty - 50.4
Dividend from RoProperty 1.0 56.5
----------- -----------
322.6 464.3
Financing activities
Net decrease in external financing (300.5) (191.3)
Dividends - (63.8)
Dividend distribution to minority shareholders - (3.6)
Purchase of minority interest - (37.6)
Sale of own shares - 4.4
----------- -----------
(300.5) (291.9)
Other activities
Currency differences on working capital 0.1 0.8
Surtax settlement - (19.5)
Other movements in revaluation reserve excluding
deferred tax
(2.4) (18.7)
----------- -----------
(2.3) (37.4)
(Decrease) / Increase in cash (6.2) 247.0
Cash at opening date 72.0 21.9
----------- -----------
Cash at closing date 65.8 268.9
----------- -----------
Supervisory and Management Board
Supervisory Board
Ronny Izaki - Co Chairman
Shimon Weintraub - Co Chairman
Michel J. Anghel
William S. Benjamin
Peter N. Blauw
Marty L. Edelman
Russell P. Jewell
Michael E. Kelley
W. Graeme Knox
Harry Leliveld
Jan H. van der Meer
Mark H. Newman
John M. Robertson
Management Board
Christopher J. Bartram, Chairman
Richard J. Debney
Gary J. Felce
Maaike Th. M. Groos
David R. Lee
Wilbert O.C.M. van Twuijver
Addresses
Haslemere N.V.
(investment company with variable capital, registered in Rotterdam, the
Netherlands)
Weena 327-329
2nd Floor
NL-3013 AL Rotterdam
Postbox 1370
NL-3000 BJ Rotterdam
Telephone (31)(10) 201 3604
Fax (31)(10) 201 3605
Internet www.haslemerenv.com
Haslemere Estates Management Ltd
43-45 Portman Square
London W1H 6HE
Telephone (44)(20) 7467 4500
Fax (44)(20) 7467 4505
Haslemere is a closed-end property investment company operating in the United
Kingdom. Haslemere is quoted on the Euronext Amsterdam stock market, has
secondary listings in London and Frankfurt and is listed on the Marche Libre in
Paris.
OTHER DATA
Interests of major investors
Statement pursuant to article 21, paragraph 2, sections b and c of Besluit
toezicht beleggingstellingen (Act on the Supervision of Investment Institutions,
or Btb).
The company knows of one party to be considered a major investor within the
context of this regulation, namely Brack Capital Real Estate BV.
During the period under review no material transactions, as defined in article
21, paragraph 2, section c of Btb took place.
Expense ratio
The expense ratio for this nine month period was 17.1%, compared to 4.4% for the
corresponding period in 2002. This ratio is calculated as the total costs
compared to the weighted average net asset value over financial quarters. Total
costs include operating expenses, interest, management costs (including amounts
charged directly to revaluation reserve), taxation and other movements in
equity.
Contracted out services
The Company has a service agreement ('the Service Agreement') with Freeland
Corporate Advisors NV ('Freeland'). Under the Service Agreement, Freeland
provides the Company with (head) office facilities and staff in the Netherlands,
certain corporate services, including legal, regulatory, financial and tax
compliance services, and investor relations services.
Mr W.O.C.M. van Twuijver, a managing director of the Company, indirectly holds a
33.3% interest in Freeland. Mr van Twuijver is also a managing director of
Freeland.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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